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6 320153 NARS 2015 Q Think Global, Act Local 18 2014
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195462 CEO CSR 1977 1983 MBA 1988 N.A. 1991 1994 2001 Global Officer 2006 2007 2011 2012 2013 2014 CSR 196297 1979 1999 2003 2004 2006 2007 2008 2010 2011 Corp. CEO Inc. CEO Inc. 2012 1953528 1979 2002 2004 2006 2008 2009 2010 2013 CSR 2014 1957518 1981 2001 GmbH 2006 2007 2009 2010 2012 2013 2014 19561016 1982 2008 2010 2012 2013 2014 2014 29
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1960 2020 REACH 20133 3 20134 20 h-clat 2015 IFSCC 85 (10%) n=15, mean CLAT 2014 39
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1128.2 849.440.1%2.1 42.2% 4,000 3,000 2,000 1,000 % % 100 50 75 50 25 0 2010 44.9 37.0 0 2010 3,652 2,144 2011 41.6 38.2 S&P2 2011 3,201 1,975 2012 3,037 1,852 2012 40.3 37.9 2013 3,032 1,847 2013 40.1 37.9 2014 3,587 1,559 2014 42.2 30.3 S&P 40 30 20 10 0 26 2012 517 ( 25 2012517 )35 67 37 60,826 11,522 20,101 19 2011 616 215796 4344097 486 438 43 A2 A- P A2 2014531 66 2014
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(5) 20131289 50.5% (6) (7) (8) (9) CSR (10) 10. (11) JIS 2 68 2014
69 2014 (12) BCP 50% 30%50% 50%
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11 20043 20143 1 2004 2005 2006 2007 2008 624,248 639,828 670,957 694,594 723,485 EBITDA 2 166,299 420,471 37,478 86,537 27,541 168,636 444,663 26,529 29,043 (8,856) 176,884 455,194 38,879 65,281 14,436 185,533 459,056 50,005 78,837 25,293 186,466 473,554 63,465 94,960 35,460 3 626,730 47,678 18,480 66,158 385,336 701,095 25,213 69,114 94,327 369,957 671,842 12,786 69,492 82,278 387,613 739,833 66,144 61,694 127,838 403,797 675,864 38,653 24,566 63,219 399,739 47,074 (43,033) (45,884) 59,364 52,434 (24,900) 17,421 108,281 21,812 (12,640) (29,959) 89,015 69,431 (18,483) 1,837 145,260 75,308 (5,803) (95,883) 120,394 1 4 4 64.9 903.7 22.0 414,723 (21.5) 866.5 24.0 414,219 34.4 906.1 30.0 412,855 60.9 940.8 32.0 412,572 86.1 946.2 34.0 407,696 % ROA% ROA % 5 ROE% % 6 7 % 8 % 9 1 6.0 4.3 6.0 7.6 59.8 18.2 0.18 14.7 33.9 24,839 25.1 4.1 (1.3) 4.3 (2.4) 51.2 22.1 0.26 20.3 24,184 26.5 5.8 2.1 5.9 3.9 55.7 8.6 0.22 17.5 87.2 25,781 26.0 7.2 3.6 7.4 6.6 52.5 30.6 0.33 24.0 52.6 27,460 25.3 8.8 5.0 9.4 9.2 56.6 39.1 0.17 13.7 39.5 28,793 25.1 1. 20143311102.92 2. EBITDA 3. 1 4. 111 5. ROA 6. * * 72 2014
1 1 2009 2010 2011 10 2012 2013 11 2014 2014 690,256 171,752 468,590 49,914 75,078 19,373 644,201 160,166 433,684 50,351 75,699 33,671 670,701 168,692 457,551 44,458 65,576 12,791 682,386 162,990 480,261 39,135 76,974 14,515 677,728 166,784 484,898 26,046 61,463 (14,685) 762,047 189,560 522,843 49,644 91,286 26,149 $7,404,265 1,841,818 5,080,092 482,355 886,961 254,071 606,569 27,601 34,452 62,053 351,951 775,446 112,693 101,754 214,447 365,208 739,120 16,362 181,156 197,518 320,127 720,708 9,735 175,418 185,153 303,716 715,593 39,395 145,274 184,669 303,154 801,347 64,054 91,864 155,918 358,708 $7,786,115 622,366 892,577 1,514,944 3,485,309 42,768 (28,158) (32,283) 91,858 69,432 (204,885) 120,359 77,157 67,587 (30,304) (39,572) 88,592 52,600 (20,668) (35,482) 82,974 42,041 (25,534) (24,745) 80,253 84,321 (16,799) (47,463) 110,164 $ 819,287 (163,224) (461,164) 1,070,385 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 (36.9) 721.2 50.0 398,007 65.7 849.4 20.0 398,301 $0.64 8.25 0.19 7.2 3.0 7.8 4.9 6.6 1.7 5.7 2.0 3.8 (2.0) 6.5 3.4 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 3.8 (5.1) 40.1 22.5 0.64 37.9 33,356 20.3 6.8 8.4 42.2 47.5 0.46 30.3 30.5 33,054 23.1 $224 7. * * 8. * * 9. 10. 2012320113 11. 20143192013616 20133 2014 73
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2013 1 114,707 33,876 80,831 68,990 23,066 45,924 86,393 25,798 60,595 6.4% 7.4% 4.0% 7.2% 6.5% 4.8% 6.7% 5.9% 4.1% 2011 2012 2013 8.1% 5.8% 4.4% 2.8% 3.6% 2.5% 3.4% 2.1% 1.5% 2011 2012 2013 1.3% 0.9% 1.4% 0.2% 1.4% 1.2% 1.2% 0.8% 0.7% 2011 2012 2013 Euromonitor International 201471 1 Euromonitor International 2 3 46225 0.6% 15.7% 0.5% 16.5% 9.4% 57.4% 2010 2011 2012 2013 2014 10.8% 1.5% 23.3% 3.5% 0.2% 2.6% 9.7% 11.8% 28.7% 7.9% 2010 2011 2012 2013 2014 SLI 2009412014331 SLI 2009412014331 1 2 3 2014 75
20143 GRI 3.1 G3.1 2012 2013 3 2014 3 kwh 3,104 2,988 3,420 3,316 m 3 523 559 87 103 LPGt 9 7 0 0 kl 1 0 2,108 2,029 GJ 9,794 9,475 m 3 1 76 73 1 2013310.379 2014311.693 CO2t 2 25,917 24,460 2 20133 0.459 20143 0.471 22,888 20,936 SOxt 0 0 NOxt 14 13 m 3 70 65 BODt 15 14 CODt 28 26 t 1 3,374 3,148 1 20133 0.046 20143 0.050 1,333 1,271 % 100 100 kwh 4,103 4,243 720 714 m 3 365 372 19 24 LPGt 97 116 0 0 kl 77 61 1,147 1,103 t 4,248 4,217 m 3 1 50 48 1 20133 9.513 20143 9.465 CO2t 2 22,175 22,627 2 20133 0.445 20143 0.541 5,005 4,907 t 1 4,510 3,936 1 20133 0.085 20143 0.078 799 980 % 83 81 1 2 3 1. 366 238 171 45 192 6 3 187 0 258 0 532 0 71 0 86 0 0 0 0 366 1,185 2. 30 63 8 39 0 140 2013 2014331 76 2014
CSR GRI CSR http://www.shiseido group.jp/csr/ 2013 3 2014 3 1 3 (5) 3(5) 1,690 1,583 2,206 2,812 1 38,525 49,859 2 2 1,241 701 90 (45) 29 (16) 1,369 656 10 10 2 2 2 3 36,358 42,399 23,483 27,970 27,902 29,576 3 3 15,743 17,162 1 2011 2013 2 3 9 1. 2. 56 3. 11003 2013 3 2014 3 48,134 46,980 4 39.6 40.2 15.8 16.4 1 1,806.7 1,812.8 83.0 83.1 20133 1,844.5 20143 1,844.5 25.6 26.8 255 287 1.90 1.85 27 26 14 14 1,375 1,507 1,720 1,829 5 1,596 1,635 4 201441 5 2014 77
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84 84 86 87 88 89 1. 89 2. 89 3. 93 4. 93 5. 96 6. 97 7. 97 8. 98 9. 100 10. 101 11. 101 12. 102 13. 103 14. 103 15. 103 16. 104 17. 105 18. 105 19. 106 20. 106 21. 109 111 2014 83
20132014331 1 2013 2014 2014 3, 4, 7 59,330 95,774 $ 930,567 3, 4, 5 31,934 33,129 321,891 4 118,229 138,280 1,343,568 3 3 29 118,232 138,283 1,343,597 (970) (1,483) (14,409) 117,262 136,800 1,329,188 6 84,552 90,245 876,846 9 24,944 26,569 258,152 14,659 20,072 195,025 332,681 402,589 3,911,669 17,18 7 158,731 166,117 1,614,040 7 148,677 165,287 1,605,975 7,518 7,360 71,512 314,926 338,764 3,291,527 (224,050) (238,020) (2,312,670) 90,876 100,744 978,857 31,833 30,853 299,777 5,096 3,282 31,889 20 127,805 134,879 1,310,523 17 20 57,128 63,378 615,799 535 587 5,703 45,246 55,173 536,077 47,784 47,595 462,446 150,693 166,733 1,620,025 4, 5, 7 29,325 24,834 241,294 4 1,185 2,056 19,977 8 17,155 10,087 11,994 116,537 9 20,589 33,118 321,784 7 26,073 25,144 244,306 104,414 97,146 943,898 20 715,593 801,347 $ 7,786,115 84 2014
1 2013 2014 2014 4, 7 5,976 6,727 $ 65,361 1 4, 7 33,419 57,327 557,005 4 42,653 50,067 486,465 890 879 8,541 43,543 50,946 495,006 4 39,628 48,043 466,800 9,114 17,503 170,064 10,610 11,085 107,705 12,493 18,094 175,806 269 290 2,818 387 487 4,732 362 122 1,185 9 8 35 340 31,416 39,124 380,140 187,225 249,783 2,426,962 4, 7 145,274 91,864 892,577 8 44,151 8 60,826 591,003 350 350 3,401 445 395 3,838 1,397 1,062 10,318 9 28,931 33,414 324,660 4,666 4,945 48,047 225,214 192,856 1,873,844 412,439 442,639 4,300,806 10 11 64,507 64,507 626,768 1,200,000,000 20132014331 400,000,000 20132014331 70,258 70,258 682,647 191,477 203,452 1,976,797 (3,698) (2,682) (26,059) 1,960,2342013331 1,422,1592014331 322,544 335,535 3,260,153 5 2,799 3,544 34,435 (37,833) 19,691 191,323 (440) (20,208) (196,347) (35,474) 3,027 29,411 12 846 942 9,153 15,238 19,204 186,592 303,154 358,708 3,485,309 715,593 801,347 $7,786,115 2014 85
201320143 1 2013 2014 2014 20 677,728 762,047 $7,404,265 166,784 189,560 1,841,818 510,944 572,487 5,562,447 13 484,898 522,843 5,080,092 20 26,046 49,644 482,355 1,299 1,610 15,643 (1,782) (1,731) (16,819) 1,133 740 7,190 47 82 797 5 74 642 6,238 (20) (77) (748) (35) 4,961 48,202 17, 20 (29,122) (970) (9,425) 18 (5,745) (5,555) (53,974) 1,663 1,081 10,504 (32,488) 783 7,608 (6,442) 50,427 489,963 9 15,375 22,156 215,274 1,700 16,518 (9,105) (2,165) (21,036) 6,270 21,691 210,756 (12,712) 28,736 279,207 (1,973) (2,587) (25,136) (14,685) 26,149 $ 254,071 1 1 2 (9) (36.9) 65.7 $0.64 65.5 0.64 50.0 20.0 0.19 398,007 398,301 2013 1 2013 2014 2014 (12,712) 28,736 $279,207 5 2,297 815 7,919 30,850 60,699 589,769 (486) 391 3,799 37 82 796 19 32,698 61,987 602,283 19,986 90,723 $881,490 15,945 84,751 $823,465 4,041 5,972 58,025 86 2014
201320143 201241 400,000 64,507 70,264 225,599 (3,779) 606 (66,702) 668 12,553 (43) (8) (43) 400,000 64,507 70,264 225,556 (3,779) 606 (66,702) (8) 668 12,510 2013331 (14,685) (19,900) 419 (2) (6) (6) 83 93 2,193 28,869 (432) 178 2,728 2013331 400,000 64,507 70,258 191,477 (3,698) 2,799 (37,833) (440) 846 15,238 2014331 26,149 (13,934) (5) (5) (235) 1,021 745 57,524 (19,768) 96 3,966 2014331 400,000 64,507 70,258 203,452 (2,682) 3,544 19,691 (20,208) 942 19,204 1 201341 400,000 $626,768 $682,647 $1,860,445 $(35,931) $27,196 $(367,596) $ (4,275) $8,220 $148,057 2014331 254,071 (135,387) (49) (48) (2,283) 9,920 7,239 558,919 (192,072) 933 38,535 2014331 400,000 $626,768 $682,647 $1,976,797 $(26,059) $34,435 $ 191,323 $(196,347) $9,153 $186,592 2014 87
201320143 1 2013 2014 2014 (6,442) 50,427 $ 489,963 32,046 33,619 326,652 5,491 4,572 44,423 29,122 970 9,425 35 (4,961) (48,202) (74) (703) (6,831) 20 77 748 3,987 (52) 214 2,079 (938) (580) (5,635) (3,047) 4,482 43,548 (127) 22 214 (235) 2 19 1,758 (575) (5,587) 850 (45,043) (437,651) 29,505 286,679 (41) (50) (486) 3,793 17,155 166,683 (1,299) (1,610) (15,643) 1,782 1,731 16,819 (47) (82) (797) 2,871 (3,001) (29,159) (5,891) 7,828 76,059 (10,953) 6,260 60,824 1,704 1,980 19,239 54,313 102,239 993,383 1,293 1,462 14,205 (1,867) (1,775) (17,246) (11,698) (17,605) (171,055) 42,041 84,321 819,287 (18,269) (22,273) (216,411) 19,606 17,702 171,998 (231) (816) (7,929) 283 884 8,589 (16) (1,505) (14,623) 188 6,441 62,583 (18,764) (17,964) (174,543) 1,934 7,462 72,503 (5,755) (4,394) (42,693) (5,173) (5,955) (57,861) 663 3,619 35,163 (25,534) (16,799) (163,224) 3,296 (396) (3,848) 1,508 22,874 222,250 (5,995) (52,497) (510,076) (2,147) (2,223) (21,599) (2) (5) (49) 71 787 7,647 (19,897) (13,949) (135,532) (1,579) (2,054) (19,957) (24,745) (47,463) (461,164) 5,517 9,852 95,725 (2,721) 29,911 290,624 3 82,974 80,253 779,761 3 80,253 110,164 $1,070,385 88 2014
1. 20143311102.92 2. 1 201433198201333195 942013331932013331 2014331 320133313 P82 1231 2 3 23 4 5 10 5 0 6 7 20 2014 89
8 1 91 11 1 10 11 12 13 14 15 16 17 200165 PCB 18 90 2014
19 10 10 20 21 22 23 3 24 18 2010219 25 26 26 201217 25 201217 3567 37 60,826591,003 11,522111,951 20,101195,307 19 201116 215 2014 91
79643440 97486 4343 27 21201313 22201313 201313 201313 10201313 201313 1 234 2016 26 201217 25 201217 20153 28 5,745 1,7583,987 92 2014
3. 20132014331 1 2013 2014 2014 59,330 95,774 $ 930,567 31,934 33,129 321,891 91,264 128,903 $1,252,458 3 (9,321) (16,377) (159,123) 3 (1,690) (2,362) (22,950) 80,253 110,164 $1,070,385 201331,735 1,735 201431,565 15,2061,56515,206 4. 1 1 2. 21 2014 93
16. 2 2 2013 59,330 59,330 117,262 117,262 52,308 52,308 (83,171) (83,171) (5,976) (5,976) (90,000) (90,751) (751) (84,714) (85,717) (1,003) (3,979) (4,019) (40) i (40) (40) ii 605 605 2014 95,774 95,774 ( 136,800 136,800 54,034 54,034 (98,989) (98,989) (6,727) (6,727) (90,000) (90,337) (337) (55,640) (58,140) (2,500) (3,551) (3,586) (35) i 1 1 ii 2,563 2,563 1 2014 $ 930,567 $ 930,567 ( 1,329,188 1,329,188 525,010 525,010 (961,806) (961,806) (65,361) (65,361) (874,465) (877,740) $ (3,275) (540,614) (564,905) (24,291) (34,503) (34,843) (340) i 10 10 ii 24,903 24,903 94 2014
1 16. 2 1 2013 2014 2014 1,185 2,056 $19,977 8,063 3,052 29,654 888 877 8,521 201320143411107 3 2013 1 15 510 10 59,330 117,262 9,500 14,500 300 3,500 1,870 165 723 1,000 202,627 1,023 4,500 2014 1 15 510 10 95,774 136,800 7,000 15,300 3,000 2,763 160 717 1,000 257,797 717 4,000 2014 95
1 2014 1 15 510 10 $ 930,567 1,329,188 68,014 148,659 $29,149 26,846 1,555 $6,966 9,716 $2,504,829 $6,966 $38,865 5. 20132014331 2013 9,756 14,467 5,381 670 4,800 4,076 724 33,405 33,765 405 45 47,961 52,308 5,786 1,439 2014 10,286 15,699 5,956 543 4,300 3,978 322 33,801 34,357 556 0 48,387 54,034 6,512 865 1 2014 $ 99,942 $152,536 $57,870 $5,276 41,780 38,651 3,129 328,420 333,823 5,402 0 $470,142 $525,010 $63,272 $8,405 2013314 20143 201320143 1 2013 2014 2014 470 7,324 $71,162 88 718 6,976 14 15 146 96 2014
6. 20132014331 1 2013 2014 2014 60,143 64,251 $624,281 4,539 4,586 44,559 19,870 21,408 208,006 84,552 90,245 $876,846 7. 20132014331 1 2013 2014 2014 5.81% 5,976 6,727 $ 65,361 5,976 6,727 $ 65,361 10.52% 31,685 5,926 57,579 10.53% 53,029 49,714 483,035 52014120.65% 50,000 50,000 485,814 6201560.55% 40,000 40,000 388,651 12.52% 1,734 1,401 13,613 12.66% 2,245 2,150 20,890 178,693 149,191 $1,449,582 1 (33,419) (57,327) (557,005) 145,274 91,864 $ 892,577 2014331201441 331 1 2015 57,327 $ 557,005 2016 46,969 456,364 2017 6,376 61,951 2018 18,637 181,082 2019 862 8,376 2020 19,020 184,804 149,191 $1,449,582 20132014331 1 2013 2014 2014 15,308 14,717 $142,995 15,200 15,200 147,688 1,512 1,156 11,232 1,336 1,092 10,610 2 2 19 33,358 32,167 $312,544 2014 97
20132014331 1 2013 2014 2014 1 23,250 730 $ 7,093 21,755 211,378 23,250 22,485 $218,471 8. 20133 (238,017) 171,783 (66,234) 39,344 (106) (26,996) 17,155 (44,151) 2013 20133 2013 8,248 5,178 (6,354) 5,716 (310) 12,478 20133 1.6% 4.0% 98 2014
2014331 1 1 2014 2014 238,017 $2,312,641 7,836 76,137 3,839 37,301 (2,290) (22,250) (10,910) (106,005) 1,255 12,193 237,747 $2,310,017 2 1 2014 2014 171,783 $1,669,092 6,845 66,508 2,387 23,193 3,633 35,299 (8,014) (77,866) 287 2,789 176,921 $1,719,015 3 1 2014 2014 194,364 $ 1,888,496 (176,921) (1,719,014) 17,443 169,482 43,383 421,521 60,826 591,003 60,826 591,003 60,826 $ 591,003 4 1 2014 2014 7,836 $ 76,137 3,839 37,301 (6,845) (66,508) 3,773 36,659 (314) (3,051) 715 6,947 9,004 $ 87,485 5 1 2014 2014 (533) $(5,179) 6 1 2014 2014 208 $ 2,021 31,621 307,239 31,829 $309,260 2014 99
7 62.4% 18.8% 18.8% 100.0% 8 20143 1.6% 4.0% 1,43913,982 4324,197 9. 2014338.0% 2014617 20143 2013 2014 2014 38.0% 0.8 0.5 (1.5) 1.8 (2.0) (0.1) 3.4 (0.9) 3.0 43.0% 20133 2014331201410201441 2014412015331 3836 8868,609 8868,609 100 2014
20132014331 1 2013 2014 2014 9,266 21,395 $207,880 9,373 11,561 112,330 4,689 3,410 33,132 6,592 5,340 51,885 6,507 7,720 75,010 3,699 4,899 47,600 4,208 4,083 39,672 847 495 4,810 1,386 541 5,256 477 876 8,511 478 310 3,012 4,640 7,053 68,529 52,162 67,683 657,627 (2,959) (3,748) (36,416) 49,203 63,935 $621,211 27,711 32,478 $315,566 809 785 7,627 2,241 2,483 24,126 870 1,145 11,125 978 806 7,831 32,609 37,697 $366,275 16,594 26,238 $254,936 1 2013 2014 2014 24,944 26,569 $ 258,152 20,589 33,118 321,784 (8) (35) (340) (28,931) (33,414) (324,660) 16,594 26,238 $ 254,936 10. 11. 21 10%25% 2014 101
1 2 3 421 11 201433120146253,98638,729 110.00.10 12. 2014331 2004629 2004726 1,004,000 1,004,000 91,000 91,000 1,427 2006712014628 2005629 2005728 261,000 261,000 167,000 167,000 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 13,000 12,000 25,000 1 1 2011812018730 2011812018730 102 2014
20096242009731 2009828 2009828 81,400 53,500 134,900 63,700 30,000 93,700 1 1 2012812019731 2012812019731 20106252010729 2010830 2010830 59,100 46,800 105,900 59,100 35,100 94,200 1 1 2013812020731 2013812020731 20116242011729 2011830 2011830 90,800 63,600 154,400 90,800 63,600 154,400 1 1 2014812026731 2014812026731 20126262012731 2012830 2012830 108,600 100,400 209,000 108,600 100,400 209,000 1 1 2015812027731 2015812027731 20136252013731 2013829 2013829 44,100 39,500 83,600 44,100 39,500 83,600 1 1 2016812028731 2016812028731 13. 20132014313,65913,540 131,558201320143 14. 15. 2014 103
1 2 201320143 1 2013 2014 2014 4,954 6,912 $ 67,159 21,079 27,748 269,607 26,033 34,660 $336,766 161 161 $ 1,565 4,104 3,943 38,311 4,265 4,104 $ 39,876 16. 2013331 2013 4,305 1 1 2,298 42 42 1,460 16 16 98 0 0 983 (12) (12) 9,164 (87) (87) (40) (40) 2013 22,500 17,500 690 23,250 (85) 2014331 2014 5,975 50 50 4,449 (0) (0) 1,718 (21) (21) 84 4 4 2,147 (17) (17) 11,893 (15) (15) 1 1 104 2014
1 $58,055 $486 $486 43,228 (0) (0) 16,693 (204) (204) 816 39 39 20,861 (165) (165) 115,556 (146) (146) $ 10 $ 10 17,500 12,500 2,341 22,485 21,755 222 2014 2014 1 $170,035 $121,454 $22,746 218,471 211,378 2,157 2014 17. 20133 28,587 10% 503 10 1111 20143 937 9,10411.5% 33321 18. 2014 105
1 2013 2014 2014 3,981 1,551 3,961 $38,486 1,594 15,488 213 5,745 5,555 $53,974 19. 201320143 1 2013 2014 2014 3,473 1,750 $ 17,004 0 (557) (5,412) 3,473 1,193 11,592 (1,176) (378) (3,673) 2,297 815 $ 7,919 30,850 60,699 $589,769 30,850 60,699 $589,769 (672) 460 $ 4,470 73 709 (672) 533 5,179 186 (142) (1,380) (486) 391 $ 3,799 37 82 $ 796 32,698 61,987 $602,283 20. 1 2 2 2. 106 2014
3 201320143 2013 1 2 345,883 322,350 9,495 677,728 677,728 1,898 2,870 5,209 9,977 (9,977) 347,781 325,220 14,704 687,705 (9,977) 677,728 3 27,508 (3,288) 1,965 26,185 (139) 26,046 205,464 401,992 44,396 651,852 63,741 715,593 14,883 16,125 1,007 32,015 31 32,046 142 5,349 5,491 5,491 12,908 15,170 220 28,298 28,298 2014 1 2 349,719 402,214 10,114 762,047 762,047 2,108 3,281 4,938 10,327 (10,327) 351,827 405,495 15,052 772,374 (10,327) 762,047 3 39,461 7,660 2,081 49,202 442 49,644 199,327 483,606 44,045 726,978 74,369 801,347 12,771 19,857 965 33,593 26 33,619 142 4,430 4,572 4,572 14,319 15,098 199 29,616 29,616 1 2014 1 2 $3,397,969 $3,908,026 $ 98,270 $7,404,265 $7,404,265 20,482 31,879 47,979 100,340 $(100,340) $3,418,451 $3,939,905 $146,249 $7,504,605 $(100,340) $7,404,265 3 $ 383,414 $ 74,427 $ 20,220 $ 478,061 $ 4,294 $ 482,355 $1,936,718 $4,698,853 $427,954 $7,063,525 $ 722,590 $7,786,115 $ 124,087 $ 192,936 $ 9,376 $ 326,399 $ 253 $ 326,652 $ 1,380 $ 43,043 $ 44,423 $ 44,423 $ 139,127 $ 146,696 $ 1,934 $ 287,757 $ 287,757 1 2 1 220132014366,38976,790746,113 2013201432,6482,42123,523 3 3 4 37 3,375(32,792)194(1,885 )1661,613 5 215 2014 107
20133 90% 2013 373,252 92,974 80,456 79,128 132,374 90,724 677,728 2013 83,999 14,852 14,631 8,194 20,760 14,129 127,805 10 20143 90% 2014 377,273 118,682 102,735 102,138 163,954 111,495 762,047 (1 2014 $3,665,692 $1,153,148 $998,202 $992,401 $1,593,024 $1,083,317 $7,404,265 2014 82,490 19,034 18,915 9,241 24,114 16,239 134,879 (1 2014 $801,496 $184,940 $183,784 $89,788 $234,299 $157,783 $1,310,523 10 108 2014
4 2013 3,067 30,006 30 33,103 2014 958 12 970 (1 2014 $9,308 $117 $9,425 5 2013 1,277 55,851 57,128 2014 1,135 62,243 63,378 (1 2014 $11,028 $604,771 $615,799 21. LOréal S.A. CaritaDECLÉOR 201419201430 Joico 2 2014 109
LOréal S.A. 201419 2014430 Carita International S.A.FIPAL S.A.S.LABORATOIRES DECLÉOR S.A.S. 1 2 Carita International S.A. 3,151201312 FIPAL S.A.S. 193201312 2014 DECLÉOR U.S.A., Inc. DECLÉOR UK Ltd.7,577201312 3 279 2014430 1 230,000 2 148,575 990,700 3 00 201522,624201430 110 2014
20142013331 20142013331 21LOréal S.A.Carita DECLÉOR20142192014430 2014331 1 KPMG AZSA LLC 2014625 Independent Auditors Report 2014 111
2014331 59,296 400,000,0001,422,159 28,275 7.09 4.77% 23,526 5.90 13,290 3.33 MORGAN STANLEY CO. INTERNATIONAL PLC 12,436 3.12 10,046 2.52 6,317 1.58 5,934 1.48 NORTHERN TRUST CO. AVFCSUB A/C NON TREATY 5,764 1.44 36.04% 5,600 1.40 MSCO CUSTOMER SECURITIES 5,318 1.33 0.35% 2.35% 35.48% 20.98% 3,500 3,000 2,500 2,000 1,500 1,000 500 0 18,000 14,000 10,000 6,000 150,000 100,000 50,000 0 2013 2014 21.62 35.48 28.76 20.98 40.69 36.04 3.18 2.35 5.23 4.77 0.49 0.35 2013 2014 0.60 0.89 98.26 97.78 0.18 0.19 0.05 0.05 0.88 1.06 0.00 0.00 60 4.0 4.0 3.5 3.5 3.8 44.8 3.0 3.0 40 20 24.0 39.2 27.7 2.0 1.0 2.3 1.9 2.0 1.9 2.1 2.0 1.0 2.5 1.1 0 2010 2011 2012 2013 20143 0.0 2010 2011 2012 2013 20143 0.0 2010 2011 2012 2013 20143 1. 1 2. 20133 1 1 112 2014
2014331 104-0061 55 03-3572-5111 1872917 1927624 64,506,725,140 33,05413,408 331 4911 CUSIP: 824841407 1:1 OTC QX SSDOY The Bank of New York Mellon 101 Barclay Street, 22W New York, NY 10286, U.S.A. 100-8233 6 http://www.shiseidogroup.jp/ IR http://www.shiseidogroup.jp/ir/ 105-8310 62 IR 03-6218-5418 03-6218-5544 irmail@to.shiseido.co.jp 30 2014 113