Watts Co., Ltd.
(2735; Tokyo Stock Exchange Prime Market)

Operating Results for the Six Months of
the Fiscal Year Ending August 2023 andProgress of the Full-Year Plan
Friday, April 14, 2023
Fumio Hiraoka, President and CEO

Contents
Financial
Overview

By Business

Operating Results for the Six Months of
P2 – P6
the Fiscal Year Ending August 2023

Situation of Each Business for the
Six Months of the Fiscal Year Ending
August 2023

Business Forecasts for the Fiscal
Business Plan Year Ending August 2023 andEfforts toward Each Business

Reference

P8 – P14

P16 – P21

P23 – P30
1

Financial
Overview

Consolidated Operating Results for the Six Months of
the Fiscal Year Ending August 2023
(Millions of yen)

Financial highlights
Sales
Gross profit
Selling, general and administrative
expenses
EBITDA
Operating profit
Recurring profit
Net income attributable to owners ofparent
Net income per share (Yen)

FY8/22 Q2

FY8/23 Q2 (Current period)

Ratio to sales

Ratio to sales

Ratio toforecast

YoY

28,506
10,914－
38.3％

29,55011,169－37.8％

103.7％
102.3％

99.7％－

10,27736.1％

10,89736.9％

106.0％

－

959
637
678

3.4％
2.2％
2.4％

635
271
270

2.1％
0.9％
0.9％

66.2％
42.7％
39.9％

－
71.6％
79.7％

361

1.3％

292

1.0％

80.9％

132.9％

－

－

26.89

21.53

 Sales were generally in line with the plan, up by 3.7% YoY and 99.7% of the plan. ➡P3
 Operating profit decreased to 42.7% YoY and fell short of the plan at 71.6%. This was
mainly due to the high cost of sales ratio and rising utility costs, as well as the proactive
renovation of large-scale shops and FLET'S brand shops acquired through M&A in theprevious fiscal year.
➡P4, 5

 Net income attributable to owners of parent decreased to 80.9% YoY but exceeded theplan at 132.9%. This was mainly owing to the recording of an income taxes - deferred (gain)
following a reorganization between consolidated subsidiaries.

2

Financial
Overview

Sales by Business Type(Millions of yen)

Sales by Business TypeFY8/22 Q2

FY8/23 Q2 (Current period)

Ratio to sales

Ratio to sales

YoY

Directly managed

25,31488.8％

26,37789.3％

104.2％

100-Yen shops Wholesale, Other

1,071

3.8％

1,017

3.4％

95.0％

26,385

92.6％

27,39492.7％

103.8％

Directly managed

164

0.6％

128

0.4％

78.4％

Wholesale

486

1.7％

518

1.8％

106.7％

650

2.3％

647

2.2％

99.5％

1,470

5.2％

1,508

5.1％

102.6％

28,506100.0％

29,550100.0％

103.7％

Subtotal

Overseas
Business

Subtotal

Domestic
Other
Business

Buona Vita
RealTokino:ne

Total

etc.

 The proportion of directly-managed 100-Yen shop sales to total sales increased by 0.5ppt.,
reflecting an increase in the number of directly-managed shops. However, due to adecrease in wholesale and other sales, the proportion of overall domestic 100-Yen shop
sales only increased by 0.1ppt.
3Financial
Overview

Quarterly Changes in Gross Margin

Sales

Gross profit

12,693 12,925 12,729 12,354
38.7%
38.4%

38.4%

(Millions of yen)
Gross margin
14,780 14,969 14,871 14,699 14,851
13,726 The gross margin declined due to39.3%

the acquisition of Ontsu F RetailCo., Ltd. (“OFR”), which has ahigh proportion of food sales

Mainly due to higher cost ofpurchase ratio and an increasein overseas wholesaling

38.6%
38.2%
38.0%

Due to the continued improvement in
the cost of sales ratio in the 100-Yen
shop business and a decrease inoverseas wholesale sales with low
gross margins.

4,913

4,968

4,892

FY8/21
Q1

FY8/21
Q2

FY8/21Q3

4,851

FY8/21
Q4

38.0%

38.0%

37.6%
5,303

FY8/22
Q1

5,610

5,723

5,644

5,525

FY8/22
Q2

FY8/22
Q3

FY8/22
Q4

FY8/23Q1

5,644

FY8/23Q2
4

Financial
Overview

Factors for Changes in Operating Profit(Millions of yen)
Gross margin decreased by 0.5ppt., withgross profit increasing by 2.3% YoY.

Increase ingross profit

Increase in
rent

255

201

Increased due to proactive
renovations of large-scale shops andshops acquired through M&A in theprevious fiscal year.
Increase inpersonnel
expenses150

Increase inequipment cost

92
Operatingprofit637

Increased as our power provider(PPS) withdrew from its business andelectricity prices rose.
Increase inutility bill

142

Increase incommission
paid

18
Decreased by 365 million yen 42.7％ YoY

Increase/decre
ase in otherexpenses15
Operatingprofit271
Previous
前期
periodCurrent
当期
period5

Financial
Overview

Consolidated Balance Sheet andConsolidated Cash Flows(Millions of yen)

Consolidatedbalance sheet

FY8/23 Q2(Current period)

FY8/22

Pct. change Shareholders' equity ratio wasPct. change

Merchandise and finished goods

6,687
8,734

Up 8.4%Up 17.5％

6,633
9,037

Other current assets

3,139

Up 28.2％

2,645 Down 15.7％

Tangible fixed assets

2,155

Up 38.9％

2,222

Up 3.1％Other fixed assets

4,883

Up 30.6％

4,862

Down 0.4％

Total assets

25,600Up 20.0％

25,401

Down 0.8％

Liabilities

13,669Up 35.1％

13,387

Down 2.1％

Net assets

11,931

Up 6.3%12,014

Up 0.7%

Cash and deposits

Consolidated cash flows

Free cash flows

Up 3.5％ In liabilities, notes and accounts
payable-trade and long-term loans
payable decreased by 382 million yen
and 127 million yen, respectively, whileelectronically recorded obligationsoperating increased by 422 million yen.

(Millions of yen)
FY8/23 Q2
(Current period)

FY8/22 Q2Pct. change
Net cash provided by (used in)operating activities
Net cash provided by (used in)investing activities
Net cash provided by (used in)financing activities
Effect of exchange rate change on cash
and cash equivalents
Cash and cash equivalents at end of
periodDown 0.8%

Pct. change

915

△886

596

△318

△570

△160

△425

144

0

393

△220

△221

9

14

△3

△13

6,524

△1,061

6,633

109

345

△1,047170△174

47.3 %, up by 0.7 ppt. from the endof the previous period.
In other current assets, notes andaccounts receivable-tradedecreased by 456 million yen.



Cash flows from operating activities:
Net income before income taxes andminority interests decreased by 454
million yen.
Cash flows from investing activities:
The main components were 347
million yen for purchases of property,
plant and equipment and 75 million
yen for payments for lease andguarantee deposits.

6

Contents
Financial
Overview

Operating Results for the Six Months of
P2 – P6
the Fiscal Year Ending August 2023

By Business

Situation of Each Business for the
Six Months of the Fiscal Year Ending
August 2023

P8 – P14

Business Plan

Business Forecasts for the Fiscal
Year Ending August 2023 andEfforts toward Each Business

P16 – P21

About Watts GroupP23 – P30

Reference

7

By Business

Topics by Business

Domestic 100-Yen Shop BusinessOpening/closing

Opened 104 shops against the full-year plan of 236 shops and closed 53
shops against 90 shops. The number of shops at the end of the period was➡P10
1,692.

Watts brand shops

Increased by 102 shops to 1,131 shops through openings and renovations.
The share to total number of 100-Yen shops was 66.8%.

Reorganization

OFR absorbed into Watts East Japan Sales Co., Ltd. and Watts West Japan
Sales Co., Ltd. The process of integration has been almost completed.

Overseas Business
Overseas shops

The number of shops selling WATTS products was 51 in the Group, down 4
from the end of the previous fiscal year. Including local partners’ shops,➡P12
there were approximately 80.

Domestic Other Business
Buona Vita

A life-style goods shop offering comfortable and joyful life. Operate 15
shops, and the same-store sales performed well at 110.4% YoY.

RealCommunity-based discount shop. Operate 5 shops at the end of February
2023. Aim to create synergies with 100-Yen shop business.

➡P13
➡P14
8

By Business

Situation of 100-Yen Shop Business (1)- Changes in Same-store sales YoY

105.0%

FY8/23 (Current period)

FY8/22 (Previous period)
Sharp drop in
demand for masks

101.0%
100.0%
100.0%

98.9%

98.7%

99.3%
100.3%

98.0%

99.7%

97.1%

98.6%

99.7%

98.8%
97.6%

97.5%
96.6%

95.0%

95.6%

95.8%

95.2%
Effects of cold weather andsnowfall nationwide

90.0%

Sep

1H

Oct

Nov

Sales

Dec

Number ofcustomers

Jan

Feb

Spending per
customerPrevious period

96.6％

95.5％

100.1％

Current period

99.0％

97.8％

101.2％

Mar

Apr

May

Jun

Jul

Aug

 Same-store sales was 99.0% YoY, despite
our efforts to improve customers’ in-store
experience with new products andrenovation of some existing shops.
 On the other hand, sales of Watts brandshops were 100.7% YoY.
9

By Business

Situation of 100-Yen Shop Business (2)- Number of Shops (Opening/Closing Plan and Results)
Opening
Closing
No. of shops at the end of period

Opening/closing plan and results
1,787

1,692

Acquisition of OFR

1,364
1,240

1,686

Q2
Opening plan → Opened 104 shops(Full-year progress rate: 44.1％)
107 shops

236

1,641

193

Q2
Closing plan
62 shops

165
129

104

→ Closed 53 shops(Full-year progress rate: 58.9％)

107

 The pace of new shop openings was generally in
90

81
41
FY8/20FY8/216153

line with the plan, and the number of shop closures
was within the plan. As a result, net increase of 51
shops compared to a plan of 45 shops.

 Of the total 1,692 shops, 1,131 are Watts brand62

shops (net increase of 102 shops).
FY8/22

FY8/23 Q2(Result）

FY8/23 Q2(Forecast)

FY8/23(Forecast)

10

By Business

Situation of 100-Yen Shop Business (3)- Changes in the number of shops introducing higher-priced products and its sales share

180 0Consignment-type (number of shops introduced)

10.0%

9.0%

Total number of shops introduced
160 0

8.0%

Ratio of higher price products
140 0

5.9%

120 0

6.3%
6.4%

6.9%

7.2%

3.8%

800

2.9%
600

483

519

556

585

672

714

8.0%

7.0%
1,098

9.0%

1,123

1,192 1,225

7.0%

6.0%

100 0

4.2%

6.7% 6.8%

8.2%

784

826

893

907
5.0%

4.0%

3.0%

400

2.0%

200
1.0%

0

0.0%

FY8/20Q1

FY8/20Q2

FY8/20Q3

FY8/20Q4

FY8/21
Q1

FY8/21
Q2

FY8/21
Q3

FY8/21
Q4

FY8/22
Q1

FY8/22
Q2

FY8/22
Q3

FY8/22
Q4

FY8/23
Q1

FY8/23
Q2*Including OFR stores since FY8/22 Q3

 We currently sell 2,169 higher-priced products.
 Continue to introduce more higher-priced products, with a target of 20.0% sales proportion to total
sales.
11

By Business

160 0

Directly-managed sales(Millions of yen)
1,298

140 0

120 0

Situation of Overseas Business
Wholesale sales

1,340
1,158

1,083

100 0

771
800

857

962

623

650

828

Open

Close

No. ofshops(FY8/23 1H)

FC

ー

５

32

China

FC

－

ー

４

Peru

Directlymanaged

１

－

15

１

５

51

Country

FormatThailand

647

600

712
486

400

200

459

526

377

518

329
145

164

128

FY8/21
1H

FY8/22
1H

FY8/231H

0

FY8/171H

FY8/181H

FY8/191H

FY8/201H

Total

 In Thailand, there are 32 shops (down 5 from the endof the previous fiscal year). There are 11 Watts brandshops through new openings and renovations.

 In Peru, sales decreased due to deteriorating domestic
environment.

 Overseas sales remained at the same level as in thesame period of the previous fiscal year, thanks to thewholesale sales to new suppliers.
San Felipe Shop (Peru)

12Situation of “Buona Vita”

By BusinessOpening
Closing
No. of shops at the end of period

23
21

21
18
15
Buona Vita Grand Emio Tokorozawa (Saitama)

 On September 1, 2022, Watts Connection, which
operated Buona Vita, was merged into Watts East
Japan Sales.

54
FY8/205
FY8/21

 15 shops as of the end of February 2023.

4

3
3 1
FY8/222
FY8/23
Q2（Result）

3
FY8/23（Forecast）*6 consignment shops in our 100-Yen shop are notincluded.

 The number of customers has recovered to the preCOVID level, and the same-store sales performed
well at 110.4% YoY.

13

By Business

Situation of “Real" and “Tokino:ne”

 Offer a wide range of value-for-money
products with utilizing their strength inprocurement capability.

 Operate collaborative shops with theCompany’s 100-Yen shops to createsynergies.

 Operate 5 shops at the end of February2023.

 Operate 2 “Tokino:ne” shops, ahousehold items brand.
 The layout is divided into zones formorning, noon, evening, and night. It
offers a collection of products necessaryfor each time zone, allowing customers toenjoy shopping while imagining their own
routines.
 Started selling its products in 200 of our
100-Yen shops.
14

Contents
Financial
Overview

By Business

Operating Results for the Six Months of
P2 – P6
the Fiscal Year Ending August 2023

Situation of Each Business for the
Six Months of the Fiscal Year Ending
August 2023

Business Forecasts for the Fiscal
Business Plan Year Ending August 2023 andEfforts toward Each Business

Reference

About Watts Group

P8 – P14

P16 – P21

P23 – P30
15

Business Plan

Business Forecasts for FY8/23(Millions of yen)

Business
forecasts

FY8/23 (Forecast)
Ratio tosales

100.00%YoY

60,500-103.7％

Operating profit

920

1.5％

92.1％

Recurring profit

850

1.4％

74.0％

Sales

Progress rate to thefull-year forecasts
90.00%
80.00%
70.00%Net income attributable toowners of parent
Net income per share (yen)60.00%
530
39.04

0.9％

67.8％
-

 Although SG&A expenses were within theplan, operating profit and recurring profit
were below the plan due to the lower-thanexpected gross margin.
 On the other hand, net income attributableto owners of parent has exceeded the planat this moment, mainly due to the recordingof income taxes-deferred (gain).
 We remain unchanged our full-year
forecasts at this moment, but we will
disclose information promptly if we deem itnecessary to revise them in the future.

50.00%
40.00%
30.00%

55.2%

48.8%
29.6%

20.00%

31.9%

10.00%
0.00%

Sales

Operating profit Recurring profit

Net income
attributable toowners ofparent16

Business Plan

Growth vision with the trinity of our businessContinue to pursue
Structure to Sell
Better Products at
Lower Prices

Develop shops
collaborated with otherbusiness formats

 Low-cost opening and closing ofshops Low-cost operation
 Best value-for-money dailyuse household items
 Utilize POS system and promote
the introduction of automatedordering system Further improvement of the“Watts” and "Watts with" shop
opening model Create group synergies byleveraging other businessformats
 Consider M&A for further growth

100-Yen Shop business

Establish businessmodel for eachcountry Further growth of existing
businesses under COVID-19
environment
 Start joint businesses withoverseas partners
 Collaboration with otherindustries utilizing existing
management resources

Overseasbusiness

Otherbusinesses

Expand business andenlarge source of
earnings
 Fundamentally strengthen
the Group's e-commercechannels Capture new opportunities
including M&A

17

Business Plan

Initiatives for the 100-Yen Shop Business (1)Offer higher-priced
products

 Increase the number of higher-priced products (price ranges
other than 100 yen) to enhance the product lineups andrevitalize sales floors.
 Actively introduce to consignment-type shops, leading to an
improvement in gross margin for the entire group.
 Plan to reach 20.0% of sales composition ratio in FY8/23 with4,000 lineups.

Intra-group collaboration
 Trial collaboration with lifestyle products
business “Buona Vita” and a household items
shop “Tokino:ne” to create synergies among
Group businesses.

18

Business Plan

Initiatives for the 100-Yen Shop Business (2)Self-checkout POS register As of the end of February 2023, self-checkout POS registers forcashless payments are in operation in 88 directly managed shops.
Full function self-checkout machines that accept cash payments
are also being tested in some shops.
 Improve in-store productivity through more efficient purchaseprocess and labor saving; use spare resources to improvecustomer satisfaction.
 Reduce waiting time to minimize peak-time queue(Reduce opportunity losses)
 To prevent the spread of COVID-19 for both customers andemployees through contactless payment

Full use of POS data Reduce slow moving products and replace them with popular and new
products to increase the freshness of products of sales floors
 Based on sales analysis utilizing POS data, create store models that suit
the shop location and customer characteristics.
 Introduced an automatic ordering system to more than 450 shops, mainly
directly managed shops. Improve the accuracy of automatic ordering andintroduce it to former OFR shops.

19

Business Plan

Initiatives for the 100-Yen Shop Business (3)Online Shop

Social Media・Watts official YouTube channel

 The product lineup is more than 19,000
items, and customers can order from one unit.
 Launched pick-up services at some shops.

 Handling not only 100-Yen shop items but also
the group-wide brand items.

 Use as a tool to raise brand awareness20

Business Plan

Initiatives for Overseas and Other Businesses【Overseas Business】
 Increase Japanese products Increase customer numbers by strengthening promotions
 Cultivate new markets and further develop existing markets
 Conduct structural reform of Thai business and improve theperformance of Peru business【Buona Vita】
 Plan to open 4 new shops
 Same-store sales: 102.0% YoY
 Increase the number of shops introducing low-priced makeup
products【Real】
 Plan to open 1 new shop Same-store sales were 100.0％ YoY
 Establish a structure that creates operation synergies with 100-Yen
shops【Nippan】
 Send catalogues and direct mail brochures for each company
 Introduce a credit card payment system to the online shop
21

Contents
Financial
Overview

Operating Results for the Six Months of
the Fiscal Year Ending August 2023

P2 – P6

By Business

Situation of Each Business for the
Six Months of the Fiscal Year Ending
August 2023

P8 – P14

Business Forecasts for the Fiscal
Business Plan Year Ending August 2023 andEfforts toward Each Business

Reference

About Watts GroupP16 – P21

P23 – P30
22

Reference

Brands of Watts Group

Domestic 100-Yen shop business

Overseasbusiness

Other domestic
business

23

Reference

Overview of Other Businesses“Buona Vita,” a variety store
which proposes a
comfortable life.
Operate 15 shops as of theend of February 2023.

Tokino:ne, a household
items shop under the themeof “time”. Operates 2
shops.

Community-based small
discount shop.
Collaboration shop between
100-Yen shop and grocery.

Operate 5 shops as ofthe end of February
2023.

24

Reference

Company Profile

Establishment
Meaning of the Company’s nameFebruary 22, 1995 (Currently the 29th business term)
Derived from “Wa! tto ikou”(Japanese catch cry to “go forth energetically”)

Market listing

Tokyo Stock Exchange Prime Market(Securities code: 2735)

Capital stock

440 million yen

Head office

Main business

Number of employees
Number of shops

5F,Sumitomo OBP Plaza Building, 4-70,

Shiromi 1-chome, Chuo-ku, Osaka-shi, Osaka Prefecture

Wholesale and retail of daily-use and household items(Mainly operation of 100-Yen shops)
3,567 employees (as of February 28, 2023) *Part-time workers included
1,766 shops (as of February 28, 2023) *Other shops included
25

Reference

Corporate History
 2022 Transition to the Prime Market

2021
Acquired
Ontsu F RetailCo., Ltd.

 2011 Advanced to Hokkaido（Opened shops in 47 prefecture）

2014
Exceeded
1,000 shops

2009
Started overseas business
Advanced to Thailand
2007
 1997 Established distribution
Integrated
with
Ohthree Co., Ltd.
center in Shiga Prefecture
Exceeded 700 shops

 1995 Established in Chuo-ku,
Osama , as a successor of
Hisamatsu Co., Ltd.

1998
Exceeded 100 shops
for 4 years
after establishment

1995
Established2002¥10b in sales
Went OTC

FY8/22
Sales¥58.3bn

No. ofshops

1,728 shops

Consolidated sales
No. of Group shops at the end of period

26Reference

Sustainability/ESG Initiatives
Human Resources
Initiatives

Environmental Initiatives
 Calculation of GHG emissions as an indicator for [Diversity]

assessing climate-related risks.
FY8/21

FY8/22126t-CO2

136t-CO2

Scope 2 (location-based)

10,508t-CO2

10,312t-CO2

Scope 2 (market-based)

10,736t-CO2

10,540t-CO2

Scope１

 Promote the use of LED lighting in shops to reduce
electricity consumption. In FY8/22, switching to LED
lighting was completed in 37 shops (investment costs of 59
million yen).

Promote diversity by appointing
personnel based on their abilities
and aptitudes, regardless ofgender, nationality, etc. Female
managers accounted for 10%(FY8/22).

 [Work-Life Balance]
Encourage employees to take paid
holidays and childcare leave, andcreate a comfortable work
environment.

Governance Established the Sustainability Committee to address sustainability, including climate-related
issues. The Committee is chaired by the President, facilitating the decision-making and reporting
process to the Board of Directors, as well as the integration of climate-related issues into
management.
27

Reference

Shareholder Composition

Individual and others
Financial institutions

FY8/22
2Q

Other companies
Securities companies

Foreign companies and others
Treasury stock

24.60%

51.34%

3.78%

3.94%

14.01%
2.32%
4.53%

FY8/23
2Q

55.09%

24.68%

11.41%
1.98%

Total number ofshares issued
Number ofshareholders

FY8/21
Q2
13,958,800

FY8/22Q2
13,898,800

FY8/23
Q2
13,898,800

sharessharesshares

17,71017,572

18,897+1,32550.82%
24.58%

51.34%
24.60%

55.09%
24.68%+3.75P+0.08P

6.30%
15.77%
2.51%
3.58%

3.78%
14.01%
3.94%
2.32%

1.98%
11.41%
4.53%
2.28%△1.80P△2.60P+0.59P△0.04P Ownership of treasury

YoY-

Ownership ratio
Individuals and others
Other domestic
companies
Foreign companies
and others
Financial institutions
Securities companies
Treasury stock

2.28%

stock decreased by
0.04ppt. due to theallotment of treasury
stock to our directors as
restricted stock
remuneration.

 Individual shareholders
increased by 3.75ppt.
YoY.

(Note) The figures are rounded to the third decimal place and may not add up to 100% when adding the ratios of each section.

28

Reference

Dividend Policy

The Company’s policy is “to maintain a stable dividend payment,”
considering the return of profits to shareholders.
Net income per share
Dividend per share
ROE（Return on Equity）
DOE（Dividend on Equity）
Dividend payout ratio

38.4%
30.5%
26.0%

7.5％
1.9%

FY8/20FY8/21

FY8/22

FY8/23(forecasts)

Net income per share (Yen)￥57.80￥72.09￥57.83￥39.04

Dividend per share (Yen)￥15.00￥22.00￥15.00￥15.00

Dividend payout ratio

26.0％

30.5％

25.9％

38.4％

Dividend yield

1.6％

2.5％

2.1％

2.2％

ROE (Return on Equity)

7.5％

8.9％

6.7％

4.4％

DOE (Dividend on Equity)

1.9％

2.7％

1.7％

1.7％

25.9%

8.9％
6.7％
2.7％

4.4％

1.7%

1.7％

￥15.0020/8￥22.0021/8￥15.00￥15.0022/8

23/8（Forecast）*Dividend payout ratio for each fiscal year is calculated based on thestock price of accounting date.
*Payout ratio for FY8/23 is calculated based on the stock price on
February 28, 2023.)

29

Reference

Shareholder Benefit Program

Number of shares held

Outline of benefits

200 shares or more

Shareholder gift certificates available at our online shop:
worth 2,200 yen (tax included)

To meet the needs of shareholders who want to freely select the benefit, we present shareholder gift certificatesavailable at our online shop.

*The benefits outlined above are for FY8/22.
*This benefit is available for all products in our online shop.
*We will ship the products at our costs.
*The shareholder gift certificates are available only at our online shop, not at our physical shops
30

The data and future forecasts presented in this material are based on information that
was available at the time this material was released. Changes in circumstances canoccur due to a range of factors and the Company gives no guarantee regarding
achievement of objectives and forecasts, or future operating results. Information
contained herein may change without forewarning. When using this data and referencematerials, please verify and confirm details against information that you have obtainedby other methods and exercise your discretionary judgment. Watts Co., Ltd. will in noway be held liable for any loss resulting from the use of this material.

Please contact us if you have any inquiry regarding this material.
Inquiries:
Hidehito Mori
(Executive Managing Director, Head of Corporate Planning Office), Watts Co., Ltd.

e-mail： ir@watts-jp.com
TEL ： 06-4792-3280