Integrated Report 2023

(Creating Corporate Value Report)

R ef r es hi ng t he A i r

AboutS.T. CORPORATION

MessageOur Value Creation

Business Activities

Sustainability Activities

Governance

Financial andNon-financial Information

Corporate Information

Table of Contents and Compilation Policy
Table of Contents
and Compilation Policy ………………… 01

Business Activities
Activities of Domestic Business …………… 19
Activities of Overseas

About S.T. CORPORATIONManagement Philosophy and Vision ……… 02

and New Businesses ………………………… 21

Forte of S.T. ……………………………………… 03

Sustainability Activities

History of Value Creation …………………… 04

Environmental Activities …………………… 22

Situation of Each Business …………………… 05

Social Activities ………………………………… 24

Financial Highlights …………………………… 06
Non-financial Highlights ……………………… 07

GovernanceEfforts for Governance ……………………… 27

MessagePresident Message ……………………………… 08

Efforts for Corporate Governance ………… 29

Message from Executive Vice President

Financial and Non-financial Informationin charge of DX ………………………………… 14

Financial Information ………………………… 38

Message from the executive officer

Non-financial Informationin charge of finance …………………………… 15

and Share Information ……………………… 39

Our Value Creation

Corporate Information

Creation of Value of S.T. ………………… 16

Location …………………………………………… 40

Value Creation Process …………………… 17

Corporate Profile and the Entire Picture ofMaterial Issues and Primary Measures … 18

Communication Tools ………………………… 41［Compilation Policy］

This report is aimed at conveying our activities forcreating the value of S.T. to all stakeholders anddeepening their understanding of S.T. Group.
The subject period is the fiscal year ended March2023 (Apr. 1, 2022 to Mar. 31, 2023). The fiscal years
indicated in graphs and tables are those ending
March unless otherwise specified.
The subject organizations are our company and S.T.
(consolidated) unless otherwise specified. “S.T.
Group” means the entire S.T. Group, “S.T. Group (inJapan)” means S.T. (non-consolidated) and domestic
group companies, and “S.T. (non-consolidated)” means
S.T. (non-consolidated).
The guidelines we referred to are the Value Reporting
Foundation (VRF), “International Integrated Reporting
Framework,” and “Integrated Disclosure and Dialogue
Guidance for Co-creation of Value” of the Ministry of
Economy, Trade and Industry.
This report was issued in November 2023.

［Forward-looking Statement］

This report contains forward-looking statements
regarding S.T. CORPORATIONʼs future plans, strategies,
and performance. Such forward-looking statements
are based on information available as of the issuanceof this report. Please note that the companyʼs actual
performance may differ greatly from forward-looking
statements due to various factors.

［Market Scale and Share］

INTAGE Inc.ʼs SRI+ (in value terms) for “deodorizers(for refrigerators)” during a 3-year period from 2020
to 2022, “mothproofing agents for food” during a
4-year period from 2019 to 2022, “disposable
warmers, (excluding those for the eye parts)”
during a year period from April 2022 to March
2023, other items during a period from January to
December 2022, “deodorizers and air fresheners(excluding those for clothes and anti-virus ones)”and “mothproofing agents (excluding those for dolls).”

Integrated Report 2023

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AboutS.T. CORPORATION

MessageOur Value Creation

Business Activities

Sustainability Activities

Governance

Financial andNon-financial Information

Corporate Information

Management Philosophy and Vision

Refreshing the Air
Our corporate philosophy is “Sincerity.”
The management philosophy of S.T. Group is to contribute to society
by providing customers with the most reliable products.
We aim to become a company loved by customers
and society around the world, by brightening
and enlivening the life of everyone through air.

Integrated Report 2023

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AboutS.T. CORPORATION

MessageOur Value Creation

Business Activities

Sustainability Activities

Governance

Financial andNon-financial Information

Corporate Information

Forte of S.T.

SHOSHURIKI

1

No.

Deodorizers and
Air Fresheners(excluding those for clothes andremoving viruses)

DASHUTANCHARCOALKOMETOBAN

No.

No.

1

Deodorizers(for refrigerators)

1

MUSHUDA

1

No.

Mothproofing
AgentsMothproofing Agentsfor Food(excluding those for dolls)

DRYPET

1

No.

Dehumidifiers

Domestic market share

Domestic market share

Domestic market share

Domestic market share

Domestic market share*Intage Inc. SRI + (in value terms)
Period: Apr. 2022- Mar. 2023

*Intage Inc. SRI + (in value terms)
Period: Apr. 2019-Mar. 2023

*Intage Inc. SRI + (in value terms)
Period: Apr. 2018-Mar. 2023

*Intage Inc. SRI + (in value terms)
Period: Apr. 2022-Mar. 2023

*Intage Inc. SRI + (in value terms)
Period: Apr. 2022-Mar. 2023

28%

77%

83%

45%

31%

We have many Unique Brands in Niche Markets.
Integrated Report 2023

03

AboutS.T. CORPORATION

MessageOur Value Creation

Business Activities

Sustainability Activities

History of Value Creation

Governance

Financial andNon-financial Information

Corporate Information2011 (at the time of the Great East Japan Earthquake)
Released a home-use radiation meter toalleviate anxiety about radiation.

Founded in 1946, and we started by manufacturing
and selling mothproofing agents to solve the problem of insects eating kimonos.
Since then, we have grown by solving a variety of trouble and discomforts in our lives
with our unique air-care core technologies and delivering refreshingand soothing feeling to our customers.
1981 (the peak of the growth economy period)

Sales in the fiscal year ended March 2023

45.5

billion yen

Released a dehumidifier tosolve the problem of mold causedby the airtightness of condominiums.

2013
Released functional Air Care productsthat purify air with the power of the forest.

1946 (post-war reconstruction period)
Released mothproofing
agents to prevent insect
bites on precious clothing.

1971 (high economic growth period)
Released air fresheners
to improve public healthand add color to people's lives.

1946

1970

1999 (mature economy period)
Released fragrances anddeodorants to eliminate
worrisome odors.

1998

2013

Changes in management in line with the changes of the times［From 1946: Founding period］
Solidifying the business foundation
as a manufacturer［From 1970: Growth period］
Management for creating new markets
through aggressive investment［From 1998: Mature period］
Strong and flexible management［From 2013: Turning point］
Management for explorationand deepening

After the war, many women were saddened bytheir precious kimonos being eaten by insects.
Seiichi Suzuki, one of the founders, saw his
mother experiencing the same concern andestablished S.T. Chemical Industries Co., Ltd.,the predecessor company, in 1946 and started
manufacturing and selling mothproofing
agents.

From around 1970, the Japanese economy
accelerated its growth. Along with this, theliving environment has changed significantly,
and new lifestyle concerns and needs haveemerged. In 1971, we entered the air freshener
market, and in 1981, we created a new
dehumidifier market. In addition, we actively
invested in capturing strong demand, such as
starting overseas expansion in Thailand,
Taiwan, the Philippines, etc.

Since 1990, the economy has stagnated as thedomestic population growth has slowed. We
implemented a management reform “narrowing down and concentration” to shift from theprevious expansion policy to the pursuit of astrong and flexible structure. Our current
major brands, such as SHOSHURIKI,DASHUTAN
CHARCOAL,and KOMETOBAN, were born aroundthis time.

In the 2010s, the times changed dramatically toward the green economy. In addition toproviding high value-added products andservices in response to changes in consumer
values and lifestyles, we are promoting
management that considers all stakeholders
by reducing CO₂ emissions and responding
to resource depletion.

Integrated Report 2023

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AboutS.T. CORPORATION

MessageOur Value Creation

Business Activities

Sustainability Activities

Governance

Financial andNon-financial Information

Corporate Information

Situation of Each Business
Air Care (Deodorizers and Air Fresheners)

Cloth Care (Mothproofing Agents)
Sales Composition by Category

SHOSHURIKI
FOR ROOMSHOSHURIKI
SPRAY
FOR TOILETSHOSHURIKI
NATULIEFFOR
ENTRANCE & ROOMDASHUTANCHARCOAL

Thermal Care (Disposable Warmers)

Home Care
Humidity
Care

12.8%

ONPAX
HAND WARMERONPAXONSTYLETOE WARMERSABDOMENSOCKS ADHESIVEWARMER
CLOTHINGADHESIVE

Humidity Care (Dehumidifiers)

MUSHUDAMITE REPELLENT

6.5%

Hand CareONPAX
BODY WARMER
CLOTHING ADHESIVE

9.4%

MUSHUDAFOR 1 YEARFOR CLOSETMUSHUDACOVER
FOR 1 YEAR

MUSHUDAPREMIUM AROMA
FOR 1 YEAR

Hand Care (Gloves)
Sales in the fiscal year
ended March 2023

45.5

billion yen

Air Care

43.4%
FAMILY VINYLFAMILY VINYL
THIN FINGERTIP
MEDIUM-THICKANTIVIRUS
FINGERTIP
PROCESSING GLOVE REINFORCED GLOVE

Thermal Care

10.4%

Cloth Care

ONE-TIME USEULTRATHIN GLOVEFAMILY VINYLPRIMA GLOVE
PRIMAHome Care (Other)

17.5%

DRYPET
COMPACTDRYPET
FOR CLOSET

BINCHOTANCHARCOALDRYPET
FOR SHOES

DRYPET
CLEAR

SENJORIKI
KOMETOBANFIZZYWASHING MACHINE DRUM
CLEANERSHINSENBAN

S.T.PETREFILLDEODORIZING CHIPS

Integrated Report 2023

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AboutS.T. CORPORATION

MessageOur Value Creation

Business Activities

Sustainability Activities

Financial andNon-financial Information

GovernanceCorporate Information

Financial Highlights
Net sales

Operating income・Operating income margin
Operating income

45.6billion yen

Operating income margin

2.4 billion yen 5.3%
Operating income(billion yen)

50

47.8

47.5

49.7

(billion yen)

45.5

5.9

7.1

3.4

40

3

7.1

Overseas Sales

1.8billion yen

Overseas Sales Ratio

3.1billion yen 6.3％

5.3

（%）
5

Overseas Sales(billion yen)

3

3.3

2.8

2.3

0

4

3.7

3

6.1

6.0.

2.9

2.9

2020/32021/3

Overseas Sales Ratio

6.5

6.3

3.1

3.1

（%）
6

0

1.8

2

2

1.1

20

(billion yen)

7.8

2.5

1.8

2

2.4

30

1
1

10
0

Overseas Sales・Overseas Sales Ratio

Operating income margin

3.9

4

45.6

7.9

Profit attributable to owners of parent

2019/32020/32021/32022/302023/31

2019/32020/32021/32022/32023/30

2019/32020/32021/32022/32023/30

2019/32022/32023/3*The new accounting standards have been applied
since the fiscal year ended March 2022.

*The new accounting standards have been applied
since the fiscal year ended March 2022.

Although revenue in the mainstay air care and clothcare categories declined, total sales slightly increased,
thanks to the growth of sales in other categories due
to a focus on differentiated products and high-value-added products.

Profit decreased as increasing product prices could
not cover the augmentation of the cost of sales ratio
caused by soaring raw material prices, sharp exchange
rate fluctuations, and inventory valuation losses.

Operating income decreased, but profit grew as there
was no longer extraordinary loss, which was posted in
the fiscal year ended March 2022.

Despite the decline due to the strategic withdrawal
from the European market for gloves in the fiscal year
ended March 2022, overseas sales remained stable
due to the contribution of sales of thermal careproducts and gloves in other regions.

Dividend per share・Dividend payout ratio

ROE・ROA

R&D expenses・Capital expenditures

Marketing expenses

Dividend

Payout ratio

40yen 48.6%

ROE

Dividend

Payout ratio

ROA

R&D expenses

5.7% 4.0%

ROE

ROA

Capital expenditures

0.77billion yen 0.84billion yen

11.2 billion yen(billion yen)(billion yen)

R&D expenses

Capital expenditures

76.1

（yen)

44.1

60

40

36.00

（%）

35.2

36.00

（%）

32.5

37.00

48.6
38.00

40.00

3.5

10

40
8
0

7.8

8.2

6.3

5.7

6
4

20

5.3

5.6

2019/32020/32021/32022/32023/3

Regarding year-end dividends, based on our basic
policy of “promoting a dividend policy linked tobusiness performance while adhering to a basic policyof stable dividends,” we set annual dividend at 40
yen/share and dividend payout ratio at 48.6%.

0

3.5

4.3
2.4
2019/32020/32021/32022/3

11.2

11.0

11.2

11.3

11.2

2019/32020/32021/32022/32023/3

2.7

2.5

8

2.0

1.3

1.5

4.0

2
0

3.0

12

3.1

3.1

1.0

0.6

0.7

0.8

0.9

0.8 0.8

2020/32021/32022/32023/34

0.5

2023/3We recovered in the fiscal year ended March 2023 asthere was no longer the impact of extraordinary losses
posted in the fiscal year ended March 2022.

0

2019/3In terms of research and development, we have enhanced
basic research by implementing new themes in collaboration with universities, and in terms of capital investment,
we have strengthened plant facilities to increase in-houseproduction of mainstay products and increase production
capacity and invested in software development.

0

As for marketing expenses (advertising and sales
promotion expenses), we continued to invest in digitaladvertising and other expenses for sales promotion.

Integrated Report 2023

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AboutS.T. CORPORATION

MessageOur Value Creation

Business Activities

Sustainability Activities

Financial andNon-financial Information

GovernanceCorporate Information

Non-financial Highlights
Total CO₂ emissions (Scopes 1 and 2)

Total weight of waste

Water consumption

Number of employees

3,055t-CO₂

1,362t49,137m³

859

Scope1

4,038（t-CO₂）

4,000

（t）

3,863

2,891

2,523

3,066

2,907

1,913

3,055

2,096

1,000

0

（m³）

1,500

3,499

3,000

2,000

Scope2

976

972

956

978

959

2019/32020/32021/32022/32023/3

1,329

1,200

900

1,432

1,362

1,183

50,00040,000848

20,000300

10,0002019/345,37845,054

49,1372020/32021/32022/302023/3（People）
1,200

948

1,032

997

953

859

800

30,000600

040,63844,269400

2019/32020/32021/32022/302023/3

2019/32020/32021/32022/32023/3*The subject organization is S.T. Group (domestic). *Total CO₂ emissions mean the sumof Scopes 1 and 2. *When calculating the purchased electric power with Scope 2
emissions, the emission factor adjusted for each kind of electric power was basically used.
For others, the national average emission factor was used. *The figures are rounded down.

*The subject organization is S.T. Group (in Japan).

*The subject organization is S.T. Group (in Japan).

During the fiscal year ended March 2023, electric
power consumption increased due to the installationof new production equipment at factories, and as aresult, total CO₂ emissions increased from the fiscal
year ended March 2022.

In the fiscal year ended March 2020, total weight ofwaste augmented due to the acquisition of S.T.
MYCOAL, but has been remaining flat in recent years.

In the fiscal year ended March 2020, water consumption
augmented due to the acquisition of S.T. MYCOAL.
Recently, it has increased due to changes in production
items and production output at each production site.

Through the acquisition of S.T. MYCOAL, number of
employees increased in the fiscal year ended March 2020.
The most recent change in the number of employees isdue to a decrease in the number of overseas employees.

Ratio of female managers

Favorability ranking of companies

15.1%

121st place

Total actual working hours per person per year

Ratio of employees
who took an annual paid leave

1,716h

60.0%

（h）

60.8

（%）

2,000

1,674

1,691

1,743

1,744

1,716

60

59.6

56.2

1,500

60.0

53.9

（%）

（place）

20

200

168

156

15.1
15

40

11.3

1,000

10

10.9

10.2

2020/32021/3

11.5

138

131

100

121

20
5

500

0

2019/32020/32021/32022/32023/30

2019/32020/32021/32022/32023/30

2019/32022/32023/30

2019/32020/32021/32022/32023/3*The subject organization is S.T. Group (in Japan).
*The total actual working hours per person per year means
the working hours of regular employees.

*The subject organization is S.T. Group (in Japan).
*The ratio of employees who took an annual paid leave means
the ratio of regular employees.

*The subject organization is S.T. Group (in Japan).

*The favorability ranking of companies was taken from theReputation-Business Person Edition of Nikkei Survey on
Corporate Images.

We are striving to break away from the old ways ofworking and reduce working hours.

We set several months per year in which employees
are encouraged to take an annual paid leave, and work
to realize work-life balance. Recently there has been aslight improvement in the number of employees taking
an annual paid leave.

We uphold the goal of increasing the ratio of female
managers so that various personnel can flourish, andpromote the design of systems for enabling women to keep
working, training for career development, etc. Recently
there has been an increase in the ratio of female managers.

In brand value management, we aim for the 150thplace or so in the Favorability Ranking of Companies asa benchmark. We maintain a consistent corporate
favorability ranking.

Integrated Report 2023

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AboutS.T. CORPORATION

MessageOur Value Creation

Business Activities

Sustainability Activities

Governance

Financial andNon-financial Information

Corporate Information

President Message

To swiftly deal with social changes
and expectations through “reform”
President & CEO

As a new president

management plan based on the project and announce it
next spring. Although our company operated under the

I am Yo Kozuki, who is appointed as President & CEO.

leadership of the founding family, we will change our corpo-

It has been 36 years since I joined S.T. Corporation. Havingrate system to “business administration involving all staff” sobeen devoted mainly to sales and marketing, I have foundthat we can carry out speedy business operation for keeping

real pleasure in taking on challenges in manufacturing. I view

up with changes. I believe that “reform” is the key to how wemy appointment to President & CEO as a hugely important

pave a path to the growth of S.T. Corporation in the future.

turning point for our company.

Now is the time to launch new models for the air business.

I think what is entrusted to me is to make S.T. Corporation aprofessional group that works on exciting tasks whileconstantly pursing endeavors to create new value as a true
public company.
I groped for roles to serve for the two months until I was

What S.T. Corporation has beenplacing an emphasis onformally inaugurated as President & CEO. Then, I havedesigned a “100-day project” as a new growth plan that is

Provision of “freshness and comfort”

aimed at further raising our corporate value based on the

Since the establishment in 1946, S.T. Corporation has been

issues our company is currently facing. The reason for thegrowing by offering solutions to a variety of trouble anddevelopment of the project is that I would like to show theinconvenience in daily lives and providing customers withcourse of action for our reform to many stakeholders, including“freshness and comfort.”

all of our employees. We will formulate a medium-term

During the postwar reconstruction period, S.T. Corporation

Integrated Report 2023

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AboutS.T. CORPORATION

MessageOur Value Creation

Business Activities

Sustainability Activities

Governance

Financial andNon-financial Information

Corporate Information“grasping peopleʼs imagination when they hear about, see,satisfaction being put first, formation of a stronger

and use our products” in order to brighten and energize

relationship of trust with distributors is a base that allows

peopleʼs lives through air by fulfilling the needs of the times

our company to continuously create value.

as mentioned above, establishment of sales floors thatencourage customers to take our products in their hands,

Sincere personnel capable of putting themselves inand communication with customers through such means as

customersʼ shoes and taking action

our unique television commercials.

It goes without saying that what supports our business is our

We have placed a great weight on deepening mutual

sincere personnel. I myself have realized this fact from many

understanding with distributors. For instance, when ouryears of my career at S.T. Corporation and been proud of it.

company is appointed as the chief of a category, we make

What I can see in each one of our employees are love toward

efforts with the intention of certainly boosting sales of the

S.T. Corporation, gratitude to customers and partner compa-

category as a whole. There is no doubt that our sales staff

nies, and sincere attitude toward work at any time.

is supposed to increase sales for our company, but we

S.T. Corporationʼs corporate philosophy is “sincerity,” whose

prioritize whether a sales floor is arranged properly fromgene has been passed down from generation to generation

the standpoint of customers while striking a balance withwithout change. I will manage the company sincerely bycompetitorsʼ products. Customer satisfaction contributes

nurturing the spirit of enjoying challenges through support

to sales expansion in the sales floor as a whole, which infor autonomous growth of every one of our employees soturn results in growth of our companyʼs sales. With customerthat we can enhance our corporate value.

began its business with production and sale of mothproofing agents for protecting important peopleʼs clothes frommoth holes. We started to sell air fresheners following theincreasing awareness of public health during the higheconomic growth period. As times changed further andExecution of management that correctly grasps social changes
and fulfills expectations

houses such as apartment houses became more airtight, wedeveloped dehumidifiers in order to settle the issues arising

For these past few years, the novel coronavirus infection has

directly. For example, warmer winters and rainy seasons

from mold due to humidity.

posed the threat of pandemics to us, and environmental andwith less precipitation are linked directly with poor sales ofIn the 2000s, we launched “SHOSHURIKI” that is aimed atsocial issues on a global scale, including geopolitical risks

disposable warmers and humidifiers, respectively. Whenfulfilling the growing consumersʼ needs of deodorizing odors

such as the Russia-Ukraine situation and the middle east crisis

seasons do not change clearly, people may move up or pushthat shifted from needs of air fragrance. The product garneredand climate change, have been getting more serious, puttingback their schedule of changing their wardrobes with thesupport of a number of customers. This is because we meticu-

us in a chaotic circumstance. Furthermore, I am aware thatseason, which may in turn have impact on the sales of ourlously analyzed changes in customersʼ preferences andthese factors have direct and indirect impact on our compa-

mothproofing agents. In addition, the housing environment

competing products, and promptly met the needs of the times.

nyʼs business as shown by the growing interest in humanhas changed and the great majority of modern houses haverights issues and ESG risk management throughout the supply

closets instead of chests or wardrobes, meaning that while

Peaceful coexistence and mutual prosperity with customers,

chains as the social situation is changing drastically.

the conventional mothproofing agents for clothing chests

distributors, and retail stores

Climate change is particularly noticeable, and our Thermal

do not sell as much as before, sales of mothproofing agents

I believe that our forte is the ability to develop products byCare business, including disposable warmers, is affected

for closets are growing. As our companyʼs products are

Integrated Report 2023

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AboutS.T. CORPORATION

MessageOur Value Creation

Business Activities

Sustainability Activities

Governance

Financial andNon-financial Information

Corporate Information

intended to satisfy needs in daily lives, we must deal swiftly

people work from and at home, people have more time toenhance efforts for climate change, circular economy, andwith climate change and changing life styles that have aspend at home. This has motivated people to make theirgovernance, and impact on our business performance result-direct link with customersʼ everyday lives. Regarding costliving spaces at home more comfortable. Our company has

ing from exclusion from the supply chain.

prices, the yen is getting weak and prices of raw materials

been paying attention to the effect of fragrance (for exam-

Furthermore, the issues currently facing our company

and energy cost are soaring due to drastic changes in theple, relaxation effects) regarding our air care products, suchinclude incomplete formulation of new growth strategies,

international situation and economic environment, forcing

as deodorizers and air fresheners, therefore we possess a

inadequate allocation of resources to growing fields, such

us to take radical measures.

multitude of relevant technologies. I believe that provision

as new businesses, and delays in financing strategies andFurthermore, an international momentum will build up moreof products and services that fulfill the needs of the society

environment-related actions. I feel that, these days, we are

and more toward circular economy, such as regulations ofby using such technologies will create business opportuni-

losing motivation to take on new challenges, which iscarbon dioxide emissions and cyclical use of exhaustible

ties in the future.

another one of our issues.

resources. Our company has already taken actions, including

In addition, in the times that require companies to makeuse of recycled materials for the bottles of our new

further efforts at ESG strategies and governance-related

Three subjects of reform under the “100-day project”

products, but we must accelerate our efforts further.

actions, we must make proactive investment aimed at

With these issues kept in mind, I have designed a “100-day

Meanwhile, environmental and social changes not only posesustainable growth, and steadily meet the demands of the

project” and brought up three subjects of reform based on

multifarious risks for our business, but they open up asociety. I am aware that our company is required to contrib-

our discussion on how to enhance our corporate value.

number of opportunities. One of the most significant chang-

ute to settling a variety of issues through the creation of

One of the subjects is “swift business operation based on

es before and after the novel coronavirus pandemic is the

new businesses and take appropriate measures whilecustomersʼ understanding and social coexistence.”

diversifying life styles of consumers. As a larger number ofpredicting further risks.

The point is to develop and provide unique products andservices with new value that are so typical of S.T. Corpora-

Formulation of a new growth plan, “100-day project”

tion while thoroughly understanding customersʼ demand. Inorder to create unique and new value, it is necessary tounderstand what customers feel uncomfortable with in their

Awareness of issues regarding the current situation

It is projected that global warming and circular economy will

daily lives by remembering the spirit we started with andWhile the mainstay air care and cloth care categories saw

accelerate, regulations will be tightened, a super-aging

strive to resolve the issues, and it is also important to

declines in sales because demand that grew during thesociety will come, and the number of environment- andintegrate the perspectives of coexistence with customers

novel coronavirus pandemic slowed down, sales increased inhealth-minded people will rise further.

and the society and sustainability into product design. We

the term ended March 2023 because of our proactive

Within this context, I consider expansion of sales targets

clearly include elements of sustainability in our organiza-

efforts at products for differentiation, products with highowing to the economic growth of the Global South in thetionʼs visions, goals, and missions, and use new perspectives

value added, and new businesses.

overseas market and an advance to the business market inin our research and marketing activities so as to gain deeper

Meanwhile, profit shrank due to soaring prices of raw

Japan to be great business opportunities. Creation of newunderstanding of customers, and we incorporate them intomaterials and effects of drastic fluctuations in the exchange

business models is a task assigned to us in order to push

the core of our business strategies.

rates.

forward with the initiatives to capture the above-mentioned

The second subject is “business portfolio strategies x

Under these circumstances, I, as the person entrusted bybusiness opportunities.

organizational revitalization.”

the founding family with next-generation growth, started my

Risks, on the other hand, are scaling-down of the existing

The point is to make a shift from our conventional

career as President & CEO with predicting the world of 2030

domestic businesses due to the population decline, slumping

all-around business strategies to well-balanced businesswith an eye on our future medium- and long-term strategies.

stock prices due to failure in meeting requirements tostrategies by clarifying which businesses to focus on. This

Integrated Report 2023

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AboutS.T. CORPORATION

MessageOur Value Creation

Business Activities

Sustainability Activities

Governance

Financial andNon-financial Information

Corporate Information

requires us to cooperate with each other on a swift and

The last subject is “working as one × the ability to carryaside from households and developing useful products

cross-functional basis from the company-wide perspective

through to the end.”and services.

by breaking down the conventional barriers between

The point is that we will aim to boost the operational

Furthermore, we see potential in the field of pet care. In pet

departments. Coordination inside and outside the organi-efficiency by swiftly sharing management information, andcare, we will continue to actively develop products thatzation for taking on new challenges as one will be crucial. I

give a number of stakeholders a commitment to our goals

support a pet-friendly society while building on the deodor-

will reform the corporate culture for ensuring such coordi-

and improve our employeesʼ ability to carry through to theizing function of our products, which is our forte.

nation and revitalizing our organization.

end by strengthening our PDCA management system andIn particular, I will make a radical reform of the personnel

disclosing our medium-term management plan.

Growing field 2: Developing new markets with the new

system so that authority can be delegated more proac-

Although we will release the details in the medium-term

technology “CLEAR FOREST”

tively in order to work on various reform activities withmanagement plan next spring, I will explain the items that

We will strengthen our approach from the perspective ofemphasis placed on swiftness. Particularly, so as towe will work on from the perspectives of business and“wellness” by utilizing fragrances to increase life satisfaction

encourage younger employees to play active roles, I will

management regarding the course of action for our growthand happiness.

proceed with a system reform for allowing our employees

strategies that I am currently considering based on the

We will continue to focus on developing products andto think and act by themselves and be evaluated for theiraforementioned current awareness and the three subjects

services that can contribute to peopleʼs comfort and happi-

efforts at new things.

of reform.

ness. For example, in air fresheners, rather than simply
providing a fragrance that many people find pleasant, thisfragrance has the same effect as forest bathing and has

The direction of future growth strategy: Business reform

relaxing effects such as stress relief. We would like to takeon the challenge of developing products that step into the

Existing businesses (for households): To expand sales

using existing technology

through a change in our mindset

We believe there is great potential in the businessarea of wellness by utilizing our unique air care technology.

existing

market as an area of particular focus. For example,

products and technologies. For example, in the field of

deodorizers and air fresheners are used in more than 50%

home air care products for household, which have been ourof homes, but they are not used much in offices. Further-mainstay to date, our current product lineup is mainly for

more, we believe that if we can develop and provide

entrances, living rooms, and bathrooms. However, we

products and services that can be used in commercial

would also like to offer air care products for deodorization

spaces and public facilities, we can meet larger needs.

and air freshening for various areas such as bedrooms,

The relaxing and deodorizing effects of fragrances arestudies, and kitchens. We believe there are many possibili-

expected to be beneficial in beauty salons and clinics,

ties for growth even with existing products and technolo-

and fragrances can contribute to creating the atmo-

gies by changing how we think about adding value. In thesphere of event spaces. Needs differ depending on the

short term, we will steadily increase profits through theselocation, so we hope to use our technology to makeefforts and secure resources for new business develop-

customized proposals. On the other hand, in offices andment.

public places where people with various tastes gather,

I

will

explaingrowthstrategies

thatutilizefragrance-free
Growing field 1: Developing the domestic business market

products

arerequired.

Thus,

we

can

expand the market further by carefully researching needs

Integrated Report 2023

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AboutS.T. CORPORATION

MessageOur Value Creation

Business Activities

Sustainability Activities

Governance

Financial andNon-financial Information

Corporate Information

CLEAR FOREST is positioned as a core technology in theand from there we are also looking to enter the Global

across departments, from business improvement to productwellness field. CLEAR FOREST is a “functional extract fromSouth market.

development. Adopting this system will strengthen ourtrees” extracted from Sakhalin fir with excellent air purifying

Currently, sales of SHOSHURIKI PREMIUM AROMA series areorganizational capabilities through digital technology byproperties and was developed by Japan Aroma Laboratory

growing in Thailand, and the demand for good scents isfundamentally reviewing and streamlining our businessCo., Ltd., a research institute of the S.T. Group and theincreasing. As tastes vary from country to country, we willprocesses, improving productivity, and reflecting in-store

Forest Research and Management Organization.

continue to conduct research to create products that aresales information on the manufacturing site.

Research has shown that this “functional extract from trees”

liked locally and repeat successful cases in Thailand in the

In addition, in strengthening PDCA management, we believe

has a deodorizing effect, a forest bathing effect, and an

surrounding countries, such as Malaysia. In addition, if we

it is important to go back to basics and continue taking on

antioxidant function. Furthermore, since it is manufactured

consider not only fragrances, but also wellness, we can see

challenges and repeating reviews to improve our ability tousing unused resources such as twigs and leaves of Sakhalinthat there are common needs for things like thermal care,achieve business plans. We will formulate a medium-term

fir trees grown as building materials in the forests of Hokkai-

and we will also conduct research on these issues.

management plan to carve out a path toward realizing thisvision and disclose it next spring. By clearly presenting goalsdo, it is attracting attention as an environmentally andeconomically beneficial business. We are already handling

Growing field 4: Promoting open innovationand making commitments within and outside the company,

functional air care products that utilize this component to

We believe that the resources of a single company are

we aim to make the goals clear to all employees andimprove air quality, and in the future, we will further expand

insufficient to develop and expand these new businesses

motivate them to see them through.

our product lineup to meet various needs.

and achieve global growth. Therefore, going forward, we will
be more proactive than ever in collaborating with compa-

Redefine the significance of S.T.ʼs existence by formulating

Growing field 3: Accelerate growth in overseas markets

nies and organizations that have the necessary technology,

its purpose

with a focus on Asiaknow-how, and networks and will also engage in M&A if

In order for the entire company to work together to advanceFirst, we will focus on Asia, mainly China and ASEAN countries,

necessary to accelerate the promotion of our business.

its reform, we will set a purpose as a spiritual pillar andredefine the significance of S.T.ʼs existence. Until now, theStrengthening governance as a public company: Management reformfounding familyʼs management has clearly expressed theirintentions and led the management based on them. However, due to their retirement, we have been thinking it is neces-

We will strengthen our governance as a company listed onlate and deploy human resources strategies.”sary to reconfirm the significance of our existence bothwithin and outside the company and to think about why S.T.

the Prime Market of TSE and a global company. Last year, inorder to clarify our stance on sustainability and ESG, we

Thoroughly implement management that gets things done

exists and how it will be useful to the world. We will formu-

formulated a sustainability policy and revised our environ-

Our aim is to improve information infrastructure, sharelate our purpose with the involvement of all employees

ment, human rights, and procurement policies. We aremanagement information, strengthen PDCA management,

based on the values that S.T. has provided to date, ourcurrently developing a plan based on these policies andand develop the ability to achieve business plans.

forte, and the things we have cherished, as well as external

thoroughly

Currently, information held by each business division is notexpectations. Aiming to realize this purpose, the entire

Sustainability Committee.

shared across the company, and there are invisible barriers

company will work together to promote the newly defined

In implementing these policies, we believe that it is essential

between departments. In the future, we will use digital

growth strategy and create the next S.T.

to “thoroughly implement management that gets things

technology to transform the way work is done and thedone,” “redefine the significance of S.T.ʼs existence by formu-

structure of the entire company. We have appointed a CDO

Improve capital efficiency

lating its purpose,” “improve capital efficiency,” and “formu-(Chief Digital Officer) to improve the implementation of DX

In order to conduct management with an awareness of

discussing

them

at

the

newly

established

Integrated Report 2023

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AboutS.T. CORPORATION

MessageOur Value Creation

Business Activities

Sustainability Activities

Governance

Financial andNon-financial Information

Corporate Information

capital cost and return on invested capital, we havepay stable dividends and continue to implement shareholder

promote human capital policies with appropriate invest-

changed our management indicator from the previous

returns and improve them.

ments. Additionally, as part of our efforts to promote
diversity, in addition to increasing the promotion of women

operating income margin to ROE. We will focus on how toincrease management efficiency with respect to equity

Formulate and deploy human resources strategies

to managerial positions, we have been strengthening

capital. In order to improve capital efficiency, we will

We believe that it is crucial to develop and hire employees

mid-career recruitment for several years. Currently, mid-ca-

review the number of products, production equipment,

who will be responsible for these reforms. We will formulate

reer employees are stimulating new ways of thinking andfixed costs, etc., eliminate waste, and work to streamline

and develop human resources strategies and work toapproaching business, and good chemistry is occurring

assets involving all aspects of our company. At the same

improve our personnel and evaluation systems so that eachbetween them and regular employees. We believe thattime, it is also necessary to clarify investment allocation for

employee can set high goals and demonstrate their abilities

reallocating human resources to growth businesses will

growth. For example, we will conduct well-balanced capitalto the fullest. We consider the abilities and skills of ourrevitalize the company.

investments and M&A to improve productivity, including

employees to be our valuable capital, and we will actively

aspects such as R&D expenses, human capital investments,
labor saving, and automation. Currently, we started toreduce the number of products (SKUs) from approximately

Taking up the baton from our predecessors and creating a new S.T.

850 by 30%, focusing on products with low profitability,
and we plan to achieve the reduction target by the end of

As the top management of S.T., I took up the baton from myand experienced many failures, but we have also developed

the next fiscal year. Promoting these initiatives requires apredecessors, and I am humbled every day by the weight ofsome outstanding successful products. However, I am

resolute attitude and judgment from the top management,

my responsibility. During my first 100 days in office, I visitedconcerned that as the company has steadily grown, its

and we will clarify the yardstick for judgment and put itbases across the country and listened to various opinions

desire to take on new challenges is waning, and that the

into practice. By implementing these measures, we aim tofrom employees working in factories, branches, and businesscompanyʼs original quality of continuing to take on new

offices. These visits were also a chance for me to recognize

challenges is fading away. Therefore, we will actively work toonce again the sincerity with which they approach theirevoke this old DNA.

work.

I am determined to continue to grow S.T. significantly by

I believe that it is important for all employees to understandlistening directly to the voices of employees in the field andwhat they need to do in order to achieve the companyʼs

incorporating the thoughts I receive from each person in thegoals and then approach their work. To this end, I try to

management of our company. We will increase our corpo-

explain the companyʼs current situation and reform goals inrate value by growing the company, and in doing so, we will

detail, and I want them to be convinced by them and takestrive to reform the company while exploring how we canthe initiative in their work.

provide products and services that are useful to society andWhat I have always said in the field is that “Itʼs okay to fail,can meet societyʼs expectations and demands.

so letʼs take on challenges.” I joined S.T. with the hope that

The entire company will work together as one, so we would

it would give me many opportunities to try new things andappreciate the continued support of our shareholders,

take on challenges even though I was young. In fact, I,

investors, and other stakeholders.

together with many of my colleagues, had our own uniqueapproaches and various ideas and sometimes even did
unconventional things. We continued to take on challenges

Integrated Report 2023

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AboutS.T. CORPORATION

MessageOur Value Creation

Business Activities

Sustainability Activities

Governance

Financial andNon-financial Information

Corporate Information

Message from Executive Vice President in charge of DX
ed toward tasks for attending to customers.
Employees will find it rewarding to work face-to-face withcustomers using the integrated information platform, andthrough such work, the information sensitivity of eachindividual will increase, and the depth of the database will

We will remove all barriers to get closer

grow. This virtuous cycle will be the cornerstone of the new

to our customers.

S.T.ʼs corporate value creation, which will be different frombefore.

That is S.T.ʼs DX

We will promote
rugby-style management
through DX to respond to changes.

Executive Vice President in charge of DX

Seiichi NishidaDue to the spread of the Internet and smart devices, as wellas the expansion of global movement and interaction ofpeople, the amount of information handled by each person

Full-fledged DX to turn our thoughts
toward customers into actions
One of the three reform themes set out in our “100-day
project” is “swift business operation based on customersʼ
understanding and social coexistence.” By stating theobvious now, we have reaffirmed that even if the management structure changes, what we must protect will notchange; in fact, we are more determined than ever to put

order to remove all barriers and make full use of ourhas increased explosively, and peopleʼs values have become

database

unimaginably diverse.

to

serve

our

customers,

we

will

begin

full-fledged DX of S.T.

We will spend more face-to-face timewith customers,
and feel even more rewarded
and grow.

In these times, S.T. is reforming its management style. Its old“relay” style, in which plans are developed for each process,and the baton is passed on in the order of the processes,
will be replaced by a “rugby” style, in which the sections
involved gather quickly to make decisions, take action, andquickly correct their course. Organizing the rich data as aneasy-to-use database will be of great help in quick
decision-making.

the customer first. We value the trusting relationships weThis fiscal year, we began developing an integrated informa-

We will also make full-fledged efforts to develop humanhave built with our customers since our founding, and wetion platform. This is an information-sharing infrastructure

resources for DX, who can use data flexibly to makewill continue to attend to our customers with a new mindset

that allows anyone in the company to obtain information

decisions. The development of data utilization infrastructure

and coexist with society. We will continue to meet ouracross organizational and hierarchical boundaries and also

and the cultivation of human resources for rugby-type DX

customersʼ expectations with the speed of a venture

to search for people who are looking for ideas and knowl-

are the two pillars of S.T.ʼs DX.

company.

edge. Currently, we still have a lot of internal work to do, so

We will thus continue to be a company that is close to our

In order to turn these ideas into action, we will make full

it is an urgent issue to be able to spend more work timecustomers and create the S.T. brand, which will enjoy great-

use of the internal data that remains open for utilization

working with our customers. Easier access to informationer patronage than ever before. We look forward to yourand the external data that we will actively collect. In

improves work efficiency, allowing more time to be redirect-

continued support.

Integrated Report 2023

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AboutS.T. CORPORATION

MessageOur Value Creation

Business Activities

Sustainability Activities

Governance

Financial andNon-financial Information

Corporate Information

Message from the executive officer in charge of financelevels for ROE, which is a key management indicator for theentire company, based on the capital cost, break down
targets into profitability, efficiency, etc., and make internalmanagement

decisionsinconjunction

with

the

medium-term management plan and reflect them in the

Becoming an organization

business activities of each department in order to improvethat responds flexibly

capital efficiency.

to new opportunities and risks

Cash allocation
With regard to future cash allocation, we intend to strategically allocate current cash and future earnings with a certain
degree of investment discipline to growth investments,

Executive officer in charge of finance

Kouichi Yoshizawa

M&A, R&D, human resource investments, DX/IT investments,
andcapitalinvestments

based

on

the

medium-term

management plan.

Toward maximizing corporate value
over the medium to long-term

2010s, such as an improvement in operating income margin,

・Improvement of capital efficiency
・Cash allocation
・Shareholder returns
・Ensuring financial soundness

Up until now, our company has been based on a solid
financial foundation and has managed our business using
sales and operating income margin as main indicators.
Although we witnessed some results in the latter half of theB2B, new businesses, and overseas expansion, which are

Shareholder returns

positioned as growing areas, are still in the early stages, andRegarding shareholder returns, we will strive to enhance

we recognize that there are issues in terms of capitalthem based on continuous, stable dividends while investing

efficiency and the efficiency of resource allocation, such as

in growth to maximize corporate value over the medium toinvestment for growth.

long term. We will also implement share buybacks based on

In the future, in conjunction with the medium-term manage-

capital efficiency in accordance with our financial condition

ment plan and business strategy currently being formulated,and stock market trends.

we will set ROE as a key management indicator for theentire company as a financial strategy, and will makemanagement decisions that are conscious of capital cost

Ensuring financial soundness

and capital efficiency and will continue to play a supporting

We believe it is important to maintain a sound financialrole in business operations. Through this role, our basic

base in order to provide stable returns for our sharehold-philosophy is to improve our earning power and cash gener-

ers. We will basically use our own funds for future growthation ability and to make continuous growth investments.

investments, but depending on the scale of M&A and

Improvement of capital efficiency

other investments, we will take capital efficiency into
consideration and may use external financing, such as
borrowing, as necessary.

Going forward, we will set medium- to long-term target

Integrated Report 2023

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AboutS.T. CORPORATION

MessageOur Value Creation

Business Activities

Sustainability Activities

Financial andNon-financial Information

GovernanceCorporate Information

Creation of Value of S.T.
Our approach to sustainability-oriented management
Our corporate philosophy is “Sincerity.” The management philosophy is to contribute to

Developing a growth strategy by strengthening our ability
to respond to the demand of the times

society by providing customers with the most reliable products. Our groupʼ s sustainability

Sustainability has become a major issue in the market of daily necessities, too, and we needpolicy states, “We aim to become a company loved by customers and society around theto reduce CO₂ emissions, deal with the depletion of resources, and adapt to the circularworld by brightening and enlivening the life of everyone through air. Environmental and social

economy.

sustainability is the foundation of our economic activities, without which neither the

By listening to and sincerely addressing the demand of the times, S.T. group will qualify to

comfortable and prosperous lives of our customers nor the survival of our company would beparticipate in the green economy in the era of sustainability. Furthermore, the knowledge wepossible. We are well aware of this fact and strive to harmonize with the environment and be

have gained through our efforts includes hints that lead to the expectations (opportunities)

fair to society, while bringing comfort and richness to the daily lives of people through ourof the times. We will create new markets and provide comfort and richness to “society andunique air care core technologies.

the daily lives of people” by utilizing our strengths, including our unique air care coretechnologies, product development capacity, on-site operation ability, and communication

Forte of S.T.: Air business
Since the inauguration of business, S.T. Group has been brining comfort and richness to thedaily lives of people by providing unique products, such as the mothproofing agents“MUSHUDA,” the deodorizer and air freshener “SHOSHURIKI,” the disposable warmer“ONPAX,” the dehumidifier “DRYPET,” the deodorizer “DASHUTAN CHARCOAL,” and theskills, while grasping the expectations (opportunities) of the times as the growth field.
We are committed to providing comfort and richness to “society and the daily lives ofpeople” by contributing to environmental and social sustainability, thereby realizing
sustainable growth, and enhancing corporate value.

【Sustainability transformation】

mothproofing agents for rice storage “KOMETOBAN,” to adapt to the changes in residential

1990

2010

2015 (SDGs, Paris Agreement)

2050

environments and solve trouble in daily lives.
The market of daily necessities is a stable market for daily living, which lasts as long as

Businesses Based on the Brown Economy

people live. Our products are used in various rooms and places in houses. Although theJapanese population is declining, the total number of households is increasing, so the market

Management

Businesses Based on Green Economy

is healthy. The utilization rate of our products in the market of deodorizers and air
fresheners, which is the growing field, is about 60%, so we believe that there remains roomfor business expansion.

Linear (Brown) Economy

EconomyEnvironment &Society

Circular (Green) Economy

Fossil Resource Dependent Society

Toward a fossil resource-free society

Integrated Report 2023

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AboutS.T. CORPORATION

MessageOur Value Creation

Business Activities

Sustainability Activities

Governance

Financial andNon-financial Information

Corporate Information

Value Creation Process
Input

Value Creation Activities

OutputOutcomeSocial and Related CapitalBusiness Activities

Product

Benefit

Favorability Ranking of Companies: 138th
Operating income: 3,250 million yen
Stock price: 1,527 yen

Manufacturing and selling products thatmake life more comfortable using our
product development capabilities, on-site
capabilities, and communication capabilities*All values as of the end of March 2022

Human Capitalcore technologies

Innovation

Number of employees: 859 (consolidated)
Number of employees: S.T. Group (in Japan) 750
Number of employees: 562 (including 2018 women)

Changes in Demographic Structures

Global Trends

Non-regular employment: 188 people (including 124 women)*The number of employees, including females, and the numberof non-regular employees, including females are those of S.T.
Group (in Japan).
*The number of non-regular employees means the sum of thenumber of contract employees and the number of rehired
retired employees.

Natural Capital

Our unique air-careDirection of Growth

Sustainability

Fuel usage: 14,439 GJ
Electricity consumption: 6,833 MWh
Water consumption: 49,137 m3

Air Care: Sales of 19.7 billion yen
Cloth Care: Sales of 7.9 billion yen
Thermal Care: Sales of 4.7 billion yen
Hand Care: Sales of 5.8 billion yen
Humidity Care: Sales of 2.9 billion yen
Home Care: Sales of 4.2 billion yen

eliminate discomfort inlife and make you feel
comfortable.

Environmental
and Social Impact*S.T. Group (in Japan)

Financial CapitalFree cash flow: 996 million yen
Interest-bearing debt: 497 million yen
Equity ratio: 70.2%*Free cash flow is the value at the end of the fiscal year ended
March 2022.

Initiatives for climate change, resources recycling, occupational health andsafety, work-life balance, diversity andinclusion, human resources development, compliance, etc.

Total CO₂ emissions(Scopes 1 and 2): 3,055 t-CO₂
Total weight of waste: 1,362 tons
Total actual working hours
per person per year: 1,716 hours*All of them are for S.T. Group (in Japan).

Favorability Ranking of Companies: 121st
Operating income: 2,416 million yen
Stock price: 1,563 yen*The favorability ranking of companies was taken from theReputation-Business Person Edition of Nikkei Survey on
Corporate Images.

Integrated Report 2023

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AboutS.T. CORPORATION

MessageOur Value Creation

Business Activities

Sustainability Activities

Financial andNon-financial Information

GovernanceCorporate Information

Material Issues and Primary Measures
Material Issues

Primary Measures【Process of extracting material issues】

Responding to changes in consumer values
and lifestyles

・Strengthening product development using “CLEAR FOREST,” a natural tree component

Business

Climate change

Adapting to a decarbonized society
Coping with the depletion of resources

created from our air care core technologies that is natural and has functional properties
・Strengthening development of business models and ecosystems through new models

Resources recycling

Human rights

Dealing with business risks related to human rights

Occupational healthand safety
Work-life balance

Building a working environment
with satisfaction and peace of mind

Society

Strengthening ESG risk management in the supply chain

and regulations

Step2

To evaluate them from the viewpoints ofsocial demand and importance for ourcompany

Step3

To hold dialogue with intellectuals inorder to listen to voices inside andoutside our company

Management

・Promotion of initiatives for resources-saving
and plastic-saving designs

Step4

The board of directors adopts material
issues, and makes adjustments if necessary.

・Development of policies
and management systems for human rights

・Reduction of long working hours

・Improving the ratio of employees
who took an annual paid leave
・Improving various systems in which women can ﬂourish, andstrengthen the promotion of the creation of a suitableworking environment
・Strengthening of human resources development to create
and execute new businesses

Responsible

・Development of policies and management systems

procurement

for responsible procurement

Stakeholder
engagement【Policy for evaluating material issues
and determining their priorities】

・Establishment of a promotion system that reﬂects the voicesof stakeholders in management
Dialogue with Experts, Integrated Reports

Social expectations and demands

Diversity and inclusion
Human resources
development
and skill development

Responding to social demand beyond laws

and the reconstruction of the management system

To extract social issues with reference toISO26000, GRI Standards, SDGs, etc.

Environment

and adapting to the circular economy

where diverse employees can work

・Greenhouse gas reduction targets

Step1

Material issues
for sustainability

Materiality for our company

Integrated Report 2023

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AboutS.T. CORPORATION

MessageOur Value Creation

Business Activities

Sustainability Activities

Financial andNon-financial Information

GovernanceCorporate Information

Activities of Domestic Business
Air Care (Deodorizers and Air Freshener)

Cloth Care (Mothproofing Agents)【Market share】 Deodorizers and Air Freshener: 2nd place(25%),【Market share】 Mothproofing Agents: No. 1 (53%)

【Market share】 Disposable Warmers: 3rd place (17%)

Deodorant: 1st place (82%)

【Business Characteristics and Strengths】 This business has【Business【Business Characteristics and Strengths】 This is our primary

been part of our company since its founding, and it is the mostproduct, it also serves as a sales floor control in conjunction withbusiness, which accounts for about 40% of our sales, and isimportant business along with the Air Care business. We own

spring and autumn mothproofing agents. We own brands such as

expected to grow in the future. We have highly original brands,

trusted top brands such as MUSHUDA and NEOPARA ACE, which

ONPAX and the Thermal Car e brand ONSTYLE.

such as our largest mega brand, SHOSHURIKI and DASHUTAN

protect your valuable clothing from being eaten by insects. We【Market environment】 The disposable warmer market is highly

CHARCOAL, which is based on the power of charcoal to deodorize.

are also entering the adjacent market, the tick-repellent market.

impacted by climate change. Thus, it is difficult to differentiate【Market environment】 The

freshener【Market environment】 The mothproofing agents market isour products in this market. In the future, the key to success ismarket is growing. High value-added products are on the rise, andstable. In the future, the key will be to respond to diverse needs,

the expansion of new fields and new markets that make use offurther growth can be expected by stimulating the market.

such as changes in awareness of storage and styles. In 2022, thethermal technology.

【Overview of the fiscal year under review and future strategies】

demand due to people staying at home had settled down,【Overview of the fiscal year under review and future strategies】

In the fiscal year under review, sales of high-value-added

becoming the same as the average year. The adjacent tick-repel-

During the winter season of the fiscal year under review, During the

products such as SHOSHURIKI NATULIEF and SHOSHURIKI

lent market is expanding.

winter season of the fiscal year under review, sales increased 4.7

PREMIUM AROMA performed well, but sales of existing【Overview of the fiscal year under review and future strategies】

billion yen mainly due to efforts to expand differentiated products

products were sluggish, resulting in a slight decline in sales at

In the fiscal year under review, sales decreased 7.9 billion yen due

by launching the new product “ONPAX BODY WARMER”CLOTH-

19.7 billion yen. In the current fiscal year, we will continue toto the early rollout of the spring 2022 wardrobe change season

ING ADHESIVE AIRY, and an increase in sales of adhesive typeleverage the strengths of our core brands and work to revital-

and a drop in sales of mainstay products such as those for

disposable warmers and exports to overseas markets. In theize the market with new products.

drawers and wardrobes. This term, we will work to respond tocurrent fiscal year, we will propose new added value and usage

diverse purchasing behaviors and attract and develop new users.

scenarios to consumers in response to changes in living environ-deodorizers

and

air

Thermal Care (Disposable Warmers)

Characteristics

andStrengths】 As a winterments and lifestyles in an effort to revitalize the market.
【Sales trend】【Sales trend】(billion yen)
25
20

20.8

21.1

21.4

10

20.0

19.8

6

10

4

5

2

2019/32020/32021/32022/32023/3(billion yen)

9.1

9.3

0

6

9.4
8.2

8

15

0

【Sales trend】(billion yen)

8.0

5.1
4.3

4.5

4.4

2020/32021/32022/3

4.7

42

2019/32020/32021/32022/32023/30

2019/32023/3*The new accounting standards have been applied since the fiscal year ended March 2022.

Integrated Report 2023

19

AboutS.T. CORPORATION

MessageOur Value Creation

Business Activities

Sustainability Activities

Financial andNon-financial Information

GovernanceCorporate Information

Hand Care (Household Gloves)

Humidity Care (Dehumidifiers)

Home Care (Cleaners and Others)【Market share】 Household Gloves: 2nd place (19%)

【Market share】 Dehumidifiers: No. 1 (33%)

【Business Characteristics and Strengths】 In this market, we【Business Characteristics and Strengths】 This business has
a long history of 60 years, like the Cloth Care Business. Our
product lineup includes “FAMILY,” household gloves, “MODELLOVE,”
industrial-use gloves, and gloves whose finger parts have been
reinforced to prevent ruptures.
【Market environment】 The market of gloves had been growing
since 2020 due to the impact of COVID-19, but public awarenessof hygiene against COVID-19 has been normalized in 2022. It is
important to enhance functions and propose added value while
improving usability.
【Overview of the fiscal year under review and future strategies】
In the fiscal year under review, sales increased slightly at 5.8
billion yen due to strong sales of gloves for overseas and industrial use, despite sales prices being revised due to lowering prices in
response to declining demand for hygiene measures. This term,
we will keep strengthening and developing our brands by proposing high value-added products.

【Sales trend】(billion yen)
8

6

6.9
5.8

5.8

5.8

【Business Characteristics and Strengths】 Since the releaseproduct lineup includes unique ones, such as cleaners ofmarket. Its enriched product lineup includes “DRYPET,” the“SENJORIKI,”

primary brand, “BINCHOTAN CHARCOAL DRYPET,” which has thestorage and “S.T.PET,” a product to deodorize the odor from2021/32022/32023/3

for

rice

pets.

【Market environment】 The market of dehumidifiers is expanding, and in this market, it is difficult to differentiate products andmarket of mothproofing agents for rice storage are healthy,
although the demand for hygiene and eating at home due to C

competition is fierce. From now on, the key will be to propose

OVID-19 has reached a plateau.

added value, such as new purposes of use and new functions.

【Overview of the fiscal year under review and future strategies】【Overview of the fiscal year under review and future strategies】

In the fiscal year under review, sales increased slightly by 4.2

In the fiscal year under review, sales increased 2.9 billion yen due

billion yen due to strong sales of “SENJORIKI” and “KOMETO-

to growth in the “BINCHOTAN CHARCOAL DRYPET” series, which

BAN” through advertising campaigns combining TV commercials

is a high-value-added series, and growth in regular tank-type

and social media, as well as the contribution of a new brand,

products due to sales price revisions. This term, we will try to“S.T.PET,” which solves the problem of petsʼ fecal odor in thevitalize the market by proposing high value-added products andgrowing pet care market. This term, we will continue oursaving of plastics.

endeavors in new fields for further growth.

【Sales trend】【Sales trend】(billion yen)(billion yen)

6

6

3.0

3.3

3.4

4

2.8

0

3.9

3.8

4.1

4.2

4.3

2022/32023/33.0

22020/3

agents【Market environment】 The niche market of cleaners and the4

2019/3

mothproofing

ones, and sheet -shaped ones.

5.8

2“KOMETOBAN,”

deodorizing function as well as the dehumidifying one, refillable

40

handle niche cleaners and new products under development. Ourof “DRYPET” in 1981, this business has always been leading the2

2019/32020/32021/32022/32023/30

2019/32020/32021/3*The new accounting standards have been applied since the fiscal year ended March 2022.

Integrated Report 2023

20

AboutS.T. CORPORATION

MessageOur Value Creation

Business Activities

Sustainability Activities

Governance

Financial andNon-financial Information

Corporate Information

Activities of Overseas and New Businesses
Overseas Business
Globalization is one of the key growth strategies consid-

Promotion of Capitaland Business Alliances

New Business Development
Development of new businesses is another key growth strate-

ered by S.T. Group. Although the demand from foreign

Promoting capital and business alliances is another key

gy for us as a manufacturer. Our group has been engaged invisitors

togrowth strategy, indispensable to constructing a stabledeveloping new fields and markets by leveraging our unique

COVID-19, the trust in Japanese products from aroundmanagement foundation that will not be affected by the

air care core technologies. We have been handling “S.T.PET,”

the world remains strong, and we are keen to globally

external environment and to creating new fields andwhich solves the problem of petsʼ fecal odors with “CLEAR

expand our products while utilizing our know-how andbusinesses by providing new value and technologies through

FOREST” which is produced by using the natural tree compo-

new technologies we have cultivated by resolving social

collaboration with external parties.

nent. In the B2B market, we have developed “AIRFOREST,”

concerns in Japan.

S.T. Group signed tie-up contracts with FUMAKILLA LIMITED

deodorant mist for clothing and fabrics for guest rooms ofIn the fiscal year under review, we continued strategicalin 2010 and with NS FaFa Japan Co. Ltd. in 2012 as well as

hotels and Japanese-style inns, “Dr. CLEAN+,” disinfectant

structural reforms. Regarding the situations in mainwith AT-AROMA Co., Ltd. in 2020. We aspire to improve

solvents for institutional use, and so on.

regions,

mutual development and profitability by applying the differ-

As the next step, under our new business development

performed well, the percentage of sales in Europe shrank

ent advantages in B2C and B2B.

scheme, we intend to develop new commercialization

significantly due to our withdrawal from the European

The main objectives of the alliances are to conduct joint

processes, strengthen our digital domain, and actively

glove market in the fiscal year ended March 2022, result-

R&D by utilizing the research technologies and development

collaborate with external parties. Most recently, we areing in a decrease in consolidated overseas sales to 3.0

know-how in terms of development; to share regional

developing a new brand for our innovative air care business,billion yen (overseas sales ratio: 6.3%).

channels, support sales promotion and exert joint efforts in“CLEAR FOREST.”In the Asian region, where we are focusing our efforts, weterms of sales; to reduce costs by sharing production

plan to open a new flagship store in China to expand

facilities and materials in terms of procurement; and to cut

sales, and in addition, in ASEAN countries, we plan tocosts by sharing logistics infrastructure in terms of logistics.

develop a strategy focused on e-commerce, particularly

We will continue to promote capital and business alliancesin Thailand. We will continue to aim to become a globalthat will contribute to a global air business group with the

air business group.

aim to attain a market capitalization of 100 billion yen.

to

Japan

although

has

sales

recentlyinAsia

plummeted

and

other

due

regions【Trends in Overseas Sales・Overseas Sales Ratio】(billion yen)
4

7.8

6.1

6.0

6.5

6.3

3.1

3.1

2022/32023/3

3.7

3

2.9

2.9

2020/32021/3

（%）
6

0

2

1

0

2019/3Press Conference on the Capital and Business Alliance (January 2012)

Integrated Report 2023

21

AboutS.T. CORPORATION

MessageOur Value Creation

Business Activities

Sustainability Activities

Financial andNon-financial Information

GovernanceCorporate Information

Environmental Activities
Climate change

Environmental policy
Our corporate group's Policy for the Environment, “The environment is the base for economic

Total CO₂ emissions for the fiscal year under review were 3,055 t-CO₂, an increase from the fiscal year ended

activities. If the environment is not sustainable, enterprises will not be able to conduct business

March 2022 due to a rise in electricity consumption because of the installation of new production equipment

activities. S. T. Corporation and its group companies (hereinafter collectively referred to as “ourat factories. As part of our efforts to promote decarbonization, we will continue to work on making produc-

corporate group”) engage in environmental conservation activities, and bring comfort andtion equipment and building equipment more energy efficient and switching to renewable energy.

affluence to the daily life of people, based on our unique air-care core technologies. Our corpo-

On the manufacturing side, we promoted the procurement of electricity derived from renewablerate group recognizes the importance of the environment to a sufficient degree, and promoteenergy at our production sites and offices, and the ratio of electricity derived from renewable energy

environmental conservation with all stakeholders.”

to the electricity purchased during the fiscal year under review was 41.6%. As for company vehicles

Our group has set goals related to climate change and resources recycling as material issues insuch as sales vehicles, we are promoting the use of highly energy-efficient hybrid vehicles. and the ratioorder to achieve the goals of the Paris Agreement and SDGs. Regarding climate change, we willof hybrid vehicles is 97.6%.

work to reduce CO₂ emissions, promote the purchase of electricity generated from renewable

In terms of transportation and delivery, we are working to improve loading efficiency by revisingenergy, and aim for zero carbon by 2050. For resources recycling, we are working to makestandards for the size of truck cargo boxes, as well as promoting delivery efficiency through joint

containers and packaging more sustainable in order to realize a circular economy. In order todelivery with other companies and factory direct delivery. We are propelling a modal shift from truck

reduce the environmental impact of our business activities, we will further promote efficiency intransportation to railway and ship transportation, which have a lower environmental impact. S.T. corpo-

energy use and the development of environmentally friendly products to realize a decarbonizedration acquired “Eco-Ship Mark*1” certification in 2008, and its factory in Kyushu acquired “Eco Railsociety and a circular economy.

Mark*2” certification in 2015.

Long-term goals for environmental initiatives*1 Eco-Ship Mark system: A system promoted by the Maritime Bureau of the Ministry of Land, Infrastructure, Transport and Tourism to selectcompanies that contribute to a modal shift by using marine transportation to a certain extent.
*2 Eco Rail Mark system: A system promoted by the Railway Bureau of the Ministry of Land, Infrastructure, Transport and Tourism to selectcompanies that contribute to a modal shift by using railway freight transportation to a certain extent.

Plastics

Total CO₂ emissions (Scopes 1 and 2)（t-CO₂）
4,000

4,038
3,499

Scope13,000

Reducing plastics (reducing the usage of virgin plastics/increasing substitution)

2,000

Assuming reductions
due to technological innovation
GHG
2020

Reduction through energy saving+ renewable energy
2030

・Zero carbon
2040

2050

2,523

3,066

Procurement trends in renewable energy power
Scope2

3,863

2,907

2,891

3,055

1,913

2,096

1,000
0

（MWh）
8,000
6,000

Renewable energy power
6,638

976

972

956

978

959

2020/32021/32022/32023/3100.0%

6,511

6,833

80.0%
60.0%

4,000

0

Renewable energy ratio (%)

5,088
32.0%

2,000

2019/3

Normal power
6,925

0.0%

0.0%

2019/32020/3

41.6%

20.0%

5.6%
2021/340.0%

2022/32023/3

0.0%*The subject organization is S.T. Group (in Japan).
*Total CO₂ emissions mean the sum of Scopes 1 and 2.
*Scope 2 emissions were calculated by using the adjusted emission
coefficient for each electric power menu in principle. Others were
calculated by using the national average emission coefficient.
*Third-party assurance was obtained for the total CO₂ emissions forthe fiscal year under review (posted on the website).

Response to the Task Force on Climate-related Financial Disclosures (TCFD)
S.T. Group has declared its support for the Task Force on Climate-related Financial Disclosures (TCFD), and based on the TCFD
recommendations, S.T. Group is working to address climate change issues.
In 2022, regarding climate-related impacts (risks and opportunities) on our company, scenario analysis (qualitative evaluation)
was conducted for the 1.5-2°
C scenario and the 4°
C scenario. We will continue to discuss measures to respond to risks andopportunities related to climate-related issues while organizing management systems for governance and risks, and promote
information disclosure in accordance with the TCFD recommendations.

Integrated Report 2023

22

AboutS.T. CORPORATION

MessageOur Value Creation

Resources recycling
In order to conserve limited resources as a manufacturer that produces and sells products that are

Business Activities

Sustainability Activities【Water usage】

Renewable) in containers and packaging. Approximately 12,000 t/year of plastic is used in theand reduce the consumption of resources byproducts sold by our group, and we are working to reduce the use of virgin plastics by revisingmonitoring the amount of water used at our

product designs, increasing the number of refillable products, and promoting the use of recycled

production sites and offices.

plastics and biomass plastics.

As part of our efforts to reduce water consump-“Eco for everyone” mark

We work to properly manage（m³）
50,00040,000tion at our production sites, we are introducing asystem that reuses the residual liquid andcleaning fluid produced during the production of

10,000“SHOSHURIKI” in the production process. This0

everyone” mark.

system reduces the amount of water used and45,37845,0542020/32021/32022/349,137

2019/32023/3the amount of waste (residual liquid and cleaning
liquid) generated in the production process. We【Products that can be refilled and replaced】 ”SHOSHURIKI”

have adopted this system in some of our

ION DEODORANT PLUS and DEOX are deodorants that canfactories that produce “SHOSHURIKI,” but webe refilled and used. By using refills, you can reduce theplan to gradually roll it out.

（t）
1,400

1,329

1,200

amount of plastics used for containers and packaging, as
well as the amount of garbage (waste).

44,26920,000of the bottles of “SHOSHURIKI” for entrances, living rooms,
Eco for everyone
Recycled plastics are used for“Eco for everyone” containers andpackaging, with their weightpercentage being 10% or higher

40,63830,0002021, recycled plastic has made up about 30% of materials
and toilets and these products indicate the “Eco for

Corporate Information

Reducing
environmental impact

familiar to customersʼ daily lives, S.T. Group is promoting the 4Rs (Reduce, Reuse, Recycle, and【Reducing the consumption of virgin plastics】 Since

Financial andNon-financial Information

Governance【Total weight of waste】 We regularly check ourwaste management contractors and comply with

【Switching to materials other than plastics】 ”SHOSHURIKI”

laws and regulations to ensure proper disposal.

NATULIEF FOR ENTRANCE & ROOM uses paper materials

At our production sites and offices, we arefor the cushioning material inside the package, label

working on waste control and recycling by reduc-stickers, reed sticks, etc., reducing the amount of plastics

ing waste generated during business activities.

1,000
800

1,432

1,362

1,183

848

600
400
200
0

2019/32020/32021/32022/32023/3

used compared to conventional products. Recognized for
its containers and packaging that are both environmentally【PRTR chemical substance emissions/transfer

friendly and sophisticatedly designed, we won the Generalamounts】 Our

Goods Category Award at the 62nd Japan Packaging

management of chemical substances based onCompetition (sponsored by the Japan Federation ofcompliance with related laws and regulations andPrinting Industries).

our own standards. We are committed to propergroup

promotesthesafetymanagement, pollution prevention, and emission
reductioninaccordance

with

the

types

8.0

Transfer amounts

8.5

6.9

4.0

of

substances specified by laws and regulations,0emission facility, and local government ordinances.

9.3

6.0

2.0

emission standards for each type and size ofEmissions

（t）
10.0

3.2
1.7

2019/32.0

2020/32021/32.3

1.3

1.6 1.2

2022/32023/3*All of the above organizations are within the S.T. Group (Japan).

Integrated Report 2023

23

AboutS.T. CORPORATION

MessageOur Value Creation

Business Activities

Sustainability Activities

Governance

Financial andNon-financial Information

Corporate Information

Social Activities
Human rights

At the “STR-MP” meeting, which is attended by the production site staff in Japan and Thailand,
they exchange opinions about occupational safety and reflect them in occupational safety

Our corporate group's Policy for Human Rights, “Human rights are the foundation of social life and no enterprise

activities in each factory. We regularly conduct safety management inspection at our factories in

could engage in business activities without respecting them. S.T. Corporation and its group companies

Japan and Thailand and major outsourceesʼ factories in Japan by headquartersʼ staff in charge, to(hereinafter referred to as “our corporate group” ) shall forge ahead with initiatives for respecting human rights

inspect our safety and hygiene control systems and operational status. In Thai factories, where it

while making the daily life of people comfortable and affluent based on our unique air-care core technologies.

is difficult to directly inspect them frequently, we utilize an online conference system.

Our corporate group sufficiently recognizes the importance of human rights and respects the human rights ofall people related to our business, such as our corporate group, business partners, and all other stakeholders.”
Our group fully recognizes the importance of human rights and respects the human rights of all

Work-life balancepeople involved in our business, including our group, business partners, and all stakeholders.”

We keep developing a comfortable workplace in which employees can deal with the progress of their

Recognizing the possibility of risks on human rights in the supply chain as our group conducts its

life stages. In order to support employees in childcare and nursing care while working, we havebusiness activities, we promote implementing education on respect for human rights for ourestablished systems for childcare leave, shortened working hours for childcare, and flextime, as

employees. We create educational materials and educate our employees on topics such as

childcare-related systems in line with action plans in accordance with the Act on Advancement of“What are human rights?” , “Business and human rights,” and “Gender diversity.”

Measures to Support Raising Next-Generation Children and the Act on the Promotion of Womenʼs
Active Engagement in Professional Life. All female employees took a childcare leave during the fiscal

Occupational health and safety

year under review. All female employees who gave birth to a child resumed work, and no one resigned
during a one-year period from childbirth. Follow-up services for those returning to work include explana-【Initiatives for the Health of Employees】 So that all employees can work while being healthy in mind

tions of the system before returning to work, interactions between those returning to work, andand body, we encourage them to undergo a health checkup regularly, with the aim of having all employ-meetings between supervisors and those returning to work, as well as subsidies for seminars on balanc-

ees undergo it. In addition to the periodic heath checkup, we recommend employees aged 35 years or

ing childcare and work after returning to work. The rate of childcare leave taken by male employees

older to receive a complete health checkup and pay expenses for it, for the purpose of detecting andduring the fiscal year under review was 36.4%*, and the average number of days taken was 42.2, withtreating health risks early. Furthermore, we recommend employees to undergo medical examinations forthe longest period being 87 days. The human resources team has set up a contact point for childcare

breast cancer, cervical cancer, prostate cancer, and brain disorders,leave and is following up with all male employees whose spouses are planning to give birth by providing

and pay expenses for them. We also hold meetings with industrial

materials on the system and conducting individual interviews to help them take childcare leave.

doctors and public health nurses and lectures, and established “S.T.

*Based on the provisions of the “Act on Childcare Leave, Caregiver Leave, and Other Measures for the Welfare of Workers Caring for Children
or Other Family Members” (Act No. 76, 1991), the percentage of childcare leave, etc. taken is calculated as per Article 71-4-1 of the “Ordinance for Enforcement of the Act on Childcare Leave, Caregiver Leave, and Other Measures for the Welfare of Workers Caring forChildren or Other Family Members” (Ordinance of the Ministry of Labor No. 25, 1991).

Hotline for Health,” in which external psychologists listen to the worriesof employees, their spouses and dependents, in order to maintain theirmental and physical health and prevent disorders. As measures forbreaking free from smoking, we prohibited smoking during working
hours in 2018, and prohibited smoking inside our buildings in 2022.

2023
Outstanding Healthand Productivity Management Organization

Childbirth

Leaves before
and after childbirth

6 weeks before childbirth and 8 weeks after childbirthSpecial leave for an employeeʼswife giving birth to a child

2 days (paid)Childcare leave

Until a child turns 3 years old

Working hours for childcare

It is possible to shorten working hours by 1.5 hours per day until a child enters the fourthyear of elementary school.
It is possible to use the staggered work shift until a child enters the ﬁrst year of junior highschool.

Exemption from overtime work

We exempt employees who have a preschool child from overtime work, if they apply.

Leave for caring for injured
or sick children

It is possible to take this leave in units of hours for 5 days per year if the number of suchchildren is 1 or for 10 days per year if the number of such children is 2 or more.

In recognition of our efforts, we were certified as an Outstanding Health and Productivity Management
Organization by the Ministry of Economy, Trade and Industry for two consecutive years in 2022 and 2023.
Childcare【Initiatives for the Occupational Safety of Employees】 At all production sites, we are working tomaintain safe operations and environments by setting management items related to safety, healthand disaster prevention, conducting voluntary inspections, and preparing instructions and manuals.

Integrated Report 2023

24

AboutS.T. CORPORATION

MessageOur Value Creation

Business Activities

Sustainability Activities

GovernanceIn pursuit of sustainable business growth, we are committed to recruiting and promoting a diverse【Policy for Procurement】 Our corporate groupʼs Policy

workforce. We are actively hiring mid-career workers, focusing on individuals with advanced skills

for Procurement states, “No enterprise could growand knowledge in launching new businesses, as well as those with experience in various industries.

sustainably without relationships with its business

For the promotion of women into management positions and their career development, we arepartners based on mutual prosperity. S. T. Corporation

regularly conducting training targeted at female employees in their 20s to 40s. Participants haveand its group companies recognize this fact to acommented, “It provided an opportunity to think about my future careers,” and “Listening to thesufficient degree and shall promote fair, impartial andopinions of female employees with various job histories and ages was helpful for considering myresponsible procurement considerate to human rights

own work styles.” The ratio of female managers during the fiscal year under review reached 15.1%.

and the environment in the whole supply chain includ-2019/32020/32021/32022/32023/3ing our corporate group and business partners.”
Furthermore, to advance “responsible procurement” asRatio of female managers [%]

11.3

1０.９

10.2

11.5

15.1

Ratio of mid-career workers [%]

16.0

20.7

10.0

36.4

37.1

No. of females

0

1

1

2

4

Procurement” as a set of principles that all trading

No. of foreign nationals

0

0

0

0

0

partners involved in our products and services are
expected to adhere to.

No. of managers
No. of employees with disabilities

Corporate Information

Supply chain initiatives

Initiatives for Diversity and Inclusion

Accounting period

Financial andNon-financial Information

1

0

0

6

9

9

14

15

13

14

defined in our procurement policy, we have establishedthe “S. T. Corporationʼs Guidelines for Responsibleᝧ˓ƋǔᛦᢋƷӕǓኵǈᲶӕࡽέ˖ಅƷႏಮǁƷƓᫍƍᲸǨǹȆȸఇࡸ˟ᅈƓǑƼǰȫȸȗ˟ᅈᲢˌɦž࢘ᅈǰȫȸȗſƱƍƏᲣƸŴžᛦᢋ૾ᤆſưС‫ܭ‬Ơƨᝧ˓Ƌǔᛦᢋ෇ѣǛਖ਼ᡶƢǔƨǊƴŴ࢘ᅈǰȫȸȗƷՠԼȷǵȸȓǹƴ᧙ǘǔƢǂƯƷӕࡽέ˖ಅƴƱǋƴᢝ‫ܣ‬ƍƨƩƖƨƍਦᤆƱƠƯŴ
žǨǹȆȸǰȫȸȗᝧ˓ƋǔᛦᢋǬǤȉȩǤȳſ
ᲢˌɦžஜǬǤȉȩǤȳſƱƍƏᲣǛሊ‫ܭ‬ƠǇƠƨŵӕࡽέ˖ಅƷႏಮƴƓƔǕǇƠƯǋŴஜǬǤȉȩǤȳƷឯଓƱϋܾǛƝྸᚐƷɥŴ࢘ᅈǰȫȸȗƱƱǋƴਤዓӧᏡƳᅈ˟ƷܱྵƴӼƚƯӕǓኵǜưƍƨƩƖǇƢǑƏŴƝңщǛƓᫍƍƠǇƢŵƂᢃဇƃȷӕࡽέ˖ಅƷႏಮƴƸŴஜǬǤȉȩǤȳǛᢝ‫ܣ‬ƢǔໝƴᅈϋƴƓƚǔྸᚐŴේᡢƓǑƼዒዓႎƳોծƕܱྵưƖǔǑƏŴ૾ᤆƱȞȍǸȡȳȈ˳СƷನሰǛƓᫍƍƠǇƢŵ ȷ࢘ᅈǰȫȸȗƷǵȸȓǹȷᙌԼǛϐ‫ۀ‬ᚠƠƯƍǔ‫ئ‬ӳŴϐ‫ۀ‬ᚠέƴƓƖǇƠƯǋŴஜǬǤȉȩǤȳƷྸᚐŴේᡢǁƷӕǓኵǈǛƓᫍƍƠǇƢŵǇƨ࢘ᅈǰȫȸȗƕ࣏ᙲƱЙૺƠƨ‫ئ‬ӳŴϐ‫ۀ‬ᚠέƷᢝ‫ܣ‬ཞඞǛᄩᛐưƖǔǑƏƴƝңщǛƓᫍƍƠǇƢŵ ȷஜǬǤȉȩǤȳƱ‫׎‬ᨥႎƴᛐᜤƞǕƨؕแǍҾЩƓǑƼӲ‫׎‬ƷඥˋȷᙹСƳƲƷ᧓ƴჳႽƕƋǔ‫ئ‬ӳƴƸŴǑǓӈƠƍᙲ൭ƕ൭ǊǒǕǔؕแǛஇ‫ٻ‬ᨂƴ‫ݭ‬᣻ƢǔƨǊƷ૾ඥǛᡙ൭ƠǇƢŵȷ࢘ᅈǰȫȸȗưƸŴӕࡽέ˖ಅƷႏಮƱƷӕࡽዒዓƷᨥƴƸŴஜǬǤȉȩǤȳƷᢝ‫ܣ‬ཞඞǛЙૺؕแƷɟƭƱƠǇƢŵ
Ƃᢝ‫ܣ‬ཞඞƷᄩᛐƃȷӕࡽέ˖ಅƷႏಮƴƸŴஜǬǤȉȩǤȳƷᢝ‫ܣ‬ཞඞǛᄩᛐưƖǔǑƏŴǢȳǱȸȈǁƷ‫ׅ‬ሉǍŴ࢘ᅈǰȫȸȗǇƨƸᇹɤᎍƴǑǔႳ௹Ʒܱ଀ǛᙲᛪƢǔ‫ئ‬ӳƕƋǓǇƢŵǇƨŴႳ௹Ʒܱ଀ƴƭƍƯŴᙌԼƴ̞ǔဃငŴ‫˰އ‬ȷܿජ଀ᚨŴ᫢‫ؘ‬Ŵࡑూϼྸ଀ᚨƳƲǛԃǉƢǂƯƷ଀ᚨǁƷᇌƪλǓŴ᧙ᡲ᝻૰Ǎᚡ᥵Ʒ᧠ᚁŴƦƷ଀ᚨϋư΁Ƙദᙹȷ᩼ദᙹі΁ᎍǛԃǉƢǂƯƷі΁ᎍǁƷឋբȷǤȳǿȓȥȸǛƓᫍƍƢǔ‫ئ‬ӳƕƋǓǇƢŵ
ƜƷɟᡲƷᄩᛐ˺ಅƸŴϐ‫ۀ‬ᚠέǋԃǈǇƢŵ*The subject organization is S.T. Group (in Japan). *Regarding the ratio of mid-career workers and its breakdown, there were errors for March
2021 and March 2022, so changes have been made from the integrated report issued last year.

Personnel development and capacity buildingƂ‫إ‬ԓƱ଱ദਜ਼ፗƃ 【Responsible procurement】 Our approach to “responsi-

ble procurement” involves sharing a corporate stance thatemphasizes social responsibilities such as the respect forvoluntary participation in these efforts and promoteresponsible procurement activities across our entire

training program for employees in their 20s to 50s. Since 2022, in conducting training for management

supply chain.

personnel, we have implemented a “Management Enhancement Program” aimed at improving

As part of our commitment to sustainable raw material

leadership and problem-setting abilities among managers. In May 2022, we carried out the

procurement, we are advancing the procurement of“next-generation transformation program (NEXT)” for selection andthird-party certified papers, such as converting the paper

execution, while promoting the participation of employees in their 20s

and pulp used in our product containers, packaging,and 30s. In this program, participants receive lectures about businessexterior boxes for transportation, brochures, and officeadministration and commercialization from external lecturers, design

supplies like copy paper, to FSC certified paper.

business ideas, and propose them to the management. If the idea is

For example, the packaging of the “SENJORIKI” FIZZY

approved through screening, we aim to commercialize the idea. We

WASHING MACHINE DRUM CLEANER displays the FSC

participants and are implementing the second phase.

Presentation to the management by members of thenext-generation transformation
program (NEXT)ਜ਼ፗᚘဒƷ˺঺ǛƓᫍƍƠǇƢŵǇƨᡶ਻ཞඞƓǑƼኽௐǛ࢘ᅈǰȫȸȗƴ᨟଺‫إ‬ԓǛƓᫍƍƠǇƢŵȷ᣻‫ٻ‬ƳᢌӒǛ‫إ‬ԓƠƳƍ‫ئ‬ӳǍŴᢌӒƴ‫ݣ‬ƠƯ଱ദਜ਼ፗᚘဒƕμƘܱᘍƞǕƳƍ‫ئ‬ӳŴ࢘ᅈǰȫȸȗƱƷ‫ڎ‬ኖƕᄊూƞǕǔƜƱƕƋǓǇƢŵ

compliance with our trading partners. We encourage theirand 5th years of employment, as well as for management personnel. We also conducted a leadershipproposed in the first phase, and this term, too, we had newȷӕࡽέ˖ಅǁƷǢȳǱȸȈǍܱ‫ע‬Ⴓ௹ǛᡫơƯŴ‫ݣ‬ϼƢǂƖᛢ᫆ƕଢǒƔƴƳƬƨ‫ئ‬ӳŴોծƴӼƚƨ଱ദ

human rights, environmental conservation, and legal

As part of our structured educational programs, we conduct training for employees at their 1st, 3rd,are continuing our efforts toward realization for some of the ideasȷஜǬǤȉȩǤȳƴӒƠƨᘍѣƕᛐǊǒǕƨ‫ئ‬ӳƸŴᡮǍƔƴ࢘ᅈǰȫȸȗƴ‫إ‬ԓǛƓᫍƍƠǇƢŵ

mark, indicating the use of FSC certified paper.

Integrated Report 2023

25

AboutS.T. CORPORATION

MessageOur Value Creation

Commitment to Customers

Business Activities

Sustainability Activities

Governance

Financial andNon-financial Information

Corporate Information【Dissemination of useful information for daily life】 For our customers, we
disseminate information that makes everyday life a little more convenientand enjoyable through our owned media “Kurashi ni Plus.”

manufactures, and sells products with the aim of providing customers with “appropriate quality”

Under the supervision of experts, we provide information and disclose guidebooks

and “safe and secure” products. At each stage of planning, designing, and producing products, weabout useful information and countermeasures for everyday-life trouble, such as

check the safety, effectiveness, environmental and legal compliance of “raw materials, formulations“seasonal change of clothing,” “countermeasures against ticks,” “school disinfec-(contents), containers, packaging, labeling, etc.”tion and hygiene measures,” and “preventive measures for hay fever.”At the stage of sale to customers, the Customer First Promotion Division (Customer Consultation
Office, Quality Assurance Office) collects and analyzes opinions and information from customers
regarding products, and works to improve quality. Furthermore, in case a problem occurs in our

Initiatives for Local Communities

衣替えはもう面倒じゃない？

「替える」より「分ける」
新衣替え術【Quality assurance, security and safety initiatives】 Our corporate group plans, designs,

Seasonal change of clothing is
not troublesome any more.
New ways of changing
clothing: Sorting rather thanchanging

products, we have established a system for responding to accidents and damage, disclosing【Efforts for educational practice for local children】 We accept elementary and junior high school

information to the government and customers, recalling products, and preventing recurrence.

students from neighboring areas for workplace experience learning, and endeavor to draw their

In addition, the pyrethroid-based mothproofing agent production lines of our factories in Fukushi-

interest in the work of manufacturers and science through hands-on experience of manufacturing.

ma, Saitama, and Kyushu have obtained “ISO9001” certification, and the factory in Tochigi (S.T.
MYCOAL) has obtained “ISO9001” and “ISO13485.”【Efforts for collaboration and support with local communities】 During July 2022, in order to【System to respond to customer feedback】 In order to use the inquiries, questions and feedbacks

collaborate with companies working on forest maintenance, we signed a “forest development agreement of

we receive from customers to improve products and identify and respond to issues, we report themcompanies in Hokkaido” with Hokkaido Government Kushiro General Subprefectural Bureau, and Hokuto Co., Ltd,to the management and related departments as “HOT VOICE REPORT.” We hold a “Meeting to Experi-

which runs a forest maintenance business and whose headquarters is located in Kushiro City, Hokkaido. We willence Customersʼ Feedback” at the Customer Consultation Office, where the management and employ-acquire the naming rights for the maintenance area within the forest area, which is owned by the Hokkaido

ees of related departments directly listen to customers' inquiries and opinions on a regular basis.

government and is under the management of Kushiro City, and will plant Sakhalin fir saplings using donations fromIn order to improve customer satisfaction and service quality, we have participated in a telephone

our company as a financial resource toreception contest sponsored by the Users Association, and won an award in the Shinjuku contest

maintain the forest.

for five consecutive years. We won the award for outstanding performance in the national compe-

Every year, we invite S.T. CORPORA-

tition in FY2022.

TIONʼs employees and local elementary

Preventing customers from forgetting to remove the inner stopper of KOMETOBAN
An example of utilizing customer feedback for product improvement is seen in our mothproofing agentsfor rice storage, “KOMETOBAN.” We identified that some customers were using the product without
removing a component (the inner stopper) that should be removed at the start of use. To promote correct
usage, we made improvements by affixing a “Prevention of Forgetting to Remove the Inner Stopper” sticker
to the product.

school students to plant trees, and holda tree education class to learn about
economic forest management and theutilization and functions of Sakhalin firs.

Tree planting
by local elementary school students

Tree education class【Hiyoko Scholarship Foundation】 The Hiyoko Scholarship Foundation was established in 2021 with
Removethe inner stopper

Inner stopper

the aim of “contributing to the development of the next generation of talent and the promotion ofacademia, as well as enriching the lives of citizens and preserving the global environment, by providing
scholarship support to students who face difficulties in continuing their education due to financial
reasons.” The foundation operates with donations from our company and became a public interest
incorporated foundation in 2022. As of August 2023, it provides scholarship support to 34 students
across 23 universities who are studying in fields such as natural science and environmental technology.

Integrated Report 2023

26

AboutS.T. CORPORATION

MessageOur Value Creation

Business Activities

Sustainability Activities

Governance

Financial andNon-financial Information

Corporate Information

Efforts for GovernanceComplianceApproach to ComplianceInternal Control
With regard to the internal control of our corporate group, we will develop and continuously
improve the systems necessary to ensure the reliability of financial reporting, to ensure the appropriateness and efficiency of organizational operations, to comply with laws and regulations related

Compliance is the foundation not only for corporate activities, but also for social activities, andto corporate activities and internal rules, and to ensure the appropriateness of the operations of

without it, neither the comfortable and prosperous lives of our customers nor the survival of ourour entire corporate group.

company would be possible. Our corporate group not only adheres to laws and regulations, butalso respects internal and external rules, ethics, and social norms. By practicing our corporate
philosophy and code of conduct, we align our actions with societal demand and strive to meet ourgroup's expectations. This approach is aimed at maintaining and enhancing the trust of all

In-company Educational Activities
We carry out the following activities to further raise employeesʼ awareness of compliance.

stakeholders and becoming a company loved by customers and societies around the world.

Compliance System
Our compliance management structure includes a Human Rights Compliance Committee, which
manages human rights initiatives along with other compliance matters, and is established under
the Sustainability Council that centrally manages all risks.
Regarding roles and responsibilities, the committee is chaired by the executive officer in charge of
the Corporate Value Enhancing Headquarters, which oversees human resources and legal affair,manages compliance-related risks. The members primarily consist of the heads of various departments within our corporate group. The Human Resources & General Affairs Department is in chargeof the secretariat, which provides management and support, as well as awareness-raising andeducation for the entire group.
Regarding reporting, we hold the Human Rights Compliance Committee meetings five times a year.
The chair reports the activities and decisions of these meetings to the Sustainability Council, as
well as updating the Audit Committee on the status of the committeeʼs activities.
The head of the Audit Office is responsible for the examination and reports to the President andCEO and the Audit Committee. The head of the Audit Office will make suggestions and recommendations to the executive officers in charge as necessary.

Enact a code of conduct and a whistle-blowing center (S.T. helpline).
Upload the collection of compliance-related cases to the Intranet.
Distribute an email magazine and compliance newslettersfor education to every office of the company. (send once a month for each)
Conduct company-wide questionnaire survey on compliance. (once a year)
Conduct company-wide compliance test for self-checking. (twice a year)
Organizing study sessions in each department on laws and regulations relevant to their respective areas
Conducting compliance training for each job level
Exchanging information on legal amendments and other mattersat the Human Rights Compliance Committee
Provision of educational materials
from the Human Rights Compliance Committee secretariat to all group companies
Education on human rights

Integrated Report 2023

27

AboutS.T. CORPORATION

MessageOur Value Creation

Risk Management System
Approach to Risk Management
S.T. Group conducts risk management for preventing various management risks surrounding ourcompany and minimizing possible damages. In recent years, the demand for sustainability has

Business Activities

Sustainability Activities

Governance

Financial andNon-financial Information

Corporate Informationand information system activities, sales activities, the environment, and purchasing activities.
For example, the Environmental Committee prioritizes and sets goals and action plans to addressrisks related to the global environment, such as climate change, and continuously works on
improvements with reviews.

Production of a Business Continuity Plan (BCP)

increased, further amplifying the business risks surrounding corporations. Our group addresses

With regard to our corporate group's business continuity plan (BCP), S.T. Group is developing

these risks by managing them appropriately, thus realizing sustainable growth and enhancing

action plans for disasters and other events.

corporate value.
W e h a v e e s ta bl i s h e d a ri sk management system to iden t ify su c h risks t h a t ma y a ffe c t
management and to appropriately address and manage them.

【Risk Management System】

Board of Directors

Audit Committee

Board of Executive Officers

Internal Audit

Risk Management System
Our organizational structure for risk management places the Sustainability Council directly underthe Board of Executive Officers. Under this council, we have established committees for
managing risks related to different issues, including the Risk Management Committee,
Environmental Committee, Human Rights Compliance Committee, Health Committee, andProduct Liability (PL) Committee.
The Sustainability Council, chaired by the President & CEO, oversees all risk management
activities, with the President & CEO serving as the highest authority responsible for risk

Sustainability Council

management. The members of the council are executives, with specific executives responding
according to the nature of the risk. The secretariat of the Sustainability Council is managed by
the Management Planning Department, which handles operations and support.
Regarding reporting, the Sustainability Council meets quarterly to deliberate and decide on
matters, and the chairperson reports these to the Board of Directors.
The head of the Audit Office is responsible for the examination and reports to the President andMeeting
Body
Risk management
committee

Environmental
Committee

Human Rights
Compliance
Committee

HealthCommittee

PL
Committee

CEO and the Audit Committee. The head of the Audit Office will make suggestions andrecommendations to the executive officers in charge as necessary.

Objectives of Each Committee

Organizational Structure

The Sustainability Council oversees all subordinate committees and collectively manages all risksof our corporate group. Major risks include those related to general corporate activities, financial
activities, human rights and occupational safety and health, information storage management

Integrated Report 2023

28

AboutS.T. CORPORATION

MessageOur Value Creation

Business Activities

Sustainability Activities

Governance

Financial andNon-financial Information

Corporate Information

Efforts for Corporate Governance
Message from Outside Directors

Expectations toward

Aiming for

the New S.T. Corporation

Sustainability-oriented Management

Out s i d e Di r e c t o r

Out si de D i rec tor

S h i n z o Ma ed a

Hirok o Nod a

From the 77th fiscal year, the management has shifted from the founding family, marking theThis change in management, as a listed company on the Prime Market, must respond to

rebirth of the company as a public company. This change reflects the long-held aspirations ofinvestors' expectations for “sustainability-oriented management that brings sustainable growth.”

Seiichi Suzuki, the effective founder, and signifies the realization of his vision.

As a board member, I feel a profound sense of responsibility.

In 77 years since its founding, what has been continuously passed down is, in essence, the brand

At S.T. Corporation, since last fiscal year, we have steadily advanced our sustainability efforts,

value of S.T. Corporation.

including the expansion of policies on sustainability, environment, human rights, andA brand represents (1) absolute trust and reassurance, (2) overwhelming presence, and (3)procurement, the creation of integrated reports, endorsement of the TCFD, and joining theaspiration and pride. These values, recognized and cherished by our customers, are theUnited Nations Global Compact (UNGC). We have also secured external assurance for our CO₂

testament to our journey so far. Thus, the history of S.T. Corporation can be described as aemissions.

history of polishing the S.T. brand.

This fiscal year, to further accelerate our efforts, we have revamped our traditional risk

Everyone working at S.T. plays a role in enhancing this brand. The brand is polished by people,

management system and established the new Sustainability Council. The purpose of this council

and in turn, people are polished by it.

is to centralize the management of all risks, including the growing sustainability risks such as

S.T. strives to remain a company where the growth of its people aligns with the company's

climate change, human rights, and responsible procurement, building on our traditional

growth.

company-wide risk management. We also plan to explore sustainability opportunities, aligning

With the improvement of the management system, it is time to further cherish the trust of ourthem with our new business development initiatives from the previous year.

customers nurtured so far and the brand value backed by it, maintain pride in being the leader in

However, the effectiveness of these systems hinges on the support of the right talent. Therefore,

the “air business,” accept the rigor of sustaining it, and expand our aspirations globally, stepping

talent development is a priority, alongside the thorough implementation of an evaluation system

into a phase of significant leap.

aligned with our company goals. For this, the integration of these goals and our corporate

Now, more than ever, the collective efforts of everyone are crucial.

philosophy into every aspect of our operations is crucial.
Our company's survival depends on our ability to address social issues and lead toward abrighter future. We must foster a culture that encourages risk-taking and supports those whodare to challenge. Let's create and nurture this culture together!

Integrated Report 2023

29

AboutS.T. CORPORATION

MessageOur Value Creation

Approach to Corporate GovernanceOur corporate group aims for sustainable synergistic development of enterprises and society. We

Business Activities

Sustainability Activities

Governance

Financial andNon-financial Information

Overview of Corporate GovernanceCorporate Information(Fiscal Year Ended March 2023)

Governance Type

Company with a nomination committee, etc.

Number of Board Member

10

Number of Outside Directors

5 (50％)

Number of
Independent Outside Directors

5 (ﬁled as designated by Tokyo Stock Exchange)

Board Diversity

4 female Directors (40%)

Number of
Board Meetings Held per Year

9 times

Average Attendance Rate ofBoard Meetings

100％

Directorʼs Term

1 yearChairman and CEO

Concurrent holding of positions

Nomination Committee

5 members (3 outside directors, chaired by an outside director,
number of meetings held: 4)

Audit Committee

5 members (5 outside directors, chaired by an outside director,
number of meetings held: 6)

Compensation Committee

3 members (2 outside directors, chaired by an outside director,
number of meetings held: 4)

believe that corporate governance is a “system to supervise” it. We recognize that it is importantto establish an environment to ensure transparency and fairness in management, support
proactive decision-making and appropriate disclosure of information.
We recognize that shareholders, the environment and society entrust us with valuable
managerial resources, and aim to realize the sustainable growth of the environment and society
and create corporate value in the medium to long terms, in cooperation with stakeholders, andwill fulfill our accountability.

Eﬀorts to Improve Corporate Governance
In June 2004, in order to enhance oversight function of the Board of Directors and the quality ofmanagement and enrich management practices such as prompt decision-making and agile
execution of operation, the Company was reorganized into a company with committees(currently company with three committees), which is more transparent and fair and in which
outside directors account for the majority of board members.
In June 2008, a female director was appointed for the first time, and in June 2023, female
directors make up 33% of the board (one out of eight executive officers is also woman). In
addition, we appoint outside directors with a wide array of knowledge, experience and skills suchas management, marketing, accounting and legal affairs, etc.
Since 2015, a board evaluation has been also conducted on annual basis to improve theeffectiveness of the Board.
2004 Company with Committees
2008 Appointment of Female Directors
2015 Evaluated the Board of Directors

Strengthening
Corporate Governance

Remunerations of Directors and Executive Oﬃcers
The Compensation Committee sets and determines the remuneration policy. The remuneration
system was revised on April 30, 2015 at the Compensation Committee, so that executive will beable to align interests with shareholders as they seek sustainable mid-term to long-term growthof corporate value. Moving towards the goal of mutual interests with shareholders, points are
given to executive officers according to business results of each term, and a share remuneration
system is adopted where shares are provided upon their retirement as part of a medium tolong-term incentive.

(Revised by the Compensation Committee on April 30, 2015)

Integrated Report 2023

30

AboutS.T. CORPORATION

MessageOur Value Creation

Board Composition
Director

Nomination

Chairperson of the Board○

Business Activities(As of November 1, 2023)

Audit

Yo Kozuki◎

Seiichi Nishida◎

Governance

Financial andNon-financial Information

Areas of Executive Oﬃcer Responsibility
Executive Oﬃcers

Compensation

Director

Sustainability Activities

Corporate Information(As of November 1, 2023)

Responsibilities

Overall management
President & CEO

In charge of the Customer First Promotion Headquarters,
the New Business Development Oﬃce,

Yo Kozuki◎

Seiichi Nishida◎

and the Strategic Investment Oﬃce
Director○○

Director

Kouichi Yoshizawa ◎Director (Outside Director)★

○

○

○

Shinzo Maeda

Director (Outside Director)★

●

○

○

Shoichiro Iwata

Director (Outside Director)★

○●

Hiroko Noda

Director (Outside Director)★

○

Director (Outside Director)★

○●

5 members

4 members

9 (Five ofwhom are Outside Directors)● Chairperson

Head of the Customer First Promotion Headquarters

Kaoru Yonemoto ◎○ Committee member

5 members

Yoko Wachi◎ Holds the concurrent position of executive oﬃcer

Masayoshi Miyanaga

Executive

CDO*

Vice President

In charge of the Corporate Value Enhancing Headquarters

Senior Managing

In charge of the Overseas Business Headquarters

Executive Director
Managing
Executive Oﬃcer

Executive Oﬃcer

Head of the Overseas Business Headquarters
In charge of the Business Administration Headquarters
and responsible for Domestic Group Companies

In charge of the Marketing Headquarters
Head of the Marketing Headquarters

Kaoru Yonemoto ◎Kouichi Yoshizawa ◎Naruaki Hashimoto

Executive Oﬃcer

In charge of the Manufacturing Headquarters

Hideki Naito

Executive Oﬃcer

In charge of the Research & Development Headquarters

Yosuke Maeda★ Independent Outside Director

In charge of the Domestic Business Headquarters
Executive Oﬃcer

and the Marketing Planning Headquarters
Head of the Domestic Business Headquarters

Kazunari Yamamoto

and the Marketing Planning Headquarters◎ Holds the concurrent position of director*Chief Digital Oﬃcer

Integrated Report 2023

31

AboutS.T. CORPORATION

MessageOur Value Creation

Business Activities

Sustainability Activities

Financial andNon-financial Information

GovernanceCorporate Information

Skills Matrix of the Board of Directors
Management
strategy

Personnel
development

Yo Kozuki○○

Seiichi Nishida○○

Innovation

Sustainability

Marketing○○Globalmanagement
strategy

IT and digital○○

Shoichiro Iwata

○

○
○
○

Hiroko Noda

○

○

○

○
○

○
○

○

Yoko Wachi
Masayoshi Miyanaga

Compliance andrisk control○○○

Supply chain
management○

Kouichi Yoshizawa
Shinzo Maeda

Finance andaccounting○○

Kaoru Yonemoto

Brand andintellectual
property strategies

○

○

○

○

○

○

○
(As of November 1, 2023)

Corporate Governance Structure
Under the company-with-nomination-committee system, the Board of
Directors specializes in making decisions on important management

Business Execution and Audit Structure
The Board of Directors (9 members)

matters, as well as supervising management. Executive Officers are

Outside director (male)Outside director (male)Outside director (female)Outside director (female)

Executive oﬃcer

Nomination
Committee(5 members)

Audit
Committee(5 members)Compensation
Committee(4 members)

Decides on proposals
for the election anddismissal of directors

Audits the executionof duties by directors
and executive oﬃcers

Decides on compensation details for directors
and executive oﬃcers

delegated the authority to execute business operations in order toaccelerate decision making and ensure agile business execution.
The “Nomination Committee,” “Audit Committee,” and “Compensation
Committee” have been established as internal organs of the Board of
Directors, of which the majority is comprised of Outside Directors, toenhance the effectiveness of supervision through the functions of eachAppointment
Executive Oﬃcers (8 members)committee.

Integrated Report 2023

32

AboutS.T. CORPORATION

MessageOur Value Creation

Business Activities

Sustainability Activities

Governance

Financial andNon-financial Information

Corporate Information

List of Directors(As of November 1, 2023)

Yo Kozuki

Career summary, position and responsibilities

Career summary, position and responsibilities

Apr. 1987
Apr. 2002
Feb. 2004
Apr. 2008
Oct. 2009
Feb. 2011
Jun. 2012

Apr. 1987
Jun. 2010

Oct. 2013
Oct. 2019

Sept. 2021

May 2023
Jun. 2023
Nov. 2023

Joined S.T. Corporation
Sales planning group manager
Chief of Hiroshima BranchManagement Planning Group manager
Executive Officer, in charge of the Marketing Division
Executive Officer, in charge of the R&D Division
Managing Executive Officer,
in charge of the Global Marketing Division
Managing Executive Officer, in charge of the Sales Division
Managing Executive Officer,
in charge of the Business Administration Divisionand the Corporate Communication Division
Managing Executive Officer,
in charge of the Professional Use BusinessPresident of our subsidiary, S.T. PRO Co., Ltd.
Managing Executive Officer,
in charge of the Professional Use Business
Chair of the Board of Directors and President & CEO
Chair of the Board of Directors and President & CEO,in charge of overall management,
Customer First Promotion Headquarters,
the New Business Development Office,and the Strategic Investment Office
Head of the Customer First Promotion Headquarters(current position)

Attendance at board meetings and other meetings

Apr. 2011

Apr. 2018

Seiichi Nishida

Apr. 2020
Jun. 2020
Apr. 2021
Jun. 2021
Sept. 2021

Oct. 2021

Apr. 2022

Jan. 2023-

Significant concurrent positions outside our company-

Number of our companyʼs shares owned
20,000Nov. 2023

Joined Nippon Life Insurance Company
Director, General Manager of the Corporate Planning Department,
Nissay Information Technology Co., Ltd.
Director, General Manager of the Corporate Planning Department,
General Manager of the Legal Affairs
and Compliance Management OfficeDirector, Executive Officer,
General Manager of the Corporate Planning Department,
Nissay Leasing Company Limited
Dispatched to our company, Manager assigned to the PresidentManager, Business Management Division
Joined Our Company, Executive Officer,
in charge of the Business Management Division
Director and Executive Officer,
in charge of the Business Management Division
Director and Executive Officer,
in charge of the Business Management Division,
the Corporate Planning Office, and New Business Development
Director and Executive Officer,
in charge of the Business Management Division,
the Corporate Planning Office, the ESG Promotion Office,and New Business Development
Director and Managing Executive Officer,
in charge of the Corporate Value Enhancing Division,
the Customer First Promotion Division,
New Business Development, and Management Reform
Director and Senior Managing Executive Director,
in charge of the Business Administration Division,
the Corporate Value Enhancing Division,
the Customer First Promotion Division,
New Business Development, and Management Reform
Director, Executive Vice President and CDO*,
in charge of the Corporate Value Enhancing Headquarters (current position)*Chief Digital Officer

Attendance at board meetings and other meetings
Board meetings 9/9

Significant concurrent positions outside our company-

Number of our companyʼs shares owned
1,000

Integrated Report 2023

33

AboutS.T. CORPORATION

Our Value Creation

Business Activities

Sustainability Activities

Governance

Financial andNon-financial Information

Career summary, position and responsibilities

Career summary, position and responsibilities

Apr. 1982
Oct. 2018

Apr. 1985
Apr. 2007
Apr. 2009
Apr. 2010

Oct. 2019
Apr. 2020

Apr. 2021

Kaoru Yonemoto

Message

Apr. 2022

Jun. 2022

Jan. 2023

Apr. 2023

Jul. 2023

Joined Unicharm Corporation
Joined Our Company; General Manager,
Overseas No. 2 Business Unit, Business Administration Division
General Manager, Overseas Business Division, Manager,
Overseas Marketing Group
Executive Officer, in charge of the Overseas Business Division,
General Managerof the Overseas Group Companies Management Headquarters
Executive Officer, in charge of the Overseas Business Division,
Overseas Group Companies Management
Managing Executive Officer, in charge of the Global Marketing Division,
Corporate Communication Division,
Research and Development Division,and Overseas Group Companies Management
Director, Managing Executive Officer,
in charge of the Global Marketing Division,
Corporate Communication Division, Researchand Development Division, and Overseas Group Companies Management
Director, Senior Managing Executive Director,
in charge of the Global Marketing Division, Manufacturing Division,
Corporate Communication Division,
Research and Development Division,and Overseas Group Companies Management
Director, Senior Managing Executive Director,
in charge of the Domestic Business Headquarters,
Manufacturing Headquarters, Marketing Planning Headquarters,
Overseas Business Headquarters, and Researchand Development Headquarters
Director, Senior Managing Executive Director,
in charge of the Overseas Business Headquarters
Head of the Overseas Business Headquarters (current position)

Apr. 2012

Kouichi Yoshizawa

Apr. 2013
Apr. 2014

Jun. 2014

Apr. 2017
Apr. 2018

May 2018
Oct. 2019

Apr. 2023

Nov. 2023

Joined Our Company
Manager, Finance and General Affairs GroupManagement Planning Group manager
Assistant General Manager, Corporate Staff Division,and Manager of the Management Planning Group
Assistant General Manager, Business Administration Headquarters,
Business Administration Division,and Manager of the Management Planning Group
Senior Manager of the Management Planning Group
Executive Officer, in charge of the Business Strategy Divisionand responsible for Domestic Group Companies,
and Manager of the Management Planning Group
Director and Executive Officer,
in charge of the Business Strategy Divisionand responsible for Domestic Group Companies
Director and Executive Officer,
in charge of the Business Strategy Division and Manufacturing Division
Director and Executive Officer,
in charge of the Business Strategy Divisionand responsible for Domestic Group Companies
Outside Director of NS FaFa Japan Co., Ltd.
Director and Executive Officer,
in charge of the Business Strategy Division
and Business Management Division,and responsible for Domestic Group Companies
Director and Executive Officer,
in charge of the Business Administration Headquarters,
and responsible for Domestic Group Companies
Director and Managing Executive Officer,
in charge of the Business Administration Headquarters,
and responsible for Domestic Group Companies (current position)

Attendance at board meetings and other meetings

Attendance at board meetings and other meetings

Significant concurrent positions outside our company

Significant concurrent positions outside our company

Number of our companyʼs shares owned

Number of our companyʼs shares owned

Board meetings 6/6-

0

Corporate Information

Board meetings 9/9Compensation Committee 4/4-

16,500Integrated Report 2023

34

AboutS.T. CORPORATION

Our Value Creation

Business Activities

Sustainability Activities

Governance

Financial andNon-financial Information

Career summary, position and responsibilities

Career summary, position and responsibilities

Apr. 1970
Jun. 1996

Mar. 1973
Mar. 1986
May 1992
Mar. 1997
May 2000
June 2006
Sept. 2019

Dec. 1997

Apr. 2001
Jun. 2003

Shinzo Maeda

MessageJun. 2005
Apr. 2011
Apr. 2013
Apr. 2014
Jun. 2014
Jun. 2015
Sept. 2015
Jun. 2021

Joined Shiseido Company, Limited
General Manager, Cosmetics Strategic Planning Department,
Cosmetics Marketing Division
Chief Officer of Asia-Pacific Regional Headquarters,
International Operations Division, Shiseido Company, Limited,and Director and President, Shiseido Asia Pacific
General Manager, Sales Promotion Department,
Cosmetics Strategic Planning Department, Shiseido Company, Limited
Director, Executive Officer,
and General Manager of Corporate Planning Department
President & CEO, Representative Director
Chairman, Representative Director
Chairman, Representative Director, President & CEO
Chairman, Representative Director
Senior Advisor
Outside Director, Yuasa Trading Co., Ltd (current position)
Outside Director, TOSHIBA Corporation
Outside Director of our company (current position)

Attendance at board meetings and other meetings
Board meetings 9/9
Nomination Committee 4/4
Compensation Committee 4/4
Audit Committee 6/6

Shoichiro Iwata

Jul. 2020
June 2021

Corporate Information

Joined Lion Fat and Oil Co., Ltd. (currently Lion Corporation)
Joined PLUS Corporation
General Manager, ASKUL Business Promotion Office, Sales Division
President, ASKUL Corporation
President & Chief Executive Officer (CEO)Outside Director, Shiseido Company, Limited
Representative Director and CEO,FORCE marketing and management, inc. (current position)
Outside Director, Safie Inc. (current position)
Outside Director of our company (current position)

Attendance at board meetings and other meetings
Board meetings 9/9
Nomination Committee 4/4
Compensation Committee 2/2
Audit Committee 6/6

Significant concurrent positions outside our company
Representative Director and CEO, FORCE marketing and management, inc.
Outside Director, Safie Inc.

Number of our companyʼs shares owned
0

Significant concurrent positions outside our company

Outside Director, Yuasa Trading Co., Ltd

Number of our companyʼs shares owned
0Integrated Report 2023

35

AboutS.T. CORPORATION

Our Value Creation

Business Activities

Sustainability Activities

Governance

Financial andNon-financial Information

Career summary, position and responsibilities

Career summary, position and responsibilities

Apr. 1987
Aug. 1987
Mar. 1990

Apr. 1989
Apr. 2006
Apr. 2015
Mar. 2016
Jan. 2019
Apr. 2019
Jun. 2019
Jun. 2023

Aug. 1992

Hiroko Noda

MessageJune 2000
July 2006
Sept. 2007
May 2010
Apr. 2014
Mar. 2019
Mar. 2019
June 2021
June 2022

Joined KPMG Minato Audit Corporation (currently KPMG AZSA Co.)
Joined Tokyo Branch of Prudential Securities Incorporated
Registered as Certified Public Accountant,
Representative of NODA C.P.A. Accounting Firm (current position)
Joined Tokyo Branch of Banque Indosuez S.A.
(currently Credit Agricole CIB)
Joined Tokyo Branch of Canadian Imperial Bank of Commerce
Joined BUSICOM Co., Ltd.
Representative Director, Prominent Consulting Co., Ltd.
Representative Director, Probity Consulting Co., Ltd. (current position)
Part-time Lecturer, Graduate School of Asianand International Business Strategy, Asia University (current position)
Outside Director, MODEC, Inc. (current position)
Outside Director (Audit & Supervisory Committee Member),
Okabe Co., Ltd. (current position)
Outside Director of our company (current position)
Outside Director, CHORI Co., Ltd. (current position)

Attendance at board meetings and other meetings
Board meetings 9/9

Audit Committee 6/6

Yoko Wachi

Corporate Information

Registered as a lawyer, and joined Kajitani Law Offices
Mediator of Family Conciliations, Tokyo Family Court (current position)
Outside Auditor, Nichias Corporation
Outside Auditor, Otsuka Holdings Co., Ltd.
Partner lawyer, Kajitani Law Offices (current position)
Vice-chairperson of Tokyo Family Conciliation Association
Outside Director, Nichias Corporation (current position)
Outside Director of our company (current position)

Attendance at board meetings and other meetings-

Significant concurrent positions outside our company
Partner lawyer, Kajitani Law Offices
Mediator of Family Conciliations, Tokyo Family Court
Outside Director, Nichias Corporation

Number of our companyʼs shares owned
0

Significant concurrent positions outside our company
Representative of NODA C.P.A. Accounting Firm
Representative Director, Probity Consulting Co., Ltd.
Part-time Lecturer, Graduate School of Asianand International Business Strategy, Asia University
Outside Director, MODEC, Inc.
Outside Director (Audit & Supervisory Committee Member), Okabe Co., Ltd.
Outside Director, CHORI Co., Ltd.

Number of our companyʼs shares owned
0Integrated Report 2023

36

AboutS.T. CORPORATION

MessageOur Value Creation

Business Activities

Sustainability Activities

Governance

Financial andNon-financial Information

Corporate Information

Career summary, position and responsibilities
Apr. 1981
Feb. 1990
Oct. 1991
Apr. 1995
Apr. 2000
Jan. 2001

Masayoshi Miyanaga

Nov. 2003
Nov. 2011
Apr. 2017
Apr. 2017
Jun. 2017
Apr. 2023
Jun. 2023

Joined Nippon Credit Bank, Ltd. (currently Aozora Bank, Ltd.)
Temporarily served as an investment advisorof the Nippon Credit Bank, Ltd.
Dispatched to Nippon Credit Gartmore Ltd. (UK)
Joined Schroder Investment Management (Japan) Limited.
Director
Joined Prudential Asset Management Japan Inc.
(currently PGIM Japan Co., Ltd.)
Chief investment officer in charge of stocks
Joined IRB Corporation (currently FALCON Research & Consulting Ltd.)
Joint representative partner
Representative Director of IRB
Director, FALCON Research & Consulting Ltd. (current position)
Professor, Graduate School of Innovation Studies,Tokyo University of Science (currently Graduate School of Management)
Outside Director, Universal Entertainment Corporation (current position)
Specially-appointment professor, Chuo Business School (current position)
Outside Director of our company (current position)

Attendance at board meetings and other meetings-

Significant concurrent positions outside our company
Director, FALCON Research & Consulting Ltd.
Outside Director, Universal Entertainment Corporation
Specially-appointment professor, Chuo Business School

Number of our companyʼs shares owned
0Integrated Report 2023

37

AboutS.T. CORPORATION

MessageOur Value Creation

Business Activities

Sustainability Activities

Financial andNon-financial Information

GovernanceCorporate Information

Financial Information
Accounting period

2014/3

2015/3

2016/32017/3

2018/3

2019/32020/32021/32022/32023/3

Net Sales*1・2・3

46,992

48,26348,35145,957

48,62647,78247,54549,67345,46945,576

Operating income

2,131

1,812

2,341

2,854

3,480

2,839

3,374

3,945

3,250

2,416

Ordinary income

1,496

1,597

1,724

2,902

3,469

2,722

3,344

3,737

3,481

2,730

Profit attributable to owners of parent

Fiscal year [million yen]

1,233

892

912

1,817

2,409

1,803

2,261

2,525

1,109

1,828

R&D expenses

563

512

536

610

596

642

724

790

851

774

Capital expenditures

942

1,485

1,757

608

1,821

3,060

3,136

1,335

2,695

840

Depreciation and amortization

894

844

1,128

996

969

1,108

1,389

1,349

1,196

1,407

Advertisement expenses

2,677

2,856

2,741

2,618

2,895

2,820

2,649

2,559

2,605

2,598

Free cash flow*4

2,624

369

1,856

4,528

834

-118

-46

2,859

996

3,119

Total assets

32,37033,78534,92438,45842,112

41,97643,27546,81644,402

46,116

Total net assets

21,086

22,60023,49525,812

29,021

29,22330,13532,632

31,84732,961

Number of issued outstanding shares [thousand]*5 21,852

21,85021,69921,87622,062

22,112

22,152

22,20522,22722,240End of the fiscal year

Financial indicators [%]Operating income margin

4.5

3.8

4.8

6.2

7.2

5.9

7.1

7.9

7.1

5.3

Return on assets (ROA)*6

4.0

2.7

2.7

5.0

6.0

4.3

5.3

5.6

2.4

4.0

Return on equity (ROE)*7

6.1

4.2

4.1

7.6

9.0

6.3

7.8

8.2

3.5

5.7

Equite ratio*8

63.2

64.8

65.2

65.3

66.8

68.2

68.5

68.5

70.4

70.2

Per share data [yen]Earnings per share [EPS]*9

56.74

40.83

42.01

83.57

109.5881.66

102.19113.90

49.91

82.22

Book value per share [BPS]*10936.061,001.84

1,049.58

1,148.41

1,285.01

1,295.38

1,337.42

1,445.14

1,407.03

1,456.38

Cash flow per share*11

92.52

75.49

88.71

122.33146.94126.62158.74168.51

100.26140.69Dividends per share (DPS)

22.00

22.00

22.00

24.00

31.00

36.00

36.00

37.00

38.00

40.00

Payout ratio [%]*12

38.8

53.9

52.4

28.7

28.3

44.1

35.2

32.5

76.1

48.6

Common stock price*13

999

1,021

1,114

1,809

2,286

1,892

1,601

1,955

1,527

1,563

*1: The accounting policy was changed, and the new policy has been used from FY 3/2017.
*2: As the accounting standards were changed in FY 3/2019, the new accounting standards have been used since FY 3/2018.
*3: The accounting standards were changed in FY 3/2022.
*4: Free cash flow = Cash flow from operating activities + Cash flow from investing activities*5: The number of outstanding shares does not include the number of treasury shares.
*6: Return on assets (ROA) = Profit attributable to owners of parent ÷ Total assets (average of the values at the beginning andend of the term) × 100*7: Return on equity (ROE) = Profit attributable to owners of parent ÷ Equity capital (average of the values at the beginning andend of the term) × 100*8: Capital-to-asset ratio = Equity capital (term-end) ÷ Total assets (term-end) × 100*9: Earnings per share (EPS) = Profit attributable to owners of parent ÷ No. of outstanding shares (average in the term)*10: Book value per share = Net assets ÷ No. of outstanding shares (term-end)*11: Cash flow per share = (Profit attributable to owners of parent + Depreciation) ÷ No. of outstanding shares*12: Payout ratio = Dividend per share ÷ BPS × 100 (calculated from consolidated figures)*13: Closing share price as of the end of the term ending March

Integrated Report 2023

38

AboutS.T. CORPORATION

MessageOur Value Creation

2019/32020/32021/32022/32023/3

3,499

4,038

3,863

2,891

3,055

Environment
Total CO₂ emissions [t-CO₂]*2

Sustainability Activities

Governance

Financial andNon-financial Information

Corporate Information

Stock Information (As of March 31, 2023)

Non-ﬁnancial Information
Accounting periodBusiness Activities

Scope1 [t-CO₂]

976

972

956

978

959

Scope2 [t-CO₂]*3

2,523

3,066

2,907

1,913

2,096

Total weight of waste [t]

848

1,329

1,183

1,432

1,362

Water consumption [m³]

Stock Status
Total number of outstanding shares
No. of shares per trading lot
No. of shareholders

40,63844,26945,37845,054

49,137

PRTR chemical substance emissions [t]

6.9

9.3

8.5

2.3

1.6

Major Shareholders

PRTR chemical substance transfer amounts [t]

1.7

2.0

3.2

1.3

1.2

Shareholder

No. of employees (consolidated)

948

1,032

997

953

859

No. of employees (domestic corporate group)

647

767

773

757

750

No. of regular employees

475

572

584

570

562

No. of female ones

147

199

211

209

172

195

189

138

151

145

Total actual working hours per person per year [h]*5 1,674

1,691

Ratio of employees who took an annual paid leave [%]*656.2

Ratio of female managers [%]Favorability ranking of companies [place]*7

Society

96,817,000
23,000,000
100
21,676

Total number of authorized shares

No. of shares held
[thousand]Shareholding ratio[%]

Chardin Co., Ltd.

5,587

24.8

The Master Trust Bank of Japan, Ltd. (trust company)

1,732

7.7

Nippon Life Insurance Company

1,336

5.9

218

Mizuho Trust & Banking Co., Ltd.; Employee Pension Trust;
Mizuho Bank Account Second-tier trustee: Custody Bank of Japan, Ltd.

884

3.9

187

188

138

124

Takashi Suzuki

665

3.0

1,743

1,744

1,716

Fumakilla Limited

541

2.4

60.8

53.9

59.6

60.0

MUFG Bank, Ltd.

524

2.3

11.3

10.9

10.2

11.5

15.1

Takako Suzuki

515

2.3

156

131

168

138

121

Kanichi Suzuki

500

2.2

Suzuki Kanichi Shoten Ltd.

433

1.9

Ratio of independent outside directors [%]

55.6

55.6

50.0

50.0

50.0

Ratio of female directors [%]

33.3

33.3

37.5

30.0

40.0

No. of non-regular employees*4
No. of female ones

Governance*1: The subject organization is S.T. Group (in Japan), except the number of employees (consolidated), the favorability ranking of companies,
the ratio of independent outside directors, and the ratio of female directors*2: Total CO₂ emissions mean the sum of Scopes 1 and 2.
*3: Scope 2 emissions were calculated by using the adjusted emission coefficient for each electric power menu in principle. Others were
calculated by using the national average emission coefficient.
*4: The number of non-regular employees means the sum of the number of contract employees and the number of rehired retired employees.
*5: Total actual working hours per person per year is the working hours of regular employees.
*6: Ratio of employees who took an annual paid leave is the ratio of regular employees who have taken paid leave.
*7: The favorability ranking of companies was taken from the Reputation-Business Person Edition of Nikkei Survey on Corporate Images.

*1: Our company holds 488,000 treasury shares, but our company is not included in the above major shareholders.
*2: Shareholding ratio was calculated while deducting treasury shares.
*3: Shareholding ratio was calculated while taking into account 270,000 shares held by Custody Bank of Japan, Ltd. (Trustee E).
Out of the 270,000 shares, 150,000 shares are for the Board Beneﬁt Trust (BBT) for executive oﬃcers and 120,000 shares are for theJapanese Employee Stock Ownership Plan (J-ESOP).

Shareholder Composition（％）

Thousand shares

Individuals and others

8,360 （36.4）

Other domestic corporations

7,609 （33.1）

Financial institutions

5,387 （23.4）

Foreign corporations, etc.

1,430

（6.2）

212

（0.9）

Securities ﬁrms

Integrated Report 2023

39

AboutS.T. CORPORATION

MessageOur Value Creation

Business Activities

Sustainability Activities

Governance

Financial andNon-financial Information

Corporate Information

LocationJapan

Global● Hokkaido Sales Office,North Japan BranchTokyo● Headquarters (STR Center)▲ R&D Center● Mass Retailing Divisions 1 and 2● Tokyo Metropolitan Area Branch◆ S.T. PRO Co., Ltd.
◆ S.T. Business Support Co., Ltd.
◆ Japan Aroma Laboratory Co., Ltd.

Saitama■ Saitama Plant

Tochigi◆ S.T. MYCOAL Co., Ltd.

◆ S.T. Korea Corporation (South Korea)◆ Aekyung S.T. Co., Ltd. (South Korea)◆ Family Glove Co., Ltd. (Taiwan)● Tohoku Sales Office,North Japan Branch

Kanagawa ◆ CODE Meee Inc.

● Chugoku-Shikoku
Branch■ Fukushima Plant◆ S.T. (Thailand) Co., Ltd.
◆ Shaldan (Thailand) Co., Ltd.

● Chubu Branch● Kinki Branch● Kyushu Branch■ Kyushu Plant■ Kyushu Plant Kokura Office● Headquarters/marketing base

■ Manufacturing base

▲ Research base◆ Major group companies

Integrated Report 2023

40

AboutS.T. CORPORATION

MessageOur Value Creation

Business Activities

Corporate Profile

Sustainability Activities

Governance

Financial andNon-financial Information

Corporate Information

Entire Picture of Communication Tools
Highlights

Corporate Profile (As of March 31, 2023)
Corporate name:

S.T. CORPORATION

Address of the headquarters:

1-4-10 Shimoochiai, Shinjuku-ku, Tokyo 161-8540

Integrated Report 2023

(Creating Corporate Value Report)

Integrated Report

Tel: 03-3367-6111 (main)

Refreshing the Air

Date of establishment:

August 31, 1948

Account closing date:

March 31

No. of employees:

859 (consolidated)/441 (non-consolidated),(Financial and non-financial summaries)

Overview

excluding part-timers and rehired retired employees
Listed on:

Prime Market of Tokyo Stock Exchange

WebsiteCorporate Profile
Investorsʼ Guide(Overall andlatest information)(IR material)

Affiliated companies (As of November 1, 2023)
Specialist Data

Consolidated subsidiaries

Non-consolidated subsidiary

S.T. PRO CO., LTD.

Japan Aroma Laboratory Co., Ltd.

S.T. Business Support Co., Ltd.

CODE Meee Inc.

S.T. MYCOAL CO., LTD.

Equity-method affiliates

S.T. (Thailand) Co., Ltd.

Aekyung S.T. Co., Ltd. (South Korea)

Family Glove Co., Ltd. (Taiwan)

NS FaFa Japan Co., Ltd.

S.T. Korea Corporation (South Korea)

Other affiliated company

Shaldan (Thailand) Co., Ltd.

Shaldan Co., Ltd.

Summary of
Financial Results(Financial statements)

Securities Report(Financial statements)

General Meeting of
Shareholders(Material produced inaccordance with
the Companies Act)

Our communication tools are available in “Library” of our website. Please feel free to browse them.

Endorsement of, participation in and approval of external organizations (As of July 31, 2023)

2023
Outstanding Healthand Productivity
Management
Organization

Eco-Ship Mark

Eco Rail Mark
1-4-10 Shimoochiai, Shinjuku-ku, Tokyo 161-8540
https://www.st-c.co.jp/english/

Integrated Report 2023

41