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 7, 2023

Consolidated Financial Results
for the Three Months Ended June 30, 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, Executive Officer
Telephone:+81-3-3367-6314
Scheduled date to file quarterly securities report:
August 10, 2023
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, 2023 (from April 1, 2023 to June 30,2023)(1) Consolidated operating results (cumulative)
Net sales
Three months ended(Percentages indicate year-on-year changes.)

Operating profit

Millions of yen%

Profit attributable toowners of parent

Ordinary profit

Millions of yen%

Millions of yen%

Millions of yen%

June 30, 2023

9,747

(7.4)

101

(47.4)

449

46.2

271

79.5

June 30, 2022

10,521(2.3)

192(79.4)

307(70.2)

151(77.9)

Note: Comprehensive income

For the three months ended June 30, 2023:
For the three months ended June 30, 2022:

Basic earnings per share
Three months ended¥462 million¥176 million[162.2%][(66.7)%]

Diluted earnings per
share

Yen

Yen

June 30, 2023

12.20

–

June 30, 2022

6.80

–

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

(2) Consolidated financial position
Total assets

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

June 30, 2023

44,66732,97372.5

1,455.52

March 31, 2023

46,11632,96170.2

1,456.38

As ofReference:

EquityAs of June 30, 2023:
As of March 31, 2023:¥32,371 million¥32,390 million

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–

Fiscal year ending
March 31, 2024
(Forecast)Fiscal year-end

Total

Yen

Yen

20.00

–

20.00

40.00

21.00

–

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
Six months ending
September 30, 2023
Fiscal year ending
March 31, 2024

(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

23,700

1.1

1,650

0.0

1,850

0.2

1,250

2.6

56.20

46,350

1.7

2,450

1.4

2,800

2.5

1,900

3.9

85.43

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: 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)

Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2023

23,000,000 shares

As of March 31, 2023

23,000,000 shares(ii) Number of treasury shares at the end of the period
As of June 30, 2023

759,304 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)
Three months ended June 30, 2023

22,240,758 shares

Three months ended June 30, 2022

22,240,863 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.
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, 2023,
on Monday, August 7, 2023.

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 three months ended June 30, 2023, the Japanese economy showed signs of recovery as restrictions
on movement within Japan due to the novel coronavirus disease (COVID-19) were lifted and economic andsocial activities started to normalize. On the other hand, a sense of uncertainty about the future persists due tofactors including geopolitical risks from the prolonged situation in Russia and Ukraine, and inflation concerns
from rising raw material and energy 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 a base to survive periods of ESG” in order to enable sustainable growth under brand value
management.
For the three months ended June 30, 2023, the Group’s net sales amounted to 9,747 million yen (down 7.4%
year on year) due to declines in main categories such as Air Care and Cloth Care.
As for profit, although selling, general and administrative expenses decreased due to price hikes in major
product categories and curbs on marketing expenses, operating profit amounted to 101 million yen (down 47.4%
year on year) due to a rise in the cost of sales ratio accompanying higher raw material prices, ordinary profit
amounted to 449 million yen (up 46.2% year on year) due to insurance claim income, and profit attributable toowners of parent amounted to 271 million yen (up 79.5% year on year) due to the absence of loss on disasterthat 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 (Air Fresheners and Deodorizers) category, we have been engaging in efforts that involve
strengthening high-value added products and working to develop the overseas e-commerce business. Althoughsales of the Shoshu-Riki Premium Aroma Stick with an environmentally friendly water-based formula, which
was added to the lineup, contributed to sales, sales of the Shoshu-Riki DEOX series declined and the DashuTan series for refrigerator declined due to a slowdown in domestic food demand. Therefore, net sales were
4,761 million yen (down 5.6% year on year).
In the Cloth Care (Mothproofing Agents) category, we are focusing on hanging storage types in line withchanges in storage styles and efforts to expand sales of large-volume types. Sales of existing core products,
including Mushuda for Closets, Mushuda for Drawers and Clothes Cases, and Neopara Ace, declined due tobringing forward the changeover season this spring due to increased opportunities to go out, resulting in net
sales of 1,563 million yen (down 15.3% year on year).
For the Thermal Care (Disposable Warmers) category, this is the time of year when there are a lot of end-of
season returns, but because returns were less than expected, net sales were 188 million yen (up 19.8% year onyear).
In the Hand Care (Household Gloves) category, we worked to expand sales of gloves for professional use, which
are highly valued for their functionality. Sales of Family Vinyl Thin Gloves with antiviral finger tips and gloves
for overseas markets declined, as demand for these gloves from heightened hygiene awareness slowed down,
and net sales were 1,132 million yen (down 15.3% year on year).
In the Dehumidity Care (Dehumidifiers) category, we moved forward with a shift toward high value-added
products by strengthening sales of the Bincho-tan series and Dry Pet Clear products. Despite a decline in sales
volume, price increases for tank-type products contributed to net sales of 972 million yen (up 1.1% year onyear).
In the Home Care (Others) category, we have been aggressively promoting efforts to expand sales of pet careproducts, as well as developing the Senjo-Riki and Kome-Touban brands. Although sales of ST Pet grew, salesof Senjo-Riki Ohisamano-Sentaku shoe cleaner and Shinsen-Ban, which was launched in the previous fiscal
year, declined, resulting in net sales of 1,129 million yen (down 3.8% year on year).

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S.T. CORPORATION (4951)

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

Net sales(Millions of yen)
4,761
1,563
188
1,132
972
1,129
9,747

Composition
(%)
48.9
16.0
1.9
11.6
10.0
11.6
100.0

Year-on-year
(%)
(5.6)
(15.3)
19.8(15.3)
1.1
(3.8)
(7.4)

(2) Explanation of financial position
Total assets as of June 30, 2023, stood at 44,667 million yen, a decrease of 1,449 million yen from the end of
the previous fiscal year. The decrease is mainly attributable to factors that include a decrease in cash and depositsof 1,918 million yen, a decrease in notes and accounts receivable - trade of 844 million yen, and an increase inmerchandise and finished goods of 1,452 million yen.
Liabilities were 11,693 million yen, a decrease of 1,461 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 541 million
yen, a decrease in other current liabilities of 476 million yen, and a decrease in accrued expenses of 303 million
yen.
Net assets were 32,973 million yen, up 12 million yen from the end of the previous fiscal year.
Consequently, equity amounted to 32,371 million yen and the equity ratio was 72.5%, increased by 2.3
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,
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 thedate of this 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 June 30, 2023

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

12,231
5,235
7,408
173
1,055
684
(27)
26,760

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

4,069
1,623
123
3,601
194
68
9,681

1,358
1,358

1,274
1,274

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

6,021
2
6
339
581
6,951
17,90644,667

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 executive officer’s incentive plan
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, 2023

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

2,753
3,230
508
70
1,351
315
104
30
36
1,605
10,007

79
262

89
262

100

100

86
1,216
15
1,760
13,155

88
1,123
21
1,686
11,693

7,065
7,047
17,928(1,002)
31,0387,065
7,047
17,750(1,003)30,859

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

2,137
(537)
(120)
32
1,512
602
32,973
44,667

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, 2022
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Purchase discounts
Insurance claim income
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 income
Gain on sale of non-current assets
Total extraordinary income
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, 2023

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

9,747
6,118
3,629
3,527
101

1
74
30
–
49
155

1
75
28
224
47
377

1

2

4

5

27
7
40
307

16
4
29
449

–
–

0
0

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

3
–
3
446
2
147
150
296
24
271

S.T. CORPORATION (4951)

Quarterly consolidated statement of comprehensive income (cumulative)(Millions of yen)Three months ended
June 30, 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-

Three months ended
June 30, 2023

193

296

(66)
47
(2)

162
7
(2)

3

(0)

(17)
176

166
462

116

431

60

31

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
Three months ended June 30, 2022 and three months ended June 30, 2023
This information is omitted as the Group operates the daily necessities segment as a single segment.

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