SHOEI CO., LTD.Presentation

November 22, 2019

FY 2019 Results Summary☆ Sales volume rose by 37,000 units, mainly for Europe and North

America. Brisk sales of new products and a rise in product unit prices resulted in an increase of consolidated net sales by ¥1,467 million.

☆ Despite a rise in manufacturing costs and SG&A expenses, a rise in selling unit prices and growth in productivity resulting from improvement activities pushed operating income up by ¥469 million.

☆ As a result, profit attributable to owners of parent reached a new record high at ¥2,935 million.

☆ As negative impacts of the rising yen (from ¥127.91 at the end of June to ¥122.49 against the euro) were covered by strong sales, profit from consolidated subsidiaries reached ¥752 million. (It stood at ¥483 million for the previous fiscal year.)

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Key Events in FY 2019

• The subsidiary in Germany started direct sales in the Swedish market.(Annual sales volume: Approx. 6,000; Net sales:

¥211.6 million)• Transactions restarted after acquisition of China’s

CCC certification. (Annual volume: Approx. 17,000; Net sales: ¥525

million)4 models acquiring CCC certification

12 models sold before CCC certification-2-

（３）The trend of Exchange Rate

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90.00

100.00

110.00

120.00

130.00

140.00

150.00

EUR

EUR(Average rate)

USD

USD(Average rate)

【YEN】

Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18

（１） Consolidated Statements of Income (Millions of yen)

Notes:The net income per share is calculated using the weighted average number of shares (excludingtreasury stock) during the period.

The Fiscal Year Ended Sep. 30, 2018

Oct.17-Sept.18

Oct.18-Sept.19 Changes from Previous year(％)

N e t S a l e s 17,148 18,616 +8.6O p e r a t i n gI n c o m e 3,734 4,203 +12.6O r d i n a r yI n c o m e 3,772 4,179 +10.8Profit attributablet o o w n e r s o fp a r e n t 2,578 2,935 +13.9N e t I n c o m ep e r S h a r e ¥187.21 ¥213.15 +13.9D i v i d e n dp e r S h a r e ¥93.00 ¥106.00 +14.0

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0

5,000

10,000

15,000

20,000

The 58th The 59th The 60th The 61st The 62nd The 63rd

Sales Net income

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(Millions of yen) (Millions of yen)4,000

3,000

2,000

1,000

（２） Change of Sales and Net Income Indicator

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New Products during the 63nd Fiscal Year

＜ EX-ZERO ＞Vintage style full-face model

【Japan】Launching in November 2018

Suggested Retail Price : YEN 38,000 ～ YEN 46,000 (Excluding Sales Tax)

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＜ GT-Air Ⅱ＞Full Face Helmet equipped with Sun Visor

【Europe】Launching in March 2019

(Initial Shipment : January 2019)Suggested Retail Price

Germany, France : EUR499.00 ～EUR629.00(Including VAT (Tax))

GT-Air : EUR479.00 ～ EUR579.00(Including VAT(Tax))

【North America】Launching in April 2019

(Initial Shipment : January 2019 )Suggested Retail Price : US$599.00

～US$699.00 (Excluding Sales Tax)GT-Air : US$549.99 ～ US$670.99(Excluding Sales Tax)

【Japan】Launching in May 2019Suggested Retail Price : YEN51,000～ YEN59,000

GT-Air : YEN45,000 ～ YEN56,000(Excluding Sales Tax)

（４）Consolidated Balance Sheets

Sept.30,2018 Sept.30,2019C a s h a n d D e p o s i t s 8,115 9,018 （ +903）A c c o u n t R e c e i v a b l e 2,179 2,233 （ +54）I n v e n t o r y 2,508 2,592 （ +84）O t h e r C u r r e n t A s s e t s 713 834 （ +120）T o t a l C u r r e n t A s s e t s 13,516 14,679 （+1,162）T o t a l F i x e d A s s e t s 3,238 3,572 （ +333）T o t a l A s s e t s 16,755 18,252 （+1,469）C u r r e n t L i a b i l i t i e s 2,296 2,240 （ －56）F i x e d L i a b i l i t i e s 799 946 （ +146）T o t a l L i a b i l i t i e s 3,096 3,186 （ +90）S h a r e h o l d e r s ‘ E q u i t y（ C a p i t a l S t o c k ）（ T r e a s u r y S t o c k ）

14,111（1,394）（－ 1）

15,765（1,394）（－ 1）

（+1,654）（ － ）（ － 0）

T o t a l N e t A s s e t s13,659（- 278）

15,065（- 511）

（+1,406）（ －233）

T o t a l L i a b i l i t i e s a n dT o t a l N e t A s s e t s 16,755 18,252 （+1,496）

S h a r e h o l d e r ’ s E q u i t y R a t i o 81.5% 82.5%

(Millions of Yen)

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（５） Financial Indicator

(Millions of yen)

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☆ The helmet sales volume target is set at 576,000 units, up 16,000 from the previous fiscal year. In view of current strong orders and a scheduled launch of a promising new model this fiscal year, this target is considered attainable.

☆ Meanwhile, SG&A expenses are forecast to grow on the whole and profit from consolidated subsidiaries was firmly estimated (down from ¥752 million to ¥597 million). Consequently, a 9.1% profit slide is forecast.

☆ While minimizing sales expenses, we will carry out measures to be explained later with a view toward narrowing the profit decline and achieving a profit increase.

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FY 2020 Forecast Summary

☆ Foreign exchange sensitivity: ¥24 million in consolidated net sales, ¥9 million in profit for each movement of one yen against the US dollar¥62 million in consolidated net sales, ¥30 million in profit for each movement of one yen against the euro

* The figures above are presented as rough guides only. Actual figures may differ.

（１） Consolidated Statements of Income (Millions of yen)

Oct.18-Sept.19

Oct.19-Sept.20 Changes from Previous year(％)

N e t S a l e s 18,616 19,400 +4.2O p e r a t i n gI n c o m e 4,203 3,870 -7.9O r d i n a r yI n c o m e 4,179 3,880 -7.2Profit attributablet o o w n e r s o fp a r e n t 2,935 2,670 -9.0N e t I n c o m ep e r S h a r e ¥213.15 ¥193.88 -9.0D i v i d e n dp e r S h a r e ¥106.00 ¥96.00 -9.4

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Forecasts for the Fiscal Year Ending Sep. 30, 2020

Notes:1. The net income per share is calculated using the weighted average number of shares (excluding

treasury stock) during the period.2. The assumed exchange rates for the 2019 fiscal year are USD/JPY = 110.00 and EUR/JPY = 125.00.

0

4,000

8,000

12,000

16,000

20,000

Oct.17-Sep.18 Oct.18-Sep.19 Oct.19-Sep.20

(Millions of yen) Other Areas (11.7%)2,176 (changes +292)(70 Thousands units)

North America (15.5%)2,889(changes +122)(97 Thousands units)

Total 18,616(changes +1,467) (559 Thousands units)

Europe (48.3%)8,991(changes +1,081)(266 Thousands units)

Japan (24.5%)4,557 (changes -28) (125 Thousands units)

Total 17,148(521 Thousands units) Exchange rate US$=￥ 108.00 ( - ¥ 2.49)

EUR=￥120.00 ( - ¥ 3.47)

Total 19,400(changes + 783) (576 Thousands units)

（２） Consolidated Sales Composition by Region

(Forecast)

Other Areas (13.6%)2,645 (changes +468)(81 Thousands units)

North America (13.7%)2,654 (changes -235)(93 Thousands units)

Europe (49.6%)9,622 (changes +630) (273 Thousands units)

Japan (23.1%)4,479 (changes -78) (128 Thousands units)

Exchange rate US$=￥ 110.49 ( + ¥0.71)EUR=￥123.47 ( - ¥8.56)

Overseas (76.9%)14,921(changes + 862)(447 Thousands units)

Other Areas (11.0%)1,884(62 Thousands units)

North America (16.1%)2,767(90 Thousands units)

Europe (46.1%)7,910 (235 Thousands units)

Japan (26.7%)4,586(132 Thousands units)

Overseas (73.3%)12,562 (389 Thousands units)

Exchange rate US$=￥ 109.78EUR=￥132.03

Overseas (75.5%)14,058 (changes +1,496) (433 Thousands units)

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Graph1

Oct.17-Sep.18Oct.17-Sep.18Oct.17-Sep.18Oct.17-Sep.18

Oct.18-Sep.19Oct.18-Sep.19Oct.18-Sep.19Oct.18-Sep.19

Oct.19-Sep.20Oct.19-Sep.20Oct.19-Sep.20Oct.19-Sep.20

(Millions of yen)

国内売上高

欧州

北米

その他

4586.512005

7910.63091

2767.099944

1884.514671

4557.97661

8991.992836

2889.671372

2176.598918

4479

9622

2654

2645

Sheet1

Oct.17-Sep.18Oct.18-Sep.19Oct.19-Sep.20

国内売上高4,586.5120054,557.9766104,479.000000

欧州7,910.6309108,991.9928369,622.000000

北米2,767.0999442,889.6713722,654.000000

その他1,884.5146712,176.5989182,645.000000

Events due in FY 2020

☆ Launch of the company’s online store, which will not deal with helmets in the foreseeable future.

(Annual sales target: ¥22 million)☆ Setup of a sales subsidiary in Thailand.

(Annual targets: 4,000 units in sales volume, ¥197 million in sales)☆ Launch of a showroom☆ Active promotion of PFS☆ Check process for release of HUD helmets

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Asian Market Trends

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348 365

525

923

848

1,073 1,099

1,055

1,499

543501

397

509

614605

952

867926

0

400

800

1,200

1,600

Sept.11-Oct.12 Oct.12-Sept.13 Oct.13-Sept.14 Oct.14-Sept.15 Oct.15-Sept.16 Oct.16-Sept.17 Oct.17-Sept.18 Oct.18-Sept.19 Oct.19-Sept.20

Investment to Equipment & Facility DepreciationForecast

(Millions of Yen)

Capital Expenditures and Depreciation

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Main capital investments1. Mold 466,300 Thousands of Yen2. Cap bodies molding presses

104,000 Thousands of Yen3. Rebuilding of guard building

100,000 Thousands of Yen4. Open preform machines

68,000 Thousands of Yen-16-

Total 1,499,059 Thousands of YenCAPEX for the 64th Fiscal Year

Headquarters side

Strength of SHOEI

Plants side

Increase in unit prices of productsHigher added value and production streamlining are a pair of wheels for sustaining “Made in Japan.”

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Product Planning DepartmentProduct planningResearch (including new technologies)

Product Design DepartmentNew functionality, innovative design

Graphic Design DepartmentInnovative design

Production Engineering DivisionTransforming ideas for mass production

PlantsProductivity improvement

Procurement DepartmentCost management

Quality Control DepartmentResponse to standardsMaintenance of high quality

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②Increase in unit price by developing attractive new modelsIntroduction of New Products to the Market＜ J-CruiseⅡ ＞

Open Face Helmet equipped with Sun Visor【Europe】

Launching in December 2019 (*)(Initial Shipment : October 2019 (*) )

Suggested Retail PriceGermany, France : EUR479.00

～EUR579.00(Including VAT (Tax))

【North America】Launching in December 2019 (*)

(Initial Shipment : October 2019 (*) )Suggested Retail Price : US$549.00(Excluding Sales Tax)

【Japan】Launching in July 2019Suggested Retail Price : YEN49,000～ YEN56,000

(Excluding Sales Tax)

* Launch schedules are subject to change.

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【Europe】Launching in March 2020 (*)

(Initial Shipment : January 2020 (*) )Suggested Retail Price

Germany, France : EUR449.00 ～EUR549.00(Including VAT (Tax))

【Japan】Launching in 2020 (To be announced)

(Initial Shipment : To be announced )Suggested Retail Price : To be announced

* Launch schedules are subject to change.

＜ Glamster＞New Classic style Full Face Helmet

The trend of average unit price for motorcycles helmets

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（units） （Yen）Sales unit price

0

5,000

10,000

15,000

20,000

25,000

30,000

0

100

200

300

400

500

600

Sep.2006 Sep.2007 Sep.2008 Sep.2009 Sep.2010 Sep.2011 Sep.2012 Sep.2013 Sep.2014 Sep.2015 Sep.2016 Sep.2017 Sep.2018 Sep.2019

Sales unit

Unit price

33.9% Increase

Change of Employee

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0

100

200

300

400

500

600

700

Sep.2012 Sep.2013 Sep.2014 Sep.2015 Sep.2016 Sep.2017 Sep.2018 Sep.2019 Sep.2020

Regular employee Contract worker production quantity Sales per person(People)

Forecast

700

600

500

400

300

200

100

35,000

30,000

25,000

20,000

15,000

10,000

5,000

(Thousands units)(Yen)

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Marc Marquez

MotoGP2019 season 1st place2018 season 1st place2017 season 1st place2016 season 1st place2015 season 3rd place 2014 season 1st place2013 season 1st placeSales volume of the replica modelfor 63rd : 22.8 thousands units

Marc Marquez racing results &sales volume of the replica model

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Retain consumers by ＰＦＳ

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1. Maintaining Healthy Financial Positions (Protect Own Company by Ourselves)

2. We will develop and manufacture ultra first-class helmets that meet customers’ needs. A company moving contrary to customer needs would be pushed out of the market.

3. Maintain “Made in Japan,” focusing on higher value-added products and production rationalization.

4. Brand maintenance

5. Continuation of Investment

6. It takes 10 years to build a castle, but just one day for it to fall. We will not assign an irrational quota that could cause injustice.

Move forward steadily in a simple, honest manner, but without sidestepping the challenges in front of us.

7. Fair distribution of retained earnings• 50% dividend of profit after tax• Distribution to employees• Distribution to company (proper retained earnings kept)

8. We will study new businesses

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Maintaining Basic Policy for Medium and Long Term Stable Growth and Stable Profit

Conclusion Summary

SHOEI CO., LTD.�PresentationFY 2019 Results SummaryKey Events in FY 2019スライド番号 4スライド番号 5スライド番号 6スライド番号 7スライド番号 8スライド番号 9スライド番号 10FY 2020 Forecast Summaryスライド番号 12スライド番号 13Events due in FY 2020スライド番号 15スライド番号 16スライド番号 17スライド番号 18スライド番号 19スライド番号 20スライド番号 21スライド番号 22スライド番号 23スライド番号 24スライド番号 25スライド番号 26