Milbon Co., Ltd.

FY2022 Third Quarter (January 1, 2022 – September 30, 2022)
Financial Results Presentation Materials

November 11, 2022
© 2022 Milbon Co., Ltd.

0

Table of Contents
P3

Consolidated Operating Results

P4

Consolidated Sales by Product Category

P14

Consolidated Statement of Earnings

P15

Consolidated Trends in Capital Expenditures and R&D Expenses

P16

Trends in Fieldpersons (FPs), Market Related Data

P17

Consolidated Net Sales in Japan and Overseas

P18

Consolidated Operating Income in Japan and Overseas

P19

Outlook of Overseas Subsidiaries

P21

Appendix

NOTE: Figures by the brand are based on shipment value.
Milbon Co., Ltd. is hereinafter referred to as "the Group“.
Overseas subsidiary in each country is hereinafter referred to as "the Company“.

© 2022 Milbon Co., Ltd.

1NOTE :Addition of Sales Deduction Items
Previously, sales discounts for cash payment were treated as
financial expenses (non-operating expenses) from the viewpointof materiality. However, in light of recent interest rate conditions,such expenses will be treated in the same manner as rebates,
and from Fiscal Year 2022, they will be deducted from sales.
Figures of the previous fiscal year indicated as "Reference*" in thefollowing briefing materials, shown for the comparison with thecurrent fiscal year, are the amount after deducting the sales
discount from sales in FY2021, and are different from the actual
financial results.

© 2022 Milbon Co., Ltd.

2

Consolidated Operating Results (FY2022 9 months)
 In Japan, overall sales grew steadily amid the re-expansion of COVID-19 in July. The
continued popularity of multi-tonal hair coloring led to strong sales of hair coloringproducts as well as hair care products, especially Premium Brands. Overseas, the overallsales grew significantly due to strong sales in South Korea, the U.S., and other areas, aswell as the exchange rate benefits of a weaker yen, despite China being impacted by the
economic damage and the COVID-19-related restrictions.
 In addition to the rising costs of raw materials, the posting of expenses for the China
Factory and overseas R&D from the current fiscal year affected the operating margin.
(Unit: million yen)

FY2021
9 months
Reference*

FY20229 months% total% totalIncrease/
Decrease

Increase/
Decreaseratio (%)

Net sales

29,184 100.0

32,407 100.0

3,223

11.0

Gross profit

19,23665.9

21,357

65.9

2,120

11.0

SG&A expenses

14,01248.0

15,694

48.4

1,682

12.0

Operating income

5,223

17.9

5,662

17.5

438

8.4

Ordinary income

5,227

17.9

6,042

18.6

814

15.6

Profit attributable toowners of parent

3,725

12.8

4,310

13.3

585

15.7

* The figures for the previous year have been adjusted to deduct sales discounts from sales, which had been non-operating expenses.

© 2022 Milbon Co., Ltd.

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Consolidated Sales by Product Category [Hair Care Products (1)]Consolidated Net Sales (FY2022 9 months)
FY2021
9 months
Reference*1

16,772

FY20229 months(Unit: million yen)

Increase/
Decrease

18,415

Increase/
Decrease ratio (%)

1,643

9.8

•

Premium Brands grew by 13.4% YoY, due to the growing need for highly effective hair careboth in Japan and overseas in response to the popularity of hair coloring. Aujua struggledwith the new Climatic Care Series Exshield Line, launched in February. While there was anincrease in new touchpoints, activities for existing salons were somewhat sluggish. Global
Milbon continued to see significant growth both in Japan and overseas with strong sales ofPremium Position, including the newly launched Enhancing Vivacity.

•

The growing adoption by salons of the milbon:iD, the e-commerce platform for Premium
Brands products, is also supporting the growth of Premium Brands. As of the end of 3Q,
the number of salons registered for the milbon:iD is 4,566 (3,254 at the end of 2021) with
about 363,000 registered members (169,000 at the end of 2021), and steady expansion
with e-commerce sales of 730 million yen (+150.4% compared to the 3Q of 2021).

•

Professional Brands grew steadily by 5.6% YoY due to the growth of GRANDLINKAGE,
which is expanding overseas, and Elujuda, which has high brand recognition.

*1 The figures for the previous year have been adjusted to deduct sales discounts from sales, which had been non-operating expenses.
* Sales growth by brand is based on consolidated gross sales.

© 2022 Milbon Co., Ltd.

4

Consolidated Sales by Product Category [Hair Care Products (2)]New Products FY2022 9 months
Aujua Climatic Care Series Exshield LineA new line of Climatic Care Series that removes particle pollution*1
and prevents it from sticking to hair, leading to a lustrous look.
FY2022 target

307

FY20229 months(Unit: million yen)

Progress rate (%)

49

16.2

Debut on February 10, 2022

Global Milbon Premium Position Enhancing Vivacity
A new scalp care line of Premium Position that nurturesstrong and beautiful hair by approaching hair loss factors.
FY2022 target

170

FY20229 months(Unit: million yen)

Progress rate (%)

141

83.2

Debut on March 10, 2022

Global Milbon Reawaken Series

An anti-aging care series that improves dullness and dryness
by targeting hair concerns caused by age-related changes.
FY2022 target

231

FY20229 months

94(Unit: million yen)

Progress rate (%)

40.7*1 Air pollution, such as PM2.5 and pollen, which is difficult to remove even with shampoo.
* Sales figures for each brand are based on shipment value.

© 2022 Milbon Co., Ltd.

5

Debut on June 11, 2022

A Premium Brand, Aujua
New products struggled, while the number of touchpoints increased.
Number of Salons*1
FY2021*2

FY2022

5,200

5,830

(Unit: salons)

Increase/
Decrease

630

Consolidated Gross Sales (FY2022 9 months)

FY2021
9 months

FY20229 months

6,432

6,838

Increase/
Decrease ratio (%)

Increase/
Decrease

12.1(Unit: million yen)
Increase/
Decrease ratio (%)

406

6.3

Brand Concept

Product Range

A premium hair care brand born inconsideration of Japan’s social climate,culture, and characteristics of the hairof the Japanese people.

Aujua supports diverse perspectives on
beauty, now and into the future, byaddressing each individuals' hair and skinconcerns and offering the mostappropriate item for that time.

What is Aujua?
A wide range of product lineups offering
personalized treatment for eachindividual’s needs and hair type.

・5 series / 16 lines / 100 items
Eternal stage series
Aging care series
Hair care series

Trends in sales & number of salons(Number of salons)
6,000(Million yen)
12,00011,00010,000
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0

5,000
4,000
3,000
2,000
1,000
0
Sales

Scalp care series

Number of salons＊ Figures in the graph are based on non-consolidated total sales
through 2018 and on consolidated total sales since 2019.

Climatic care series*1 Calculated based on the past year's shipment results for both Japan and overseas.

*2 In the previous document, the number of the touchpoints at the end of FY2021 was listed as 4,946, but this has been corrected due to an error in the counting method.
* Sales figures are based on shipment value.

© 2022 Milbon Co., Ltd.

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A Premium Brand, Global Milbon
Premium Position Enhancing Vivacity, the new line of scalp care, performed well.
Number of Salons*1
FY2021

FY2022

14,575

16,638(Unit: salons)

Increase/
Decrease

Increase/
Decrease ratio (%)

2,063

14.2

Consolidated Gross Sales (FY2022 9 months) (Unit: million yen)

FY2021
9 months

FY20229 months

2,778

3,627

Increase/
Decrease

Increase/
Decrease ratio (%)

848

30.5

Brand Concept

What is “Global Milbon”?

A system hair care brand thatcultivates the “unique beauty” ofeach individual, achieving “360
Degree Beautiful Hair.”Based on the hair research technology wehave cultivated since our founding, weanalyzed diverse hair characteristics from
20 countries. Our analysis broke down thefactors for common hair damage
phenomena derived from our research,leading to the establishment of a new haircare system. This line contains ingredientsthat penetrates the shaft with its highaffinity to repair hair’s inner porosity andto improve hair’s overall integrity, from theinside out.

Countries with Salons
The brand is available in the following
countries and regions:Japan, USA, Hong Kong, China, Thailand,
Taiwan, Turkey, Malaysia, Vietnam,
Indonesia, the Philippines, Singapore,
Germany, Korea, Canada*1 Calculated based on the past year's shipment results for both Japan and overseas.
* Sales figures are based on shipment value.

© 2022 Milbon Co., Ltd.

7

Trends in sales & number of salons(Million yen)
6,000

(Number of salons)
20,00018,0005,000

16,00014,0004,000

12,0003,000

10,000
8,000

2,000

6,000
4,000

1,000

2,000

0

0
2016

2017

2018

Sales

2019

2020

2021

Number of salons

2022
Targets＊ Figures in the graph are based on non-consolidated total sales
through 2018 and on consolidated total sales since 2019.

Consolidated Sales by Product Category [Hair Coloring Products (1)]Consolidated Net Sales (FY2022 9 months)
FY2021
9 months
Reference*1

10,757

FY20229 months(Unit: million yen)

Increase/
Decrease

12,333

Increase/
Decrease ratio (%)

1,576

14.7

•

In Japan, multi-tonal hair coloring using bleach continued to be popular. Salesof hair coloring products in Japan were up 11.9% YoY, due to the growth of ourmainstay product Ordeve Addicthy, and the contribution of ENOG, the new
product with a wide variety of color expressions.

•

As for overseas, sales of hair coloring products were up 22.9% thanks to therobust sales in Korea, where hair coloring products are the mainstay.

•

In the U.S., steady progress is being made in creating touchpoints for
SOPHISTONE, a hair color brand for European and North American market.

*1 The figures for the previous year have been adjusted to deduct sales discounts from sales, which had been non-operating expenses.
*2 Ordeve, Ordeve Addicthy, and ENOG
* Sales growth by brand is based on consolidated gross sales.

© 2022 Milbon Co., Ltd.

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Consolidated Sales by Product Category [Hair Coloring Products (2)]Core Product
FY2022 9 months
Ordeve Addicthy

Erases red-tinged brown with high saturation blue.
With clear and transparent color expression, it lets customers freely realize
individual hair color designs.
(Unit: million yen)

FY2021
9 months

FY20229 months

4,496

5,246

Increase/
Decrease

Increase/
Decrease ratio (%)

750

16.7

Debut in FY2017

New Products
FY2022 9 months
ENOG

A hair color brand that allows you to create unique hair colors
with flexible color expressions as inspired by the concept of
paints (Enogu in Japanese).
FY2022 target

500

FY20229 months

416(Unit: million yen)

Progress rate (%)

83.4* Sales figures for each brand are based on shipment value.

© 2022 Milbon Co., Ltd.

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Debut on June 11, 2022

A Premium Organic Brand, Villa Lodola (1)The number of touchpoints increased and the sales grew, especially of hair coloring products.
Number of Salons(Unit: salons)

FY2021

FY2022

11,317

12,153

Increase/
Decrease

Increase/
Decrease ratio (%)

836

7.4

Consolidated Gross Sales (FY2022 9 months) (Unit: million yen)

FY2021
9 months

FY20229 months

877

964

Increase/
Decrease

Increase/
Decrease ratio (%)

86

9.9

Brand Concept
Organic brand that proposes lifestyles that fulfill the beauty of people andthe environment

What is Villa Lodola?
Based on the philosophy of "Beauty, the Organic Way“, the brand is fullycommitted to the natural environment not only in its products, but also in
its manufacturing process, packaging, and promotional tools.
All products are certified by ICEA, an Italian organic certification
organization. Organic hair care born in Italy, where nature's blessings bring
beauty to hair and skin.

Trends in sales & number of salons(Million yen)
1,400

(Number of salons)
14,0001,200

12,0001,000

10,000

800

8,000

600

6,000

400

4,000

200

2,000

0

0

Sales

Number of salons＊ Figures in the graph are based on non-consolidated total sales
through 2018 and on consolidated total sales since 2019.

* Sales figures are based on shipment value.

© 2022 Milbon Co., Ltd.

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Consolidated Sales by Product Category [Hair Coloring Products (2)]Core Product
FY2022 9 months
Villa Lodola ColorWith 92% naturally derived ingredients, the product’s formulation utilizes the powerof plants. It enables consumers to experience the comfort of an organic productacross all aspects of hair care, from application, to finish, and continued use.
FY2021
9 months

FY20229 months

668

Increase/
Decrease

737(Unit: million yen)
Increase/
Decrease ratio (%)

69

10.4

Debut in FY2015

New Products
FY2022 9 months
Villa Lodola Color PALETTE

From beautiful texture and shine to vibrant tone, the new shades of Villa Lodola
Color deliver values that are unique to 92% naturally derived ingredients.
FY2022 target

150

FY20229 months

67( Unit: million yen)
Progress rate (%)

45.2* Sales figures for each brand are based on shipment value.

© 2022 Milbon Co., Ltd.

11

Debut on February 10, 2022

Consolidated Sales by Product Category [Cosmetic Products (1)]Consolidated Net Sales (FY2022 9 months)
FY2021
9 months
Reference*1

FY20229 months

416(Unit: million yen)

Increase/
Decrease

391

Increase/
Decrease ratio (%)

(25)

(6.0)

• Sales declined YoY due to the continued impact of COVID-19, including limited referral
activities through in-store touch-ups in salons, sluggish growth of new products, andpromotion struggles.
• In September, the existing starter kits were reviewed and new ones with easy-to-introduce
contents and prices were added. This led to an increase in new touchpoints, and sales
increased YoY during the July-September period.

New Products
FY2022 9 months

iMPREA Tone UP CC Cushion Foundation

A cushion foundation infused with serum formula creates a veil that
controls the reflection of light to give the skin a translucent appearance.
FY2022 target

50

FY20229 months

28(Unit: million yen)

Progress rate (%)

57.1

Debut on March 10, 2022

*1 The figures for the previous year have been adjusted to deduct sales discounts from sales, which had been non-operating expenses.
* Sales figures for each brand are based on shipment value.

© 2022 Milbon Co., Ltd.

12

•
•

A Premium Brand, iMPREAThe number of touchpoints is expected to increase due to the launch of additional
starter kits.
Number of Salons*1
FY2021(Unit: salons)

FY2022

1,104

1,314

Increase/
Decrease

Increase/
Decrease ratio (%)

210

19.0

Consolidated Gross Sales (FY2022 9 months) (Unit: million yen)

FY2021
9 months
Reference*2

FY20229 months

416

391

Increase/
Decrease

Increase/
Decrease ratio (%)

(25)

(6.0)

Brand Concept

What is iMPREA?

The brand concept of iMPREA is “Revolutionize Your Aurawith your Professional Stylist”. We will provide new beauty
value by leveraging Professional Stylists’ ability to provide
solutions, by utilizing their strengths.

iMPREA is a salon exclusive brand created through joint research by KOSÉ,
which specializes in skin research, and Milbon, which specializes in hair research.
We will improve the complexion by establishing a good balance of moisture in
the "corner-layer keratin" on the surface of the skin, which holds the key tocomplexion.

“Revolutionize Your Aura with your Professional Stylist”
This is a communication method that takes advantage of the unique strengths of hair salons, in which the hair stylist crafts your aura byapproaching a total impression of both the hair and face.
We deliver an aura change that is unique to you.
*1 Calculated based on the past year's shipment results.
*2 The figures for the previous year have been adjusted to deduct sales discounts from sales, which had been non-operating expenses.
* Sales figures are based on shipment value.

© 2022 Milbon Co., Ltd.

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Consolidated Statement of Earnings<Consolidated Statement of Earnings> (Unit: million yen)
FY2021
9 months
Reference*

Sales
Cost of sales
Gross profit

% to
sales

FY20229 months

% to
sales

29,184 100.0 32,407 100.0
9,947
19,23634.1 11,050
65.9 21,357

34.1

14,01248.0 15,694

48.4

Operatingincome

5,223

17.9

5,662

17.5

Ordinary
income

5,227

17.9

6,042

18.6

3,725

12.8

4,310

(Unit: million yen)

FY2021
9 months
Reference*

FY20229 months% to sales

Increase/
Decrease

Increase/
Decreaseratio (%)

Hair care products

16,772

18,415

56.8

1,643

9.8

Hair coloringproducts

10,757

12,333

38.1

1,576

14.7

Permanent wave
products

1,057

1,096

3.4

38

3.6

Cosmetic products

416

391

1.2

(25)

(6.0)

Others

178

169

0.5

(9)

(5.1)

65.9 <Major Factors for the Increase/Decrease>

SG&A
expensesProfitattributableto owners ofparent<Breakdown of Net Sales by Product Category>

13.3

•

Gross profit ratio was on par with that of theprevious year, as the higher-than-expected
increase in raw material costs was offset by theeffects of weaker yen and increased production,
etc.

•

SG&A expenses increased due to personnel and
R&D expenses, etc. The SG&A expenses ratio rosedue to expenses for the China Factory andoverseas R&D incurred from this fiscal year.

•

Ordinary income margin increased significantly due
to foreign exchange gains from weaker yen.

* The figures for the previous year have been adjusted to deduct sales discounts from sales, which had been non-operating expenses.

© 2022 Milbon Co., Ltd.

14

Consolidated Trends in Capital Expenditures and R&D Expenses(Unit: million yen)

FY2018FY2019FY2020

FY2021

FY2022Jan.- Sep.

FY2022
Plan

Capitalexpenditures

1,149

1,605

1,917

4,644

2,858

5,080

Depreciation andamortization

1,370

1,453

1,562

1,777

1,512

2,296

Amount

1,479

1,534

1,581

1,741

1,488

2,080*% to sales

4.2

4.2

4.4

4.2

4.6

4.7*

Category

R&D exp.

FY2022 CAPEX Main Items (Plan)
Sales Offices,
Studios

Production system

・Establishment and maintenance ofbusiness locations(Relocation of Kobe Sales Office,etc.)・Training Center (Land)・Digital Arena・education: iD・milbon: iD・Yumegaoka Plant (Machinery andequipment circulation equipment
investment, implementation)
・Thai Plant machinery and equipment

Training

Digital・DX in field activities
・Smart Salon（Digital marketing, etc.）
Others・Internal infrastructure, researchequipment, etc.

* In the financial results presentation released on February 10, 2022, the R&D expense target for 2022 was set at 1,874 million
yen (4.3% of sales). However, the Group has revised the allocation of overseas R&D expenses, which had been recorded as otheritems, to R&D expenses.

© 2022 Milbon Co., Ltd.

15

Trends in Fieldpersons (FPs), Market Related Data
Fieldpersons Trends (by Country) (Number of FPs / Average number during the period)
2021
JAPAN
USA

328.2

335.3

102

-

13.2

12.8

68

-

29.8

31.5

72

-

26.0

32.0

130

-

36.0

36.3

41

-

MILBON USA, INC.
CHINA
Milbon Trading(Shanghai) Co., Ltd.

KOREA
Milbon Korea Co., Ltd.

Others *1

2022

The number of the Fieldpersons counted
is the average number during the period,
not as of January 1, after changing thestandard from FY2022 3Q. (The figuresfor 2021 were recalculated based on the
new standard.)
Upper column: Number of FPs (persons)Lower column: Sales per FP (million yen)
(As of September 30, 2022)
27 FPs joined in April 2022, and are currently
in OJT on site.
10 FPs are scheduled to join in October 2022.
(The above 37 FPs are not included in the left
chart.)

Market Related Data (Japan)
FY2016
Number of businessestablishments(households)

172,304

Number of workers

443,241

Number of beauty
customers(thousand people)

37,023

Remarks
Bureau economy census of ministry
statistics of public management
Statistics Bureau, Ministry of Internal
Affairs and Communications:
Population statistics as of October 1st ofeach year Population statistics forfemales aged 15 to 64* The data in the Report on Public Health Administrationand Services by the Ministry of Health, Labour andWelfare, which was previously used for the number ofsalons and hairstylists in the "Market Trends", has been
deemed to have a large difference from the actual
situation. Accordingly, the number of establishments
and employees are shown based on data from the
Economic Census conducted by the Statistics Bureau of
the Ministry of Internal Affairs and Communications
starting from FY2020 Q2. Please note that the numberof employees includes those who are not licensed
beauticians.

*1 Thailand, Vietnam, Malaysia, Taiwan, Hong Kong, Turkey, Indonesia, the Philippines, Singapore, Germany and others© 2022 Milbon Co., Ltd.

16

Consolidated Net Sales in Japan and Overseas
FY2022 9 months(Unit: million yen)

FY2021
9 months Reference*1

FY20229 months

Increase/
Decrease

Increase/
Decrease
ratio

Changes in local
currency base*2

(%)

(%)

Net sales% to sales

Net sales% to sales

Consolidated net
sales

29,184100.0

32,407

100.0

3,223

11.0

9.0

JAPAN

23,38880.1

25,062

77.3

1,673

7.2

7.2

Overseas

5,795

19.9

7,345

22.7

1,550

26.7

16.3

USA

662

2.3

882

2.7

219

33.2

12.4

CHINA

1,658

5.7

1,649

5.1

(9)

(0.6)

(13.8)

KOREA

2,497

8.6

3,150

9.7

652

26.1

20.0

Other*3

976

3.3

1,662

5.1

686

70.3

60.8

[Reference] Exchange rate

(Unit: yen)

FY2021 9 months FY2022 9 months

USA（USD）
CHINA（CNY）
KOREA（KRW）

108.5916.86
0.0962

128.6719.44
0.1011*1 The figures for the previous year have been adjusted to deduct sales discounts from sales, which had been non-operating expenses.
*2 Figures are the rates of change in real terms on a local currency basis.
*3 Thailand, Vietnam, Malaysia, Taiwan, Hong Kong, Turkey, Indonesia, the Philippines, Singapore, Germany and others© 2022 Milbon Co., Ltd.

17

Consolidated Operating Income in Japan and Overseas
FY2022 9 months(Unit: million yen)

FY2021
9 months Reference*1
OperatingincomeOperatingincome ratio(%)

FY20229 months
OperatingincomeOperatingincome ratio(%)

Increase/
Decrease

Increase/
Decrease ratio(%)

Consolidated
operating income

5,223

17.9

5,662

17.5

438

8.4

JAPAN

4,405

18.8

4,587

18.3

181

4.1

Overseas

817

14.1

1,074

14.6

256

31.4

USA

(392)

(59.3)(193)(21.9)

199

-

CHINA

381

23.0

(1)

(0.1)

(383)

-

KOREA

887

35.5

1,092

34.7

204

23.1

Other*2

(58)

(6.0)

176

10.6

235

-

*1 The figures for the previous year have been adjusted to deduct sales discounts from sales, which had been non-operating expenses.
*2 Thailand, Vietnam, Malaysia, Taiwan, Hong Kong, Turkey, Indonesia, the Philippines, Singapore, Germany and others© 2022 Milbon Co., Ltd.

18

Outlook of Overseas Subsidiaries (1)USA (Milbon USA)•

Although some sales in the 3Q were delayed to the 4Q, overall sales remained steady andgrew by 12.5% YoY.

•

Sales of Global Milbon remained strong. The Company rolled out Global Milbon Premium
Position exclusively focusing on high-end salons in September. The number of touchpoints
was 42, a better-than-expected start, thanks to SNS marketing emphasizing luxury branding
and launch events for distributors.

CHINA (Milbon China)•

The economic stagnation is affecting consumption habits as the zero-COVID policy continues toimpose severe activity restrictions in a wide range of areas. High-priced salon customers havealso begun to visit salons less frequently, and other trends have resulted in a 13.8% decline YoY
in sales, and the Company continues to face difficult conditions.

•Global Milbon Premium Position, launched in July, has been well received for its product appeal.
The Company intends to expand touchpoints by revising the terms of product introduction.

•

China Factory started production of some hair care products. The locally manufactured Elujuda
has been well received, and there are high expectations for future production at the China Factory.

Figures in the text are based on local currency.

© 2022 Milbon Co., Ltd.

19

Outlook of Overseas Subsidiaries (2)KOREA (Milbon Korea)•

In addition to the sustained sales growth of mainstay hair coloring products, hair careproducts sales remained robust, with net sales growing by 20.0% YoY.

•

In the hair coloring section, Ordeve Addicthy continues to meet the market need for haircoloring using bleach and is highly supported by young hair stylists.

•

Customers seeking damage care have increased along with the rise in demand for hair color.
The number of touchpoints for Aujua and Global Milbon has been expanding due to theirhighly effective results.

•

The Korean version of the e-commerce platform was launched in August. Salons that havesympathized with a sustainable salon business model in South Korea, where the birthrate is
declining and the population is aging, are beginning to register.

* Figures in the text are based on local currency.

© 2022 Milbon Co., Ltd.

20

<Appendix> Hair Care Brand Positioning Map
Premium

BrandsProfessional© 2022 Milbon Co., Ltd.

21

BrandsWith respect to the business forecasts included in this document, any
statement that is not historical fact is a forward-looking statement based on
information available and certain premises that are judged to be rational at
the time of the announcement. Please be aware that actual results may
differ from any forward-looking statements due to risks, uncertainties, and anumber of other factors.
© 2022 Milbon Co., Ltd.

22