Summary of Consolidated Financial Statements for the First Quarter Ended
March 31, 2024 [IFRS]May 8, 2024
Company name: Lion Corporation
Listed stock exchanges: Tokyo Stock Exchange
Code: 4912

URL: https://www.lion.co.jp/en/
Representative: Masayuki Takemori, Representative Director, President and Executive Officer
Contact: Akihiko Takeo, Executive Officer, Director of Finance Department
Telephone: +81-3-6739-3711
Scheduled date of filing of quarterly financial report: May 10, 2024
Supplementary materials prepared for quarterly results: Yes
Quarterly results information meeting held: Yes (for institutional investors, analysts, etc.)
Figures in this and subsequent tables are truncated at the nearest million.

1. Consolidated Results for the First Quarter Ended March 31, 2024
(January 1, 2024 – March 31, 2024)(1) Consolidated Results (cumulative)(Percentage figures denote year-on-year change)

Net sales
Millions of yen

Operating profit%

Millions of yen%

Profit before tax
Millions of yen%

Three months ended
March 31, 2024

92,965

2.3

4,893

107.2

5,817

120.2

Three months ended
March 31, 2023

90,8494.4

2,361(77.5)

2,641(76.1)

Profit for the period
Millions of yen

Three months ended
March 31, 2024
Three months ended
March 31, 2023%

Profit for the period
attributable toowners of the parent
Millions of yen%

Total comprehensive
income for the period
Millions of yen

%

4,198

124.0

3,548

124.9

7,835

90.0

1,874

(76.7)

1,578(80.0)

4,124(65.9)

Note: Core operating income for the three months ended March 31, 2024 was ¥3,994 million (up 59.6% year on year).
Core operating income for the three months ended March 31, 2023 was ¥2,502 million (down 54.7% year onyear).
Core operating income is an earnings indicator the Company uses to measure regular business performance by
subtracting selling, general and administrative expenses from gross profit.

Basic earnings per share Diluted earnings per share
Yen

Yen

Three months ended
March 31, 2024
Three months ended
March 31, 2023

12.72

12.70

5.55

5.54

(2) Consolidated Financial Position

Total assets Total equity

Equityattributable toowners of theparentRatio of equity
attributable toowners of theparent to total
assetsMillions of yen

Millions of yen

Millions of yen%

462,902486,363

292,304
298,134

March 31, 2024
December 31, 2023

273,591
280,316

59.1
57.6

2. Dividends
Cash dividends per shareFirst
Quarter
Yen

Fiscal 2023
Fiscal 2024
Fiscal 2024
(forecast)SecondQuarter
Yen

—
—

Third
Quarter
Yen

Year-End

Total

Yen

Yen

13.00

—

13.00

26.00

13.00

—

14.00

27.00

Note: Changes from the most recently published forecast of dividends: No

3. Forecast of Consolidated Financial Results for the Fiscal Year Ending December 31, 2024
(January 1, 2024 – December 31, 2024)
Net salesFirst half 2024
Fiscal 2024
Notes:

Millions of yen
195,000
410,000

Operating profit
%
1.1
1.8

1. Core operating income forecast:Millions of yen
12,00027,000(Percentage figures denote year-on-year change)
Profit for the period
Basic earnings per
attributable to owners ofshare
the parent

%
92.2
31.7

Millions of yen
8,000
19,000First half 2024:¥8,000 million
Fiscal 2024:¥23,000 million
2. Changes from the most recently published financial results forecast: No

%

Yen

86.1
29.9

28.13
66.81

Notes(1)

Significant Change in Scope of Consolidation during Period: No(2)

Changes in accounting principles, procedures and presentation methods in connection with the preparation ofquarterly consolidated financial statements:
a. Changes in accounting standards required under IFRS: No
b. Other changes: No
c. Changes in accounting estimates: No(3) Number of outstanding shares (common stock)a. Number of outstanding shares on balance sheet dates (including treasury stocks):
As of March 31, 2024:
284,432,746 shares
As of December 31, 2023:
292,536,446 sharesb. Number of treasury stocks on balance sheet date:
As of March 31, 2024:
8,070,100 shares
As of December 31, 2023:
8,075,507 sharesc. Average number of shares outstanding over period
Three months ended March 31, 2024: 279,060,166 shares
Three months ended March 31, 2023: 284,241,602 shares* This report is not subject to review by a certified public accountant or external auditor.
* Appropriate use of results forecasts; other special items
The forecasts and projected operating results contained in this report are based on information available at the timeof preparation and thus involve inherent risks and uncertainties, including those related to economic conditions, thecompetitive environment and exchange rate fluctuations. Accordingly, readers are cautioned that actual results may
differ materially from those projected as a result of a variety of factors. For information on forecasts of operating
results, see I. Qualitative Information Concerning the Results of Operations for the First Quarter of the Current
Fiscal Year (3) Forecast of Consolidated Financial Results on page 9.

Lion Corporation (Code 4912): Consolidated Financial Statements
for the First Quarter Ended March 31, 2024

Contents
1. Qualitative Information Concerning the Results of Operations for the First Quarter of the Current Fiscal
Year ----------------------------------------------------------------------------------------------------------------------------- 2(1) Consolidated Performance ------------------------------------------------------------------------------------------- 2(2) Financial Status --------------------------------------------------------------------------------------------------------- 9(3) Forecast of Consolidated Financial Results --------------------------------------------------------------------- 9

2. Condensed Consolidated Financial Statements and Notes -------------------------------------------------- 10(1) Condensed Consolidated Statement of Financial Position ----------------------------------------------- 10(2) Condensed Consolidated Statement of Income and Statement of Comprehensive Income ---- 12(3) Condensed Consolidated Statement of Changes in Equity ---------------------------------------------- 14(4) Notes to Condensed Consolidated Financial Statements ------------------------------------------------ 18
Notes relating to the assumption of a going concern ---------------------------------------------------------------------------- 18
Segment Information --------------------------------------------------------------------------------------------------------------------- 18

1

Lion Corporation (Code 4912): Consolidated Financial Statements
for the First Quarter Ended March 31, 2024

I. Qualitative Information Concerning the Results of Operations for the First Quarter of the Current
Fiscal Year
(1) Consolidated Performance
Consolidated results for the first quarter of fiscal 2024 (January 1, 2024–March 31, 2024) are as follows.
Net sales amounted to ¥92,965 million, a year-on-year increase of 2.3% (or a decrease of 0.2% atconstant currency excluding exchange rate fluctuations). Core operating income came to ¥3,994 million,
up 59.6% compared with the previous fiscal year, and operating profit to ¥4,893 million, up 107.2% year
on year. Profit for the period attributable to owners of the parent totaled ¥3,548 million, up 124.9%
compared with the previous fiscal year.
The Lion Group has positioned 2024, the final year of Vision2030 1st STAGE, its current medium-term
management plan, as a year to rebuild the revenue base in anticipation of the next medium-term
management plan, based on the progress of the plan so far.
The Company will to continue aggressively expanding its overseas business, which is at the core of its
growth strategy. Simultaneously, Lion has launched new high value-added products in its eye drops line
in Japan while prioritizing the development of its mainstay brands, particularly in the oral care field. The
Company has also started to reform its earnings structure through portfolio revision, including thetransfer of some brands not in its priority fields of focus to improve profitability.

Consolidated Results(Millions of yen)Three months
ended March 31,
2024

Three months
ended March 31,
2023

Ratio tonet sales

Net sales

92,965

Core operating income

3,994

4.3%

2,502

Operating profit

4,893

5.3%

3,548

3.8%

Ratio tonet sales

90,849ChangeChange
(%)

2,116

2.3%

2.8%

1,491

59.6%

2,361

2.6%

2,531

107.2%

1,578

1.7%

1,970

124.9%

Profit for the period
attributable to owners of
the parent
Notes: Core operating income is an earnings indicator the Company uses to measure regular business performance by
subtracting selling, general and administrative expenses from gross profit.

2

Lion Corporation (Code 4912): Consolidated Financial Statements
for the First Quarter Ended March 31, 2024

Results by Business Segment(Millions of yen)
Net sales

Core operating income

Threemonthsended
March 31,
2024

Three
monthsended
March 31,2023

Change(%)

Threemonthsended
March 31,
2024

Three
monthsended
March 31,2023

ChangeConsumer Products

57,89560,049(2,154)(3.6%)

2,231

1,054

1,176

111.7%

Industrial Products

13,04914,706(1,656)(11.3%)

782

1,010

(227)

(22.5%)

Overseas

39,74634,266

5,480

16.0%

2,206

1,567

639

40.8%

Other

3,808

5,767

(1,959)(34.0%)

165

423

(257)

(60.8%)

Subtotal

114,500

114,789(289)(0.3%)

5,386

4,055

1,331

32.8%

Adjustment(21,534)(23,939)2,405―(1,392)(1,553)

160

―

Total

92,96590,849

2,116

2.3%

3,994

2,502

1,491

59.6%

ChangeChange(%)

Results by business segment are as follows.
Consumer Products Business
The Consumer Products Business segment comprises the Oral Care Products, Beauty Care Products,
Fabric Care Products, Living Care Products, Pharmaceutical Products and Other Products businesses.
Segment net sales decreased 3.6% compared with the same period in the previous fiscal year. Core
operating income increased 111.7%.
(Millions of yen)Three months
ended March 31,
2024
Net sales

Three months
ended March 31,
2023

Ratio tonet sales

57,895

Ratio tonet sales

60,049ChangeChange(%)(2,154)(3.6%)

1,176

111.7%

Core operating
income

2,231

3.9%

1,054

1.8%

Note: Net sales include internal sales within and among segments, which amounted to ¥9,905 million in the firstquarter of fiscal 2024 and ¥9,710 million in the first quarter of fiscal 2023.

Net Sales by Product Segment(Millions of yen)Three months
ended March 31,
2024

Three months
ended March 31,
2023

Oral Care Products

15,69015,431259

1.7%

Beauty Care Products

5,360

5,486

(126)

(2.3%)

Fabric Care Products

12,93913,899(960)(6.9%)

Living Care Products

4,375

4,980

(605)

(12.2%)

Pharmaceutical Products

5,602

5,526

75

1.4%

Other Products

13,927

14,724(797)(5.4%)

3

Change(%)

ChangeLion Corporation (Code 4912): Consolidated Financial Statements
for the First Quarter Ended March 31, 2024

Oral Care ProductsThis product segment consists of toothpastes, toothbrushes, dental rinses and other related products.
In toothpastes, although sales of NONIO Plus Whitening Toothpaste and SYSTEMA Haguki (theGums) Plus Premium Toothpaste were strong, overall sales decreased year on year as a result ofvarious factors, including the revision of some brand sales strategies.
In toothbrushes, sales of CLINICA ADVANTAGE Toothbrush were favorable, and overall sales increased
year on year.
In dental rinses, sales of NONIO Plus Whitening Dental Rinse were strong, and overall sales
increased year on year.
Overall sales of Oral Care Products increased 1.7% year on year.
Beauty Care ProductsThis product segment consists of hand soaps, body washes, antiperspirants and deodorants andother related products.
In hand soaps, sales of the KireiKirei brand decreased, leading to an overall decline in sales year onyear.
In body washes, sales of hadakara Body Soap Foam were firm, but sales of the liquid version werelower year on year. As a result, overall sales declined year on year.
Overall sales of Beauty Care Products decreased 2.3% year on year.
Fabric Care ProductsThis product segment consists of fabric softeners, laundry detergents and other related products.
In fabric softeners, sales of SOFLAN Premium Deodorizer increased year on year. However, due todecreased year-on-year sales of SOFLAN Aroma Rich, overall sales decreased year on year.
In laundry detergents, sales of highly concentrated liquid laundry detergents were strong due to the launchof new NANOX one, and overall sales increased year on year.
As a result, year-on-year total sales of Fabric Care Products decreased 6.9%.
Living Care ProductsThis product segment consists of household cleaners, dishwashing detergents and other related
products.
4

Lion Corporation (Code 4912): Consolidated Financial Statements
for the First Quarter Ended March 31, 2024

In household cleaners, sales of LOOK Plus Bath Antimold Fogger were down year on year, and overallsales also declined year on year.
In dishwashing detergents, sales of CHARMY Crysta dishwasher detergents were firm, but sales of
CHARMY Magica decreased year on year. Due to these factors and the discontinuation of someproducts in the previous year, overall sales declined year on year.
Overall sales of Living Care Products decreased 12.2% year on year.
Pharmaceutical ProductsThis product segment consists of antipyretic analgesics, eye drops, acne medicines and other related
products.
In antipyretic analgesics, sales of BUFFERIN PREMIUM DX significantly increased year on year.
Overall sales increased year on year.
In eye drops, sales of the Smile 40 Premium THE ONE series, which treats eye fatigue, blurred vision,
bloodshot eyes and itchiness, received favorable customer reviews and overall sales increased
substantially year on year.
In acne medicines, sales of PAIR® Acne Cream W were strong, and overall sales were up significantly
year on year.
In cooling gel sheets for feet, sales of Kyusoku Jikan Ashi-Sukkiri Sheet were strong, and overall sales
were up substantially year on year.
Overall sales of Pharmaceutical Products increased 1.4% year on year.
Other ProductsThis product segment consists of pet supplies, gifts and novelty products, products sold through dental
clinics and other related products.
In pet supplies, sales of oral care products such as PETKISS as well as Nioi wo Toru Suna
(Deodorizing Cat Litter) remained steady. Overall sales increased year on year.
In gifts and novelty products, sales were affected by market shrinkage and showed an overall decrease
year on year.
Overall sales of Other Products decreased 5.4% year on year, due in part to the termination of thefoods with function claims business.

5Lion Corporation (Code 4912): Consolidated Financial Statements
for the First Quarter Ended March 31, 2024

Industrial Products Business
The Industrial Products Business segment includes the Mobility, Electronics and Detergents for
Institutional Use Products fields. These businesses handle products that include anti-sticking agentsfor tire rubber, electro-conductive carbon for secondary batteries, and detergents for institutional andprofessional kitchen use, respectively. Segment net sales decreased 11.3% year on year. Core
operating income decreased 22.5%.
(Millions of yen)Three months
ended March 31,
2024
Net salesCore

Three months
ended March 31,
2023

Ratio tonet sales

13,049Ratio tonet sales

14,706

ChangeChange(%)(1,656)(11.3%)(227)(22.5%)

operating
782

6.0%

1,010

6.9%

incomeNote: Net sales include internal sales within and among segments, which amounted to ¥4,350 million in fiscal 2024
and ¥5,613 million in fiscal 2023.

In the Mobility field, sales of anti-sticking agents for tire rubber were firm, and overall sales increased
year on year.
In the Electronics field, sales of electro-conductive carbon for secondary batteries decreased year on
year, and overall sales also decreased year on year.
In the Detergents for Institutional Use Products field, sales of hand soaps increased year on year, andoverall sales also increased year on year.

6Lion Corporation (Code 4912): Consolidated Financial Statements
for the First Quarter Ended March 31, 2024

Overseas Business
The Overseas Business segment comprises business operations located in Southeast and South Asia,
including Thailand and Malaysia, as well as Northeast Asia, including China and South Korea. Overall
net sales increased 16.0% year on year (or an increase of 8.7% at constant currency excluding
exchange rate fluctuations). Core operating income increased 40.8% year on year.

(Millions of yen)Three months
ended March 31,
2024
Net sales

Three months
ended March 31,
2023

Ratio tonet sales

39,746

Ratio tonet sales

34,266

ChangeChange
(%)

5,480

16.0%

639

40.8%

Core operating
2,206

5.6%

1,567

4.6%

incomeNote: Net sales include internal sales within and among segments, which amounted to ¥3,857 million in the firstquarter of fiscal 2024 and ¥3,339 million in the first quarter of fiscal 2023.

Net Sales by Region(Millions of yen)Three months

Three months

ended March 31,

ended March 31,

2024

2023

ChangeChange(%)
Net sales

24,00520,876

3,129

15.0%

1,443

875

568

64.9%

15,74013,389

2,351

17.6%

763

692

71

10.3%

Southeast andSouth Asia

Core operating
incomeNet sales

Northeast Asia

Core

operatingincomeNet Sales by Region
In Southeast and South Asia, net sales were up 15.0% year on year (or up 8.4% at constant currency
excluding exchange rate fluctuations), and core operating income was up 64.9%.

In Thailand, sales of Pao laundry detergents were favorable, and sales of Shokubutsu Monogatari
body washes were strong. Overall sales after yen conversions were up substantially year on year.

In Malaysia, sales of TOP laundry detergents increased significantly year on year, and overall sales
after yen conversions were up substantially year on year.

In Northeast Asia, overall sales were up 17.6% year on year (or up 9.2% at constant currency excluding
exchange rate fluctuations), and core operating income was up 10.3%.

7

Lion Corporation (Code 4912): Consolidated Financial Statements
for the First Quarter Ended March 31, 2024

In China, thanks to the continued expansion of sales areas, sales of White&White toothpaste werestrong. Overall sales after yen conversions increased substantially year on year.

In South Korea, sales of BEAT laundry detergents were favorable, and sales of Eyemiru eye drops
increased significantly year on year. Overall sales after yen conversions increased year on year.

Other (Construction Contracting Business, etc.)(Millions of yen)Three months
ended March 31,
2024
Net salesCore

Three months
ended March 31,
2023

Ratio tonet sales

3,808

Ratio tonet sales

5,767

ChangeChange(%)(1,959)(34.0%)(257)(60.8%)

operating
165

4.4%

423

7.3%

incomeNote: Net sales include internal sales within and among segments, which amounted to ¥3,419 million in the firstquarter of fiscal 2024 and ¥5,277 million in the first quarter of fiscal 2023.

8

Lion Corporation (Code 4912): Consolidated Financial Statements
for the First Quarter Ended March 31, 2024

(2) Financial Status
Status of Consolidated Assets, Liabilities and Equity
March 31, 2024

December 31,

Change2023
Total assets (millions of yen)

462,902486,363(23,461)

Total equity (millions of yen)

292,304

298,134(5,830)

59.1%

57.6%

1.5%

Ratio of equity attributable to owners of
the parent to total assets1 (%)

Total assets decreased ¥23,461 million compared with the previous consolidated fiscal year-end to¥462,902 million. Total equity decreased ¥5,830 million to ¥292,304 million. The ratio of equity attributableto owners of the parent to total assets stood at 59.1%.
(3) Forecast of Consolidated Financial Results
Lion has made no revisions to the consolidated financial results forecasts released on February 14, 2024
for the first half of the fiscal year under review and for the full fiscal year.
Assumptions Underlying the Forecast of Consolidated Financial Results for Fiscal 2024
Lion utilized the following foreign exchange rates in the calculation of the aforementioned forecasts.
¥145 = US$1.00¥4.0 = 1.00 baht

9

Lion Corporation (Code 4912): Consolidated Financial Statements
for the First Quarter Ended March 31, 2024

2. Condensed Consolidated Financial Statements and Notes(1) Condensed Consolidated Statement of Financial Position(Millions of yen)
December 31, 2023

March 31, 2024

AssetsCurrent assets
Cash and cash equivalents

85,52661,750Trade and other receivables

75,23069,682Inventories

56,09061,935

Other financial assets

12,276

13,292Other current assets

3,151

3,802

Subtotal

232,274

210,463

Assets held for sale―

195

Total current assets

232,274

210,659

140,671

137,351

Non-current assets
Property, plant and equipment
Goodwill

327

327

Intangible assets

22,712

22,383Right-of-use assets
Investments accounted for using theequity method
Deferred tax assets

31,31331,026

17,487

18,937

4,357

4,258

Retirement benefit assets

10,826

10,901Other financial assets

25,47526,254

Other non-current assets

917

800

Total non-current assets

254,089

252,242486,363

462,902

Total assets

10Lion Corporation (Code 4912): Consolidated Financial Statements
for the First Quarter Ended March 31, 2024
(Millions of yen)
December 31, 2022

March 31, 2024

Liabilities and equity
Liabilities
Current liabilities
Trade and other payables

126,158

Borrowings

112,532

148

151

Income tax payables

2,508

2,572

Provisions

2,399

3,425

Lease liabilities

2,043

2,085

Other financial liabilities

2,363

1,351

Other current liabilities

7,711

5,305

Total current liabilities

143,333

127,424Deferred tax liabilities

5,847

6,318

Retirement benefit liabilities

4,531

2,646

Non-current liabilities

Provisions

2,046

2,053

Lease liabilities

28,15027,821Other financial liabilities

2,452

2,480

Other non-current liabilities

1,867

1,853

Total non-current liabilities

44,89643,173

188,229

170,598

34,43334,433

Total liabilities
EquityShare capital
Capital surplus

31,11831,148Treasury stock(7,868)(8,743)

Other components of equity

18,377

20,795Retained earnings

204,255

195,957

Equity attributable to owners of the parent

280,316

273,591

Non-controlling interests

17,817

18,712

Total equity

298,134

292,304

486,363

462,902

Total liabilities and equity

11Lion Corporation (Code 4912): Consolidated Financial Statements
for the First Quarter Ended March 31, 2024

(2) Condensed Consolidated Statement of Income and Statement of Comprehensive Income
Condensed Consolidated Statement of Income
Three months ended March 31, 2023 and 2024
(Millions of yen)Three months ended
March 31, 2023

Three months ended
March 31, 2024

Net sales

90,84992,965

Cost of sales(51,603)(50,733)

Gross profit
Selling, general and administrative
expenses
Other income

39,24542,232(36,743)(38,238)

Other expenses
Operating profit

321

1,146

(461)

(246)

2,361

4,893

Finance income

138

402

Finance costs
Share of profit of investments accounted forusing the equity method
Profit before tax

(285)

(232)

426

754

2,641

5,817

Income taxes(767)(1,619)

1,874

4,198

1,578

3,548

296

649

1,874

4,198

Basic (Yen)

5.55

12.72

Diluted (Yen)

5.54

12.70

Profit for the period
Profit for the period attributable to:
Owners of the parent
Non-controlling interests
Profit for the period
Earnings per share

12Lion Corporation (Code 4912): Consolidated Financial Statements
for the First Quarter Ended March 31, 2024

Condensed Consolidated Statement of Comprehensive Income
Three months ended March 31, 2023 and 2024
(Millions of yen)Three months ended
March 31, 2023
Profit for the period
Other comprehensive income
Items that will not be reclassified as profit
or loss
Net gain (loss) on revaluation offinancial assets measured at fair value
through other comprehensive income
Remeasurements of defined benefit
plans
Share of other comprehensive income(loss) of investments accounted forusing the equity method
Total items that will not be reclassified as
profit or loss
Items that may be subsequently
reclassified as profit or loss
Net gain (loss) on derivatives
designated as cash flow hedges
Exchange differences on translation offoreign operations
Total items that may be subsequently
reclassified as profit or loss
Total other comprehensive income, net oftax
Comprehensive income for the period
Comprehensive income for the period
attributable to:
Owners of the parent
Non-controlling interests
Comprehensive income for the period

13

Three months ended
March 31, 2024

1,874

4,198

336

365

1,067

973

(12)

5

1,392

1,345

37

21

821

2,270

858

2,291

2,250

3,637

4,124

7,835

3,484

6,940

640

895

4,124

7,835

Lion Corporation (Code 4912): Consolidated Financial Statements
for the First Quarter Ended March 31, 2024

(3) Condensed Consolidated Statement of Changes in Equity
Three months ended March 31, 2023
(Millions of yen)
Equity attributable to owners of the parent
Other components of equity
Net gain (loss)
on revaluationof financial
Remeasureassets
Share capital Capital surplus Treasury stock Subscription
ments ofrights tomeasured at fairdefinedbenefitsharesvalue through
plans
other
comprehensive
incomeBalance atJanuary 1, 2023

34,43331, 069(8,056)

123

8,930

―

333

1,067

333

1,067

Profit for the period
Other
comprehensive
incomeTotal comprehensive
income for the period

―

―

―

―

Dividends
Acquisition oftreasury stock
Disposal of treasury
stock
Share-based
payments
Changes inownership interestin subsidiaries
Transfer from othercomponents ofequity to retained
earnings
Total transactions withownersBalance at
March 31, 2023

(0)
16
56

(1,067)

―

56

15

―

―

(1,067)34,43331,125(8,040)

123

9,264

―

14

Lion Corporation (Code 4912): Consolidated Financial Statements
for the First Quarter Ended March 31, 2024
Equity attributable to owners of the parent
Other components of equity
Net gain (loss) Exchange
on derivatives differences ondesignated as translation offoreigncash flow
operations
hedgesBalance atJanuary 1, 2023

(42)

4,953

Profit for the period
Other
comprehensive
incomeTotal comprehensive
income for the period

Retainedearnings

Total

Total

Noncontrollinginterests

Total equity

13,966

192,842

264,255

14,912

279,168

―

1,578

1,578

296

1,874

1,905

344

2,250

37

467

1,905

37

467

1,905

1,578

3,484

640

4,124

Dividends―(3,695)(3,695)(455)(4,150)Acquisition oftreasury stock
Disposal of treasury
stock
Share-based
payments
Changes inownership interestin subsidiaries
Transfer from othercomponents ofequity to retained
earnings

―

(0)

(0)

―

16

16

―

56

56

―

―

Total transactions withownersBalance at
March 31, 2023

(1,067)

1,067

―

158

158

―

―

―

(1,067)(2,627)(3,622)(297)(3,919)

(4)

5,420

14,804

191,793

264,116

15,256279,372

15

Lion Corporation (Code 4912): Consolidated Financial Statements
for the First Quarter Ended March 31, 2024

Three months ended March 31, 2024
(Millions of yen)
Equity attributable to owners of the parent
Other components of equity
Net gain (loss)
on revaluationof financial
Remeasureassets
Share capital Capital surplus Treasury stock Subscription
ments ofrights tomeasured at fairsharesvalue through defined benefit
plans
other
comprehensive
incomeBalance atJanuary 1, 2024

34,433

31,118(7,868)50

10,227

―

372

973

372

973

Profit for the period
Other
comprehensive
incomeTotal comprehensive
income for the period

―

―

―

―

Dividends
Acquisition oftreasury stock
Disposal of treasury
stock
Cancellation oftreasury stock
Share-based
payments
Transfer from othercomponents ofequity to retained
earnings
Total transactions withownersBalance at
March 31, 2024

(10,000)
3
9,122
29
(973)

―

29

(875)

―

―

(973)

34,43331,148(8,743)50

10,600―16

Lion Corporation (Code 4912): Consolidated Financial Statements
for the First Quarter Ended March 31, 2024
Equity attributable to owners of the parent
Other components of equity
Net gain (loss) Exchange
on derivatives differences ondesignated as translation offoreigncash flow
operations
hedgesBalance atJanuary 1, 2024

(21)

8,122

Profit for the period
Other
comprehensive
incomeTotal comprehensive
income for the period

Retainedearnings

Total

Total

Noncontrollinginterests

Total equity

18,377204,255

280,316

17,817298,134

―

3,548

3,548

649

4,198

3,391

245

3,637

21

2,023

3,391

21

2,023

3,391

3,548

6,940

895

7,835

Dividends―(3,697)(3,697)―(3,697)

Acquisition oftreasury stock
Disposal of treasury
stock
Cancellation oftreasury stock
Share-based
payments
Transfer from othercomponents ofequity to retained
earnings―(10,000)(10,000)

―

3

3

―

―

29

29
―

Total transactions withownersBalance at
March 31, 2024―

(9,122)

―
(973)

973

―

―

―

(973)

(11,846)(13,666)―(13,666)―

10,145

20,795

195,957

273,591

18,712

292,30417

Lion Corporation (Code 4912): Consolidated Financial Statements
for the First Quarter Ended March 31, 2024
(4) Notes to Condensed Consolidated Financial Statements
Notes relating to the assumption of a going concern
Not applicable.

Segment Information(1) Overview of reportable segments
The Group’s reportable segments are component units of the Company for which separate financial information isavailable and that are subject to regular review by the Board of Directors for the purpose of making decisions regarding
the allocation of management resources and evaluating business performance.
The Group’s business divisions are organized by product category; each business division formulates acomprehensive strategy and carries out business activities for the products it handles. Affiliated companies in Japan
undertake business activities pertinent to the characteristics of their respective products and services.
Affiliated companies located overseas are independent management units that conduct business activities pertinent
to the characteristics of the regions in which they operate.
Accordingly, the Group comprises three reportable segments divided by product and service type and by region,
which are, in turn, based on business divisions and companies; namely, the reportable segments are Consumer
Products Business, Industrial Products Business and Overseas Business.
The Company’s reportable segments are as follows.
A. Consumer Products Business
The Consumer Products Business engages in the manufacture and sale of commodities and over-the-counter drugs,
primarily in Japan.
Main products: Toothpastes, toothbrushes, hand soaps, antipyretic analgesics, eye drops, health tonic drinks,
laundry detergents, dishwashing detergents, fabric softeners, household cleaners, bleaches and pet supplies
B. Industrial Products Business
The Industrial Products Business engages primarily in the manufacture, sale and trading of chemical raw materials,
industrial products and other items in Japan and also includes the manufacture, sale and trading of such products
for overseas markets.
Main products: Activator, electro-conductive carbon and detergents for institutional use
C. Overseas Business
The Overseas Business engages mainly in the manufacture and sale of commodities by affiliated overseas
businesses.
D. Other Business
Lion subsidiaries located in Japan primarily undertake operations related to Group businesses.
Main products and services: Construction contracting, real estate management and temporary staffing

18

Lion Corporation (Code 4912): Consolidated Financial Statements
for the First Quarter Ended March 31, 2024

(2) Net Sales and Performance of Reportable Segments
Three months ended March 31, 2023
(Millions of yen)
Reportable Segment
Other

Total

Adjustment2 Consolidated3

Consumer
Products
Business

Industrial
Products
Business

Overseas
Business

External

50,3399,093

30,926490

90,849－90,849Intersegment1

9,710

5,613

3,339

5,277

23,939(23,939)－

Total

60,04914,70634,266

5,767

114,789(23,939)

90,849Core operating income

1,054

1,010

1,567

423

4,055

(1,553)

2,502

Net sales

Other income

321

Other expenses(461)

Operating profit

2,361

Finance income

138

Finance costs
Share of profit ofinvestments accounted
for using the equity
methodProfit before tax(285)

Notes:

426
2,641

1. Includes intra-segment transactions within the reportable segments.
2. A negative ¥1,553 million adjustment of core operating income mainly comprises intersegment eliminations
and corporate expenses not allocated to any reportable segment.
3. Core operating income is reconciled with gross profit as follows.

Gross profit
Selling, general and administrative expenses(Millions of yen)
39,245(36,743)

Core operating income

2,502Core operating income is calculated as gross profit less selling, general and administrative expenses, andis the basis on which the Board of Directors evaluates the performance of each segment.

19

Lion Corporation (Code 4912): Consolidated Financial Statements
for the First Quarter Ended March 31, 2024

Three months ended March 31, 2024
(Millions of yen)
Reportable Segment
Other

Total

Adjustment2 Consolidated3

Consumer
Products
Business

Industrial
Products
Business

Overseas
Business

External

47,9898,699

35,888388

92,965－92,965Intersegment1

9,905

4,350

3,857

3,419

21,534(21,534)－

Total

57,895

13,04939,746

3,808

114,500(21,534)

92,965

Core operating income

2,231

782

2,206

165

5,386

(1,392)

3,994

Net sales

Other income

1,146

Other expenses(246)

Operating profit

4,893

Finance income

402

Finance costs
Share of profit ofinvestments accounted
for using the equity
methodProfit before tax(232)Notes:

754
5,817

1. Includes intra-segment transactions within the reportable segments.
2. A negative ¥1,392 million adjustment of core operating income mainly comprises intersegment eliminations
and corporate expenses not allocated to any reportable segment.
3. Core operating income is reconciled with gross profit as follows.
(Millions of yen)
Gross profit
42,232
Selling, general and administrative expenses(38,238)

Core operating income

3,994Core operating income is calculated as gross profit less selling, general and administrative expenses, and is
the basis on which the Board of Directors evaluates the performance of each segment.

20