fiscal year ended december 31, 2016 unicharm presentation ... · fiscal year ended december 31,...

February 15, 2017Takahisa TakaharaPresident and CEOUnicharm Corporation

Projections stated herein include those based on the Company’s assumptions, forecasts and plans

as of February 15, 2017. Therefore, actual results may differ significantly from projections due to

risks and uncertainties associated with market competition, foreign exchange rates, etc.

Fiscal Year Ended December 31, 2016

Unicharm Presentation Materials for Investor Meeting

Financial Performance Summary:

Fiscal Year Ended December 31, 2016

◆ Acronyms used in this material

BC： Baby Care Business

FC： Feminine Care Business

HC： Health Care Business

C&F：Clean & Fresh Business

PC： Pet Care Business

Copyright (c) Unicharm Corporation. All rights reserved.

Fiscal Period Year Ended Dec. 31, 2016

Financial Results Summary

3

3.8% net sales decrease, 2.1% operating income decrease

Approx. 4% increase in income and 3% increase in operating profit excluding

exchange effects

Ordinary profit 71.8 billion JPY, current profit 44.1 billion JPY Both reached new

record high

EPS74.29 JPY +10% growth

Reason why revised official figures were not met (net sales/operating income)

Inbound demand (reseller) in Japan decreased more than expected

Incurrence of temporary inventory adjustment costs due to the shift in product

strategy in Indonesia

Response to the structural reform (EC channel, Japanese product) in China

Change in account category of sales discount in China (Changed to selling and

administrative expenses from non-operating expenses)

Increase of active investments in marketing and market development in India, etc.

Shareholder return Dividend per share Real 1.20 yen increase scheduled (14.80 yen⇒16.00 yen)

Purchase of own shares Acquisition cost 14 billion JPY Approx. 5.72 million shares


Approx. 4% increase in real net sales, approx. 3% increase in operating profit

Ordinary income 71.8 billion JPY, net income 44.1 billion JPY

Improved record-high results

FY Ended

Dec. 31, 2016

FY Ended

Des. 31, 2015Difference

Difference

(%)

(Reference)

FY Ending

Dec 31, 2016

(Published value)

Achievement

Rate

Net sales 710,965 738,707 -27,741 -3.8% 720,000 -1.3%

Operating income(Operating income margin)

78,277

(11.0%)

79,934

(10.8%)-1,657

-2.1%

(+0.2%P)

83,000

(11.5%)

-5.7%

(-0.5%P)

Ordinary income(Ordinary income margin)

71,848

(10.1%)

71,380

(9.7%)+468

+0.7%

(+0.4%P)

70,000

(9.7%)

+2.6%

(+0.4%P)

Net income

attributable to

owners of parent

Company(margin)

44,134

(6.2%)

40,511

(5.5%)+3,623

+8.9%

(+0.7%P)

42,000

(5.8%)

+5.1%

(+0.4%P)

EPS(Yen) 74.29 67.55 +6.74 +10.0% 71.08 +4.5%

4

Consolidated account highlights

※Excluding effects from exchange fluctuations (Replaced with rate from 1H of FY Ending Dec 31, 2015)Approx. 4% growth in net sales, approx. 3% growth in operating profit

(Millions of yen)


(100 millions of yen)

The appreciation of the yen had a negative impact, but overseas,

local currency base grew by approx. 3%

In Japan, driving forces are HC, FC and C&F businesses.

5

Consolidated net sales

Japan China India Asia

Others

7,3877,109

FY Ended

Dec. 31, 2015

+157 +54-582

◆Japan: Inbound demand decreased, but Personal Care and Pet Care continued with stable growth.

◆China: Baby Care seeing positive growth since second half of FY’16. Feminine care maintaining favorable sell-out

conditions and the market share reached a new record-high.

◆India: Area expansion was promoted and continued growth greater than market growth.

◆Others: Middle East, Vietnam, Thailand and Taiwan seeing upward shifts.

FY Ended

Dec. 31, 2016

Others

-55 +87 +61

Exchange

effects



Real profit increase by absorbing active marketing investment in Asia

through real revenue increase effect, fall in prices of materials, and

improvement of productivity. (Approx. 3% in profit increase excluding

exchange effect)

6

Consolidated operating income fluctuation

Sales

promotion

costs

Advertising

costs

Other Materials,

etc.

Productivity

improvement,

etc.

799 782-45+124

-262

Freight Effect of rise

in income

+2 +9 -5

+35

FY Ended

Dec. 31, 2015

FY Ended

Dec. 31, 2016

+125

Effect of

exchange in

gross profit

*1：Selling and administrative expense includes exchange effects ¥22.3 billion

*2： Materials etc. includes exchange effects of ¥-0.9 billion

*2*1

Selling and administrative

expense rate 1.9%P

increase

Gross profit rate

2.1%P improvement


Effects of exchange fluctuations: Net sales -58.2 billion JPY, operating

income -4.8 billion (Breakdown of operating income : Conversion

-3.9 billion JPY, rise in purchase price -0.9 billion JPY)

Currency Exchange rate for 2016 Exchange rate for 2015 Change in rate

Taiwan (TWD) 3.38 3.82 -11.5%

Thailand (THB) 3.09 3.54 -12.7%

South Korea (KRW) 0.0938 0.1073 -12.6%

Indonesia (IDR) 0.0082 0.0091 -9.9%

Malaysia (MYR) 26.27 31.19 -15.8%

Netherlands (EUR) 120.33 134.31 -10.4%

China (CNY) 16.37 19.22 -14.8%

Saudi Arabia (SAR) 29.07 32.32 -10.1%

India (INR) 1.63 1.90 -14.2%

USA (USD) 108.84 121.05 -10.1%

Russia (RUB) 1.63 2.00 -18.5%

Australia (AUD) 80.82 91.06 -11.2%

Vietnam (VND) 0.0049 0.0055 -10.9%

Brazil(BRL) 31.31 36.78 -14.9%

7

Rate changes by currency


(Millions of yen) Geographical Segment Information

In Japan, steady growth from sales expansion of high value-

added products

In Asia, active investment to expand the market

8

FY Ended

Dec. 31, 2016

FY Ended

Dec. 31, 2015Net sales Operating income

Net salesOperating income

(Operating income

margin)Net sales

Operating income

(Operating income

margin)Difference

Difference

(%)Difference

Difference

(%)

Japan 302,85150,487

(16.7%)287,135

44,499

(15.5%)+15,716 +5.5% +5,988

+13.5%

(+1.2%P)

Asia 305,09922,314

(7.3%)341,240

32,231

(9.4％)-36,141 -10.6% -9,917

-30.8%

(-2.1%P)

Others* 103,0144,755

(4.6%)110,331

3,484

(3.2%)-7,317 -6.6% +1,271

+36.5%

(+1.4%P)

Elimination/

Companywide－ 720 ‐ -280 ‐ ‐ +1,000 ‐

Consolidated 710,96578,277

(11.0%)738,707

79,934

(10.8%)-27,741 -3.8% -1,657

-2.1%

(+0.2%P)

*Others: Main regions are U.S.A., Saudi Arabia, Brazil, the Netherlands

Summary of Business Plan:

Fiscal Year Ending December 31, 2017


Fiscal Year Ending December 31, 2017

Plan Summary

10

Key Points for Sales/Operating Income

Japan（1 to 5 % increase in revenue, earnings deteriorated) Maintaining stable growth by continuously proposing new values focusing on HC business

Inbound demand (reseller) will continue but expected to level off

Asia (5 to 10% increase in revenue, earnings improved)

Significant improvement in profitability since second half of the fiscal year focusing on

Indonesia

In India, increase market share by promoting further area expansion to achieve annual

surplus

In China, further promote premiumization and actively develop EC market to improve the

profitability

In the Middle East and Northern Africa, stable growth

Shareholder return(Total return ratio of 50%） Dividend per share 2 yen increase scheduled (16 yen to 18 yen)

Dividend increase for 16 consecutive fiscal periods

The purchase of own shares Planning to acquire for 14 billion JPY

Budget exchange rate US dollar 110 JPY (108.84 JPY Actual performance for fiscal year 2016)

Chinese Yuan 16.3 JPY (16.37 JPY Actual performance for fiscal year 2016)


(Millions of yen)

Adoption of IFRS from Fiscal Year 2017

Plan to increase income/profit through recovery in Asia

11* The performance of IFRS FY ‘16 is unaudited and estimates.

FY Ending

Dec. 31, 2017

Performance

forecast

FY Ended

Dec. 31, 2016

*

Difference

(%)

FY Ended

Dec. 31, 2016

FY Ended

Dec. 31, 2015

Net sales 630,000 604,652 ＋4.2% Net sales 710,965 738,707

Core

operating profit

(margin)

84,000

(13.3%)

79,116

(13.1%)

＋6.2%

(+0.2%P)Operating income

(margin)

78,277

(11.0%)

79,934

(10.8%)

Profit

before taxation

(margin)

77,000

(12.2%)

75,835

(12.5%)

+1.5%

(-0.3%)

Profit before

income taxes

(margin)

73,794

(10.4%)

77,340

(10.5%)

Profit attributable

to owners of

parent

(margin)

49,000

(7.8%)

46,970

(7.8%)

+4.3%

(ー)

Profit attribution

to owners of

parent

(margin)

44,134

(6.2%)

40,511

(5.5%)

JGAAPIFRS

Consolidated earnings forecast


Effects of exchange fluctuations: Net sales approx.

+1.1 billion JPY, operating income +0.6 billion JPY

CurrencyAssumed rate for FY

ending Dec 31, 2017Exchange rate for 2016 Change in rate

Taiwan (TWD) 3.53 3.38 +4.4%

Thailand (THB) 3.17 3.09 +2.6%

South Korea (KRW) 0.1000 0.0938 +6.6%

Indonesia (IDR) 0.0083 0.0082 +1.2%

Malaysia (MYR) 26.60 26.27 +1.3%

Netherlands (EUR) 124.71 120.33 +3.6%

China (CNY) 16.30 16.37 -0.4%

Saudi Arabia (SAR) 29.20 29.07 +0.4%

India (INR) 1.61 1.63 -1.2%

USA (USD) 110.00 108.84 +1.1%

Russia (RUB) 1.64 1.63 +0.6%

Australia (AUD) 83.93 80.82 +3.8%

Vietnam (VND) 0.0048 0.0049 -2.0%

Brazil(BRL) 32.25 31.31 +3.0%12

Rate fluctuations by currency


Plan for shareholder return from free cash flow while

making growth investment for the sustainable

improvement of corporate value

13

Consolidated cash flow plan

Dec. ’17 Fiscal Period

Operating income after

taxes62.5 bn. yen

Depreciation expenses 30 bn. yen

Working capital

increase11 bn.yen

Operating cash flow 81.5 bn. yen

Facility investment 40 bn. yen

Free cash flow 41.5 bn. yen

●Continued stable dividends Approx. 10.5 bn. yen●Swift purchase of own shares Approx. 14 bn. Yen

◆Shareholder return Total: Approx. 24.5 bn. yen

Profitability

Growth

investment

Creation

capability


(Millions of yen)

47.5%49.5%

44.7%

38.3%

55.6%

40.3%

51.4%47.8%

53.9%50.0%

53.2%

0

5,000

10,000

15,000

20,000

25,000

30,000

'08/3 '09/3 '10/3 '11/3 '12/3 '13/3 '14/3 '14/12 '15/12 '16/12 '17/12E0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%Dividends Purchase of own shares Total return ratio

14

Continued dividend increase in FY 2017 and total return ratio

of 50% scheduled through the purchase of own shares and

dividends linked to business performance

*

*Fiscal year ended Dec. 31, 2014 is an irregular fiscal year lasting nine months.

Shareholder Return Policy

By prioritizing business investment in order to achieve continuous growth while paying out stable and

continuous dividends based on the growth of mid-to-long term performance, and carrying out the swift

purchasing of our own shares if necessary, we plan on a profit return with a goal of total return ratio of

50% (estimated payout ratio of 20%) in addition to shareholder dividends and purchase of own shares.



5060

50 50

6576

90

110120

80

130140 140

0

20

40

60

80

100

120

140

160

'06/3 '07/3 '08/3 '09/3 '10/3 '11/3 '12/3 '13/3 '14/3 '14/12 '15/12 '16/12'17/12E

* Irregular results due to change in settlement period15

Swiftly acquire stocks through buy-back

based on cash conditions

*

Stock buy-back acquisition graph


* Irregular results due to change in settlement period

3.74.9 5.1

6.07.7

9.310.7 11.3

12.7 12.73

14.816.0

18.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

'06/3 '07/3 '08/3 '09/3 '10/3 '11/3 '12/3 '13/3 '14/3 '14/12 '15/12 '16/12 '17/12E

16

Steady and continual dividend payments

On track for 16 consecutive periods of

increased dividends

*

Dividends per share

On track for 16 consecutive periods of

increased dividends in fiscal 2017

(JPY)

Mid Term Management Plan

Copyright (c) Unicharm Corporation. All rights reserved.18

Fiscal year 2020

Aim for 800 billion Yen in sales, operating income

margin 15%, and ROE 15%

Net sales

¥604.6 billion

FY2016

10th Midterm Management Plan（Based on IFRS）

Financial target for 10th Midterm

Management plan

To grow at twice the market

growth rate

Operating income margin 15%

ROE 15%

FY2020E

CAGR +7%

* CAGR(annual average growth rate) excludes exchange rate fluctuation

* Businesses with already high market share grow at average market growth rate.

Net sales

¥800 billion

Roadmap to achieve 10th Midterm

Management Plan

Net sales CAGR +7%

Improving Operating income

margin +1.9%P

Improve ROE 1.4%P

Reference materials： Financial Data

Copyright (c) 2012 Unicharm Corporation. All rights reserved.Copyright (c) Unicharm Corporation. All rights reserved.

Sales (Gross) Net Sales 7,110 100.0

　売上控除

Net Sales 6,047 100.0

Cost of Sales 3,768 Cost of Sales 3,765Gross Profit 2,278 37.7 Gross Profit 3,345 47.0

1,487 2,562

Promotion expenses(Deduction) (1,045)

(8) Goodwill (45)Core Operating profit 791 13.1 Operating Income 783 11.0

　その他の収益・費用 -24 Non-Operating Income -64　金融収益・費用 -9 Sales discounts (-18)

Ordinary income 718Extraordinary Losses 19

Profit before Taxation 758 12.5 Profit before Income Taxes 738 10.4

Corporate Tax 246 Total Income Taxes 251

43 Minority interests in income 46

470 7.8 441 6.2

Items Deducted from Sales

Selling, general and administrative

expenses

Selling, general and

administrative expenses

Goodwill/Depreciation of PPA

Other Income/Expenses

Finance Income/Expenses

Profit attributable to non-controlling

interests

Profit Attributable to Owners of

Parent

Profit Attributable to Owners

of Parent

4,144 62.0 4,500 54.4

6,686 100.0 7,115 100.0

13.6 11.4

11.5 10.2

Rate of Return on Shareholders' Equity(ROE) Rate of Return on Equity(ROE)

Rate of Return on Assets(ROA) Rate of Return on Assets(ROA)

Total Shareholders' Equity Total Net Assets

Total Assets Total Assets

(100 millions of yen) (100 millions of yen)

Income

statement

20

IFRS JGAAP

[Ref.]

The effects of adoption of IFRS in fiscal 2016

（）shows

included

number

% %

Balance

sheet

Indicator


(Millions of yen) Business Segment Information

[Ref.] Profits have improved for pet care via improvement of

product mix in North America, and brand enhancement and

optimization of costs in Japan

21

FY Ended

Dec31, 2016

FY Ended

Dec31, 2015Net sales Operating income

Net salesOperating income

Operating income

marginNet sales

Operating income

Operating income

marginDifference

Difference

(%)Difference

Difference

(%)

Personal

Care619,047

72,514

(11.7%)647,573

76,254

(11.8%)-28,526 -4.4% -3,739

-4.9%

(-0.1%P)

Pet Care 85,7565,347

(6.2%)85,624

3,329

(3.9%)+131 +0.2% +2,018

+60.6%

(+2.3%P)

Others* 6,161414

(6.7%)5,508

330

(6.0%)+652 +11.9% +83

+25.4%

(+0.7%P)

Elimination/

Companywide ‐ ‐ ‐ 20 ‐ ‐ -20 ‐

Consolidated 710,96578,277

(11.0%)738,707

79,934

(10.8%)-27,741 -3.8% -1,657

-2.1%

(+0.2%P)

* Others: Products related to industrial materials, etc.


* Irregular results due to change in settlement period

[Ref.]

Overseas sales composition ratio 57.7%

（60.9％ excluding exchange effects）

22

26.9% 31.4%33.9%

38.2%42.8%

49.3%48.0% 42.9%

38.5%42.4%

46.9%

52.6%57.7%

64.4%61.4%

57.7%

0%

10%

20%

30%

40%

50%

60%

70%

0

200

400

600

800

1000

1200

'10/3 '11/3 '12/3 '13/3 '14/3 '14/12 '15/12 '16/12

Japan sales (left scale Asia overseas sales (left scale) Other overseas sales (left scale) Asia sales ratio (right scale) Overseas sales ratio (right scale)

Japan / overseas sales

*

(Billions of yen)


Operating profit ratio by location

10.5%

13.3%

11.6%

12.8%

13.0%

13.8% 13.7%

15.5%

16.7%

18.4%

12.4%

14.0%

15.5% 15.1%

13.6%

12.3% 12.0%

9.4%

7.3%

12.0%

3.2%

5.9%

7.4%

1.5%

4.1%

0.5%

1.9%

3.2%4.6%

5.9%

10.0%

12.6%

12.4%

12.1% 12.0%11.2% 11.1%

10.8% 11.0%

13.3%

0.0%

5.0%

10.0%

15.0%

20.0%

'09/3 '10/3 '11/3 '12/3 '13/3 '14/3 '14/12 '15/12 '16/12 '17/12E

日本アジアその他連結

[Ref.] In Japan, improvement of product mix with high

value-added products

In Asia, active marketing investment ahead of the market

23

*2

*1 Others: Main regions are U.S.A., Saudi Arabia, Brazil, the Netherlands

*2 Irregular results due to change in settlement period

*3 IFRS based for ’17/12E

*3

Japan Asia Other Consolidated*1


[Ref.] Foreign exchange rate sensitivity to 1% depreciation of the yen

vis-à-vis local currencies increases net sales and operating

income approx. 3.8 billion JPY and 0.4 billion JPY, respectively

CurrencyAssumed rate for FY

ending Dec 31, 2017

Impact of a 1% change (depreciation of yen)

(million yen)

Net sales Operating income

Consolidated Total 3,800 400

Taiwan (TWD) 3.53

Thailand (THB) 3.17

South Korea (KRW) 0.1000

Indonesia (IDR) 0.0083

Netherlands (EUR) 124.71

China (CNY) 16.30

Saudi Arabia (SAR) 29.20

India (INR) 1.61

USA (USD) 110.00

Australia (AUD) 83.93

Vietnam (VND) 0.0048

Brazil(BRL) 32.25* Cost of imported raw materials: 1% depreciation of the yen vis-à-vis U.S. dollar increases costs by about 0.1 – 0.2 billion JPY.


[Ref.] Improve profitability focused on sales growth to achieve

sustainable growth and aim for the improvement of corporate value

by improving efficiency

25

Management index

FY 2020

Indicator

FY 2017

Fiscal Period Plan

FY 2016

Actual

Sales growth rateGrowing at twice the

market growth

rate4.2%

-3.8%

(+4.1%)

Operating profit rate

(IFRS) 15% 13.3% 13.1%

ROE

（IFRS）15% 13.7% 13.6%

Equity Spread * 5.5% 4.2% 4.1%

* Equity Spread (Whether return exceeding shareholder expectations has been earned) = ROE - shareholder's equity cost estimated at 9.5%

* Sales growth rate of +4.1% excludes exchange rate

Growth

More

improvements

Profitability

Efficiency

*

Reference materials：Increasing Corporate Value


World first!

“Recycle technology for used disposable diapers”

Start verification test with Shibushi City, Kagoshima Prefecture

Segregation and collection of used paper

diapers

Verification test for recycling

Full scale commercialization

Environment

(E)

Content of implementation

We treat low-quality pulp with our unique ozone process

after extracting it from used disposable diapers.

This has made it possible to break down SAP into water and

carbon dioxide by oxidization and recycling it as high-grade

pulp that is as sanitary and safe as virgin pulp.

Unicharm developed recycle technology

Verification testing


*Created for the “Support of Disaster-Affected Areas”. Original polo shirts, jumpers, and goods are sold to employees. Through this system, we double the money collected and donate it to charity.

28

Support activities unique to unicharm

Similar to India and Indonesia, we have coproduced a

government-approved first-wave education program in

Myanmar together with NGOs.

First-wave education in Myanmar Furthering support for dementia

9th year of Pink Ribbon support “Matching Fund*” from employees to support disaster-

affected areas

A percentage of all applicable product sales are

donated to charity

Pink Ribbon Twitter account for donation collection

created

Special Pink Ribbon website created

Participation in the Pink Ribbon Festival “Smile Walk

Tokyo Meet”

Together with supporting worry-free outings by

providing urinary products, we have devised a “Social

Walking” program with the objective of promoting

social interaction.

Continuous monetary support for areas affected by

the Great East Japan Earthquake

Monetary support for the Kumamoto Earthquake

Material support for areas affected by the Iwate

Typhoon

Society

(S)


By catering to a variety of work-styles

greater independence and autonomy can be

achieved, increasing productivity and

fostering creativity

29

We aim for a company where each employee

can work healthily and with purpose

Promoting work-style reforms themed

around improving productivity and

greater female participation in the

workplace.

Newly established “work-style reform

development office” Implementation of a “Interval Work System”

Maintain employee health

and increase productivity

Installation of a new “Work-From-Home

System”

Brand-name incorporated child-rearing and nursing

care system amendments

Working past 22:00 has been prohibited, with a

compulsory 8 hours of rest required before the start of

the next shift. 10 hours of rest is being encouraged

to prevent employee overwork and

exhaustion and maintain increased productivity.

Increasing brand appreciation

“Realizing a more symbiotic society”

Payroll system amendments

To simultaneously raise employee

motivation, and provide an environment that

allows for employee growth and

consequently corporate growth, base

remuneration has been increased

Society

(S)


Participation

/ advice

Report

Audit

30

Corporate governance organizational chart

Board of

Directors

Audit and

Supervisory

CommitteeCompensation committee

代表取締役

社長執行役員

各担当執行役員

各部門各子会社

General Meeting of Shareholders

Business Execution Council

諮問会議

Nominating committee

Audit

*Some details omitted. For more information, please refer to the corporate governance report on our website.

Report

Monitoring

Continuous strengthening of operations while increasing transparency

in decision-making standards for Board of Director meetings, Corporate

Auditor Committee, Nominating Committee, and Compensation Committee

Governance

(G)

Representative Director

President and

Chief Executive Officer

Executive officers

Depts. Subsidiaries

Advisory board

Audit

of fina-

ncial

repo-

rting

Manage

-ment

Audit

Depart-

ment

Accounting

auditor


Audit and Supervisory Committee Member Candidates (Appointed during March 30th General Shareholder Meetings)

Board of Auditors

Position Name

【Current appointee】Corporate Audit Committee Member (Outside)

Kimisuke Fujimoto

Mr. Fujimoto has a diverse background and advanced knowledge in finance, accounting, and banking

informed by his prior experience as Executive Managing Director of Sanwa Bank, CEO of Mitsubishi UFJ Securities, among other

high-level positions in a variety of global enterprises. He started operating as an Outside Auditor at Unicharm in 2010, and since 2015

has also been operating as an Outside Board Member, proving himself to be an invaluable asset with his sound advice regarding

important topics of operation that has continuously improved auditory functions.

【Newly appointed】Corporate Audit Committee Member (Outside)

Takashi Mitachi

Mr. Mitachi currently operates as the Japanese representative of the Boston Consulting Group, a major foreign capital consulting

group, where he has attained a deep understanding of corporate operation strategy informed by his thorough analysis of the evolution

of social, market, and consumer trends. Here at Unicharm he assists in further developing the global outreach of the company, where

his sage advice regarding operation strategy and governance lead to his being nominated as candidate for new Outside Member of the

Corporate Audit Committee.

【Newly appointed】Corporate Audit Committee Member

Shigeru Asada

While a consistent member of the Accounting Department of Panasonic Corp., Mr. Asada has also operated as Foreign Legal

Accountant to 3 countries, and is a master of finance in the global operations industry for manufacturers, and has advanced technical

knowledge. Here at Unicharm, he has been Executive Director of Finance since 2013, and practices his abilities in operations

administration. As a result of his dazzling record, and due to his wealth of experience and expertise, Mr. Asada has been selected as a

candidate for the Corporate Audit Committee here at Unicharm.

Governance

(G)


Thank you

Unicharm constantly provides the world’s No.1 and unprecedented

products and services to everybody

inspiration and satisfaction.

around the globe, and delivers comfort,

fiscal year ended december 31, 2016 unicharm presentation ... · fiscal year ended december 31,...

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