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Becoming the “Global Number One” manufacturer of baby and child care products

Last year marked the 60th anniversary of our founding in 1957. Guided by our Corporate Philosophy of “Love” and our Credo that “Only love can beget love,” we have continued to grow our business. I would like to thank all stakeholders—shareholders and other investors, business partners, and employees—for your patronage and support.
The fiscal year ended January 31, 2018 was the first year of our Sixth Medium-Term Business Plan. Thanks to your support, we posted consolidated net sales of ¥102,563 million (up 8.4% year on year), operating income of ¥19,412 million (up 21.2%), and ordinary income of ¥20,129 million (up 22.3%). We achieved business growth thanks to healthy performances mainly in Japan, China, Europe, and North America.
Pigeon Way embodies our Corporate Philosophy, Vision, Corporate Mission, and Values. Deeply shared and embraced by our domestic and overseas employees and incorporated into their day-to-day tasks, Pigeon Way has helped produce solid business outcomes. We have also been acclaimed for various other initiatives. In January 2016, for example, we received the most prestigious “Grand Prize” at the fiscal 2015 “Corporate Value Improvement Awards” hosted by the Tokyo Stock Exchange (TSE). And in December 2016, we received the “Porter Prize,” which is bestowed on businesses that have achieved and maintain high profitability by practicing exceptional strategies with unique characteristics.
In March 2017, we announced our Sixth Medium-Term Business Plan, covering the period from February 2017 to January 2020. The slogan of the plan is “Building our dreams into the future—By creating a bridge towards Global Number One manufacturer of baby products.” Under the plan, we have set three basic strategies aimed at enhancing social value and economic value. In the fiscal year ending January 2020, the final year of the plan, we are targeting consolidated net sales of ¥110.0 billion (representing average annual growth of 5.1% compared with ¥94.6 billion in the year to January 2018), operating income of ¥20.0 billion, ordinary income of ¥20.0 billion, return on equity (ROE) of 22.0% or higher, and return on invested capital (ROIC; calculated by dividing NOPAT by capital invested, with an applicable tax rate of 30.0%) of 20.0% or higher.
By actively implementing our Sixth Medium-Term Business Plan, we will strive to enhance corporate value from the perspectives of both social value and economic value. We look forward to your continued support.

Shigeru Yamashita
President and COO
Pigeon Corporation