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Changes in Accounting Standards

Change in Accounting Period

Upon receipt of approval of the “Partial Amendments to the Articles of Incorporation” at the ordinary general meeting of shareholders held on June 28, 2012, Kao Corporation changed its fiscal year end from March 31 to December 31 as of the period ended December 2012.
Accordingly, the term of consolidation for the fiscal year ended December 2012 was the nine-month period from April 1, 2012 to December 31, 2012 for subsidiaries whose fiscal year end was previously March 31. The term of consolidation for subsidiaries whose fiscal year end was December 31 was unchanged from the twelve-month period from January 1, 2012 to December 31, 2012.

Voluntary Adoption of International Financial Reporting Standards

Having decided that unifying accounting standards within the Kao Group will contribute to improving the quality of its business management, the Kao Group voluntarily adopted International Financial Reporting Standards (IFRS) from the first quarter of fiscal 2016. This has enabled management based on standardized procedures and information for each Group company and business, and the Kao Group intends to reinforce its management foundation in order to increase its corporate value as a global company. The Kao Group also believes that the application of IFRS will facilitate the international comparability of its financial statements in capital markets.

Changes in Reportable Segments and Reorganization of the Sales Organization

As of fiscal 2018, the following changes have been made.

  1. The Beauty Care Business has been divided into the Cosmetics Business and the Skin Care and Hair Care Business, changing the four former reportable segments into five.
  2. The Curél derma care brand, which formerly had been classified as skin care and hair care products, has been included in the Cosmetics Business, and the Success men's products brand, which formerly had been classified in the Human Health Care Business, has been included in the Skin Care and Hair Care Business.
  3. The sales organization of the Consumer Products Business in Japan has been reorganized.

Segment information for fiscal 2017 has been restated to reflect the above changes.

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