[Translation]

Consolidated Financial Statements for the Fiscal Year Ended March 31, 2024
[IFRS]
May 15, 2024
Stock Exchanges: Tokyo

Listed Company: Wacoal Holdings Corp.
Code Number: 3591 URL: http://www.wacoalholdings.jp/
Representative: (Position) Representative Director, President and CEO
For Inquiries:(Position) Corporate Officer, Head of Corporate Planning Dept.

(Name) Masaaki Yajima(Name) Katsuya Hirooka
Tel: +81 (075) 682-1010
Scheduled Commencement Date of Dividend Payment: June 6, 2024

Scheduled date of Ordinary Shareholders’ Meeting: June 25, 2024
Scheduled date of Annual Securities Report Filing: June 25, 2024
Supplementary materials regarding Annual Business Results: Yes
Explanatory meeting regarding Annual Business Results: Yes (for institutional investors and analysts)(Amounts less than 1 million yen have been rounded.)1.

Consolidated Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023 – March 31, 2024)(1) Consolidated Business Results

Revenue

Business Profit

Millionsof YenFiscal Year
ended March 187, 208
31, 2024
Fiscal Year
ended March 188,592
31, 2023%

Millionsof Yen%(% indicates changes from previous fiscal year)
Loss Before
Income Taxes and
Net Loss Attributable toOperating Loss Equity in Net Profit
Loss
Owners of Parentof AffiliatedCompanies
Millions
Millions
Millions
Millions%%%%of Yenof Yenof Yenof Yen(0.7)

3,510 (14.4)(9,503)-(8,290)-(8,743)-(8,632)

-

9.6

4,102

(3,490)

-

(699)

-

(1,601)-(1,643)-

Total
Comprehensive
IncomeMillionsof Yen730.4

Basic Loss per
Share

Diluted Loss per
Share

Yen

Yen

%

Ratio of Loss
Before Income
Return on Equity Taxes and Equity Ratio of Operating Loss
Attributable toin Net Profit of
to Revenue
Owners of Parent
AffiliatedCompanies to Total
Assets%%%Fiscal Year
ended March 16,792 293.4(151.62)(151.62)
(4.1)
(2.9)
(5.1)
31, 2024
Fiscal Year
ended March
4,268(27.44)(27.44)
(0.8)
(0.2)
(1.9)
31, 2023(Reference) Share of profit of investments
Fiscal Year ended March 31, 2024: 839 million yen
accounted for using equity method:
Fiscal Year ended March 31, 2023: 2,223 million yen(Note) 1. Business profit is calculated by subtracting cost of sales, and selling, general and administrative expenses from revenue.
2. Following the adoption of IAS 12 Income Taxes (as amended in May 2021), the figures for the fiscal year ended March 31,
2023 represent the retrospectively adjusted figures. The percentage change in Loss, Net Loss Attributable to Owners of Parent
and Total Comprehensive Income for the fiscal year ended March 31, 2023 compared to the previous fiscal year is not shown.
(2) Consolidated Financial Condition
Total Assets

Total Equity

Equity Attributable to Ratio of Equity Attributable
Equity Attributable to
Owners of Parent
to Owners of Parent
Owners of Parent per Share

Millions of Yen
Millions of Yen
Millions of Yen%
Yen
Fiscal Year
ended March
294,029
215,142
211,82972.0
3,846.66
31, 2024
Fiscal Year
ended March
285,659
213,482
210,19773.6
3,623.29
31, 2023(Note) Following the adoption of IAS 12 Income Taxes (as amended in May 2021), the figures for the fiscal year ended March 31, 2023
represent the retrospectively adjusted figures.
-1-(3) Consolidated Cash Flows Status

Fiscal Year Ended March 31, 2024
Fiscal Year Ended March 31, 2023
2.

Cash Flows
provided byOperating Activities
Millions of Yen
11,291
7,334

Cash Flows provided
by Investing Activities

Cash Flows used in
Financing Activities

Millions of Yen
14,048
3,902

Millions of Yen(20,211)(22,541)

Status of Dividends
Annual Dividends per Share

Fiscal Year Ended March 31, 2023
Fiscal Year Ended March 31, 2024
Fiscal Year Ending March 31,
2025 (Estimates)
3.

Balance of Cash and Cash
Equivalents at End of Fiscal
Year
Millions of Yen
33,547
26,781

End ofFirst
Quarter

End ofSecondQuarter

End ofThird
Quarter

Yen

Yen

Yen

Yen

Yen

-

40.00
50.00
50.00

-

40.00
50.00
50.00

80.00
100.00100.00Year-end Annual

Total
Amount ofDividends(annual)Millions of
Yen
4,720
5,601

Payout Ratio(consolidated)

Ratio of
Dividends toEquityAttributableto Owners of
Parent(consolidated)

%

%

172.1

2.2
2.7

Forecast of Consolidated Results for the Fiscal Year Ending March 31, 2025 (April 1, 2024 – March 31, 2025)(% indicates changes from the previous fiscal year with respect to “Annual”
and from the six-month period ended September 30, 2023 with respect to “Six-month Period Ending September 30, 2024”)
Profit Before
Income Taxes and
Net Profit
Equity in Net
Basic Earnings per
Revenue
Business Profit Operating Profit
Attributable toProfit of
Share
Ownersof
ParentAffiliatedCompanies
Millions
Millions
Millions
Millions
Millions
%
%
%
%
%
Yen
of Yenof Yenof Yenof Yenof YenSix-month PeriodEnding92,400 (2.9)
1,200 (68.6)
2,200
3,300
2,200
39.95
September 30, 2024
Annual
183,000 (2.2)
200 (94.3)
2,000
3,800
3,200
58.11

-2-

*Notes(1) Changes in significant subsidiaries during the fiscal year ended March 31, 2024 (i.e., changes in specified subsidiaries (tokutei
kogaisha) which involve change in scope of consolidation): None
New: None
Excluded: None
(Note) For details, please see “3. Consolidated Financial Statements and Accompanying Notes – (6) Basic Significant Matters in
Preparation of Consolidated Financial Statements” on page 17.
(2) Changes in accounting principles and /or accounting estimates:(i) Changes in accounting principles required by IFRS: Yes(ii) Changes in accounting principles other than (i) above: None(iii) Changes in accounting estimates: None
(3) Number of Issued Shares (Common Stock)

(i)
(ii)
(iii)

Number of issued shares (including treasury stock) as of period-end:
Number of shares held as treasury stock as of period-end:
Average number of shares during the period:

Fiscal Year Ended
March 31, 2024
61,000,000 shares
5,931,669 shares
56,932,308 sharesFiscal Year Ended
March 31, 2023
64,500,000 shares
6,487,185 shares
59,871,381 shares(Reference) Summary of Non-consolidated Results1.

Non-consolidated Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023 – March 31, 2024)(1) Non-consolidated Business Results

Fiscal Year Ended March 31, 2024
Fiscal Year Ended March 31, 2023

Net Sales
Millions of Yen %
7,276
7.4
6,772
9.3

Operating Income
Millions of Yen %
3,224
28.8
2,503
8.9

Fiscal Year Ended March 31, 2024
Fiscal Year Ended March 31, 2023

Net Income
per Share
Yen
49.50
74.46

Diluted Net Income
per Share
Yen
49.29
74.15

(% indicates changes from previous fiscal year)
Ordinary Income
Net Income
Millions of Yen %Millions of Yen %
3,002
21.4
2,817
(36.8)
2,473
47.0
4,458
62.1

(2) Non-consolidated Financial Condition(% indicates changes from previous fiscal year)
Total Assets
Net Assets
Capital-to-asset Ratio
Net Asset per Share
Millions of Yen
Millions of Yen%
Yen
Fiscal Year Ended March 31, 2024
154,073
118,31076.5
2,139.06
Fiscal Year Ended March 31, 2023
154,705
130,60284.1
2,242.19(Reference) Equity Capital: As of the end of the fiscal year ended March 31, 2024: 117,794 million yen
As of the end of the fiscal year ended March 31, 2023: 130,075 million yen*These financial statements are not subject to audit procedures by the certified public accountants or the independent auditor.
*Cautionary Statement regarding Forecast of Business Results(Cautionary note on forward-looking statements)
The forecast of business results is based on reasonable information we obtained as of the date hereof and, due to various risks, uncertainties
and other factors arising in the future, actual results in the future may differ largely from the estimates set out in this document. For notes on
conditions used for the forecast of business results and cautionary statements regarding forecast of business results, please see “1. BusinessResults - (1) Business Results for Fiscal Year 2024 - (iii) Business Forecast for Next Fiscal Year” on page 8 of the attached materials.

-3-

Table of Contents for Attached Materials
1.

Business Results ------------------------------------------------------------------------------------------------------------------------------------- 5(1)

Business Results for Fiscal Year 2024 ----------------------------------------------------------------------------------------------------------- 5(2)

Financial Condition as of Fiscal Year 2024 ------------------------------------------------------------------------------------------------------ 9(3)

Basic Policy Regarding Distribution of Profits and Dividends for Fiscal Year 2024 and Fiscal Year 2025 ---------------------------- 10

2.

Basic Policies regarding Selection of Accounting Standards---------------------------------------------------------------------------------- 10

3.

Consolidated Financial Statements and Accompanying Notes-------------------------------------------------------------------------------- 11(1)

Consolidated Statement of Financial Position --------------------------------------------------------------------------------------------------- 11(2)

Consolidated Statements of Profit or Loss and Consolidated Statement of Comprehensive Income ------------------------------------ 13(3)

Consolidated Statements of Equity ---------------------------------------------------------------------------------------------------------------- 15(4)

Consolidated Statements of Cash Flows ---------------------------------------------------------------------------------------------------------- 16(5)

Notes on Going Concern --------------------------------------------------------------------------------------------------------------------------- 17(6)

Basic Significant Matters in Preparation of Consolidated Financial Statements ------------------------------------------------------------ 17(7)

Notes to the Consolidated Financial Statements ------------------------------------------------------------------------------------------------ 18(Segment Information) ----------------------------------------------------------------------------------------------------------------------------------------- 18(Per Share Information) ---------------------------------------------------------------------------------------------------------------------------------------- 19(Significant Subsequent Events) ------------------------------------------------------------------------------------------------------------------------------- 19-4-

Qualitative Information and Financial Statements
1.

Business Results(1) Business Results for Fiscal Year 2024
(i) Results for the Fiscal Year Ended March 31, 2024

Revenue
Cost of sales
Gross profit
Selling, general and administrative expenses
Business profit
Other income
Other expenses
Operating loss
Finance income
Finance expense
Share of (loss) profit of investments accounted forusing equity method
Loss before income taxes and equity in net income ofaffiliated companies
Net loss attributable to owners of parent

Previous Fiscal Year(ended March 2023)
Amount188,592
82,189106,403102,301
4,102
5,254
12,846(3,490)
1,517
795
2,069

Current Fiscal Year(ended March 2024)
Amount187,208
83,123104,085
100,575
3,510
1,990
15,003(9,503)
2,529
328
(988)

(Millions of Yen)
Increased/(Decreased) fromprevious fiscal year
Amount%(1,384)
(0.7)
+934
+1.1
(2,318)(2.2)(1,726)(1.7)(592)(14.4)(3,264)(62.1)+2,157+16.8(6,013)+1,012+66.7(467)(58.7)(3,057)-(699)(8,290)(7,591)-(1,643)(8,632)(6,989)-Business environment surrounding our group during the current fiscal year (from April 1, 2023 to March 31, 2024) were severely affectedby weak sales of our core innerwear products in major countries. In Japan, although sales of our high-priced brands remained strong, sales ofour medium-priced products struggled due to the prolonged inflation against the backdrop of the depreciation of the Japanese yen and rising
prices of energy and raw materials, as well as the resulting increase in selective spending by consumers. In the United States, where inflationis on a converging trend, consumer spending showed stable growth, but sales remained weak due to the continued restraint on purchases bysome of our wholesale stores. In addition, sales in the United Kingdom and Europe, where consumer confidence continued to decline due tothe prolonged inflation, remained lackluster. In China, despite expectations of recovery in economic activities due to the lifting of the zeroCOVID policy, the pace of sales recovery fell below our expectations due to the impact of sluggish consumer spending caused by the economic
stagnation due to unemployment crisis.
Under such circumstances, our group has been promoting the initiatives to “implement business model reforms to improve profitability”,“carry out growth strategies to achieve ‘VISION 2030’”, “introduce return on invested capital (ROIC) management”, and “promote asset
reduction” with the theme of “transformation to a structure capable of steadily generating cash” under the three-year medium-term management
plan revised in November 2023.
In our domestic business, in addition to the cost structure reform as a part of our business model reform project, we have initiated supply
chain management reform to respond quickly to changes in consumer needs and market conditions. We are also working to control andoptimize inventory levels by reviewing the mix of products in stores and shifting to a demand-linked production system, and to shorten leadtimes for planning and development. In our overseas business, we are working to broaden our sales areas and channels in Europe, in addition
to our initiatives to expand contact points with new customers by using digital resources to achieve growth of our e-commerce business.
As a result of the above, consolidated revenue for the current fiscal year was 187.21 billion yen (a decrease of 0.7% as compared to suchrevenue for the previous fiscal year). Despite the weak sales of our core innerwear products in Japan and overseas, consolidated revenue
decreased only slightly from the previous fiscal year due to the impact of the weaker Japanese yen in exchange rates, which boosted the revenue
from our overseas business. Consolidated business profit was 3.51 billion yen (a decrease of 14.4% as compared to such profit for the previous
fiscal year) due to an increase in cost ratio and the reversal of the one-time gain resulting from the partial revision to the Flexible Retirement
Program at Wacoal Corp. (*1) that we recorded in the previous fiscal year, in addition to the impact of decreased revenue.
We recorded a consolidated operating loss of 9.50 billion yen (as compared to a consolidated operating loss of 3.49 billion yen for theprevious fiscal year (*2)) due to the recording of impairment charges of 7.80 billion yen at Wacoal International Corp. (U.S.) in connection
with the liquidation of Intimates Online, Inc. (“Intimates Online”) (*3) and the recognition of restructuring charges of 5.52 billion yen at
Wacoal Corp. (*3). Consolidated loss before taxes was 8.29 billion yen (as compared to 0.70 billion yen of consolidated loss before taxes forthe previous fiscal year) and consolidated loss attributable to the owners of parent was 8.63 billion yen (as compared to 1.64 billion yen of
consolidated loss for the previous fiscal year).

-5-The key exchange rates used for the current fiscal year (the previous fiscal year) were: 144.62 yen (135.47 yen) to the U.S. dollar; 181.76
yen (163.15 yen) to the Sterling pound; and 20.14 yen (19.75 yen) to the Chinese yuan.
(*1) Please see our press release “Announcement Regarding Result of Implementation of the Flexible Retirement Program and Revision to
the Flexible Retirement Program” announced on February 10, 2023:
https://www.wacoalholdings.jp/en/ir/topics/files/wacoalholdingsnews20230210_2en.pdf(*2) During the consolidated fiscal year ended March 31, 2023, we recorded 0.75 billion yen of expenses related to the implementation of
Flexible Retirement Program at Wacoal Corp., and 10.03 billion yen of impairment charges related to Wacoal International Corp. (U.S.)
under “other expenses”, in addition to 3.02 billion yen as gain on sale of fixed assets under “other income”. For details, please see“Announcement of Revisions to the Forecast of Consolidated Business Results and Recognition of Impairment Charges (IFRS)” and“Announcement Regarding Result of Implementation of the Flexible Retirement Program and Revision to the Flexible Retirement Program”
announced on February 10, 2023, as well as “Announcement Regarding Transfer of Fixed Assets and Recognition of Other Income”
announced on November 11, 2022:
https://www.wacoalholdings.jp/en/ir/topics/files/wacoalholdingsnews20230210_1en.pdf
https://www.wacoalholdings.jp/en/ir/topics/files/wacoalholdingsnews20230210_2en.pdf
https://www.wacoalholdings.jp/en/ir/topics/files/wacoalholdingsnews20221111_4en_1.pdf(*3) For details, please see “Announcement Regarding Variances between the Forecast of Consolidated Business Results and Actual
Consolidated Business Results for the Six-Month Period ended September 30, 2023, Revisions to the Forecast of Consolidated BusinessResults, Implementation of Structural Reforms at Our Consolidated Subsidiary, Recognition of Impairment Charges due to Withdrawal and
Liquidation of Our U.S. Consolidated Subsidiary’s Business, and Reduction in Executive Remuneration (IFRS)” announced on November 9,2023:
https://www.wacoalholdings.jp/en/ir/topics/files/wacoalholdingsnews20231109_1en.pdf(ii) Business Overview of Our Operating Segments(Millions of Yen)
Previous Fiscal Year(ended March 31, 2023)
AmountTotal Revenue
Wacoal Business (Domestic)
Wacoal Business (Overseas)
Peach John Business
Other

188,592
96,746
66,732
11,91813,196

Current Fiscal Year(ended March 31, 2024)

Distribution
Ratio (%)
100.0
51.3
35.4
6.3
7.0

Previous Fiscal Year(ended March 31, 2023)
AmountOperating Loss
Wacoal Business (Domestic)
Wacoal Business (Overseas)
Peach John Business
Other
a.

(3,490)2,862(7,397)915
130Amount187,208
94,19867,757
10,741
14,512Distribution
Ratio (%)
100.0
50.3
36.2
5.7
7.8

Current Fiscal Year(ended March 31, 2024)

% to
Sales
3.0
7.7
1.0

Amount(9,503)(4,193)(5,145)
(239)
74

% to
Sales
0.5

Increased/(Decreased)from previous fiscal year
Amount%(1,384)(2,548)+1,025(1,177)+1,316

(0.7)
(2.6)
+1.5
(9.9)
+10.0
(Millions of Yen)

Increased/(Decreased)from previous fiscal year
Amount%(6,013)(7,055)+2,252(1,154)(56)(43.1)

Wacoal Business (Domestic)
Our sales performance during the current fiscal year showed a mixture of strengths and weaknesses, differing by brand and sales channel.

As for trends by brand, our high-priced brands “Yue” and “Salute” maintained strong sales, and our men’s innerwear products, mainly“Lace Boxers”, also achieved growth, receiving favorable reviews from consumers. On the other hand, sales from “Wacoal” and “Wing”, ourcore brands offering mainly medium-priced products, remained weak due to the increase in selective spending by consumers against the
backdrop of the inflation.
As for trends by sales channel, our e-commerce sales increased as a result of our aggressive sales promotion activities. In addition, sales
from third-party e-commerce websites achieved growth due to our continued efforts to strengthen cooperation with the third-party e-commerce
website operators. As for our directly managed stores, sales at “AMPHI”, our store brand targeting young adults, struggled due to sluggish
growth in the number of customers visiting stores and lower-than-expected sales from discounted products. However, overall sales from our-6-directly managed stores remained at the same level as the previous fiscal year due to the strong sales from “WACOAL The Store” and “Wacoal
FACTORY STORE”. On the other hand, sales from our stores in department stores and mass retailers struggled due to a lack of high-profile
merchandise and other factors, which resulted in sluggish growth in the number of customers visiting our stores, as well as suppression ofpurchases by wholesale stores. In addition, an increase in product returns from mass retailers due to weak sales was also a factor in the decreasein sales.
As a result of the above, revenue attributable to our “Wacoal Business (Domestic)” segment was 94.20 billion yen (a decrease of 2.6% ascompared to such revenue for the previous fiscal year). Despite a reduction in labor costs due to a decrease in the number of employees
following the implementation of the Flexible Retirement Program during the previous fiscal year and our efforts to control advertising expenses
based on sales trends, we recorded an operating loss of 4.19 billion yen (as compared to an operating profit of 2.86 billion yen for the previous
fiscal year) due to lower profit margin and the recognition of restructuring charges of 5.52 billion yen to improve profitability at Wacoal Corp.
through inventory reduction and solicitation for voluntary retirement, and the reversal of gain on sale of property, plant and equipment (3.02
billion yen) recorded during the previous fiscal year.
b.

Wacoal Business (Overseas)

Sales from Wacoal International Corp. (U.S.) fell below the level in the previous fiscal year mainly due to a significant decrease in revenue
from Intimates Online, which was decided to be withdrawn from the business. Sales from retail store channel of Wacoal America, Inc., which
distributes “Wacoal” brand, remained strong on the back of solid growth in consumer spending, and sales from our e-commerce business also
showed strong sales due to sales promotion activities and strengthening of digital marketing. On the other hand, sales of third-party e-commerce
websites were lower than expected partly due to the continued restraint on purchases by wholesale stores, resulting in a decrease in revenue on
a local currency basis. Sales from Intimates Online fell short of our expectations despite our efforts to sell down inventory through discountpromotions since November.
Sales from Wacoal Europe Ltd. in the United Kingdom and the Europe, its main markets, remained at the same level as the previous fiscal
year for both markets due to a recovery in sales from retail stores during the current consolidated fourth quarter, despite the negative impactsof the suspension of shipments due to a cybersecurity incident in September and a decrease in sales of our swimwear products caused by a coolsummer. On the other hand, overall sales from Wacoal Europe Ltd. declined on a local currency basis due to weak sales in the United Statesand other regions.
Despite expectations of a recovery in economic activities after the lifting of the zero-COVID policy, revenue attributable to Wacoal China
Co., Ltd., on a local currency basis, decreased due to the increased competition in the e-commerce market and weak sales from third-party ecommerce websites which struggled with capturing holiday spending during the Chinese Lunar New Year and the Women’s Festival, in
addition to the number of customers visiting retail stores falling below our expectations resulting from the impact of the prolonged economic
stagnation.
As a result of the above-described factors, although revenue attributable to our major subsidiaries decreased on a local currency basis,revenue attributable to our “Wacoal Business (Overseas)” segment on a Japanese yen basis was 67.76 billion yen (an increase of 1.5% ascompared to such revenue for the previous fiscal year) due to the depreciation of the Japanese yen against major currencies. We recorded an
operating loss of 5.15 billion yen (as compared to an operating loss of 7.40 billion yen for the previous fiscal year) mainly due to the impactof the recording of impairment charges of 7.80 billion yen on goodwill related to the business withdrawal and liquidation of Intimates Online
at Wacoal International Corp. (U.S.).
c.

Peach John BusinessIn our domestic business during the current fiscal year, although sales from third-party e-commerce websites showed strong sales resulting
from the positive impact of the start of transactions with new e-commerce website operators, sales from both our directly managed stores ande-commerce website continued to struggle as our advertising activities and collaboration projects featuring famous celebrities to attract newcustomers were not successful.
As a result of the above, revenue attributable to our “Peach John Business” segment was 10.74 billion yen (a decrease of 9.9% as comparedto such revenue for the previous fiscal year). We recorded an operating loss of 0.24 billion yen (as compared to a operating profit of 0.92
billion yen for the previous fiscal year) due to the impact of decreased revenue and increased expenses associated with the e-commerce system
upgrade, as well as the loss incurred in connection with the liquidation of a subsidiary in China.
d.

Other

During the current fiscal year, sales from Ai Co., Ltd. exceeded the sales from the previous fiscal year due to strong sales at its retail storesand e-commerce website on the back of a recovery in travel-related demand. Sales from Nanasai Co., Ltd. also increased due to steady sales
from merchandise sales business and interior design work business on the back of an increase in the number of visitors to commercial facilities
in urban areas. On the other hand, sales from Lecien Corporation decreased due to weak sales of its private brand products sold by major
apparel supply chain companies.

-7-

As a result of the above, while revenue attributable to our “Other” business segment increased to 14.51 billion yen (an increase of 10.0%
as compared to such revenue for the previous fiscal year), operating profit was only 0.07 billion yen (a decrease of 43.1% as compared to suchoperating profit for the previous fiscal year) due to deteriorating profitability at Nanasai Co., Ltd. and Lecien Corporation.
(Reference) Revenue and Operating (Loss)/ Profit of Major Subsidiaries(Millions of Yen)
Previous Fiscal Year(from April 1, 2022 toMarch 31, 2023)

RevenueAmountWacoal Corp.
Wacoal International Corp. (U.S)
Wacoal Europe Ltd.
Wacoal China Co., Ltd.
Peach John Co., Ltd.
Lecien Corporation
Nanasai Co., Ltd.

90,94828,014
19,184
10,365
11,9183,189
6,196

Current Fiscal Year(from April 1, 2023 toMarch 31, 2024)

Distribution
Ratio (%)
48.2
14.9
10.2
5.5
6.3
1.7
3.3

Amount
88,701
28,03820,353
10,396
10,741
2,583
7,723

Distribution
Ratio (%)
47.4
15.0
10.9
5.6
5.7
1.4
4.1

Increased/(Decreased) fromprevious fiscal year

Amount%(2,247)+24+1,169+31(1,177)(606)+1,527

(2.5)
+0.1
+6.1
+0.3
(9.9)
(19.0)+24.6*Revenue from external customers only
(Millions of Yen)
Previous Fiscal Year(from April 1, 2022 toMarch 31, 2023)

Operating (Loss)/Profit

AmountWacoal Corp.
Wacoal International Corp. (U.S.)
Wacoal Europe Ltd.
Wacoal China Co., Ltd.
Peach John Co., Ltd.
Lecien Corporation
Nanasai Co., Ltd.

2,753
(9,448)
1,680
(698)
915
111
9

Current Fiscal Year(from April 1, 2023 toMarch 31, 2024)

% to
Sales
3.0
8.8
7.7
3.5
0.1

Amount(3,061)(6,884)
1,816
(998)
(239)
(167)
94

% to
Sales
8.9
1.2

Increased/(Decreased) fromprevious fiscal year

Amount%(5,814)+2,564+136(300)(1,154)
(278)
+85

+8.1
+944.4(iii) Business Forecast for Next Fiscal Year
(Millions of Yen)
Category

Revenue
Wacoal Business (Domestic)
Wacoal Business (Overseas)
Peach John Business
Other

Fiscal Yearending March 2025
Percentage
Estimates
Change (%)
183,000(2.2)
92,200(2.1)
70,000+3.3
11,800+9.9
9,000(38.0)First Half of Fiscal Yearending March 2025
Percentage
Estimates
Change (%)
92,400(2.9)
44,500(5.9)
36,100
+3.1
5,800
+5.4
6,000
(18.1)

Second Half of Fiscal Yearending March 2025
Percentage
Estimates
Change (%)
90,600(1.6)
47,700+1.7
33,900
+3.6
6,000
+14.5
3,000
(58.3)

Fiscal Yearending March 2025
Percentage
Estimates
Change (%)
2,000(2,300)
3,700
500
100
+35.1

First Half of Fiscal Yearending March 2025
Percentage
Estimates
Change (%)
2,200
(890)
2,800
190
100
(73.2)

Second Half of Fiscal Yearending March 2025
Percentage
Estimates
Change (%)(200)(1,410)
900
310
0
-

(Millions of Yen)
Category

Operating Profit/(Loss)
Wacoal Business (Domestic)
Wacoal Business (Overseas)
Peach John Business
Other

-8-

(Millions of Yen)
Income before income taxes
and equity in net income ofaffiliated companies
Net income
Net income attributable toowners of parent

3,800

-

3,300

-

500

-

3,000

-

2,100

-

900

-

3,200

-

2,200

-

1,000

-

Fiscal Year ending March 2025
Estimates
60.00 yen (scheduled)Category

Fiscal Year ended March 2024
Amount(151.62) yen

Basic Earnings (Loss) per ShareDividend per share:
Interim50.00 yen (scheduled)
50.00 yen
Year-end
50.00 yen (scheduled)
50.00 yen (scheduled)(Note) The “Basic Earnings (Loss) per Share” information takes into account the impact of repurchase of treasury stock.

During the fiscal year ending March 2025, our group has been promoting the initiatives to “implement business model reforms to
improve profitability”, “carry out growth strategies to achieve ‘VISION 2030’”, “introduce return on invested capital (ROIC) management”,
and “promote asset reduction” with the theme of “transformation to a structure capable of steadily generating cash” under the three-year
medium-term management plan revised in November 2023.
In our domestic business, we have set the recovery of basic profitability as a priority and will accelerate cost structure reforms.
Since the continued depreciation of the Japanese yen is expected to continue to drive up costs, including raw materials, we will strive tominimize the impact on our business by considering and implementing additional measures related to price revisions and cost reductions. In
addition, we will review our supply chain and strengthen our performance management system to evolve into a company that can respondquickly to changes in consumer needs and market conditions, and to continuously offer products and services that contribute to “sense ofself” for each of our customers.
In our overseas business, we expect the business environment to remain unstable for a prolonged period of time due to geopoliticalrisks, the prolonged inflation and the risk of economic slowdown caused by associated monetary tightening. Therefore, we plan to continue
to work on expanding customer connections by using digital technology to achieve growth in our e-commerce business, while making efforts
to improve the management foundations at our core operating subsidiaries.
As described in the “Notice Concerning Share Transfer Involving a Change in Consolidated Subsidiaries” (*4) which weannounced on May 15, 2024, Nanasai Co., Ltd. will be excluded from the scope of our consolidation following the share transfer. The
impact of the share transfer has been reflected in the forecast of consolidated results for the fiscal year ending March 31, 2025.
Based on the above-described initiatives, for the fiscal year ending March 31, 2025, we expect revenue of 184.0 billion yen,operating income of 2.0 billion yen, profit before income taxes and equity in net profit of affiliated companies of 3.8 billion yen, and net
profit attributable to owners of parent of 3.2 billion yen. We expect our revenue to decrease due to the impact of the structural reforms (suchas consolidation of product lineup and withdrawal of underperforming stores) at Wacoal Corp. and shares transfer related to Nanasai Co., Ltd
despite the boost from the impact of foreign exchange rates. We expect a significant increase in operating profit due to the positive impact ofincreased revenue associated with the implementation of our growth strategies and the reversal of the impairment charges on goodwill related
to the business withdrawal and liquidation of Intimates Online at Wacoal International Corp. (U.S.) and the expenses for structural reforms at
Wacoal Corp., both incurred in the fiscal year ended March 31, 2024.
We formulated our plan for the fiscal year ending March 31, 2025 using the key exchange rates of 145.00 yen to the U.S. dollar;
191.00 yen to the Sterling pound; and 21.00 yen to the Chinese yuan.
(*4) Please see our press release “Notice Concerning Share Transfer Involving a Change in Consolidated Subsidiaries” announced on May
15, 2024:
https://www.wacoalholdings.jp/en/ir/topics/files/wacoalholdingsnews20240515_6en.pdf(2) Financial Condition as of Fiscal Year 2024
Status of Assets, Liabilities and Shareholders’ Equity
Our total assets as of March 31, 2024 were 294,029 million yen, an increase of 8,370 million yen from the end of the previous
consolidated fiscal year, mainly due to increases in cash and cash equivalents, other financial assets and retirement benefit assets.
Our current liabilities were 78,887 million yen, an increase of 6,710 million yen from the end of the previous consolidated fiscal
year, mainly due to increases in borrowings, income taxes payable and deferred income taxes.
Equity attributable to owners of parent was 211,829 million yen, an increase of 1,632 million yen from the end of the previous
consolidated fiscal year, mainly due to an increase in other components of equity.

-9-As a result of the above, our ratio of equity attributable to owners of parent as of March 31, 2024 was 72.0%, a decrease of 1.6%
from the end of the previous consolidated fiscal year.
Cash Flows Status
The balance of cash and cash equivalents as of March 31, 2024 was 33,547 million yen, an increase of 6,766 million yen from theend of the previous consolidated fiscal year.
Cash flow provided by operating activities:
Cash flow provided by operating activities was 11,291 million yen, an increase of 3,957 million yen as compared to the previous
consolidated fiscal year, after adjustments for changes in assets and liabilities to our net loss of 8,743 million yen plus adjustments fordepreciation and amortization and impairment charges.
Cash flow provided by investing activities:
Cash flow provided by investing activities was 14,048 million yen, an increase of 10,146 million yen as compared to the previous
consolidated fiscal year, due to sale or amortization of other financial assets.
Cash flow used in financing activities:
Cash flow used in financing activities was 20,211 million yen, a decrease of 2,330 million yen as compared to the previous
consolidated fiscal year, due to repurchase of treasury stock, repayments of lease obligations, as well as payments made for dividends.
(3) Basic Policy Regarding Distribution of Profits and Dividends for Fiscal Year 2024 and Fiscal Year 2025
Our basic policy on profit distributions to shareholders is to make stable distributions based on consideration of our consolidated businessresults, while seeking to increase net income per share by enhancing our corporate value through active investments aimed at improving
profitability.
From the viewpoint of increasing our corporate value, we intend to use retained earnings for strategic investments to maintaincompetitiveness and to enhance growth, such as IT and digital investments and investments in human capital, in addition to active investmentsfor overseas business expansion, in order to benefit our shareholders by improving future profitability.
Based on the above, we plan to distribute 50.00 yen per share as a year-end dividend for the current fiscal year, the same amount as theestimated dividend announced during the latest quarter. The total annual cash dividend per share will be 100.00 yen, including the interim
dividend per share of 50.00 yen.
For the fiscal year ending March 31, 2025, we plan to declare, based on the above policy, an annual cash dividend per share of 100.00
yen, composed of an interim dividend per share of 50.00 yen and a year-end dividend per share of 50.00 yen.
2.

Basic Policies regarding Selection of Accounting Standards

Our group adopts the International Financial Reporting Standards (IFRS) in order to improve international comparability and convenienceof financial information in the capital markets.

- 10 -

3.

Consolidated Financial Statements and Accompanying Notes(1) Consolidated Statement of Financial Position(Millions of Yen)
Previous Consolidated Fiscal Year
as of March 31, 2023

Current Consolidated Fiscal Year
as of March 31, 2024

Cash and cash equivalents

26,78133,547

Trade and other receivables

20,21522,141Other financial assets

1,804

1,996

Inventories

53,72049,989Other current assets

3,100

4,464

105,620

112,137

Property, plant and equipment

46,70245,478Right-of-use assets

12,26011,471

Goodwill

16,256

11,805Intangible assets

13,043

11,890Investment property

2,957

2,839

Investments accounted for using equity method

20,49920,347

Other financial assets

50,19554,451Retirement benefit assets

13,97818,795

Deferred income taxes

3,316

3,995

Other non-current assets

833

821

180,039

181,892

285,659

294,029

Accounts

AssetsCurrent assets:

Total current assets
Non-current assets:

Total non-current assets
Total assets- 11 -

(Millions of Yen)
Accounts

Previous Consolidated Fiscal Year
as of March 31, 2023

Current Consolidated Fiscal Year
as of March 31, 2024

5,000

7,200

Liabilities and Equity
Liabilities
Current liabilities:
Borrowings
Lease liabilities

4,661

4,898

Trade and other payables

17,535

17,406

Other financial liabilities

1,172

995

Income taxes payable

1,683

4,074

Other current liabilities

13,791

14,566

43,842

49,139Borrowings

3,084

1,946

Lease liabilities

7,670

6,598

Total current liabilities
Non-current liabilities

Retirement benefit liability

2,470

2,947

Deferred income taxes

13,886

16,934

Other non-current liabilities

1,225

1,323

Total non-current liabilities

28,33529,748

Total liabilities

72,17778,887

Common stock

13,26013,260Additional paid-in capital

29,02920,550Retained earnings

151,779

148,494

EquityOther components of equity

32,023

46,784

Treasury stock, at cost

(15,894)(17,259)

Total equity attributable to owners of parent

210,197

211,829

Noncontrolling interests

3,285

3,313

Total equity

213,482

215,142285,659

294,029

Total liabilities and equity- 12 -

(2) Consolidated Statements of Profit or Loss and Consolidated Statement of Comprehensive Income(Consolidated Statement of Profit or Loss)(Millions of Yen)
Accounts

Previous Consolidated Fiscal Year
(From April 1, 2022
to March 31, 2023)

Current Consolidated Fiscal Year
(From April 1, 2023
to March 31, 2024)%%

Revenue

188,592

100.0

187,208

100.0

Cost of sales(82,189)(43.6)(83,123)(44.4)

Selling, general and administrative expenses(102,301)(54.3)(100,575)(53.7)

Other income

5,254

2.8

1,990

1.0

Other expenses(12,846)(6.8)(15,003)(8.0)

Operating loss

(3,490)(1.9)(9,503)(5.1)

Finance income

1,517

0.8

2,529

1.4

Finance costs
Share of profit of investments accounted for using equity
methodImpairment charges of investments accounted for using
equity method

(795)

(0.4)

(328)

(0.2)

2,223

1.2

839

0.5

(154)

(0.1)

(1,827)(1.0)

Loss before tax

(699)

(0.4)

(8,290)(4.4)

Income tax expense

(902)

(0.5)

(453)

(0.3)

(1,601)(0.9)(8,743)(4.7)(1,643)(0.9)(8,632)

(4.6)

42

0.0

(111)

(0.1)

(1,601)(0.9)(8,743)

(4.7)

Loss
Loss attributable to:
Owners of parent
Noncontrolling interests
Loss
Loss per share:
Basic loss per share (yen)(27.44)(151.62)

Diluted loss per share (yen)(27.44)(151.62)- 13 -

(Consolidated Statement of Comprehensive Income)(Millions of Yen)
Accounts

Previous Consolidated Fiscal Year
(From April 1, 2022
to March 31, 2023)

Loss

Current Consolidated Fiscal Year
(From April 1, 2023
to March 31, 2024)(1,601)(8,743)

1,826

14,584

(251)

1,679

430

86

2,005

16,349

3,555

8,417

309

769

3,864

9,186

Total other comprehensive income

5,869

25,535Comprehensive income

4,268

16,792

4,169

16,645

Noncontrolling interests

99

147

Comprehensive income

4,268

16,792Other comprehensive income
Items that will not be reclassified to profit or loss
Financial assets measured at fair value through othercomprehensive income
Remeasurement of defined benefit plans
Share of other comprehensive income of investments
accounted for using equity method
Total
Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign
operations
Share of other comprehensive income of investments
accounted for using equity method
Total

Comprehensive income attributable to:
Owners of parent- 14 -

(3) Consolidated Statements of Equity
Previous Consolidated Fiscal Year (From April 1, 2022 to March 31, 2023)(Millions of Yen)
Equity attributable to owners of parent
Item
Share capital

Balance at April 1, 2022

13,260Capitalsurplus29,077

Cumulative effect of change in accounting

Restated balance

Other
componentsof equity

Treasury
stock

Total

158,940

27,571(10,858)

217,990228

policies
13,26029,077Loss

159,168

Other comprehensive income

27,571(10,858)－(1,643)Cancellation of treasury stock(1,643)42(1,601)

5,812

57

5,869

－

4,169

99

4,268

(8,035)(8,035)(8,035)

2,863

－

－

136

88

88

(48)

Dividends(4,243)(4,243)(95)(4,338)

－

403

403

Equity transactions with noncontrollinginterests
Transfer from other components of equity toretained earnings
Total transactions with owners
Balance at March 31, 2023

1,360

(1,360)228
221,096(2,863)

Share-based payment transactions

220,868

2,878

5,812

Repurchase of treasury stock

Total equity

218,218

5,812
－

2,878

228

(1,643)

Total comprehensive income

Noncontrollinginterests

Retainedearnings

－

－

－

(48)

(5,746)(1,360)(5,036)(12,190)308(11,882)

13,26029,029151,779

32,023(15,894)

210,197

3,285

213,482

Current Consolidated Fiscal Year (From April 1, 2023 to March 31, 2024)(Millions of Yen)
Equity attributable to owners of parent
Item
Share capital

Balance at April 1, 2023

13,260Treasury
stock

Total

151,779

32,023(15,894)

210,197

3,285

213,482(8,632)(111)(8,743)25,277258

25,535－

16,645

147

16,792(10,001)(10,001)(10,001)(8,572)

8,572

－

－

(5)

64

59

59

29,029(8,632)Other comprehensive income

25,277－－(8,632)

25,277

Repurchase of treasury stock
Cancellation of treasury stock
Share-based payment transactions
Dividends(5,169)Changes in ownership interests in subsidiaries

98

Transfer from other components of equity toretained earnings
Total transactions with owners
Balance at March 31, 2024

Total equity

Other
componentsof equity

Loss

Total comprehensive income

Noncontrollinginterests

Retainedearnings

Capitalsurplus10,516(10,516)(5,169)(99)(5,268)

98

(20)

78

－

－

－

(8,479)5,347(10,516)(1,365)(15,013)(119)(15,132)

13,26020,550148,494

46,784(17,259)

211,8293,313

215,142- 15 -

(4) Consolidated Statement of Cash Flows(Millions of Yen)
Accounts

Previous Consolidated Fiscal Year
(From April 1, 2022
to March 31, 2023)

Current Consolidated Fiscal Year
(From April 1, 2023
to March 31, 2024)(1,601)
12,364
10,136(1,517)795(8,743)
11,8616,860(2,529)328(2,223)

(839)

154

1,827

902
(2,650)
1,053(6,692)185
480(1,714)(1,255)(1,018)
7,399
115
1,932
(270)
(1,842)
7,334

453
99
(990)
6,569
(112)
(778)
(4,542)(82)
3,628
13,010
308
2,002
(292)
(3,737)
11,291289(178)(2,879)4,468(2,169)
(135)
4,372
134
3,902

747
(1,099)(1,815)610(1,566)(230)
17,173228
14,048(5,230)678

1,355(5,981)(8,035)0(4,243)
(95)
(715)
403

－
(5,690)(10,001)
0(5,169)
(99)
－
－

－

78

－

(8)

(22,541)
601(10,704)
37,48526,781(20,211)
1,638
6,766
26,78133,547

Operating activities
Loss
Depreciation and amortization
Impairment charges
Finance income
Finance costs
Share of profit of investments accounted for using equity
methodImpairment charges of investments accounted for using equity
methodIncome tax expense
Gain on sale and disposal of property, plant and equipment-net(Increase) decrease in trade and other receivables
Decrease (increase) in inventories(Increase) decrease in other assets
Decrease (increase) in trade and other payables
Decrease in retirement benefit asset or liability
Decrease in other liabilities
Other
SubtotalInterest received
Dividends received
Interest paid
Income taxes paid
Net cash provided by operating activities
Investing activities
Proceeds from withdrawal of time deposits
Payments into time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of other financial assets
Proceeds from sale or amortization of other financial assets
Other
Net cash provided by investing activities
Financing activities
Net increase (decrease) in short-term bank loans with original
maturities of three months or lessProceeds from long-term borrowings
Repayments of lease obligations
Payments for purchase of treasury stock
Proceeds from disposal of treasury stock
Dividends paid to owners of parent
Dividends paid to noncontrolling interests
Contingent consideration payment
Capital contribution from noncontrolling interests
Proceeds from sale of interests in subsidiaries tononcontrolling interests
Payments for acquisition of interests in subsidiaries fromnoncontrolling interests
Net cash used in financing activities
Effect of exchange rate changes on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period- 16 -

(5) Notes on Going Concern
Not applicable.
(6) Basic Significant Matters in Preparation of Consolidated Financial Statements(i)Standard of Preparation of Consolidated Financial Statements

The consolidated financial statements of our group are prepared in accordance with IFRS.
(ii) Matters Regarding the Scope of Consolidation and Application of the Equity Method
Major consolidated subsidiaries:
Wacoal Corporation, Peach John Co., Ltd., Lecien Corporation, Wacoal Manufacturing Japan Corp., Torica Co., Ltd., Nanasai Co.,
Ltd., Wacoal International Corp., Wacoal America, Inc., Wacoal Europe Ltd., Wacoal EMEA Ltd., Wacoal Europe SAS, Wacoal
Hong Kong Co., Ltd., Wacoal Investment Co. (Taiwan), Ltd., Wacoal China Co., Ltd., Wacoal International Hong Kong Co., Ltd.
and A Tech Textile Co., Ltd.
Major Affiliated Companies:
Shinyoung Wacoal Inc., Taiwan Wacoal Co., Ltd. and Thai Wacoal Public Co., Ltd.
(iii) Changes Regarding Subsidiaries and Affiliated Companies
New: Excluded: OPTIONHUNT LIMITED, Peach John Shanghai Co., Ltd., Zhe Jiang Jiaxing Lecien Co., Ltd and REVELATION BRA
CO., INC.
(iv) Change in Accounting Policies
Our group has adopted IAS 12 – Income Taxes (as amended in May 2021) effective from the current consolidated fiscal year.
IFRS
IAS 12

Income Taxes (as amended in May
2021)

Outline of New or Amended Standards
To clarify the accounting treatment of deferred tax on leases anddecommissioning obligations

The adoption of IAS 12 clarifies the accounting treatment of transactions that give rise to an equal amount of taxable and deductible
temporary differences at the time of initial recognition such as leases and decommissioning obligations, and results in the recognitionof deferred tax liabilities and deferred tax assets for those taxable and deductible temporary differences in the consolidated statementof financial position, respectively.
The consolidated financial statements for the previous consolidated fiscal year have been retrospectively adjusted as a result of the
adoption of IAS 12. Due to such adjustments, deferred tax assets increased by 363 million yen, retained earnings increased by 361
million yen, and other components of equity increased by 2 million yen for the previous consolidated fiscal year in the consolidated
statement of financial position. In addition, income tax expense decreased by 133 million yen and profit increased by the sameamount for the previous consolidated fiscal year in the consolidated statement of profit or loss.
Reflecting the cumulative effects of the adoption of IAS 12, in the consolidated statement of equity, retained earnings’ balance atApril 1, 2022 for the previous consolidated fiscal year increased by 228 million yen.

- 17 -

(7) Notes to the Consolidated Financial Statements(Segment Information)(i)

Reportable Segment Information

Previous Consolidated Fiscal Year (From April 1, 2022 to March 31, 2023)(Millions of Yen)
Reportable Segment
Other(Note) 1

Adjustments

Consolidated

175,396

13,196－

188,592

248

15,021

4,434(19,455)－

80,457

12,166

190,417

17,630(19,455)

188,592(7,397)915(3,620)130－(3,490)WacoalBusiness(Domestic)

WacoalBusiness(Overseas)

Peach John
Business

External customers

96,746

66,732

11,918Intersegment

1,048

13,725

Total

97,794

Segment profit (loss)(Note) 2

2,862

Total

Revenue

Current Consolidated Fiscal Year (From April 1, 2023 to March 31, 2024)(Millions of Yen)
Reportable Segment
Other(Note) 1

Adjustments

Consolidated

172,696

14,512－

187,208192

12,977

4,258(17,235)－

79,961

10,933

185,673

18,770(17,235)

187,208(5,145)(239)(9,577)74－(9,503)

WacoalBusiness(Domestic)

WacoalBusiness(Overseas)

Peach John
Business

94,19867,757

10,741581

12,204

Total

94,779Segment profit (loss)(Note) 2(4,193)

Total

Revenue
External customers
Intersegment(Note)

1.
2.

3.

The “Other” category includes Lecien business, Nanasai business, and other business segments which are not included in theoperating segment.
The sum of the segment profit (loss) agrees to the operating loss on the consolidated statement of profit or loss. For areconciliation from operating (loss) to loss before income taxes and equity in net profit of affiliated companies, please see theconsolidated statement of profit or loss.
We account for intersegment sales and transfers at cost plus an interest.

(ii) Segment Information by Region
Revenue – external customers(Millions of Yen)
Previous Consolidated Fiscal Year
(From April 1, 2022 to March 31, 2023)

Current Consolidated Fiscal Year
(From April 1, 2023 to March 31, 2024)Japan

120,712118,367

Asia and Oceania

22,316

21,877

Americas and Europe

45,56446,964

Total

188,592

187,208(Note)

1.
2.

Countries or areas are classified according to locations of consolidated companies.
Of “Americas and Europe” category, revenue in the United States for the previous consolidated fiscal year and current
consolidated fiscal year were 33,046 million yen and 33,038 million yen, respectively.

- 18 -

(Per Share Information)(i)

Basis for calculation of basic loss per share

Previous Consolidated Fiscal Year
ended March 31, 2023

Current Consolidated Fiscal Year
ended March 31, 2024

(1,643)(8,632)(1)(5)(1,642)(8,627)59,87156,93243

34

Weighted average number of shares (Thousand shares)

59,82856,898

Basic loss per share (Yen)(27.44)(151.62)

Previous Consolidated Fiscal Year
ended March 31, 2023

Current Consolidated Fiscal Year
ended March 31, 2024

(1,642)(8,627)－－(1,642)(8,627)

59,82856,898－－

Diluted weighted average number of common shares(Thousand shares)

59,82856,898

Diluted loss per share (Yen)(27.44)(151.62)

Loss attributable to owners of parent (Millions of Yen)
Loss attributable to participating equity instruments(Millions of Yen)
Loss used when calculating basic earnings per share(Millions of Yen)
Weighted average number of tradable shares(Thousand shares)
Weighted average number of participating equity
instruments (Thousand shares)(ii) Basis for calculation of diluted loss per share

Loss used when calculating basic earnings per share(Millions of Yen)
Profit reconciliation (Millions of Yen)
Loss used when calculating diluted earnings per share(Millions of Yen)
Weighted average number of common shares (Thousand
shares)Increase in number of common stock
Stock acquisition rights (Thousand shares)(Note) Potential shares do not have dilutive effect as the exercise of stock acquisition rights reduce the loss per share.
(Significant Subsequent Events)
Not applicable.
- End -

- 19 -