(Translated)

May 02, 2024

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2024
(Japanese Accounting Standards)
Company name:
Stock exchange listing:Stock code:
URL:
Representative:
Contact:

ITOHAM YONEKYU HOLDINGS INC.
Tokyo Stock Exchange2296

https://www.itoham-yonekyu-holdings.com

Isao Miyashita, President and Chief Executive Officer
Hideaki Shinohara, General Manager, Public &Investor Relations OfficeTel. +81-3-5723-6889
June 26, 2024
Scheduled date for general shareholders' meeting:June 26, 2024
Scheduled date for filing of securities report:
Scheduled date of commencement of dividend payment: June 10, 2024
Supplementary documents for financial results:
Yes
Quarterly results briefing:
Yes (For institutional investors, analysts)(Amounts of less than one million yen are truncated)

1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023–March 31, 2024)(1) Consolidated Results of Operations

Fiscal year ended
March 31, 2024
March 31, 2023
(Note) Comprehensive income:(% figures show year-on-year change)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Million Yen% Million Yen% Million Yen% Million Yen%
955,580
22,33626,036
15,553
3.6
(2.9)
(0.0)
(8.4)
922,682
22,994
26,044
16,975 (11.2)
8.0
(6.6)
(8.9)
23,882 million Yen
Fiscal Year ended March 31, 2024
18,262 million Yen
Fiscal Year ended March 31, 2023
Profitper share

Diluted profit
per share

Ordinary profit tototal assets

Return on Equity

Fiscal year ended
Yen
Yen
273.24273.14
March 31, 2024
294.07293.96
March 31, 2023
(Reference) Equity in income or losses of affiliates:
Fiscal Year ended March 31, 2024
Fiscal Year ended March 31, 2023

%
5.6
6.4

30.8 %(16.9) %Operating profit
to net sales

%
5.8
6.1
522 million Yen
439 million Yen

%
2.3
2.5

(Note) As the effective date on October 1 2023, we have completed a share consolidation (combining 5 shares of common stock into 1 share).
In regard to above Profit per share and Diluted profit per share, it shows on the assumption of the share consolidation be carried out
at the beginning of previous fiscal year.

(2) Consolidated financial position

As of March 31, 2024
As of March 31, 2023
(Reference) Shareholders’ equity:

Total assets
Net assets
Million Yen
Million Yen
462,570
285,326
436,763
269,261
As of March 31, 2024
As of March 31, 2023

Equity ratio

Net assets per share
%
Yen
61.5
5,018.37
61.5
4,717.02
284,616 million Yen
268,608 million Yen(Note) As the effective date on October 1 2023, we have completed a share consolidation (combining 5 shares of common stock into 1 share).
In regard to Net assets per share, it shows on the assumption of the share consolidation be carried out at the beginning of previous fiscal year.

(3) Consolidated cash flows
From operating
activities
Fiscal year ended
March 31, 2024
March 31, 2023

From investing
activities

Million Yen
29,392
3,947

Million Yen(16,014)(22,926)

Cash and cash
equivalents at the endof fiscal year
Million Yen
Million Yen(13,278)
22,917(6,844)22,359From finacing
activities

2. Dividends
Dividend per share

Fiscal year ended
March 31, 2023
March 31, 2024
Fiscal year ending
March 31, 2025
(Forecast)First
quarter-end

Secondquarter-end

Thirdquarter-end

Yen
―
―

Yen
0.00
0.00

―
―

Yen
24.00
125.00

―

70.00

―

75.00

Yen

Fiscalyear-end

Total amount
Dividends to
Payout ratioof
Net assets ratio(consolidated)
cash
Total
(consolidated)
dividends
Yen Million Yen
%
%
24.00
6,833
40.8
2.6
―
7,089
45.7
2.6
145.00(Note) As the effective date on October 1 2023, we have completed a share consolidation (combining 5 shares of common stock into 1 share).
The forecast for the Total annual divident is shown as "－ en dush " because simple sum is not appropriate.

51.4

(Translated)
3. Forecast of Consolidated Financial Results for the Fiscal Year Ending March 31, 2025
(April 1, 2024 to March 31, 2025)
Net SalesFirst Half
Full year

Million Yen
477,000
970,000

Operating profit
%
1.5
1.5

Million Yen
10,50025,000

%
(0.8)
11.9

(% figures show year-on-year change)
Profit attributable toOrdinary profit
Profit per shareowners of parent
Million Yen% Million Yen%
Yen
11,000 (10.6)
7,000
123.42(7.8)
26,50016,000282.111.8
2.9* Notes(1) Changes in significant subsidiaries during the term (changes in specific subsidiaries accompanied by a change in thescope of consolidation):
None
(2)

Changes in accounting policies, changes of accounting estimates and restatement(i)
Changes in accounting policies due to amendments to accounting standards:(ii) Other Changes in accounting policies:(iii) Changes in accounting estimates:(iv) Restatement:

None
None
None
None

(3) Numbers of shares outstanding (common stock)(i)
Numbers of issued shares at end of period:
57,471,011 shares
As of March 31, 2024 :
57,471,011 shares
As of March 31, 2023 :(ii) Numbers of treasury shares at end of period:
756,164 shares
As of March 31, 2024 :
526,552 shares
As of March 31, 2023 :(iii) Average number of shares outstanding during period:
56,922,455 shares
As of March 31, 2024 :
57,723,764 shares
As of March 31, 2023 :(Note) As the effective date on October 1 2023, we have completed a share consolidation (combining 5 shares of common stock into 1 share).
In regard to above (i) to (iii), it shows on the assumption of the share consolidation be carried out at the beginning ofthe previous fiscal year.

(Reference) Non-Consolidated Financial Results
Non-Consolidated Financial Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023–March 31, 2024)(1) Non-Consolidated Results of Operations(% figures show year-on-year change)

Fiscal year ended
March 31, 2024
March 31, 2023

Operating revenue

Operating profit

Ordinary profit

ProfitMillion Yen%
529,579 1,768.3
28,345 33.1

Million Yen%
1,967 (88.7)
17,383 10.1

Million Yen%
14,508 (16.8)
17,433 10.0

Million Yen%
40,539 144.8
16,588 15.3

Profit per share

Diluted profit
per share

Fiscal year ended
March 31, 2024
March 31, 2023

Yen
712.18286.86

Yen
711.93286.74(Note) As the effective date on October 1 2023, we have completed a share consolidation (combining 5 shares of common stock into 1 share).
In regard to above Profit per share and Diluted profit per share, it shows on the assumption of the share consolidation be carried out
at the beginning of previous fiscal year.

(2) Individual financial position

As of March 31, 2024
As of March 31, 2023
(Reference) Shareholders’ equity:

Total assets
Net assets
Million Yen
Million Yen
329,802
238,497242,708
205,609
As of March 31, 2024
As of March 31, 2023(% figures show year-on-year change)
Equity ratio
Net assets per share
%
Yen
72.3
4,203.85
84.7
3,609.34
238,420 million Yen
205,531 million Yen(Note) As the effective date on October 1 2023, we have completed a share consolidation (combining 5 shares of common stock into 1 share).
In regard to Net assets per share, it shows on the assumption of the share consolidation be carried out at the beginning of previous fiscal year.

* This Consolidated Financial Results is outside the scope of the external audit.
* Explanation for using the forecasted information and the other special notes(Notes concerning forward-looking statements, etc.)
This summary financial report contains forward-looking statements and forecasts are made based on information available to thecompany at the time of preparation and certain assumption deemed to reasonable and actual result may significantly due to various factors.
For assumptions used for earnings forecasts and notes on the use of earnings forecasts, please refer to “(4) Outlook”
under “1. Overview of Operating Results and Financial Position” on page “3”.
(Access to Supplementary Explanations)
We will disclose the materials on TD-net and our website on the same days as this financial results, and hold each conference on the following dates.
Financial results briefing conference via WEB : Thursday May 2, 2024
Lon-Term Management Strategy 2035 and Medium-Term Management Plan 2026 briefing conference via WEB : Thursday May 9, 2024

(Translated)

ITOHAM YONEKYU HOLDINGS INC. (2296)

Contents

1. Overview of Operating Results and Financial Position ………………………………………………………………………………………………………
2
2(1) Overview of operating results ………………………………………………………………………………………………………………………
3(2) Overview of financial positions ………………………………………………………………………………………………………………………
3(3) Overview of cash flows ………………………………………………………………………………………………………………………

3(4) Outlook ……………………………………………………………………………………………………………………………………………………

2.Basic Concept for the Selection of Accounting Standards ……………………………………………………………………………………………………
3

3. Consolidated Financial Statements and Key Notes …………………………………………………………………………………………………………
4

4(1) Consolidated balance sheets ………………………………………………………………………………………………………………………………

6(2) Consolidated statements of income and comprehensive income …………………………………………………………………………………………

8(3) Consolidated statement of changes in equity ………………………………………………………………………………………………………………

10(4) Consolidated statements of cash flows ……………………………………………………………………………………………………………………

12(5) Notes on the consolidated financial statements ……………………………………………………………………………………………………………

12(Notes on going concern assumptions) ………………………………………………………………………………………………………………………

12(Segment information) ………………………………………………………………………………………………………………………………………

14(Per share information) ………………………………………………………………………………………………………………………………………

14(Significant subsequent events) ………………………………………………………………………………………………………………………………

1

(Translated)

ITOHAM YONEKYU HOLDINGS INC. (2296)

1. Overview of Operating Results and Financial Position(1) Overview of operating results〇Domestic economic situation
The Japanese economic activities show slow recovery trend due to improvements of employment income enviroment and recoveryof personal consumption.
On the other hand, changing in resource prices and trends of financials/ foreign exchange markets affect domestic economy andprices as a background of global uncertainties.
〇Our industry situation (Meat Processing industry)
The business environment remained difficult condition due to rising raw material prices and logistics costs on top of persistently
high utility and packaging along with weakening yen. In addition, although consumer purchasing intentions temporarily improved
due to the normalization of economic activities. However, consumer confidence has began to stagnate and save the cost, because
incresing the overall living cost gradually. In these circumstances, the Group should respond to consumer needs and values that are
rapidly changing and diversifying, such as shift in consumer behavior, accelerated digitalization, and growing interest in
sustainability.
〇Our operating results and overview◇Consolidated operating results
Net sales

Operating profit

Million Yen%

Million Yen%

955,580

3.6

22,336(2.9)(% figures show year-on-year change)
Profit attributable toOrdinary profit
owners of parent
Million Yen%
Million Yen%

26,036(0.0)

15,553(8.4)

Measures of the Medium-Term Management Plan 2023
Strengthen management base
: Strategic-based reorganization , Promotion of digital strategy
Strengthen earnings base
: Reorganization of production and logistics bases, Enhancement of WAGYU exports
Initiatives for new businesses and markets: Strengthen Frozen foods, Expanding rage of Plant-based food products,
Strengthening Healthcare businessInitiatives for sustainability: Reducing greenhouse gas emissions, Conducting human rights due diligence,
Considering Animal welfare(% figures show year-on-year change)◇Operating results by reportable segment
Net Sales
Ordinary profit
Million Yen%
Million Yen%
Processed Food Division391,336

4.0

9,051

76.7

Meat Division564,227

3.2

18,131(17.7)<Processed Food Division>
・ Regarding Hams and Sausages, net sales increased driven by TV commercials and consumer campaigns to expand sales of the main
products for consumer products such as “The Grand Alt Bayern”, “Asano Fresh Series”, and “Gotenba Kogen Arabiki Pork”. on top ofincreased sales of business-use products for food service.
・ Regarding Cooked foods, net sales increased driven by expanded product range to accommodate more diversified consumer needs suchas pizza products of “La Pizza” and “Pizza Garden”, “Salad Chicken”, and soy-meat products of “Marude Oniku! Series”, on top ofincreased sales of business-use products for food service.
・ Net sales and ordinary profit of the Processed food division increased due to the price revisions and cost reduction efforts in a difficult
condition where raw material prices and logistics costs continue to rise.
<Meat Division>・ In domestic business, net sales amount increased driven by increasing sales volume due to strengthening domestic meat production
equipment and recovering foodservice demand. The profits increased as a result of value chain management connected with imported
beef and imported chicken mainly, despite the impact of remaining high compound feed prices and rising logistics costs including
storage fees.
・ In overseas business, net sales and ordinary profit decreased due to a decline in the sales prices of beef products at ANZCO Foods,
under the situation of the global beef demand dropped comparison with previous year.
・ Net sales of Meat Division increased, but ordinary profit declined due to the impact of the decrease in overseas business profit.

2

(Translated)

ITOHAM YONEKYU HOLDINGS INC. (2296)(2) Overview of financial positions(Assets, liabilities and net assets)
・ Total assets was 462,570 million yen, an increase of 25,807 million yen from the end of the previous consolidated fiscal year.
Increase factors: Increase in Accounts receivable-trade
・ Liabilities was 177,244 million yen, an increase of 9,743 million yen from the end of the previous consolidated fiscal year.
Increase factors: Increase in Short-term borrowings and Accounts payable - trade
Decrease factors: Repayment of Long-term borrowings
・ Net assets was 285,326 million yen, an increase of 16,064 million yen from the end of the previous consolidated fiscal year.
Increase factors: Increase in Retained earnings and Foreign currency translation adjustment(3) Overview of cash flows
・ The balance of cash and cash equivalents at end of period was 22,917 million yen, an increase of 558 million yen from the end of theprevious consolidated fiscal year (A decrease of 25,330 million yen in the previous year).
・ Cash flows from operating activities increased by 29,392 million yen (A increase of 3,947 million yen in the previous year).
Increase factors: Result of Profit before income taxes and increase in Trade payables
Decrease factors: Increase in Trade receivables
・ Cash flows from investing activities decreased by 16,014 million yen (A decrease of 22,926 million yen in the previous year).
Decrease factors: Acquisition of tangible assets
・ Cash flows from financing activities decreased by 13,278 million yen (An decrease of 6,844 million yen in the previous year).
Decrease factors: Repayments of long-term borrowings and Dividends paid
Increase factors: Increase in Short-term borrowings(4) Outlook(Million Yen)

(Million Yen)

(Million Yen)

Profitattributable toowners of parent(Million Yen)

Fiscal year ending March 31,2025

970,000

25,00026,50016,000282.11

Fiscal year ended March 31,2024

955,580

22,33626,036

15,553273.24

1.5

11.9

1.8

2.9

Change (%)

Net sales

Operating profit

Ordinary profit

Profit per share(Yen)

・ Although the domestic economy is currently performing well as it has made progress in emerging from the COVID-15 pandemic, thefuture remains uncertain due to rising costs due to high crude oil prices, exchange rate fluctuations based on interest rates andgeopolitical risks.
・ The business environment in this industry is expected to continue to be difficult, with raw material prices and utility costs expected toremain high.
・ The company determined our 2035 Approach toward our group philosophy and vision. At the same time, we backcasted from our 2035
Approach to formulate Long-Term Management Strategy 2035, and reflected in the Medium-Term Management Plan 2026 based on theLong-Term strategy, which is the higher-level policy.. For details, please refer to the explanatory materials released on the same day as
this Consolidated Financial Results.
・ As mentioned above, Forecast of Consolidated Financial Results for the Fiscal Year Ending March 31, 2025 is expected to be 970
billion yen in net sales, 25 billion yen in operating profit, 26.5 billion yen in ordinary profit, and 16 billion yen in profit attributable toowners of the parent.
・ The dividend policy is a progressive dividend with a DOE (Dividend On Equity ratio) of 3% or more, and the annual dividend per sharefor the fiscal year ending March 2025 is scheduled to be 145 yen including the interim dividend 70 yen.

2. Basic Concept for the Selection of Accounting Standards
For the time being, the Group prepares its consolidated financial statements in accordance with Japanese GAAP, considering thecomparability of the consolidated financial statements between periods and the comparability among companies. The Group will respond
appropriately to the application of International Financial Reporting Standards (IFRS), considering various conditions in Japan andoverseas.

3

(Tranlated)

ITOHAM YONEKYU HOLDINGS INC. (2296)

Consolidated Financial Statements and Key Notes(1) Consolidated balance sheets(Million Yen)
As of March 31, 2023
ASSETS
Current assets
Cash and deposits
Notes receivable-trade
Accounts receivable-trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
Tools, furniture & fixtures
Accumulated depreciation
Tools, furniture & fixtures, net
Land
Leased assets
Accumulated depreciation
Leased assets, net
Construction in progress
Others
Accumulated depreciation
Others, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Retirement benefit asset
Other
Allowance for doubtful accounts
Investments and other assets
Total non-current assets
Total Assets

4

As of March 31, 2024

22,736
81
95,24197,801
2,020
22,92015,681(20)
256,463

23,22585
110,900
100,198
1,981
23,292
12,381(28)
272,036

108,063(71,127)
36,935
135,652(106,560)
29,091
7,546(6,092)
1,454
26,368
6,873(4,075)
2,797
4,640
245
(59)
185
101,472

111,768(72,822)
38,945
142,475(110,131)
32,344
7,930(6,179)1,751
26,7207,179(4,317)
2,862
2,433
284
(76)
208
105,265

18,286
8,555
26,842

16,798
8,412
25,21030,302
1,202
706
15,3074,552(88)
51,984
180,299
436,763

34,6991,238
1,039
18,6255,232(777)
60,058
190,534
462,570

(Tranlated)

ITOHAM YONEKYU HOLDINGS INC. (2296)(Million Yen)
As of March 31, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Current portion of Long-term borrowings
Lease liabilities
Accounts payable - other
Income taxes payable
Accrued consumption taxes
Provision for bonuses
Provision for bonuses for directors (and other officers)
Provision for loss on disaster
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Lease liabilities
Deferred tax liabilities
Retirement benefit liability
Asset retirement obligations
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
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

5

As of March 31, 2024

66,978
1,991
32,062
10,126871
23,461
5,024
1,059
6,163
161
329
4,710
152,941

73,8301,347
39,815106913
28,520
3,892
1,639
6,365
169
－
4,632
161,234

446
2,166
5,703
1,653
1,469
3,121
14,560167,501

340
2,188
7,930
1,600
1,277
2,673
16,010177,244

30,00389,427140,066(1,841)
257,655

30,00389,430148,784(2,793)
265,424

6,708
(828)
2,237
2,835
10,952
77
576
269,261436,763

9,228
(366)
6,309
4,019
19,191
77
632
285,326
462,570

(Tranlated)

ITOHAM YONEKYU HOLDINGS INC. (2296)(2) Consolidated statements of income and comprehensive income
Consolidated statements of income(Million Yen)
Year EndedYear Ended
March 31, 2023
March 31, 2024
(Apr 1, 2022 - Mar 31, 2023） (Apr 1, 2023 - Mar 31, 2024）

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating Income
Interest income
Dividend income
Rental income
Insurance claim income
Subsidy income
Share of profit of entities accounted for using equity method
Other
Total non-operating income
Non-operating expenses
Interest expenses
Rental expenses on real estate
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Gain on reversal of provision incurred from businesscombination
Subsidies income for equipment
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Loss on sale of investment securities
Impairment loss
Provision of allowance for doubtful accounts
Loss on tax purpose reduction entry of non-current assets
Loss on closing plants
Temporary expenses of human resource system reforms
OthersTotal extraordinary losses
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

6922,682
792,556
130,126
107,131
22,994

955,580823,025
132,554
110,218
22,336

102
378
454
214
1,842
439
847
4,279

256
375
503
282
3,117
522
694
5,752

799
138
291
1,229
26,044

1,810
136
106
2,052
26,036

61
35

2
208

－

595

－
97

3,071
3,877

480
3
327
－
－
－
335
30
1,177
24,964
7,640
303
7,944
17,01944
16,975

1,693
431
91
614
3,071
1,024
－
473
7,400
22,513
6,899
2
6,902
15,611
58
15,553

(Tranlated)

ITOHAM YONEKYU HOLDINGS INC. (2296)

Consolidated statements of comprehensive income(Million Yen)
Year EndedYear Ended
March 31, 2023
March 31, 2024
(Apr 1, 2022 - Mar 31, 2023） (Apr 1, 2023 - Mar 31, 2024）

ProfitOther comprehensive income
Valuation difference on available-for- sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Share of other comprehensive income of entities accounted forusing equity method
Total other comprehensive income
Comprehensive income(Breakdown)Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests

7

17,01915,611

(21)
(980)
2,083
(744)

2,628
461
2,750
1,103

905

1,327

1,242
18,262

8,271
23,882

18,17784

23,79290

(Tranlated)

ITOHAM YONEKYU HOLDINGS INC. (2296)(3) Consolidated statement of changes in equity
Fiscal Year Ended March 31, 2023 (from April 1, 2022 to March 31, 2023)(Million Yen)
Shareholders' equity
Capital stock
Balance at beginning of
period30,003

CapitalsurplusRetainedearnings

96,615

Treasuryshares129,805(4,150)Total
shareholders'equity252,273

Changes during period
Dividends from surplus(6,713)(6,713)

Profit attributable toowners of parent

16,975

16,975

Repurchase of shares
Disposal of treasury
sharesCancellation of treasury
sharesNet changes in items
other than shareholders'equityTotal changes during
periodBalance at end of period(5,000)(5,000)

(8)

130

121

(7,179)

7,179

－

－

(7,187)

10,261

2,309

5,382

30,00389,427140,066(1,841)

257,655

Accumulated other comprehensive income

Balance at beginning of
periodValuationdifference on
available-forsale
securities

Deferred
gains orlosses onhedgesForeigncurrencytranslation
adjustment

Total
Remeasurem
accumulated
ents ofother
definedcomprehensi
benefit plans
ve income

6,727

151

(684)

3,556

9,750

Share
acquisitionrights

Noncontrolli
ng interests

Total net
assets118

598

262,740

Changes during period
Dividends from surplus(6,713)

Profit attributable toowners of parent

16,975

Repurchase of shares(5,000)

Disposal of treasury
shares121

Cancellation of treasury
sharesNet changes in items
other than shareholders'equityTotal changes during
period

(19)

(980)

2,922

(720)

1,202

(41)

(22)

1,139

(19)

(980)

2,922

(720)

1,202

(41)

(22)

6,521

Balance at end of period

6,708

(828)

2,237

2,835

10,952

77

576

269,261－8

(Tranlated)

ITOHAM YONEKYU HOLDINGS INC. (2296)

Fiscal Year Ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(Million Yen)
Shareholders' equity
Capital stock
Balance at beginning of
period30,003

CapitalsurplusRetainedearnings

89,427

Treasuryshares140,066(1,841)

Total
shareholders'equity257,655

Changes during period
Dividends from surplus(6,833)(6,833)

Profit attributable toowners of parent

15,553

15,553

Repurchase of shares
Disposal of treasury
sharesIncrease in retained
earnings by decreasingof equity method
Net changes in items
other than shareholders'equityTotal changes during
periodBalance at end of period2(1,028)(1,028)

76

76
(1)

(1)

－

2

8,718

(952)

7,769

30,00389,430148,784(2,793)

265,424

Accumulated other comprehensive income
Valuationdifference on
available-forsale
securities
Balance at beginning of
period6,708

Deferred
gains orlosses onhedges(828)

Total
Remeasurem
accumulated
ents ofother
definedcomprehensi
benefit plans
ve income

Foreigncurrencytranslation
adjustment
2,237

2,835

10,952

Shareacquisitionrights

Noncontrolli
ng interests

Total net
assets77576

269,261

Changes during period
Dividends from surplus(6,833)

Profit attributable toowners of parent

15,553

Repurchase of shares(1,028)

Disposal of treasury
sharesIncrease in retained
earnings by decreasingof equity method
Net changes in items
other than shareholders'equityTotal changes during
periodBalance at end of period

79
(1)

2,520

461

4,071

1,184

8,238

2,520

461

4,071

1,184

8,238

9,228

(366)

6,309

4,019

19,191

9

56

8,294

－

56

16,064

77

632

285,326

(Tranlated)

ITOHAM YONEKYU HOLDINGS INC. (2296)(4) Consolidated statements of cash flows(Million Yen)
Year EndedYear Ended
March 31, 2023
March 31, 2024
(Apr 1, 2022 - Mar 31, 2023） (Apr 1, 2023 - Mar 31, 2024）

Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment losses
Increase (decrease) in provision for bonuses
Increase (decrease) in allowance for doubtful accounts
Amortization of goodwill
Interest and dividend income
Interest expenses
Insurance claim income
Subsidy income
Share of loss (profit) of entities accounted for using equity
methodLoss (gain) on sale of investment securities
Loss on retirement of non-current assets
Gain on reversal of provision incurred from businesscombination
Subsidy income for equipment
Loss on tax purpose reduction entry of non-current assets
Loss on closing plants
Decrease (increase) in inventories
Decrease (increase) in trade receivables
Increase (decrease) in trade payables
Increase (decrease) in accounts payable - other
Increase (decrease) in retirement benefit liability
Decrease (increase) in retirement benefit asset
Other
SubtotalInterest and dividends received
Proceeds from insurance income
Subsidies received
Subsidies received for equipment
Interest paid
Payments associated with disaster loss
Payments associated with Loss on closing plants
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Acquisition of tangible assets
Acquisition of intangible assets
Acquisition of investment securities
Proceeds from sale and redemption of investment securities
Loan advances
Proceeds from collection of loans receivable
Payments for acquisition of businesses
Other
Net cash provided by (used in) investing activities

10

24,964
12,187
327
(453)
7
1,519
(480)
799
(214)
(1,842)

22,513
12,493
91
200
697
1,597
(632)
1,810
(282)
(3,117)

(439)

(522)

(32)
480

223
1,693

－

(595)

－
－
－
(22,163)(5,418)
4,218
(515)
(43)
(1,685)(842)
10,372
1,331
214
1,956
－
(799)
－
－
(9,128)
3,947(3,071)
3,071
1,024
(782)
(14,766)
5,665
2,852
(65)
(1,750)970
29,318
1,483
281
3,316
3,071
(1,810)(577)(29)(5,660)29,392(12,444)(2,775)
(64)
98
(233)
388
(7,125)(770)(22,926)(14,472)(1,893)
(58)
580
(237)
202
(70)
(64)
(16,014)

(Tranlated)

ITOHAM YONEKYU HOLDINGS INC. (2296)(Million Yen)
Year EndedYear Ended
March 31, 2023
March 31, 2024
(Apr 1, 2022 - Mar 31, 2023） (Apr 1, 2023 - Mar 31, 2024）

Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Repayments of long-term borrowings
Purchase of treasury shares
Dividends paid
Repayments of lease liabilities
Other
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

11

6,099
(144)
(5,000)(6,710)(981)(107)(6,844)
492(25,330)
47,69022,3595,727(10,126)(1,028)(6,828)(989)(32)(13,278)458
558
22,35922,917

(Tranlated)

ITOHAM YONEKYU HOLDINGS INC. (2296)(5) Notes on the consolidated financial statements(Notes on going concern assumptions)Not applicable.

(Segment information)
1. Overview of reportable segments and their changes etc(1) The Group's reportable segments are component units of the Group for which discrete financial information is available andwhich are subject to regular review by the Board of Directors to decide the allocation of management resources and to assess
the performance.
The Group has two reportable segments: the "Processed Food division," which is mainly engaged in the production and sale ofham, sausage, and processed foods, and the "Meat division," which is primarily engaged in the production, processing, andsale of meat.
(2) From this first quarter, the segment of logistics business have changed from "Other" to "Processed Food Division" and"Meat Division" according to Group's organizational changes. In addition, Company-wide Assets that had been included in"Adjustments" until the previous fiscal year can now be classified due to organaizational restructuring, so a portion of"Cash and Deposits" and "Investments and Other Assets" is now included in Processed Food Division and Meat Division.
Previous year segment information show by after changing of logistics business.
2. Calculation method of net sales, profit or loss, assets, and other items by reportable segments
The accounting methods used for the reported business segments are generally the same as those used to prepare the consolidated
financial statements. Profit by reportable segment is based on ordinary profit. Intersegment sales and transfers are based on market
prices.
3. Information on net sales, profit or loss, assets and other items, for each reportable segment
For the Year Ended Marche 31, 2023 (from April 1, 2022 to March 31, 2023)

Reportable segments
OthersProcessed Food
Meat Division
Division(Note 1)

Total

Total

Adjustments(Note 2)

(Million Yen)
Amountrecorded on
consolidated
quarterlystatements ofincome(Note 3)

Net sales
376,188546,479
922,668
13
922,682－922,682
Sales to outside customers
Intersegment sales and26,62380,977
107,601820
108,421(108,421)－transfers
402,812627,457
1,030,270
834
1,031,104(108,421)
922,682
Total
5,124
22,02527,14966
27,216(1,171)
26,044
Segment profit (loss)
140,539
218,085358,625976
359,601
77,161
436,763
Segment assets
Other items
6,833
4,735
11,5693
11,572497
12,070Depreciation
－
130
130
－
130
1,389
1,519
Amortization of goodwill
Increase in property, plant
9,538
7,170
16,7092
16,712700
17,412and equipment andintangible assets(Note)
1. "Others" segment which is not included in the reportable segments such as human resource and payroll related services.
2. Adjustments are as follows.
(1) Adjustment on segment profit is mainly due to the amortization of goodwill of -1,389 million yen(2) Adjustment on segment assets of 77,161 million yen includes corporate assets that are not allocated to each reportable segment.
Corporate assets are mainly consisted of cash and deposits of 10,654 million yen, investments and other assets of 35,178 million yen,and goodwill of 16,668 million yen.
(3) Adjustment on increase in property, plant and equipment and intangible assets of 700 million yen is mainly due to an increase incorporate assets that are not allocated to each segment.
3. Segment profit (loss) is adjusted to ordinary profit in the quarterly consolidated statements of income.

12

(Tranlated)

ITOHAM YONEKYU HOLDINGS INC. (2296)

For the Year Ended Marche 31, 2024 (from April 1, 2023 to March 31, 2024)

Reportable segments
OthersProcessed Food
Meat Division
Division(Note 1)

Total

Total

Adjustments(Note 2)

(Million Yen)
Amountrecorded on
consolidated
quarterlystatements ofincome(Note 3)

Net sales
391,336564,227
955,56415
955,580－
955,580
Sales to outside customers
Intersegment sales and37,70070,759108,460901
109,361(109,361)－
transfers
429,037
634,987
1,064,024
917
1,064,942(109,361)
955,580
Total
9,051
18,131
27,183(168)
27,014(978)26,036
Segment profit (loss)
151,011
235,457
386,469603
387,072
75,498462,570
Segment assets
Other items
6,829
5,088
11,9183
11,922487
12,410Depreciation
－
208
208
－
208
1,389
1,597
Amortization of goodwill
Increase in property, plant
8,436
10,254
18,690－18,690619
19,309and equipment andintangible assets(Note)
1. "Others" segment which is not included in the reportable segments such as human resource and payroll related services.
2. Adjustments are as follows.
(1) Adjustment on segment profit is mainly due to the amortization of goodwill of -1,389 million yen(2) Adjustment on segment assets of 75,498 million yen includes corporate assets that are not allocated to each reportable segment.
Corporate assets are mainly consisted of cash and deposits of 11,993 million yen, investments and other assets of 38,547 million yen,and goodwill of 15,279 million yen.
(3) Adjustment on increase in property, plant and equipment and intangible assets of 619 million yen is mainly due to an increase incorporate assets that are not allocated to each segment.
3. Segment profit (loss) is adjusted to ordinary profit in the quarterly consolidated statements of income.

13

(Tranlated)

ITOHAM YONEKYU HOLDINGS INC. (2296)(Per share information)
Year Ended March 31, 2023
(Apr. 1, 2022 - Mar. 31, 2023)

Year Ended March 31, 2024
(Apr. 1, 2023 - Mar. 31, 2024)

4,717.02 Yen

5,018.37 Yen

Profit per share

294.07 Yen

273.24 Yen

Diluted profit per share

293.96 Yen

273.14 Yen

Net assets per share(Note) 1. As the effective date on October 1 2023, we have completed a share consolidation (combining 5 shares of common stock into 1 share).
In regard to Per share infomation, it shows on the assumption of the share consolidation be carried out at the beginning of previous
fiscal year.
(Note) 2. The basis for calculation of Net assets per share is as follows.
As of March 31, 2023

As of March 31, 2024
269,261

285,326

Amount deducted from total net assets (Million Yen)

653

709

of these, Share acquisition rights (Million Yen)

77

77

of these, Non-controlling interests (Million Yen)

576

632

268,608

284,616

56,94456,714

Total net assets (Million Yen)

Net assets related to common shares at the end of the period(Million Yen)
Number of common shares at the end of the period usedin the calculation of net assets per share (Thousand Shares)(Note) 3. The basis for calculation of Profit per share and Diluted profit per share is as follows.
Year Ended March 31, 2023
(Apr. 1, 2022 - Mar. 31, 2023)

Year Ended March 31, 2024
(Apr. 1, 2023 - Mar. 31, 2024)

Profit per share
Profit attributable to owners of parent (Million Yen)

16,975

15,553

Amount not attributable to common shareholders(Million Yen)
Profit attributable to owners of parent related tocommon shares (Million Yen)
Average number of common shares during the period(Thousand Shares)－－

16,975

15,55357,72356,922Adjustments of profit attributable to owners of parent(Million Yen)－－

Increase in common shares (Thousand Shares)

22

20

22

20

－

－

Diluted net income per shareof these, Share acquisition rights (Thousand Shares)
Outline of anti-dilutive potential shares excluded
from the calculation of diluted net income per share(Significant subsequent events)
Not applicable.

14