May 11, 2017

Consolidated Financial Results
for the Fiscal Year Ended March 31, 20172017
[Japanese GAAP]
Company name:
Oisix Inc.
Securities code:
3182
Representative:
Kohey Takashima, Representative Director, CEOContact:
Hajime Yamanaka, Corporate Officer, Administration
Scheduled date of Ordinary General Meeting of Shareholders:
Scheduled date of payment of dividend:
Scheduled date of filing of securities report:
Preparation of supplementary materials for financial results:
Holding of financial results meeting:Stock exchange listings: TSE Mothers
URL: http://www.oisix.com

June 20, 2017
June 21, 2017YesYes(All amounts are rounded down to the nearest million yen)

1. Financial Results
Results for the Fiscal Year Ended March 31, 20172017 (from April 1, 20162016 to March 31, 20172017)(1) Operating Results(% of change fromprevious year)

Fiscal Year ended

March 31, 2017
March 31, 2016

Net Sales

Operating Income

March 31, 2017
March 31, 2016

Ordinary Income

Million yen%

Million yen%

Million yen%

Million yen%

23,016
―

――

752
―

―
―

778
―

――

515
―

――

(Note)
Comprehensive income: Fiscal Year Ended(As of March 31, 2017)
Fiscal Year Ended(As of March 31, 2016)

Fiscal Year ended

Net Income
Attributable toOwners ofthe Parent

Net Income per
Share

515 million yen(―%)― million yen(―%)

Diluted Net
Income per
Share

Returnon Equity

Returnon Assets

Operating
Income MarginYen

Yen

%%%

87.47
―

83.74
―

7.9
―

7.1
―

3.3
―

Reference: Equity in earningus (losses) of affiliates (million yen)
Fiscal Year ended March 31, 2017:
3
Fiscal Year ended March 31, 2016: ―(Note）
The number of the previous year and the percentage of change from previous year have not been disclosed as the quarterlyconsolidated financial statements have been prepared from the current period.

(2) Financial Position
Period ended
March 31, 2017
March 31, 2016

Total Assets

Net Assets

Shareholders’Equity Ratio

Net Assets
per Share

Million yen

Million yen%

Yen

15,051
―

9,147
―

60.8
―

1,152.41―(Reference)
Shareholders’ equity(million yen)
As of March 31, 2017 : 9, 146
As of March 31, 2016 : ―(Note）The number of the previous year-end has not been disclosed as the quarterly consolidated financial statements have been preparedfrom the current period.

1(3) Cash Flow
Fiscal Year ended

Operating Activities

Investing Activities

Financing Activities

Cash and Cashequivalents at end ofyear

Million yen

Million yen

Million yen

Million yen

665―(496)
―38―

5,209
―

March 31, 2017
March 31, 2016

2. Dividends
Amounts
ofDividend(total)Dividend per Share

Fiscal Year
ended or ending
1Q

2Q

Yearend

3Q

Dividend
Ratio

Dividendon Equity

Annual

Yen

Yen

Yen

Yen

Yen

Million yen

%%―
―

0.00
0.00

―
―

0.00
0.00

0.00
0.00

――――

0.00

―

0.00

0.00

―――

March 31,2016
March 31,2017
March 31,2018(Forecast)

3. Forecast for the Fiscal Year Ending March
March 31, 20182018 (from April 1, 20172017 to March 31, 20182018)(Percentages represent year-on-year changes)

Net Sales
Million yen

Full year

38,000Operating Income

EBITDANet Income
per Share

Net Income%Million yen%

Million yen%

Million yen%

Yen

65.1670

△11.0

1,390

39.5390△24.349.13(Note)EBITDA stands for earnings before depreciation and amortisation.

* Notes(1) Significant changes in scope of consolidation(Changes in scope of consolidation of specified subsidiaries):

Yes

Newly consolidated: One company
Daichi wo Mamoru Kai Co., Ltd(2) Changes in accounting policies and accounting estimates, and restatements
1) Changes in accounting policies due to revisions in accounting standards:

None2) Changes in accounting policies other than 1) above:None3) Changes in accounting estimates:

None4) Restatements:

None(4) Number of shares issued (common shares)
1) Number of shares issued (including treasury stock):
As of March 31, 2017
7,937,989
As of March 31, 2016
6,067,288
2) Number of treasury stocks:
As of March 31, 2017―As of March 31, 2016
270,0003) Number of average shares during the period:
Fiscal year ended March 31, 2017
5,890,354
Fiscal year ended March 31, 2016
5,966,723

2

sharessharessharessharessharesshares(Reference)
1. NonNon-consolidated Financial
Financial Results for the Fiscal Year Ended March 31, 2017(from April 1, 20162016 to March 31, 20172017)(1) Operating Results(% of change fromprevious year)

Fiscal Year ended
March 31, 2017
March 31, 2016
Fiscal Year ended

Net Sales

Operating Income

Ordinary Income

Net Income

Million yen%

Million yen%

Million yen%Million yen%

22,975
20,158

14.0
11.6

832
774

7.6
19.3

858
806

6.4
20.6

639
538

18.7
55.1

Net Incomeper ShareMarch 31, 2017
March 31, 2016

Diluted Net
Income per Share
Yen

Yen

108.5090.26

103.8784.75(2) Financial Position
Period ended

Total Assets

March 31, 2017
March 31, 2016
(Reference)
Shareholders’ equity(million yen)

Net Assets

Shareholders’Equity Ratio

Net Assets
per Share

Million yen

Million yen%

Yen

12,784
6,803

9,302
3,867

72.8
56.8

1,171.96
667.05

As of March 31, 2017 : 9,302

As of March 31, 2016 : 3,867* This financial report is outside the scope of the audit.

* Explanation of the proper use of forecast and other notes
The forward-looking statements herein are based on information available to the Company and certain
assumptions deemed reasonable as of the date of publication of this document. They are not intended as theCompany’s commitment to achieve such forecasts, and actual results may differ significantly from these forecasts
due to a wide range of factors.
Please refer to the detail of the forecast for the fiscal year ending March 31, 2018 on page 4.

3

2.Outlook
2.Outlook going forward
As regards consolidated earnings forecasts for the coming fiscal year, we anticipate sales of¥38,000mn (+65.1%) YoY), operating income of ¥670mn ( △ 11.0% YoY), EBITDA of ¥1,390mn(+39.5% YoY) and net income attributable to owners of the parent of ¥390mn (△24.3% YoY).
We have booked goodwill of ¥1,748mn associated with the stock swap that took place at the end of
FY3/2017, and in consideration of the impact of related amortisation costs (noncash expenses) onearnings, and in order to appropriately express the cash generated by the business, we shall bedisclosing EBITDA (operating income + depreciation + goodwill amortisation). Moreover, because weare using EBITA (operating income + goodwill amortisation) as a management performance indicator,
we shall be disclosing this as well.
Furthermore, when approx. ¥180mn merger-related one-off costs (those costs associated withmoving headquarters, etc.) are excluded, anticipated EBITDA is ¥1,570mn (+42.3% YoY).
Although 2,026,404 shares (of which, 1,766,321 were newly issued. 28.6% of the 6,171,668 sharesissued prior to the stock swap) were swapped in the stock swap, we anticipate a 3.5% YoY increase in
EBITDA per share.
Going forward, while it is thought that the Japanese economy is heading for a gentle recovery on theback of various economic policies, there is also a risk that it will experience downward pressure
resulting from changes in the international status quo caused by the impact of protectionist policies
espoused by the new administration in the United States of America, by the impact of the UK leaving
the EU, or by changes in financial and capital markets. The outlook remains unclear and expected toremain so.
Against this backdrop, thanks to the merger, the Oisix Group will be able to target a broader rangeof customers, in terms of both needs and age. We shall continue to strive for strong growth and toestablish Oisix as the top brand in the value-added food/ingredient market and the e-Commerce
driven food home delivery market.
Earnings for the Fiscal Year Ending March 31, 2018 (from April 1, 2017 to March 31, 2018)(Unit: millionyen)
FY3/2017(Result)
Net sales

FY3/2018(Forecast)+/- YoY (%)

23,01638,00065.1

Operating income

752670△11.0

EBITA（Note 1)

787

1,020

29.5

EBITDA（Note 2）

996

1,390

39.5

1,103

1,570

42.3

169.21

175.11

3.5

EBITDA after adjusting for
extraordinary factors (Note 3)
EBITDA per share(Note)
1.EBITA＝Operating income＋goodwill amortisation
2.EBITDA＝Operating income+depreciation＋goodwill amortisation
3.Extraordinary factors = One-off costs associated with the Merger, such as the costs associated with moving
headquarters, etc.

* Explanation of the proper use of forecast and other notes
The forward-looking statements herein are based on information available to the Company and certain
assumptions deemed reasonable as of the date of publication of this document. They are not intended as theCompany’s commitment to achieve such forecasts, and actual results may differ significantly from these forecasts
due to a wide range of factors.

4Consolidated Financial Statements(1) Consolidated Balance Sheet(Thousands of yen)
As of March 31, 2017
AssetsCurrent assets
Cash and deposits

5,247,897

Accounts receivable-trade

3,124,366

Merchandise and finished goods

699,964Work in process

7,657

Raw materials and supplies

83,408

Accounts receivable-other

1,354,023

Deferred tax assets

134,563

Other

153,542△117,580

Allowance for doubtful accounts
Total current assets
Noncurrent assets

10,687,842

Property, plant and equipment
Buildings

503,256△255,092

Accumulated depreciation
Buildings, net

248,164

Machinery and equipment

641,515

Accumulated depreciation△206,352

Machinery and equipment, net

435,162

Lease assets

412,129△371,954

Accumulated depreciation
Lease assets, net

40,175

Others298,587△236,879

Accumulated depreciation
Others, net

61,707Total property, plant and equipment

785,210Intangible assets
Goodwill

1,842,319

Others793,230

Total intangible assets

2,635,549

Investments and other assets
Investment securities

310,525

Net defined benefit asset

100,101

Lease and guarantee deposits

410,737

Deferred tax assets
Others29,90691,298

Total investments and other assets

942,568

Total noncurrent assets

4,363,328

Total assets

15,051,170

5

(Thousands of yen)
As of March 31, 2017
Liabilities
Current liabilities
Accounts payable-trade

2,632,567

Short-tarm loans payable

6,0126,323

Lease obligations
Accounts payable-other

1,925,973

Income taxes payable

198,804

Provision for bonuses

69,876

Provision for points certificates

100,922

Provision for loss on physical store

10,125

Asset retirement obligations

46,819Other336,135

Total current liabilities

5,333,560

Noncurrent liabilities
Long-term loans

47,308

Lease obligations

14,699Provision for directors' retirement benefits

2,100Retirement benefit liabilities

18,809Asset retirement obligations

106,172

Deferred tax liabilities

2,657

Others378,085

Total noncurrent liabilities

569,832

Total liabilities

5,903,392

Net assets
Shareholders' equity
Capital stock

929,948

Capital surplus

4,944,329

Retained earnings

3,272,882

Total shareholders' equity

9,147,160

Accumulated other comprehensive income
Foreign currency translation adjustments△835

Total accumulated other comprehensive income△835

Non-controlling interests

1,453

Total net assets

9,147,778

Total liabilities and net assets

15,051,170

6

(2) Consolidated Statement of Income(Thousands of yen)
Period ended
March 31, 2017
Net sales

23,016,775

Cost of sales11,817,630

Gross profit

11,199,144

Selling, general and administrative expenses

10,446,373

Operating income

752,770

Non-operating income
Interest income

33

Dividend received

4,230

Compensation income

6,173

Income from material recycling

5,463

Revocation gains of gift cards

4,033

Income on equity method investments

3,128

Others6,692

Total non-operating income

29,756

Non-operating expenses
Interest expenses

23

Foreign exchange losses

2,148

Stock issuance cost

2,192

Others112

Total non-operating expenses

4,477

Ordinary income

778,049

Income before income taxes

778,049Income taxes-current

271,530△8,841

Income taxes-deferred
Total income taxes

262,688

Net income

515,360

Net income attributable to non-controlling interests

134

Net income attributable to owners of the parent

515,226

7

(3) Consolidated Statement of Comprehensive Income(Thousands of yen)
Period ended
March 31, 2017
Net income

515,360

Other comprehensive income
Foreign currency translation adjustments△55

Total other comprehensive income△55

Comprehensive income

515,305

Total comprehensive income attributable toOwners of the parent

515,171

Non-controlling intetests

1348

（4）Consolidated Statement of Changes in Shareholders' Equity
Period ended March 31, 2017
(Thousands of yen)

Shareholders' equity
Capitalsurplus

Capital stock
As of April 1, 2016

909,253

663,938

20,69520,609Total
shareholders'equity

Retainedearnings

Treasurystock

2,757,655△495,720

3,835,127

Changes in current period
Stock issuance
Net income attributable to ownersof the parent

41,305515,226

Changes from stock swap

4,256,140

Purchase of treasury stock
Disposal of treasury stock

3,640

515,226
477,539

4,733,679

△179

△179

18,36022,000

Other-Total changes in current period

20,6954,280,390

515,226

495,720

5,312,032

As of March 31, 2017929,948

4,944,329

3,272,882-

9,147,160

Accumulated othercomprehensive income
NonTotal
Foreignaccumulated controllingcurrencyinterests
othertranslation
comprehensi
adjustments
ve incomeAs of April 1, 2016

△780

△780

Total net
assets-3,834,347

Changes in current period
Stock issuance

41,305

Net income attributable to ownersof the parent
Changes from businesscombination

515,226
4,733,679

Purchase of treasury stock△179

Disposal of treasury stock

22,000Other）

△55

△55

1,453

1,398

Total changes in current period

△55

△55

1,453

5,313,430

As of March 31, 2017

△835

△835

1,453

9,147,778

9

（5）Consolidated cash flow statement(Thousands of yen)
Period ended
March 31, 2017
Cash flows from operating activities
Net income before income taxes

778,049

Depreciation

209,028

Amortization on goodwill

34,912

Increase (decrease) in allowance for doubtful accounts

18,654

Interest income and devidend received△4,263

Interest expense

23

Foreign currency exchange (gain) or loss

83

Income on equity method investments△3,128(Increase) decrease in accounts receivable△406,261(Increase) decrease in other accounts receivable△31,633(Increase) decrease in inventories△159,986

Increase (decrease) in accounts payable292,567

Increase (decrease) in other accounts payable

161,863

Other

61,262

Subtotal

951,171

Interest and dividend received

3,395Interest paid

△23

Income taxes paid

△289,417

Net cash provided by operating activities

665,126

Cash flows from investing activities
Purchase of property, plant and equipment△44,409

Purchase of intangible assets△271,236

Payments for acquisition of investments△93,987

Decrease from acquisition of control over subsidiaries△79,074

Other△8,130Net cash used in investing activities△496,839

Cash flows from financing activities
Proceeds from stock issuance

39,112

Purchase of treasury stock△179

Repayment of lease liabilities△805

Net cash provided by financing activities

38,127

Effect of exchange rate changes on cash and cash equivalents
Increase (decrease) in cash and cash equivalents△138
206,276

Cash and cash equivalents at the beginning of the year
Increase in cash and cash equivalents due to newly consolidated
subsidiaries

2,724,898

Cash and cash equivalents at the end of the year

5,209,396

10

2,278,222