Summary of Consolidated Financial Results
For the Nine Months Ended October 31, 2008
November 28, 2008
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

1. Consolidated Financial Results (February 1–October 31, 2008)(1) Performance(¥millions, rounded down, % figures denote year-on-year change)

Net Sales

Operating Income

Change (%)

Nine months ended October 31, 2008
Nine months ended October 31, 2007

Year ended January 31, 2008

Nine months ended October 31, 2008
Nine months ended October 31, 2007

Year ended January 31, 2008

40,01536,622
49,2379.3
9.5－

Net Income
Per Share (¥)
109.0382.28
73.90

Ordinary Income

Change (%)

3,321
2,601
3,192

27.7
18.0
－

Change (%)

3,310
2,592
3,177

27.7
20.3
－

Year ended January 31, 2008(¥ millions, rounded down)

Total Assets

Net Assets

Equity Ratio (%)

Net Assets Per Share (¥)

38,93038,33037,441

24,55523,991
23,831

62.0
61.5
62.4

1,206.58
1,184.59
1,173.88

Cash Flows fromOperating Activities

Cash Flows From
Investing Activities

2,541
2,622
3,707

(680)
(1,243)(2,443)(¥ millions, rounded down)

Cash flows From
Cash and Cash
Financing Activities Equivalents at Year-End
(586)
(140)
(172)

4,814
3,912
3,775

2. Forecast for the Year Ending January 2009(% figures denote year-on-year change)

Net Sales

Operating Income

Change (%)

Year ending January 31, 2009

54,0009.7

Net Income
Change (%)

Year ending January 31, 2009

33.1
7.4
－

－
82.18
73.82

(3) Cash Flows

Nine months ended October 31, 2008
Nine months ended October 31, 2007

Change (%)

2,179
1,637
1,471

Fully Diluted Net
Income Per Share (¥)(2) Financial Position
October 31, 2008
October 31, 2007
January 31, 2008

Net Income

2,600

76.7

Ordinary Income

Change (%)

4,000

25.3

Change (%)

4,000

25.9

Net Income
Per Share (¥)
129.88

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: No
Disclaimer regarding appropriate use of performance forecasts and other important matters
The above forecasts are based on information available at the time of publication and assumptions made at the time of
publication related to uncertainties that may affect the Company's future business performance. For various reasons, actual
results may differ significantly from the above forecasts.
1

Performance and Financial Position
1. Performance
The fiscal year ending January 2009 is the first year of the Pigeon Group’s third medium-term
management plan for the 21st century, entitled “Becoming a Global Company: Challenges andIndependence.” The plan covers the three-year period from February 2008 to January 2011. In thethree-quarter period under review—the nine months ended October 31, 2008—we steadily pursued
initiatives reflecting basic policies aimed at achieving the core objectives of the plan.
Accordingly, we made good progress in implementing our various strategies, both in Japanand overseas. Despite the impact of foreign exchange fluctuations, net sales for the period amounted
to ¥40,015 million, up 9.3% from the previous corresponding period. On the earnings side, operating
income rose 27.7%, to ¥3,321 million, and ordinary income climbed 27.7%, to ¥3,310 million,
owing mainly to expansion of our highly profitable overseas business, which compensated for rising
prices of raw materials. For the period, we posted an extraordinary loss of ¥93 million, representing
the cost of the voluntary recall since February 2008 of Sterilizer Bag for Microwave Oven, as well
as a ¥72 million loss on valuation of investments in securities. Nevertheless, net income grew 33.1%,
to ¥2,179 million.
For financial reporting purposes, the Pigeon Group’s business is classified into three segments: Babyand Child Care, Healthcare, and Others. A performance summary by segment is shown below.
Baby and Child Care
Sales in this segment amounted to ¥32,197 million, up 10.0% year-on-year. Operating
income grew 15.3%, to ¥5,025 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: Despite concerns about languishing personal
consumption due to economic stagnation, Pigeon actively advanced its business with the launch of
new products. These included a new breast pad for first-time mothers, introduced in February 2008,
as well as gel-type toothpaste for children older than our traditional baby market. We also
augmented our popular line of foam-type body soaps with a full-body soap for babies. However,sales in this category fell slightly below the previous corresponding period. Undaunted, we
continued focusing on direct customer communication to strengthen our brand power. As part of thisprogram, we held a series of maternity events, attracting more than 2,500 participants during theperiod. Meanwhile, the number of members of our word-of-mouth community portal, “Pigeon Info,”
which supports women while pregnant, during childbirth, and when raising children, is risingsteadily.
Overseas Business: For the period, we achieved healthy year-on-year sales increases in practicallyall regions, including China and the United States. Our new plant in the Qingpu Industrial Zone inChina, completed in December 2007, has steadily increased production. To address our growing
business in the northern part of China, Pigeon (Shanghai) Co., Ltd., opened a Beijing branch in
September 2008. Meanwhile, we have made good progress with our various marketing strategies.
These include opening Pigeon product sections at retailers and moving into regional urban markets.
As a consequence, we are enjoying higher sales, centering on such mainstay products as baby bottles,
baby bottle nipples, and baby skincare products.
Child-Rearing Support Services: In this category, we continued proactive sales initiatives, including
in-company child-minding operations. During theperiod under review, we were newly entrusted with the operation of seven daycare facilities,
including one in September and one in October.

2

Healthcare
Sales in this segment increased 3.7% year-on-year, to ¥4,808 million, and operating
income rose 1.8%, to ¥136 million. With respect to the Habinurse brand of nursing
care-related products, we complemented existing items with the launch of a new tissue-type toothwipe, which attracted widespread support. Regarding the new Recoup brand of anti-aging products,
we upgraded our line of items that reduce strain on the body. We also launched a new mouth
freshener in tablet form. Meanwhile, we have revamped our dedicated product catalog to include
more products and information. During the period, we also held Recoup-related events and set up
Recoup sections in specialist retail outlets. In these and other ways, we are stepping up efforts aimed
at raising recognition and entrenching the Recoup brand.
OthersSales from other operations totaled ¥3,009 million, up 11.0% year-on-year. Operating
income grew 26.5%, to ¥470 million. Our performance in this segment is steadily improving thanks
mainly to the expanding business of Pigeon Will Co., Ltd., a consolidated subsidiary that sellmaternity undergarments, as well as favorable sales of women’s products in China.

2. Financial Position
As of October 31, 2008, Pigeon had consolidated total assets of ¥38,930 million. This included¥21,840 million in current assets, which saw an increase in notes and accounts receivable. Total
fixed assets stood at ¥17,089 million.
Total liabilities at end of the period amounted to ¥14,374 million. Main factors included anincrease in notes and accounts payable. Net assets totaled ¥24,555 million.
Cash FlowsNet cash provided by operating activities amounted to ¥2,541 million. Main factors included anincrease in notes and accounts receivable, which contrasted with ¥3,120 million in income before
income taxes.
Net cash used in investing activities totaled ¥690 million. Main factors included acquisition of
tangible and intangible fixed assets, which outweighed proceeds from reversal of time deposits.
Net cash used in financing activities was ¥586 million, due mainly to payment of cash
dividends.
As a result, cash and cash equivalents at October 31, 2008, stood at ¥4,814 million, up ¥1,038
million from January 31, 2008.

3. Outlook
The year ending January 2009 is the first year of Pigeon’s third medium-term management plan forthe 21st century, designed to expedite the Group’s transformation into a global company. Guided by
the plan, we are steadily implementing strategies for our respective businesses, as well as functional
strategies to underpin such businesses. In particular, we are investing resources in our overseas
business, which we have identified as a growth sector. Deploying sound marketing strategies, wewill work to strengthen brand loyalty and achieve market proliferation. We will also actively expand
our presence in existing markets, such as China and North America. In the healthcare segment, we
will focus on improving productivity and profitability of existing businesses while working hard tonurture the Recoup brand of anti-aging products.
The Pigeon Group has not revised its forecasts for the year ending January 2009, announced
on September 5, 2008.

3

Summary of Consolidated Balance Sheets
As of October 31, 2007 and 2008 and January 31, 2008
(Thousands of yen)
At October 31, 2007
% ofAmounttotal

At October 31, 2008
% ofAmounttotal

At January 31, 2008
% ofAmounttotal

ASSETS
I. Current Assets:
Cash and time deposits

3,912,432

4,814,395

4,350,131

Notes and accounts receivable

10,435,011

10,751,664

9,701,647

Securities

6,000

－

－

Inventories

4,574,266

5,189,458

4,433,450

598,163

642,172

515,491

Deferred tax assets－Current
Other receivables

211,586

242,513271,169

Other current assets

238,799

261,838

188,030

Allowance for doubtful accounts
Total Current Assets(30,290)
19,945,969(61,310)52.0

21,840,731(64,677)
56.1

19,395,242

51.8

II. Fixed Assets:
1. Tangible Fixed Assets:
Buildings and structures

4,445,717

4,750,999

4,451,814

Machinery and transportation equipment

2,354,270

2,232,984

2,387,696

688,879

719,275

666,1415,994,436

5,925,936

6,011,561

389,398

38,129607,433

13,872,702

13,667,326

14,124,647

Goodwill

1,389,657

707,574

907,304

Software768,026

668,613741,520

Other intangible fixed assets

92,29390,20392,492

Total Intangible Fixed Assets

2,249,977

1,466,391

1,741,318

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

3. Investments and Other Assets:
Investment securities

1,501,507

1,280,086

1,464,667

Insurance reserve

270,459

230,430

277,774

Deferred tax assets

188,257

101,266

112,549

Bankruptcy claims

16,900161,139

106,502

Other

302,655

325,031

307,544

Allowance for doubtful accounts
Total Investments and Other Assets(17,573)(87,063)(89,016)

2,262,206

1,955,891

2,180,021

Total Fixed Assets

18,384,886

48.0

17,089,608

43.9

18,045,986

48.2

Total Assets

38,330,856

100.0

38,930,340

100.0

37,441,228

100.0

4

Summary of Consolidated Balance Sheets
As of October 31, 2007 and 2008 and January 31, 2008
(Thousands of yen)
At October 31, 2007
% ofAmounttotal

At October 31, 2008
% ofAmounttotal

At January 31, 2008
% ofAmounttotal

LIABILITIES
I. Current Liabilities:
Notes and accounts payable

5,432,615

5,376,171

5,216,071

Short-term borrowings

1,709,946

1,364,560

1,681,160

Current portion of long-term debt

1,040,000－

1,040,000

Accrued account payable

2,392,312

2,085,560

2,212,148

Income taxes payable

346,865

459,877

373,301

Accrued bonuses to employees

821,089

863,469

509,169

Returned goods adjustment reserve

42,534

46,16549,425

Other current liabilities

1,031,282

1,236,783

984,474

Total Current Liabilities

12,816,645

3.4

11,432,588

29.4

12,065,752

32.3

II. Long-Term Liabilities:
Long-term borrowings－

1,364,560－

Deferred tax liabilities

872,003896,797

886,895

Employees' retirement benefits
Retirement benefits for directors and corporate
auditors
Other long-term liabilities

208,891

252,018

215,689

312,873294,762

307,786

129,158

133,700

133,900

Total Long-Term Liabilities

1,522,925

4.0

2,941,838

7.5

1,544,271

4.1

Total Liabilities

14,339,571

37.4

14,374,426

36.9

13,610,023

36.4

Capital stock

5,199,597

13.5

5,199,597

13.4

5,199,597

13.9

Additional paid-in capital

5,167,246

13.5

5,180,246

13.3

5,167,362

13.8

Retained earnings

13,556,258

35.4

14,809,920

38.0

13,389,545

35.8

NET ASSETS
I. Shareholder's Equity:

Treasury stock(625,617)(1.6)(441,097)(1.1)(624,063)(1.7)

23,297,485

60.8

24,748,666

63.6

23,132,442

61.8

Net unrealized gains (losses) on securities

14,3010.0(30,465)(0.1)(5,586)(0.0)

Foreign currency translation adjustment

269,2160.7(566,659)(1.4)

242,186

0.6

283,5170.7

597,124(1.5)

236,599

0.6

Total Shareholders' Equity
II. Valuation and Translation Adjustments:

Total Valuation and Translation Adjustments
III. Minority Interests

410,2811.1

404,3711.0

462,162

1.2

Total Net Assets

23,991,284

62.6

24,555,913

63.1

23,831,205

63.6

Total Liabilities, Minority Interests and Net Assets

38,330,856

100.0

38,930,340

100.0

37,441,228

100.0

5

Summary of Consolidated Statements of Income
For the nine months ended October 31, 2007 and 2008 and the year ended January 31, 2008

I. Net Sales

Nine Months Ended
October 31, 2007
% ofAmounttotal
36,622,627 100.0

Nine Months Ended
October 31, 2008
% ofAmounttotal
40,015,081 100.0(Thousands of yen)
Year Ended
January 31, 2008
% ofAmounttotal
49,237,702 100.0

II. Cost of Sales

22,643,465

61.8

24,784,642

61.9

30,568,517

62.1

Gross profit

13,979,161

38.2

15,230,439

38.1

18,669,184

37.9

Reversal of reserve for returned products

21,00042,52321,000Transfer to reserve for returned products

42,53440,417

49,971

Adjusted gross profit
III. Selling, General and Administrative Expenses
Operating Income

13,957,627

38.1

15,232,545

38.1

18,640,213

37.9

11,356,210

31.0

11,910,957

29.8

15,447,613

31.4

2,601,416

7.1

3,321,587

8.3

3,192,599

6.5

IV. Other Income:Interest income

30,65630,66344,415

Dividend income

3,347

4,136

18,687

Rental income
Equity in earnings of nonconsolidated
subsidiaries and affiliates
Other

82,39089,759109,316

58,97145,841

77,990102,077

114,365

154,062

Total Other Income

277,4430.8

284,766

0.7

404,471

0.8

V. Other Expenses:
Interest expense

30,66854,41844,221

Sales discounts

135,309

139,659

186,003

Rental income-related costs

63,40383,72982,956

Currency exchange loss

44,093

3,583

91,309Other

12,537

14,016

15,078

Total Other Expenses

286,0120.8

295,4070.7

419,5680.8

2,592,848

7.1

3,310,947

8.3

3,177,502

6.5

Ordinary Income
VI. Extraordinary Income:Gain on sales of property

935

5,158

1,075

Reversal of allowance for doubtful accounts

224

122

319

Benefit income from fixed assets

86,737

Total Extraordinary Income

87,8970.2

5,281

119,1180.0

120,5130.2

VII. Extraordinary Loss:
Loss on disposal of property

1,653

757

1,872

Loss on sale/disposal of property

12,75728,224

17,351

Impairment loss－－

386,644

Transfer to allowance for doubtful accounts－－

83,468

Amortization of marketable securities－

72,827－

Expenses related to self-imposed product recall－

93,538

－

Other

－

－

8,000

Total Extraordinary Loss

14,411

0.0

195,3470.5

497,336

1.0

Income before Income Taxes

2,666,334

7.3

3,120,881

7.8

2,800,678

5.7

Income Taxes

891,250

Adjustment for Corporate Tax
Less: Minority Interest in Net Income ofConsolidated Subsidiaries
Net Income

967,0422.6

849,4152.1

1,233,418

2.5

61,4470.2

92,701

0.3

96,1290.2

1,637,844

4.5

2,179,394

5.4

1,471,131

3.0

6961,809

971,795

Summary of Consolidated Statements of Cash Flows
For the nine months ended October 31, 2007 and 2008 and the year ended January 31, 2008
(Thousands of yen)

I. Cash Flows from Operating Activities:
Income before income taxes
Depreciation
Impairment loss
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
Gain on sale of fixed assets
Loss on sale of fixed assets
Loss on disposal of fixed assets
Loss on evaluation of marketable securities
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
Increase (decrease) in employees' accrued retirement benefits
Other
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net Cash Provided by Operating Activities
II. Cash Flows from Investing Activities:
Transfer to time deposits
Proceeds from reversal of time deposits
Acquisition of property, plant and equipment
Proceeds from sales of property, plant and equipment
Acquisition of intangible assets
Acquisition 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
Payment for lease deposits
Proceeds from recovery of lease deposits
Other
Net Cash Used in Investing Activities
III. Cash Flows from Financing Activities:
Net increase in short-term bank loans
Repayment of short-term bank loans
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
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

7

Nine Months Ended
October 31, 2007

Nine Months Ended
October 31, 2008

Year Ended
January 31, 2008

2,666,334
1,095,249－
287,124
1,136
309,568
20,297(18,938)(34,004)

3,120,881
1,193,618－
199,730(2,079)355,382
36,329(13,024)(34,800)

2,800,678
1,547,456
386,644382,833
107,512(2,409)27,095(24,025)(63,102)(58,971)(45,841)(77,990)

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

54,418(5,158)757
28,224
72,827(1,397,326)(938,910)
348,121274,324
5,536
362－
71,2053,324,579
73,131(53,361)(802,813)
2,541,535

44,221
1,075
1,872
17,315－(269,356)(239,021)
669,088(108,133)(58,297)(89,483)(169,989)(68,166)
4,813,703
74,821(40,553)(1,140,177)
3,707,793－－(1,137,947)
40,564(221,729)
0(24,124)
270,532(175,201)(1,795)
1,775－
11,216(6,755)(1,243,465)－
490,500(1,022,457)
11,523(166,802)(9,898)(9,504)54,905－(2,134)
1,736(20,354)
15,523(23,431)680,391(550,500)－(1,717,216)
40,977(272,322)(10,000)(32,018)
270,849(175,201)(2,117)2,465(19,294)
15,1786,013(2,443,187)

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

8,509,676(8,535,876)
1,000,000(1,040,000)(752,218)(44,526)
201,021(5,171)(586,095)(236,283)
1,038,764
3,775,631
4,814,395

8,490,236(8,003,696)－(81,770)(556,690)(47,873)
28,976(1,744)(172,563)
3,470
1,095,513
2,680,117
3,775,631

Segment Information
1. Performance by Business Segment
First nine months of previous year (February 1–October 31, 2007)(¥ thousands)
Baby andchild care

Healthcare

OthersTotal

Eliminations
or corporate

Consolidated
36,622,627

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

29,273,748

4,637,426

2,711,452

36,622,627

－

－

－

－

－

(－)

－

Total

29,273,748

4,637,426

2,711,452

36,622,627(－)

36,622,627

Operating expenses

24,917,046

4,498,689

2,339,824

31,755,560

2,265,650

34,021,210

Operating income

4,356,701

138,737

371,628

4,867,066(2,265,650)

2,601,416

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

Baby and child care

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

Healthcare

Nursing-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 areunallocatable. These are primarily expenses related to general administration and R&D.
OthersFirst nine months of year in review (February 1–October 31, 2008)(¥ thousands)
Baby and child
care

Sales
(1) Sales to outside customers

Healthcare

OthersEliminations orConsolidated
corporate

Total

32,197,031

4,808,356

3,009,694

40,015,081－

40,015,081

－

－

－

－

(－)

－

32,197,031

4,808,356

3,009,694

40,015,081(－)

40,015,081

Operating expenses

27,171,647

4,672,161

2,539,693

34,383,503

2,309,990

Operating income

5,025,383

136,194

470,000

5,631,578(2,309,990)(2) Intersegment sales
Total

Notes:

36,693,494
3,321,587

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

Baby and child care

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

Healthcare

Nursing-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 areunallocatable. These are primarily expenses related to general administration and R&D.
Others8

Previous fiscal year (February 1, 2007–January 31, 2008)(¥ thousands)
Baby andchild care

Healthcare

OthersTotal

39,322,476

6,226,453

3,688,772

49,237,702－

Eliminations
Consolidated
or corporate

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

49,237,702

－

－

－

－

(－)

－

39,322,476

6,226,453

3,688,772

49,237,702(－)

49,237,702

33,743,680

6,073,303

3,189,908

43,006,892

3,038,210

46,045,103

5,578,795
153,150
498,864
6,230,810
Operating income
Notes: 1. The Company’s business is segmented for internal control purposes.
2. Main products/services of each segment are shown below.

(3,038,210)

3,192,599

Total
Operating expenses

Segment

Main products/services

Baby and child care

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

Healthcare

Nursing-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 areunallocatable. These are primarily expenses related to general administration and R&D.
Others9

2. Performance by Geographic Region
First nine months of previous year (February 1–April 30, 2007)(¥ thousands)
Overseas sales
Consolidated net sales
Share of overseas sales in
consolidated net sales (%)
Notes:

East Asia

North America

Middle East

5,902,275

2,509,664

841,980

1,199,254

Other

10,453,174

Total

－

－

－

－

36,622,627

16.1

6.8

2.3

3.3

28.5

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.

First nine months of year in review (February 1–April 30, 2008)
Overseas sales
Consolidated net sales
Share of overseas sales in
consolidated net sales (%)
Notes:

East Asia
8,065,662

North America Middle East
3,050,202
979,749

Other
1,347,191(¥ thousands)
Total
13,442,804

－

－

－

－

40,015,081

20.2

7.6

2.4

3.4

33.6

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, South Africa, etc.
(4) Other: United Kingdom, South Africa, Australia, etc.
3. Overseas sales refer to sales in countries or regions outside of Japan reported by the Company and its
consolidated subsidiaries.

Previous fiscal year (February 1, 2007–January 31, 2008)
Overseas sales
Consolidated net sales
Share of overseas sales in
consolidated net sales (%)
Notes:

East Asia
8,049,228

North America Middle East
3,549,909
1,143,584

Other
1,606,893(¥ thousands)
Total
14,349,616

－

－

－

－

49,237,702

16.3

7.2

2.3

3.3

29.1

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.

10