2014 º Ø 4 ) )¼ - shiseido · ó > u j u u u > o n n u > u j t p n > o n n u > z...

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| 1 2014 | 2 ROE 9.4 105.9 8.4 140.4 8.3 17.2 8.1

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Page 1: 2014 º Ø 4 ) )¼ - Shiseido · ó > U J U U U > O N N u > U J T P N > O N N u > z O S T > z P L O u > u P L N u > | 8 e e ¾ ¥ ã Î d % r > w Ì x O S M Q > A > z > - 0 T > Ý

| 1

2014

| 2

� ROE �

9.4 105.9 8.4 140.4 8.3 17.2

8.1

Page 2: 2014 º Ø 4 ) )¼ - Shiseido · ó > U J U U U > O N N u > U J T P N > O N N u > z O S T > z P L O u > u P L N u > | 8 e e ¾ ¥ ã Î d % r > w Ì x O S M Q > A > z > - 0 T > Ý

| 3

2014/3 2015/3

( )

| 4

Page 3: 2014 º Ø 4 ) )¼ - Shiseido · ó > U J U U U > O N N u > U J T P N > O N N u > z O S T > z P L O u > u P L N u > | 8 e e ¾ ¥ ã Î d % r > w Ì x O S M Q > A > z > - 0 T > Ý

| 5

3Q 4Q

1 2 3

-15

-10

-5

0

5

10

4

1

11

+10

+6

| 6

Page 4: 2014 º Ø 4 ) )¼ - Shiseido · ó > U J U U U > O N N u > U J T P N > O N N u > z O S T > z P L O u > u P L N u > | 8 e e ¾ ¥ ã Î d % r > w Ì x O S M Q > A > z > - 0 T > Ý

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Page 5: 2014 º Ø 4 ) )¼ - Shiseido · ó > U J U U U > O N N u > U J T P N > O N N u > z O S T > z P L O u > u P L N u > | 8 e e ¾ ¥ ã Î d % r > w Ì x O S M Q > A > z > - 0 T > Ý

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� �

� QVC

| 10

Page 6: 2014 º Ø 4 ) )¼ - Shiseido · ó > U J U U U > O N N u > U J T P N > O N N u > z O S T > z P L O u > u P L N u > | 8 e e ¾ ¥ ã Î d % r > w Ì x O S M Q > A > z > - 0 T > Ý

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2015/3 2014/12 US$120.5 €146.5 19.3 2014/3 2013/12 US$105.4 €145.0 17.4

| 12

437

14/3 11/3 12/3 13/3 15/3

321

115

437

584

54

94

△ 500

△△ 400

△ 300

△ 200

△△ 100

0

100

200

300

400

500

15/3 14/3

1,219 1,289

1,069 1,559

150 270

Page 7: 2014 º Ø 4 ) )¼ - Shiseido · ó > U J U U U > O N N u > U J T P N > O N N u > z O S T > z P L O u > u P L N u > | 8 e e ¾ ¥ ã Î d % r > w Ì x O S M Q > A > z > - 0 T > Ý

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Page 8: 2014 º Ø 4 ) )¼ - Shiseido · ó > U J U U U > O N N u > U J T P N > O N N u > z O S T > z P L O u > u P L N u > | 8 e e ¾ ¥ ã Î d % r > w Ì x O S M Q > A > z > - 0 T > Ý
Page 9: 2014 º Ø 4 ) )¼ - Shiseido · ó > U J U U U > O N N u > U J T P N > O N N u > z O S T > z P L O u > u P L N u > | 8 e e ¾ ¥ ã Î d % r > w Ì x O S M Q > A > z > - 0 T > Ý
Page 10: 2014 º Ø 4 ) )¼ - Shiseido · ó > U J U U U > O N N u > U J T P N > O N N u > z O S T > z P L O u > u P L N u > | 8 e e ¾ ¥ ã Î d % r > w Ì x O S M Q > A > z > - 0 T > Ý
Page 11: 2014 º Ø 4 ) )¼ - Shiseido · ó > U J U U U > O N N u > U J T P N > O N N u > z O S T > z P L O u > u P L N u > | 8 e e ¾ ¥ ã Î d % r > w Ì x O S M Q > A > z > - 0 T > Ý

*

* *

Page 12: 2014 º Ø 4 ) )¼ - Shiseido · ó > U J U U U > O N N u > U J T P N > O N N u > z O S T > z P L O u > u P L N u > | 8 e e ¾ ¥ ã Î d % r > w Ì x O S M Q > A > z > - 0 T > Ý

2015 2017

2018 2020

Page 13: 2014 º Ø 4 ) )¼ - Shiseido · ó > U J U U U > O N N u > U J T P N > O N N u > z O S T > z P L O u > u P L N u > | 8 e e ¾ ¥ ã Î d % r > w Ì x O S M Q > A > z > - 0 T > Ý

••

•••••

Page 14: 2014 º Ø 4 ) )¼ - Shiseido · ó > U J U U U > O N N u > U J T P N > O N N u > z O S T > z P L O u > u P L N u > | 8 e e ¾ ¥ ã Î d % r > w Ì x O S M Q > A > z > - 0 T > Ý

•• •

Page 15: 2014 º Ø 4 ) )¼ - Shiseido · ó > U J U U U > O N N u > U J T P N > O N N u > z O S T > z P L O u > u P L N u > | 8 e e ¾ ¥ ã Î d % r > w Ì x O S M Q > A > z > - 0 T > Ý
Page 16: 2014 º Ø 4 ) )¼ - Shiseido · ó > U J U U U > O N N u > U J T P N > O N N u > z O S T > z P L O u > u P L N u > | 8 e e ¾ ¥ ã Î d % r > w Ì x O S M Q > A > z > - 0 T > Ý
Page 17: 2014 º Ø 4 ) )¼ - Shiseido · ó > U J U U U > O N N u > U J T P N > O N N u > z O S T > z P L O u > u P L N u > | 8 e e ¾ ¥ ã Î d % r > w Ì x O S M Q > A > z > - 0 T > Ý

••

Page 18: 2014 º Ø 4 ) )¼ - Shiseido · ó > U J U U U > O N N u > U J T P N > O N N u > z O S T > z P L O u > u P L N u > | 8 e e ¾ ¥ ã Î d % r > w Ì x O S M Q > A > z > - 0 T > Ý
Page 19: 2014 º Ø 4 ) )¼ - Shiseido · ó > U J U U U > O N N u > U J T P N > O N N u > z O S T > z P L O u > u P L N u > | 8 e e ¾ ¥ ã Î d % r > w Ì x O S M Q > A > z > - 0 T > Ý

•••

••

Page 20: 2014 º Ø 4 ) )¼ - Shiseido · ó > U J U U U > O N N u > U J T P N > O N N u > z O S T > z P L O u > u P L N u > | 8 e e ¾ ¥ ã Î d % r > w Ì x O S M Q > A > z > - 0 T > Ý

Page 21: 2014 º Ø 4 ) )¼ - Shiseido · ó > U J U U U > O N N u > U J T P N > O N N u > z O S T > z P L O u > u P L N u > | 8 e e ¾ ¥ ã Î d % r > w Ì x O S M Q > A > z > - 0 T > Ý
Page 22: 2014 º Ø 4 ) )¼ - Shiseido · ó > U J U U U > O N N u > U J T P N > O N N u > z O S T > z P L O u > u P L N u > | 8 e e ¾ ¥ ã Î d % r > w Ì x O S M Q > A > z > - 0 T > Ý

�ROE � �

2.6 115 9 130 7 18 5

10 10 20

Page 23: 2014 º Ø 4 ) )¼ - Shiseido · ó > U J U U U > O N N u > U J T P N > O N N u > z O S T > z P L O u > u P L N u > | 8 e e ¾ ¥ ã Î d % r > w Ì x O S M Q > A > z > - 0 T > Ý

3 VS 3 CAGR

ROE 9 10%

( )

Page 24: 2014 º Ø 4 ) )¼ - Shiseido · ó > U J U U U > O N N u > U J T P N > O N N u > z O S T > z P L O u > u P L N u > | 8 e e ¾ ¥ ã Î d % r > w Ì x O S M Q > A > z > - 0 T > Ý

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Page 25: 2014 º Ø 4 ) )¼ - Shiseido · ó > U J U U U > O N N u > U J T P N > O N N u > z O S T > z P L O u > u P L N u > | 8 e e ¾ ¥ ã Î d % r > w Ì x O S M Q > A > z > - 0 T > Ý

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Page 26: 2014 º Ø 4 ) )¼ - Shiseido · ó > U J U U U > O N N u > U J T P N > O N N u > z O S T > z P L O u > u P L N u > | 8 e e ¾ ¥ ã Î d % r > w Ì x O S M Q > A > z > - 0 T > Ý

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�ROE � �

2.6 115 9 130 7 18 5

10 10 20

2015 2015 12 2014 2015 3 ( 9 12 )

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1 2 15/12 3 9 15/3

Page 27: 2014 º Ø 4 ) )¼ - Shiseido · ó > U J U U U > O N N u > U J T P N > O N N u > z O S T > z P L O u > u P L N u > | 8 e e ¾ ¥ ã Î d % r > w Ì x O S M Q > A > z > - 0 T > Ý

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Page 28: 2014 º Ø 4 ) )¼ - Shiseido · ó > U J U U U > O N N u > U J T P N > O N N u > z O S T > z P L O u > u P L N u > | 8 e e ¾ ¥ ã Î d % r > w Ì x O S M Q > A > z > - 0 T > Ý

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Page 29: 2014 º Ø 4 ) )¼ - Shiseido · ó > U J U U U > O N N u > U J T P N > O N N u > z O S T > z P L O u > u P L N u > | 8 e e ¾ ¥ ã Î d % r > w Ì x O S M Q > A > z > - 0 T > Ý