Summary of Consolidated Financial Results
For the Six Months Ended July 31, 2009
September 1, 2009
Company name: Pigeon Corporation (Stock code: 7956)
Listings: First Section, Tokyo Stock Exchange
Website: www.pigeon.co.jp
Representative: Akio Okoshi (President and COO)
Contact: Isao Kosaka (Managing Officer, Corporate Planning Division)/Tel: +81-3-3661-4188
Date of release of Business Report: September 14, 2009
Planned Commencement Date of Dividend Payment: October 13, 2009

1. Consolidated Financial Results (February 1 –July 31, 2009)(1) Performance(¥ millions, rounded down, % figures denote year-on-year change)
Operating Income
Ordinary Income
Net Income

Net Sales
Six Months Ended July 31, 2009

26,258

－%

2,154

－%

2,180

－%

1,307

－%

Six Months Ended July 31, 2008

26,662

11.8%

2,118

39.8%

2,104

41.6%

1,363

51.9%

Net Income per Share (¥)

Diluted Net Income Per Share (¥)

Six Months Ended July 31, 2009

65.30

－

Six Months Ended July 31, 2008

68.28

－

(2) Financial Position
Total Assets
At July 31, 2009

Net Assets

39,441Equity Ratio (%)

25,449Net Assets Per Share (¥)

63.4

1,249.35

At January 31, 2009
38,407
24,324
62.3
Reference: Equity: ¥25.006 million (At July 31, 2009); ¥23.928 million (At January 31, 2009)

1,195.45

2. Cash Dividends
Cash Dividends per Share (¥)
1Q
Year Ended January 31, 2009
Year Ending January 31, 2010
Year Ending January 31, 2010
(Forecast)

2Q

3Q
23.00
32.00

－
－

Year-end

Full-year

－

32.00

55.00

－

32.00

64.00

(Note) Changes in dividend forecasts during the quarter under review: None

3. Forecast for the Year Ending January 31, 2010
Operating
IncomeNet SalesYear Ending
January 31, 2010

56,000

5.5%

4,700

10.1%

(% figures denote year-on-year change)(Note) Changes in projections during the quarter under review: Yes

1

Ordinary Income

4,700

9.5%

(¥ millions, rounded down)
Net
IncomeNet Income
per Share
(¥)
3,000

5.1%

149.88

4. Other(1) Changes in material subsidiaries during the period (changes in specific subsidiaries affecting the scope of
consolidation): No(2) Application of simplified methods of accounting and accounting methods specific to the preparation of quarterly
financial statements: Yes
For details, please refer to section 4 (page 6).of the “Qualitative Information Regarding Consolidated BusinessResults.”(3) Changes in accounting principles, processes, presentation methods, etc., related to the preparation of quarterly
consolidated financial statements (recorded in changes to important items that form the basis for preparation ofquarterly consolidated financial statements)
1) Changes due to revisions to accounting standards, etc.: Yes
2) Changes other than 1): No
For details, please refer to section 4 of the “Qualitative Information Regarding Consolidated Business Results.”(4) Number of outstanding shares (ordinary shares)
1) Number of shares outstanding at term-end (including treasury shares)
Six months ended July 31, 2009: 20,275,581
Year ended January 31, 2009: 20,275,581
2) Number of treasury shares at term-end
Six months ended July 31, 2009: 260,265
Year ended January 31, 2009: 259,777
3) Average number of shares during the period (cumulative figure for consolidated quarterly accounting period)
Six months ended July 31, 2009: 20,015,496
Six months ended July 31, 2008:19,972,721
Notes: Cautionary Statement Regarding Performance Forecasts
1. 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.
2. In the current consolidated fiscal year, the Company began applying the “Accounting Standard for Quarterly
Financial Reporting” (Financial Accounting Standard No. 12) and the “Guidance on Accounting Standard for
Quarterly Financial Reporting” (Financial Accounting Standard Implementation Guidance No. 14). The quarterly
consolidated financial statements were also prepared in accordance with the “Regulations on Quarterly Consolidated
Financial Statements.

2

Qualitative Information, Financial Statements and Other Data

1. Qualitative Information Regarding Consolidated Business Results
Overview of Performance
In the six-month period under review—the first two quarters of the year ending January 31, 2010—
the Japanese economy was characterized by continued deterioration of corporate earnings due to the
sharp economic downturn stemming from the global financial crisis. Meanwhile, weak personal
consumption appeared to recover to some extent, showing signs of a partial leveling off, while thejob market outlook still remained grim. The Pigeon Group suffered from problems including a
reduction in distribution inventories in response to weak consumption, the rising cost of raw
materials due to surging crude oil prices, and the increasing appreciation of the yen that started in
the autumn of 2008 until the first quarter, but is now on a recovery track since these factors haveleveled off.
Facing these conditions, the Pigeon Group entered the second year of its third medium-termbusiness plan (the year ended January 2009 to the year ending January 2011), entitled “Becoming a
Global Company: Challenges and Independence.” Based on the plan’s fundamental policies, wehave set the following tasks for our respective businesses.
Baby and Child Care
Domestic Baby and Child Care Products: In this category, we will swiftly implement measures tostrengthen existing businesses while nurturing new businesses, in conjunction with maintaining andperfecting our direct communications program. In these ways, we will hone our competitive edge inthe market, while energizing and raising brand loyalty. We will also raise profitability by pursuingcost reductions across the board.
Overseas Business: We will prioritize the allocation of managerial resources to our overseas
business, which we regard as a key growth driver for the Pigeon Group. Adopting appropriate
marketing strategies, we will work to strengthen and broaden brand loyalty in overseas markets
while actively expanding our presence in our existing markets. We will give particular attention to
China, where we will further solidify our sales foundation and expand our production operations.
Child-Rearing Support Services: Here, we will upgrade our new personnel development systemand broaden the scope of our services, with the aim of improving both personnel and service quality.
At the same time, we will build an effective business operational infrastructure, steadily boost
efficiency, and focus on highly profitable services to underpin growth. In the process, we willsolidify our foundation for business expansion and improved profitability.
Healthcare
In this segment, we will strengthen our sales and marketing capabilities by making use of ourGroup-wide business operational infrastructure. Our plan is to consolidate nursing care products
under the Habinurse brand, finish streamlining our product lineup, and steadily establish effective
distribution channels in order to enhance the productivity and profitability of our existing
businesses. Meanwhile, we will continue actively allocating managerial resources to nurture the
new Recoup brand of anti-aging products. Initiatives here include upgrading our product lineup andexpanding our network of Recoup sections in retail stores.
As a result of the aforementioned initiatives, the Group posted consolidated net sales of ¥26,258
million for the first two quarters (down 1.5% year-on-year). On the earnings side, operating income3and ordinary income amounted to ¥2,154 million (up 1.7% year-on-year) and ¥2,180 million (up3.6% year-on-year), respectively due to the following reasons: (1) an improved cost ratio exceeding
the initial estimate as the results of aggressive price reductions and in-house production amid thecontinued increases in raw materials prices, (2) part of selling, general and administrative expenses
falling below the estimated amount due to the performance of net sales, deferred execution period
until the second half, etc., and (3) the yen becoming weaker than initially estimated, etc. Moreover,
we reported an extraordinary loss of ¥380 million in allowance for doubtful accounts during theperiod. This was, as released on March 31, 2009, in response to a business partner filing for Civil
Rehabilitation Act bankruptcy protection. Accordingly, net income for the second quarter amounted
to ¥1,307 million (down 4.2% year-on-year).
The Pigeon Group has three main business segments: Baby and Child Care, Healthcare, and Others.
Baby and Child CareIn this segment, net sales and operating income amounted to ¥21,032 million (down 1.6% year-onyear) and ¥3,306 million (up 0.8% year-on-year), respectively.
This segment consists of three categories: Domestic Baby and Child Care Products, Overseas
Business, and Child-Rearing Support Services.
Domestic Baby and Child Care Products: In this category, net sales remained stable as planned, as
the effect of distribution inventory reduction in response to weak consumption settled down. In
February 2009, we upgraded our lineup of breastfeeding-related products with the introduction of achilled, sealed breastfeeding cap. In March, we unveiled two insect repellent products, Insect
Repellent Stickers and Insect Repellent Spray for Clothing, which do not need to be directly applied
to the skin. From May onward, we provided products that we have developed to support mothers inchild-rearing. In addition, we focused on direct customer communication aimed at strengthening
brand loyalty. As part of this program, we held 18 maternity events during the two-quarter period,
attracting more than 1,300 participants. Meanwhile, the membership of our word-of-mouthcommunity portal, “Pigeon Info” (which supports women during pregnancy, in childbirth, and whenraising children) has risen steadily. Moreover, we concluded an exclusive domestic distributionagreement in June to sell products made by Mamas & Papas, a British company, in order to create
new market opportunities. We are preparing mail-order catalogs to be published in February 2010.
Overseas Business: In this category, we had concerns about the impact of the global recession.
Despite distribution inventory reductions having a slight effect, overseas sales on a local currency
basis increased year-on-year, driven mainly by China and the United States. In China, the Ministryof Health of the People’s Republic of China and Pigeon (Shanghai) Co., Ltd., a consolidated
subsidiary, opened Pigeon Breastfeeding Advice Offices in national hospitals and maternity
hospitals as a joint project under the Chinese government’s campaign to promote breastfeeding andincrease the breastfeeding rate. Pigeon Manufacturing (Shanghai) Co., Ltd., a consolidated
subsidiary, commenced full-scale operation of a plant in Shanghai’s Qingpu Industrial Zone in
January 2008 and made steady progress in the mass production of detergents and skincare products.
In addition, our plan to build a second facility in preparation for further production growth is wellunderway.
In the United States, meanwhile, Lansinoh Laboratories, Inc., a consolidated subsidiary, acquired
the sales rights for the Soothies brand from Puronyx, Inc. in January 2009. Here, our aim is tostrengthen our business in the United States by upgrading our lineup of breastfeeding-related
products and securing sales channels into hospitals. Lansinoh Laboratories, Inc. also commenced
sales initiatives at its branch in Turkey in April.
Child-Rearing Support Services: In this category, we continued proactive sales initiatives,
including in-company child-minding operations. In April 2009, we were entrusted with the4operation of five additional daycare facilities. The number of children has increased steadily at ourexisting daycare facilities.
Healthcare
In this category, net sales and operating income amounted to ¥3,327 million (up 1.7% year-on-year)and ¥133 million (up 3.6% year-on-year), respectively. With respect to the Recoup brand of antiaging products, launched in August 2007, we held talk shows hosted by Yoshiko Kayama, the faceof our brand, and distributed live video of her introducing our products in order to raise brandrecognition. We will continue our ranging business development activities, including through theuse of events, posters, and dedicated catalogs. In addition, we have been setting up Recoup sectionsin specialist retail outlets. We now have such sections in around 200 locations. During the period,
we added a number of new products to our line of supporters (which reduce strain) which has been
popular since its launch: Recoup supporters for the wrist, the elbow and the whole body. These
include functional walking-support socks and functional walking-support shoes which support
people whose bodily functions or physical abilities have deteriorated with their sole and insole
structures. Going forward, we will work swiftly to broaden product development and secure newsales channels.
OthersIn this category, net sales and operating income amounted to ¥1,899 million (down 5.9% year-onyear) and ¥326 million (up 20.5% year-on-year), respectively. During the period, in order to
upgrade our product lineup, we launched a delicious folic acid nutritional supplement in chewable
form for women who are pregnant or breastfeeding. However, Pigeon Will Co., Ltd., a consolidated
subsidiary that makes and sells maternity undergarments, reported a year-on-year sales decline due
to weakened consumer sentiment.

2. Qualitative Information Regarding Consolidated Financial Position
At July 31, 2009, total assets amounted to ¥39,441 million, up ¥1,033 million from January 31,
2009. Major components included an increase in cash and time deposits together with inventories
and a decrease in notes and accounts receivable.
Total liabilities amounted to ¥13,991 million, down ¥91 million from January 31, 2009. Major
factors included an increase in notes and accounts payable and a decline in short-term borrowings.
Net assets amounted to ¥25,449 million, up ¥1,124 million from January 31, 2009. Major
components included an increase in retained earnings and foreign exchange adjustments.

3. Qualitative Information Regarding Consolidated Performance Forecasts
The year ending January 2010 is the second year of the Group’s third medium-term business plan,
entitled “Becoming a Global Company: Challenges and Independence.” We will make steadyprogress in handling important tasks for our respective businesses and work to achieve our goals.
With regards to the performance forecasts for the year ending January 2010 released on March 6,
2009, operating income and ordinary income have been revised to ¥4,700 million (up 6.8%
compared to the previous forecast) and ¥4,700 million (up 8.0% compared to the previous forecast),
respectively as of August 28, 2009 in consideration of the performance of the first two quarters of
the year ending January 2010.

5

4. Other(1) Major changes among subsidiaries (scope of consolidation) during period
Not applicable.

(2) Simplified accounting method or special method for preparing quarterly consolidated
financial statements adopted
1) Simplified Accounting Method- Valuation of inventory assets
The value of inventories at the end of the period under review is based on rational calculation, using
physical inventories at the end of the previous fiscal year, rather than physical inventories at the end of
the period under review. The Company has reduced the book price of certain inventory assets that wereclearly deemed to be declining in profitability, after estimating the net selling value of such assets.
- Method of calculating depreciation of fixed assets
Depreciation of fixed assets for which the declining-balance method is used is calculated by dividing theamount for the entire fiscal year into quarters.
- Determining recoverability of deferred tax assets
In determining the recoverability of deferred tax assets, the operating performance forecasts and tax
planning methods used during and prior to the fiscal year ended January 31, 2009, were applied in the
period under review, as no significant changes in the operating environment or sudden and significant
changes in conditions were recognized.
2) Special accounting treatment applied in preparation of quarterly financial statements
Not applicable(3) Change in accounting methods related to preparation of quarterly financial statements
1) Effective the fiscal year under review, the Company has applied “Accounting Standard for Quarterly
Financial Reporting and its Implementation Guidance” (ASBJ Statement No. 12 issued March 14, 2007)
and “Guidance on Accounting Standard for Quarterly Financial Reporting” (ASBJ Guidance No. 14
issued March 14, 2007). The Company also prepares its quarterly consolidated financial statements
according to “Regulations for Quarterly Consolidated Financial Statements.”
2) Previously, inventories held for sale in the ordinary course of business were measured primarily at cost,
determined by the average method, while inventories held by consolidated subsidiaries were valued atcost, determined by the last purchase price method. Effective the first quarter ended April 2009, however,
the Company has applied “Accounting Standard for Measurement of Inventories” (ASBJ Statement No. 9,
issued July 5, 2006). Accordingly, such inventories are measured primarily at cost, determined by theaverage method (on Balance Sheets inventories shall be carried at the net selling value, regarded as
decreased profitability). The effect of this change on the Company’s income statements was minimal.
3) Effective the first quarter ended April 2009, the Company has applied “Practical Solution on Unificationof Accounting Policies Applied to Foreign Subsidiaries for the Consolidated Financial Statements” (ASBJ
Practical Issues Task Force No. 18, issued May 17, 2006), and made the necessary adjustments to its
consolidated results accordingly. The effect of this change on the Company’s income statements was
minimal.

6

5. Quarterly Consolidated Financial Statement(1) Consolidated Quarterly Balance Sheets(Thousands of yen)
At July 31, 2009

At January 31, 2009

Cash and time deposits

6,828,177

5,972,743

Notes and accounts receivable

9,295,581

10,118,834

Goods and products

3,963,398

3,636,721

Goods in process

36,06833,934

Raw material and inventory goods

1,219,706

970,523

Other current assets

1,257,200

952,842

Allowance for doubtful accounts(128,514)(54,731)

Total Current Assets

22,471,618

21,630,868

Buildings and structures

4,442,262

4,541,669

Land

5,903,459

5,879,913

Other tangible fixed assets

3,307,435

2,886,779

Total Tangible Fixed Assets

13,653,158

13,308,362

Goodwill

684,920816,244

Other intangible fixed assets

649,595

728,708

Total Intangible Fixed Assets

1,334,516

1,544,953

Other2,374,322

1,928,369

Allowance for doubtful accounts(392,338)(4,577)

Total Investments and Other Assets

1,981,983

1,923,791

Total Fixed Assets

16,969,658

16,777,107

Total Assets

39,441,277

38,407,976

ASSETS
I. Current Assets:

II. Fixed Assets:
1. Tangible Fixed Assets:

2. Intangible Fixed Assets:

3. Investments and Other Assets:7

(Thousands of yen)
At July 31,
2009
LIABILITIES
I. Current Liabilities:
Notes and accounts payable
Short-term borrowings
Income taxes payable
Accrued bonuses to employees
Returned goods adjustment reserve
Other current liabilities
Total Current Liabilities
II. Long-Term Liabilities:
Long-term borrowings
Employees' retirement benefits
Retirement benefits for directors and corporate
auditors
Other long-term liabilities
Total Long-Term Liabilities
Total Liabilities
NET ASSETS
I. Shareholder's Equity:
Capital stock
Additional paid-in capital
Retained earnings
Treasury stock
Total Shareholders' Equity
II. Valuation and Translation Adjustments:
Net unrealized gains (losses) on securities
Foreign currency translation adjustment
Total Valuation and Translation
Adjustments
III. Minority Interests
Total Net Assets
Total Liabilities, Minority Interests and Net Assets

8

At January 31, 2009

5,059,451
1,608,185
500,882
540,344
74,6983,554,791
11,338,352

4,674,216
1,819,680
426,442
522,731
74,302
3,726,139
11,243,512

1,224,800
256,955

1,319,680
252,065

288,035

287,840

883,8122,653,603
13,991,956

980,2882,839,874
14,083,386

5,199,597
5,180,246
16,151,545(444,123)
26,087,266

5,199,597
5,180,246
15,484,915(442,935)
25,421,824

13,835(1,094,843)(251)(1,493,521)(1,081,007)(1,493,773)

443,063
25,449,321
39,441,277

396,538
24,324,589
38,407,976

(2) Consolidated Quarterly Statements of Income(Thousands of yen)
Six Months Ended July 31, 2009
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
Rental income
Equity in earnings of nonconsolidated
subsidiaries and affiliates
Refund of consumption tax
Other
Total Other Income
V. Other Expenses:
Interest expense
Sales discounts
Rental income-related costs
Other
Total Other Expenses
Ordinary Income
VI. Extraordinary Income:Gain on sales of property
Other
Total Extraordinary Income
VII. Extraordinary Loss:
Loss on sales of property
Loss on disposal of property
Transfer to allowance for doubtful accounts
Other
Total Extraordinary Loss
Income before Income Taxes
Income Taxes
Adjustment for Corporate Tax
Total Corporate Income Tax
Less: Minority Interest in Net Income ofConsolidated Subsidiaries
Net Income

926,258,759
16,114,857
10,143,901
76,52674,518
10,145,909
7,991,305
2,154,604
16,84360,51723,02260,05851,811
212,253
31,83498,09740,50516,301
186,739
2,180,118
4,466
278
4,744
3,074
12,744
380,838
6,732
403,388
1,781,475
610,611(197,833)
412,777
61,562
1,307,135

(3) Consolidated Quarterly Statements of Cash Flows(Thousands of yen)
Six Months Ended July 31, 2009
I. Cash Flows from Operating Activities:
Income before income taxes
Depreciation
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in accrued bonuses to employees
Increase (decrease) in employees' retirement benefits
Increase (decrease) in directors' retirement benefits
Interest and dividend income
Equity in (earnings) losses of nonconsolidated
subsidiaries and affiliates
Interest expense
Loss (Gain) on sale of fixed assets
Loss on disposal of fixed assets
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in account payables
Increase (decrease) in consumption tax payable
Decrease (increase) in bankruptcy claims
Other
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net Cash Provided by Operating Activities
II. Cash Flows from Investing Activities:
Acquisition of property, plant and equipment
Proceeds from sales of property, plant and equipment
Acquisition of intangible assets
Payment to life insurance fund for directors
Proceeds from cancelation of life insurance fund for directors
Loans advanced
Collection of loan receivables
Payment for lease deposits
Proceeds from recovery of lease deposits
Other
Net Cash Used in Investing Activities
III. Cash Flows from Financing Activities:
Proceeds from short-term debt
Repayment of short-term debt
Repayment of long-term debt
Payment of cash dividends
Payment of cash dividends to minority shareholders
Acquisition of treasury stock
Net Cash Used in Financing Activities
IV. Effect of Exchange Rate Changes on Cash and Cash Equivalents
V. Net Change in Cash and Cash Equivalents
VI. Cash and Cash Equivalents at Beginning of the Period
VII. Cash and Cash Equivalents at End of the Period
10

1,781,475
705,348
157,473460,178
16,7404,889
195(17,803)(23,022)31,834(1,392)
12,744
1,039,662(470,275)
265,024(3,531)(6,289)(397,603)(536,061)
3,019,586
19,389(33,438)(540,538)
2,464,998(696,297)
7,269(110,193)(4,597)
20,774(1,385)974(10,244)
26,828(10,478)(777,350)
2,452,038(2,679,912)(111,840)(639,019)(50,393)(1,187)(1,030,314)
198,100
855,433
5,972,743
6,828,177

6. Segment Information(1) Performance by Business Segment
Six Months Ended July 31, 2009
Sales
(1) Sales to outside customers(2) Intersegment sales
Total

Baby andchild care

Healthcare

OthersTotal

21,032,063

3,327,021

1,899,674

26,258,759－
21,032,063－
3,327,021－
1,899,674－
26,258,759

Operating income
3,306,130
133,189
326,014
3,765,334
Notes:
1. The Company’s business is segmented for internal control purposes.
2. Main products/services of each segment are shown below.
Segment
Main products/services(¥ thousands)
Eliminations or Consolidated
corporate
－
(－)
(－)

26,258,759(1,610,729)

2,154,604－
26,258,759

Baby and child care

Breastfeeding and weaning products, skincare products, child-rearing support services, other

Healthcare

Nursing-care products, nursing-care support services, other

Others

Women’s care products (supplements, maternity products, etc.), wet tissues, other(2) Performance by Geographic Region
Six Months Ended July 31, 2009
Japan

East Asia

OthersTotal(¥ thousands)
Eliminations or Consolidated
corporate(1) Sales to outside customers

19,113,703

4,878,172

2,266,883

26,258,759-

26,258,759(2) Intersegment sales

1,053,975

1,071,763-

2,125,738(2,125,738)

-

Total

20,167,679

5,949,936

2,266,883

28,384,498(2,125,738)

26,258,759

Operating income
2,642,931
1,100,509
165,377
Notes:
1. Segmentation of countries and regions is based on geographic proximity.
2. Major countries and regions are as follows:
East Asia: Singapore, Thailand, China
Other: United States, etc.

3,908,818(1,754,214)

2,154,604

Sales(3) Oversea Sales
Six Months Ended July 31, 2009(¥ thousands)
East Asia

Overseas sales
Consolidated net sales

North America

Middle East

Other

Total

5,295,648

1,912,095

584,970

725,870

8,518,584

－

－

－

－

26,258,759

Share of overseas sales in
20.1
7.3
2.2
2.8
32.4
consolidated net sales (%)
Notes:
1. Segmentation of countries and regions is based on geographic proximity.
2. Major countries and regions are as follows:(1) East Asia: China, South Korea, Singapore, etc.
(2) North America: United States, Canada, etc.
(3) Middle East: United Arab Emirates, etc.
(4) Other: Panama, United Kingdom, South Africa, etc.
3. Overseas sales refer to sales in countries or regions outside of Japan reported by the Company and its consolidated subsidiaries.

11[Reference: Segment Information for the Previous Period](1) Performance by Business Segment
Six Months Ended July 31, 2008
Sales
(1) Sales to outside customers(2) Intersegment sales
Total

Baby andchild care

Healthcare

OthersTotal

21,373,266

3,271,430

2,017,829

26,662,527－
21,373,266－
3,271,430－
2,017,829－
26,662,527

Operating income
3,279,849
128,589
270,461
3,678,899
Notes:
1. The Company’s business is segmented for internal control purposes.
2. Main products/services of each segment are shown below.
Segment
Main products/services(¥ thousands)
Eliminations or Consolidated
corporate
－
(－)
(－)

26,662,527(1,560,602)

2,118,297－
26,662,527

Baby and child care

Breastfeeding and weaning products, skincare products, child-rearing support services, other

Healthcare

Nursing-care products, nursing-care support services, other

Others

Women’s care products (supplements, maternity products, etc.), wet tissues, other(2) Performance by Geographic Region
Six Months Ended July 31, 2008
Total(¥ thousands)
Eliminations or Consolidated
corporate

Japan

East Asia

Others

19,471,430

4,816,009

2,375,087

26,662,527-

26,662,527

885,139

1,359,919-

2,245,058(2,245,058)-

20,356,569

6,175,929

2,375,087

28,907,585(2,245,058)

26,662,527

Operating income
2,360,527
1,144,111
269,446
Notes:
1. Segmentation of countries and regions is based on geographic proximity.
2. Major countries and regions are as follows:
East Asia: Singapore, Thailand, China
Other: United States, etc.

3,774,085(1,655,788)

2,118,297

Sales(1) Sales to outside customers(2) Intersegment sales
Total(3) Oversea Sales
Six Months Ended July 31, 2008(¥ thousands)
East Asia

Overseas sales
Consolidated net sales

North America

Middle East

Other

Total

5,194,491

1,976,729

674,735

914,956

8,760,912

－

－

－

－

26,662,527

Share of overseas sales in
19.5
7.4
2.5
3.5
32.9
consolidated net sales (%)
Notes:
1. Segmentation of countries and regions is based on geographic proximity.
2. Major countries and regions are as follows:(1) East Asia: China, South Korea, Singapore, etc.
(2) North America: United States, Canada, etc.
(3) Middle East: United Arab Emirates, etc.
(4) Other: United Kingdom, Australia, South Africa, etc.
3. Overseas sales refer to sales in countries or regions outside of Japan reported by the Company and its consolidated subsidiaries.

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