Consolidated Financial Results for the First Quarter of FY2025 [J-GAAP](As of August 6, 2024)
Listed company name:
Listing:

NIPPN CORPORATIONThe Prime Market of Tokyo Stock Exchange

Code number:

2001

URL:

https://www.nippn.co.jp/en/index.html

Representative:

Toshiya Maezuru, President and Chief Operating Officer

Contact:
TEL:
Payment date of cash dividends:
Supplementary materials prepared:
Results information meeting held:

Koichiro Fukuyama, General Manager of Corporate Communications Group
03-3511-5307
—
None
None

*Amounts less than one million yen have been rounded down.
1. Consolidated financial results for the first quarter of FY2025 (From April 1, 2024 to June 30, 2024)(1) Consolidated operating results (cumulative)(Millions of yen, percentage figures show the rate of change from the same period of the previous year.)

Net Sales

Operating Income

Ordinary Income

Profit Attributable to
Owners of Parent

1Q of FY2025

101,969

3.4%

5,132

(5.8)%

6,543(2.1)%

9,433 110.6%

1Q of FY2024

98,631

14.4%

5,447 117.8%

6,687

74.7%

4,479

(Note) Comprehensive income:1Q of FY2025¥15,318 million (31.1%)

Profit per Share (Yen)

Fully Diluted Profit per
Share (Yen)

1Q of FY2025

120.98105.50

1Q of FY2024

57.47

50.19

64.3%

1Q of FY2024 ¥11,684 million (165.6%)(2) Consolidated financial position(Millions of yen)
Total Assets

Net Assets

Equity Ratio

1Q of FY2025

399,750

240,586

59.1

FY2024

386,692

228,28558.0¥236,334 million

FY2024 ¥224,115 million(Reference) Equity capital:

1Q of FY2025

2. Dividends
Dividends per Share (Yen)
1Q-end2Q-endFY2024—FY2025—

FY2025 (Forecast)

3Q-endYear-end

Full Year

28.00

—

38.00

66.00

33.00

—

33.00

66.00

(Note) Adjustment for the most recent forecast of the dividends in the current term: None
3. Forecast of consolidated financial results for FY2025 (From April 1, 2024 to March 31, 2025)(Millions of yen, percentage figures show the rate of changes from the same period of the previous year.)
Net Sales

Operating Income

Ordinary Income

Profit Attributable to
Owners of Parent

Profit per Share(Yen)

Half Year

205,000

3.0%

10,000(9.4)%

11,000 (12.3)%

13,00053.1%

166.73Full Year

412,000

2.9%

20,5000.8%

22,50024,000(9.0)%

307.80(3.4)%(Note) Adjustment for the most recent forecast of the consolidated financial results in the current term: None

* Notes(1) Significant changes in the scope of consolidation during the quarter under review: None
(2) Adoption of special accounting methods for preparation of quarterly consolidated financial statements: None
(3) Changes in accounting policies, accounting estimates, and retrospective restatements
1) Changes in accounting policies due to revisions of accounting standards: None2) Changes other than 1): None3) Changes in accounting estimates: None4) Retrospective restatements: None(4) Number of shares issued and outstanding (common stock)1) Number of shares outstanding at the end of each
1Q of FY2025
period (including treasury shares):
2) Number of treasury shares at the end of each period: 1Q of FY2025
3) Average number of shares (quarterly consolidated
1Q of FY2025
cumulative period):

78,824,009 shares FY2024

78,824,009 shares

851,428 shares FY2024

848,032 shares

77,972,600 shares 1Q of FY2024 77,939,275 shares(Note) The number of treasury shares at the end of the period includes the Company's shares (240,000 shares at the end of thefirst quarter of the year ending March 31, 2025) held by Custody Bank of Japan, Ltd. (Trust E Account). The numberof treasury shares deducted in calculating the average number of shares during the period includes the Company’s
shares (240,000 shares at the end of the first quarter of the year ending March 31, 2025) held by Custody Bank ofJapan, Ltd. (Trust E Account).
* Review of the accompanying quarterly consolidated financial statements by certified public accountants or an audit corporation:
None* Explanation regarding the appropriate use of projected financial results and other special instructions
Descriptions regarding the future, including the financial outlook contained in this material, are based on certain information
currently available to the Company and particular assumptions, which are, at the discretion of the Company, deemed reasonable,
and actual financial results may significantly vary due to various factors. Please refer to “1. Qualitative Information on Quarterly
Consolidated Financial Results, (3) Information on forecast of the consolidated financial results” on page 4 for information on
preconditions underlying the above outlook and other related information.

Contents
1. Qualitative Information on Quarterly Consolidated Financial Results ………………………………………………

2(1) Overview of business results …………………………………………………………………………………………

2(2) Overview of financial position ……………………………………………………………………………………….

4(3) Information on forecast of the consolidated financial results………………………………………………………

4

2. Quarterly Consolidated Financial Statements and Primary Notes…………………………………………………….

5(1) Quarterly consolidated balance sheets……………………………………………………………………………….

5(2) Quarterly consolidated statements of income and comprehensive income…………………………………………

7(Quarterly consolidated statements of income) ………………………………………………………………….

7(Quarterly consolidated statements of comprehensive income) ………………………………………………

8(3) Notes on quarterly consolidated financial statements…………………………………………………………….…

9(Notes on going concern assumption) ………………………………………………………………………………

9(Notes to significant changes in the amount of shareholders' equity) ……………………………………………

9(Notes on quarterly consolidated statements of cash flows) ………………………………………………………

9(Notes on segment information, etc.)……………………………………………………………………………….

10(Important subsequent events) ………………………………………………………………………………………

11

1

1. Qualitative Information on Quarterly Consolidated Financial Results(1) Overview of business results(Millions of yen)First three months of First three months of
Fiscal 2024
Fiscal 2025

Difference

ChangeNet sales

98,631

101,969

3,338

103.4%

Operating income

5,447

5,132

(315)

94.2%

Ordinary income

6,687

6,543

(143)

97.9%

Profit attributable toowners of parent

4,479

9,433

4,954

210.6%

During the first three months of the fiscal year ending March 31, 2025, the Japanese economy experienced
a moderate recovery due to an increase in demand, mainly driven by the expansion of inbound consumption,
and an improvement in the employment and income environment. On the other hand, we continued to pay
close attention to the impact on the Group's business environment of uncertain factors hindering economic
recovery, such as unstable international situations and financial trends, high raw material and energy prices
due to the historically low level of the yen in exchange rates, and consumers' increasing thriftiness in response
to rising prices.
In these circumstances, in accordance with our management philosophy of “Contributing to realization ofa sustainable society by pursuing the well-being (happiness, health, and smiles) of people,” we are striving toachieve sustainable enhancement of our corporate value.
We have been working to improve our marketing capabilities by reviewing our marketing strategy andimplementing organizational reforms through collaboration with Katana Inc. Since the previous fiscal year,
we have been working to strengthen sales of Oh’ My Premium brand (dried and frozen pasta), and these
efforts and the results of them were announced at the “Press Conference on Cooperation between NIPPN and
Katana Inc.” held in June of this year. In the first three months of fiscal 2025, we continued our efforts tostrengthen sales of the Oh’ My Premium brand while further activating the market under a strengthened
marketing organization.
In the first three months of fiscal 2025, net sales increased by 3.4% year-on-year to ¥101,969 million due
to factors such as the expansion of inbound consumption, price revisions implemented in the previous fiscal
year in response to rising production costs, and growth in sales volume of Oh’ My Premium brand products.
In terms of profit, operating income decreased by 5.8% year-on-year to ¥5,132 million and ordinary income
decreased by 2.1% year-on-year to ¥6,543 million due to an increase in strategic costs for sales expansion in
the food business and an increase in personnel and logistics costs in each business, despite an increase in sales
volume mainly of frozen foods and cost reductions through improved productivity, which contributed tohigher profits. On the other hand, due to extraordinary gains from the sale of idle land, profit for the quarter
attributable to owners of parent increased by 110.6% year-on-year, to ¥9,433 million.
The performance of individual business segments was as follows.

21) Flour Milling(Millions of yen)First three months of First three months of
Fiscal 2024
Fiscal 2025

Difference

ChangeNet sales

31,46630,623

(843)

97.3%

Operating income

2,199

2,314

114

105.2%In the Flour Milling business, sales prices of wheat bran, a by-product, remained firm, but the impact ofthe price revision for wheat flour following the reduction of the government selling price of foreign wheat in
October last year resulted in a decrease in net sales by 2.7% year-on-year to ¥30,623 million and an increasein operating income by 5.2% year-on-year to ¥2,314 million.
Due to the revision of the government selling price of foreign wheat in April of this year and rising logistics
costs, we have revised the price of wheat flour for commercial use since July of this year.
2) Food(Millions of yen)First three months of First three months of
Fiscal 2024
Fiscal 2025

Difference

ChangeNet sales

55,54058,8103,270

105.9%

Operating income

2,765

2,209

(555)

79.9%

In the professional-use category, demand increased mainly from restaurants owing to the expansion of
inbound consumption, leading to a year-on-year increase in sales of products in this category.
In the home-use food products category, sales increased year-on-year due to growth in sales volume ofdried pasta such as “Chewy and Delicious Spaghetti” by strengthening marketing strategies, and pricerevisions implemented in February in response to various cost increases.
In the frozen foods category, sales increased from the previous year due to price revisions in the previous
fiscal year, growth in frozen pasta sales volume through strengthened marketing strategies, and strong sales
volume of the “One Plate Meal” series, which comes in a tray and can be used as a complete meal by itself,
and the “Trendy Meal” series.
In the Nakashoku (Ready-made meal) business, sales remained at the same level as the previous year.
As a result, net sales of the Food segment increased by 5.9% year-on-year to ¥58,810 million, and operating
income decreased by 20.1% year-on-year to ¥2,209 million.
3) Other(Millions of yen)First three months of First three months of
Fiscal 2024
Fiscal 2025

Difference

ChangeNet sales

11,624

12,535911

107.8%

Operating income

489

601

112

122.9%

Sales of the pet food business increased from the previous year due to growth in sales volume of high-unitprice products, etc.
Sales of the food service business were higher than the level for the previous year, reflecting buoyant salesof products due to an increase in the number of customers.
As a result, net sales for the Other segment increased by 7.8% year-on-year to ¥12,535 million, andoperating income increased by 22.9% year-on-year to ¥601 million.

3(2) Overview of financial position(Millions of yen)
As of March 31, 2024 As of June 30, 2024

Difference

Current assets

157,759

162,813

5,054

Non-current assets

228,919

236,926

8,007

Deferred assets

13

10

(3)

Total assets

386,692

399,750

13,058Current liabilities

84,40382,554(1,849)Non-current liabilities

74,00276,6092,606

Total liabilities

158,406

159,164

757

Total net assets

228,285

240,586

12,300Total liabilities andnet assets

386,692

399,750

13,058

Total assets at the end of the first three months of fiscal 2025 increased by ¥13,058 million from the endof the previous fiscal year end (March 31, 2024), to ¥399,750 million. This was mainly due to increases of¥7,789 million in investment securities, ¥3,782 million in raw materials and supplies, ¥1,457 million inmerchandise and finished goods, ¥1,427 million in other current assets, and ¥743 million in notes andaccounts receivable - trade and contract assets, and a decrease of ¥2,363 million in cash and deposits.
Total liabilities increased by ¥757 million from the previous fiscal year-end to ¥159,164 million. This was
mainly due to increases of ¥4,381 million in notes and accounts payable - trade and ¥3,124 million in othernon-current liabilities, as well as decreases of ¥4,422 million in income taxes payable and ¥2,269 million inother current liabilities.
Net assets increased by ¥12,300 million from the previous fiscal year-end to ¥240,586 million. This was
mainly because retained earnings, unrealized holding gain (loss) on securities, and foreign currencytranslation adjustments increased by ¥6,455 million, ¥5,276 million, and ¥484 million, respectively.
(3) Information on forecast of the consolidated financial results
For the second quarter and beyond, the forecasts of the consolidated financial results for the first six months
and the full year of fiscal 2025 announced on May 14, 2024, have been unchanged.
With regard to dividends, we plan to pay total cash dividends of ¥66 per share for the full year ending
March 31, 2025, unchanged from the forecast.

4

2. Quarterly Consolidated Financial Statements and Primary Notes(1) Quarterly consolidated balance sheets(Millions of yen)
FY2024(As of March 31, 2024)
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade and contract
assetsMerchandise and finished goods
Work in process
Raw materials and supplies
Other current assets
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment, and vehicles, net
LandConstruction in progress
Other, net
Total property, plant, and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Deferred assets
Total assets-5-First quarter of FY2025(As of June 30, 2024)

45,594

43,23060,556

61,30023,185
123
20,7607,582(43)
157,759

24,642
135
24,5439,009(47)
162,81347,38322,16645,694
5,646
3,516
124,40747,27722,50245,707
5,705
3,560
124,752

998
1,424
2,423

951
1,378
2,329

90,618
11,766(296)
102,088
228,91913
386,692

98,408
11,723(287)
109,844236,926
10
399,750

(Millions of yen)
FY2024(As of March 31, 2024)
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term loans payable
Current portion of bonds
Income taxes payable
Provision for bonuses
Other
Total current liabilities
Non-current liabilities
Convertible bond-type bonds with subscription
rights to shares
Long-term loans payable
Retirement benefit liabilities
Accrued retirement benefits for directors
Provision for share awards for directors (and otherofficers)
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Unrealized holding gain (loss) on securities
Deferred gain (loss) on hedges
Foreign currency translation adjustments
Retirement benefit liability adjustments
Total accumulated other comprehensive income
Subscription rights to shares
Non-controlling interests
Total net assets
Total liabilities and net assets-6-

First quarter of FY2025(As of June 30, 2024)

33,786
18,873
128
7,513
909
23,19384,40338,16819,381
128
3,091
861
20,92482,55425,02025,015

17,207
3,808
379

16,823
3,723
310

73

97

27,51374,002
158,406

30,63876,609159,164

12,2409,762
151,492(1,317)
172,177

12,2409,762
157,947(1,318)
178,632

46,122
19
3,131
2,663
51,937221
3,948
228,285
386,692

51,398
77
3,616
2,609
57,701
221
4,030
240,586
399,750

(2) Quarterly consolidated statements of income and comprehensive income(Quarterly consolidated statements of income)(Millions of yen)First quarter of FY2024(From April 1, 2023
to June 30, 2023)
Net Sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sale of fixed assets
Gain on sale of investment securities
Total extraordinary income
Extraordinary expenses
Loss on sale and disposal of fixed assets
Loss on sale of investment securities
Loss on sale of shares of subsidiaries and associates
Other
Total extraordinary expenses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent-7-

First quarter of FY2025(From April 1, 2024
to June 30, 2024)

98,63175,65022,98017,532
5,447

101,969
77,346
24,623
19,490
5,132

17
1,012
295
1,325

16
1,113
388
1,519

45
40
86
6,687

53
54
107
6,543

36
13
49

6,832
78
6,910

44
—
239
46
331
6,406
1,160
690
1,851
4,554
75
4,479

14
5
—
0
19
13,434
3,006
879
3,886
9,548
114
9,433

(Quarterly consolidated statements of comprehensive income)(Millions of yen)First quarter of FY2024(From April 1, 2023
to June 30, 2023)
ProfitOther comprehensive income (loss)
Unrealized holding gain (loss) on securities
Deferred gain (loss) on hedges
Foreign currency translation adjustments
Retirement benefit liability adjustments
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income (loss)
Comprehensive income(Comprehensive income attributable to)Comprehensive income attributable to owners ofparentComprehensive income (loss) attributable to noncontrolling interests-8-First quarter of FY2025(From April 1, 2024
to June 30, 2024)

4,554

9,548

6,772
104
268
(4)

5,281
56
411
(53)

(11)

73

7,129
11,6845,770
15,318

11,597

15,19786

120

(3) Notes on quarterly consolidated financial statements(Notes on going concern assumption)
Not applicable.
(Notes on significant changes in the amount of shareholders' equity)
Not applicable.
(Notes on quarterly consolidated statements of cash flows)
Quarterly consolidated statements of cash flows for the first quarter of fiscal 2025 have not been prepared. Depreciation(including amortization related to intangible assets excluding goodwill) and amortization of goodwill for the first quarter of fiscal
2024 and fiscal 2025 are as follows.
First quarter of FY2024(From April 1, 2023 to June 30, 2023)
Depreciation¥2,375 million

Amortization of goodwill

47

-9-

First quarter of FY2025(From April 1, 2024 to June 30, 2024)¥2,561 million
47

(Notes on segment information, etc.)[Segment information]
I

First Quarter of FY2024 (From April 1, 2023 to June 30, 2023)
1. Information on sales and income (loss) by reportable segment and composition of revenue(Millions of yen)
Reportable segments
Flour Milling

Other
Notes: 1

Total

Adjustments
Notes: 2

Amount recordedin quarterly
consolidated
financialstatements
Notes: 3

Food

Total

31,46655,52886,995

11,384

98,380—98,380

—

11

11

239

250

—

250

31,46655,54087,006

11,624

98,631—

98,631

689

266

955

851

1,806

(1,806)—

Total

32,15555,80687,962

12,475

100,438(1,806)

98,631

Segment income

2,199

2,765

4,965

489

5,455

(7)

5,447

Net sales
Revenue from contracts
with customers
Other revenue
Net sales to externalcustomers
Internal sales or transfers
between segments

Notes: 1. The “Other” column indicates businesses not included in the reportable segments, including pet food, healthfood, engineering, food service business, and real estate business.
2. Segment income adjustment of ¥(7) million refers to elimination of inter-segment transactions.
3. Segment income is adjusted to reconcile total segment income to operating income in the quarterly consolidated
financial statements.
2. Information on Impairment losses on non-current assets, goodwill, etc. by reportable segment
Not applicable.
II

First quarter of FY2025 (From April 1, 2024 to June 30, 2024)
1. Information on sales and income (loss) by reportable segment and composition of revenue(Millions of yen)

Adjustments
Notes: 2

Amountrecorded inquarterly
consolidated
financialstatements
Notes: 3

Reportable segments

Flour Milling

Other
Notes: 1

Total

Food

Total

30,62358,79889,422

12,293

101,715—

101,715

—

11

11

242

253

—

253

30,62358,81089,434

12,535

101,969—

101,969

643

329

973

858

1,831

(1,831)—

Total

31,267

59,13990,407

13,393103,800(1,831)

101,969

Segment income

2,314

2,209

4,524

601

5,126

5

5,132

Net sales
Revenue from contracts
with customers
Other revenue
Net sales to externalcustomers
Internal sales or transfers
between segments

Notes: 1. The “Other” column indicates businesses not included in the reportable segments, including pet food, healthfood, engineering, food service business, and real estate business.
2. Segment income adjustment of ¥5 million refers to elimination of inter-segment transactions.
3. Segment income is adjusted to reconcile total segment income to operating income in the quarterly consolidated
financial statements.
2. Information on Impairment losses on non-current assets, goodwill, etc. by reportable segment
Not applicable.

- 10 -(Important subsequent events)(Establishment of subsidiary)
At a meeting of the Board of Directors held on July 23, 2024, we resolved to establish a subsidiary in the Socialist
Republic of Vietnam.
For details, please refer to the “NIPPN Vietnam Company Limited to Be Established outside Ho Chi Minh City, Socialist
Republic of Vietnam -Premix Plant Scheduled to Start Operation in 2027-” released on July 23, 2024.

- 11 -