Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

February 7, 2024

Consolidated Financial Results
for the Nine Months Ended December 31, 2023
(Under Japanese GAAP)
Company name:
S.T. CORPORATION
Listing:
Tokyo Stock Exchange
Securities code:
4951
URL:
https://www.st-c.co.jp/
Representative:
Yo Kouzuki, Representative Executive Officer, President, COO
Inquiries:
Kouichi Yoshizawa, Managing Executive Officer
Telephone:+81-3-3367-6314
Scheduled date to file quarterly securities report:
February 14, 2024
Scheduled date to commence dividend payments:–
Preparation of supplementary material on quarterly financial results:
Yes
Holding of quarterly financial results briefing:
None(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the nine months ended December 31, 2023 (from April 1, 2023 to
December 31, 2023)(1) Consolidated operating results (cumulative)
Net sales
Nine months ended(Percentages indicate year-on-year changes.)
Operating profit

Millions of yen%

Millions of yen

December 31, 2023

35,061(1.7)

December 31, 2022

35,6641.1

Note: Comprehensive income%

Millions of yen

1,949(13.9)

2,263(25.8)For the nine months ended December 31, 2023:
For the nine months ended December 31, 2022:

Basic earnings per share
Nine months ended

Profit attributable toowners of parent

Ordinary profit%

Millions of yen

2,483

(2.9)

1,708

2.5

2,556

(20.7)

1,666(24.1)¥2,061 million¥1,805 million%[14.2%][20.5%]

Diluted earnings per
share

Yen

Yen

December 31, 2023

76.72

–

December 31, 2022

74.94

–

Note: Diluted earnings per share are not given since there are no dilutive shares.

(2) Consolidated financial position
Total assets
As of

Net assets

Equity ratio

Net assets per share

Millions of yen

December 31, 2023

45,041

34,07474.2

1,500.52

March 31, 2023

46,11632,96170.2

1,456.38

Reference:

EquityAs of December 31, 2023
As of March 31, 2023

¥33,442 million¥32,390 million%

Yen

Millions of yen

2. Cash dividends
Annual dividends
First quarter-end

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Fiscal year ended
March 31, 2023
Fiscal year ending
March 31, 2024

–

20.00

–

–

21.00

–

Fiscal year-end

Fiscal year ending
March 31, 2024
(Forecast)

Total

Yen

Yen

20.00

40.00

21.00

42.00

Note: Revisions to the forecast of cash dividends most recently announced: None

3. Consolidated earnings forecasts for the fiscal year ending March 31, 2024 (from April 1, 2023 to March 31,
2024)
Net sales
Millions of yen

Fiscal year ending
March 31, 2024

46,350(Percentages indicate year-on-year changes.)
Profit attributable to
Basic earnings
Ordinary profit
owners of parent
per share

Operating profit% Millions of yen

1.7

2,450

% Millions of yen

1.4

Note: Revisions to the earnings forecasts most recently announced: None

2,800

% Millions of yen

2.5

1,900

%

Yen

3.9

85.43

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change inscope of consolidation): None
Newly included: – companies
Excluded:– companies(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: Yes(3) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(4) Number of issued shares (common shares)
(i)

(ii)

Total number of issued shares at the end of the period (including treasury shares)
As of December 31, 2023

23,000,000 shares

As of March 31, 2023

23,000,000 shares

Number of treasury shares at the end of the period
As of December 31, 2023

712,514 shares

As of March 31, 2023

759,210 shares(iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)
Nine months ended December 31, 2023

22,271,944 shares

Nine months ended December 31, 2022

22,240,835 shares* Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an
audit corporation.
* Proper use of earnings forecasts, and other special matters
Caution regarding forward-looking statements and others
The forward-looking statements, including earnings forecasts, contained in these materials are based on information
currently available to the Company and on certain assumptions deemed to be reasonable. Consequently, the statements
herein do not constitute assurances regarding the Company’s actual results. Actual financial and other results may
differ substantially from the statements herein due to various factors. Please refer to “(3) Explanation of consolidated
earnings forecasts and other forward-looking statements” of “1. Qualitative information on quarterly consolidated
financial results” on page 3 of the attached materials for the suppositions that form the assumptions for the earnings
forecasts and cautions regarding the use of the earnings forecasts.
Method of obtaining the supplementary material on quarterly financial results
We intend to post the supplementary material on quarterly financial results to the “Investors” page of our corporatewebsite soon after the announcement of the financial results for the nine months ended December 31, 2023, on
Wednesday, February 7, 2024.

S.T. CORPORATION (4951)○Attached Material Index
1. Qualitative information on quarterly consolidated financial results ............................................................................ 2(1) Explanation of operating results ............................................................................................................................ 2(2) Explanation of financial position .......................................................................................................................... 3(3) Explanation of consolidated earnings forecasts and other forward-looking statements ........................................ 3
2. Quarterly consolidated financial statements and significant notes thereto................................................................... 4(1) Quarterly consolidated balance sheet .................................................................................................................... 4(2) Quarterly consolidated statement of income and quarterly consolidated statement ofcomprehensive income .......................................................................................................................................... 6
Quarterly consolidated statement of income (cumulative) .................................................................................... 6
Quarterly consolidated statement of comprehensive income (cumulative) ........................................................... 7(3) Notes to quarterly consolidated financial statements ............................................................................................ 8
Notes on going concern assumption ...................................................................................................................... 8
Notes when there are significant changes in amounts of shareholders’ equity ..................................................... 8
Application of specific accounting for preparing the quarterly consolidated financial statements ....................... 8
Segment information ............................................................................................................................................. 8-1-

S.T. CORPORATION (4951)

1. Qualitative information on quarterly consolidated financial results(1) Explanation of operating results
During the nine months ended December 31, 2023, the Japanese economy showed signs of modest recovery as capital
investment remained steady given visible improvement in corporate earnings amid the normalization of economic
activities. On the other hand, a sense of uncertainty about the future persists for various reasons, includinginternational instability related to the prolonged situation in Russia and Ukraine and the situation in the Middle East,and stagnating consumer spending prompted by rising prices.
Under these conditions, the Group is working on “focusing on existing core business to increase profits,”“countermeasures to soaring material costs,” “continuous investment towards domains for growth,” and “creating abase to survive periods of ESG” in order to enable sustainable growth under brand value management.
For the nine months ended December 31, 2023, the Group’s net sales amounted to 35,061 million yen (down 1.7%
year on year) due to a decline in Thermal Care due to a mild winter, along with a slowdown in demand in Cloth Careand Hand Care.
As for profit, despite price hikes in major product categories, operating profit amounted to 1,949 million yen (down
13.9% year on year) due to increased costs of production accompanying higher raw material prices and also due toan increase in selling, general and administrative expenses caused by new business investment, ordinary profit
amounted to 2,483 million yen (down 2.9% year on year) due to insurance claim income, and profit attributable toowners of parent amounted to 1,708 million yen (up 2.5% year on year) due to the absence of loss on disaster that
occurred in the previous fiscal year.
Given that the Group operates a single segment of the daily necessities business, operating results by businesscategory are as follows.
In the Air Care (Deodorizers and Air Fresheners) category, we have been engaging in efforts that involve
strengthening high-value added products. Although sales of Shoshu-Riki DEOX series have slowed, Shoshu-Riki
Premium Aroma For Sleep for Bedrooms, a bedroom fragrance to support the creation of a comfortable space, which
has been added to the lineup of the Shoshu-Riki Premium Aroma series contributed, as well as sales of high-valueadded products, such as Shoshu-Riki Premium Aroma Stick and Shoshu-Riki for Toilet Premium Aroma increased.
Net sales were 15,950 million yen (up 1.8% year on year).
In the Cloth Care (Mothproofing Agents) category, we are focusing on hanging-storage-type products for closets andwalk-in closets in line with changes in storage styles and working to expand sales of large-volume-type products.
Sales of existing core products, including Mushuda for Closets and Mushuda for Wardrobes, declined due to sluggish
purchasing behavior in the spring season due to increased opportunities to go out, resulting in net sales of 5,184
million yen (down 8.2% year on year).
In the Thermal Care (Disposable Warmers) category, we are working to revise the profit structure. Despite
improvement in profit upon having reviewed the selling price of disposable warmers, net sales were 3,887 million
yen (down 6.9% year on year) amid a slowdown in demand this winter season given a tendency toward a mild winter.
In the Hand Care (Household Gloves) category, we worked to expand sales of gloves for professional use, which arehighly valued for their functionality. Sales of Family Vinyl Thin Gloves with antiviral finger tips and ultra-thin typedisposable gloves declined, as demand for these gloves driven by heightened hygiene awareness slowed. Net sales
were 4,239 million yen (down 3.1% year on year).
In the Humidity Care (Dehumidifiers) category, we moved forward with a shift toward high value-added products bystrengthening sales of the Bincho-tan series and Drypet Clear products. Despite sales of tank-type products
contributing due to price increases, sales of sheet-type products dropped, resulting in net sales of 2,418 million yen(down 1.9% year on year).
In the Home Care (Others) category, we have been aggressively promoting efforts to expand sales of pet care products
as a developing business, as well as developing the Senjo-Riki and Kome-Touban brands. Thanks to growth in salesof Kome-Touban and ST Pet, net sales were 3,380 million yen (up 1.4% year on year).

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S.T. CORPORATION (4951)

Category
Air Care (Deodorizers and Air Fresheners)
Cloth Care (Mothproofing Agents)
Thermal Care (Disposable Warmers)
Hand Care (Household Gloves)
Humidity Care (Dehumidifiers)
Home Care (Others)
Total

Net sales(Millions of yen)
15,950
5,184
3,887
4,239
2,418
3,380
35,061

Composition
(%)
45.5
14.8
11.1
12.1
6.9
9.6
100.0

Year-on-year
(%)
1.8
(8.2)
(6.9)
(3.1)
(1.9)
1.4
(1.7)

(2) Explanation of financial position
Total assets as of December 31, 2023, stood at 45,041 million yen, a decrease of 1,074 million yen from the end of
the previous fiscal year. The decrease is mainly attributable to factors that include a decrease in cash and deposits of
1,030 million yen, an increase in notes and accounts receivable - trade of 537 million yen, and a decrease inmerchandise and finished goods of 528 million yen.
Liabilities were 10,967 million yen, a decrease of 2,187 million yen from the end of the previous fiscal year. The
decrease is mainly attributable to factors that include a decrease in notes and accounts payable - trade of 694 million
yen, a decrease in electronically recorded obligations - operating of 608 million yen, and a decrease in income taxes
payable of 537 million yen.
Net assets were 34,074 million yen, an increase of 1,112 million yen from the end of the previous fiscal year. The
increase is mainly attributable to factors that include an increase in retained earnings of 785 million yen, and anincrease in valuation difference on available-for-sale securities of 126 million yen.
Consequently, equity amounted to 33,442 million yen and the equity ratio was 74.2%, up 4.0 percentage points fromthe end of the previous fiscal year.
(3) Explanation of consolidated earnings forecasts and other forward-looking statements
The consolidated earnings forecasts are unchanged from the forecasts for the six months ended September 30, 2023,
and the fiscal year ending March 31, 2024, announced in the financial results report released on May 8, 2023.
The consolidated earnings forecasts are determined by the Company based on information available as of the date ofthis material’s release. Actual results may differ from the forecast figures due to various factors going forward.

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S.T. CORPORATION (4951)

2. Quarterly consolidated financial statements and significant notes thereto(1) Quarterly consolidated balance sheet(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Tools, furniture and fixtures, net
Land
Leased assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Retirement benefit asset
Deferred tax assets
Other
Total investments and other assets
Total non-current assets
Total assets-4-

As of December 31, 2023

14,149
6,079
5,956
200
1,109
692
(33)
28,154

13,119
6,617
5,427
247
1,175
566
(0)
27,154

4,050
1,611
136
3,599
180
76
9,655

3,985
1,609
157
3,610
157
65
9,587

1,358
1,358

1,233
1,233

5,795
4
6
557
585
6,947
17,962
46,116

6,132
42
6
286
599
7,067
17,88745,041

S.T. CORPORATION (4951)(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Lease liabilities
Accounts payable - otherAccrued expenses
Income taxes payable
Accrued consumption taxes
Electronically recorded obligations - non-operating
Other
Total current liabilities
Non-current liabilities
Lease liabilities
Deferred tax liabilities for land revaluation
Provision for retirement benefits for directors (andother officers)
Provision for share awards for directors (and otherofficers)
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets-5-

As of December 31, 2023

2,883
3,151
497
62
1,222
619
646
209
20
2,082
11,394

2,189
2,542
450
68
1,272
341
109
188
211
2,066
9,441

79
262

60
262

100

12

86

43

1,216
15
1,760
13,155

1,122
26
1,526
10,967

7,065
7,047
17,928(1,002)
31,0387,065
7,047
18,714(942)
31,885

1,974
(537)
(119)
34
1,352
570
32,961
46,116

2,101
(537)
(33)
27
1,557
631
34,07445,041

S.T. CORPORATION (4951)(2) Quarterly consolidated statement of income and quarterly consolidated statement of comprehensive income
Quarterly consolidated statement of income (cumulative)(Millions of yen)
Nine months ended
December 31, 2022
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Purchase discounts
Share of profit of entities accounted for using equity
methodForeign exchange gains
Insurance claim income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
methodDepreciation of inactive non-current assets
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Loss on sale and retirement of non-current assets
Loss on valuation of investment securities
Loss on disaster
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent-6-

Nine months ended
December 31, 2023

35,66422,08913,574
11,311
2,263

35,061
21,652
13,40811,458
1,949

4
112
92

7
118
83

3

–

4
1
90
308

43
224
103
582

3

9

–

28

4
6
14
2,556

2
7
48
2,483

0
–
0

0
9
9

2
–
33
35
2,521
637
148
785
1,735
69
1,666

9
9
–
19
2,473
403
250
653
1,819
110
1,708

S.T. CORPORATION (4951)
Quarterly consolidated statement of comprehensive income (cumulative)(Millions of yen)
Nine months ended
December 31, 2022
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests-7-

Nine months ended
December 31, 2023

1,735

1,819

(48)
120
(6)

126
119
(7)

3

3

69
1,805

242
2,061

1,680

1,914

125

147

S.T. CORPORATION (4951)(3) Notes to quarterly consolidated financial statements
Notes on going concern assumption
Not applicable.
Notes when there are significant changes in amounts of shareholders’ equity
Not applicable.
Application of specific accounting for preparing the quarterly consolidated financial statements
No important matter to be stated.
Segment information
Nine months ended December 31, 2022 and nine months ended December 31, 2023
This information is omitted as the Group operates the daily necessities segment as a single segment.

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