00000103.99.79.43.43.4150.0100.050.010.05.03.02.01.0122.4126.8114.9109.014.112.311.511.110.18.410.17.73.43.43.13.12.92.82.72.7105.111.511.010.05.03.14.03.03.02.01.054SalesThe Company has adopted the “Accounting Standard for Revenue Recognition,” etc., from FY Mar/2022, and to provide a more realistic analysis of the operating results, the results of the previous fiscal year have been reclassified to reflect the adoption of this new accounting standard.ProfitOperating income declined 15.6%, to ¥9,771 million due to a decrease in gross profit from lower sales, an increase in advertising expenditure associated with the renewal of core products, an increase in depreciation expenses following the launch of operations at the Kansai Logistics Center, and the effect of the recording of personnel expenses associated with store closures as an extraordinary loss in the previous fiscal year. Ordinary income decreased 11.7%, to ¥10,401 million, and net income attributable to owners of the parent company decreased 7.4%, to ¥7,421 million.Research and Development ExpensesTotal research and development expenses in the fiscal year under review came to ¥3,492 million.During FY Mar/2022, although sales in the Nutritional Supplements Business increased, overall sales declined 1.1% compared with FY Mar/2021, to ¥103,992 million, due to a decline in sales in the Cosmetics Business, as well as in other businesses due to factors including the absence of sales of non-woven masks that were sold in the previous fiscal year.Cosmetics BusinessSales from the Cosmetics Business decreased 0.7%, to ¥58,809 million.Sales of FANCL Cosmetics decreased 3.2%, to ¥42,758 million, due to a slowdown in sales of makeup and special care products, which outweighed a strong trend in sales of MILD CLEANSING OILand ENRICH+, which were subject to renewal.Sales of ATTENIR Cosmetics increased 14.3%, to ¥13,797 million, as a result of strong trending sales of Dress Snow basic skin care which launched in April, and SKIN CLEAR CLEANSE OIL, as well as contributions from cross-border e-commerce sales to China.Sales of boscia decreased 48.5% to ¥1,161 million due to sluggish wholesale sales to real stores.At its Research Institute, FANCL engages in basic technological and product development research on cosmetics, nutritional supplements, Hatsuga genmai (germinated brown rice), and Kale Juice in an effort to promote safety and functionality research with a focus on peace of mind and safety as well as the development of products based on scientific evidence. In addition to leveraging its Yahho System, which collates and analyzes customer feedback received directly through the customer service center, in the development of products, FANCL also undertakes a wide range of research and development activities, including joint research with many domestic and international research institutions and participation on industry-government-academia collaboration projects. The Company maintains a total complement of 210 researchers, many of whom have acquired Ph.Ds. in such fields as Sales(¥ billion)Operating income/Operating margin(¥ billion)15.0Research and development expenses/Ratio of research and development expenses to salesNutritional Supplements BusinessNutritional supplement sales increased 1.6%, to ¥38,471 million.Although sales of Naishi Support (Weight and body fat care) and Calolimit® were lower year on year, sales of Age Bracket-Based Supplements grew significantly, particularly in the overseas channel, resulting in an increase in overall sales.Other BusinessesOther businesses sales decreased 16.9% year on year to ¥6,710 million.In addition to a decrease in sales of Hatsuga genmai (germinated brown rice) and Kale Juice, Other sales also decreased as a result of an absence of sales of non-woven masks, which were sold in the previous period.FY2018(Fiscal years ended March 31)FY2018(Fiscal years ended March 31)(¥ billion)4.0FY2018(Fiscal years ended March 31)* Results are reclassified under “Accounting Standard for Revenue Recognition,” etc.■ Nutritional Supplements Business ■ Other Businesses■ Cosmetics BusinessFY2019FY2020FY2021(after reclassification)■ Operating income ■ Operating marginFY2019FY2020FY2021(after reclassification)■ Research and development expenses■ Ratio of research and development expenses to salesFY2019FY2020FY2021(after reclassification)FY2021*FY2022(%)15.0FY2021*FY2022(%)5.0FY2021*FY2022Management Discussion and Analysis
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