Summary of Consolidated Financial Results for Nine Months Ended October 31, 2007
November 27, 2007

Company name:

Pigeon Corporation

Stock code:
7956
Listings:
First Section, Tokyo Stock Exchange
www.pigeon.co.jp
Website:Representative: Akio Okoshi (President and COO)
Contact:
Isao Kosaka (Managing Officer, Corporate Planning Division)(¥ millions, rounded down)
1. Consolidated Financial Results (February 1–October 31, 2007)(% figures denote year-on-year change)(1) Performance (Nine months ended October 31)
Net sales

Operating income
Change (%)

2007
2006

36,62233,454

Year ended
January 31, 2007

45,307

Ordinary income

Change (%)

9.5
6.6

2,601
2,204

18.0
25.3

2,754

20.3
24.6

2,745
Fully diluted net income per share(¥)

Net income per share (¥)

Net income

Change (%)

2,592
2,155

Change (%)

2007
2006

1,637
1,525

Year ended
January 31, 2007

1,916

7.4
42.1

82.28
77.29

82.18
－

96.97

96.91

(2) Financial Position (at October 31)(¥ millions, rounded down)

Total assets

Net assets

Equity ratio (%)

Net assets per share (¥)

2007
2006

38,33035,66023,991
22,11761.5
60.6

1,184.59
1,093.37

At January 31,
2007

35,64822,99363.0

1,128.70(3) Cash Flows (Nine months ended October 31)
Cash flows fromoperating activities(¥ millions, rounded down)
Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash equivalents
at year-end

2006
2005

2,622
1,535

(1,243)177(140)(1,401)

3,912
2,256

Year ended
January 31, 2006

2,367

(395)

(1,284)2,680

2. Forecast for Fiscal Year Ending January 2008
Net sales(% figures denote year-on-year change)
Operating income

Change (%)
Full year

48,8007.7

Net income

Ordinary income

Change (%)

3,050

10.7

Change (%)

2,950

7.4

Net income per share (¥)

Change (%)

Full year

1,700(11.3)

85.39

3. Other(1) Major changes in scope of consolidation during period: None
(2) Simplified accounting method adopted: No(3) Changes in accounting treatment since most recent fiscal year: Yes(For more details, please refer to “4. Other” on page 4 in the “Business Performance” section.)

Appropriate use of performance forecasts
For information on assumptions and other matters related to the above forecasts, please refer to the “Business Performance” section,
starting page 2.

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Business Performance
1. Consolidated Results
The period under review—the nine-month period ended October 31, 2007—was thefirst three quarters of the final year of Global 500, our second medium-term
management plan for the 21st century. (The plan covers the period from February 2005
to January 2008.)
During the period, the Pigeon Group sought to maximize corporate value on a
global scale by reinforcing its distinctiveness and competitive edge while harnessing
and enhancing Groupwide synergies. We devoted particular attention to rebuilding the
Pigeon brand image in the domestic market for baby and child care products, andexpanding our business in China and other overseas markets.
As a result, consolidated net sales for the period amounted to ¥36,622 million, up
9.5% from the previous corresponding period. This reflected the success of actions
taken in our domestic baby and child care products business, as well as solid
performances overseas. Although the effects of high raw materials prices have begun toshow, earnings were boosted by growth in our highly profitable overseas business.
Accordingly, operating income rose 18.0%, to ¥2,601 million, and ordinary income
climbed 20.3%, to ¥2,592 million. Net income for the period grew 7.4%, to ¥1,637
million.
For financial reporting purposes, the Group’s business is classified into threesegments: Baby and Child Care, Healthcare, and Others. A performance summary bysegment is shown below.
Baby and Child Care
Sales in this segment amounted to ¥29,273 million, up 11.6% from the previous
corresponding period. Segment operating income grew 12.3%, to ¥4,356 million. 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: During the period under review, we
continued actively pursuing direct communications activities and held maternity-related
events on 12 occasions around the nation. With respect to sales promotion activities, weconcentrated on advertising in baby magazines. Among these, an advertisement for ourbaby shoes won a Second Prize in the 50th Annual Japan Magazine Ad Awards, held by
the Japan Magazine Advertising Association—contributing to improved corporate value.
As a result, sales of mainstay products posted solid growth.
Overseas Business: For the period, we achieved year-on-year sales increases inpractically all regions, including China and the United States. In China, we actively
introduced new products, which together with existing products generated healthy sales
increases. We also made good progress in expanding our presence in regional Chinese
cities.
Child-Rearing Support Services: During the period, we continued pursuing proactive
sales initiatives, including in-company child-minding operations. We also made good
progress with Pigeon Partner Open College, an educational system for child-minders
that is helping us make qualitative improvements to our child-minding capabilities.
Healthcare
Sales in this segment edged down 1.5%, to ¥4,637 million, and operating income fell-2-

44.0%, to ¥138 million. In the current fiscal year, we have sought to expand ouroperations while placing strong emphasis on reinforcing our business foundation andbuilding a framework conducive to future growth. Under the new organization we haveestablished, we launched new products and revamped existing ones, but both revenue
and earnings declined year-on-year. In the third quarter, we unveiled the Recoup brandof products in the nursing care prevention category. We also introduced new products
and revamped existing ones under the Habinurse brand of nursing care offerings. Our
Habinurse cup with straw attached, launched in August 2007, won a 2007 Good DesignAward. Going forward, we will also expand our lineup of Recoup products.
OthersSales from other operations totaled ¥2,711 million, up 7.6% year-on-year. Operating
income grew 27.3%, to ¥371 million. Pigeon Will Co., Ltd., a consolidated subsidiarythat sells maternity undergarments, expanded its business. We also broadened our rangeof nutritional supplements for women who are pregnant, ready to give birth, and raisingchildren. In addition, we posted healthy sales growth in China, where we have launched
products for women.

2. Financial Position
As of October 31, 2007, Pigeon had consolidated total assets of ¥38,330 million. Within
this figure, total current assets amounted to ¥19,945 million, boosted by an increase in
cash and time deposits, while total fixed assets stood at ¥18,384 million.
Due mainly to a year-on-year increase in notes and accounts payable, total
liabilities rose to ¥14,339 million. Net assets at the end of the period totaled ¥23,991
million.
(Cash Flows)
Net cash provided by operating activities amounted to ¥2,622 million, boosted by anincrease in income before income taxes.
Net cash used in investing activities totaled ¥1,243 million. Major factors
included acquisitions of tangible fixed assets.
Net cash used in financing activities was ¥140 million, as payment of cash
dividends outweighed a net increase in short-term bank loans.
As a result, cash and cash equivalents at October 31, 2007, stood at ¥3,912 million,up ¥1,232 million from January 31, 2007.

3. Outlook
The current fiscal period is the final year of Global 500, our second medium-term
management plan for the 21st century. In the final quarter of the year, the Pigeon Groupwill continue building a foundation for revenue and earnings growth, with the aim of
maximizing corporate value on a global basis. In our domestic baby and child careproducts business, we will continue holding maternity-related events and working inother ways to enhance the value of the Pigeon brand. In the healthcare segment, we will
pursue further consolidation of products within the Group. At the same time, we will
focus on raising brand recognition, including by holding events related to the new
Recoup brand.
For the fiscal year ending January 31, 2008, we forecast consolidated net sales of¥48,800 million (up 7.7% year-on-year), operating income of ¥3,050 million (up10.7%), ordinary income of ¥2,950 million (up 7.4%), and net income of ¥1,700 million(down 11.3%).
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4. Other(1) Changes in status of major subsidiaries during period
Not applicable.
(2) Simplified accounting method adopted
Not applicable.
(3) Changes in accounting treatment since most recent fiscal year
Accounting for business combinations
Effective the period under review, the Pigeon Group has applied “Accounting Standard
for Business Combinations” (Business Accounting Deliberation Council, October 31,2003), “Accounting Standard for Business Divestitures” (Accounting Standards Boardof Japan, Accounting Standard No. 7, December 27, 2005), and “Guidance on
Accounting Standard for Business Combinations and Accounting Standard for Business
Divestitures” (Accounting Standards Board of Japan, Implementation Guidance No. 10,
revised December 22, 2006). These changes had no effect on earnings in the period
under review.
Method of depreciating tangible fixed assets
Effective the period under review, pursuant to a revision of the Corporation Tax Law(Law No. 6, revised March 30, 2007) and a partial revision of Corporation Tax Law
Enforcement Ordinance (Ordinance No. 83, March 30, 2007), the Pigeon Group has
applied the revised laws for tangible fixed assets purchased on or after April 1, 2007.
The effects of the change on operating income, ordinary income, and net income in the
period under review were minimal.

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1. Summary of Consolidated Balance Sheets(Figures rounded down to nearest thousand yen)
At October 31, 2006
Thousands of yen

At October 31, 2007

% of total

ASSETS

Thousands of yen％

At January 31, 2007

% of total

Thousands of yen％% of total％

Ⅰ Current Assets
Cash and time deposits

2,256,594

3,912,432

Notes and accounts receivable

9,307,964

10,435,011

9,353,907

Inventories

4,613,836

4,574,266

4,154,981

Deferred tax assets

727,596598,163571,773

Other receivables

239,873

211,586

314,502

Other current assets

237,897244,799

162,404

Allowance for doubtful accounts(26,407)(30,290)(29,983)

Total Current Assets

17,357,354

48.7

19,945,969

2,680,117

52.0

17,207,703

48.3

Ⅱ Fixed Assets
1. Tangible Fixed Assets
Buildings and structures

4,192,560

4,445,717

4,481,277

Machinery and transportation equipment

2,058,442

2,354,270

2,001,623

738,600

688,879

713,821

5,921,756

5,994,436

5,924,430

398,438

389,398

219,258

13,309,798

13,872,702

13,340,411

1,675,201

Tools, furniture and fixtures
Land
Construction in progress
Total Tangible Fixed Assets
2. Intangible Fixed Assets
Consolidation adjustment acounts

1,728,907－

Goodwill－

1,389,657－

Software844,613768,026

873,156

Other intangible fixed assets

46,397

92,29332,404

Total Intangible Fixed Assets

2,619,918

2,249,977

2,580,762

1,365,299

1,501,507

1,513,622

487,724

270,459

483,489

Deferred tax assets

210,738

188,257

218,104

Other

322,643

319,556

321,560

Allowance for doubtful accounts(13,315)(17,573)(17,628)

Total Investments and Other Assets

2,373,092

2,262,206

2,519,148

3.Investments and Other Assets
Investment securities
Insurance reserve

Total Fixed Assets

18,302,809

51.3

18,384,886

48.0

18,440,323

51.7

Total Assets

35,660,163

100.0

38,330,856

100.0

35,648,026

100.0

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(Figures rounded down to nearest thousand yen)
At October 31, 2006
Thousands of yen
LIABILITIESAt October 31, 2007

% of total

Thousands of yen％

At January 31, 2007

% of total

Thousands of yen％% of total％

Ⅰ Current Liabilities
Notes and accounts payable

4,786,637

5,432,615

4,510,935

Short-term borrowings

1,230,990

1,709,946

1,188,748

112,672

1,040,000

81,770Accrued amount payable

2,160,568

2,392,312

2,271,845

Income taxes payable

548,110

346,865

500,458

Accrued bonuses to employees

835,069

821,089

511,523

Current portion of long-term debt

Returned goods adjustment reserve

23,00042,53421,000

Other current liabilities

1,253,259

1,031,282

1,068,456

Total Current Liabilities

10,950,307

30.7

12,816,645

33.4

10,154,737

28.5

Ⅱ Long-Term Liabilities
Long-term borrowings

1,040,000－

1,040,000

Deferred tax liabilities

830,928

872,003812,829

Employees' retirement benefits

185,371

208,891

188,593Retirement benefits for directors and corporate
auditors

325,124

312,873

331,812

Other long-term liabilities

211,177

129,158

126,431

Total Long-Term Liabilities

2,592,601

7.3

1,522,925

4.0

2,499,666

7.0

Total Liabilities

13,542,908

38.0

14,339,571

37.4

12,654,403

35.5

5,199,597

14.6

5,199,597

13.5

5,199,597

14.6

Additional paid-in capital

5,152,074

14.4

5,167,246

13.5

5,165,498

14.5

Consolidated retained earnings

12,084,818

33.9

13,556,258

35.4

12,475,585

35.0(843,870)(2.4)(625,617)(1.6)(649,429)(1.8)

21,592,618

60.5

23,297,485

60.8

22,191,250

62.3

SHAREHOLDERS' EQUITY
Ⅰ Shareholder's Equity
Capital stock

Treasury stock, at cost
Total Shareholders' Equity
Ⅱ Defered Valuation and Exchange
Net unrealized gains (losses) on securities

46,5090.1

14,301

0.0

34,9100.1

Foreign currency translation adjustment(14,835)(0.0)

269,2160.7

226,3810.6

Total Defered Valuation and Exchange

31,674

0.1

283,5170.7

261,2910.7

492,9611.4

410,2811.1

541,080

1.5

Total Net Assets

22,117,255

62.0

23,991,284

62.6

22,993,623

64.5

Total Liablities and Net Assets

35,660,163

100.0

38,330,856

100.0

35,648,026

100.0

Ⅲ Minority Interests-6-2. Summary Consolidated Statements of Income(Figures rounded down to nearest thousand yen)
Nine months ended October 31,
2006

Nine months ended October 31,
2007

Year ended January 31, 2007

Thousands of yen% of total

Thousands of yen% of total

Thousands of yen% of total

Ⅰ Net Sales

33,454,592

100.0

36,622,627

100.0

45,307,931

100.0

Ⅱ Cost of Sales

20,745,577

62.0

22,643,465

61.8

28,185,960

62.2

12,709,014

38.0

13,979,161

38.2

17,121,971

37.8

％

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

26,900％21,000％26,90023,00042,53421,00012,712,914

13,957,627

17,127,871

10,508,676

31.4

11,356,210

31.0

14,373,647

31.7

2,204,238

6.6

2,601,416

7.1

2,754,223

6.1

214,035

0.6

277,4430.8

351,665

0.8Interest income

15,18130,656

Dividend income

1,089

3,347

15,741

Rental income

81,44082,390108,072

Equity in earnings of nonconsolidated
subsidiaries and affiliates

18,401

58,971

29,579Other

97,922Ⅴ Other Expenses

263,233

25,520102,0770.8

286,012

172,7520.8

360,265Interest expense

34,72330,66845,606

Sales discounts

131,587

135,309

176,404

Rental income-related costs

51,801

63,40368,032Currency exchange loss

32,60844,09351,493

Other

12,513

12,537

18,728

Ordinary Income
Ⅵ Extraordinary Income
Gain on sales of property

2,155,040

6.4

2,592,848

7.1

1,272,853

3.8

87,8970.2

2,745,623

6.1

1,274,085

2.8

1,251,511

935

1,252,745

Gain on sale of investment securities

20,000－20,000

Reversal of allowance for doubtful accounts

1,342

224

1,340

Benefit income from fixed assets
Ⅶ Extraordinary Loss
Loss on disposal of property

86,737－656,7101.9

14,411－
0.0

713,788

206,020

1,653

213,028

Loss on sale/disposal of property

88,936

12,757

105,642

Impairment loss

120,182－

140,947

Expenses for headquarter relocation

207,440－

207,440

Other
Income before Income Taxes

34,1312,771,183

2,666,334

1.6

46,729

－
8.3

0.8

7.3

3,305,921

7.3

Income Taxes

977,317891,250

973,744

Adjustment for Corporate Tax

208,600

75,791

347,627

Less: Minority Interest in Net Income ofConsolidated Subsidiaries

59,6390.2

61,4470.2

68,1560.2

1,525,625

4.6

1,637,844

4.5

1,916,392

4.2

Net Income-7-3. Summary Consolidated Statements of Cash Flows(Figures rounded down to nearest thousand yen)
Nine months ended
October 31, 2006

Nine months ended
October 31, 2007

Year ended January 31,
2007

Thousands of yen

Thousands of yen

Thousands of yen

2,771,183
1,048,600
120,182－

2,666,334
1,095,249－
287,124

3,305,921
1,439,031
140,947－

Amortization of difference between investment
costs and equity in net assets acquired

282,550－

376,734

Increase/decrease in allowance for doubtful accounts
Change in accrued bonuses to employees
Change in employees' retirement benefits

10,292349,737
15,257

1,136
309,568
20,297

17,93526,45818,480

Increase/decrease in reserve for retirement
benefits to directors and corporate auditors(13,531)(18,938)(6,843)

Interest and dividend income(16,270)(34,004)(41,261)

Equity in earnings (losses) of nonconsolidated
subsidiaries and affiliates(18,401)(58,971)(29,579)

34,723(1,251,511)(20,000)
206,02088,936(1,588,394)(138,122)
120,485
299,184
70,852(99,985)
98,0832,369,872
13,556(36,642)(811,113)
1,535,673

30,668－－－12,757(1,056,002)(404,319)
911,895
143,168(67,708)(88,747)(105,783)
3,643,727
47,762(34,631)(1,034,265)
2,622,592

45,606(1,252,745)(20,000)
213,028
105,642(1,531,070)
375,149(203,713)
326,676
93,432(195,011)
42,324
3,247,143
37,810(43,726)(874,025)
2,367,201(991,256)
1,365,070(119,040)(105,119)25,000(36,532)
41,437－(1,365)
1,235
101,238(103,158)
177,506(1,137,947)
40,564(221,729)－－(24,124)
270,532(175,201)(1,795)
1,775
11,216(6,755)(1,243,465)(1,369,168)
1,388,298(176,168)(265,469)
25,000(51,494)
67,968(30,093)(2,046)
1,750
130,728(115,247)(395,941)

6,712,147(7,356,013)
1,000,000(1,320,540)(480,311)(38,369)
83,306(1,705)(1,401,485)
41,538353,232
1,903,361
2,256,594

6,990,443(6,471,621)－(81,770)(557,762)(45,371)
27,165(1,603)(140,519)(6,292)
1,232,314
2,680,117
3,912,432

8,302,165(8,993,005)
1,000,000(1,351,442)(492,953)(38,369)
291,571(2,105)(1,284,139)
89,634
776,755
1,903,361
2,680,117

Ⅰ．Cash Flows from Operating Activities
Income before income taxes
Depreciation
Impairment loss
Amortization of goodwill

Interest expense
Gain on fixed assets disposal
Gain on sales of investment securities
Loss on fixed assets disposal
Loss on fixed assets sales
Decrease (increase) in trade receivables
Decrease (increase) in inventories(Decrease) increase in trade payables(Decrease) increase in account payables
Decrease (increase) in consumption tax payable
Increase in employees’accrued retirement benefits
Other
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net Cash Provided by (Used in) Operating Activities
Ⅱ．Cash Flows from investing Activies
Acquisition of property, plant and equipment
Proceeds from sales of property, plant and equipment
Acquisition of intangible assets
Acquisition of investments in securities
Proceeds from sales of investments in securities
Payment to life insurance fund for directors
Proceeds due to maturity/cancellation of insurance reserve
Acquisition of shares in subsidiaries
Loans advanced
Collection of loan receivables
Proceeds from recovery of lease deposits
Other
Net Cash Provided by (Used in) Investing Activities
Ⅲ．Cash Flows from Financing Activities
Net increase in short-term bank loans
Repayment of short-term debt
Proceeds from long-term debt
Repayment of long-term debt
Payment of cash dividends
Payment of cash dividends to minority shareholders
Proceeds from sale of treasury stock
Acqisition of treasury stock
Net Cash Provided by (Used in) Financing Activities
Ⅳ．Translation Gain (Loss) Related to Cash and Cash Equivalents
Ⅴ．Net Change in Cash and Cash Equivalents
Ⅵ．Cash and Cash Equivalents at Beginning of Term
Ⅶ. Cash and Cash Equivalents at End of Term

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4. Business Segment Information
1st nine months of previous year (February 1–October 31, 2006)(¥ thousands)
Baby andchild care Healthcare
Sales(1) Sales to outside
26,226,242
customers(2) Intersegment sales－

4,709,205

Total 26,226,242
Operating expenses
22,348,100
Operating income
3,878,142

4,709,205
4,461,397
247,808

OthersEliminations
or corporate Consolidated

Total

2,519,144 33,454,592－

33,454,592

－

(－)

－

2,519,144 33,454,592
2,227,138 29,036,636
292,005 4,417,955(－)
2,213,716(2,213,716)

33,454,592
31,250,353
2,204,238－－

Notes: 1. The Company’s business is segmented for internal control purposes.
2. Main products/services of each segment are shown below.
Segment
Baby and child care
Healthcare
OthersMain products/services
Breastfeeding and weaning products, skincare products, child-rearing
support services, otherNursing-care products, nursing-care support services, other
Women’s care products (supplements, maternity products, etc.), wet tissues,other

3. Figures in the “Eliminations or corporate” column refer to the portion of operating
expenses that are unallocatable. These are primarily expenses related to generaladministration and R&D.

1st nine months of year in review (February 1–October 31, 2007)(¥ thousands)
Baby andchild care

Healthcare

Others29,273,748

4,637,426

2,711,452 36,622,627－

36,622,627－
Total 29,273,748
Operating expenses
24,917,046
Operating income
4,356,701－
4,637,426
4,498,689
138,737－－
2,711,452 36,622,627
2,339,824 31,755,560
371,628 4,867,066(－)－
36,622,627
34,021,210
2,601,416

Sales(1) Sales to outside
customers(2) Intersegment sales

Total

Eliminations
or corporate Consolidated(－)
2,265,650(2,265,650)

Notes: 1. The Company’s business is segmented for internal control purposes.
2. Main products/services of each segment are shown below.
Segment
Baby and child care
Healthcare
OthersMain products/services
Breastfeeding and weaning products, skincare products, child-rearing
support services, otherNursing-care products, nursing-care support services, other
Women’s care products (supplements, maternity products, etc.), wet tissues,other

3. Figures in the “Eliminations or corporate” column refer to the portion of operating
expenses that are unallocatable. These are primarily expenses related to generaladministration and R&D.

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Previous fiscal year (February 1, 2006–January 31, 2007)(¥ thousands)
Baby andchild care

Healthcare

35,501,224

6,324,827

3,481,879 45,307,931－

45,307,931(2) Intersegment sales－
Total 35,501,224
Operating expenses
30,538,872
Operating income
4,962,352－
6,324,827
5,983,201
341,626－－
3,481,879 45,307,931
3,080,363 39,602,438
401,515 5,705,493(－)(－)
2,951,269(2,951,269)－
45,307,931
42,553,707
2,754,223

Sales(1) Sales to outside
customers

OthersTotal

Eliminations
Consolidated
or corporate

Notes: 1. The Company’s business is segmented for internal control purposes.
2. Main products/services of each segment are shown below.
Segment
Baby and child care

Main products/services
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
3. Figures in the “Eliminations or corporate” column refer to the portion of operating
expenses that are unallocatable. These are primarily expenses related to generaladministration and R&D.

5. Overseas Sales
1st nine months of previous year (February 1–October 31, 2006)(¥ thousands)
Overseas sales
Consolidated net sales
Share of overseas sales in
consolidated net sales (%)

East Asia
3,836,775－

North
America
Middle East
1,986,110
735,231
－
－

11.5

5.9

Other
927,145－

Total
7,485,263
33,454,592

2.8

22.4

2.2

Notes: 1. Segmentation of countries and regions is based on geographic proximity.
2. Major countries and regions are as follows:(1) East Asia: China, Singapore, South Korea, etc.
(2) North America: United States, Canada, etc.
(3) Middle East: United Arab Emirates, etc.
(4) Other: United Kingdom, Australia, Panama, etc.
3. Overseas sales refer to sales in countries or regions outside of Japan reported by theCompany and its consolidated subsidiaries.

1st nine months of year in review (February 1–October 31, 2007)(¥ thousands)
Overseas sales
Consolidated net sales
Share of overseas sales in
consolidated net sales (%)

East Asia
5,902,275－

North
America
Middle East
2,509,664
841,980
－
－

16.1

6.8

2.3

Other
1,199,254－

Total
10,453,174
36,622,627

3.3

28.5

Notes: 1. Segmentation of countries and regions is based on geographic proximity.
2. Major countries and regions are as follows:- 10 -

(1) East Asia: China, Singapore, South Korea, 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 theCompany and its consolidated subsidiaries.

Previous fiscal year (February 1, 2006–January 31, 2007)(¥ thousands)
Overseas sales
Consolidated net sales
Share of overseas sales in
consolidated net sales (%)

East Asia
5,436,987－

North
America
Middle East
2,718,886
1,139,045
－
－

12.0

6.0

2.5

Other
1,295,860－

Total
10,590,780
45,307,931

2.9

23.4

Notes: 1. Segmentation of countries and regions is based on geographic proximity.
2. Major countries and regions are as follows:(1) East Asia: China, Singapore, South Korea, 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 theCompany and its consolidated subsidiaries.

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