Summary of Consolidated Financial Statements for the First Half Ended
June 30, 2024 [IFRS]
August 7, 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 semi-annual securities report: August 9, 2024
Start date of payment of dividend: September 4, 2024
Supplementary materials prepared for financial results: Yes
Earning announcement for financial results: Yes (for institutional investors, analysts, etc.)
Figures in this and subsequent tables are truncated at the nearest million.

1. Consolidated Results for the First Half Ended June 30, 2024
(January 1, 2024 – June 30, 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%

Six months ended
June 30, 2024

198,634

3.0

13,357113.9

15,517114.6

Six months ended
June 30, 2023

192,887

4.2

6,244

(56.2)

7,229(54.1)

Profit for the period
Millions of yen

Six months ended
June 30, 2024
Six months ended
June 30, 2023%

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

Total comprehensive
income for the period
Millions of yen%

11,227

120.3

9,931

131.0

21,076

49.2

5,096

(55.3)

4,298(61.1)

14,125(18.1)

Note: Core operating income for the six months ended June 30, 2024 was ¥9,554 million (up 50.2% year
on year). Core operating income for the six months ended June 30, 2023 was ¥6,363 (down 30.0%
year on year).
Core operating income is an earnings indicator the Company uses to measure regular businessperformance by subtracting selling, general and administrative expenses from gross profit.

Basic earnings per share Diluted earnings per share
Yen

Yen

Six months ended
June 30, 2024
Six months ended
June 30, 2023

35.76

35.71

15.12

15.09

(2) Consolidated Financial Position
Total assets

Total equity

Equity attributable toowners of the parent

Ratio of equity
attributable to owners of
the parent to total assets

Millions of yen

Millions of yen

Millions of yen%

482,251
486,363

June 30, 2024
December 31, 2023

304,326
298,134

285,282
280,316

59.2
57.6

2. Dividends

Fiscal 2023
Fiscal 2024
Fiscal 2024
(forecast)

Cash dividends per share
SecondThird
Year-End
Quarter-End
Quarter-End
Yen
Yen
Yen
13.00
—
13.00
13.00

First
Quarter-End
Yen
—
—

—

14.00

Total
Yen
26.00

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)(Percentage figures denote year-on-year change)
Net sales
Millions of yen

Fiscal 2024

410,000

Operating profit%

Millions of yen

1.8

27,000%31.7

Profit for the period
attributable to owners of
the parent
Millions of yen%

19,000Notes: 1. Core operating income forecast:Fiscal 2024: ¥23,000 million
2. Changes from the most recently published financial results forecast: No

29.9

Basic earnings per
share
Yen

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 June 30, 2024:
284,432,746 shares
As of December 31, 2023:
292,536,446 sharesb. Number of treasury stocks on balance sheet date:
As of June 30, 2024:
8,044,717 shares
As of December 31, 2023:
8,075,507 sharesc. Average number of shares outstanding over period
Six months ended June 30, 2024:
277,720,624 shares
Six months ended June 30, 2023:
284,351,758 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 Half of the Current Fiscal
Year (3) Forecast of Consolidated Financial Results on page 8.

Lion Corporation (Code 4912): Consolidated Financial Statements
for the First Half Ended June 30, 2024

Contents
1. Qualitative Information Concerning the Results of Operations for the First Half of
the Current Fiscal Year -------------------------------------------------------------------------------------------------- 2(1) Consolidated Performance ------------------------------------------------------------------------------------------ 2(2) Financial Status -------------------------------------------------------------------------------------------------------- 8(3) Forecast of Consolidated Financial Results -------------------------------------------------------------------- 8
2. Condensed Interim Consolidated Financial Statements and Notes ------------------------------------------ 9(1) Condensed Interim Consolidated Statement of Financial Position -------------------------------------- 9(2) Condensed Interim Consolidated Statement of Income andStatement of Comprehensive Income -------------------------------------------------------------------------- 11(3) Condensed Interim Consolidated Statement of Changes in Equity ----------------------------------- 13(4) Condensed Interim Consolidated Statement of Cash Flows----------------------------------------------------- 15(5) Notes to Condensed Interim Consolidated Financial Statements ------------------------------------- 17
Notes relating to the assumption of a going concern -------------------------------------------------------------------------- 17
Segment Information ------------------------------------------------------------------------------------------------------------------- 17

1

Lion Corporation (Code 4912): Consolidated Financial Statements
for the First Half Ended June 30, 2024

1．Qualitative Information Concerning the Results of Operations for the First Half of the Current
Fiscal Year
(1) Consolidated Performance

Consolidated results for the first half of fiscal 2024 (January 1, 2024–June 30, 2024) are as follows. Net sales
amounted to ¥198,634 million, a year-on-year increase of 3.0% (or a 0.2% increase at constant currency
excluding exchange rate fluctuations). Core operating income came to ¥9,554 million, up 50.2% comparedwith the previous fiscal year, and operating profit to ¥13,357 million, up 113.9% year on year. Profit for theperiod attributable to owners of the parent totaled ¥9,931 million, up 131.0% 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, for example, increasing its sales
area coverage in China, which is at the core of its growth strategy. Simultaneously, in Japan Lion has
launched new high value-added products in its eye drops line as well as a new brand that offers a new way toselect oral care products. The Company has made progress in reforming its earnings structure throughportfolio revision, including the sale of some pharmaceutical product brands not in its priority fields of focus to
improve profitability.

Consolidated Results(Millions of yen)Six months ended Ratio to net Six months ended Ratio to net
June 30, 2024
sales
June 30, 2023
sales
Net sales

198,634

192,887

ChangeChange
(%)

5,747

3.0%

Core operating income

9,554

4.8%

6,363

3.3%

3,191

50.2%

Operating profit

13,357

6.7%

6,244

3.2%

7,113

113.9%

Profit for the period
attributable to owners of
9,931
5.0%
4,298
2.2%
5,632
131.0%
the parent
Notes: Core operating income is an earnings indicator the Company uses to measure regular business performanceby subtracting selling, general and administrative expenses from gross profit.

2

Lion Corporation (Code 4912): Consolidated Financial Statements
for the First Half Ended June 30, 2024

Results by Business Segment(Millions of yen)
Net sales
Six months
ended
June 30,
2024
Consumer
Products
Industrial
Products

Core operating income)Six months
ended
ChangeJune 30,
2023

Change(%)

Six months
ended
June 30,2024

Six months
ended
ChangeJune 30,
2023

Change(%)

126,208

128,786(2,578)(2.0%)

3,628

734

2,894

394.4%

26,47028,506(2,035)(7.1%)

1,495

1,675

(180)

(10.8%)

Overseas

80,66970,257

10,411

14.8%

4,542

3,497

1,045

29.9%

Other

7,779

10,964(3,185)(29.1%)

294

742

(448)

(60.3%)

Subtotal

241,127

238,515

2,612

1.1%

9,962

6,649

3,312

49.8%

Adjustment(42,493)(45,628)

3,135

—

(407)

(286)

(121)

—

Total

198,634

192,887

5,747

3.0%

9,554

6,363

3,191

50.2%

Results by business segment are as follows.
Consumer Products Business
The Consumer Products Business segment comprises the Oral Care Products, Beauty Care Products, FabricCare Products, Living Care Products, Pharmaceutical Products and Other Products businesses. Segment net
sales decreased 2.0% compared with the same period in the previous fiscal year. Core operating income
increased 394.4% due to decreased selling, general and administrative expenses.
(Millions of yen)Six months ended
June 30, 2024
Net sales

Ratio to net
sales

Six months ended
June 30, 2023

126,208

Ratio to net
sales

128,786

ChangeChange(%)(2,578)(2.0%)

Core operating
3,628
2.9%
734
0.6%
2,894
394.4%
incomeNote: Net sales include internal sales within and among segments, which amounted to ¥19,867 million in the first half offiscal 2024 and ¥19,044 million in the first half of fiscal 2023.

Net Sales by Product Segment(Millions of yen)Six months ended
June 30, 2024

Six months ended
June 30, 2023

Oral Care Products

35,90034,472

1,427

4.1%

Beauty Care Products

11,842

11,931(89)(0.7%)

Fabric Care Products

27,647

29,838(2,191)(7.3%)

Living Care Products

10,187

10,814(627)(5.8%)

Pharmaceutical Products

12,05911,892167

1.4%

Other Products

28,57029,836(1,265)(4.2%)

3

Change(%)

ChangeLion Corporation (Code 4912): Consolidated Financial Statements
for the First Half Ended June 30, 2024

Oral Care ProductsThis product segment consists of toothpastes, toothbrushes, dental rinses and other related products.

In toothpastes, sales of CLINICA PRO toothpastes and NONIO Plus Whitening Toothpaste were strong, andwith the launch of the new OCH-TUNE Toothpaste, resulting in increased overall sales year on year.

In toothbrushes, NONIO and CLINICA PRO toothbrushes were favorable, and with the addition of OCH-TUNE
Toothbrush, overall sales increased year on year.

In dental rinses, sales of NONIO Plus Whitening Dental Rinse were strong, and overall sales increased
significantly year on year.

Overall sales of Oral Care Products increased 4.1% year on year.

Beauty Care ProductsThis product segment consists of hand soaps, body washes, antiperspirants and deodorants and other related
products.

In hand soaps, sales of KireiKirei Medicated Hand Conditioning Soap were favorable, but sales of KireiKirei
Medicated Foaming Hand Soap were sluggish, leading to an overall decline in sales year on year.

In body washes, sales of hadakara body washes were lower year on year. As a result, overall sales declined
year on year.

Overall sales of Beauty Care Products decreased 0.7% year on year.

Fabric Care ProductsThis product segment consists of fabric softeners, laundry detergents and other related products.

In fabric softeners, sales of the new-and-improved SOFLAN Premium Deodorizer were firm. However, sales of
SOFLAN Airis, which was launched last year, declined, and overall sales decreased year on year.

In laundry detergents, sales of NANOX one highly concentrated liquid laundry detergent were steady, andoverall sales increased year on year.

As a result, year-on-year total sales of Fabric Care Products decreased 7.3%.

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 Half Ended June 30, 2024

In household cleaners, sales of LOOK Plus Bath Antimold Fogger were down year on year, and overall sales
also declined year on year.

In dishwashing detergents, sales of new-and-improved CHARMY Magica Enzyme + (“Plus”) were up
significantly year on year, but due to the discontinuation of some products in the previous year as part of areview of the product lineup to optimize business efficiency, overall sales declined slightly year on year.

Overall sales of Living Care Products decreased 5.8% 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 were sound, but sales of BUFFERIN Premiumand BUFFERIN A were down year on year, and overall sales decreased year on year.

In eye drops, sales were strong for the Smile 40 Premium THE ONE series, which treats eye fatigue, blurredvision, 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 in cooling gel sheets for feet, sales of
Kyusoku Jikan Ashi-Sukkiri Sheet were also strong. Overall sales were up substantially year on year.

Overall sales of Pharmaceutical Products increased 1.4% year on year.

In the first half of fiscal 2024, the Company completed the transfer of the Halix brand of topical anti-inflammatory
analgesics and the Guronsan and Gromonto brands of health tonic drinks to other companies.

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 4.2% year on year, due in part to the termination of the foods withfunction claims business in the previous year.
5Lion Corporation (Code 4912): Consolidated Financial Statements
for the First Half Ended June 30, 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 agents for tire rubber,electro-conductive carbon for secondary batteries, and detergents for institutional and professional kitchenuse, respectively. Segment net sales decreased 7.1% year on year. Core operating income decreased 10.8%.
(Millions of yen)Six months ended Ratio to net Six months ended Ratio to net
June 30, 2024
sales
June 30, 2023
sales
Net sales

26,470Core operating income

1,495

28,506
5.6%

1,675

5.9%

ChangeChange(%)(2,035)(7.1%)(180)(10.8%)

Note: Net sales include internal sales within and among segments, which amounted to ¥7,930 million in the first half offiscal 2024 and ¥9,741 million in the first half of fiscal 2023.

In the Mobility field, sales of anti-sticking agents for tire rubber were strong, 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 laundry detergents were strong, and overallsales increased year on year.

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 14.8% year on year (or an increase of 6.6% at constant currency excluding exchange rate
fluctuations). Core operating income increased 29.9% year on year.
(Millions of yen)Six months ended Ratio to net Six months ended Ratio to net
June 30, 2024
sales
June 30, 2023
sales
Net sales

80,669Core operating income

4,542

70,257
5.6%

3,497

5.0%

ChangeChange(%)

10,411

14.8%

1,045

29.9%

Note: Net sales include internal sales within and among segments, which amounted to ¥7,621 million in the first half offiscal 2024 and ¥6,842 million in the first half of fiscal 2023.

Net Sales by Region

Southeast andSouth Asia

(Millions of yen)
ChangeChange(%)

Six months ended
June 30, 2024

Six months ended
June 30, 2023

Net sales

48,33742,663

5,674

13.3%

Core operating
income

2,836

2,047

789

38.6%

6

Lion Corporation (Code 4912): Consolidated Financial Statements
for the First Half Ended June 30, 2024

Northeast Asia

Net sales

32,331

27,594

4,737

17.2%

Core operating
income

1,706

1,449

256

17.7%

Net Sales by Region
In Southeast and South Asia, net sales were up 13.3% year on year (or up 5.9% at constant currency
excluding exchange rate fluctuations), and core operating income was up 38.6%.

In Thailand, sales of Pao laundry detergents and Shokubutsu Monogatari body washes were sound. Overallsales after yen conversions were up 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 17.2% year on year (or up 7.6% at constant currency excluding
exchange rate fluctuations), and core operating income was up 17.7%.

In China, sales of White&White toothpaste were sound, and sales of SYSTEMA toothbrushes were alsofavorable. Overall sales after yen conversions increased substantially year on year.

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

Other (Construction Contracting Business, etc.)(Millions of yen)

Net sales
Core operating income

Six months ended Ratio to net
June 30, 2024
sales

Six months ended Ratio to net
June 30, 2023
sales

ChangeChange(%)

7,779

10,964(3,185)(29.1%)(448)(60.3%)

294

3.8%

742

6.8%

Note: Net sales include internal sales within and among segments, which amounted to ¥7,073 million in the first half offiscal 2024 and ¥9,999 million in the first half of fiscal 2023.

7

Lion Corporation (Code 4912): Consolidated Financial Statements
for the First Half Ended June 30, 2024

(2) Financial Status
Status of Consolidated Assets, Liabilities and Equity
June 30, 2024

December 31, 2023

ChangeTotal assets (millions of yen)482,251

486,363(4,112)

Total equity (millions of yen)

304,326

298,134

6,192

59.2

57.6

1.5

Ratio of equity attributable to owners of theparent to total assets (%)

Total assets decreased ¥4,112 million compared with the previous consolidated fiscal year-end to ¥482,251
million, due primarily to a decrease in cash and cash equivalents. Total equity increased ¥6,192 million to¥304,326 million. The ratio of equity attributable to owners of the parent to total assets stood at 59.2%.

(3) Forecast of Consolidated Financial Results
Lion has made no revisions to the consolidated financial results forecasts released on February 14, 2024 forthe full fiscal year.
Lion utilized the following foreign exchange rates in the calculation of the aforementioned forecasts.
¥145 = US$1.00¥4.0 = 1.00 baht

8

Lion Corporation (Code 4912): Consolidated Financial Statements
for the First Half Ended June 30, 2024

2. Condensed Interim Consolidated Financial Statements and Notes(1) Condensed Interim Consolidated Statement of Financial Position(Millions of yen)

December 31, 2023

June 30, 2024

AssetsCurrent assets
Cash and cash equivalents

85,52674,969Trade and other receivables

75,23074,619Inventories

56,09059,591Other financial assets

12,276

9,526

Other current assets

3,151

3,825

Total current assets

232,274

222,531

140,671

138,881

Non-current assets
Property, plant and equipment
Goodwill

327

327

Intangible assets

22,712

21,963Right-of-use assets
Investments accounted for using theequity method
Deferred tax assets

31,31330,80817,487

20,531

4,357

4,379

Retirement benefit assets

10,826

11,172Other financial assets

25,47530,782Other non-current assets

917

872

Total non-current assets

254,089259,719486,363482,251

Total assets

9Lion Corporation (Code 4912): Consolidated Financial Statements
for the First Half Ended June 30, 2024

(Millions of yen)
December 31, 2023

June 30, 2024

Liabilities and equity
Liabilities
Current liabilities
Trade and other payables

126,158

118,241

148―

Income tax payables

2,508

5,547

Provisions

2,399

3,247

Lease liabilities

2,043

2,120

Other financial liabilities

2,363

943

Other current liabilities

7,711

5,372

Total current liabilities

143,333

135,472

Deferred tax liabilities

5,847

6,322

Retirement benefit liabilities

4,531

1,893

Provisions

2,046

2,061

Lease liabilities

28,15027,795

Other financial liabilities

2,452

2,501

Other non-current liabilities

1,867

1,878

Borrowings

Non-current liabilities

Total non-current liabilities

44,89642,452

188,229

177,924

Share capital

34,43334,433

Capital surplus

31,11831,150Treasury stock(7,868)(8,729)Other components of equity

18,377

24,938Retained earnings

204,255

203,489

Equity attributable to owners of the parent

280,316

285,282

Non-controlling interests

17,817

19,043

Total equity

298,134

304,326

486,363482,251

Total liabilities
EquityTotal liabilities and equity

10Lion Corporation (Code 4912): Consolidated Financial Statements
for the First Half Ended June 30, 2024

(2) Condensed Interim Consolidated Statement of Income and Statement of Comprehensive Income
Condensed Interim Consolidated Statement of Income
Six months ended June 30, 2023 and 2024
(Millions of yen)Six months ended
June 30, 2023

Six months ended
June 30, 2024

Net sales

192,887

198,634

Cost of sales(107,032)(108,303)

85,85490,330(79,491)(80,776)

757

4,216

(876)

(412)

Gross profit
Selling, general and administrative
expenses
Other income
Other expenses

6,244

13,357

Finance income

Operating profit

661

1,126

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

(441)

(420)

764

1,453

7,229

15,517

Income taxes(2,132)(4,289)5,096

11,227

4,298

9,931

798

1,296

5,096

11,227

Basic (Yen)

15.12

35.76

Diluted (Yen)

15.09

35.71

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

11Lion Corporation (Code 4912): Consolidated Financial Statements
for the First Half Ended June 30, 2024

Condensed Interim Consolidated Statement of Comprehensive Income
Six months ended June 30, 2023 and 2024
(Millions of yen)Six months ended
June 30, 2023
Profit for the period

Six months ended
June 30, 2024
5,096

11,227

1,281

1,108

2,853

1,950

(5)

14

4,129

3,073

46

22

4,853

6,753

4,899

6,775

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 profit for the period

9,029

9,848

14,12521,076Comprehensive income for the period
attributable to:
Owners of the parent

12,34918,615

Non-controlling interests

1,776

2,460

Comprehensive profit for the period

14,12521,076

12

Lion Corporation (Code 4912): Consolidated Financial Statements
for the First Half Ended June 30, 2024

(3) Condensed Interim Consolidated Statement of Changes in Equity
Six months ended June 30, 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 fairdefined benefit
sharesvalue through
plans
other
comprehensive
incomeBalance atJanuary 1, 2023

34,43331,069(8,056)

123

8,930

―

1,248

2,853

1,248

2,853

(387)

(2,853)

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

―

―

―

―

Dividends
Acquisition oftreasury stock
Disposal of treasury
stock
Share-based
payments
Transfer from othercomponents ofequity to retained
earnings
Total transactions withownersBalance atJune 30, 2023

(0)
189

(73)

1

―

1

189

(73)

(387)

(2,853)34,43331,071(7,867)

50

9,792

―

Equity attributable to owners of the parent
Other components of equity
Net gain (loss) Exchange
on derivatives differences ondesignated as translation of
cash flow
foreignhedgesoperations
Balance atJanuary 1, 2024

(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

―

4,298

4,298

798

5,096

8,050

978

9,029

46

3,903

8,050

46

3,903

8,050

4,298

12,3491,776

14,125

Dividends―(3,695)(3,695)(553)(4,248)Acquisition oftreasury stock
Disposal of treasury
stock
Share-based
payments
Changes inownership interestsin subsidiaries
Transfer from othercomponents ofequity to retained
earnings―

Total transactions withownersBalance atJune 30, 2024

(0)

(0)

53

53

―

1

1

―

―

(73)

(63)

(3,240)

3,240

―

158

158

―

―

―

(3,313)(517)(3,640)(395)(4,035)

4

8,856

18,703

196,623

272,964

16,293

289,257

13

Lion Corporation (Code 4912): Consolidated Financial Statements
for the First Half Ended June 30, 2024

Six months ended June 30, 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 fairdefined benefit
sharesvalue through
plans
other
comprehensive
incomeBalance atJanuary 1, 2024

34,433

31,118(7,868)50

10,227

―

1,121

1,950

1,121

1,950

(172)

(1,950)

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 atJune 30, 2024

(10,000)
17
9,122
31

―

31

(861)

―

(172)

(1,950)34,43331,150(8,729)50

11,176―Equity attributable to owners of the parent
Other components of equity
Net gain (loss) Exchange
on derivatives differences ondesignated as translation of
cash flow
foreignhedgesoperations
Balance at January 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

―

9,931

9,931

1,296

11,227

8,684

1,164

9,848

22

5,589

8,684

22

5,589

8,684

9,931

18,6152,460

21,076

Dividends―(3,697)(3,697)(1,234)(4,932)Acquisition oftreasury stock
Disposal of treasury
stock
Cancellation oftreasury stock
Share-based
payments
Transfer from othercomponents ofequity to retained
earnings―(10,000)(10,000)

―

17

17

―

―

31

31
―

Total transactions withownersBalance atJune 30, 2024―

(9,122)―(2,123)

2,123

―

―

―

(2,123)(10,696)(13,649)(1,234)(14,884)

0

13,711

24,938203,489285,282

19,043

304,326

14

Lion Corporation (Code 4912): Consolidated Financial Statements
for the First Half Ended June 30, 2024

(4) Condensed Interim Consolidated Statement of Cash Flows(Millions of yen)Six months ended
June 30, 2023

Six months ended
June 30, 2024

Cash flows from operating activities
Profit before tax

7,229

15,517

Depreciation and amortization

10,01010,335

Impairment loss

129Interest and dividend income

(450)

(729)

Interest expenses
Share of loss (profit)s of investments
accounted for using the equity method
Loss (gain) on disposal of non-current
assetsGain on sale of businesses
Decrease (increase) in trade and otherreceivables
Decrease (increase) in inventories
Increase (decrease) in trade and otherpayablesIncrease (decrease) in net defined benefit
liability
Other

388

391

(764)

(1,453)

343

172

―

(3,425)

6,709

2,694

(4,880)(2,338)(11,161)(6,738)

(506)

(271)

(3,384)(4,210)

Total

3,546

9,954

Interest and dividends received

1,038

981

(16)

(32)

Income taxes paid

(1,429)(1,903)

Cash flows from operating activities

3,139

9,000

Net decrease (increase) in time deposits(1,943)124

Purchase of property, plant and equipment
Proceeds from sales of property, plant andequipment
Purchase of intangible assets
Expenditures for acquisition of right-of-use
assetsPurchase of other financial assets
Proceeds from sales of other financial
assetsExpenditures for purchase of stocks ofaffiliated companies
Gain on transfer of business(11,234)(8,188)

12

1

(580)

(366)

(427)

―

(151)

(662)

155

468

(7,087)

(102)

―

3,663

(113)

35

(21,369)(5,027)

Interest paid

Cash flows from investing activities

Other
Cash flows from investing activities

15

Lion Corporation (Code 4912): Consolidated Financial Statements
for the First Half Ended June 30, 2024

(Millions of yen)Six months ended
June 30, 2023
Cash flows from financing activities
Net increase (decrease) in short-termloans payable
Repayment of long-term borrowings

Six months ended
June 30, 2024

(1,150)Cash dividends paid
Cash dividends paid to non-controllinginterests
Repayment of lease liabilities
Purchase of treasury stock
Proceeds from non-controllingshareholders
Other
Cash flows from financing activities
Effect of exchange rate changes on cash
and cash equivalents
Increase (decrease) in cash and cash
equivalents
Cash and cash equivalents at the beginningof the period
Balance of cash and cash equivalents at theend of the period

16

―

(140)

(152)

(3,690)(3,695)(553)(1,234)(1,256)(1,312)(0)(10,000)

158

―

1

0

(6,633)(16,396)

961

1,866

(23,901)(10,556)

101,078

85,526

77,17674,969

Lion Corporation (Code 4912): Consolidated Financial Statements
for the First Half Ended June 30, 2024

(5) Notes to Condensed Interim 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 Group’s reportable segments are as follows.
A.

Consumer Products Business
The Consumer Products Business engages in the manufacture and sale of commodities, over-the-counter drugs
and foods with function claims, 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 and sale of chemical raw materials, industrial
products and other items in Japan and overseas.
Main products: Activators, 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

17

Lion Corporation (Code 4912): Consolidated Financial Statements
for the First Half Ended June 30, 2024

(2) Net Sales and Performance of Reportable Segments
Six months ended June 30, 2023
(Millions of yen)
Reportable Segment
Other

Total

Adjustment2 Consolidated3

Consumer
Products
Business

Industrial
Products
Business

Overseas
Business

External

109,742

18,764

63,414964

192,887－

192,887

Intersegment1

19,044

9,741

6,842

9,999

45,628(45,628)－

Total

128,786

28,50670,257

10,964

238,515(45,628)

192,887

734

1,675

3,497

742

6,649

(286)

6,363

Net sales

Core operating income
Other income

757

Other expenses(876)

Operating profit

6,244

Finance income

661

Finance costs
Share of profit ofinvestments accounted
for using the equity
methodProfit before tax(441)

Notes:

764
7,229

1. Includes intra-segment transactions within the reportable segments.
2. The negative ¥286 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)
85,854(79,491)

Core operating income

6,363Core 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.

18

Lion Corporation (Code 4912): Consolidated Financial Statements
for the First Half Ended June 30, 2024

Six months ended June 30, 2024
(Millions of yen)
Reportable Segment
Other

Total

Adjustment2 Consolidated3

Consumer
Products
Business

Industrial
Products
Business

Overseas
Business

External

106,341

18,54073,048705

198,634－

198,634

Intersegment1

19,867

7,930

7,621

7,073

42,493(42,493)－

Total

126,208

26,47080,6697,779

241,127(42,493)

198,634

Core operating income

3,628

1,495

4,542

294

9,962

(407)

9,554

Net sales

Other income

4,216

Other expenses(412)

Operating profit

13,357

Finance income

1,126

Finance costs
Share of profit ofinvestments accounted
for using the equity
methodProfit before tax(420)

Notes:

1,453
15,517

1. Includes intra-segment transactions within the reportable segments.
2. A negative ¥407 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)
90,330(80,776)

Core operating income

9,554Core 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