Note: This document has been translated from a part of the Japanese original for reference purposes only. In the event ofany discrepancy between this translated document and the Japanese original, the original shall prevail.

To our shareholders:

The 80th Ordinary General Meeting of Shareholders
Other Matters Subject to Measures for Electronic Provision(Matters Omitted in the Documents to be Delivered)
The following matters are not provided in the paper-based documents to bedelivered to shareholders who have requested the delivery of paper-based
documents (stating matters subject to measures for electronic provision),pursuant to the provisions of laws and regulations and Article 15 of theCompany’s Articles of Incorporation.
Internal control systems based on the Companies Act and operation status thereof
Consolidated Statement of Changes in Equity
Notes to Consolidated Financial Statements
Non-consolidated Statement of Changes in Equity
Notes to Non-consolidated Financial Statements

Maruha Nichiro Corporation-1-Internal control systems based on the Companies Act and operation status thereof
1. Internal control systems based on the Companies Act
The Company has established the following internal control systems based on the Companies Act, andwill make improvements whenever necessary going forward.
(1) Systems to ensure that the execution of the duties of Directors conforms to laws and regulations andthe Articles of Incorporation and to other systems for ensuring appropriate business practices by theCompany and the corporate group comprising the Company and its subsidiariesi)With the Group Philosophy, Group Slogan, Group Vision, Group Code of Conduct and Group
Motto established as the basic principle and spiritual foundation that officers and employees of theCompany and its group companies should rely on, officers of the Company shall take the lead forthe compliance with and penetration of these standards within the Group.

ii)

In principle, the Company shall convene the regular Board of Directors meetings once a month andhold the extraordinary Board of Directors meetings as necessary for the managerial decisionmaking and supervision of the execution of operations by Executive Officers.

iii) Outside Directors shall not execute business operations of the Company or the Group; they shallbe responsible for providing objective opinions and advice to all the management of the Company
and the Group from the standpoint of corporate governance, etc.; and they shall oversee theexecution of operations carried out by Executive Officers through the Board of Directors.
iv) In order to prevent legal violations, etc. and at the same time provide a mechanism for selfgovernance, thereby remaining as a corporate group trusted by the society, the group internalreporting system that enables all officers and employees of the Group to directly report regardlessof hierarchy they belong to shall be established and operated with a contact point established at an
external law office in addition to an in-house contact point.
v)

The department in charge of internal audit shall verify and evaluate systems for management andadministration of all aspects of management and status of the execution of operations from theviewpoint of the rationality and legality through the regular implementation of internal audit basedon the plan approved by the Board of Directors for the preservation of the Group’s assets andstreamlining of management, while reporting the audit results to Directors and Audit & Supervisory
Board Members as well as to the President & CEO.

vi) Various committees to support managerial decision-making on issues including compliance andquality shall be established.
vii) With regard to individual decision-making and execution of operations, the relevant departments
shall confirm its conformity to laws and regulations and the Articles of Incorporation and othermatters.
viii) Upon significant decision-making and execution of operations, opinions from external experts shallbe sought as necessary.
(2) Systems regarding the storage and management of information relating to the execution of the duties
of Directors at the Companyi)

The rules concerning management report and the rules concerning internal information
management shall be established for information gatherings in a timely and appropriate mannerand reporting to the Board of Directors, etc. In addition, the department head in charge of public
relations shall conduct disclosure of significant information based on the authorization by the
Board of Directors.

ii)

The rules concerning document management shall be established for the preparation and storageof significant documents related to the execution of the duties of Directors including minutes of
the Board of Directors meetings.

iii) The rules concerning protection of personal information shall be established for the proper
handling thereof.
iv) With regard to IT, the rules concerning information security management shall be established forthe appropriate system management.
-2-(3) Rules and other systems involving management of risks of loss to the Company and its subsidiaries
i)

While establishing the risk management system and crisis response system for the overall corporategroup and pursuing its continuous improvement, in order to respond swiftly and minimize impacts
to the society and damages to the corporate group in an emergency, the Company shall establish
rules concerning risk management for the overall corporate group and rules concerning response
in case of crisis and the department supervising risk management at the Company and assign theofficer in charge thereof as the supervisory personnel responsible for risk management.

ii)

The department supervising risk management shall instruct the implementation of risk assessment
at all departments of the Company and, based on its result, designate the department responsiblefor implementation of risk countermeasures to monitor its implementation status and results,
aiming at continuous improvement of risk countermeasure and management. Similar
implementation shall be undertaken at group companies.

iii) The department supervising risk management shall formulate the Company’s Business Continuity
Plan (BCP) for addressing major natural disaster and spread of communicable diseases, monitor
the establishment and implementation status thereof at each department and hold regular exercises,
aiming for the continuous improvement of the BCP. Similar implementation shall be undertaken atgroup companies.
iv) Based on the rules concerning risk management for the overall corporate group, the Group shallestablish the personnel responsible for risk management and the personnel in charge of risk
management at each department of the Company and its group companies, and specify multiple
communication pathways for significant risk information, aiming at a prompt and reliablecommunication to senior management of the Company. Specifically, in addition to communication
pathways via usual organizational structure, risk information related to the environment and quality
and other risk information shall be communicated directly without approvals of the personnel
responsible for risk management by the personnel in charge of risk management to the department
in charge of the environment and quality assurance and the department supervising risk
management; and to the department responsible for implementation of risk countermeasures andthe department supervising risk management of the Company, respectively. The reported
department shall evaluate significance of the reported information and communicate it to senior
management of the Company.
v)

In cases where crises such as serious quality problems, serious environmental incidents, major
natural disaster, spread of communicable diseases, and matters that require the response as an
overall corporate group occur, the department supervising risk management shall establish thecountermeasure headquarters under the direction of the President & CEO of the Company, byreferring to the President & CEO of the Company via the supervisory personnel responsible forrisk management, irrespective of decisions by the department in charge of the environment andquality assurance or the department responsible for implementation of risk countermeasures. The
President & CEO of the Company shall assume all the responsibilities and authorities of the crisis
response and delegate its responsibilities to the supervisory personnel responsible for risk
management as necessary.

vi) A task team with a small number of staff shall be established as a working group for thecountermeasure headquarters. The task team shall, under the direction of the President & CEO or
the supervisory personnel responsible for risk management, gather and analyze information,
formulate a response policy, instruct to each of relevant departments or relevant group companies
and manage their implementation status, while reporting its activities to the countermeasure
headquarters.
vii) With the aim of the continuous improvement for the crisis response system, the department
supervising risk management shall plan and conduct regular exercises on crisis response.
(4) Systems for ensuring the effective execution of the duties of Directors at the Companyi)

The Board of Directors shall conduct highly effective supervision from an independent andobjective standpoint by separating supervision and execution functions through the introduction of
the Executive Officer system.

-3-

ii)

The Board of Directors shall decide important matters of management, such as management basic
policy, management strategies, medium-term management plans, annual management plans, andcapital policy, that are important for the Group to achieve sustainable growth and improvement ofcorporate value over the medium- to long-term, and entrust the execution of specific business tothe executive management team.

iii) The Board of Directors shall entrust decisions on the execution of individual matters of business,
excluding matters prescribed by laws and regulations and decisions on the execution of importantbusiness, to the Managing Executive Officers’ Committee comprised of Representative Directors
and Executive Officers with special titles at the level of Managing Executive Officers and above.
The Company’s internal rules have been established to clarify the classification of such matters.
The Managing Executive Officers’ Committee is convened once a week in principle and conducts
swift managerial decision-making on matters delegated by the Board of Directors and reports
significant matters to the Board of Directors.
(5) Systems to ensure that the execution of the duties by employees conforms to laws and regulations andthe Articles of Incorporationi)

The Company shall establish the Group Philosophy, Group Slogan, Group Vision, Group Code of
Conduct and Group Motto as the basic principle and spiritual foundation that officers andemployees of the Company and its group companies should rely on, and endeavor to disseminate
these principles and raise awareness among employees to ensure compliance.

ii)

Top management shall occasionally send out messages on the importance of legal compliance toemployees.

iii) The system to comply with laws and regulations, etc. is established to ensure that inspection is
being performed and the laws and regulations, etc. are being correctly understood by employees inrespect to the laws and regulations, etc. that employees who execute certain duties must pay
particular attention to when executing said duties.
iv) Internal audit shall be implemented by the department in charge of internal audit in a planned
manner.
v)

The group internal reporting system shall be operated.

(6) Systems for ensuring appropriate business practices at the corporate group comprising the Company
and its subsidiaries
i)

The Company shall establish the Group Philosophy, Group Slogan, Group Vision, Group Code of
Conduct and Group Motto as the basic principle and spiritual foundation that officers andemployees of the Company and its group companies should rely on, and endeavor to disseminate
these principles and raise awareness among officers and employees of group companies to ensurecompliance.

ii)

Top management shall occasionally send out messages on the importance of legal compliance toofficers and employees of group companies.

iii) By seconding Directors or Audit & Supervisory Board Members to major group companies formonitoring daily management status at each company and holding the Group Managing Executive
Officers’ Committee attended by representatives of major group companies in a regular basis, theCompany shall pursue the sharing of objectives as a corporate group and collaboration
intensification among group companies.
iv) Businesses of each unit shall be promoted by classifying businesses of the corporate group into
multiple units based on strategies and plans formulated by Unit Directors in charge thereof. In
order to realize the optimal state of corporate group overall as well as units, important projects aredeliberated at the Managing Executive Officers’ Committee or its subordinate organ, theInvestment Council.
v)

Segments shall be established to bring together multiple units according to their businesscharacteristics, and the Segment Directors responsible for their segments shall supervise the units
from a company-wide perspective.

-4-vi) The rules concerning the Managing Executive Officers’ Committee and the rules concerning
management report shall be established for gathering and communication of significant
information within the corporate group in a timely and appropriate manner. In addition, items
related to the corporate group shall be deliberated, determined and approved at the relevant organ
set up under the Managing Executive Officers’ Committee.
vii) Prior to the deliberation at each organ, confirmation by the relevant departments shall be conductedfrom the viewpoint of legal compliance.
viii) Internal audit of group companies shall be implemented by the department in charge of internal
audit in a planned manner.
ix) The department in charge of corporate planning shall monitor the status of internal control systems
at group companies and support its improvement as necessary.
x)

The group internal reporting system shall be operated.

xi) With regard to managerial issues including compliance, the environment and quality and risk
management, the personnel responsible for and the personnel in charge of those issues shall be
appointed at group companies for the closer collaboration.
(7) In case where Audit & Supervisory Board Members request to assign employees to support Audit &Supervisory Board Members in their duties, matters related to the employees
Dedicated employees to support Audit & Supervisory Board Members in their duties shall be assigned
as necessary upon request from Audit & Supervisory Board Members.
(8) Matters concerning the independence from Directors of the Company of employees to support Audit& Supervisory Board Members in their duties
When assigning dedicated employees to support Audit & Supervisory Board Members in their duties,
Audit & Supervisory Board Members may receive reports on personnel transfers of the dedicatedemployees in advance and consult with Director in charge of personnel. Furthermore, performance
reviews for the said employees shall be conducted by Audit & Supervisory Board Members.
(9) Matters concerning the securing of effectiveness of instruction by Audit & Supervisory Board
Members of the Company to employees to support Audit & Supervisory Board Members in their duties
When assigning dedicated employees to support Audit & Supervisory Board Members in their duties,
the said employees shall not serve concurrently in the other departments, solely following the direction
and instruction of Audit & Supervisory Board Members.
(10) Systems for reporting to Audit & Supervisory Board Members of the Companyi)

Significant matters shall be reported at the Board of Directors and various meetings and committees
attended by Audit & Supervisory Board Members.

ii)

Various proposals and management reports prepared based on the rules concerning the Managing
Executive Officers’ Committee and the rules concerning management report shall be provided andreported to Audit & Supervisory Board Members.

iii) Directors and employees of the Company and its group companies shall report on the status ofoperation and other matters, in response to interviews by Audit & Supervisory Board Members ona regular and ad-hoc basis, while reporting information that contributes to execution of the duties
of Audit & Supervisory Board Members to Audit & Supervisory Board Members in a timely andappropriate manner.
iv) Upon implementation of internal audit for the Company and its group companies, the department
in charge of internal audit shall confirm its audit policy with Audit & Supervisory Board Members
in advance and report the result of internal audit thereto.
v)

Audit & Supervisory Board Members at major group companies shall share information
concerning audit through the reporting on audit activities to Audit & Supervisory Board Membersof the Company at the Group Liaison Meeting for Audit & Supervisory Board Members.

-5-(11) System for ensuring that individuals providing reports to Audit & Supervisory Board Members will
not, by reason of having made said report, be subject to disadvantageous treatment
The Company shall not treat officers and employees of the Company and its group companies who
provided reports to Audit & Supervisory Board Members of the Company in a disadvantageous way
by reason of having made said report.
(12) Matters concerning policies on procedures for pre-payment or reimbursement of expenses arising in
the execution of duties by Audit & Supervisory Board Members of the Company or on processing ofother expenses and liabilities arising from execution of those duties
When Audit & Supervisory Board Members of the Company bill the Company for pre-payment or
reimbursement of expenses for the execution of their duties, expenses and liabilities related to thosebillings shall be processed promptly unless it is deemed that they are not necessary for the executionof those Audit & Supervisory Board Members’ duties.
(13) Other system for ensuring the effective audit execution by Audit & Supervisory Board Members of
the Company
The Audit & Supervisory Board may, when it deems necessary for its audit execution, utilize attorneys
at law, certified public accountants, consultants and other external advisors at its own discretion.
(14) Basic policies on eliminating anti-social forces and implementation status
The Company shall take a firm stance against anti-social forces that threaten the order or safety of acivil society in order not to support activities by such forces. While stipulating this basic policy in theGroup Code of Conduct clearly and making officers and employees of the Company and its groupcompanies fully aware of them, the Company shall expand daily cooperation with the relevant
administrative organs, police, attorneys at law and other expert organizations, striving to obtainrelevant information. In addition, systems to promptly address as a whole organization when there isa danger of suffering threats or damages from such forces shall be established.
2. Operation status of the internal control systems based on the Companies Act
Part of the operation status of the internal control systems based on the Companies Act is included in “1.
Internal control systems based on the Companies Act.” The operation status for its major part is asfollows:(1) With the aim of the penetration of the Group Philosophy that has been stipulated as the basic principle
and spiritual foundation that officers and employees of the Company and its group companies should
rely on, the Company shall hold a philosophy training session for officers and employees of theCompany and its group companies. In this session, each Executive Officer serving as an instructor
shall offer explanations on the contents, significance and importance of the Group Philosophy, Group
Code of Conduct, etc. based on their experiences.
(2) The Company shall establish a legal compliance system by not only convening the Compliance
Committee that includes outside Directors and legal counsels regularly for prevention and early
detection of legal violations, etc. at the overall corporate group and penetration of awareness of legal
compliance, but also operating the group internal reporting system.
(3) While establishing the risk management system and crisis response system for the overall corporategroup and pursuing its continuous improvement, in order to respond swiftly and minimize impacts tothe society and damages to the corporate group in emergency, the Company shall establish the rules
concerning risk management for the overall corporate group and the rules concerning response in caseof crisis, establish the department supervising risk management at the Company, and assign the officer
in charge thereof as the supervisory personnel responsible for risk management. In addition, while
formulating a BCP and holding exercises regularly, the department shall work to detect, evaluate andanalyze risks to be then classified and layered through the operation of risk management system andother measures, for the proper risk management, and report to the Managing Executive Officers’
Committee, etc. on a regular basis.
(4) The regular Board of Directors meetings shall be convened once a month and the extraordinary Boardof Directors meetings are held as necessary for the managerial decision-making and supervision of theexecution of operations by Directors. In addition, the Board of Directors shall conduct a highly-6-effective supervision from an independent and objective standpoint by separating supervision andexecution functions through the introduction of the Executive Officer system. With the aim of swift
managerial decision-making, the Board of Directors shall delegate its authorities concerning
management and the execution of operations to the Managing Executive Officers’ Committee
comprised of Representative Directors and Executive Officers with special titles at the level ofManaging Executive Officers and above. The Managing Executive Officers’ Committee, held once aweek in principle, shall deliberate on management and the execution of operations overall anddetermine matters authorized by the Board of Directors, while reporting significant matters to theBoard of Directors. Furthermore, with the aim of an effective promotion of business unit management,
the Investment Council shall be established as a subordinate organ of the Managing Executive Officers’
Committee to deliberate accurately on projects of business units with swiftness and a broad point ofview.
(5) Audit & Supervisory Board Members shall, at the Audit & Supervisory Board meeting held regularly,
determine items related to the policy, plan, method for audit and execution of the duties of Audit &Supervisory Board Members and conduct the audit regarding the execution of operations by Directors
through the attendance to important meetings including the Board of Directors meetings, interviews
with Directors and the department heads of the Company, visits to domestic and overseas subsidiaries,
hearings from and exchanges of opinions with the financial auditor on the audit results, etc. and regularholdings of the Group Liaison Meeting for Audit & Supervisory Board Members.

-7-

Consolidated Statement of Changes in Equity(From April 1, 2023 to March 31, 2024)(Millions of yen)
Shareholders’ equity

Balance at beginning of
periodShare capital

Capital surplus

Retained earnings

Treasury shares

Total shareholders’equity20,00036,634

107,313(308)

163,639

Changes during period
Dividends of surplus(5,054)(5,054)

Profit attributable toowners of parent

20,853

20,853Purchase of treasury shares
Disposal of treasury shares

0Change in ownershipinterest of parent due totransactions with noncontrolling interests

(321)

(256)

(256)

8

8
(321)

Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

–

(321)

15,799(247)

15,23020,00036,313

123,113(556)

178,870

Accumulated other comprehensive income
Valuationdifference on
available-for-salesecurities
Balance at beginning of
period7,782

Foreign currency Remeasurements
translationof defined benefit
adjustment
plans
7,920

(1,030)Total
accumulated
othercomprehensive
income14,672

Non-controllinginterests

34,210Total net assets

212,522

Changes during period
Dividends of surplus(5,054)

Profit attributable toowners of parent

20,853Purchase of treasury shares(256)

Disposal of treasury shares

8

Change in ownershipinterest of parent due totransactions with noncontrolling interests(321)

Net changes in items otherthan shareholders’ equity

6,751

5,704

1,128

13,585

4,141

17,727

Total changes during period

6,751

5,704

1,128

13,585

4,141

32,957

Balance at end of period

14,534

13,62598

28,25838,351

245,480

Note: Amounts are rounded down to the nearest million yen.

-8-

Notes to consolidated financial statements
1. Notes on important matters forming the basis of preparation of consolidated financial statements(1) Scope of consolidationi) Number of consolidated subsidiaries: 81
Principal consolidated subsidiaries:
Taiyo A&F Co., Ltd., Austral Fisheries Pty Ltd., Daito Gyorui Co., Ltd., Shinko Gyorui Ltd., Daitoh
Gyorui Co., Ltd., Maruha Kyushu Uoichi Holdings Co., Ltd., Kyushu Chuo Uoichi Co., Ltd.,
Kingfisher Holdings Limited, Southeast Asian Packaging and Canning Limited, KF Foods Limited,
Premier Pacific Seafoods, Inc., Westward Seafoods, Inc., Alyeska Seafoods, Inc., Maruha Capital
Investment, Inc., Seafood Connection Holding B.V., Maruha Nichiro Europe Holding B. V., AIXIACORPORATION, Maruha Nichiro Kitanippon, Inc., Yayoi Sunfoods Co., Ltd., Maruha Nichiro
Chikusan Co., Ltd., Maruha Nichiro Logistics, Inc., Maruha Nichiro Asset, Inc.
Maruha Nichiro Asset, Inc. was dissolved in an absorption-type merger on April 1, 2024, with theCompany as the surviving company.
In addition, following their merger on April 1, 2024 Marine Access Corporation and Maruha Nichiro
Retail Service Co., Ltd changed their names to MARUHA NICHIRO OCEAN Co., Ltd.
ii) Names of principal non-consolidated subsidiaries, etc.
Principal non-consolidated subsidiaries:
Westward Fishing Company, Pyramid Fishing Company(Reason for exclusion from scope of consolidation)
Those non-consolidated subsidiaries are small in size and their total assets, net sales, the profit or loss
(amount corresponding to equity), and retained earnings (amount corresponding to equity) do not havea significant effect on the consolidated financial statements.
(2) Application of the equity methodi) Number of non-consolidated subsidiaries accounted for by the equity method: 2Names of companies: Westward Fishing Company, Pyramid Fishing Companyii) Number of associates accounted for by the equity method: 24
Names of principal companies:
Zhejiang Industrial Group Co., Ltd., Yantai RiLuDa Foodstuffs Co., Ltd.
From the fiscal year under review, the newly established Bosslady Foods LLC has been included in
the scope of application of equity method.
International Pet Brands Pte Limited, which was accounted for by the equity method in the previous
fiscal year, was excluded from the scope of application of equity method due to the sale of its shares.
iii) Non-consolidated subsidiaries (Japan Tuna Farming Ltd. and others) and associates (Port Relief
Engineering Co., Ltd., AZUMA BUILDING SERVICE CO., LTD. and others) are excluded from thescope of application of the equity method, because their profit or loss (amount corresponding to equity)and retained earnings (amount corresponding to equity) have little impact on the consolidated financial
statements on an individual basis even if they are excluded from the scope of the equity method, andthey are insignificant on the whole.
iv) For companies accounted for using the equity method whose balance sheet date differs from theconsolidated balance sheet date, financial statements for each company’s fiscal year have been used.
(3) Balance sheet dates of consolidated subsidiaries, etc.
Daito Gyorui Co., Ltd. and other 44 consolidated subsidiaries have the balance sheet date that is thesame as the consolidated balance sheet date. Since the balance sheet date of Westward Seafoods, Inc.
-9-

and other 34 consolidated subsidiaries is December 31, financial statements on the balance sheet dateof these companies have been used, and necessary adjustments have been made with regard to
significant transactions that occurred in the period between their balance sheet date and the consolidatedbalance sheet date.
Because the balance sheet date of Maruha (N.Z.) Corporation Ltd. is September 30, its financial
statements based on provisional settlement of accounts conducted as of December 31 have been used.
(4) Accounting policies
i) Valuation basis and methods for principal assets
a. Bonds held to maturity
Stated at amortized cost (straight-line method)b. Available-for-sale securities
 Other than shares and other securities with no market priceStated at the fair value (valuation differences are recognized in net assets; the cost of securities soldis calculated by the moving-average method).
 Shares and other securities with no market price
Mainly stated at cost determined by the moving-average method.
c. Derivatives
Stated at fair valued. Inventories
Mainly stated at cost determined by the gross average method (balance sheet amounts are determinedbased on the method of writing down book value in accordance with decreased profitability of assets)ii) Depreciation method of significant depreciable assets
a. Property, plant and equipment (excluding leased assets)
Depreciable assets are depreciated principally using the straight-line method, while someconsolidated subsidiaries use the declining-balance method.
The main useful lives are as follows:
Buildings and structures

2 to 50 years

Machinery, equipment and vehicles

2 to 17 years

b. Intangible assets (excluding leased assets)
Amortized by the straight-line method.
Software for internal use is amortized by the straight-line method based on a useful life within the
Company (five years).
c. Leased assets
Leased assets under finance lease transactions that do not transfer ownership
Depreciated by the straight-line method assuming the lease periods as useful lives without residual
value.
FASB Accounting Standard ASU No. 2016-02 “Leases” has been applied to our consolidated
subsidiaries in the U.S.
As a result, in principle, the Company recognizes assets and liabilities for all leases of lessees, andright-of-use assets recorded as assets are depreciated using the straight-line method.

- 10 -

iii) Significant allowances and provisions
a. Allowance for doubtful accounts
To cover loss from uncollectible credits including trade notes and accounts receivable and loans
receivable, an estimated uncollectible amount is provided at the amount estimated by either using thehistorical rate of credit loss in the case of general receivables, or based on individual considerationof collectibility in the case of specific receivables such as highly doubtful receivables.
b. Provision for bonuses
To prepare for the payment of bonuses to employees, the amount expected to be paid is provided.
c. Provision for loss on compensation for damages
To prepare for the payment of compensation for damages, etc., the expected loss amount is provided.
d. Provision for special repairs
To cover costs required for special repair of vessels, etc., the amount estimated for future repairs isprovided.
e. Provision for environmental measures
Pursuant to the “Act on Special Measures concerning Promotion of Proper Treatment of PCB Wastes”(June 22, 2001, Act No. 65), to cover costs for disposal of polychlorinated biphenyl stored, theamount estimated at the end of the fiscal year under review is provided.
f. Provision for share awards for directors (and other officers)
To provide for the payment of the Company’s shares, etc. to Directors, etc. in accordance with the
Directors’ and Corporate Auditors’ Stock Benefit Regulations, the amount of stock benefit
obligations expected to be paid at the end of the fiscal year under review is provided.
g. Provision for share awards for employees
To provide for the payment of Company’s shares, etc. in accordance with the Employees’ Stock
Benefit Regulations, the amount of stock benefit obligations expected to be paid at the end of the
fiscal year under review is provided.
iv) Accounting method for retirement benefits
a. Method of attributing expected retirement benefits to periods
In calculating the retirement benefit obligations, the straight-line basis is used in determining theamount of the expected retirement benefits attributed to periods up to the end of the fiscal year underreview.
b. Amortization of actuarial differences and prior service cost
Prior service cost is amortized by the straight-line method over a fixed number of years (mainly 10
years) set within the average remaining service period of employees as occurred.
Actuarial differences are mainly amortized by the straight-line method in equally allocated amounts
over a fixed number of years (mainly 10 years) set within the average remaining service period of
employees as occurred, starting in the respective fiscal years following each occurrence.
v) Basis for recording revenues and expenses
The Group primarily manufactures and sells marine products and processed foods, and provides
storage, transportation and delivery services for frozen products. For sales of goods or products tocustomers, control over the goods or products is transferred to the customer when the goods or
products are delivered to the customer, and the performance obligation is satisfied. Therefore, revenue
is recognized at such time. For periodic or recurring services, such as logistics services and real estate
rentals, which are based on contracts with specific customers, revenue is recognized over a period oftime because the customer receives the benefits of the performance as the entity performs and theperformance obligation is satisfied.

- 11 -

However, in the case of applying the alternative treatment prescribed in paragraph 98 of the
Implementation Guidance on Revenue Recognition, revenue from domestic sales of goods or products
is recognized at the time of shipment if the period from the time of shipment to the time when controlof the goods or products is transferred to the customer is a normal period.
For sales of goods or products to foreign countries, revenue is recognized at the time of transfer of theseller’s (exporter’s) risk burden based on Incoterms, which are trade terms. For revenues from logistics
services based on contracts with specific customers and revenues from real estate rentals, the Company
recognizes revenues according to the degree of progress, since it has determined that performanceobligations will be fulfilled over a certain period of time.
For transactions in which the Company acts as an agent for providing merchandise to customers, theCompany recognizes revenue at the net amount calculated by deducting the amount paid to themerchandise supplier from the amount received from the customer.
Rebates and other variable consideration are deducted from net sales, but revenue is recognized only
to the extent that it is very probable that a material reversal will not occur. In estimating rebates, theCompany primarily applies a mode of operation and estimates the most likely amount of the rebate byreviewing past accomplishments and actual results. For these transactions, payment terms are basedon individual contracts with customers, but the payment terms are consistent with market practices
and do not include a significant financial component in the amount of consideration promised.
For storage, transportation, and delivery of frozen products in logistics transactions, the Company
recognizes revenue based on the degree of progress because the performance obligation is deemed tobe satisfied over a certain period of time. In addition, payment terms are based on individual contracts
with customers, but the payment terms are consistent with market practices and do not include asignificant financial component in the amount of consideration promised.
vi) Translation of important assets or liabilities denominated in foreign currencies into Japanese yen
Monetary receivables and payables denominated in foreign currencies are translated into yen at the
spot exchange rates as of the consolidated balance sheet date and the translation differences are treatedas profit or loss. Assets and liabilities of overseas subsidiaries and the like are translated into yen at
the spot exchange rates as of the consolidated balance sheet date, while their revenues and expenses
are translated into yen at the average exchange rates during the period. The translation differences arerecorded within foreign currency translation adjustment and non-controlling interests under net assets.
vii) Method of significant hedge accounting
a. Method of hedge accounting
Hedging activities are accounted for under the deferral hedge accounting.
For interest rate swaps, special treatment is applied if the swaps satisfy the conditions for special
treatment. Interest rate and currency swaps are accounted for as an integral part of the hedged items,
if the swaps satisfy the conditions for such treatment (special treatment and method for translating
foreign currency receivables and payables at the applicable forward foreign exchange rates (furiate
shori)).
b. Hedging instruments and hedged items
 Hedging instruments
Foreign exchange forward contracts, currency options, currency swaps, interest rate swaps andinterest rate and currency swaps
 Hedged items
Receivables and payables denominated in foreign currencies, anticipated transactions denominatedin foreign currencies and interest on loansc. Hedging policy
The Company hedges foreign exchange risk and interest rate fluctuation risk in accordance with the“Financial Risk Management Conference Managerial Regulations,” which is its internal rules, andother rules.
- 12 -

d. Method of assessing hedge effectiveness
During the period between the start of hedging and the point of the determination of effectiveness,
the Company compares the market change or cumulative change in cash flows of the hedged item
and the market change or cumulative change in cash flows of the hedging instrument, and assesses
hedge effectiveness based on the ratio of the change.
However, for interest rate swaps that are accounted for using special treatment and interest rate andcurrency swaps that are accounted for as an integral part the hedged items, assessment of hedge
effectiveness is omitted.
viii) Amortization of goodwill
Goodwill is amortized over a period not exceeding 20 years based on the source of goodwill.
Insignificant goodwill is fully amortized in the fiscal year in which the goodwill arose.
ix) Other important matters for preparing consolidated financial statements
Application of the practical solution on the accounting and disclosure under the Group tax sharing
systemThe Company and certain domestic consolidated subsidiaries apply the group tax sharing system. In
addition, the accounting treatment and disclosure of corporate and local income taxes, and tax effectaccounting are in accordance with the “Practical Solution on the Accounting and Disclosure Under theGroup Tax Sharing System” (ASBJ PITF No. 42, August 12, 2021).
(5) Additional Informationi) Introduction of the Board Benefit Trust (BBT)The Company has introduced a Performance-linked Stock Compensation Plan “Board Benefit Trust”(BBT, hereinafter “Plan”) for Directors (excluding outside Directors, and persons who do not reside inJapan) and Executive Officers (excluding persons who do not reside in Japan; hereinafter collectively“Directors, etc.”) following the resolution at the 78th Ordinary General Meeting of Shareholders heldon June 28, 2022.
The purpose of the Plan is to clarify the link between Directors’ compensation and the Company’s
financial results and value of shareholders, and to raise awareness among Directors, etc. to contributeto the enhancement of the Company’s medium- to long-term financial results and increase of corporate
value by sharing with shareholders not only the benefits of a rise in stock price but also the risk of adecline in stock price.
The Company applies the gross method for the trust under the Plan pursuant to the “Practical Solution
on Transactions of Delivering the Company’s Own Stock to Employees, etc. through Trusts” (ASBJ
PITF No. 30, March 26, 2015).
a. Outline of transactions
Under this Performance-linked Stock Compensation Plan, the Company’s shares are acquired througha trust (the trust to be established under this plan is hereinafter the “Trust”) with money contributedby the Company as the source of funds, and in accordance with the Company’s Directors’ andCorporate Auditors’ Stock Benefit Regulations, the Company’s shares and money equivalent to themarket value of the Company’s shares (hereinafter “the Company’s shares, etc.”) are acquired throughthe Trust and paid to Directors, etc. through the Trust.
As a general rule, the timing of when Directors, etc. receive the Company’s shares, etc. is upon theirretirement from office.
b. Residual shares of the Company held by the Trust
Residual shares held by the Trust are recorded at the book value in the Trust as treasury shares under
net assets (excluding incidental expenses). The book value of said treasury shares amounted to ¥210
million and the number of shares was 87,176 at the end of the fiscal year under review.

- 13 -

ii) Introduction of the Stock Benefit Plan for Employees (J-ESOP)
Pursuant to a resolution passed at a meeting of the Board of Directors held on June 27, 2023, effectivefrom the fiscal year under review, the Company has introduced an incentive plan called the “Employee
Stock Benefit Plan (J-ESOP)” (“the Plan,” and a trust established for the Plan referred to as the “Trust”),
which involves granting the Company’s shares to a portion of employees in managerial positions(excluding non-residents of Japan; hereinafter referred to as “Eligible Employees”).
The Plan has been introduced to provide Eligible Employees with the Company’s shares, so that theCompany’s officers and employees can stand together from the same perspective as shareholders by
employees becoming shareholders themselves and by reflecting share price fluctuations in theircompensation, and as part of “investment in human capital” to help employees build assets for the
improvement of affluent lifestyles.
The Company applied the gross method for the Plan pursuant to the “Practical Solution on Transactionsof Delivering the Company’s Own Stock to Employees, etc. through Trusts” (ASBJ PITF No. 30, March
26, 2015).
a. Outline of transactions
The Plan is a mechanism for providing Eligible Employees who meet certain requirements with theCompany’s shares and money equivalent to the market value of the Company’s shares (“theCompany’s shares, etc.”) based on the Employees’ Stock Benefit Regulations established in advanceby the Company.
The Company grants points to Eligible Employees in accordance with their positions, etc., and when
they acquire the rights to benefits under certain conditions, they receive the Company’s shares, etc.
equivalent to the points granted. The shares to be provided to Eligible Employees will be acquired
using money set up in a trust in advance, including future benefits, and will be managed separately as
trust assets.
b. Residual shares of the Company held by the Trust
Residual shares held by the Trust are recorded at the book value in the Trust as treasury shares under
net assets (excluding incidental expenses). The book value of said treasury shares amounted to ¥246
million and the number of shares was 86,900 at the end of the fiscal year under review.
2. Changes in presentation(Consolidated statement of income)(1) “Subsidy income,” which was included in “Miscellaneous income” under non-operating income in theprevious fiscal year, has been presented separately under non-operating income from the fiscal year
under review due to increased materiality of the amount. “Subsidy income” included in “Miscellaneous
income” for the previous fiscal year is ¥572 million.
(2) “Provision of allowance for doubtful accounts,” which was presented separately under non-operating
expenses in the previous fiscal year, has been included in “Miscellaneous expenses” under non-operating
expenses from the fiscal year under review due to immateriality of the amount. “Provision of allowancefor doubtful accounts” included in “Miscellaneous expenses” for the fiscal year under review is ¥1
million.
(3) “Gain on sales of investment securities,” which was presented separately under extraordinary income in
the previous fiscal year, has been included in “Other” under extraordinary income from the fiscal year
under review due to immateriality of the amount. “Gain on sales of investment securities” included in“Other” for the fiscal year under review is ¥709 million.
(4) “Loss on valuation of investment securities,” which was included in “Other” under extraordinary losses
in the previous fiscal year, has been presented separately in “extraordinary losses” from the fiscal year
under review due to increased materiality of the amount. “Loss on valuation of investment securities”
included in “Other” for the previous fiscal year is ¥199 million.

- 14 -

3. Notes on accounting estimates(1) Impairment of non-current assetsi) Amounts recorded in the consolidated financial statements for the fiscal year under review(Millions of yen)
Fiscal year under review
Property, plant and equipment

152,220

Intangible assets

32,059Impairment losses

797ii) Information regarding material accounting estimates pertaining to identified items
In determining its asset groupings, the Group classifies assets for business use based on managerial
accounting categories while assessing profitability on an ongoing basis, and classifies real estate forrent and idle assets on an asset-by-asset basis.
When it comes to a non-current asset or asset group subject to indication of impairment, if the total
amount of undiscounted future cash flow from such asset or asset group is below its book value, thenthe book value is reduced to its recoverable amount and the amount of such reduction is recorded as
impairment losses.
Recoverable amounts are calculated using net realizable value and value in use. Net realizable value
is calculated either based on appraisal values from real estate appraisers or otherwise based oninheritance tax valuation using roadside land prices. Value in use is calculated using numerous
estimates and assumptions that include future cash flows and discount rates.
Property, plant, and equipment recorded on the consolidated balance sheet for the fiscal year underreview includes ¥5,808 million in property, plant, and equipment related to the Nagoya Logistics
Center of Maruha Nichiro Logistics, Inc., which belongs to the Logistics Segment, and accounts for
0.9% of total consolidated assets. The Logistics Center was newly established and started operating in
April 2021 as a logistics center that handles storage, transportation, customs clearance, and distribution
processing of agricultural and meat products, primarily frozen food. However, the Company will
determine whether or not to recognize an impairment loss because it has identified indications of
impairment amid a scenario of sustained negative profit or loss arising from such operating activities.
In determining whether or not to recognize an impairment loss, the Company found that the total ofundiscounted future cash flows from the asset group was in excess of its book value. As such, theCompany deems it not necessary to recognize impairment losses on said asset group.
Similarly, property, plant, and equipment on the consolidated balance sheets includes ¥4,343 million
in property, plant, and equipment related to Yayoi Sunfoods Co. Ltd.’s Kesennuma Plant, which
belongs to the Foodstuff Distribution Business Unit of the Foodstuff Distribution Segment, andaccounts for 0.6% of total consolidated assets. The Kesennuma Plant with production lines forprocessed seafood products, nursing food, and seafood cutlets has continued to have negative profit
and loss from its operating activities, and there are indications of impairment. Therefore, the Company
has determined whether or not to recognize an impairment loss at the plant. In determining whether or
not to recognize an impairment loss, the Company found that the total of undiscounted future cash
flows from the asset group was in excess of its book value. As such, the Company deems it notnecessary to recognize impairment losses on said asset group.
The total amount of undiscounted future cash flows, which are used in determining whether or not torecognize an impairment loss and in calculating the value in use, are based on the Medium-termManagement Plan, which includes forecasts of future storage costs and stevedoring charges at the
Nagoya Logistics Center and future sales volumes at the Kesennuma Plant. The Group creates the
Medium-term Management Plan, taking into account considerations that include external factors suchas the business environment, inside information such as budgets used within the Group, progressachieved under plans indicated by past results and other such data, and current asset group usage andreasonable plans for such use.

- 15 -

Additional impairment losses may occur on the consolidated financial statements for the next fiscal
year if it turns out that the total amount of undiscounted future cash flows for the aforementioned
estimates and assumptions have fallen below assumptions.
(2) Valuation of inventoriesi) Amounts recorded in the consolidated financial statements for the fiscal year under review(Millions of yen)
Fiscal year under review
Inventories

215,333

Write-down due to diminished profitability of inventories
held for sale in the ordinary course of business

3,345ii) Information regarding material accounting estimates pertaining to identified items
The Group calculates book value of inventories mainly at cost determined by the gross average method(method of writing down book value in accordance with decreased profitability). If the net realizablevalue at the end of the fiscal period is below the acquisition cost, then such net realizable value serves
as the book value.
Said net realizable value is calculated by multiplying inventory quantity at the end of the fiscal periodby the amount obtained by subtracting additional estimated manufacturing costs, etc. from estimatedselling prices.
Estimated selling prices are largely based on actual selling prices of finished goods and merchandise
with respect to sales made closest to the final day of the fiscal period, and estimated selling prices ofwork in process are based on actual profit margins of the main product groups including said work inprocess, etc.
Due to uncertainties regarding estimates of net realizable value, additional losses may occur on the
consolidated financial statements for the next fiscal year if the net realizable value is lower than
expected.
(3) Recoverability of deferred tax assetsi) Amounts recorded in the consolidated financial statements for the fiscal year under review(Millions of yen)
Fiscal year under review
Deferred tax assets

3,779

Amounts presented above for deferred tax assets offset deferred tax liabilities.
ii) Information regarding material accounting estimates pertaining to identified items
The Group recognizes deferred tax assets based on various forecasts and assumptions, including
earnings outlooks regarding future taxable income. Assessment regarding recoverability of deferred
tax assets involves determining whether or not such assets will serve to reduce future tax burden. In
performing such assessment, the Group determines whether or not conditions have been met either interms of sufficiency of taxable income prior to factoring in temporary differences, etc. based on
profitability, or in terms of sufficiency of taxable income prior to factoring in temporary differences,
etc. based on tax planning, or in terms of sufficiency of taxable temporary differences.
In determining sufficiency of taxable income prior to factoring in temporary differences, etc. based on
profitability, the Group estimates taxable income for the fiscal year slated for reversal of the temporary
difference, etc. and for carryback and carryforward periods.
Taxable income is estimated based on quantitative assumptions of the medium-term management plan,
appropriately adjusted reflecting primarily external factors such as the business environment, inside
information such as budgets used within the Group, and progress of plans indicated by past results,
taking into account, with respect to individual Group companies and companies applying the grouptax sharing system, the unit of income and expenses to be aggregated of such group companies.

- 16 -

The Group’s deferred tax assets are decreased when the Company or a subsidiary deems some or all
deferred tax assets as uncollectable based on forecasts and assumptions about future taxable income.
This may significantly affect the Group’s amounts of deferred tax assets and income taxes - deferred.
4. Notes to consolidated balance sheet(1) Pledged assets and secured debts
Assets pledged as collateral are as follows:
Buildings and structures
Machinery, equipment and vehicles
Land
Investment securities
Other¥11,417 million¥12,215 million¥12,205 million¥8,054 million¥33,149 million

Total¥77,042 million

Secured debts are as follows:
Short-term borrowings(including current portion of long-term borrowings)¥50,266 million

Long-term borrowings
Other¥44,812 million¥2 million

Total¥95,081 million(2) Accumulated depreciation of property, plant and equipment:¥297,570 million(3) Contingent liabilities
For borrowings of companies other than consolidated companies from financial institutions, etc., theCompany has provided debt guarantees.
Tekapo Limited
Property accumulation housing loans¥3,202 million¥0 million

Total¥3,203 million

5. Notes to consolidated statement of income(1) Insurance claim income
The Company recorded insurance proceeds associated with a fire that occurred at its Hiroshima Plant
during the previous fiscal year as well as insurance proceeds associated with damage related to elevatedtemperature in a freezer warehouse of its consolidated subsidiary during the fiscal year under review.
(2) Compensation for damage and provision of allowance for loss on compensation for damage
The Company recorded losses and estimated losses related to elevated temperature in a freezer
warehouse of its consolidated subsidiary under extraordinary losses.
(3) Settlement payments
The Company recorded settlement payments associated with a settlement involving compensation
arising from contractual indemnification clauses and reached with Peter Pan Seafood Company, LLC,
to which business of the Company’s consolidated subsidiary PSF, Inc. had been transferred in a previous
fiscal year.
6. Notes to consolidated statement of changes in equity(1) Total number of issued sharesClass of shares
Common shares

Number of shares at
beginning of the fiscal
year under review

Increase during the
fiscal year underreview

50,578–- 17 -

Decrease during the
fiscal year underreview–(Thousands of shares)
Number of shares at
end of the fiscal year
under review
50,578

(2) Number of treasury sharesClass of shares

Number of shares at
beginning of the fiscal
year under review

Common shares
Notes:

Increase during the
fiscal year underreview128

Decrease during the
fiscal year underreview

90(Thousands of shares)
Number of shares at
end of the fiscal year
under review

3215

1. The number of treasury shares at the end of the fiscal year under review includes 174 thousand of the Company’s
shares held by the Stock Benefit Trust (BBT and J-ESOP).
2. Breakdown of the increase of 90 thousand treasury shares of common shares is as follows.
(Outline of reasons for changes)
Purchase of shares by the Stock Benefit Trust (J-ESOP): 87 thousand shares
Purchase of shares of less than one unit: 2 thousand shares
3. Breakdown of the decrease of 3 thousand treasury shares of common shares is as follows.
(Outline of reasons for changes)
Provision to Directors, etc. from the Board Benefit Trust (BBT): 2 thousand shares
Provision to Eligible Employees from the Employee Stock Benefit Plan (J-ESOP): 0 thousand shares
Odd-lot shares sold: 0 thousand shares(3) Dividendsi) Dividends paid
Resolution

Class of shares

Total dividends(Millions of yen)

Dividend
per share(Yen)

Record date

Effective dateOrdinary General Meetingof Shareholders held on
June 27, 2023

Common shares

3,285

65

March 31, 2023

June 28, 2023

Board of Directors
meeting held on
November 6, 2023

Common shares

1,768

35

September 30,
2023

December 8,
2023

Notes:

1. The total amount of dividends based on the resolution of the Ordinary General Meeting of Shareholders held on
June 27, 2023 includes dividends of ¥5 million paid for the Company’s shares held by the Board Benefit Trust(BBT).
2. The total amount of dividends based on the resolution of the Board of Directors meeting held on November 6,2023 includes dividends of ¥3 million paid for the Company’s shares held by the Board Benefit Trust (BBT).
3. An amount of ¥0 million corresponding to equity interests has been deducted from dividends on treasury sharesof common shares owned by companies accounted for using the equity method.

ii) Dividends whose record date falls in the fiscal year under review and which have an effective date in
the next fiscal year
Resolution

Class of shares

Total dividends(Millions of yen)

Source ofdividend

Dividend
per share(Yen)

Record date

Effective dateOrdinary General
Meeting of
Shareholders held on
June 25, 2024

Common shares

2,526

Retainedearnings

50

March 31, 2024

June 26, 2024

Notes:

1. The total amount of dividends includes dividends of ¥8 million paid for the Company’s shares held by the Board
Benefit Trust (BBT and J-ESOP).
2. An amount of ¥0 million corresponding to equity interests has been deducted from dividends on treasury sharesof common shares owned by companies accounted for using the equity method.

- 18 -

7. Financial instruments(1) Status of financial instrumentsi) Policy for handling financial instruments
The Group’s fund management method is limited to short-term deposits and others, and funds areraised mainly through borrowings from financial institutions, but the Group has a policy of selecting
an advantageous financing method as often as possible. The Group utilizes derivative transactions tohedge its exposure to risks described later and abides by a policy of not using them for speculative
purposes.
ii) Description of financial instruments and related risks
Notes and accounts receivable - trade, and contract assets which are operating receivables, are exposed
to customer credit risks. In addition, operating receivables in foreign currencies arising due to theGroup’s global development of its business are exposed to risk of fluctuations in foreign currency
exchange rates.
Investment securities are mainly bonds held to maturity, and shares associated with business andcapital alliances, and these securities are exposed to the risk of market price fluctuations. The Grouphas extended long-term loans to some of its customer companies, etc.
Notes and accounts payable - trade and accounts payable - other, which are operating payables, mostly
become due within one year. Operating payables in foreign currencies are exposed to the risk offluctuations in foreign currency exchange rates.
Among borrowings, short-term borrowings are mainly for raising funds for business transactions,whereas long-term borrowings are principally for raising funds for business transactions and capital
investment.
The Group has conducted business transactions with customers in dozens of countries around theworld, and funds are procured mainly through borrowings from financial institutions at home andabroad. The Group has introduced derivative transactions to hedge exchange risks and interest raterisks arising in those trading and financial transactions and to effectively manage risks. Specifically,
with regard to currency-related transactions, forward exchange contracts, currency options andcurrency swaps are used to avoid risks of future fluctuations in exchange rates. With regard to interest
rate-related transactions, interest rate swaps are used to avoid risks of future fluctuations in interest
rates on borrowings. For hedging instruments, hedged items, and method of assessing hedge
effectiveness, please refer to “(4) Accounting policies, vii) Method of significant hedge accounting”
in the “1. Notes on important matters forming the basis of preparation of consolidated financial
statements” above.
iii) Management system for risks associated with financial instruments
a. Management of credit risk
The Group has the structure to conduct maturity management and balance management for eachcustomer and to periodically obtain information on the credit status of major customers, inaccordance with the Credit Control Rules.
In utilizing derivative transactions, the Group enters into such transactions only with major financial
instruments at home and abroad with high credit rating to mitigate risks related to losses incurred
due to contractual default of counterparties owing to bankruptcy, etc.
The amount of maximum credit risk exposure at the end of the fiscal year under review is stated at
the amount of financial assets exposed to credit risk recorded in the consolidated balance sheets.
b. Management of market risk
With regard to investment securities, the Group obtains information on fair value, financial
conditions of issuers (customer companies), etc. periodically.
For operating receivables and payables in foreign currencies, the Group utilizes forward exchange
contracts, currency options and currency swaps to avoid risks arising from future fluctuations in
exchange rates. In addition, the Group uses interest rate swaps and interest rate and currency swaps- 19 -

to mitigate volatility risks of interest payable on borrowings in foreign currencies, etc. and of foreignexchange rates.
Because the Group’s derivative transactions are conducted for the hedging purpose, valuation lossesof these transactions are partly or fully offset with on-balance transactions of the hedged items.
Therefore, the Group believes that it is not meaningful to see only valuation gains or losses ofderivative transactions. In addition, the Group has not conducted any transactions of which the fairvalue is highly volatile and that may have material impact on the management. For derivativetransactions, each consolidated company has its internal rules stipulating purpose of transactions,nature, holding risks, position, etc. and strictly manages derivatives in accordance with those rules.
c. Management of liquidity risk associated with fund procurement
The Group manages liquidity risk through preparation of a funding plan by each group company ona monthly basis and other measures.
(2) Fair value, etc. of financial instruments
Carrying amount, fair value and their differences as of March 31, 2024, are as follows.
Carrying amount
Investment securitiesi) Bonds held to maturityii) Other investment securities

116
40,244(Millions of yen)
Difference

Fair value
116
40,244––

Total assets

40,36040,360–Bonds payable
Long-term borrowings (*3)

18,000150,064

17,947
149,297

(52)
(767)

Total liabilities

168,064

167,244

(820)

830

830

–

–

(0)

(0)

Derivative transactions (*4)i) Derivative transactions not applying
hedge accountingii) Derivative transactions applying hedge
accounting(*1) “Cash and deposits,” “Notes and accounts receivable - trade, and contract assets,” “Notes and accounts payable - trade,”“Short-term borrowings,” “Accounts payable - other” and “Income taxes payable” are omitted, given that they are cash
and the fair value is almost equivalent to the amount of the book value, as they are settled in a short time.
(*2) Shares and other securities with no market price are not included in “Investment securities.” The carrying amount ofsuch financial instruments in the consolidated balance sheets are as follows:(Millions of yen)
Categories(1)

Fiscal year under review

Shares of subsidiaries and associates

Shares of non-consolidated subsidiaries and associates(2)

10,340

Other investment securities

Unlisted shares

2,072(*3) The current portion of long-term borrowings in short-term borrowings is included in long-term borrowings.
(*4) Net receivables and payables arising from derivative transactions are shown as net amounts, and items that are net
liabilities in total are shown in parentheses.

(3) Matters related to the breakdown of the fair value of financial instruments by appropriate classification,
etc.
The fair value of financial instruments is classified into the following three levels based on theobservability and materiality of the inputs used to calculate fair value.
Level 1 fair value:

Fair value calculated based on quoted market prices for the asset or liability forwhich such fair value is calculated that are formed in an active market among the
inputs related to the calculation of observable fair value- 20 -

Level 2 fair value:

Fair value calculated using inputs related to the calculation of observable fairvalue other than Level 1 inputs

Level 3 fair value:

Fair value calculated using unobservable inputs related to the calculation of fairvalue

When multiple significant inputs are used to calculate fair value, fair value is classified to the level withthe lowest priority in the calculation of fair value among the levels to which each of those inputs belongs.
(i)

Financial instruments recorded on the consolidated balance sheet at fair value(Millions of yen)
Categories

Investment securities
Other investment securities(shares)
OthersDerivative transactions
Currency-related
Total assets

Fair value
Level 1

Level 2

Level 3

Total

40,09340,093
151

151

151

41,074830
40,093830- 21 -

830

(ii)Financial instruments other than those recorded on the consolidated balance sheet at fair value(Millions of yen)
Categories

Fair value
Level 1

Level 2

Investment securities
Bonds held to maturity (bonds)
Derivative transactions
Currency-related

Level 3

Total

116

116

–

–

Total assets

116

116

Bonds payable
Long-term borrowings

17,947
149,297

17,947
149,297

149,297

167,244

Total liabilities
Notes:

17,947

1. Explanation of valuation techniques used in the calculation of fair value and inputs related to the calculation offair value
Investment securities
Listed stocks and bonds are valued using quoted market prices. Since listed stocks are traded in an active market,
their fair value is classified as Level 1. On the other hand, the fair value of the bonds held by the Company is basedon the book value because the base interest rate is revised in a short period of time and the period from the most recent
revision to the end of the fiscal year is short, and the fair value is considered to approximate the book value. In addition,
since there is no active market for these bonds, their fair value is classified as Level 2.
In addition, others are subscription rights to unlisted shares and classified as Level 3 because they involve use of
inputs associated with estimating unobservable fair value.
Derivative transactions
The fair value of forward exchange contracts is calculated using the discounted present value method with observable
inputs such as exchange rates and is classified as Level 2.
Bonds payable
The fair value of bonds issued by the Company is calculated based on the present value of the total principal andinterest discounted at an interest rate that takes into account the remaining term of the bonds and credit risk, and isclassified as Level 2.
Long-term borrowings
Because variable interest rates of the long-term borrowings reflect market interest rates in the short term, and thecredit status of the Company has not changed significantly since the execution, the fair value is considered toapproximate the book value. Therefore, the fair value of long-term borrowings is recorded at book value and classified
as Level 3. For borrowings that are subject to special treatment of interest rate swaps and treatment where interest
rate swaps are accounted for as an integral part of the related borrowings (special treatment and furiate shori), the fairvalue is calculated based on the present value estimated by discounting the total of principal and interest that were
accounted for as an integral part, using discount rates which would be applicable for similar new borrowings, andclassified as Level 3 fair value.
The fair value of fixed rate long-term borrowings is calculated based on the present value estimated by discounting
the total of principal and interest using discount rates which would be applicable for similar new borrowings, andclassified as Level 3 fair value.

2. Information regarding Level 3 fair value of financial assets and financial liabilities recorded on the consolidatedbalance sheet at fair value
Notes are omitted due to its insignificance.

- 22 -

8. Investment and rental properties(1) Status of investment and rental properties
The Company and some of its consolidated subsidiaries have rental commercial facilities, etc.
(including land) in Tokyo and other regions. In association with the investment and rental properties,
rental income or expense in the fiscal year ended March 31, 2024, was ¥686 million (major rental
income was recorded in net sales, and major rental expense was recorded in cost of sales).
(2) Fair values of investment and rental properties(Millions of yen)
Carrying amount
Balance at beginning of the
fiscal year under review
8,886
Notes:

Increase/decrease during the
fiscal year under review

Balance at end of the fiscal
year under review

(784)

8,102

Fair value at end of the fiscal
year under review
14,450

1. Carrying amount is calculated by subtracting accumulated depreciation and accumulated impairment fromacquisition cost.
2. With regard to increase/decrease during the fiscal year under review, major increases are increases due toacquisition (¥480 million), whereas major decreases are decreases due to sales of properties (¥688 million) and
impairment losses (¥396 million).
3. The fair value at end of the fiscal year under review is mainly based on the assessed value of the inheritance tax
by road rating or real-estate appraisal value that was calculated by real-estate appraisers.

- 23 -

9. Revenue recognition(1) Breakdown of revenue from contracts with customers
The following is a breakdown of the Group’s revenues by major geographic area and timing of revenue
recognition, and the relationship between the Group’s major products and services.
(Millions of yen)
Reportable segments
MarineResources

Processed Foodstuff
Foods
Distribution

Logistics

Total

Other
(Note 1)

Total
(Note 2)Major lines of goods orservices
Seafood
Processed foodFrozen foodLivestock product
Pet food
Storage/Freezing/
Transportation
Other

486,318
26,476
15,365449
38,09352,02852,925-

111,051
14,78096,37092,868--597,370
93,285
164,661
93,31838,0933
17
2
0597,373
93,302
164,664
93,31838,094

1,038

-

190

17,48018,709-18,70923,376-2

126

23,505

1,706

25,211

Net sales to external customers

591,119

104,954

315,262

17,607

1,028,944

1,730

1,030,674

Major regional markets
Japan
North America
EuropeAsia
Other357,991
52,110111,771
47,24422,001

101,735
188
329
2,700
-

313,440
676
23
1,121
-

17,607-790,773
52,975
112,125
51,06722,001

405
1,324
-

791,179
52,975
113,449
51,06722,001

Net sales to external customers

591,119

104,954

315,262

17,607

1,028,944

1,730

1,030,674

589,523

104,954

315,072-

1,009,550

53

1,009,603

1,596

-

190

17,607

19,393

1,676

21,070591,119

104,954

315,262

17,607

1,028,944

1,730

1,030,674

Timing of revenue recognition
Goods transferred at a point
in timeServices transferred overtime
Net sales to external customers
Notes:

1. “Other” is a business segment not included in the reportable segments and includes real estate, etc.
2. “Net sales” of ¥1,030,674 million reported in the consolidated statements of income mainly represents “revenue
recognized from contracts with customers.” Revenue recognized from other sources is mainly related to real estate
rentals, etc., and is included in the information broken down by revenue from contracts with customers, since theamount is insignificant.

(2) Information that provides a basis for understanding revenue from contracts with customers
The Group’s principal businesses are Marine Resources Business, Processed Foods Business, Foodstuff
Distribution Business and Logistics Business. For main performance obligations and the usual time atwhich revenue is recognized, please refer to “(4) Accounting policies, v) Basis for recording revenues
and expenses” in the “1. Notes on important matters forming the basis of preparation of consolidated
financial statements” above.
(3) Information regarding the relationship between performance obligations satisfied under a contract withthe customer and cash flows arising from the contract, and amounts and timing of revenue expected tobe recognized in the next fiscal year onward from contracts with customers existed at the end of the
fiscal year under review- 24 -

i) Outstanding contracts
The balance of receivables from contracts with customers is as follows. The information regarding
contract assets and contract liabilities at the beginning and the end of the period are omitted due to its
insignificance.
There is no significant amount of revenue recognized in the fiscal year under review from performanceobligations satisfied in previous periods.
(Millions of yen)
Fiscal year under review
Receivables from contracts with customers (beginningbalance)

131,769

Receivables from contracts with customers (ending balance)

138,418ii) Transaction price allocated to remaining performance obligations
The Group has no significant transactions with an expected contract term exceeding one year. Thereis no significant amount of consideration arising from contracts with customers that is not included in
the transaction price.
10. Per share information(1) Net assets per share¥4,112.65(2) Basic earnings per share¥413.61

Note: In calculating basic earnings per share, the Company’s shares held by the Board Benefit Trust (BBT and J-ESOP) are
included in treasury shares deducted when calculating the average number of shares outstanding during the period.
In calculating net assets per share, these shares are also included in treasury shares deduced from the number of sharesissued at the end of the period.
Number of the treasury shares at the end of the period

174 thousand shares

Average number of the treasury shares during the period

121 thousand shares

11. Significant subsequent events(Bond issuance)
The Company issued its 3rd Unsecured Bond with a payment date of April 25, 2024, following theresolution of the Board of Directors’ meeting held on March 25, 2024.
The outline of the bond is as follows.
1. Name:
2. Total issued amount:
3. Issue price:
4. Coupon interest rate:
5. Maturity date:
6. Payment date:
7. Redemption method:
8. Collateral:
9. Use of funds:

Maruha Nichiro Corporation 3rd Unsecured Bond (with limited inter-bondpari passu clause)¥15,000 million¥100 per ¥100 par value of face value
0.951% per annum
April 25, 2029
April 25, 2024
Redemption upon maturity (however, the bond may be repurchased andcancelled at any time on or after the day following the payment date)
The bond is unsecured and not guaranteed, and no assets have been
specifically reserved for the bond.
Repayment of borrowings

12. Other notes
No items to report.

- 25 -

Non-consolidated Statement of Changes in Equity(From April 1, 2023 to March 31, 2024)(Millions of yen)
Shareholders’ equity
Capital surplus

Retained earnings
Other retained earnings

Balance at beginning of
periodShare capital

Legalcapitalsurplus

Othercapitalsurplus

Othercapitalsurplus

20,000

5,000

5,800

10,800Generalreserve

Retainedearnings
brought
forwardTotal
retainedearnings

TreasurysharesTotalshareholders’ equity

1,692

58,08059,772(306)

90,266

Changes during period
Dividends of surplus(5,054)(5,054)(5,054)

Profit17,607

17,607

17,607Purchase of treasury shares
Disposal of treasury shares

0

0

(256)

(256)

8

8

Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

–

–

0

0

–

12,553

12,553(247)

12,30520,000

5,000

5,800

10,8001,692

70,63372,325(554)

102,571

Valuation and translation adjustments
Valuationdifference on
available-for-salesecurities
Balance at beginning of
period7,529

Total valuationand translation
adjustments

Total net assets

7,529

97,795

Changes during period
Dividends of surplus(5,054)

Profit17,607Purchase of treasury shares(256)

Disposal of treasury shares

8

Net changes in items otherthan shareholders’ equity

5,403

5,403

5,403

Total changes during period

5,403

5,403

17,709Balance at end of period

12,933

12,933

115,505

Note: Amounts are rounded down to the nearest million yen.

- 26 -

Notes to Non-consolidated Financial Statements
1. Important accounting policies(1) Valuation basis and methods for securitiesi) Shares of subsidiaries and associates
Stated at cost determined by the moving-average methodii) Available-for-sale securities
・Other than shares and other securities with no market priceStated at the fair value (valuation differences are recognized in net assets; the cost of securities soldis calculated by the moving-average method).
・Shares and other securities with no market priceStated at cost determined by the moving-average method.
(2) Valuation basis and methods for derivatives, etc.
Stated at fair value(3) Valuation basis and methods for inventories
Mainly stated at cost determined by the gross average method (Non-consolidated Balance Sheetamounts are determined based on the method of writing down book value in accordance with decreased
profitability of assets)(4) Depreciation methods for non-current assetsi) Property, plant and equipment (excluding leased assets)
Amortized by the straight-line method.
ii) Intangible assets (excluding leased assets)
Amortized by the straight-line method.
Software for internal use is amortized by the straight-line method based on a useful life within the
Company (five years).
iii) Leased assets
Leased assets under finance lease transactions that do not transfer ownership
Depreciated by the straight-line method assuming the lease periods as useful lives without residual
value.
(5) Translation of assets and liabilities denominated in foreign currencies into Japanese yen
Monetary receivables and payables denominated in foreign currencies are translated into yen at the spot
exchange rates as of the last day of the fiscal period and the translation differences are treated as profit
or loss.
(6) Allowances and provisionsi) Allowance for doubtful accounts
To cover loss from uncollectible credits including trade notes and accounts receivable and loans
receivable, an estimated uncollectible amount is provided at the amount estimated by either using thehistorical rate of credit loss in the case of general receivables, or based on individual consideration ofcollectibility in the case of specific receivables such as highly doubtful receivables.
ii) Provision for retirement benefits
To provide for the payment of retirement benefits to employees, the amount of retirement benefit
obligations and pension assets expected to be paid at the end of the fiscal year under review is provided.
a. Method of attributing expected retirement benefits to periods- 27 -

In calculating the retirement benefit obligations, the straight-line basis is used in determining theamount of the expected retirement benefits attributed to periods up to the end of the fiscal year
under review.
b. Amortization of actuarial differences and prior service cost
Prior service cost is amortized by the straight-line method over a fixed number of years (10 years)
set within the average remaining service period of employees as occurred.
Actuarial differences are mainly amortized by the straight-line method in equally allocatedamounts over a fixed number of years (10 years) set within the average remaining service periodof employees as occurred, starting in the respective fiscal years following each occurrence.
iii) Provision for environmental measures
Pursuant to the “Act on Special Measures concerning Promotion of Proper Treatment of PCB Wastes”(June 22, 2001, Act No. 65), to cover costs for disposal of polychlorinated biphenyl stored, the amountestimated at the end of the fiscal year under review is provided.
iv) Provision for share awards for directors (and other officers)
To provide for the payment of the Company’s shares, etc. to Directors, etc. in accordance with the
Directors’ and Corporate Auditors’ Stock Benefit Regulations, the amount of stock benefit obligations
expected to be paid at the end of the fiscal year under review is provided.
v) Provision for share awards for employees
To provide for the payment of Company’s shares, etc. in accordance with the Employees’ Stock
Benefit Regulations, the amount of stock benefit obligations expected to be paid at the end of the fiscal
year under review is provided.
(7) Basis for recording revenues and expenses
The Company is primarily engaged in the manufacture and sale of marine products and processed foods.
For said sales of goods and products, control over the goods or products is transferred to the customer
when the goods or products are delivered to the customer, and the performance obligation is satisfied.
Therefore, revenue is recognized at such time. However, in the case of applying the alternative treatmentprescribed in paragraph 98 of the Implementation Guidance on Revenue Recognition, revenue fromdomestic sales of goods or products is recognized at the time of shipment if the period from the time of
shipment to the time when control of the goods or products is transferred to the customer is a normal
period.
For sales of goods or products to foreign countries, revenue is recognized at the time of transfer of theseller’s (exporter’s) risk burden based on Incoterms, which are trade terms. For revenues from realestate rentals based on contracts with specific customers, the Company recognizes revenues according
to the degree of progress, since it has determined that performance obligations will be fulfilled over acertain period of time.
For transactions in which the Company acts as an agent for providing goods to customers, the Company
recognizes revenue at the net amount calculated by deducting the amount paid to the goods supplierfrom the amount received from the customer.
Rebates and other variable consideration are deducted from net sales, but revenue is recognized only tothe extent that it is very probable that a material reversal will not occur. In estimating rebates, theCompany primarily applies a mode of operation and estimates the most likely amount of the rebate byreviewing past accomplishments and actual results. For these transactions, payment terms are based on
individual contracts with customers, but the payment terms are consistent with market practices and do
not include a significant financial component in the amount of consideration promised.
(8) Application of the practical solution on the accounting and disclosure under the Group tax sharing
systemThe Company applies the group tax sharing system. In addition, the accounting treatment and disclosureof corporate and local income taxes, and tax effect accounting are in accordance with the “Practical
Solution on the Accounting and Disclosure Under the Group Tax Sharing System” (ASBJ PITF No. 42,
August 12, 2021).
- 28 -

2. Additional information(1) Introduction of the Board Benefit Trust (BBT)The Company has introduced a Performance-linked Stock Compensation Plan “Board Benefit Trust(BBT)” for Directors (excluding outside Directors, and persons who do not reside in Japan) and
Executive Officers (excluding persons who do not reside in Japan) based on the resolution at the 78th
Ordinary General Meeting of Shareholders held on June 28, 2022. For details, please refer to “1. Notes
on important matters forming the basis of preparation of consolidated financial statements (5)Additional information” in the Notes to Consolidated Financial Statements.
(2) Introduction of the Stock Benefit Plan for Employees (J-ESOP)
Pursuant to a resolution passed at a meeting of the Board of Directors held on June 27, 2023, effectivefrom the fiscal year under review, the Company has introduced an incentive plan called the “Employee
Stock Benefit Plan (J-ESOP),” which involves granting the Company’s shares to a portion of employees
in managerial positions (excluding non-residents of Japan). For details, please refer to “1. Notes onimportant matters forming the basis of preparation of consolidated financial statements (5) Additional
information” in the Notes to consolidated financial statements.
3. Changes in presentation(Non-consolidated Statement of Income)(1) “Insurance claim income,” which was included in “Other” under extraordinary income in the previous
fiscal year, has been presented separately under extraordinary income from the fiscal year under review
due to increased materiality of the amount. “Insurance claim income” included in “Other” for theprevious fiscal year was ¥2 million.
(2) “Loss on sale of investment securities,” which was presented separately under extraordinary losses in
the previous fiscal year, has been included in “Other” under extraordinary losses from the fiscal year
under review due to immateriality of amount. “Loss on sale of investment securities” included in “Other”
for the fiscal year under review is ¥2 million.
(3) “Loss on valuation of investment securities,” which was included in “Other” under extraordinary losses
in the previous fiscal year, has been presented separately in extraordinary losses from the fiscal year
under review due to increased materiality of the amount. “Loss on valuation of investment securities”
included in “Other” for the previous fiscal year was ¥156 million.
4. Notes on accounting estimates(1) Impairment of non-current assetsi) Amounts recorded in the non-consolidated financial statements for the fiscal year under review(Millions of yen)
Fiscal year under review
Property, plant and equipment

27,394

Impairment losses

395ii) Information regarding material accounting estimates pertaining to identified items
The method of calculating the amount in (i) is the same as that described in “3. Notes on accounting
estimates (1) Impairment of non-current assets” in the Notes to Consolidated Financial Statements.

- 29 -

(2) Valuation of inventoriesi) Amounts recorded in the non-consolidated financial statements for the fiscal year under review(Millions of yen)
Fiscal year under review
Merchandise and finished goods

82,016Work in process

13,829Raw materials and supplies

4,530

Write-down due to diminished profitability of inventories
held for sale in the ordinary course of business

447ii) Information regarding material accounting estimates pertaining to identified items
The method of calculating the amount in (i) is the same as that described in “3. Notes on accounting
estimates (2) Valuation of inventories” in the Notes to Consolidated Financial Statements.
“Merchandise and finished goods” and “Work in progress” recorded in the Non-consolidated Balance
Sheet of the Company for the fiscal year under review include ¥46,795 million of “Goods and products”
and ¥11,299 million of “Work in progress” in the Marine Resources Business Segment, totaling¥58,094 million, or 14.6% of total assets.
The selling prices of marine products are affected by the external environment, such as demand inJapan, in addition to the catch of each species of fish and purchasing competition from competitors,
including those from overseas. Some of the marine products that the Company handles include thosefor which there are no actual sales before or after the end of the period, and for which it is difficult todetermine the net realizable value based on actual sales results. The net realizable value of farmed fish
included in “Work in progress” is estimated by subtracting additional estimated manufacturing costs,
etc. from estimated selling prices; provided that these additional estimated manufacturing costs include
estimated future farming costs.
Due to uncertainties regarding estimates of net realizable value, additional losses may occur on the
non-consolidated financial statements for the next fiscal year if the net realizable value is lower than
expected.
(3) Recoverability of deferred tax assetsi) Amounts recorded in the non-consolidated financial statements for the fiscal year under review(Millions of yen)
Fiscal year under review
Deferred tax assets (before offsetting deferred tax
liabilities)

6,394ii) Information regarding material accounting estimates pertaining to identified items
The method of calculating the amount in (i) is the same as that described in “3. Notes on accounting
estimates (3) Recoverability of deferred tax assets” in the Notes to Consolidated Financial Statements.
5. Notes to Non-consolidated Balance Sheet(1) Pledged assets and secured debts
Assets pledged as collateral are as follows:
Buildings
Land
Investment securities¥3,332 million¥3,502 million¥7,938 million

Total¥14,773 million- 30 -

Secured debts are as follows:
Short-term borrowings(including current portion of long-term borrowings)¥49,103 million

Long-term borrowings¥38,004 million

Total¥87,107 million(2) Accumulated depreciation of property, plant and equipment:
Accumulated depreciation of property, plant andequipment¥51,054 million(3) Contingent liabilities
For the following companies from financial institutions, etc., the Company has provided debt guarantees.
Tekapo Limited
Maruha Nichiro Logistics, Inc.
Property accumulation housing loans¥3,202 million¥927 million¥0 million

Total¥4,131 million(4) Monetary receivables and payables for subsidiaries and associates
Short-term monetary receivables
Long-term monetary receivables
Short-term monetary payables¥50,272 million¥18,208 million¥13,836 million

6. Notes to Non-consolidated Statement of Income
Transaction volume with subsidiaries and associates
Net sales
Purchase volume
Other sales transaction volume
Transaction volume other than sales transactions¥44,746 million¥87,588 million¥24,404 million¥7,407 million

7. Notes to non-consolidated statement of changes in equity
Number of the treasury shares as of March 31, 2024
Common shares

213 thousand shares

Note: The number of treasury shares at the end of the fiscal year under review includes 174 thousand of the Company’s
shares held by the Board Benefit Trust (BBT and J-ESOP).

- 31 -

8. Notes to tax effect accounting
Breakdown of deferred tax assets and deferred tax liabilities by major cause of occurrence
Deferred tax assets
Allowance for doubtful accounts
Impairment losses of non-current assets
Loss on valuation of shares of subsidiaries andassociates
Promotion expenses payable
Provision for retirement benefits
Other¥11 million¥923 million¥5,683 million¥728 million¥3,378 million¥2,543 million

Subtotal of deferred tax assets
Valuation allowance¥13,269 million¥(6,875) million

Total deferred tax assets¥6,394 million

Deferred tax liabilities
Valuation difference on available-for-sale securities
Prepaid pension costs
Other¥(5,622) million¥(989) million¥(399) million

Total deferred tax liabilities¥(7,010) million

Net deferred tax liabilities¥(616) million

Note Accounting for corporate and local income taxes and related tax effect accounting
The Company applies the group tax sharing system. In addition, the Company accounts for and discloses corporate
and local income taxes and related tax effect accounting in accordance with the “Practical Solution on the
Accounting and Disclosure Under the Group Tax Sharing System” (ASBJ PITF No. 42, August 12, 2021).

9. Notes to transactions with related parties
Subsidiaries and associates, etc.
Type

Subsidiary

Name of company, etc.

Maruha Nichiro Logistics, Inc.

Taiyo A&F Co., Ltd.

Yayoi Sunfoods Co., Ltd.

Location

Chuo-ku, Tokyo

Chuo-ku, Tokyo

Minato-ku, Tokyo

Share capital orinvestments(Millions of yen)

430

709

727

Business description

Logistics Business

Fishery & Aquaculture Business

Processing Business

Percentage of voting andother rights held (%)

Directly held
100

Directly held
100

Directly held
100

Relationship with relatedparties

Cold storage of cargo and others
Financial support
Concurrent officers

Buying and selling of goods
Financial support
Concurrent officers

Buying and selling of goods
Financial support
Concurrent officers

Transaction details

Lending (note)

Interest
incomereceived(note)

Transaction amount(Millions of yen)

3,357

149

3,539

79

1,013

45

Item

LongShortterm
term
loans
loans
receivable receivable

Current
assets andotherShortLongterm
term
loans
loans
receivable receivable

Current
assets andotherShortLongterm
term
loans
loans
receivable receivable

Current
assets andotherEnding balance(Millions of yen)

13,9046,900

0Lending (note)

Interest
incomereceived(note)

Repayment of funds(note)

Interest
incomereceived(note)

11,482

4,100

0

6,878

4,450

0

Transaction terms and policies for determining transaction terms, etc.
Note: Interest rates on lending to the three companies listed above are determined rationally, taking into account market
interest rates.

- 32 -

10. Revenue recognition
Information that provides a basis for understanding revenue from contracts with customers
The Company’s principal businesses are Marine Resources Business, Processed Foods Business, andFoodstuff Distribution Business. For main performance obligations and the usual time at which revenue
is recognized, please refer to “(7) Basis for recording revenues and expenses” in “1. Important accounting
policies” above.
11. Per share information(1) Net assets per share¥2,293.36(2) Basic earnings per share¥349.22

Note: In calculating basic earnings per share, the Company’s shares held by the Board Benefit Trust (BBT and J-ESOP)
are included in treasury shares deducted when calculating the average number of shares outstanding during theperiod.
In calculating net assets per share, these shares are also included in treasury shares deduced from the number ofshares issued at the end of the period.
Number of the treasury shares at the end of the period
174 thousand shares
Average number of the treasury shares during the period
121 thousand shares

12. Significant subsequent events(Bond Issuance)
Same as the Notes to Consolidated Financial Statements.
13. Other notes
No items to report.

- 33 -