Milbon Co., Ltd.
FY2014 Financial Results
Presentation Materials

January 21, 2015
Copyright © 2015 Milbon. All rights reserved.

Table of Contents
P2

Consolidated Operating Results

P4­8

Consolidated Sales by Product Category

P9

Aujua

P10

Consolidated Balance Sheet (Chart)

P11

Consolidated Statement of Earnings

P12

Consolidated Trends in Capital Expenditures and Others

P13

Non-consolidated Trends in Market Related Data, Milbon Salon and FPs

P14-15 Outlook of Milbon Group
P18-37 2015-2019 Medium-term management plan1
Copyright © 2015 Milbon. All rights reserved.

Consolidated Operating Results

Sales in overseas markets and hair care category have taken the lead in the growth(Unit: million yen)Amount
FY2013

FY2014

Increase/DecreaseYear-on-year
Comparison(%)

Net sales

23,82925,226

1,396

105.9

Gross profit

16,174

17,281

1,106

106.8

SG&A expenses

11,872

12,830957

108.1

Operating income

4,302

4,451

148

103.4

Ordinary income

4,059

4,218

159

103.9

Net income

2,516

2,621

104

104.2
2

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3

Consolidated Sales by Product Category [Hair Care Product]
Sales increased steadily in overall, centering on aging care products(Unit: million yen)

FY2013

FY2014

12,616

Increase/Decrease

14,597YOY Comparison (%)

1,981

115.7

• Since the beginning of the fiscal year, sales activities have been focused on supporting professional hair designers to uplift theirability to develop the hair care menu. These initiatives bring matured women’s awareness of aging hair care, and the sales of haircare category increased, mainly take‐home products.
• Among others, new products containing CMADK, the original ingredients of Milbon, make hair more manageable and have been
receiving great reputation in the market. *Products contain CMADK are: DEESSE’S Elujuda Emulsion, PLARMIA Hairserum and Aujua
Immurise Line.

New Products

PLARMIADEEP ENERGEMENTNIGELLE DRESSIA COLLECTION

In-salon treatment to care aging phenomenonof the hair roots and tips

Styling product expressing sparkle, shine,
and wet sensation

JELLY SERIES(Unit: million yen)

TargetResults

Achievement. rate

600

200

33.5％

(Unit: million yen)Jan 30 Debut

TargetResults

Achievement. rate

280

300

107.2％

Feb 27 Debut
4

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Consolidated Sales by Product Category [Hair Care Product]

DEESSE’S ELUJUDAEMULSION

PLARMIAHAIRSERUM

Leave-in treatment leading to a soft,
fluffy formulation for more moisture andmanageable hair after drying

Shampoo and treatment for damaged
aging hair from coloring or perms, also
make the hair more manageable(Unit: million yen)

(Unit: million yen)

TargetResults

Achievement. rate

360

1,267

352.1％

May 29 Debut

TargetResults

Achievement. rate

340

408

120.2%

Aug 28 Debut

5
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Consolidated Sales by Product Category [Hair Coloring Product]

Although efforts were made on promoting new additional color, sales declined due to the accelerated competitive market(Unit: million yen)

FY2013

FY2014

9,288

Increase/Decrease

8,817

YOY Comparison (%)

-470

94.9

• New color lines to match seasonal trend were launched in 2014 for each spring/summer and autumn/winter. For the hair coloring
category, market competition was accelerated and sales was on a downward trend. Under such circumstances, sales activities werefocused on supporting hair designers to enhance their abilities to offer trend hair color to their customer; however, overall sales of
the category was decreased.

New Products

ORDEVE additional colors
LUMIERE LINEORDEVE beaute additional colors
SILKY LINE

Express soft shine created withchampagne beige(Unit: million yen)

Express a subtle shine that creates a
fresh femininity(Unit: million yen)

TargetResults

Achievement. rate

510

460

90.3％

Jan 30 Debut

TargetResults

Achievement. rate

190

120

63.3％

Jan 30 Debut

6
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Consolidated Sales by Product Category [Hair Coloring Product]

ORDEVE additional colors
DOLLY LINEORDEVE beaute additional colors
COUTURE LINE

Express clear and deep copper lusterfrom within(Unit: million yen)

Express clear and lustrous tea-likebrown(Unit: million yen)

TargetResults

Achievement. rate

300

170

56.9％

Aug 28 Debut

TargetResults

Achievement. rate

90

69

77.1%

Aug 28 Debut

7
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Consolidated Sales by Product Category[Permanent Wave Product]
Core products make smooth progress, yet sales by category is on a downward trend(Unit: million yen)

FY2013

FY2014

1,623

Increase/Decrease

1,520

-103

YOY Comparison (%)

93.7• Sales of core products, permanent wave and hair straightening LISCIO ATENGE, remain steady but was unable to recover the sales
decline of the existing hair straightening products. As a result, overall category sales decreased.

8
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Aujua ［Results and Targets］
Aging care series continued to grow, expanding number of salons and sales
Number of Aujua salons
FY２０１３ year-end

FY２０１４Comparison
with the 2013
year end

1,516 salons

2,002 salons132.1％Sales
FY２０１３

FY２０１４

2,504

3,582

Brand concept

Product range

A hair care brand that nurtures
the beauty of Japanese women’s
hair born from the climate, culture
and hair characteristics of Japan

What is Aujua?

A hair care series that responds(Unit: million yen)
to every individual’s hair concerns
YOYby creating and evolving a haircare program just for one
comparison
individual. That is Aujua.

143.0％

A wide-ranging line-upthat fits the hair texture ofeach customers
・4 series
Aging care series
Hair care series
Scalp care series
Climatic care series

・13 line ・85 items

What’s new
Aging care series
IMMURISE LINE
Enhances the strength and damage
resistance of hair that has become brittle
with aging from coloring and perming(Unit: million yen)

Target350

Results

787

Achievement. rate

225.0％Jan 31 Debut
9

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Consolidated Balance Sheet(Unit: million yen)

AssetsLiabilities and Net Assets
28,13826,321

26,321
4,172

Cash & deposit
Notes & A/R
Inventories

6,845
3,110
2,616

PP&E
Intangible
Inv. & others

447

10,416481
2,485

December 20, 2013

Cash & deposit
Notes & A/R
Inventories

7,386
3,427
3,076

13,831
PP&E
Intangible
Inv. & others

10,530448
2,851

December 20, 2014

Net Assets

Noncurrent Assets

13,383

1,369

Liabilities

Current Asset

14,307

12,93828,138
4,034

Current
Noncurrent

3,970
201

22,149

-137

1,954

Current
Noncurrent

3,869
165

24,104

Capital stock
2,000
R/E
20,069Comp. income
397

Capital stock
2,000
R/E
21,655Comp. income
784

December 20, 2013

December 20, 201410

Copyright © 2015 Milbon. All rights reserved.

Consolidated Statement of Earnings(Unit: million yen)AmountIncrease/
Decrease
FY2013

FY2014

YOY
compari
son
(%)

Sales

23,82925,226

1,396

105.9

Cost of sales

7,654

7,945

290

103.8

Gross profit

16,174

17,281

1,106

Others291(-10)

25,226

12,830957

108.1

Operatingincome

4,302

4,451

148

103.4

Ordinary
income

4,059

4,218

159

103.9

Net income

2,516

2,621

104

104.2

• Salaries due to increase the numberof personnel• Renewal of sales promotional tools• Expenses involved in the expansion ofCentral Research Institute• Large message event operation cost

17,281

Colors8,817(-470)--7,945

Hair cares
14,597(＋1,981)

4,451

4,218

-12,830

2,621-1,572

Net sales

11,872＜Increase in SG&A expenses＞

Perms
1,520 (-103)

106.8

SG&A
expenses

Fluctuation Factor(＋1,396)

Cost of
sales

Gross
profit

SG&A
OperatingincomeOrdinary
incomeIncometaxes

NetincomeBreakdown of net sales by product category
FY2013

FY2014YOY
changeYOY
comparison(%)

Hair care products

12,616

14,597

1,981

115.7

Hair coloring product

9,288

8,817

-470

94.9

Permanent wave products

1,623

1,520

-103

93.7

301

291

-10

96.5

Others11
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Trends in Capital Expenditures and Others(Unit: million yen)

Category

FY2010FY2011FY2012FY2013

FY2014

Plan for
FY2015

Total Expenditures

940

528

840

1,680

1,028

2,652

Depreciation andamortization

1,010

1,011

947

878

1,004

1,062

R&D expenses

838

870

873

969

1,168

1,211

R&D exp. to sales ratio

4.3%

4.3%

4.1%

4.2%

4.8%

4.7%

FY2014 CAPEX Main Items• Purchase of machinery and equipment for Thai Factory• Payments of construction fee for the Central Research Institute expansion• Purchase of laboratory equipment for expanded Central Research Institute• Purchase of production equipment for domestic plant• Construction fee for Manufacturing Technology Development Center expansion

12
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Non-consolidated
Trends in Market Related Data, Milbon Salon and FPs
Market trends
Number of salons(Unit: Number of Salons: Salons / Number of hair dresser: people / Number of beauty customer)

FY2009FY2010FY2011FY2012FY2013

223,645

223,286

228,429

231,134

234 089

Number of
hairdressers

453,371456,872

471,161479,509487 636

Beauty customer
population

39,72039,812

39,64039,076

38,468

Milbon salon trends

FY2014

Remarks——
38,009（As of Jul. 1）

Ministry of Health, Labor and Welfare Public Health Administration Report
Number of beauty salon facilities/number of employees (year-end)

Statistics Bureau, Ministry of Internal Affairs and Communications:
population statistics as of October 1st each year
Population statistics for females aged 15 to 64(Unit: salons)

9000

FY2014As of Nov. 20

8000

FY2009FY2010FY2011FY2012FY2013

Tokyo Branch

2,657

2,784

2,872

2,848

3,015

2,975

7000

Nagoya Branch

1,558

1,643

1,682

1,658

1,775

1,617

6000

Osaka Branch

2,616

2,464

2,682

2,725

2,934

2,814

Fukuoka Branch

552

680

596

633

727

699

300

250

200

5000
150
4000

Total

7,383

7,571

7,832

7,864

8,451

8,105
3000

Fieldperson trends
FY2009Fieldpersons
Sales per person（Unit Fieldperson: person / Sales per person: million yen)

FY2010FY2011FY2012FY2013

FY2014FY2015

206

224

220

225

238

245

28 FPs will

91

92

97

100

103

104

join thecompany

100

2000
50
1000

0

0
2009

2010

2011

Milbon Salons

2012

2013

2014

Fieldpersons

13
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Outlook of Milbon Group
Overseas market mainly in Asia contributed to the sales increase of the Milbon Group

Number of
employees

Sales (million yen)

Number of FPs

JAPAN
Milbon Co., Ltd.

USA

238

CHINA

21

Milbon Korea Co., Ltd.

GLOBAL newly
developing countries *1

Forex rates
FY2013

FY201421,946

22,612

103.0

1960

-

-

435

482

110.6

2004

1$=
92.81

102.30

281

430

152.9

2009

1 yuan =
14.88

16.73

703

1,099

156.3

2009

1 won =
0.08250.0973

38

153

394.6

2013

-

-

422

447

105.8

-

-

-

16
12

KOREA

FY2014Start
operations

529

MILBON USA, Inc.

Milbon Trading(Shanghai) Co., Ltd.

FY2013

YOY
comparison

17
27
17
57
17
3

Others *2

3*1: Thailand, Vietnam, Malaysia, Turkey and Indonesia
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*2: Taiwan, Hong-Kong and others

14Outlook of Milbon GroupJAPAN (Milbon Co., Ltd.)Due to an aging population, lower birthrates and a decline in the total population, it is becoming difficult to expand the entire beauty products
market. Competition in the hair coloring category is accelerating but the hair care category, the core for aging care, is doing well, and as a whole,sales have increased. In such circumstances, Milbon Japan held an event called “Next Beauty: Power of Beauty” at Saitama Super Arena in July andsent messages to the younger generation – who will play an important role in the industry in the future – to have aspirations regarding the futureof the beauty industry and to achieve development together.

USA (MILBON USA, INC.)
Milbon USA started engaging in sales activities through a distributor in New Jersey, etc. and has proactively cooperated with the distributor’s sales
team. As a result, the number of partner salons steadily increased, and switching the business model to a distributor based system has been goingwell. It is becoming difficult to increase the sales of the main product – straight perm solution – because competitors have entered the market.
However, the second pillar – salon treatment – is selling well and contributed to the sales increase in hair care category.

CHINA (Milbon Trading (Shanghai) Co., Ltd.)The distributor strategy was changed to multiple distributors in one province in Zheijang, and intensive support was provided mainly to newly
contracted distributors. Milbon Shanghai earned the trust of the distributor’s sales team, which resulted in an increase in the number of partner
salons and high operating results. Milbon Shanghai also held a skills seminar with a Japanese famous hair designer and thereby strengthened its
relationship with the top salons in the region, and it helped Milbon Shanghai increased its sales.

KOREA (Milbon Korea Co., Ltd.)
Similar to Japan, Korea has issues with an aging population and lower birthrates, and the sales of the aging care series Plarmia that launched in
May sold well at a far above the target. (Achievement rate 213%). In June, Milbon Korea expanded its Seoul Office and also started operating alarge studio in which seminars for 200 people can be held. Busan Office has been in operation for one year and efficiently delivering the goodresult through the community‐based educational activities.

GLOBAL newly developing countries
The number of partner salons is steadily increasing through joint activities with local distributors. In addition, the factory in Thailand has started
shipping products to some areas of overseas markets, and a complete shipping system is being developed.

15
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Ｍｉｌｂｏｎ Ｇｒｏｕｐ

Medium-term management plan
2015-201916
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Review of 2009-2014 medium-term management plan
Achieved sales target and overseas sales ratio
Operating income unable to reach to the target due to up-front investment
and cost of strengthened manpower(Unit: million yen)

FY2009FY2014 Target *FY2014 Actual
Increase

Growthrate(%)

AmountRatio(%)

AmountRatio(%)

AmountRatio(%)

19,189100.0

25,000100.025,226

100.0

6,037

131.5

Domestic

18,273

95.2

22,40089.6

22,612

89.6

4,339

123.7

Overseas

916

4.8

2,600

10.4

2,613

10.4

1,697

285.2

Gross profit

12,214

63.7

16,36965.5

17,281

68.5

5,066

141.5

SG&A exp.

8,937

46.6

11,491

46.0

12,830

50.9

3,893

143.6

Operating income

3,277

17.1

4,877

19.5

4,451

17.6

1,173

135.8

Ordinary income

3,103

16.2

4,559

18.2

4,218

16.7

1,115

135.9

Net income

1,785

9.3

2,754

11.0

2,621

10.4

835

146.8

Sales

*Target figures announced in June 2010
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17

Review of 2009-2014 medium-term management plan1) Accelerating global expansion2) Development of hair care system

3) Enforcement of sales activity strategy

18
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2015-2019 medium-term management plan
～Market and corporate environment～

Domestic market
environment
1. Growing impact of demographics inthe uncertain economic environment
2. Management strategy to stay out ofprice competition•

salon’s business growth and area
expansion

3. Developing long-term relationships•

take-home product business

Overseas market
environment
Developing the corporate andproduct branding help
accelerating the market entry in
the international marketplace.

Corporate internal
environment

Create a better environment toembrace diversity in country,
community, generation andgender -> share a strong senseof purpose and direction with
communication tool; The MILBON
WAY.
19
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2015-2019 medium-term management plan
～New Brand Statement～

We believe that beautiful hair brings out
an individual's true beauty.
This is something that is felt from the insideand radiates outward.
Milbon works closely with salon professionals to
together deliver beautiful hair,inspire grace and confidence in the world.

20
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2015-2019 medium-term management plan
～New Brand Slogan～

Find Your Beauty

21
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2015-2019 medium-term management plan
～Global market environment～
1. Unstable political and economic environment continued

2. Multipolarization and diversification

3. Developed country and developing country are becoming borderless

4. Globalization, Digitalization and localization will be further developed

5. Economy becomes a moderate deflation trend

6. Demographics - key factor of the beauty business

22
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2015-2019 medium-term management plan
～Domestic market environment～◆Domestic market in beauty industry

23
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2015-2019 medium-term management plan
～Medium- to long-term vision～

Global vision
Milbon aims to be the global No.1, first as a Japanese professional Manufacturer,
by cultivating global field ideas through education and contributing to developmentof local beauty industries.

Medium-term vision
Milbon aims to be No. 1 in Asia and enter the top five in the world in the haircare products professional use market.

24
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2015-2019 medium-term management plan
～Sales and profit target～

Sales target at the end of medium-term (FY2019)
Consolidated sales 35,000 million JPY *138.7％
Domestic
Overseas
Overseas sales ratio

28,500 million JPY
6,500 million JPY*126.0％*248.8％

18.6%

Consolidated operating income 7,000 million JPY *157.3％*Compared to 2014 actual
Copyright © 2015 Milbon. All rights reserved.

25

2015-2019 medium-term management plan
～Point (1)～Create the foundation of the business growth 10 years over
1. Global organization structure

2. Global product strategy

26
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2015-2019 medium-term management plan
～Point (2)～

3. Development of human resources

4. Global market development

5. Global financial strategy

27
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2015-2019 medium-term management plan
～Medium-term financial target(1)～Aiming to enter the top five in the world through market development
and financial strategy 10 years over
(Unit: million yen)

New med-term target
FY2019FY2014
AmountRatio(%)

AmountIncrease

Growth
rate

Ratio
(%)

25,226100.0

35,000

100.0

9,773

138.7

Domestic

22,612

89.6

28,500

81.4

5,887

126.0

Overseas

2,613

10.4

6,500

18.6

3,886

248.7

Gross profit

17,281

68.5

24,500

70.0

7,218

141.8

SG&A

12,83050.9

17,500

50.0

4,669

136.4

Operating income

4,451

17.6

7,000

20.0

2,548

157.3

Ordinary income

4,218

16.7

6,630

18.9

2,411

157.1

Net income

2,621

10.4

4,130

11.8

1,508

157.6

Net sales

28
Copyright © 2015 Milbon. All rights reserved.

2015-2019 medium-term management plan
～Medium-term financial target(2)～(Unit: million yen（%）

40,000

20.0

18.6
18.0

35,00035,00016.0
30,00014.0

25,22625,00012.0

23,829Operating income

21,88720,00019,18919,74920,52610.4

10.0

Net sales

8.0

7.9

15,000

6.4
10,0005,000

Overseas ratio

6.0

5.8
4.8

Net income

5.1
7,000

3,277
1,785

3,578
1,831

3,792
2,304

3,986
2,128

4,302
2,516

4,451
2,621

FY2009FY2010FY2011FY2012FY2013

FY2014

4.0

4,130
2.0

0

0.0

Previous (2009-2014)

FY2015FY2016FY2017FY2018FY2019Current (2015-2019) target

29
Copyright © 2015 Milbon. All rights reserved.

2015-2019 medium-term management plan
～Medium-term financial target(3)～Aiming to enter the top five in the world through market development
and financial strategy 10 years overFree cash

Over 20,000 million JPY

UsePrevious (FY2010-FY2014)

Investment in
future growth

Main items

Return toshareholders

5,000 million yen••••

10,000 million yen• Construction of new Yumegaoka Plant• Expansion of Thai Factory
Enhance facilities of domestic production• Establishment of new domestic branches
Expansion of Tokyo Office
Expansion of Central Research Institute(Ginza, Yokohama, etc 8 domestic locations,
Establishment of new branches(Kyoto, Beijing,
Philippines, etc. foreign location)• M&A investment in US and Europe
Busan, etc.)• Business in cosmetics

4,400 million yen
・Dividend payout ratio

40.6% *average in 5 yrs

5,700 million yen

Increase in R/E
Capital efficiency

Current (FY2015-2019)

ROE11.3% *FY2014 actual

7,000 million yen
・Dividend payout ratio is targeted at 40%

3,000 million yen
ROE12% or over *FY2019 target
30

Copyright © 2015 Milbon. All rights reserved.

2015-2019 medium-term management plan
～Medium-term financial target(4)～(Unit: million yen)

100
100

80

70
Previous (2010‐2014)
Current (2015‐2019)

57

60

50
44
40

30

20

0

Investment in furuter growth

Return to shareholders

Increase in R/E

31
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2015-2019 medium-term management plan
～Sales target by country (1)～Moving into the black in each country, moving forward to the next step
Net sales (million yen)
FY2014
ActualJapan
Milbon Co., Ltd.

FY2019TargetExchange rate

Growth ratio(%)

FY2014FY201922,61228,500

126.0

-

-

United States
MIILBON USA,INC

482

840

174.2

1＄=
102.30

105.0

China
Milbon Trading(Shanghai) Co., Ltd.

430

1,350

313.4

1yuan=
16.73

17.00

Korea
Milbon Korea Co., Ltd.

1,099

2,500

227.3

1won=
0.09730.1000ThailandMILBON (THAILAND)
CO., LTD.

48

250

516.1

1 baht=
3.16

3.2

552

1,560

282.4

-

-

1,947

4,490

230.6

-

-

180

1,020

563.6

-

-

Other areas *1
East Asia *2

TTLSoutheast Asia *3 TTL*1 Taiwan, Hong-kong, Vietnam, Malaysia, Turkey, Indonesia, Others
Copyright © 2015 Milbon. All rights reserved.

*2 China, Korea, Taiwan, Hong-kong*3 Thailand, Vietnam, Malaysia, Indonesia, others32

2015-2019 medium-term management plan
～Sales target by country (2)～（Unit: Million, Overseas）(Unit: Million yen, Japan▼：Point turning to the black

28,50030,000

4,000

3,000

2,500

20,000

US
China
Korea

2,000

Thailand

China

Korea

1,350

US,.
Thailand*

1,000

10,000

Japan

840
250

0

0

4,490

4,000
3,000

East Asia

1,947

2,000

Southeast Asia

1,020

1,000

180
0
FY2009FY2010FY2011FY2012FY2013

Previous (2010-2014)

Copyright © 2015 Milbon. All rights reserved.

FY2014FY2015FY2016FY2017FY2018FY2019Current (2015-2019)* Trends of Milbon Thailand shows Sales amount of Sales Dept. for consolidated FS(Export sales of Production Dept. is inter-company transaction and eliminated from theconsolidation process.)

33

2015-2019 medium-term management plan
～Main point in FY2015～

From Age Beauty to Aging Beauty◆Domestic market policy◆Point of specific measures
1. Market expansion of gray hair color

2.

Market expansion centering on Aujua

3.

New field activity system

34
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2015-2019 medium-term management plan
～Consolidated sales target by country ～(Unit: million yen)AmountIncrease

Net sales

Domestic
Overseas

Gross profit

FY20142015
Target25,226

26,90022,612

23,687

1,673
1,074

Growth
rate
(%)
106.6

Sales by category

3,213

599

15,730

1,132

107.8

8,817

9,210

392

104.5

1,520

1,590

69

104.6

291

370

78

127.1

Hair care products

14,597

Hair coloring products
Permanent wave
products

104.8

122.9

Capital expenditures, and others
17,281

18,155873

105.1

Classification
12,83013,494663

105.2

Operating income

4,451

4,661

209

Ordinary income

4,218

4,364

Net income

2,621

2,630

SG&A

Growthrate (%)

2015
TargetOthers2,613

Increase

2014

FY20142015
Target

CAPEX

1,028

2,652

104.7

Depreciation &amortization

1,001

1,062

150

103.6

R&D expenses

1,168

1,211

8

100.3

R&D ratio (%)

4.8

4.7
35

Copyright © 2015 Milbon. All rights reserved.

Statements concerning the future such as the earnings forecasts given in this document
are based on information currently in the possession of the Company and on
assumptions that the Company considers reasonable.

Copyright © 2015 Milbon. All rights reserved.