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.


Consolidated Settlement of Accounts
for 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
Date of Board Meeting for Consolidated Settlement of Accounts: May 11, 1999

1. Performance in Fiscal 1999 (April 1, 1998-March 31, 1999)
* 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

Fiscal 1999

604,294 (-2.7%)

35,361 (-7.2%)

33,910 (-16.6%)

Fiscal 1998

620,909 (+5.5%)

38,112

40,675


Net Income

Net Income
per Share
(Yen)

Fully Diluted
Net Income
per Share
(Yen)

Return
on Equity
(%)

Ordinary Income/
Total Assets
(%)

Ordinary Income/
Net Sales
(%)

Fiscal 1999

10,332 (-38.7%)

24.55

24.47

2.5

5.5

5.6

Fiscal 1998

16,868 (-11.9%)

40.15

39.87

4.2

6.6

6.6

Note: 1) Gain from investment in subsidiaries and affiliates accounted for by the equity method in fiscal 1999 were 104 million yen (26 million yen in fiscal 1998).
2) Figures for fiscal 1998 have also been arranged to reflect the revised regulations covering consolidated financial statements. For this reason, percent changes compared with the previous year for income from operations and ordinary income are not shown.

(2) Financial Position

(Millions of yen, except for per share figures)

Total Assets

Shareholders'
Equity

Equity Ratio
(%)

Shareholders'
Equity per Share (Yen)

Fiscal 1999

613,970

408,839

66.6%

979.95

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: 65
Number of nonconsolidated subsidiaries: 6 (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: 5
Excluded consolidated companies: 1
Newly included under equity method: 0
Excluded under equity method: 1
b. Accounting Policies: There has been no change in accounting policies.

2. Projections for Fiscal 2000 (April 1, 1999-March 31, 2000)

(Millions of yen)

Net Sales

Ordinary Income

Net Income

Fiscal 2000

635,000

38,000

13,000

Reference: Projected consolidated net income per share is 31.16 yen.
Projected nonconsolidated net income per share is 35.95 yen.

[ Reference Data ]
Nonconsolidated Results for Fiscal 1999 (April 1, 1998-March 31, 1999)

(Millions of yen, except for per share figures)

Net Sales

Income from Operations

Ordinary Income

363,138 (-10.0%)

23,920 (-20.6%)

28,857 (-19.4%)


Net Income

Net Income
per Share
(Yen)

Fully Diluted
Net Income per Share
(Yen)

Total Assets

Shareholders'
Equity

13,014 (-19.0%)

30.92

30.82

502,677

370,552

Note: Above percent-change figures have been arranged to reflect revised regulations covering financial statements.


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