4 5 12 14 16 1 19 20 28 34 36 40 42 46 Our Way 48 CSR 49 50 54 55 57 62 63 64 65 68 76 CSR 78 79 11 80 82 95 96 102 124 125 126 127 2012140 140
4 2012
2012 5
Brand 140 151 IFSCC 140 1897 1915 IFSCC20123 6 2012
Business 44.3% 87 50 87 90 20124Web 50 2011 30 1923 1957 20123201112 8 2012
People 46,267 82.9% Our Mission 4 1934 2005 201232011122012 3 10 2012
200810 20183 1 512% ROE15% 201433 2 4 201233 20133 20133140 140 1 2 3 2005 2008 2011 2014 2017 20183 12 2012
2012 2012 13
20123 51.8% GMS 20124Web P40 41 GMS 14 2012
87 201112 44.3% 15 411 10 1,000 51 3 9 3 15 6 87 46.9% 1.3% 15 2012
2008320123 20123 + 1.7 5.1%11.9% 1.7% 44.3 21.444.3% 12.0 12.0% % 7,235 6,903 6,442 6,707 6,824 635 8.8 499 7.2 504 7.8 355 445 391 6.6 5.7 194 337 128 145 08 09 10 11 123 3 3 08 09 10 11 12 08 09 10 11 12 ROE 1 1 % 9.2 9.8 86.1 84.6 50.0 50.0 50.0 50.0 34.0 5.4 3.9 4.9 48.0 32.1 36.5 08 09 10 11 123 08 09 10 11 123 08 09 10 11 12 3 1 1 2 3 4 ** 16 2012
ROE 4.9 ROE1.0 4.9% 37.9 0.3 37.9% 1 50.0 150.0 137.1% 208 2,788 170 2,757 08 09 10 11 123 100 97 2,504 3,026 4,239 3,976 3,838 3,584 89 3,197 3,538 % 10.1 6.3 4.8 8.1 5.5 5.1 08 09 10 11 123 10.5 10.1 3.8 11.4 9.3 3.0 9.9 8.3 2.6 % 42.9 44.3 36.5 38.0 36.9 2,643 2,620 2,878 3,024 2,375 1,121 1,186 1,220 1,297 1,152 928 885 782 822 738 594 876 549 485 905 08 09 10 11 123 % % 1,024 1,038 566 4,607 1,096 1,000 507 4,300 08 09 10 11 123 1,080 1,171 824 843 457 855 4,081 3,838 1,251 892 868 3,813 15.5 8.3 6.5 6.1 15.3 7.8 5.6 4.0 13.9 1.6 08 09 10 11 123 6.5 6.0 5.6 14.3 7.2 4.1 11.4 5.5 5.0 3.0 2,144 1,975 1,852 37.0 38.2 37.9 632 621 13.7 15.0 08 09 10 11 12 3 5 2012320113 2012 17
11P8081 1 1 1 2008 2009 2010 2011 3 2012 2012 2012/2011 723,485 186,466 473,554 63,465 EBITDA 2 94,960 35,460 3 675,864 4 38,653 24,566 63,219 3 399,739 75,308 (5,803) (95,883) 120,394 690,256 644,201 171,752 160,166 468,590 433,684 49,914 50,351 70,149 75,699 19,373 33,671 606,569 775,446 27,601 112,693 34,452 101,754 62,053 214,447 351,951 365,208 42,768 69,432 (28,158) (204,885) (32,283) 120,359 91,858 77,157 670,701 168,692 457,551 44,458 65,576 12,791 739,120 16,362 181,156 197,518 320,127 67,587 (30,304) (39,572) 88,592 682,386 162,990 480,261 39,135 76,974 14,515 720,708 9,735 175,418 185,153 303,716 52,600 (20,668) (35,482) 82,974 $8,307,597 1,984,295 5,846,859 476,443 937,107 176,710 $8,774,142 118,517 2,135,598 2,254,115 3,697,541 $ 640,370 (251,619) (431,970) 1,010,153 +1.7% -3.4 +5.0-12.0 +17.4 +13.5-2.5-40.5-3.2-6.3-5.1 1 5 35 86.1 946.2 34.0 407,696 48.0 839.9 50.0 403,240 84.6 875.7 50.0 397,886 32.1 772.1 50.0 397,864 36.5 729.9 50.0 397,974 $0.44 8.89 0.61 + 4.4-42.2 ±0.0 % ROA% 3 ROA 8.8 5.0 7.2 3.0 7.8 4.9 6.6 1.7 5.7 2.0-0.9 +0.3 % 36 9.4 ROE% 9.2 % 3 56.6 7 39.1 38 0.17 % 39 13.7 % 39.5 10 28,793 1 25.1 8.2 5.4 55.6 23.6 0.18 15.0 104.1 28,810 24.0 7.5 9.8 44.9 45.4 0.62 37.0 59.1 28,968 22.2 6.1 3.9 41.6 32.8 0.64 38.2 155.5 31,310 21.4 5.6 4.9 40.3 27.3 0.64 37.9 137.1 32,595 20.9 $254-0.5 +1.0-1.3-0.3-18.4 +4.1% -2.3% 1. 2012331182.14 2. EBITDA 3. 2012320113 4. 1 5. 11 1 6. ROA 7. * * 8. * * 9. ** 10. 18 2012
1 20123 2011420123 4 3 5 5 30 9 12 IFSCC 3 3 1 2 3 30 35 BE A FORCE OF BEAUTY IFSCC 15 321 CSR 1 SRI20123 SRI SRI20123 SRIFTSE4Good Global Index MS-SRI1 2012 19
Q1 320123 3 4 201233 1.7% 0.8% 11.9% 5.1% 12.0% 20 2012
Q2 100 21 2012
2 10% Q3 20133 2013332 5.5%7,200 3.4%10%8.1% 11.2%435 30 90 20133 20123 20133 20123 6,824 7,200 5.5% 6% 3,800 3,930 3.4% 3,024 3,270 8.1% 10% 391 435 11.2% 145 220 51.6% 44.3% 45.4% 1.1 5.7% 6.0% 0.3 8010512.5 22 2012
Q4 20133 GMS GMS Q5 Web 20124Web IT eweb 21 Beauty Co. 2012428 1watashi Web 2012 23
watashi P40 41 Q6 20133 10% 1,000 10% 201332 150 1 2 Za 24 2012
201112 TSUBAKI 20133 2 Q7 20133 3 NARS SHISEIDO BOP SHISEIDO LX 2 20119 Ready 20126 NARS Q8 3 201146%3 10% 2012 25
16% 8% 310% IFRS 3 10% Q9 MVWCSR Our Mission, Values and WayMVW MVW MVWCSR 320133 26 2012
Q10 2012350137.1% 40% 2012350137.1% 201331 50 3 Q11 20133 32 201141 140 2012 27
140 28 2012
1870 Beauty Defines 1872 140 1897 Our Mission 2012 140140 140 140
1877 5 1929 3 21978 2012 2012 Beauty Inspires 30 2012
1897 1897 2.5 1916 SHISEIDO LX 2012 1IFSCC b3 18b3 SHISEIDO LX 100 Beauty Reveals
1923 1910 102,000 1934 1937 watashi+ 2012 Web Beauty & Co.watashi+ 3 P40 41 Beauty Changes
1957 1957 1981 1980 NARS Beauty Builds 2012 44.3% 46.3%2019923 6.5% 3 14% 3 5001,000 1980 NARS
P36 J J C A J C A J C A J C A U E J C A U J A J A J C A U J A J C A J C A J J J C A J A J C A U E 34 2012
20123 JCA UE P42 Za C A J C A U E NARS J C A U E J A U E C DQC J C A C C TSUBAKI J C A E Qi J C A C A U J C A U E A J J A U E 2012 35
51.8% 5,000 4,000 3,000 2,000 1,000 0 3,838 389 2010 3,584 336 2011 3,538 295 2012 500 400 300 200 100 0 3 20123 1,814-0.7% 779-5.0% 452 +7.8% 3,045-0.7% 149 +2.8% 344-7.9% 3,538-1.3% 1 10 GMS 36 2012
GMS GMS GMS GMS TSUBAKI 20113 2 4 20133 1% 3,5381.3% 12.3%295 70 TSUBAKI 20124 0% -1-2 % -4-5 % -2-3 % -1-2 % +1% 2011 3-3-4% 3 4 2012 3 2013 3 20123 20117 100 20121 40 2012 37
1 TSUBAKI 2 2009PS 10% 38 2012
TSUBAKI 20063 2.5 1 8 250330% 130 GMS 0.7% 0.7%5.0% 7.8% 2.8% 20133 20133 GMS Web 4Web Web e 20133 20123 3.3% 2012 39
国内化粧品事業コラム 資生堂の挑戦 新ビジネスモデル 新ビジネスモデルの概要 ターネットや通信販売での化粧品購入の増加など お 美と健康に関する企業と専門家による コラボレーションサイト Beauty & Co. ビューティー アンド コー 客さまの購買行動が変化しています こうした環境変 美しく豊かな人生を送る Beauty と 企業 専 化に対応すべく 2012 年 4月 資生堂はWebを活用し 門 家 ユ ー ザ ー が 仲 間 と な っ て 協 力 し 合 う た新たなマーケティングを開始しました 2つのサイト Beauty Company の2つの想いを込めて名付けた と店舗網で構成されるこのビジネスモデルは Web & Co. プラットフォームとなるこのサイトは 資生堂だ と 店舗 双方の強みを活かすことにより お客さまと けでなく 業界の垣根を超えた6領域の企 業が参画 の出会いの創出や資生堂の愛用者拡大につながる仕 2012年 4月末時点で28 社 美と健康をテーマとした ITの飛躍的進化や女性の社会進出を背景に イン 幅広いコンテンツと お客さまへ商品情報を提供し 各 組みとなっています 社サイトへ誘引するショッピングモールを有した女性向 けのサイトとなっています 参加企業のコラボレーションに お客さまと 出会う より付加価値の高い商品 サービスが新たに生まれるな 紹介 お客さまと ど お客さまのライフスタイル全般に関わるニーズへの対 関係を 深める 応が大変好評を得ているほか これまで出会えなかった 紹介 お客さまに お客さまとの出会いが実現しています 店舗 実感して いただく 新ビジネスモデルのフロー 紹介 紹介 データ連携 http://www.beauty-co.jp/ http://www.shiseido.co.jp/wp/ ブランドプロモーション Webカウンセリング コラボレーション企画 新マーケテ ーケティング導入プロモーション 商品カタログ オンラインショップ 豊 かにする 豊かにする ビューティー 治す 治す 充たす 充たす メディカル ヘルスケア 美し 美 しく 生きる る と るこ 生きるこ 外側からの 美の追求 内側からの 美の追求 装う 装う 磨く 磨く ファッション インテリジェンス 癒す 癒す リラクゼーション 40 株式会社資生堂 アニュアルレポート 2012 お店ナビ 個店ページの紹介 店舗検索機能の導入 チャネル施策の案内
watashi+ Beauty & Co. watashi+ 2,600Web Web watashi+ Web CRM Beauty & Co. Customer Relationship Management: watashi+web Web WebWeb Web BC 2 Web BC 2 2012 41
グローバル事業 売上高構成比 売上高 セグメント利益推移 売上高 左軸 事業領域別売上高 億円 億円 4,000 300 3,000 46.9% 単位 億円 セグメント利益 右軸 3,197 3,026 2012年 3月期 化粧品事業 プロフェッショナル事業 2,504 200 合計 2,782 415 3,197 現地通貨ベース 前期比 前期比 +6.3% +13.0% +1.5% +6.9% +5.6% +12.2% 2,000 95 90 82 100 1,000 0 2010 2011 2012 0 3月期 注 2012 年 3月期における主要通貨の換算レートは 米ドル 79.8円 ユーロ 111.1円 中国元 12.4円です 海 外における化 粧品と国内外における理 美 容室向け商品の製造 販売などを行うグローバ ル事 業は 欧 米プレステージ領 域におけるブ ランド育成 中国でのさらなる成長 アジアに おけるマステージ領域での展 開 拡大などによ り 引き続き高い成長を果たしました グローバル事業の事業概要 化粧品事業は 世界の幅広い地域で展開しており 2011年12月末時点のグローバルブランド の展開国 地域数は87 日本を含む まで拡大しています 欧米では グローバルブランド を主軸 として プレステージ領域で展開しています また米国 ではこれに加えて メーキャップブランド NA R S が 高い支持を集めているほか ベアミネラル が テレ ビショッピングのダイレクトマーケティングとデパート や直営店などによる店頭販売を行う独自のビジネスモ デルを展開し ミネラルファンデーション市場でトップ グローバルブランド 日本を含む87の国と地域で販売している 資生堂を代表 するプレステージブランド グローバルメガブランドとして プレミアムスキンケアライン SHISEIDO フューチャーソリュー SHISEIDO BOP ション LX や高機能スキンケアライン など強力なラインアップを擁しています シェアを確保しています 一方 欧州では ボーテ プレ ステージ インターナショナル社のデザイナーズフレグ ランスが強力なブランド力を有しています 他社に先駆け 30 年以上前から事業を展開している 中国では デパート 専門店の各チャネルにおいて 強力なブランド力を背景に確固たるポジションを確立 42 株式会社資生堂 アニュアルレポート 2012
20123 20133 P46 47 NARS13.2% 11.7% 2 9.0%82 GDP 20123 12.2%5.6% 3,197 10.7% 1 2012 43
ELIE SAAB NARS 2000 20119 70 13.0%6.3% 1 SHISEIDO SHISEIDO LX 2010 Ready20119 NARS 20119 ELIE SAAB 2011 8 2. 20119 3. 86,000 Za 201112 TSUBAKI 44 2012
Za 20129 1994 20123 10,000 4. 6.9% 20133 201333 6 NARS 20133 201238.1% 10% 2012 45
30 2 20123891 1981 1983 1990 30 1,010 1 190 1 2004 5,900 1 20119 e 30 1981 60 1993 1994 2001 2003 100% 2004 1983 1991 1991 1998 CITIC 2006 2010 DQ 1999 46 2012
17,000 2010 1 GDP 20203.5 40,000 30,000 20,000 10,000 0 2,200 1 2005 2010 2 3.5 5,600 2015 2020 2010 203 Za TSUBAKI 20133 10% 1,000 10% 1 201112 2 20133 150 TSUBAKI CM 2012 47
Our Way CSR P49 P50 P54 P68 75 P55 P57 P62 P63 Our Mission, Values and WayMVW CSR CSR http: //group.shiseido.co.jp/csr/ CSR MVWOur Way CSR Our Way CSR 48 2012
CSR CSR Our Way Our Way2004 ISO26000 CEO CSR CSR SRI 20123 CSR 20071001,000 CSRCSR PDCA ESG 20123 ESG GRI ESGEnvironmentSocietyGovernance ESGESGESG CSR CSR CSR 2012 49
5 101,000 3 100 IFSCC 201112 15 IFSCC 19 4 2 3 10 5 3 2 2 2 1 1 1 1 2 1 2 3 1 2 1 20022020 1917 C 31 10 A 50 2012
Our Way EU REACH PRTR PRTR MSDS MSDS Fujimoto et all.,patch test results in 492 patients of suspected cosmetic dermatitis (1996-2000), Environ. Dermatol., 9, 53-62, 2002. GMP Good Manufacturing Practice 2007 ISO22716GMP HACCP ISO22000 2012 51
20113 2013 EU 25% 2008NGO 310 10 NGO 52 2012
Our Way 1998 2005100% OJT S HISEIDO B EAUTY C ONSULTANT O MOTENASHI C REDO2012 741 26 S HISEIDO B EAUTY C ONSULTANT O MOTENASHI C REDO 2008 20127 12 10 19 http://group.shiseido.co.jp/csr/challenge/customer/ response.html 2012 53
CSR 2006 201112 20123700 1,400 99%,000 CSR 20123 140 20113 140 20125 54 2012
Our Way 100 40,000 2008 3 50 45 40 35 30 36.0 36.1 XX 2008 2009 2010 2011 20123 2006 36.5 44.1 46.8 201133,100 20094 2012 55
2011 9 8 1990 2005 3 120054 200732 20074201032010420133 3 2 2011 2010 56 2012
Our Way Our Way 3 QOL 3 1 QOL 2 3 20 15 10 5 0 9 2012 57
1919 3,100 5,000 life/art SHISEIDO GALLERY ANNUALshiseido art egg 1992 1919 58 2012
Our Way 200811 Caring for Climate 20093 20084 201233 CO2 CO2 140 20213 70% 20213 100% 70% 20124 1. 3Rreduce, reuse, recycle 2. 3. 4. CO2 C O 2 2014 3 2021 3 15% 20% 2010 3 5% 14% Business As Usual CO2CO2 20% 23% BAU 2010 3 4% 11% 2012 59
No.0892012 3 http://group.shiseido.co.jp/eco/ No.055-2 20119 96%34% CO2 235 20% No.082 2 201112 2600 kw 60% CO260% CO2 No.084 20112 60% 19 No.088 W W 10%480 CO2 HAKU W W 60 2012
Our Way 2011 6 TSUBAKI 10 21 330,000 12 200 1 12,000 FM FM 20121 20113 http://group.shiseido.co.jp/csr/shien_support/ 2012 61
20123 GRI 3 2012 2011 3 2012 3 kwh 3,776 3,384 4,525 3,484 m 3 583 567 132 103 LPGt 41 42 0 0 kl 0 1 10 78 GJ 11,974 10,062 m 3 85 85 CO2t 26,996 25,171 19,077 14,960 SOxt 0 0 NOxt 5 4 m 3 74 79 BODt 20 17 CODt 32 29 t 4,474 4,189 1,410 1,247 % 100 100 kwh 3,763 3,713 670 660 m 3 380 425 15 15 LPGt 53 75 0 0 kl 24 2 60 39 t 4,627 4,006 m 3 40 45 CO2t 28,177 23,322 2,952 2,252 t 3,313 4,071 584 581 % 89 80 1. 239 296 66 84 169 19 3 0 0 0 0 0 0 239 194 327 487 149 71 0 0 1,331 2. 35 86 5 11 0 136 201141 2012331 62 2012
Our Way CSR GRI CSR http://group.shiseido. co.jp/csr/ 2 3 1 1 2 3 2011 3 2012 3 34 3 5 1,479 1,660 3,095 2,864 47,919 43,946 3,515 2,697 810 1,432 2 3 2 6 10 10 2 3 7 5 4 4 12,589 15,527 1 2 3 9 1. 2. 5 6 3. 11003 1 4 2011 3 44,287 38.5 14.8 1,812.8 82.8 22.2 136 1.83 33 21 1,218 1,415 1,417 2012 3 46,267 39.0 15.3 1,813.5 82.9 22.9 181 1.90 24 18 1,307 1,681 1,534 4 201131,844.5 201231,852.5 2012 63
64 2012
2012626 1947225 1970 1996 1997 1 1997 2000 2001 2003 2005 2011 1959317 CEO 1982 2007 2008 2009 2010 2011 196297 1979 1999 2003 2004 2006 2007 2008 2010 2011 Corp. CEO 2012 195277 1975 2002 2003 2004 2006 2007 2009 2010 2012 1 1955628 IR 1979 2005 2008 2009 GmbH 2011 IR 2012 2012 65
1950814 1973 1986 1992 1995 1997 2000 CEO 2006 2 193830 1960 1990 1993 1995 1997 2005 2008 2009 2010 2011 2 1948419 1977 1979 1981 1986 1990 1997 2003 21COE 2004 2006 2008 COE 2012 2 CSR CSR 4 2012626 2012331 2012626 2012331 66 2012
195838 1980 2006 2008 2009 2010 2011 (1951926) 1978 2000 2004 2005 2006 2008 2010 (1939113) 2001 2005 2009 2010 2 194210 1988 2007 2010 2 3 19471211 2003 2008 2010 2011 2012 2 4 4 1 2 4362 3 4 2012 67
4 3 8 1 2012314 CEO 1 1 4 6 CSR 68 2012
20066 22011 613 33 20126 13 754%3 23%18% P70 2001 2001 2006 2006 2006 2001 2005 2005 2006 2011 2011 2001 2002 2012 69
2 3 1. 1. 2. 9 10% 10% 3. 2 2 2 4. 5. 1.4. 6. 1.5. 112 http://group.shiseido.co.jp/ir/account/shareholder/2012/index.html#sec1 70 2012
20123 1485.7% 1100% 78.5%1100% CSR CSR CSR CSR CSR CSR CEO IR CSR () 2012 71
3 100 20123 33 100% 42% 30% 43% 44% 45% 48% 34% 23% 22% 21% 21% 21% 22% 29% 23% 17% 17% 17% 16% 35% 3 3 29% 23% 17% 17% 17% 16% 9% 100% 100% 100% 100% 100% 100% 100% 72 2012
20123 9 3 254 107 87 450 36 36 6 3 96 36 96 36 350 107 87 546 1. 89198962930 105200562910 2. 3320123 313 3. 4. 1 20116241111201146 6 6 1 20116241111201146 7 5. 3 1 142012328 20116241111 182004 20116241111 352004 120123 49 18 67 46 31 12 90 37 16 26 80 53 47 16 117 1. 20123 23 2. 1 1 420123 28 2012 73
20114Our Mission, Values and Way Our Mission Our Values Our Way CSR BEOBusiness Ethics Officer CELCorporate Ethics Leader BEO CSR CSR ADR 201111 2006625106 2008430 108 3 74 2012
2 24IR 13 CFOIR 20123550 IR ESG 2 1 2 IR 1IR IR IR 2 2 2213 ESGESG CSRESG IR 2012 75
CSR CSR CSR 3 CSR CSRCSR Our WayGRIISO26000 SRICSR Plan Do Check & Action CSR CSR 2012320123CSR CSR CSR CSR 76 2012
BCPBusiness Continuity Plan 2 BCP BCP 201132004 CSR 6 20118 CSR 20113 2012 77
1 2 % Corp. Inc. LLC Inc. Inc. Inc. S.A. S.A.S. GmbH S.p.A. S.A.S. S.A. S.A.S. 3 100 10 30 100 100 100 403,070 28,000 100 0.01 1.00 25,000 256,133 36,295 5,200 2,400 9,000 17,760 19,374 565,093 418,271 94,300 123,000 1,154,588 250 100 100 11,600 100.0 100.0 100.0 98.2 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 92.6 72.6 65.0 33.0 100.0 51.0 100.0 100.0 99.3 100.0 66 3 1. 2. ( ) 3. 10050 4. 20123201112 78 2012
11 80 82 2012 79
11 2002320123 1 2002 2003 2004 2005 2006 589,962 621,250 624,248 639,828 670,957 157,140 170,702 166,299 168,636 176,884 409,608 403,459 420,471 444,663 455,194 23,214 47,089 37,478 26,529 38,879 EBITDA 2 412 66,827 82,341 29,043 58,963 (22,768) 24,496 27,541 (8,856) 14,436 664,041 663,403 626,730 701,095 671,842 3 25,685 55,117 47,678 25,213 12,786 72,485 44,291 18,480 69,114 69,492 98,170 99,408 66,158 94,327 82,278 357,948 364,728 385,336 369,957 387,613 36,517 66,848 47,074 52,434 21,812 (32,768) (44,049) (43,033) (24,900) (12,640) 21,221 (12,211) (45,884) 17,421 (29,959) 90,293 101,103 59,364 108,281 89,015 1 4 (54.6) 58.0 64.9 (21.5) 34.4 4 818.0 844.7 903.7 866.5 906.1 16.0 20.0 22.0 24.0 30.0 416,708 419,580 414,723 414,219 412,855 % 3.9 7.6 6.0 4.1 5.8 ROA% ROA (3.4) 3.7 4.3 (1.3) 2.1 % 5 3.7 7.3 6.0 4.3 5.9 ROE% (6.4) 7.0 7.6 (2.4) 3.9 % 52.1 53.3 59.8 51.2 55.7 6 18.7 30.0 18.2 22.1 8.6 7 0.28 0.28 0.18 0.26 0.22 % 8 21.5 21.4 14.7 20.3 17.5 % 34.5 33.9 87.2 9 25,021 25,202 24,839 24,184 25,781 1 23.6 24.7 25.1 26.5 26.0 1. 2012331182.14 2. EBITDA 3. 1 4. 111 5. ROA 6. * * 80 2012
1 1 2007 2008 2009 2010 2011 10 2012 2012 694,594 723,485 690,256 644,201 670,701 682,386 $8,307,597 185,533 186,466 171,752 160,166 168,692 162,990 1,984,295 459,056 473,554 468,590 433,684 457,551 480,261 5,846,859 50,005 63,465 49,914 50,351 44,458 39,135 476,443 78,036 94,960 70,149 75,699 65,576 76,974 937,107 25,293 35,460 19,373 33,671 12,791 14,515 176,710 739,833 675,864 606,569 775,446 739,120 720,708 $8,774,142 66,144 38,653 27,601 112,693 16,362 9,735 118,517 61,694 24,566 34,452 101,754 181,156 175,418 2,135,598 127,838 63,219 62,053 214,447 197,518 185,153 2,254,115 403,797 399,739 351,951 365,208 320,127 303,716 3,697,541 69,431 75,308 42,768 69,432 67,587 52,600 $ 640,370 (18,483) (5,803) (28,158) (204,885) (30,304) (20,668) (251,619) 1,837 (95,883) (32,283) 120,359 (39,572) (35,482) (431,970) 145,260 120,394 91,858 77,157 88,592 82,974 1,010,153 60.9 86.1 48.0 84.6 32.1 36.5 $0.44 940.8 946.2 839.9 875.7 772.1 729.9 8.89 32.0 34.0 50.0 50.0 50.0 50.0 0.61 412,572 407,696 403,240 397,886 397,864 397,974 7.2 8.8 7.2 7.8 6.6 5.7 3.6 5.0 3.0 4.9 1.7 2.0 7.4 9.4 8.2 7.5 6.1 5.6 6.6 9.2 5.4 9.8 3.9 4.9 52.5 56.6 55.6 44.9 41.6 40.3 30.6 39.1 23.6 45.4 32.8 27.3 0.33 0.17 0.18 0.62 0.64 0.64 24.0 13.7 15.0 37.0 38.2 37.9 52.6 39.5 104.1 59.1 155.5 137.1 27,460 28,793 28,810 28,968 31,310 32,595 25.3 25.1 24.0 22.2 21.4 20.9 $254 7. * * 8. * * 9. 10. 2012320113 2012 81
2012320113 2011 10 43 4 CSR 0.8% 5.1% 1.7% 12.0% 13.5% 5.7%ROE 4.9%44.3% 1,725 1,064661 1,064 1 12.7 1 1 2 20106301 4 2010630 1 82 2012
1 1.7%4.7% 682,386 0.8% 5.1% 3.4%162,990 1.3 23.9% 5.0% 480,2612.2 70.4% % 2010 2009 2008 2,000 0 4,000 6,000 15 0 30 45 8,000 60 2011 6,442 36.9 4,067 2,375 6,903 7,235 36.5 38.0 4,283 4,592 2,643 2,620 6,707 42.9 3,829 2,878 2012 6,824 44.3 3,800 3,024 2.023.5% TSUBAKI 0.223.9% 0.1 21.6% M&A M&A0.1 1.4% 1012 % % 2010 2009 2008 27 26 25 24 23 28 29 65 64 63 66 69 68 67 30 70 71 2011 24.9 67.3 22.7 23.0 24.9 25.8 65.4 67.9 23.7 22.9 21.4 22.4 25.2 68.2 21.5 23.7 21.3 20.9 21.5 21.7 0.3 0.2 0.3 1.3 2012 23.9 70.4 23.5 23.9 21.6 1.4 83 2012
12.0% 39,1350.95.7% 13.5%14,515 132.136.5 ROE 3.9%1.04.9% % 800 10 600 7.5 % 500 15 400 5 400 12 200 2.5 300 200 9 6 0 2008 2009 635 499 8.8 7.2 2010 504 7.8 2011 445 6.6 2012 391 5.7 0 100 0 2008 2009 355 194 9.2 5.4 2010 337 9.8 2011 128 3.9 2012 145 4.9 3 0 15,763187 1,4971,101 35.7% 38,948 64.2% 21,889 46.4%56.2% 1.3%2,544 1.3%353,789 84 2012
TSUBAKI 20124 Web 12.3%29,459 8.3% 12.2% 5.6%319,679 SHISEIDO SHISEIDO LX NARS 20117 ELIE SAAB 20103 Ready & Za TSUBAKI 201112 87 9.0%8,213 2.6% 2012 85
7.7%8,918 OEM 20109 24.9%1,381 9.9% 7,500 5,000 2,500 0 2008 2009 2010 2011 2012 4,239 2,788 3,976 2,757 3,838 2,504 3,584 3,026 3,538 3,197 208 170 100 97 89 7,235 6,903 6,442 6,707 6,824 2008 2009 2010 2011 2012 433 327 389 336 295 178 154 95 90 82 19 15 17 18 14 2008 2009 2010 2011 4,607 4,300 2,628 2,603 4,081 2,361 3,838 566 507 457 855 1,038 1,000 824 843 1,024 1,096 1,080 1,171 2,869 2008 2009 2010 2011 318 184 289 284 240 239 167 40 33 32 16 90 83 56 64 159 168 151 169 249 2008 2009 2010 2011 3,500 3,000 2,500 2,000 1,500 1,000 500 0 6.5 4.0 10.4 10.3 5.6 9.6 4.1 6.1 5.6 6.0 1.6 8.3 7.8 6.5 7.2 15.5 15.3 13.9 14.3 2008 2009 2010 8.2 2011 594 928 549 885 485 738 876 782 1,121 1,186 1,152 1,220 2,643 2,620 2,375 2,878 2012 3,813 868 892 1,251 3,011 2012 125 48 52 145 245 2012 3.0 5.0 5.5 11.4 7.7 2012 905 822 1,297 3,024 % 2008 2009 2010 2011 10.1 8.1 10.1 9.3 6.3 5.5 3.8 3.0 4.8 5.1 10.5 11.4 2012 8.3 2.6 9.9 86 2012
1.51 93,8391.7 185,153 800 2 2.8 CP1.0 5,61882,974 38,94830,683 5,519 21,481 11,19152,600 800 600 400 200 0 2008 29,2365,061 20,668 19,89110,968 2009 753 428 277 282 2010 694 255 35,482 2011 676 263 2012 526 292 2010 694 (2,049) 1,204 772 2011 676 (303) (396) 886 2012 526 (207) (355) 830 2012 87
5,000 2.5%720,708 4,000 0.6%315,230 4.8%405,478 3,000 2,000 1,000 0 2008 2009 3,997 3,520 632 621 2010 3,652 2,144 2011 3,201 1,975 2012 3,037 1,852 0.5%416,992 7. 5.1%303,716 142.2 729.941.6% 1.340.3% ROA % 8,000 10 6,000 7.5 4,000 5 S&P2 % % 100 50 75 50 25 0 2008 2009 56.6 55.6 13.7 15.0 2010 44.9 37.0 2011 41.6 38.2 2012 40.3 37.9 40 30 20 10 0 2,000 2.5 0 2008 2009 6,759 6,066 9.4 8.2 2010 7,754 7.5 2011 7,391 6.1 2012 7,207 5.6 0 S&P A1 A P A 2012615 88 2012
2 IFSCC 201112 IFSCC Conference 201115 14,674 2.2% 6,560 d NMFNatural Moisturizing Factor 26IFSCC 1 2 26IFSCC 15 5,188 3L 2012 89
24IFSCC b3 1-2,697 EDQM 201110 CEP 229 % 200 4 150 3 100 50 2 1 0 2008 2009 146 152 2.0 2.2 2010 145 2.2 2011 145 2.2 2012 147 2.2 0 201337,20020123 5.5%43511.2% 22051.6% 20133 20124 Web 6 2013 3 90 2012
20123 80 10512.5 40% 150 2525 137.1% 2012626 1 2 Our Mission, Values and WayOur Way 3 M&A 4 2012 91
M&A 5 2012388 44.3% 6 7 8 9 92 2012
CSR 10 10. 11 20054 20043 JIS 12 BCP 2012 93
50% 30%50% 50% 94 2012
96 96 98 99 100 101 102 1. 102 2. 102 3. 106 4. 106 5. 110 6. 110 7. 111 8. 112 9. 112 10. 114 11. 114 12. 114 13. 116 14. 116 15. 116 16. 116 17. 118 18. 118 19. 119 20. 119 21. 122 22. 123 124 2012 95
20112012331 1 2011 2012 2012 3, 4, 7 90,007 67,122 $ 817,166 3, 4, 5 15,051 26,717 325,262 4 102,998 112,874 1,374,166 5 1 12 103,003 112,875 1,374,178 (939) (935) (11,383) 102,064 111,940 1,362,795 6 9 65,850 27,319 12,924 71,902 19,861 17,688 875,359 241,794 215,340 313,215 315,230 3,837,716 17 4, 5, 7 26,242 26,176 318,675 4 1,273 1,220 14,853 8 24,560 20,948 255,028 9,744 9,659 117,592 9 19,577 18,085 220,173 7 27,233 25,949 315,912 108,629 102,037 1,242,233 17 7 7 160,045 136,844 9,818 306,707 158,246 138,498 8,707 305,451 1,926,540 1,686,121 106,002 3,718,663 (211,801) (211,677) (2,577,027) 94,906 93,774 1,141,636 33,491 33,091 402,861 2,824 2,932 35,695 20 131,221 129,797 1,580,192 17 20 94,123 348 42,628 48,956 186,055 84,540 613 40,584 47,907 173,644 1,029,219 7,463 494,083 583,236 2,114,001 20 739,120 720,708 $ 8,774,142 96 2012
4, 7 4, 7 4 9 4, 7 8 9 10 11 5 12 1 2011 2012 2012 1 1,200,000,000 20112012331 400,000,000 20112012331 2,052,7922011331 2,002,3242012331 5,595 10,766 43,130 642 43,772 37,980 12,215 11,447 11,550 374 765 923 26 24,263 159,676 181,156 41,286 350 495 29,166 6,864 259,317 418,993 64,507 70,258 231,336 (3,875) 362,226 84 (55,041) (54,957) 591 12,267 320,127 739,120 1,990 7,745 47,296 1,009 48,305 44,273 8,026 11,065 15,030 396 566 20 27,303 164,719 175,418 42,089 350 487 27,623 6,306 252,273 416,992 64,507 70,264 225,599 (3,779) 356,591 606 (66,702) (66,096) 668 12,553 303,716 720,708 $ 24,227 94,290 575,797 12,284 588,081 538,995 97,711 134,709 182,980 4,821 6,891 244 332,396 2,005,345 2,135,598 512,405 4,261 5,929 336,292 76,771 3,071,256 5,076,601 785,330 855,418 2,746,518 (46,007) 4,341,259 7,378 (812,053) (804,675) 8,133 152,824 3,697,541 $8,774,142 97 2012
201120123 1 2011 2012 2012 20 670,701 682,386 $8,307,597 168,692 502,009 162,990 519,396 1,984,295 6,323,302 13 20 457,551 44,458 480,261 39,135 5,846,859 476,443 5 17, 20 19 1,400 (2,166) (590) 33 (22) (4,199) (609) (458) (844) (1,233) (6,752) (1,669) 1,346 (15,763) 28,695 1,523 (1,824) (604) (122) (233) (76) (90) (96) 1,335 (187) 38,948 18,541 (22,206) (7,353) (1,485) (2,837) (925) (1,096) (1,169) 16,253 (2,277) 474,166 9 18,615 (5,287) 13,328 15,367 13,954 7,935 21,889 17,059 169,881 96,603 266,484 207,682 (2,576) (2,544) (30,972) 12,791 14,515 $ 176,710 1 1 2 (9) 32.1 32.1 50.0 36.5 36.4 50.0 $0.44 0.44 0.61 397,864 397,974 98 2012
201120123 1 2011 2012 2012 15,367 17,059 $ 207,682 5 18 (1,003) (32,565) (60) (33,628) 562 (12,145) (19) (11,602) 6,842 (147,858) (231) (141,247) (18,261) 5,457 66,435 (19,833) 1,572 3,376 2,081 41,100 25,335 2012 99
201120123 201041 410,000 64,507 70,258 259,064 (23,112) 1,055 (23,448) 430 16,454 (1,064) 201041 258,000 2011331 12,791 (19,891) (535) (13) (150) 371 (10,000) (18,879) 18,879 (971) (31,593) 161 (4,187) 201141 400,000 64,507 70,258 231,336 (3,875) 84 (55,041) 591 12,267 2012331 14,515 (19,898) (318) (3) 6 0 99 (36) 522 (11,661) 77 286 2012331 400,000 64,507 70,264 225,599 (3,779) 606 (66,702) 668 12,553 1 201141 400,000 $785,330 $855,345 $2,816,362 $(47,176) $1,023 $(670,088) $7,195 $149,342 2012331 176,710 (242,245) (3,871) (36) 73 0 1,205 (438) 6,355 (141,965) 938 3,482 2012331 400,000 $785,330 $855,418 $2,746,518 $(46,007) $7,378 $(812,053) $8,133 $152,824 100 2012
201120123 1 2011 2012 2012 28,695 29,511 5,204 458 844 1,233 6,752 1,669 (53) (5) 455 56 (79) 1,517 4,180 (1,400) 2,166 (33) 22 4,199 609 3,323 728 (6,135) 1,203 85,119 1,431 (2,060) (16,903) 67,587 (28,066) 27,821 (1,191) 942 (30) 1,352 (17,702) 987 (4,578) (4,053) (752) (5,724) 690 (30,304) (99,817) 100,022 (15,700) (14) 221 (19,879) (4,405) (39,572) (6,936) (9,225) 77,157 20,660 88,592 38,948 30,683 5,519 96 (923) (11) (183) 3,705 23 (140) 1,004 3,612 (1,523) 1,824 122 233 76 90 (12,716) (8,102) 9,627 2,573 74,537 1,472 (1,928) (21,481) 52,600 (16,690) 21,752 (314) 576 (221) 603 (17,719) 1,677 (7,017) (4,500) 1,185 (20,668) (3,431) 650 (10,968) (3) 105 (19,891) (1,944) (35,482) (2,068) (5,618) 88,592 82,974 $ 474,166 373,545 67,190 1,169 (11,237) (134) (2,228) 45,106 280 (1,704) 12,223 43,974 (18,541) 22,206 1,485 2,837 925 1,096 (154,809) (98,636) 117,202 31,324 907,439 17,920 (23,472) (261,517) 640,370 (203,190) 264,816 (3,823) 7,012 (2,690) 7,341 (215,717) 20,416 (85,427) (54,784) 14,427 (251,619) (41,770) 7,913 (133,528) (36) 1,278 (242,160) (23,667) (431,970) (25,177) (68,396) 1,078,549 $1,010,153 3 3 3 101 2012
1. 2012331182.14 2. 1 201233197201133197 94201133195132011 331142012 331320113313 PT. P78 1231 310 2 3 23 4 5 10 5 0 6 7 20 102 2012
8 1 91 11 1 10 11 12 13 14 15 16 17 10 10 18 103 2012
19 200165 PCB 20 21 22 23 3 24 18 2010219 25 26 20113 201131,725 21,0011,06412,9546618,047 20113 1,06412,954 20113 20113 12011312.70.03 104 2012
27 24 2009124 24 2009124 281 12 20106301 4 2010630 1 20113 1 29 22 2011325 15 2011325 22 2011 325 20 20113 25 22 201341 22 2220113 110,766131,069 8009,740181,1562,205,45424,050292,793 16,606202,167 15,200185,0501,51218,408 1,21814,82822434,538420,477 20113 22 17,74594,290800 9,740175,4182,135,59823,250283,053 15,927193,901 15,200185,0501,51218,4071,214 14,78022433,855412,162 2012 105
3. 20112012331 1 2011 2012 2012 90,007 67,122 $ 817,166 15,051 26,717 325,262 105,058 93,839 $1,142,428 3 (14,834) (9,517) (115,864) 3 (1,632) (1,348) (16,411) 88,592 82,974 $1,010,153 20103820103 20113 21. 201131,415 1,415 20123 1,973 24,0201,97324,020 4. 1 1 2. 21 106 2012
16. 2 2 2011 90,007 90,007 102,064 102,064 31,982 31,982 (81,752) (81,752) (5,595) (5,595) (90,000) (90,112) (112) (96,847) (95,025) 1,822 (5,075) (5,159) (84) i (38) (38) ii (2,556) (2,556) 2012 67,122 67,122 111,940 111,940 43,806 43,806 (92,578) (92,578) (1,990) (1,990) (90,000) (90,764) (764) (88,752) (86,624) 2,128 (4,412) (4,500) (88) i (201) (201) ii (2,875) (2,875) 2012 107
1 2012 $ 817,166 $ 817,166 1,362,795 1,362,795 533,309 533,309 (1,127,076) (1,127,076) (24,227) (24,227) (1,095,690) (1,104,991) $ (9,301) (1,080,497) (1,054,590) 25,907 (53,713) (54,785) (1,071) i (2,447) (2,447) ii (35,001) (35,001) 1 16. 2 1 2011 2012 2012 1,273 1,220 $14,853 8,160 8,090 98,490 1,151 996 12,126 108 2012
3 2011 1 15 510 10 90,007 102,064 555 300 4,500 5,438 155 996 198,219 1,296 4,500 2012 1 15 510 10 67,122 111,940 18,000 300 4,500 2,655 179 817 199,896 1,117 4,500 1 2012 1 15 510 10 $ 817,166 1,362,795 219,138 $ 3,652 $54,785 32,323 2,179 9,947 $2,433,601 $13,599 $54,785 2012 109
5. 20112012331 2011 9,645 11,025 2,245 865 5,845 4,682 8 1,171 16,256 16,275 116 97 31,746 31,982 2,369 2,133 2012 9,751 11,533 2,685 903 4,800 3,783 1,017 28,399 28,490 194 103 42,950 43,806 2,879 2,023 1 2012 $118,712 $140,407 $32,688 $10,993 58,437 46,055 12,382 345,739 346,847 2,362 1,254 $522,888 $533,309 $35,050 $24,629 2011201231,587785 2,60866804 201120123 1 2011 2012 2012 2,294 1,180 $14,366 177 26 316 199 259 3,153 6. 20112012331 1 2011 2012 2012 45,667 49,564 $603,409 3,066 3,651 44,448 17,117 18,687 227,502 65,850 71,902 $875,359 110 2012
7. 20112012331 1 2011 2012 2012 6.39% 5,595 1,990 $ 24,227 5,595 1,990 $ 24,227 11.88% 8,509 5,915 72,011 10.63% 88,338 82,836 1,008,473 52014120.65% 50,000 50,000 608,717 6201560.55% 40,000 40,000 486,974 12.94% 2,257 1,830 22,279 13.17% 2,818 2,582 31,434 191,922 183,163 $2,229,888 1 (10,766) (7,745) (94,290) 181,156 175,418 $2,135,598 2012331201241 331 1 2013 7,745 $ 94,290 2014 31,196 379,791 2015 55,763 678,877 2016 45,525 554,237 2017 5,154 62,747 2018 37,780 459,946 183,163 $2,229,888 2011 2012331 1 2011 2012 2012 16,606 15,927 $193,901 15,200 15,200 185,050 1,512 1,512 18,407 1,218 1,214 14,780 2 2 24 34,538 33,855 $412,162 2011 2012331 1 2011 2012 2012 1 800 800 $ 9,740 24,050 23,250 283,053 24,850 24,050 $292,793 2012 111
8. 20112012331 1 2011 2012 2012 (205,565) (207,512) $(2,526,321) 159,368 159,254 1,938,812 (46,197) (48,258) (587,509) 30,816 27,474 334,478 (1,345) (357) (4,346) (16,726) (21,141) $ (257,377) 24,560 20,948 255,028 (41,286) (42,089) $ (512,405) 201120123 1 2011 2012 2012 8,116 8,162 $ 99,367 5,099 5,136 62,527 (6,362) (6,360) (77,429) 7,899 6,422 78,184 (1,783) (1,100) (13,392) 12,969 12,260 $149,257 20112012331 2.5%201120123314.0% 9. 20112012341.0% 201120123 2011 2012 41.0% 41.0% 1.7 1.4 4.4 0.7 6.5 9.2 7.1 (0.6) (3.8) (1.4) (4.5) (1.7) (0.5) (3.0) 2.2 2.9 46.4% 56.2 % 112 2012
20112012331 1 2011 2012 2012 9,203 8,249 $100,426 7,015 3,761 45,788 6,818 2,213 26,942 4,777 5,318 64,743 6,294 7,307 88,958 4,240 4,639 56,477 5,076 3,767 45,861 3,146 1,513 18,420 1,562 1,469 17,884 570 243 2,958 3,915 4,528 55,125 52,616 43,007 523,582 (4,132) (3,117) (37,948) 48,484 39,890 $485,634 28,158 25,393 $309,143 967 832 10,129 258 511 6,221 124 94 1,145 621 727 8,851 652 2,030 24,714 30,780 29,587 $360,203 17,704 10,303 $125,431 20123 20113 201131,72521,001 6618,047 2011122 2011114 2011117201241 2012412015331 2012412015331 41%38%2015 41 41%36% 201232,743 33,394201232,78333,88120123 40487 2012 113
10. 11. 21 10%25% 1 2 3 421 11 201233120126269,950 121,135125.00.30 12. 2012331 2002627 2002716 578,000 578,000 196,000 196,000 1,669 2004712012626 2003627 2003731 878,000 878,000 104,000 104,000 1,287 2005712013626 114 2012
2004629 2004726 1,004,000 1,004,000 455,000 455,000 1,427 2006712014628 2005629 2005728 261,000 261,000 246,000 246,000 1,481 2007712015628 20066292006731 2006823 2006823 67,000 74,000 141,000 67,000 74,000 141,000 2,300 2,300 2008812016730 2008812016730 20076262007731 2007823 2007823 81,000 78,000 159,000 81,000 78,000 159,000 2,615 2,615 2009812017730 2009812017730 20086252008731 2008821 2008821 46,000 40,000 86,000 18,000 30,000 48,000 1 1 2011812018730 2011812018730 20096242009731 2009828 2009828 81,400 53,500 134,900 81,400 53,500 134,900 1 1 2012812019731 2012812019731 20106252010729 2010830 2010830 59,100 46,800 105,900 59,100 46,800 105,900 1 1 2013812020731 2013812020731 20116242011729 2011830 2011830 90,800 63,600 154,400 90,800 63,600 154,400 1 1 2014812026731 2014812026731 2012 115
13. 20112012314,467 14,674178,646201120123 14. 20113 11 20123 15. 1 2 201120123 1 2011 2012 2012 1 3,910 4,234 $ 51,546 1 19,532 17,460 212,564 23,442 21,694 $264,110 1 214 214 $ 2,605 1 5,886 5,672 69,053 6,100 5,886 $ 71,658 16. 2011331 116 2012
4,498 4,522 (24) 1,300 1,288 12 62 66 (4) 1,198 1,219 21 425 423 (2) 1,629 (41) (41) (38) 25,000 25,000 (2,149) 24,850 24,050 (407) 2011 2011 2012331 3,501 3,661 (160) 1,456 1,511 (55) 77 82 (5) 600 618 18 302 303 1 (201) 2012 1 $42,622 $44,570 $(1,948) 17,726 18,395 (669) 937 998 (61) 7,305 7,524 219 3,677 3,689 12 $(2,447) 2012 2012 25,000 22,500 (2,610) 24,050 23,250 (265) 1 2012 $304,358 $273,923 $(31,775) 292,793 283,053 (3,226) 2012 117
17. 201120123 1 2011 2012 2012 79 1 11 8 19 $ 231 10 82 264 3 77 938 458 96 $1,169 18. 20123 1 2012 2012 838 $ 10,202 (6) (73) 832 10,129 (270) (3,287) 562 $ 6,842 (11,945) $(145,423) (200) (2,435) (12,145) $(147,858) (19) $ (231) (11,602) $(141,247) 118 2012
19. 20113923215 20123 20. 1 2 2 2. 3 201120123 2011 *1 *2 358,408 302,633 9,660 670,701 670,701 1,829 2,480 6,428 10,737 (10,737) 360,237 305,113 16,088 681,438 (10,737) 670,701 *3 33,573 9,026 1,838 44,437 21 44,458 *4 212,505 423,363 47,439 683,307 55,813 739,120 15,351 12,918 1,205 29,474 37 29,511 142 5,062 5,204 5,204 11,175 15,686 350 27,211 27,211 2012 *1 *2 353,789 319,679 8,918 682,386 682,386 2,049 2,290 5,086 9,425 (9,425) 355,838 321,969 14,004 691,811 (9,425) 682,386 *3 29,459 8,213 1,381 39,053 82 39,135 210,319 406,674 45,392 662,385 58,323 720,708 15,184 14,383 1,079 30,646 37 30,683 142 5,377 5,519 5,519 17,458 16,486 357 34,301 34,301 2012 119
1 2012 *1 *2 $4,307,146 $3,891,880 $108,571 $8,307,597 $8,307,597 24,945 27,879 61,919 114,743 $(114,743) $4,332,091 $3,919,759 $170,490 $8,422,340 $(114,743) $8,307,597 *3 $ 358,644 $ 99,988 $ 16,813 $ 475,445 $ 998 $ 476,443 $2,560,494 $4,950,986 $552,618 $8,064,098 $ 710,044 $8,774,142 $ 184,855 $ 175,104 $ 13,136 $ 373,095 $ 450 $ 373,545 $ 1,729 $ 65,461 $ 67,190 $ 67,190 $ 212,540 $ 200,706 $ 4,346 $ 417,592 $ 417,592 1 2 1 220112012358,43060,888 741,271 2011201232,6172,56531,227 3 3 4 20123 2011320113 1,06412,954 20113 90% 2011 382,866 87,590 77,430 78,193 122,052 81,016 670,701 2011 93,345 13,220 13,150 7,583 17,073 131,221 120 2012
20123 90% 2012 379,963 90,485 77,643 82,220 129,718 89,144 682,386 1 2012 $4,625,797 $1,101,595 $945,252 $1,000,974 $1,579,231 $1,085,269 $8,307,597 2012 91,472 13,303 13,246 7,460 17,562 129,797 1 2012 $1,113,611 $161,955 $161,261 $90,820 $213,806 $1,580,192 4 20113 2011 102 354 2 458 20123 2012 11 85 0 96 1 2012 $134 $1,035 $0 $1,169 5 20113 2011 1,561 92,562 94,123 2012 121
20123 2012 1,419 83,121 84,540 1 2012 $17,275 $1,011,943 $1,029,218 21. 20113 201038Blush Acquisition CorporationBACBare Escentuals, Inc. BACBAC 20103 20113 1 1,633,296 66,970 30,411 1,730,677 2 20123 3 91,503 20 4 20103820101231 5 34,690 179,800 214,490 5,701 52,305 58,006 122 2012
10 40,300 39,985 90.42 3 62011320113 8,099 190 201011201033190.71 20123 22. 2012 123
20122011331 20122011331 2012331 1 KPMG AZSA LLC 2012626 Independent Auditors Report 124 2012
1872 1897 1902 1915 1916 1923 1927 1934 1937 1949 1957 1961 1965 1967 1968 1973 1980 1981 1988 1990 1996 1998 2000 2004 2006 2009 2010 2011 CLUB MG5 S.p.A. 07 093 Za NARS TSUBAKI Our Mission, Values and Way 2012 125
2012331 72,244 400,000,0002,002,324 28,832 7.24 23,526 5.91 16,715 4.19 11,855 2.97 11,744 2.95 9,694 2.43 8,477 2.13 8,000 2.01 7,798 1.95 7,769 1.95 ADR 5.17% 3.20% 42.17% 0.50% 25.09% 23.84% 3,500 3,000 2,500 2,000 1,500 1,000 500 0 3 2009 18,000 3 2010 3 2011 3 2012 14,000 10,000 6,000 120,000 80,000 40,000 0 2011 2012 25.81 25.09 22.90 23.84 43.14 42.17 2.44 3.20 5.18 5.17 0.51 0.50 2011 2012 0.76 0.67 97.80 98.01 0.27 0.25 0.11 0.08 1.03 0.97 0.00 0.00 PER PBR 60 4.0 4.0 3.5 3.5 3.5 40 20 30.6 29.9 24.0 44.8 39.2 3.0 2.0 1.0 2.8 1.7 2.3 1.9 2.0 3.0 2.0 1.0 1.3 2.5 0 2008 2009 2010 2011 20123 1 0.0 2008 2009 2010 2011 20123 1 0.0 2008 2009 2010 2011 20123 1 126 2012
2012331 104-0061 55 03-3572-5111 1872917 1927624 64,506,725,140 32,59513,672 331 4911 CUSIP: 824841407 1:1 SSDOY The Bank of New York Mellon 101 Barclay Street, 22W New York, NY 10286, U.S.A. 100-8233 6 105-8310 62 IR 03-6218-5530 03-6218-5544 irmail@to.shiseido.co.jp http://group.shiseido.co.jp/ IR http://group.shiseido.co.jp/ir/ CO2 2012 127