Consolidated Financial Statements for Second Quarter Ended June 20, 2011
(Japanese standard)
June 28, 2011
(First Section of the Tokyo Stock Exchange)
URL http://www.milbon.co.jp

Name of registrant: Milbon Co., Ltd.
Code Number: 4919
Representative: Ryuji Sato, President
Officer in Charge of contact: Masahiro Murai, Executive Director
Scheduled filing date for quarterly report: July 29, 2011
Scheduled date for commencement of dividend payments: August 5, 2011
Preparation of supplementary materials on the quarterly results: Yes
Holding of an explanatory meeting on the quarterly results: Yes (for analysts)(TEL) 06 (6928) 2331

(Amounts of less than one million yen are rounded off.)

1. Consolidated financial results for second quarter ended June 20, 2011 (December 21, 2010 – June 20, 2011)(1) Consolidated Operating Results (Accumulative)
Sales(Percentages show year on year changes)
Ordinary income
Quarterly net income

Operating income

million yen%

million yen%

million yen%

million yen%

Second quarter ended December 20,
2011

9,786

3.8

1,747

1.3

1,622

0.2

901

-3.9

Second quarter ended December 20,
2010

9,430

0.4

1,725

2.0

1,619

-0.5

938

2.8

Quarterly net income
per share

Quarterly diluted
earnings per share

yen

yen

Second quarter ended December 20,
2011

65.43

-

Second quarter ended December 20,
2010

74.85

-

(2) Consolidated Financial Conditions
Total Assets

2.

Ratio of equity tototal assets

Net asset per share

million yen

million yen%

yen

21,85018,16383.1

1,317.95

20,843

17,69984.9

1,412.25

Second quarter ended December 20,
2011
Year ended December 20, 2010
(Reference) Equity capital

Net assets

Second quarter of the term ended December 20, 2011 18,163 million yen; Term ended December 20, 2010 17,699 million yen

Payment of Dividends

Year ended December 20, 2010
Year ended December 20, 2011
Year ended December 20, 2011
(forecast)End of 1st quarteryen-

End of 2nd quarter
yen
27.00
30.00

Annual dividend
End of 3rd quarter
yen
-

-

End of fiscal year
yen
33.00

30.00

Annual
yen
60.00

60.00

Note: Changes to dividend forecasts in the current quarter: None
Breakdown of the term-end divided for the term ended December 2010 Normal dividend 28.00 yen Commemorative dividend 5.00 yen

3.

Financial Results Forecast for the Year Ending December 20, 2011 (December 21, 2010 – December 20, 2011)
Sales
Full year

million yen
20,500Operating income%
3.8

million yen
3,780

Note: Corrections of the results forecast during the quarter under review: None%
5.6(% indicates rate of change in comparison to previous term)
Net income
Ordinary income
Net income
per share
million yen% million yen
%
yen
3,510
5.5
2,060
12.5
149.43

4. Others (For details, please refer to “2. Other information”, p.4 of the Supplementary Materials.)(1) Transfer of significant subsidiaries during the quarter: None
New: 0 companies (Company name:); Excluded : 0 companies (Company name:)Note: This means whether or not there were any transfers of specific subsidiaries involving changes in the scope of consolidation
during the current quarterly accounting period.

(2) Application of simplified accounting methods and specific accounting methods: Yes
Note: This means whether or not simplified accounting methods or accounting methods specific to the preparation of quarterly
consolidated financial statements were applied.

(3) Changes in accounting policies, procedures and methods, etc.
1) Changes associated with amendments to the accounting standards, etc.: Yes
2) Changes other than those in 1) above;
None
Note: This means whether or not there were any changes in accounting policies, procedures and methods, etc., related to the preparationof the quarterly consolidated financial statements that were described in “Summary of Significant Accounting Policies for the
Preparation of Quarterly Consolidated Financial Statements”.

(4) Number of shares outstanding (common shares)
2nd quarter ended
1) Number of shares outstanding
December 20,
at term-end (including
2011
treasury stock)
2nd quarter ended
2) Number of treasury shares at
December 20,
term end
3)

Average number of sharesthrough accounting period(quarterly consolidated
accumulative period)

2011
2nd quarter ended
December 20,
2011

13,798,848 shares

17,246 shares

13,782,660 sharesYear ended
December 20,
2010
Year ended
December 20,
2010
2nd quarter ended
December 20,
2011

12,544,408 shares

11,594 shares

12,532,828 shares* Display of the state of implementation of quarterly review procedures- This quarterly financial statement is not subject to the quarterly review procedures based on the Financial Instruments andExchange Act and the company has not conducted quarterly financial statement review procedures based on the Financial
Instruments and Exchange Act.
* Explanation of the proper use of earnings forecasts and other special notes.
- Statements concerning the future such as the earnings forecasts given in this document are based on information currently
in the possession of the Company and on assumptions that the Company considers reasonable. For precautions on theassumptions underlying the earnings forecasts and use of the earnings forecasts, please see “1. Qualitative information on
the consolidated results for the current quarter, etc. (3) Qualitative information on the consolidated earnings forecast” onpage 3 of the “Consolidated Financial Statements for the Second Quarter of the Fiscal Term Ended March 20, 2012 –Supplementary Materials.”- The Company carried out a share split at a ratio of 1.1 shares for each ordinary share on December 21, 2010.

Milbon Co., Ltd. (4919) Consolidated Financial Statements for the Second Quarter Ended December 20, 2011 Contents of the supplementary materials
1.

Qualitative information on the consolidated results for the current quarter, etc. .................................... 2(1) Qualitative information on consolidated operating results .................................................................. 2(2) Qualitative information on consolidated financial conditions ............................................................. 3(3) Qualitative information on consolidated earnings forecast .................................................................. 3
2.

Other information ................................................................................................................................... 4(1) Overview of transfers of significant subsidiaries ................................................................................. 4(2) Overview of simplified accounting methods and specific accounting methods .................................. 4(3) Overview of changes in accounting policies, procedures and methods, etc. ....................................... 4
3.

Quarterly Financial Statements ............................................................................................................... 5(1) First Quarter Balance Sheet ................................................................................................................. 5(2) Second Quarter Consolidated Statement of Earnings .......................................................................... 7[2nd quarter consolidated fiscal period]............................................................................................... 7[2nd quarter consolidated fiscal period]............................................................................................... 8(3) Quarterly Consolidated Statement of Cash Flows ............................................................................... 9(4) Notes concerning the assumption of the business as a going concern ............................................... 10(5) Segment information.......................................................................................................................... 10(6) Notes in cases of extreme variation in the amount of shareholders’ equity ....................................... 10-1-

Milbon Co., Ltd. (4919) Consolidated Financial Statements for the Second Quarter Ended December 20, 2011

1.

Qualitative information on the consolidated results for the current quarter, etc.
(1) Qualitative information on consolidated operating results
During the consolidated second quarter under review, the Japanese economy emerged from the temporary
correction phase of the period from autumn last year onwards and again showed signs of recovery, including
visible signs of a recovery in exports against the backdrop of the recovery of overseas economies such as
America and China and increased demand in emerging markets. However, the Great East Japan Earthquake that
occurred on March 11 inflicted enormous damage on the Japanese economy, leading to concerns over the impact
on business conditions from now on.
It is estimated that the difficult environment continued in the beauty industry too because of factors such as thedecreases in the number of customers due to the extension of the cycle of customer visits, which still shows no signsof recovery, the rolling blackouts due to the impact of the earthquake, and the stagnation of consumer confidence.
In these conditions, the company group supported the beauty technology of hair designers and made efforts inproposal activities for hair care products centered on salon treatments and salon colors unique to beauty
professionals as practical items that will increase the quality of salon menus because of the comfortable feelingsensation when running the fingers through the hair and the beauty of hair texture, etc.
In regard to the situations of the company’s overseas subsidiaries, Japan’s unique salon treatment products
started to show signs of new expansion in the North American market, where they have created an entirely new
category. In the Chinese market, differentiation from other manufacturers is advancing due to the deployment ofsales activities focused on regional top salons that have acquired wealthy customers. Furthermore, in regard to
the South Korean market too, inquiries from regionally large and influential salons are increasing rapidly due tothe promotion of positive educational support activities.
Although the company was in a difficult environment, cumulative consolidated sales during the second quarter underreview increased 355 million yen to 9,786 million yen (an increase of 3.8% in comparison to the same period last year).
Operating income finished at 1,747 million yen (an increase of 1.3% in comparison to the same period lastyear) and ordinary income at 1,622 million yen (an increase of 0.2% in comparison to the same period last year).
In addition, quarterly net income finished at 901 million yen (a decrease of 3.9% in comparison to the same
period last year) due to the posting of a loss on revaluation of investments in securities and a loss on asset
retirement obligations, etc., under extraordinary losses.
Breakdown of sales by product category is shown as follows:[Breakdown of consolidated sales by product category]
Product Category
Hair care products
Hair coloring products
Permanent wave
products
Others
Total

Previous 2nd quarter cumulative
consolidated fiscal period
Amount (million yen)
Ratio (%)
4,826
51.2
3,465
36.7
1,005
10.7
133
9,430

2nd quarter cumulative consolidated
fiscal period under review
Amount (million yen)
Ratio (%)
4,983
50.9
3,755
38.4
924
9.4

1.4
100.0

122
9,786

1.3
100.0

Increase/ (decrease)
Amount (million yen)
157
290
- 80
- 10
355

(Hair care products)
In an environment where competition among hair care products for the public market and the pro-use market of
specialist products for beauty salons continues to be severe, the industry overall is estimated to have grown slightly
on account of positive efforts towards hair care, centered on salon treatment products that repair hair damage.
In such circumstances, the Milbon Group saw sales in the hair care product sector exceed those for the same
period last year due to the good progress of the creation of markets for DEESSE’S NEU DUE, which waslaunched in February, and DEESSE’S LINKAGE-µ (mu) and sales of FIERLI, a hair care product launched in
April for unruly hair that alleviates strong waves and softens the hair, giving a light feeling when running thefingers through the hair.
(Hair coloring products)
Because of the increasing desires of consumers to maintain their current standards of living and lessen
expenses, the competition with home color products that allow users to dye their hair casually at home has
intensified further and the size of the industry overall is estimated to have decreased slightly.
In such circumstances, the Milbon Group saw sales in the hair color segment exceed sales for the same period
last year because sales of fashion color products performed well due to seasonal color (fashionable colors
matched to the seasons) promotional activities for customers based on additional colors for ORDEVE that thecompany launched in March being able to win high praise in the market, and also because grey coloring products
continued to perform well too.

-2-

Milbon Co., Ltd. (4919) Consolidated Financial Statements for the Second Quarter Ended December 20, 2011

(Permanent wave products)
It is estimated that the industry overall contracted slightly due to decreases in perm style needs and straightperm menus associated with changes in trends.
In such circumstances, the Milbon Group made efforts in promotional activities for straight perm products
coupled with the sales activities for FIERLI, the hair care products for unruly hair launched in April, but it was
not possible to stem the decline of straight perm sales overall and sales in the permanent wave product segment
finished lower than the same period last year.
(Others)
There are no particular items to present.
(2) Qualitative information on consolidated financial conditions
1) Assets, liabilities and net assets
Total assets at the end of the 2nd quarter consolidated fiscal period increased by 1,006 million yen to 21,850
million yen compared to the end of the previous consolidated fiscal year.
Current assets increased 1,280 million yen to 9,315 million yen compared to the end of the previous
consolidated fiscal year. Major variable factors were an increase of 1,118 million yen in cash and deposits, and anincrease of 119 million yen in goods and products.
Fixed assets decreased by 273 million yen to 12,534 million yen compared to the end of the previous
consolidated fiscal year. Major variable factors were a decrease of 218 million yen in tangible fixed assets inassociation with the posting of depreciation expenses, etc., and a decrease of 108 million yen in investment
securities in association with decreases in the market values of listed shares.
Current liabilities increased 541 million yen to 3,266 million yen compared to the end of the previous
consolidated fiscal year. Major variable factors were increases of 119 million yen in accounts payable, 256
million yen in accrued expenses payable and 83 million yen in corporate taxes payable.
There was no great variation in mixed liabilities compared to the end of the previous consolidated fiscal year.
Net assets increased 464 million yen to 18,163 million yen compared to the end of the previous consolidated
fiscal year. The major variable factor was an increase of 487 million yen in retained earnings.
As a result, the company’s equity ratio changed from 84.9% at the end of the previous consolidated fiscal year
to 83.1%. Net assets per share based on total outstanding shares as of the end of the accounting period decreased
from 1,412.25 yen per share at the end of the previous consolidated fiscal year to 1,317.95 yen per share.
2) Cash flows
Cash and cash equivalents (hereinafter referred to as “funds”) at the end of the 2nd quarter consolidated fiscal
period increased 1,118 million yen compared to the end of the previous consolidated fiscal year as a result of theuse of funds acquired through operating activities in the payment of corporate taxes and the payment ofdividends, etc. The balance of funds at the end of the 2nd quarter consolidated fiscal period was 3,789 million
yen.
Cash flows during the 2nd quarter cumulative consolidated fiscal period under review, and the factors related
to them were as follows.
(Cash Flows from Operating Activities)
Funds obtained as a result of operating activities were 1,785 million yen. This was mainly the result of 1,525
million yen recorded in income before income taxes and minority interests, depreciation costs of 483 million yen
and the payment of corporate and other taxes of 618 million yen.
(Cash Flows from Investing Activities)
Funds used for investing activities were 249 million yen. The funds were mainly used for expenditures of 185
million yen due to the acquisition of tangible fixed assets and expenditures of 90 million yen due to theacquisition of intangible fixed assets.
(Cash Flows from Financing Activities)
Funds used as a result of financing activities were 422 million yen. This was mainly the result of dividend
payments for shareholders of 412 million yen.
(3) Qualitative information on consolidated earnings forecast
There were concerns that the environment surrounding the Milbon Group would become markedly more
severe due to the shortage of electricity and the further decline of consumer confidence due to the impact of theGreat East Japan Earthquake, but sales of hair care products, the Group’s core products, and hair coloring agents
performed steadily so there are no changes to the earnings forecast for the full term.

-3-

Milbon Co., Ltd. (4919) Consolidated Financial Statements for the Second Quarter Ended December 20, 2011

2.

Other information(1) Overview of transfers of significant subsidiaries
None(2) Overview of simplified accounting methods and specific accounting methods
1) Simplified accounting methods(Valuation methods for inventories)
The calculation of inventories at the end of the 2nd quarter consolidated fiscal period is based on the method of
omitting a physical inspection and using a rational method of calculation based upon the physically inspectedamounts for the end of the previous consolidated fiscal year.
(Calculation methods for depreciation expenses for fixed assets)
Fixed assets using a fixed percentage depreciation method are calculated by dividing the amount ofdepreciation expenses for the consolidated fiscal year proportionally between the respective accounting periods.
2) Accounting methods specific to the preparation of quarterly financial statements
None(3) Overview of changes in accounting policies, procedures and methods, etc.
Application of the “Accounting Standard for Asset Retirement Obligations”
The company is applying the “Accounting Standard for Asset Retirement Obligations” (ASBJ Statement
No.18; March 31, 2008) and the “Guidance on Accounting Standard for Asset Retirement Obligations” (ASBJ
Guidance No.21; March 31, 2008) from the 1st quarter consolidated fiscal period under review.
By doing so, income before income taxes and minority interests has decreased by 30 million yen.

-4-

Milbon Co., Ltd. (4919) Consolidated Financial Statements for the Second Quarter Ended December 20, 2011

3.

Quarterly Financial Statements(1) First Quarter Balance Sheet(Unit: thousand yen)

End of the 2nd quarter
consolidated fiscal period
under review(as of June 20, 2011)

Condensed consolidatedbalance sheet for previous
consolidated fiscal year
(as of December 20, 2010)

AssetsCurrent assets
Cash and bank deposits
Trade notes and accounts receivable
Goods and products
Work in progress
Raw materials and inventory goods
OthersAllowance for doubtful accounts
Total current assets

3,791,641
2,817,741
1,758,090
16,115607,386
334,655-9,7839,315,847

2,673,044
2,857,374
1,638,450
20,370563,184
293,220-9,9638,035,681

4,034,225

4,210,785

1,027,396

1,074,533

4,763,766
9,619
248,270
10,083,278
472,565

4,763,766
3,634
248,769
10,301,488
451,968

1,072,341
943,713-37,529
1,978,524
12,534,368
21,850,216

1,180,555
911,578-37,730
2,054,403
12,807,860
20,843,541

586,752
1,540,811
718,540
47,791
65,385
307,5883,266,869

467,309
1,284,549
635,475
19,07565,453
253,5092,725,372

5,380
37,200377,259
419,839
3,686,709

1,138
38,400379,135
418,673
3,144,046

Fixed assets
Property and equipment
Buildings and other structures(net amount)
Machinery, equipment and vehicles fortransportation (net amount)
Land
Construction in progress
Others (net amount)
Total tangible fixed assets
Intangible fixed assets
Investments and other assets
Investment in securities
OthersAllowance for doubtful accounts
Total investments and other assets
Total fixed assets
Total assets
Liabilities
Current Liabilities
Accounts payable
Accrued expenses payable
Corporate taxes payable
Reserve for returned goods
Reserve for bonuses
OthersTotal current liabilities
Fixed Liabilities
Allowance for retirement benefits for employees
Reserve for loss on guarantees
OthersTotal fixed liabilities
Total liabilities-5-Milbon Co., Ltd. (4919) Consolidated Financial Statements for the Second Quarter Ended December 20, 2011
(Unit: thousand yen)

End of the 2nd quarter
consolidated fiscal period
under review(as of June 20, 2011)

Condensed consolidatedbalance sheet for previous
consolidated fiscal year
(as of December 20, 2010)

Net Assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity

2,000,000
199,120
16,267,707- 47,476
18,419,350

2,000,000
199,120
15,779,971- 38,254
17,940,836- 161,559- 94,283- 255,843
18,163,507
21,850,216- 141,280- 100,061- 241,341
17,699,495
20,843,541

Valuation and translation adjustments
Net unrealized gains on other securities
Foreign currency translation adjustments
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets-6-

Milbon Co., Ltd. (4919) Consolidated Financial Statements for the Second Quarter Ended December 20, 2011(2) Second Quarter Consolidated Statement of Earnings[2nd quarter consolidated fiscal period](Unit: thousand yen)

Sales
Cost of sales
Total sales revenues
Marketing and Administrative Expenses
Operating income

Previous 2nd quarter
consolidated fiscal period(December 21, 2009 – June20, 2010)
9,430,892
3,189,703
6,241,189
4,515,305
1,725,883

2nd quarter consolidated fiscal
period under review(December 21, 2010 – June20, 2011)
9,786,678
3,228,589
6,558,088
4,810,254
1,747,834

672
4,979
1,287
20,14926,57914,194
67,862519
4,629
25,286
7,813
5,593
43,842

160,488
13,267
173,756
1,619,990

165,795
3,088
168,883
1,622,793

87
3,409
3,497

1,555
179
1,200
2,935

79
13,489-4,972
67,09028,32013,5681,609,918

100,383
1,525,345

631,348
40,549671,898
938,019698,332-74,836
623,496
901,849
901,849

Non-operating Income
Interest income
Dividends income
Gain on sale of investment securities
Rent from company housing
Gain on surrender of insurance
OthersTotal non-operating income
Non-operating Expenses
Sales discount
OthersTotal non-operating expenses
Ordinary income
Extraordinary Profit
Gain on disposal of fixed assets
Gain on sale of investment securities
Release of allowance for doubtful accounts
Reversal of reserve for loss on guarantees
Total extraordinary profits
Extraordinary Loss
Loss on disposal of fixed assets
Loss on retirement of fixed assets
Loss on revaluation of investments in securities
Value of impact associated with the application of the“Accounting Standard for Asset Retirement Obligations”
Total extraordinary losses
Quarterly net income before income taxes and minority
interests
Income taxes-Current
Income taxes-Deferred
Total corporate and other taxes
Quarterly net income before minority interests
Quarterly net income-7-Milbon Co., Ltd. (4919) Consolidated Financial Statements for the Second Quarter Ended December 20, 2011

[2nd quarter consolidated fiscal period](Unit: thousand yen)

Sales
Cost of sales
Total sales revenues
Marketing and Administrative Expenses
Operating income

Previous 2nd quarter
consolidated fiscal period(March 21, 2010 June 20, 2010)
5,071,055
1,739,362
3,331,692
2,316,266
1,015,425

2nd quarter consolidated fiscal
period under review(March 21, 2011 June 20, 2011)
5,154,007
1,716,498
3,437,508
2,468,442
969,066

313
4,787
1,287
10,63826,5799,440
53,047247
4,437
12,856
7,813
2,729
28,084

83,955
13,266
97,222
971,251

82,912
3,002
85,914911,237

87
-614
-526

718
-1,021300-313,30913,309

1,597
1,800
3,397

957,414

907,836

371,259-1,689369,570
587,844353,607
9,028
362,635
545,201
545,201

Non-operating Income
Interest income
Dividends income
Gain on sale of investment securities
Rent from company housing
Gain on surrender of insurance
OthersTotal non-operating income
Non-operating Expenses
Sales discount
OthersTotal non-operating expenses
Ordinary income
Extraordinary Profit
Gain on disposal of fixed assets
Gain on sale of investment securities
Release of allowance for doubtful accounts
Reversal of reserve for loss on guarantees
Total extraordinary profits
Extraordinary Loss
Loss on retirement of fixed assets
Loss on revaluation of investments in securities
Total extraordinary losses
Quarterly net income before income taxes and minority
interests
Income taxes-Current
Income taxes-Deferred
Total corporate and other taxes
Quarterly net income before minority interests
Quarterly net income-8-Milbon Co., Ltd. (4919) Consolidated Financial Statements for the Second Quarter Ended December 20, 2011(3) Quarterly Consolidated Statement of Cash Flows(Unit: thousand yen)

2nd quarter consolidated
cumulative fiscal period underreview(December 21, 2010 June 20, 2011)

Previous 2nd quarter
consolidated fiscal period(December 21, 2009 June 20, 2010)
Cash flows from operating activities
Quarterly net income before income taxes and minority
interests
Depreciation and amortization expense
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in the provision for bonuses
Increase (decrease) in provision for returned productadjustment
Change (decrease) in value of the reserve for loss on
guarantees
Change in allowance for retirement benefits for
employees
Decrease (increase) in the prepaid pension cost
Interest and dividends received
Foreign exchange loss (gain)
Loss (gain) on sale of investment securities
Loss (gain) on valuation of investment securities
Profit or loss on disposal of fixed assets
Loss from the sale/disposition of fixed assets
Value of impact associated with the application of the“Accounting Standard for Asset Retirement Obligations”
Decrease (increase) in accounts receivable – trade
Decrease (increase) in inventories
Increase (decrease) in accounts payable related to
procurement transactions
OthersSubtotalInterest and dividends received
Payment of retirement benefits for directors
Payment of corporate and other taxes
Cash flows from operating activities
Cash flows from investing activities
Sale of investment securities
Purchase of property and equipment
Proceeds from sales of property, plant and equipment
Payment due to the acquisition of intangible fixed assets
Payment due to loans
Collection of the loan payment
Expenditure due to deposit of fixed term deposits
Payment due to the placement of guarantee money
Collection of guarantee money
Payment into insurance reserve fund
Income due to cancellation of insurance reserve fund
OthersCash flows from investing activities
Cash flows from financing activities
Net decrease (increase) in treasury stocks
Payment of dividends
Cash flows from financing activities
Effect of exchange rate fluctuations on cash and cash
equivalents
Increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of current quarter-9-

1,609,918

1,525,345

457,712-28,238-542

483,740-179-42-16,536

28,716--1,200614

4,180

22,322-5,651
1,572-1,287-7
13,48910,461-5,149-1,937-1,55567,0904,972-

28,32063,373-102,049

39,902-158,109525,856

118,793

238,372
2,778,918
5,828-194,441-544,511
2,045,794

284,851
2,428,202
5,288-29,596-618,497
1,785,397

2,400-145,843
3,811-105,575-1,99010,037-1,074-24,639
23,272-3,278116,422-1,833-128,288

9,208-185,532-90,427-3,6509,378-14,479
18,469-1,31912,081-3,501-249,773

186- 350,509- 350,323-9,752-412,488-422,240

12,477

5,154

1,579,659
1,666,170
3,245,830

1,118,538
2,670,550
3,789,089

Milbon Co., Ltd. (4919) Consolidated Financial Statements for the Second Quarter Ended December 20, 2011

(4) Notes concerning the assumption of the business as a going concern
None(5) Segment information
2nd quarter consolidated cumulative fiscal period under review (December 21, 2010 - June 20, 2011)
No statement is included because the Milbon Group has only the one segment of the manufacture and sale of hairproducts.
(Additional information)
The company is applying the “Revised Accounting Standard for Disclosures about Segments of an Enterprise andRelated information” (ASBJ Statement No.17; March 27, 2009) and the “Guidance on Revised AccountingStandard for Disclosures about Segments of an Enterprise and Related information” (ASBJ Guidance No.20; March
21, 2008) from the 1st quarter consolidated fiscal period under review.
(6) Notes in cases of extreme variation in the amount of shareholders’ equity
None- 10 -