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    4912   JP3965400009

LION CORPORATION

(4912)
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Financial Results for the First Nine Months of 2021

11/05/2021 | 03:23am EST

Financial Results

for the First Nine Months

of 2021

Lion Corporation

November 5, 2021

  • Consolidated Financial Results for the First Nine Months of 2021

2

Consolidated Performance Overview

Sales rose but profit fell Y-o-Y in the first nine months

Net sales (increased Y-o-Y)

In Consumer Products, solid sales of toothbrushes, fabric softeners, antipyretic analgesics and other products compensated for a decrease in hand soap sales, and net sales were approximately level year on year

Overseas, performance in Southeast Asia was steady amid a challenging market environment and performance in China remained strong, leading to an increase in sales

Industrial Products saw an increase in sales driven by the chemicals field due to market recovery

Core operating income (decreased Y-o-Y)

Despite total cost reductions, rising competition-related expenses and raw material costs resulted in decreased profit

Operating profit and profit for the period attributable to owners of the parent (decreased Y-o-Y)

Decreased due to drop in core operating income as well as recoil from a gain on transfer of non-current assets (land Lion's head office occupies) recorded in 2020

3

Business Environment Assumptions Underlying Forecasts

Domestic and overseas markets have been largely as forecast,

but the impact of raw material markets has been greater than expected

Business environment assumptions as of August 2021 and current business environment conditions

Business impact assumptions (as of August 4)

The COVID-19 pandemic will continue past the end of the year

Ongoing demand related to increased time spent at home will lead to increased sales

Ongoing demand related to treating vaccine side effects will lead to increased sales

Lower-than-expected demand for hand soaps and hygiene-related products will lead to decreased sales In Southeast Asia, consumption will remain weak,

leading to decreased sales and increased competition-related expenses

Rising demand for chemical materials due to market recovery in the automotive and other industries

In the Industrial Products business, the chemicals

field will see increased sales

Raw material prices will rise more than expected

Rising costs will cause decreased gross profit

Business environment conditions

  • Domestic and overseas markets will be largely as forecast

In Japan, demand for dishwashing detergents, household cleaners, antipyretic analgesics and other products will continue to grow

In Southeast Asia, weak consumption will cause market contraction

In Industrial Products, demand for chemical materials will continue to grow

  • The impact of rising raw material prices will be greater than expected

The impact will mainly be greater than anticipated overseas (especially in Southeast Asia)

4

Market Trends-Major Product Categories in Japan

Except for hand soaps, markets were on par with 2020 from

January to September, and many markets grew compared with 2019

Y-o-Y comparison of consumer products markets in Japan by in-store sales value (%) Source: INTAGE Inc. SRI+

Oral Care

Beauty Care

Fabric Care

Toothpastes

Laundry

detergents

Body soaps

Fabric softeners

Toothbrushes

Hand soaps

Living Care

Pharmaceutical

Antipyretic analgesics

Dishwashing detergents

Household cleaners*

Eye drops

* "Household cleaners" above is the sum of home cleaners, bath detergents and bathroom detergents.

For reference, dotted lines show Y-o-Y comparisons with January to September 2019

Toothbrush sales value held steady Y-o-Y but were down 7% compared with 2019

  • Sales value of hand soaps held steady at around 140% of the 2019 level
  • Demand for antipyretic analgesics increased from May onward, reflecting COVID-19 vaccination
  • Sales value of eye drops fell from 2019 due to

the decrease in demand from foreign visitors to Japan

  • Demand increased in September 2019 due to a demand surge ahead of the consumption tax hike

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Lion Corporation published this content on 05 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 November 2021 08:22:09 UTC.


ę Publicnow 2021
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Sales 2021 365 B 3 203 M 3 203 M
Net income 2021 22 115 M 194 M 194 M
Net cash 2021 108 B 949 M 949 M
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EV / Sales 2021 0,93x
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Mean consensus OUTPERFORM
Number of Analysts 12
Last Close Price 1 540,00 JPY
Average target price 1 990,00 JPY
Spread / Average Target 29,2%
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Itsuo Hama Chairman & Chief Executive Officer
Masazumi Kikukawa President, COO & Representative Director
Fumitomo Noritake Executive Officer, General Manager-R&D
Kazunari Uchida Independent Outside Director
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