Summary of Consolidated Financial Results
For the Nine Months Ended October 31, 2013
[Japanese Standards] (Consolidated)
December 2, 2013
Company name: Pigeon Corporation (Stock code: 7956)
Listings: First Section, Tokyo Stock Exchange
Website: www.pigeon.co.jp
Representative: Shigeru Yamashita (President and COO)
Contact: Tsutomu Matsunaga (Managing Officer, Corporate Planning & Administration Division)//Tel: +81-3-3661-4188
Date of release of Business Report: December 6, 2013
Planned Commencement Date of Dividend Payment: Not yet determined
Supplementary materials for the quarterly financial results: None
Investor conference for the quarterly financial results: None

1. Consolidated Financial Results (February 1 – October 31, 2013)(1) Performance
Net Sales
Nine Months Ended October 31, 2013

57,540(¥ millions, rounded down, % figures denote year-on-year change)
Operating Income
Ordinary Income
Net Income

19.9%

8,421

47,98510.1%
5,430(Note) Comprehensive income for nine months ended October 31, 2013
months ended October 31, 2012 ¥3,567 million (188.2%)

Nine Months Ended October 31, 2012

55.1%

61.2%

5,638

63.5%

52.9%
5,515
61.0%
3,448
65.0%
¥7,535 million (111.3%) Comprehensive income for nine

Nine Months Ended October 31, 2013

140.86

Diluted Net
Income Per Share
(¥)－

Nine Months Ended October 31, 2012

86.15

－

Net Income per
Share (¥)

8,890

(Note) The Group conducted a stock split at the ratio of 2 shares for every 1 share of common shares. The effective
date of the stock split was August 1, 2013. Net income per share was calculated assuming that the stock split was
performed at the beginning of the previous fiscal year ended January 31, 2013.

(2) Financial Position
Total Assets
At October 31, 2013

Net Assets

55,283Equity Ratio (%)

37,107

65.6

At January 31, 2013
48,53832,365
Reference: Equity: ¥ 36,268 million (At October 31, 2013); ¥ 31,671 million (At January 31, 2013)

65.3

2. Cash Dividends
Annual Dividends (¥)
1Q

2Q

3Q

Year-end

Year Ended January 31, 2013

－

44.00

－

Year Ending January 31, 2014
Year Ending January 31, 2014
(Forecast)

－

66.00

－

Full-year

71.00

115.0037.00－(Note) Changes in dividend forecasts from the most recent announcement: None
The Group conducted a stock split at the ratio of 2 shares for every 1 share of common shares. The effective date of
the stock split was August 1, 2013. The stock split is reflected in the amount of the listed year-end annual dividends
for the year ending January 31, 2014 (forecast).

3. Forecast for the Year Ending January 31, 2014
(February 1, 2013 – January 31, 2014)
Net SalesYear Ending January 31, 2014(% figures denote year-on-year change)

77,20018.6%

Operating
Income10,20043.9%

Ordinary
Income10,70044.8%(¥ millions, rounded down)
Net Income per
Net Income
Share (¥)
6,500

42.1%

162.39(Note) Changes in performance forecasts from the most recent announcement: Yes
The Group conducted a stock split at the ratio of 2 shares for every 1 share of common shares. The effective date of
the stock split was August 1, 2013. The stock split is reflected in the amount of the net income per share listed in theforecast for the year ending January 31, 2014.

* Notes(1) Changes in significant subsidiaries during the period under review (Change in specific subsidiaries accompanying
changes in scope of consolidation): None
(2) Adoption of special accounting methods to preparation of quarterly consolidated financial statements: None
(3) Changes in accounting policies, changes in accounting estimates, restatements
1) Changes in accounting policies pursuant to revision of accounting standards: Yes
2) Changes in accounting policies other than the above: None
3) Changes in accounting estimates: Yes
4) Restatements: None
(Note)
From the first consolidated quarter, the depreciation method has been changed and this change is applicable to “acase when it is difficult to distinguish between a change in an accounting policy and a change in an accounting
estimate.” For further information, please refer to “(3) Changes in Accounting Policies, Changes in Accounting
Estimates, Restatements in Issues Regarding Summary (Notes) Information on page 5”.
(4) Number of outstanding shares (ordinary shares)
1) Number of shares outstanding at term-end (including treasury shares)
Nine Months ended October 31, 2013: 40,551,162
Year ended January 31, 2013: 40,551,162
2) Number of treasury shares at term-end
Nine Months ended October 31, 2013: 525,552
Year ended January 31, 2013: 524,218
3) Average number of shares during the period (cumulative figure for consolidated quarterly accounting period)
Nine Months ended October 31, 2013: 40,026,174
Nine Months ended October 31, 2012: 40,027,700(Note)The Group conducted a stock split at the ratio of 2 shares for every 1 share of common shares. The effective dateof the stock split was August 1, 2013. The number of shares listed above was calculated assuming that the stock
split was performed at the beginning of the previous fiscal year ended January 31, 2013.
*Indication regarding the situation of quarterly review procedures
Financial results for this third quarter is not the subject of a quarterly review procedure based on the Financial
Instruments and Exchange Act, and at the point in time when these financial results were disclosed, review
procedures for quarterly financial statements based on the Financial Instruments and Exchange Act had not been
completed.
*Cautionary Statement Regarding Performance Forecasts
The forecasts and future projections stated in this report have been prepared on the basis of the information andassumption that shall be reasonable as of the date of announcement of this summary information, and the actual
results could differ significantly from forecast figures depending on a variety of factors.
For the information regarding performance forecasts, please refer to “(3) Qualitative Information Regarding
Consolidated Performance Forecasts” on page 5.

Table of Contents of the Appendix
1. Qualitative Information Regarding the Financial Performance for the Current Quarter ................. 2(1) Qualitative Information Regarding Consolidated Business Results ........................................... 2(2) Qualitative Information Regarding Consolidated Financial Position ......................................... 4(3) Qualitative Information Regarding Consolidated Performance Forecasts .................................. 5
2. Issues Regarding Summary (Notes) Information............................................................................. 5(1) Significant Changes in Subsidiaries During the Period Under Review ..................................... .5(2) Adoption of Special Accounting Procedures for Quarterly Consolidated Financial Statements.5(3) Changes in Accounting Policies, Changes in Accounting Estimates, Restatements .................. 5
3. Quarterly Consolidated Financial Statement ................................................................................... 6(1) Quarterly Consolidated Balance Sheets ...................................................................................... 6(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statement ofComprehensive Income .................................................................................................................... 8
Quarterly Consolidated Statements of Income
Nine months ended October 31, 2013 ....................................................................................... 8
Quarterly Consolidated Statement of Comprehensive Income
Nine months ended October 31, 2013 ....................................................................................... 9(3) Notes Regarding Going Concern Assumption .......................................................................... 10(4) Notes Regarding Substantial Changes in Shareholders’ Equity ............................................... 10(5) Segment Information .................................................................................................................... 10

1

1. Qualitative Information Regarding the Financial Performance for the Current Quarter(1) Qualitative Information Regarding Consolidated Business Results
In the economy of Japan during the consolidated period under review, we have seen the effects ofthe financial and economic stimulus measures the government has conducted to stop deflation,
which resulted in improvement in both corporate earnings and personal consumption, and theeconomy enjoyed a continuing trend of a gradual recovery. On the other hand, due to uncertain
prospects for the economic conditions of the world economy, possibilities for a sharp rise in theprice of materials under the impact of the weak yen rates as well as for a downturn in consumption
following an increase in consumption tax and other factors, there is still a risk of domestic economy
entering a downward tendency.
Under these circumstances, in the final year of our fourth medium-term business plan “Achieving
global business success through company and individual competence,” starting February 2011 andending January 2014, we have defined the following key issues based on the fundamental policiesof this medium-term business plan.
1) Domestic Baby and Mother Care Business- Ensuring growth and expansion of the large-size product business by releasing new products
into the markets- Establishment of such new fields as the "Pigeon from 1 year and a half" series, and the"Female Wellness" area
2) Child-rearing Support Services- Improvement of quality of products for nursing and raising the management efficiency ofthe business
3) Health Care and Nursing Care Business- Restructure of the business operation system and improvement in profitability throughpromotion of sales activities centering on facility routes- Ensuring thoroughness of implementation of the growth strategy centering on the important
products group4) Overseas Business- Chinese market: further strengthening of the brand name through such measures as ensuring
releases of products from the new business areas into the markets and increasing the numberof hospitals cooperating- The U.S. and European markets: releasing new products into the markets and developing thebrands (such as mOmma)- Market expansion: making inroads into new and growing markets of India, Malaysia, Korea,
and other countries
We focused on the above issues during the consolidated period under review (February 1, 2013 to
October 31, 2013).
As a result, net sales for the period amounted to ¥57,540 million, up 19.9% from the previous
corresponding period, due to factors including continuing healthy business expansion in Overseas
Business centering China as well as weaker yen. As to earnings, operating income was ¥8,421
million, up 55.1% from the previous corresponding period, due to a sales cost ratio byapproximately 1.8 point declined from the previous corresponding period: this sales cost ratio was a
result of increased sales and efficient utilization of production bases accompanying businessexpansion. Ordinary income was ¥8,890 million, up 61.2% from the previous corresponding period,
due to an increase in other income from foreign exchange gain, a result of yen moving weaker than
the assumed level. Net income was ¥5,638 million, up 63.5% from the previous corresponding2

period. Each significantly exceeded the previous corresponding result.
Our business reporting segments are "Domestic Baby and Mother Care Business," "Child-rearing
Support Services," "Health Care and Nursing Care Business," and "Overseas Business." Eachsegment is outlined below.
Domestic Baby and Mother Care Business
Due to a number of factors starting with a contribution to the results of the new products, whichwere released into the market in the first half of the term, net sales of the segment went up to¥18,683 million, up 3.5% from the previous corresponding period. The segment profits amounted to¥2,665 million, which is somewhat less (down 1.2%) than the previous corresponding period, andthe main reason for this decrease is the increase in selling, general and administrative expenses
from marketing activities and sales measures the Group implemented for expendable supplies, forwhich we had particularly intense competition.
In this segment, we have released such products as a stroller "Mahalo" created to ensure the comfortof the baby by equipping it with Pigeon's original hug sheet, six product types in the "UV baby
series" making it possible to protect baby from the UV rays in three steps, namely, protecting,removing, and moistening (released in February), the "Bonyu Jikkan" series of Pigeon's feeding
bottles offering three products with different designs enabling mothers to select the product for best
fitting individual tastes (released in March), "OSHIRI Nap TAPPURI Aqua" using newly
developed sheets achieving use of 99% pure water in the product (released in July), and "KANDEOISHII YOSAN Tablet Calcium Plus" , a supplement for women getting ready for pregnancy andthose already pregnant, for whom it is very important to have a well-balanced diet in terms of threenutritional elements this product contains: folic acid, iron, and calcium (released in August).
Moreover, during the consolidated period under review, we have held 34 events planned as a part ofour direct communications program such as our "Premama Class" for women expecting to givebirth in the near future and "Mama Class" for those who have just given birth. A total of
approximately 2,900 women have participated. We made good progress in attracting new members
to “Pigeon Info”—a word-of-mouth community portal that supports women during pregnancy, inchildbirth, and those raising children.
Child-rearing Support Services
Net sales of the segment amounted to ¥4,933 million, up 3.7% from the previous corresponding
period, while segment profits went down to ¥123 million, which is less (down 10.3%) than theprevious corresponding period, due to an increase in selling, general and administrative expenses,
which was due to an increase in recruitment expenses the segment had to make to deal with achronic shortage of nurses. We launched three in-house nursery facilities in March and April, andwhile improving the service quality, the Group is steadily promoting sales. There is also asatisfactory increase in the number of contracts concluded by the babysitter segment with corporateclients.
Health Care and Nursing Care BusinessNet sales of the segment amounted to ¥5 billion, which is only somewhat higher (up 1.1%) than theprevious corresponding period, as the Group had to operate in conditions of intensifying pricecompetition in the area of expendable supplies. The segment profits amounted to ¥216 million, up
50.4% from the previous corresponding period, as the selling, general and administrative expenses
decreased as a result of measures conducted to increase the efficiency of operation further.
In this segment, we have released such products as "Recoup FUTAN KEIGEN Supporter
HIZAKANSETSU UGOKI Smooth," which helps the wearer to move the weakened knee joints
easier (released in August), and "Habinurse YABURENIKUI TAIPU NO OSHIRIFUKI” wipes for
adults that enable the user to wipe their bottoms well without making the hands dirty (released in3

September). We shall continue to bring further products to the market by finding the market needs
with the research narrowed down to the important categories, and actively promote the Group’s
policies starting with the marketing measures centered on the facility routes.
Overseas Business
Sales of the segment amounted to ¥28,089 million, up 45.0% from the previous corresponding
period. Although the selling, general and administrative expenses increased as a result of marketing
activities conducted to actively expand the business, the segment profits amounted to ¥8,070
million, up 71.5% from the previous corresponding period. In China, in addition to measures tostrengthen marketing activities and activities to spread sales promotion, the Group also released a
new paper diaper product for babies in July, resulting in net sales far exceeding the results of theprevious corresponding period. The Group also successfully expanded the scale of production at our
two production bases located in China and is currently engaged in measures to increase theefficiency of operations. In India, we are continuing to actively expand sales and marketing
activities with a view to establish our brand on the market. In the future, we intend to strengthen thesales/distribution system further and tune up the product supply organization starting withconstruction of local factories. In North America, we are planning on continuing our businessexpansion by increasing the number of categories of products offered, strengthening of organization
control, and other measures.
OthersSales in this segment amounted to ¥834 million, down 2.8% from the previous corresponding
period, due to a slight decrease in OEM product orders. The segment profits amounted to ¥100
million, down 7.2% from the previous corresponding period.
(2) Qualitative Information Regarding Consolidated Financial Position
1) Assets
As of October 31, 2013, total asset amounted to ¥55,283 million, up ¥6,744 million from theprevious fiscal year ended January 31, 2013. Current assets had an increase of ¥4,376 million, andfixed assets had an increase of ¥2,367 million.
Current assets increased mainly due to an increase in notes and accounts receivable of ¥3,497
million and goods and products of ¥1,332 million despite a decrease in cash and deposits of ¥1,428
million.
Fixed assets increased mainly due to an increase in machinery, equipment and vehicles of¥1,763 million as included in other tangible fixed assets-net and an increase in buildings andstructures-net of ¥818 million.
2) Liabilities
As of October 31, 2013, total liabilities amounted to ¥18,176 million, up ¥2,003 million from thefiscal year ended January 31, 2013. Current liabilities had an increase of ¥714 million, andlong-term liabilities had an increase of ¥1,288 million.
Current liabilities increased mainly due to an increase in notes and accounts payable of ¥1,145
million and an increase in accrued bonuses to employees of ¥580 million despite a decrease in
short-term borrowings of ¥949 million.
Long-term liabilities increased mainly due to an increase in long-term borrowings of ¥748
million and an increase in deferred tax liabilities of ¥595 million as included in other long-term
liabilities.
3) Net Assets
As of October 31, 2013, net assets amounted to ¥37,107 million, up ¥4,741 million from the fiscal
year ended January 31, 2013.
4

(3) Qualitative Information Regarding Consolidated Performance Forecasts
In the fourth medium-term business plan entitled “Achieving global business success throughcompany and individual competence,” the Group aims to revise our business structure and improve
profitability by entering new fields and expanding new product categories in the Domestic Babyand Mother Care Business in Japan, as well as by further pursuing priority product categories andestablishing new sales channels in the Health Care and Nursing Care Business. In the Overseas
Business, by expanding production system and reinforcing business operation structure withaggressive business investments, the Group strives to further develop the markets and expand ourbusinesses by increasing product categories in the existing markets including China and North
America. Meanwhile, the Group intends to promote aggressive market development in India, South
Korea, and Central and South America. In this consolidated fiscal year, the final year of our fourth
medium-term business plan, the followings are defined as the basic policies, and we will strive toensure completion of our plans.
Basic Policies
1. As this year is the last year of our fourth medium-term business plan, we shall reexamine thestrategies for each business, the functional strategy, the progress made with the measures conductedso far and the business results achieved, and strive to find solutions to the tasks we are facing andachieve the goals set in the medium-term business plan.
2. By steadily implementing the measures and achieving the goals set in the new business plans andnew product plans, we will try to connect these activities to the further growth and expansion of thegroup's business in the next medium-term business plan.
3. We shall concentrate on bringing up staff capable of playing an active part on the global scale,aiming at "Achieving global business success through company and individual competence," at thesame time revising the organizational system and allocating managerial resources with a balanced
approach, so as to enable further expansion of the Group's business centering on the international
market.
For our earnings forecast for fiscal year ending January 2014 that was announced as of September 2,
2013, based on the consolidated financial results for the consolidated period under review (February
1, 2013 to October 31, 2013), we revised the forecast as of December 2, 2013. Our upwardlyrevised forecasts are ¥77,200 million for net sales (0.8% increase from previous forecast), ¥10,200
million for operating income (13.3% increase from previous forecast), ¥10,700 million for ordinary
income (15.1% increase from previous forecast), and ¥6,500 million for net income (16.1% increase
from previous forecast).
2. Issues Regarding Summary (Notes) Information(1) Significant Changes in Subsidiaries During the Period Under Review
Not applicable.
(2) Adoption of Special Accounting Procedures for Quarterly Consolidated Financial
Statements
Not applicable.
(3) Changes in Accounting Policies, Changes in Accounting Estimates, Restatements(Changes in accounting policies that are difficult to distinguish from changes in accounting
estimates)
Following a revision of the Corporation Tax Law, from the first consolidated quarter, the Company
and its consolidated subsidiaries located in Japan have changed the depreciation method forproperty, plant and equipment acquired on and after February 1, 2013 to a method in accordancewith the Corporation Tax Law after revision. The effect this change has on the operating income,ordinary income, and Income before income taxes for the term under review is negligible.
53. Quarterly Consolidated Financial Statement(1) Quarterly Consolidated Balance Sheets(Thousands of yen)
At January 31, 2013

At October 31, 2013ASSETS
I. Current Assets:
Cash and deposits

10,574,326

9,146,171

Notes and accounts receivable

10,540,939

14,038,302

Goods and products

4,816,217

6,148,679

Goods in process

167,286

256,288

Raw material and inventory goods

1,792,836

2,203,356

Other current assets

1,228,961

1,714,222

Allowance for doubtful accounts(17,213)(26,692)

29,103,354

33,480,329

Buildings and structures-net

5,221,403

6,040,179

Land

6,015,064

6,062,687

Other tangible fixed assets-net

4,971,671

6,263,162

Total Tangible Fixed Assets

16,208,139

18,366,029

Goodwill

551,572

458,831

Other intangible fixed assets

624,561

870,764

Total Intangible Fixed Assets

1,176,134

1,329,596

Other2,104,885

2,161,606

Allowance for doubtful accounts(53,692)(53,848)

Total Investments and Other Assets

2,051,193

2,107,758

Total Fixed Assets

19,435,468

21,803,384

Total Assets

48,538,822

55,283,713

Total Current Assets
II. Fixed Assets:
1. Tangible Fixed Assets:

2. Intangible Fixed Assets:

3. Investments and Other Assets:6

(Thousands of yen)
At January 31, 2013

At October 31, 2013

LIABILITIES
I. Current Liabilities:
Notes and accounts payable

3,864,039

5,009,950

Short-term borrowings

1,389,610

439,875

26,327

12,073

1,134,047

1,064,981

Accrued bonuses to employees

606,257

1,187,101

Returned goods adjustment reserve

44,824

51,693

Other current liabilities

4,550,833

4,565,156

Total Current Liabilities

11,615,940

12,330,830

2,204,365

2,952,675

319,324

333,481

Current portion of long-term loans payable
Income taxes payable

II. Long-Term Liabilities:
Long-term borrowings
Employees’ retirement benefits
Retirement benefits for directors andcorporate auditors
Other long-term liabilities

389,764

317,832

1,644,056

2,241,654

Total Long-Term Liabilities

4,557,510

5,845,643

Total Liabilities

16,173,451

18,176,474

Capital stock

5,199,597

5,199,597

Additional paid-in capital

5,180,246

5,180,246

Retained earnings

22,686,099

25,582,643

Treasury stock(450,289)(455,482)

Total Shareholders’ Equity

32,615,653

35,507,004

26,64433,237(970,653)

727,760(944,008)

760,997

III. Minority Interests

693,726

839,236

Total Net Assets

32,365,371

37,107,238

Total Liabilities, Minority Interests and Net Assets

48,538,822

55,283,713

NET ASSETS
I. Shareholders’ Equity:

II. Accumulated Other Comprehensive Income:Net unrealized gains on securities
Foreign currency translation adjustment
Total Accumulated Other Comprehensive Income7(2) Quarterly Consolidated Statements of Income

I. Net Sales
II. Cost of Sales
Gross profit
Reversal of reserve for returned products
Transfer to reserve for returned products
Adjusted gross profit
III. Selling, General and Administrative Expenses
Operating Income
IV. Other Income:Interest income
Equity in earnings of non consolidated subsidiaries
and affiliates
Foreign exchange gains
Other
Total Other Income
V. Other Expenses:
Interest expense
Sales discounts
Other
Total Other Expenses
Ordinary Income
VI. Extraordinary Income:Gain on sales of property
Total Extraordinary Income
VII. Extraordinary Loss:
Loss on sales of property
Loss on disposal of property
Total Extraordinary Loss
Income before Income Taxes
Income Taxes
Adjustment for Corporate Tax
Total Corporate Income Tax
Income before minority interests
Less: Minority Interest in Net Income ofConsolidated Subsidiaries
Net Income

8

Nine months ended
October 31, 2012
47,985,800
27,448,135
20,537,664
60,08054,032
20,543,712
15,113,709
5,430,002(Thousands of yen)
Nine months ended
October 31, 2013
57,540,354
31,888,266
25,652,087
46,93951,50725,647,520
17,226,365
8,421,155

35,884

71,842

34,96041,814

76,132
192,028
339,006

271,336
323,948
708,941

59,629165,741
28,421
253,792
5,515,216

23,709188,915
26,493
239,1178,890,978

5,094
5,094

4,619
4,619

283
26,316
26,6005,493,711
1,728,929
213,015
1,941,944
3,551,766

140
16,692
16,832
8,878,765
2,684,881
427,615
3,112,496
5,766,268

103,060

127,915

3,448,706

5,638,353

Quarterly Consolidated Statement of Comprehensive Income(Nine months ended October 31, 2013)(Thousands of yen)
Nine months ended
October 31, 2012

Quarterly net income before adjusted minority
interests income
Other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Total other comprehensive income

Quarterly comprehensive income

Nine months ended
October 31, 2013

3,551,766

5,766,268

1,109

6,592

14,153
15,262
3,567,029

1,762,591
1,769,183
7,535,452

3,449,404

7,343,359

117,624

192,092(Break down)

Quarterly comprehensive income on parent
company
Quarterly comprehensive income onminority interests9(3) Notes Regarding Going Concern Assumptions
Not applicable.
(4) Notes Regarding Substantial Changes in Shareholders’ Equity
Not applicable.
(5) Segment Information
Information Regarding Net Sales and Profit & Loss in Each Report Segment
Nine Months Ended October 31, 2012
(Thousands of yen)
Report Segment
HealthDomestic
Child-rearing Care andBaby andSupportNursingMother Care
Services
Care
Business
Business

Overseas
Business

Sub Total

Other(Note) 1

Total

AmountAccounted on
Adjustment Quarterly
Consolidateds(Note) 2 Statements ofIncome(Note) 3

Sales
Sales tooutsidecustomers
Total

18,055,247

4,757,577 4,948,625 19,366,380 47,127,830

857,969 47,985,800－

47,985,800

18,055,247

4,757,577 4,948,625 19,366,380 47,127,830

857,969 47,985,800－

47,985,800

Segment Profits

2,697,945

7,794,898 (2,364,896)

5,430,002

137,923

144,146

4,706,866

7,686,882

108,016(Note)
1. “Others” are business segments not included in reporting segments and mostly are the Group’s production subsidiaries
manufacturing and selling products to companies outside the Group.
2. Adjustments in segment profits are operating costs that cannot be allocated, and most are administrative costs.
3. Segment profits are adjusted to operating income in the consolidated statement of income.
Nine Months Ended October 31, 2013
(Thousands of yen)
Report Segment
HealthDomestic
Child-rearing Care andBaby andSupportNursingMother Care
Services
Care
Business
Business

Overseas
Business

Sub Total

Other(Note) 1

Total

AmountAccounted on
Adjustment Quarterly
Consolidateds(Note) 2 Statements ofIncome(Note) 3

Sales
Sales tooutsidecustomers
Total

18,683,094

4,933,216 5,000,890 28,089,069

56,706,271

834,083 57,540,354－

57,540,354

18,683,094

4,933,216 5,000,890 28,089,069

56,706,271

834,083 57,540,354－

57,540,354

Segment Profits

2,665,213

100,274 11,176,018 (2,754,863)

8,421,155

123,691

216,8028,070,036 11,075,744(Note)
1. “Others” are business segments not included in reporting segments and mostly are the Group’s production subsidiaries
manufacturing and selling products to companies outside the Group.
2. Adjustments in segment profits are operating costs that cannot be allocated, and most are administrative costs.
3. Segment profits are adjusted to operating income in the consolidated statement of income.

10