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.

August 4, 2022

Consolidated Financial Results
for the Three Months Ended June 30, 2022
(Under Japanese GAAP)
Company name:
S.T. CORPORATION
Listing:
Tokyo Stock Exchange
Securities code:
4951
URL:
https://www.st-c.co.jp/
Representative:
Takako Suzuki, Representative Executive Officer, President, COO
Inquiries:
Kouichi Yoshizawa, Executive Officer
Telephone:+81-3-3367-6314
Scheduled date to file quarterly securities report:
August 10, 2022
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 three months ended June 30, 2022 (from April 1, 2022 to June 30,
2022)(1) Consolidated operating results (cumulative)
Net sales
Three months ended(Percentages indicate year-on-year changes.)

Operating profit

Profit attributable toowners of parent

Ordinary profit

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

June 30, 2022

10,521(2.3)

192(79.4)

307(70.2)

151(77.9)

June 30, 2021

10,769

–

934

–

1,031

–

682

–

Note: Comprehensive income

For the three months ended June 30, 2022:
For the three months ended June 30, 2021:

Basic earnings per share
Three months ended¥176 million¥529 million[(66.7)%][–%]

Diluted earnings per
share

Yen

Yen

June 30, 2022

6.80

–

June 30, 2021

30.74

30.73

Notes: 1. Figures for the three months ended June 30, 2021, are the figures after applying “Accounting Standard for Revenue
Recognition” (ASBJ Statement No. 29) and relevant ASBJ regulations. The percentage of year-on-year change is not shown.
2. Diluted earnings per share for the three months ended June 30, 2022, 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

43,95531,61470.6

1,394.52

March 31, 2022

44,402

31,84770.4

1,407.03

Reference:

EquityAs of June 30, 2022:
As of March 31, 2022:¥31,015 million¥31,274 million%

Yen

Millions of yen

June 30, 2022

2. Cash dividends
Annual dividends per shareFirst quarter-end

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Fiscal year ended
March 31, 2022–

Fiscal year ending
March 31, 2023–

Fiscal year ending
March 31, 2023
(forecast)Fiscal year-end

Total

Yen

Yen

19.00

–

19.00

38.00

20.00

–

20.00

40.00

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

3. Consolidated earnings forecasts for the fiscal year ending March 31, 2023 (April 1, 2022 to March 31,
2023)
Net sales
Millions of yen
Six months ending
September 30, 2022
Fiscal year ending
March 31, 2023

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

Operating profit% Millions of yen% Millions of yen% Millions of yen%

Yen

24,6004.8

1,750(32.3)

1,900(30.0)

1,200(35.0)

53.99

47,5004.5

2,550(21.6)

2,850(18.1)

1,900

71.3

85.48

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

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change
in scope 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: Yes(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
Note: For more details, please refer to the section of “Changes in accounting policies” under “(3) Notes toquarterly consolidated financial statements” of “2. Quarterly consolidated financial statements andsignificant notes thereto” on page 8 of the attached material.
(4) Number of issued shares (common shares)(i)

Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2022

23,000,000 shares

As of March 31, 2022

23,000,000 shares(ii) Number of treasury shares at the end of the period
As of June 30, 2022

759,140 shares

As of March 31, 2022

772,820 shares(iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal
year)
Three months ended June 30, 2022

22,240,863 shares

Three months ended June 30, 2021

22,213,046 shares* Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants oran 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 referto “(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.
Change in presentation of amounts
Amounts given on the Company’s quarterly consolidated financial statements and other items were previously
rounded down to thousands, but starting from the first quarter of the current fiscal year and the three months
ended June 30, 2022, figures are rounded down to millions.
To make comparisons easier, figures for the previous fiscal year and the three months ended June 30, 2021, havealso been rounded down to millions.
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 ourcorporate website soon after the announcement of the financial results for the three months ended June 30, 2022,
on Thursday, August 4, 2022.

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
Changes in accounting policies..................................................................................................................... 8
Segment information..................................................................................................................................... 8-1-

S.T. CORPORATION (4951)

1. Qualitative information on quarterly consolidated financial results(1) Explanation of operating results
During the three months ended June 30, 2022, the Japanese economy showed signs of recovery as restrictions
on movement within Japan due to the novel coronavirus disease (COVID-19) were relaxed and economic andsocial activities started to normalize. Nevertheless, a sense of uncertainty about the future persists for various
reasons, including concerns about a flare-up of infections due to variants, lockdowns in China as a result of its
domestic “zero-COVID” policy, rapid weakening of the yen, and raw material price hikes and supply chain
problems because of the continuing war in Ukraine.
Under these circumstances, the Group has been taking action to enable its sustainable growth under its strategy
of brand value management through initiatives that involve “drastic review of the existing business profit
structure,” “concentrated resources in growth areas,” “clarification of business development systems,” and“formulation and disclosure of long-term ESG strategies.”
For the three months ended June 30, 2022, the Group’s net sales amounted to 10,521 million yen (down 2.3%
year on year) due to a fall-off in sales in various categories, including Cloth Care and Hand Care, even though
Thermal Care product returns fell.
As for profit, operating profit was 192 million yen (down 79.4% year on year), ordinary profit was 307 million
yen (down 70.2% year on year) and profit attributable to owners of parent was 151 million yen (down 77.9%
year on year). This was because of a rise in the cost-of-sales ratio and an increase in selling, general andadministrative expenses due to strategic marketing expenses for growth.
Given that the Group operates a single segment of the daily necessities business, operating results by businesscategory are as follows.
In the Air Care (Air Fresheners and Deodorizers) category, we have been engaging in efforts that involve striving
for more consistent sales of our existing mainstay products and developing high value-added products. Even
though there was stagnant growth in sales of the Oheya-no-Shoshu-Riki, an existing core product, sales of
Shoshu-Riki (deodorant power) Premium Aroma series were firm, and sales of products such as Shoshu-Riki
DEOX for Front Doors, a new member of the Shoshu-Riki DEOX series introduced in spring, contributed tosales. Therefore, net sales were 5,045 million yen (up 0.0% year on year).
In the Cloth Care (Mothproofing Agents) category, we are strengthening the Mushuda series by updating the
product lineup and are moving forward with efforts to expand sales of Mushuda mite repellent. However, salesof existing core products, including Mushuda for Drawers and Clothes Cases and Neopara Ace, declined
because sales activities targeting seasonal wardrobe updates of this spring were launched earlier than normal,
resulting in net sales of 1,844 million yen (down 11.4% year on year).
For the Thermal Care (Disposable Warmers) category, this is the time of year when there are a lot of end-ofseason returns, but because returns were less than that for the first three months ended June 30, 2021, net sales
were 157 million yen (compared to negative 46 million yen for the first three months ended June 30, 2021).
In the Hand Care (Household Gloves) category, we worked to expand sales of Family gloves for home use. The
selling price was revised downward, and demand driven by greater awareness of hygiene weakened, resulting
in net sales of 1,337 million yen (down 14.7% year on year).
In the Humidity Care (Dehumidifiers) category, we moved forward with a shift toward high value-added
products by strengthening the Bincho-tan series and Dry Pet Care products in order to prevent them frombecoming mere commodities. Because this year’s rainy season was one of the shortest in history, net sales were
961 million yen (down 4.6% year on year).
In the Home Care (Others) category, we have been aggressively promoting efforts to enter new business fields,
which has included developing the Senjo-Riki and Kome-Touban brands. In addition to firm sales of KomeTouban, which prevents bugs in rice, the launch of pet care products and the spring introduction of Shinsenban,
a new product that maintains the freshness of food products, contributed to sales, resulting in net sales of 1,174
million yen (up 5.3% year on year).

-2-

S.T. CORPORATION (4951)
Category
Air Care (Air Fresheners and Deodorizers)
Cloth Care (Mothproofing Agents)
Thermal Care (Disposable Warmers)
Hand Care (Household Gloves)
Humidity Care (Dehumidifiers)
Home Care (Others)
Total

Net sales(Millions of yen)
5,045
1,844
157
1,337
961
1,174
10,521

Composition
(%)
48.0
17.5
1.5
12.7
9.1
11.2
100.0

Year-on-year(%)
0.0(11.4)–(14.7)
(4.6)
5.3
(2.3)

(2) Explanation of financial position
Total assets as of June 30, 2022, stood at 43,955 million yen, a decline of 446 million yen from the end of theprevious fiscal year. The decrease is mainly attributable to factors that include a decrease in cash and depositsof 514 million yen, a decrease in notes and accounts receivable - trade of 803 million yen, and an increase inmerchandise and finished goods of 689 million yen.
Liabilities were 12,341 million yen, a decline of 213 million yen from the end of the previous fiscal year. The
decrease is mainly attributable to factors that include a decrease in income taxes payable of 342 million yen,decrease in accrued expenses of 315 million yen, decrease in other current liabilities of 309 million yen, an
increase in notes and accounts payable - trade of 567 million yen, and an increase in electronically recorded
obligations - operating of 319 million yen.
Net assets were 31,614 million yen, a decline of 233 million yen from the end of the previous fiscal year. The
decrease is mainly attributable to factors that include a decrease in retained earnings of 241 million yen.
Consequently, equity amounted to 31,015 million yen and the equity ratio was 70.6%, increased by 0.2
percentage points from the 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 ending September 30,
2022, and the fiscal year ending March 31, 2023, announced in the financial results report released on April 26,
2022.
The consolidated earnings forecasts are determined by the Company based on information available as of thedate of this material’s release. Actual results may differ from the forecast figures due to various factors going
forward.

-3-

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, 2022
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 June 30, 2022

11,887
5,802
6,616
187
989
656
(34)
26,105

11,372
4,999
7,306
219
1,113
766
(29)
25,747

4,209
1,728
229
3,593
202
156
10,120

4,192
1,693
218
3,597
205
326
10,235

1,444
1,444

1,424
1,424

5,653
5
7
452
613
6,731
18,29644,402

5,559
4
7
371
603
6,547
18,207
43,955

S.T. CORPORATION (4951)(Millions of yen)
As of March 31, 2022
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 June 30, 2022

2,195
2,835
413
49
1,802
685
423
93
179
2,023
10,700

2,762
3,154
476
55
1,767
369
80
70
140
1,714
10,592

94
262

97
262

107

100

81

71

1,301
6
1,853
12,554

1,204
12
1,749
12,341

7,065
7,047
16,978(1,020)30,0707,065
7,047
16,736(1,002)
29,846

1,866
(537)
(177)
52
1,204
573
31,84744,402

1,800
(537)
(144)
50
1,168
598
31,614
43,955

S.T. CORPORATION (4951)(2) Quarterly consolidated statement of income and quarterly consolidated statement of comprehensive
incomeQuarterly consolidated statement of income (cumulative)(Millions of yen)Three months ended
June 30, 2021
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Purchase discounts
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
methodForeign exchange losses
Other
Total non-operating expenses
Ordinary profit
Extraordinary losses
Loss on sale and retirement of non-current assets
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-

Three months ended
June 30, 2022

10,769
6,280
4,488
3,553
934

10,521
6,363
4,157
3,965
192

1
75
35
23
135

1
74
30
49
155

1

1

12

4

21
3
38
1,031

27
7
40
307

6
–
6
1,024
160
160
320
703
21
682

0
31
31
275
(30)
111
81
193
42
151

S.T. CORPORATION (4951)
Quarterly consolidated statement of comprehensive income (cumulative)(Millions of yen)Three months ended
June 30, 2021
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-

Three months ended
June 30, 2022

703

193

(229)
47
0

(66)
47
(2)

7

3

(174)
529

(17)
176

482

116

46

60

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.
Changes in accounting policies
Application of Implementation Guidance on Accounting Standard for Fair Value Measurement
The Company has applied the “Implementation Guidance on Accounting Standard for Fair Value
Measurement” (ASBJ Guidance No. 31, June 17, 2021) (hereinafter, “Fair Value Measurement AccountingStandard Implementation Guidance”) from the beginning of the first quarter of the current fiscal year, anddecided to apply new accounting standards set forth in the Fair Value Measurement Accounting Standard
Implementation Guidance prospectively in accordance with the transitional treatment provided for inparagraph 27-2 of the Fair Value Measurement Accounting Standard Implementation Guidance.
The application of the above guidance does not have any impact on the quarterly consolidated financial
statements.
Segment information
Three months ended June 30, 2021 and three months ended June 30, 2022
This information is omitted as the Group operates the daily necessities segment as a single segment.

-8-