Consolidated Settlement of Accounts
for the First Half of Fiscal 1999


Shiseido Company, Ltd.
Listing: Tokyo Stock Exchange, First Section
Code Number: 4911
Head Office: 5-5, Ginza 7-chome, Chuo-ku, Tokyo, Japan


The Figures for this Financial Statement are prepared in accordance
with the accounting principles based on Japanese law.
Accordingly, they do not necessarily match the figures in the Annual Report and Facts & Figures issued by our company, which present the same statements in a form that is more familiar to foreign readers through certain reclassifications or summarization of accounts.

1. Performance for Interim Fiscal 1999 (April 1-September 30, 1998)
*Amounts under one million yen have been rounded down.
*Numbers in parentheses indicate percentage increase/decrease over previous corresponding term.

(1) Results

(Millions of yen, except for per share figures)

Net Sales

Income from
Operations

Ordinary Income

First Half of Fiscal 1999

307,296 (-1.0%)

17,494 (-13.3%)

19,085 (-13.0%)

First Half of Fiscal 1998

310,470 (+9.6%)

20,179 (+15.6%)

21,948 (+9.3%)

Fiscal 1998

620,909

35,869

38,405


Net Sales

Net Income per
Share
(Yen)

Criterion of
Accounting Methods

First Half of Fiscal 1999

2,573 (-72.6%)

6.08

Basis of Consolidated
Financial Statements

First Half of Fiscal 1998

9,408 ( -)

22.56

Fiscal 1998

16,868

40.15

Basis of Consolidated
Financial Statements

Note: Gain from investment in subsidiaries and affiliates accounted for by the equity method in interim fiscal 1999 was 68 million yen (15 million yen loss in interim fiscal 1998 and 26 million yen gain in full-year fiscal 1998).

(2) Financial Position

(Millions of yen, except for per share figures)

Total Assets

Shareholders'
Equity

Equity Ratio
(%)

Shareholders'
Equity per Share
(Yen)

First Half of Fiscal 1999

617,121

409,150

66.3%

972.06

First Half of Fiscal 1998

646,850

408,104

63.1%

964.00

Fiscal 1998

626,428

413,794

66.1%

977.39

(3) Description of Consolidation and Scope of Application for Equity Method
    Number of consolidated subsidiaries: 63
    Number of nonconsolidated subsidiaries: 3 (equity method not applied to these companies)
    Number of affiliates: 6 (equity method applied to 5 of these companies)

(4) Changes in Accounting Policies and Other Matters
a. The scope of consolidation and exclusion is as follows (comparison with fiscal 1998);
    Newly consolidated companies: 3
    Excluded consolidated companies: 1
    Newly included under equity method: 0
    Excluded under equity method: 1

b. Accounting Policies: There have been no changes in accounting policies.


2. Projections for Fiscal 1999 (April 1, 1998-March 31, 1999)

(Millions of yen)

Net Sales

Ordinary Income

Net Income

Fiscal 1999

620,000

34,000

8,000

Reference: Projected consolidated net income per share is 19.01 yen.
Projected nonconsolidated net income per share is 28.51 yen.
[ Reference Data ]
Nonconsolidated Interim Results for Fiscal 1999 (April 1-September 30, 1998)

(Millions of yen, except for per share figures)

Net Sales

Income from Operations

Ordinary Income

196,036 (-4.8%)

14,250 (+5.0%)

19,346 (+14.4%)


Net Income

Net Income per Share
(Yen)

Total Assets

Shareholders' Equity

7,510 (-11.7%)

17.76

508,126

373,035


[ Next ]