May 14, 2018

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2018
[Japanese GAAP]
Company name:
Oisix.daichi 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
https://www.oisixdotdaichi.co.jp/

June 27, 2018
June 28, 2018
Yes
Yes

(All amounts are rounded down to the nearest million yen)

1. Financial Results for the Fiscal Year Ended March 31, 2018 (from April 1, 2017 to March 31, 2018)(1)Operating Results(% of change from previous year)

Fiscal Year ended

March 31, 2018
March 31, 2017

Net Sales

Operating Income

March 31, 2018
March 31, 2017

EBITDA

Million yen%

Million yen%

Million yen%

Million yen%

39,98723,016

73.7
―

891
752

18.4
―

1,670
996

67.6
―

237
515

△54.0
―

(Note)
Comprehensive income: Fiscal Year Ended(As of March 31, 2018)
Fiscal Year Ended(As of March 31, 2017)

Fiscal Year ended

Net Income
Attributable to
Owners of
the Parent

Net Income per
Share

242million yen(△52.9%)515 million yen(―%)

Diluted Net
Income per
Share

Returnon Equity

Returnon Assets

Operating
Income Margin

Yen

Yen

%

%

%

14.77
43.73

14.44
41.87

2.5
7.9

5.4
7.1

2.2
3.3

Reference: Equity in earningus (losses) of affiliates (million yen)
Fiscal Year ended March 31, 2018:△7
Fiscal Year ended March 31, 2017: 3(Note）
1. EBITDA stands for earnings before depreciation and amortisation.
2. The number of the previous year and the percentage of change from previous year have not been disclosed as the quarterly
consolidated financial statements have been prepared from the current period.
3. On April 1, 2018, the Company implemented a 2 for 1 stock split of common shares. For the previous consolidated accounting
year, said stock split is assumed to have occurred at the beginning of that accounting year for the purposes of calculatingcomparable Net Income per Share and Diluted Net Income per Share figures.

(2) Financial Position
Period ended
March 31, 2018
March 31, 2017

Total Assets

Net Assets

Shareholders’Equity Ratio

Net Assets
per Share

Million yen

Million yen%

Yen

19,875
15,051

10,048
9,147

50.6
60.8

607.17576.20(Reference)
Shareholders’ equity(million yen)
As of March 31, 2018 : 10,045
As of March 31, 2017 : 9,146(Note）On April 1, 2018, the Company implemented a 2 for 1 stock split of common shares. For the previous consolidated accounting year,
said stock split is assumed to have occurred at the beginning of that accounting year for the purposes of calculating comparable Net
Assets per Share figures.

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

1,637
665

△281
△496

629
38

7,194
5,209

March 31, 2018
March 31, 2017

2. Dividends
Amountsof
Dividend(total)Dividend per Share

Fiscal Year
ended or ending
1Q

March 31,2017
March 31,2018
March 31,2019(Forecast)

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

―
―
―

3. Forecast for the Fiscal Year Ending March 31, 2019 (from April 1, 2018 to March 31, 2019)(Percentages represent year-on-year changes)

Net Sales
Million yen

Full year

61,000Operating Income

EBITDANet Income
per Share

Net Income%

Million yen%

Million yen%

Million yen

%

Yen

52.5

1,200

34.6

2,000

19.7

900

279.3

54.38

(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
Radishbo-ya 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(3) Number of shares issued (common shares)
1) Number of shares issued (including treasury stock):
As of March 31, 2018
16,551,178
As of March 31, 201715,875,978
2) Number of treasury stocks:
As of March 31, 2018
1,670―
As of March 31, 20173) Number of average shares during the period:
Fiscal year ended March 31, 2018
16,059,845
Fiscal year ended March 31, 2017
11,780,709

sharessharessharessharessharesshares(Note)On April 1, 2018, the Company implemented a 2 for 1 stock split of common shares. For the previous consolidated accounting
year, said stock split is assumed to have occurred at the beginning of that accounting year for the purposes of calculatingcomparable Number of shares issued (including treasury stock), Number of treasury stocks and Number of average shares
during the period figures.

2

(Reference)
1. Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2018(from April 1, 2017 to March 31, 2018)(1) Operating Results(% of change fromprevious year)

Fiscal Year ended
March 31, 2018
March 31, 2017
Fiscal Year ended
March 31, 2018
March 31, 2017

Net Sales

Operating Income

Ordinary Income

Net Income

Million yen%

Million yen%

Million yen%

Million yen%

33,46922,975

45.7
14.0

859
832

3.1
7.6

907
858

5.7
6.4

358
639

△43.9
18.7

Net Income
per Share

Diluted Net
Income per Share
Yen

Yen

22.31
54.25

21.80
51.94

(Note)On April 1, 2018, the Company implemented a 2 for 1 stock split of common shares. For the previous consolidated accounting
year, said stock split is assumed to have occurred at the beginning of that accounting year for the purposes of calculatingcomparable Net Profit per Share and Adjusted Fully Diluted Net Profit per Share figures.

(2) Financial Position
Period ended
March 31, 2018
March 31, 2017

Total Assets

Net Assets

Shareholders’Equity Ratio

Net Assets
per Share

Million yen

Million yen%

Yen

16,98912,784

10,323
9,302

60.8
72.8

623.80585.98(Reference)
Shareholders’ equity(million yen)
As of March 31, 2018 : 10,323
As of March 31, 2017 : 9,302(Note)On April 1, 2018, the Company implemented a 2 for 1 stock split of common shares. For the previous consolidated accounting year, said stock split
is assumed to have occurred at the beginning of that accounting year for the purposes of calculating comparable Net Assets per Share figures.

* 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, 2019 on page 4.

3

2.Outlook going forward
Amidst continued improvement in the environment for employment and personal income as well as thebeneficial effects of various government policy initiatives, the outlook for the Japanese economy is that it willcontinue to see gradual recovery. The direction of personal consumption, however, is seen to be less certain.
The uncertainties of overseas economies as well as the impact of potentially volatile financial and capital
markets should also be taken into consideration.
It is under such circumstances that the Company has newly included Radishbo-ya Co., Ltd. (hereafter
Radishbo-ya) into its Group. Its inclusion makes it possible to expand further the customer needs that theCompany seeks to address as well as the target market that it pursues in terms of customer age brackets. As
in the past, the Company seeks to continue to realize high business growth and secure its position as the top
brand in high value-added food products and ingredients and/or food delivery via EC.
As regards to the meal-kit business, a market that still possesses tremendous growth opportunities, theCompany and its Group look to push forward as both a driver and leader of this anticipated market expansion.
To this end, the Company aims to leverage its expertise and capabilities in food delivery/manufacturing as wellas what we perceive to be the Company’s superior product development powers and its network of best-in-classproducer networks.
With all things considered, the Company makes the following consolidated earnings forecast for the new
fiscal year-ending in FY3/2019. Driven by not only further growth in the delivery business, contributions fromthe inclusion of Radishbo-ya is expected to result in Sales of JPY 61,000 million (+52.5% YoY), OP of JPY 1,200
million (+34.6%), and EBITDA of JPY 2,000 million (+19.7%). As regards to Radishbo-ya itself, factors as more
efficient subscriber acquisitions are expected to result in a boost to overall profitability.
We will note that that Company plans a full merger with Radishbo-ya (via absorption) during the new
FY3/2019. This is predicated on approval of said merger at the General Meeting of Shareholders scheduled forJune 27, 2018. The merger will entail inheritance by the Company of Radishbo-ya’s tax-loss carryforwards
which is to say that the Company anticipates a reduction in statutory corporate taxes in the next fiscal year.
Thus, Net Profits Attributable to Owners of the Parent is forecast to be JPY 900 million (+279.3% YoY).
As a footnote, the Company, in consideration of the impact to earnings of depreciation and amortization costs
such as goodwill (non-cash expense items), has opted to disclose EBITDA (OP + depreciation expenses +goodwill amortization expense) as it accurately shows the cash flow generation of the business.
Finally, we note that as regards to the goodwill generated from the merger with Radishbo-ya, the Company
has recognized and expensed the entire amount as an impaired write-down in the current FY3/2018.

As such,no goodwill amortization expenses will affect earnings in the FY3/2019.

Earnings for the Fiscal Year Ending March 31, 2019 (from April 1, 2018 to March 31, 2019)(Unit: millionyen)
FY3/2018

FY3/2019(Result)(Forecast)

Net sales+/- YoY (%)

39,98761,00052.5

Operating income

891

1,200

34.6

EBITDA（Note）

1,670

2,000

19.7

237

900

279.3

EBITDA per share

104.03120.8416.2

Net income attributable to owners of theparent per share

14.77

54.38

268.2

Net income attributable to owners of theparent(Note)EBITDA＝Operating income+depreciation＋goodwill amortisation* 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

As of March 31, 2018

AssetsCurrent assets
Cash and deposits

5,247,897

7,236,330

Accounts receivable-trade

3,124,366

5,415,701

699,964

918,137

7,657

4,435

Merchandise and finished goods
Work in process
Raw materials and supplies

83,408207,590

1,354,023

1,335,994

Deferred tax assets

134,563

121,102

Other

153,542300,077

Accounts receivable-other

Allowance for doubtful accounts
Total current assets
Noncurrent assets△117,580△156,696

10,687,842

15,382,675

Property, plant and equipment
Buildings
Accumulated depreciation

503,256

614,234△255,092△240,024

Buildings, net

248,164

374,209

Machinery and equipment

641,515

661,207

Accumulated depreciation△206,352△281,701

Machinery and equipment, net

435,162

379,506

Lease assets

412,129

489,869△371,954△452,725

40,17537,143

Accumulated depreciation
Lease assets, net
Others
Accumulated depreciation

298,587

331,602△236,879△244,035

Others, net

61,70787,566

Total property, plant and equipment

785,210

878,426

Goodwill

1,842,319

1,506,089

Others793,230

877,657

2,635,549

2,383,747

Investment securities

310,525

383,260

Net defined benefit asset

100,101－

Lease and guarantee deposits

410,737

752,484

Deferred tax assets

29,906－

Intangible assets

Total intangible assets
Investments and other assets

Others91,29877,286

Total investments and other assets

942,568
4,363,328

1,213,013
4,475,186

15,051,170

19,875,862

Total noncurrent assets
Total assets5

(Thousands of yen)
As of March 31, 2017 As of March 31, 2018
Liabilities
Current liabilities
Accounts payable-trade

2,632,567

4,097,110

Short-tarm loans payable

6,012

6,012

Lease obligations

6,323

37,454

Accounts payable-other

1,925,973

3,076,648

Income taxes payable

198,804

266,572

Provision for bonuses

69,87690,477

Provision for points certificates

100,922

Provision for loss on physical store

10,125

147,754－

Asset retirement obligations

46,81966,000Other

336,135

941,654

5,333,560

8,729,685

Long-term loans

47,30841,296

Lease obligations

14,69964,952

Provision for directors' retirement benefits

2,100

3,300

Retirement benefit liabilities

18,809458,874

Asset retirement obligations

106,172

282,649

Total current liabilities
Noncurrent liabilities

2,657

10,981Others378,085

217,835

Total noncurrent liabilities

569,832

1,079,888

5,903,392

9,809,574

Deferred tax liabilities

Total liabilities
Net assets
Shareholders' equity
Capital stock

929,948

1,259,797

Capital surplus

4,944,329

5,274,175

Retained earnings
Treasury stocks

3,272,882－

3,510,139△2,065

Total shareholders' equity

9,147,160

10,042,046

－

4,693

△835

△1,030

△835

3,662

Accumulated other comprehensive income
Valuation difference on
available-for-sale securities
Foreign currency translation adjustments
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

6

1,453

2,578

9,147,778

10,048,288

15,051,170

19,857,862

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

23,016,775

Period ended
March 31, 2018
39,987,224

Cost of sales

11,817,630

21,260,326

Gross profit

11,199,144

18,726,897

Selling, general and administrative expenses

10,446,373

17,835,455

752,770

891,442Interest income

33

479

Dividend received

4,230

4,470

Compensation income

6,173

9,153

Income from material recycling

5,463

9,559

Revocation gains of gift cards

4,033

Income on equity method investments

3,128

4,440
―

Gain on bad debts recovered

2,307

8,116

Others4,384

26,492

Total non-operating income

29,75662,71223

644

Foreign exchange losses

2,148

2,021

Stock issuance cost

2,192
―

1,445

112

5,289

4,477

17,137778,049

937,016

Loss on revision of retirement benefit plan－

87,381

Impairment loss－

169,040

Loss on valuation of investment securities－

70,312

Total extraordinary loss－

326,734

Income before income taxes

778,049

610,282

Income taxes-current

322,279

Income taxes-deferred

271,530△8,841

Total income taxes

262,688371,899

Net income

515,360

238,382

134

1,125

515,226

237,256

Operating income
Non-operating income

Non-operating expenses
Interest expenses

Liabilities from application of equity method
OthersTotal non-operating expenses
Ordinary income

7,738

Extraordinary loss

Net income attributable to non-controlling interests
Net income attributable to owners of the parent

749,620(3) Consolidated Statement of Comprehensive Income(Thousands of yen)
Period ended
March 31, 2017
Net income
Other comprehensive income
Valuation difference on
available-for-sale securities
Foreign currency translation adjustments
Total other comprehensive income
Comprehensive income

Period ended
March 31, 2018

515,360

238,382

－

4,693

△55

△195

△55

4,497

515,305

242,880

515,171

241,754

134

1,125

Total comprehensive income attributable to
Owners of the parent
Non-controlling intetests

8

（4）Consolidated Statement of Changes in Shareholders' Equity
Period ended March 31, 2017
(Thousands of yen)
Shareholders' equity
CapitalsurplusCapital stock
As of April 1, 2016

909,253

663,938

20,69520,609Retainedearnings

Treasury
stock

Total
shareholders'equity2,757,655△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

18,36022,000Net changes of items other thanshareholders' equity－

Total changes in current period

20,6954,280,390

515,226

496,720

5,312,032

As of March 31, 2017929,948

4,944,329

3,272,882－

9,147,160

Accumulated othercomprehensive income
NonValuation
Total
Foreigndifference on
accumulated controllingcurrencyinterests
availableothertranslation
for-salecomprehensi
adjustments
securities
ve incomeAs of April 1, 2016

－

△780

△780

－

Total net
assets3,834,347

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

22,000Net changes of items other thanshareholders' equity
Total changes in current period
As of March 31, 2017

－

9

△55

△55

1,453

1,398

△55

△55

1,453

5,313,430

△835

△835

1,453

9,147,778

Period ended March 31, 2018
(Thousands of yen)
Shareholders' equity
CapitalsurplusRetainedearnings

929,948

4,944,329

3,272,882

329,849

329,845

Capital stock
As of April 1, 2017

Treasury
stock
－

Total
shareholders'equity9,147,160

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

659,695
237,256

237,256

Changes from stock swap－

Purchase of treasury stock△2,065△2,065

Disposal of treasury stock－

Net changes of items other thanshareholders' equity－

Total changes in current period
As of March 31, 2018329,849

329,845

237,256△2,065894,886

1,259,797

5,274,175

3,510,139△2,065

10,042,046

Accumulated othercomprehensive income
NonValuation
Total
Foreigndifference on
accumulated controllingcurrencyinterests
availableothertranslation
for-salecomprehensi
adjustments
securities
ve incomeAs of April 1, 2017

－

△835

△835

1,453

Total net
assets9,147,778

Changes in current period
Stock issuance659,695

Net income attributable to ownersof the parent
Changes from businesscombination

237,256－

Purchase of treasury stock△2,065

Disposal of treasury stock－

Net changes of items other thanshareholders' equity

4,693

△195

4,497

1,125

5,623

Total changes in current period

4,693

△195

4,497

1,125

900,509

As of March 31, 2018

4,693

△1,030

3,662

2,578

10,048,288

1

（5）Consolidated cash flow statement(Thousands of yen)
Period ended
March 31, 2017

Period ended
March 31, 2018

Cash flows from operating activities
Net income before income taxes

778,049

610,282

Depreciation

209,028

394,911

Amortization on goodwill

34,912－

384,411

Impairment loss－

169,040

Gain(loss) on valuation of investment securities－

70,312

Increase(decrease) in provision for bonuses

18,654－19,021△69,876

Interest income and devidend received△4,263△4,95023644

83△3,128220
7,738△406,261△570,797(Increase) decrease in other accounts receivable△31,633(Increase) decrease in inventories△159,986

31,046△82,270

Increase (decrease) in accounts payable292,567

362,326

Increase (decrease) in other accounts payable

161,863

187,863

Increase (decrease) in accrued expenses

32,725

Loss on revision of retirement benefit plan

Increase (decrease) in allowance for doubtful accounts

Interest expense
Foreign currency exchange (gain) loss
Income on equity method investments(Increase) decrease in accounts receivable

87,381

Other

28,536422,263△97,075

Subtotal

951,171

1,922,494

3,395
△23

4,031
△644

△289,417△288,043

665,126

1,637,838

Purchase of property, plant and equipment△44,409△164,842

Purchase of intangible assets△271,236△314,973

Payments for acquisition of investments△93,987△5,704

Interest and dividend received
Interest paid
Income taxes paid
Net cash provided by operating activities
Cash flows from investing activities

Purchase of stocks of subsidiaries and affiliates
Decrease from acquisition of control over subsidiaries
Increase from acquisition of control over subsidiaries
Payments for lease deposits－△155,970△79,074－－

589,163△349,653△3,273

Proceeds from lease and guarantee deposits received－

Payments for execution of assets retirement obligations－

Proceeds from cancellation of insurance funds

188,355△81,640△4,875

17,192△3,059△496,839△281,133－△21,012Purchase of treasury stock

39,112△179

658,249△2,065

Repayment of lease liabilities△805△6,128Net cash provided by financing activities

38,127

629,043

△138

△415

206,276

1,985,333

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

2,724,898

5,209,396

2,278,222－

Cash and cash equivalents at the end of the year

5,209,396

7,194,730－

Other
Net cash used in investing activities
Cash flows from financing activities
Repayment of long-term loans payable
Proceeds from stock issuance

Effect of exchange rate changes on cash and cash equivalents
Increase (decrease) in cash and cash equivalents2