Consolidated Financial Results for the Second Quarter (Mid-Term) of the Fiscal Year Ending
December 31, 2024 (Japanese GAAP)

August 13, 2024
Company name: Nishimoto Co., Ltd.
Listed exchange: Tokyo
Code:
9260
URL: http://www.wismettac.com/
Representative:
Yoshiro Susaki, Chairman & CEO
Contact:
Yuji Sasa, President, Director of the Board, COO, CFO(Phone) 03-6870-2015
Scheduled date of filing of mid-term report:
August 14, 2024
Scheduled date of commencement of dividend payments:
September 17, 2024
Preparation of supplementary materials for financial results:
Yes
Holding of financial results presentation meeting:Yes (For institutional investors and analysts)(Amounts are rounded down to the nearest million yen)

1.

Consolidated financial results for the second quarter (mid-term) of the fiscal year ending December 31, 2024
(from January 1, 2024 to June 30, 2024)(1) Consolidated results of operations (cumulative)
Net sales
Mid-term of FY ending December
31, 2024
Mid-term of FY ended December
31, 2023(Note)

Operating income

Million yen%

Million yen%

Million yen%

Million yen%

166,695

14.0

3,940

(31.3)

4,337(32.8)

2,405(45.1)

146,281

11.9

5,737

(5.2)

6,453

0.2

4,378

(2.8)

Comprehensive income
Mid-term of FY ending December 31, 2024: 12,232 million yen (12.0%)
Mid-term of FY ended December 31, 2023: 10,925 million yen (−23.1%)

Mid-term of FY ending December 31,
2024
Mid-term of FY ended December 31,
2023(Note)(Percentages denote year-on-year changes)
Profit attributable toOrdinary income
owners of parent

Net profit per share

Diluted net profit per
share

Yen

Yen

56.18

55.76

101.69101.00On July 1, 2024, we conducted a three-for-one share split of common shares. The net profit per share and diluted net profit per share
have been calculated based on the assumption that the share split was conducted at the start of the previous consolidated fiscal year.

(2) Consolidated financial position
Total assets
Mid-term of FY ending December 31,
2024
As of December 31, 2023
(FY 2023)(Reference)2.

Net assets

Equity ratio

Million yen

Million yen

90,35838.7

212,479

79,86637.6

233,567

Shareholders’ equity
Mid-term of FY ending December 31, 2024:
FY ended December 31, 2023:%

90,345 million yen
79,849 million yen

Dividends
Annual dividends
First quarter-end

FY ended December 31, 2023
FY ending December 31, 2024
FY ending December 31, 2024
(Forecast)(Note)

Secondquarter-end

Third quarter-end

Year-end

Total

Yen

Yen

Yen

Yen

Yen

—
—

80.00
60.00

—

80.00

160.00

—

36.66

—

1. Revision to the forecast for dividends announced most recently: None
2. On July 1, 2024, we conducted a three-for-one share split of common shares. The dividend at the end of the second quarter of the
fiscal year ending December 31, 2024, indicates the dividend prior to the share split, and the dividend at the end of the fiscal year
ending December 31, 2024 (forecast), indicates the amount after taking the share split into account. If the share split is not taken into
account, the year-end dividend for the term ending December 2024 (forecast) is 110.00 yen per share, and the annual dividend is 170.00
yen per share.

3.

Consolidated financial results forecast for the fiscal year ending December 31, 2024
(from January 1, 2024 to December 31, 2024)
Net sales

FY ending December
31, 2024

Operating income(Percentages denote year-on-year changes)
Profit attributable to
Net profit per
Ordinary income
owners of parent
shareMillion yen%

Million yen%

Million yen%

Million yen%

Yen

354,000

17.7

12,0008.9

12,500

0.4

8,000

27.6

186.97(Note) 1. Revision to the forecast for financial results announced most recently: None
2. At the meeting of our Board of Directors held on February 14, 2024, we resolved to acquire our own shares, which was implemented on
February 15, 2024. At the meeting of our Board of Directors held on February 29, 2024, we resolved to dispose of the treasury stock, which
was implemented on March 30, 2024. The net profit per share in the forecast of consolidated financial results for the term ending December
2024 takes the effects of the acquisition and disposal of the treasury stock into consideration.
3. On July 1, 2024, we conducted a three-for-one share split of common shares. The full-year net profit per share takes the effects of the share split
into account. If the effects of the share split are not taken into account, the full-year net profit is 560.90 yen per share.

* NotesNone(1) Significant changes to the scope of consolidation during the mid-term period:
New — company(Company name) —Excluded — companies(Company name) —(2) Application of accounting treatment specific to the preparation of mid-term consolidated
financial statements:(3) Changes in accounting policies, changes to accounting estimates, and restatements(i)
Changes in accounting policies due to revisions of accounting standards:

Yes

None

(ii)

Changes in accounting policies other than (i) above:

None

(iii)

Changes in accounting estimates:

None

(iv)

Restatements:

None(4) Number of shares outstanding (common stock)(i)
Number of shares outstanding at the end Mid-term of FY
ending December 31, 43,059,420 sharesof the period (including treasury shares)
2024
Mid-term of FY(ii)
Number of treasury shares at the end of
298,323 sharesending December 31,
the period
2024
Mid-term of FY(iii) Average number of shares during theending December 31, 42,815,967 sharesperiod (mid-term)
2024(Note)

December 31,
2023

43,059,420 shares

December 31,
2023

723 shares

Mid-term of FY
ended December
31, 2023

43,058,753 shares

On July 1, 2024, we conducted a three-for-one share split of common shares. The number of shares outstanding has been calculated
based on the assumption that the share split was conducted at the start of the previous consolidated fiscal year.

* The second quarter (mid-term) financial results are not subject to review procedures.
* Explanation of the proper use of financial results forecasts and other notes(Cautionary note on forward-looking statements, etc.)
The forward-looking statements such as financial results forecasts contained in this document are based on information currently
available to the Company and certain reasonable assumptions. Thus, these statements are not intended for management to promise theachievement of the forecast. Actual financial results may differ materially due to various factors. For the conditions of the assumptionsin the forecast and notes on use of the forecast, please see section “(4) Future forecast” in chapter “1. Outline of operating results, etc.”
on page 5 of the attachment.
(How to obtain the financial results supplementary materials)算The financial results supplementary materials will be disclosed on TDnet on Tuesday, August 13, 2024, and will also be posted on the
Company’s website. The Company plans to hold a briefing meeting on the financial results for institutional investors and analysts on
Monday, August 19, 2024, based on these materials.

File name: Consolidated Financial Results for the Second Quarter (Mid-Term) of the 78th Fiscal Year

Date updated: August 9, 2024 09:29:09

 Attachment: Table of Contents

1. Outline of operating results, etc. .............................................................................................................................. 2(1) Outline of mid-term operating results ................................................................................................................ 2(2) Outline of mid-term financial position............................................................................................................... 4(3) Outline of mid-term cash flows ......................................................................................................................... 4(4) Future forecast ................................................................................................................................................... 5
2. Mid-term consolidated financial statements and major notes .................................................................................. 6(1) Mid-term consolidated balance sheet ................................................................................................................. 6(2) Mid-term consolidated statements of income and comprehensive income ........................................................ 8
Mid-term consolidated statement of income ...................................................................................................... 8
Mid-term consolidated statement of comprehensive income ............................................................................. 9(3) Mid-term consolidated statement of cash flows ............................................................................................... 10(4) Notes to the mid-term consolidated financial statements ................................................................................. 11(Notes to assumption of going concern) .......................................................................................................... 11(Notes on significant changes in shareholders’ equity) .................................................................................... 11(Application of accounting treatment specific to the preparation of mid-term consolidated financial
statements) ....................................................................................................................................................... 11(Segment information) ..................................................................................................................................... 11(Significant subsequent events) ....................................................................................................................... 12– 1 –File name: Consolidated Financial Results for the Second Quarter (Mid-Term) of the 78th Fiscal Year

Date updated: August 9, 2024 09:29:09

1. Outline of operating results, etc.
(1) Outline of mid-term operating results
Forward-looking statements in the document are based on the judgment of the Company Group as of the end of the second
quarter (mid-term) of the current consolidated fiscal year.
[Outline of current mid-term consolidated accounting period]
With regard to the world economy during the current mid-term consolidated accounting period, inflationary pressure eased as aresult of monetary tightening in Europe, the U.S., and elsewhere, and consumer spending remained strong in Europe, the U.S.,
etc. However, economic stagnation due to the prolonged real estate slump continued in China, and the future outlook remains
uncertain due to factors such as the prolongation of the Ukraine situation, the Middle East conflict, rising prices, and the decline
in the yen exchange rate.
Under these circumstances, our Company Group, as a global food-related company, has been striving to deliver products safely
and stably while responding to various changing business environments. The main businesses of the Company Group are the
Asian Food Global Business, which sells Japanese and other Asian foods and food ingredients mainly in North America, but alsoin Europe, China, Southeast Asia, Australia, etc., and the Agricultural Products Trading Business, which engages in domestic
sales of fruits, as well as export and trilateral trade. In the Asian Food Global Business, we have aggressively pursued structuralreforms to achieve sustainable and stable earnings in our core region of North America and to expand our operating base outside
North America, which is one of our growth strategies. In the Agricultural Products Trading Business, in addition to sales forwholesale markets, mass retailers, home meal replacement industries, restaurant chains, and other clients in Japan, the Company
has worked on the development of new overseas distribution routes through export of domestic fruits and offshore trading, as
well as wholesale business in China, and so forth.
Besides the above, we are engaged in the business of selling overseas branded food products, seasonal products planned anddeveloped in-house, and character products to imported food stores and general merchandise stores in Japan, as well as thebusiness of manufacturing and selling natural supplements., Furthermore, based on the “investments in the food industry
solutions business and domestic/international food technology” indicated in our Medium-Term Business Plan (2024-2026)
published in October 2023, we are working to provide solutions using digital technology to companies involved in the foodworld, and in May 2024, we launched a new investment subsidiary, Wismettac Ventures LLC, for purposes such as investing in
venture capital funds and the like specializing in the food field.
As a result, with respect to the financial results for the current mid-term consolidated accounting period, net sales stood at 166,695
million yen (14.0% increase year-on-year), operating income amounted to 3,940 million yen (31.3% decrease year-on-year),ordinary income amounted to 4,337 million yen (32.8% decrease year-on-year), and mid-term profit attributable to owners ofparent totaled 2,405 million yen (45.1% decrease year-on-year). We also recorded extraordinary losses of 329 million yen as
business restructuring expenses due to structural reforms of the Agricultural Products Trading Business at the Company’s
consolidated subsidiary Wismettac Foods, Inc.
Starting from the current mid-term consolidated accounting period, the name of the reporting segment was changed from theprevious “Agricultural & Seafood Products Trading Business” to the “Agricultural Products Trading Business.” This change
involves only the change of the reporting segment name and does not have any effects on segment information.
Financial results by segment are as follows: It is noted that net sales of segments are net sales to external customers.
[Outline of operating results by segment](i) Asian Food Global BusinessIn the Asian Global Food Business, for the current mid-term consolidated accounting period, the Company had net sales of
135,464 million yen (19.4% increase year-on-year) and operating income of 5,513 million yen (18.2% decrease year-onyear).
In the North American region, due to factors such as consumer spending remaining steady, net sales continued to be strongas those for groceries grew compared to the same period of the previous year. The expansion of sales to major grocery
chains, the promotion of switching from national brands to private labels, and sales activities focused on market shareretention have been successful.
In terms of profit, the Company strove to maintain the profit margin through appropriate price pass-through and othermeasures, but expenses grew mainly due to salary adjustments to retain human resources and broad-based price increases.
In addition, factors such as growth investments based on the Medium-Term Business Plan increased the overall expenses.
As a result, profits declined compared to a year earlier.

– 2 –File name: Consolidated Financial Results for the Second Quarter (Mid-Term) of the 78th Fiscal Year

Date updated: August 9, 2024 09:29:09

In Europe, there is gradual improvement in consumer spending as inflationary pressure eases. In addition, the results for
Italy’s Uniontrade Group, which we acquired in October 2023, were incorporated at the beginning of the current mid-term
consolidated accounting period, which increased net sales year-on-year.
In Asia and Oceania, a slowdown in economic growth was observed due to factors such as ongoing inflation, but net salesrose compared to a year earlier as the Company passed price rises onto customers appropriately and sales to chain restaurants
remained strong, as well as export business by domestic divisions continuing to be strong.

(ii) Agricultural Products Trading BusinessIn the Agricultural Products Trading Business, for the current mid-term consolidated accounting period, the Company had
net sales of 29,274 million yen (5.4% decrease year-on-year) and operating loss of 743 million yen (operating loss of 93
million yen in the same period of the previous year).
Even though the Company achieved comparatively steady shipments of frozen food ingredients and exports to overseas
markets, net sales fell compared to the same period of the previous year because the Company narrowed down the products
it handled and made purchasing adjustments for imported fruits (its key products), overseas subsidiaries took sales measuresthat focused on profitability as the sluggish economy continued, and the Company missed sales opportunities due to theimpact of poor harvests by producers, unstable maritime transport, etc.
Profitability declined because of soaring costs due to rapid fluctuations in the exchange rate, inventory adjustments due toearly sales, and other factors. In addition, the sales volume of imported citrus fruits, which are key products, was impacted
by rises in sales prices in light of soaring costs and unstable product quality. Furthermore, expenses increased mainly due
to the maintaining of personnel and the introduction of the ERP system, and early investments were made for thedevelopment of new businesses based on the Medium-Term Business Plan. For these and other reasons, profits fell comparedto the same period of the previous year.
(iii) Other businesses
In other businesses, for the current mid-term consolidated accounting period, the Company had net sales of 1,956 million
yen (4.5% increase year-on-year) and operating loss of 191 million yen (operating loss of 94 million yen in the same periodof the previous year).
In the mainstay imported food sales business, sales of imported daily brand-name products remained sluggish mainly due
to the effect of fluctuating exchange rates, but overall net sales for other businesses grew compared to a year earlier due tothe success of the Valentine’s Day event, which is the biggest sales battle in the industry, in the first quarter, as well as the
supplement business remaining strong.
Profitability declined because of soaring costs due to the ongoing weak yen, and profits fell compared to the same period of
the previous year due to increased event-related expenses, such as sharp rises in personnel expenses caused by inflation.

– 3 –File name: Consolidated Financial Results for the Second Quarter (Mid-Term) of the 78th Fiscal Year

Date updated: August 9, 2024 09:29:09(2) Outline of mid-term financial position
Assets, liabilities and net assets(Assets)
Total assets as of June 30, 2024, stood at 233,567 million yen, an increase of 21,088 million yen compared to December 31,
2023, which was mainly attributable to the following.
Total current assets as of June 30, 2024, amounted to 193,979 million yen (an increase of 16,388 million yen compared to
December 31, 2023). The increase in current assets was due to an increase of 7,627 million yen in inventories, an increaseof 4,689 million yen in cash and deposits, and an increase of 2,963 million yen in notes and accounts receivable—trade.
Total non-current assets as of June 30, 2024, came to 39,588 million yen (an increase of 4,699 million yen compared to
December 31, 2023). The increase in non-current assets was due to an increase of 2,666 million yen in leased assets, net.
(Liabilities)
Total liabilities as of June 30, 2024, stood at 143,209 million yen, an increase of 10,596 million yen compared to December
31, 2023, which was mainly attributable to the following.
Total current liabilities as of June 30, 2024, amounted to 61,043 million yen (an increase of 13,294 million yen compared
to December 31, 2023). The increase in current liabilities was due to an increase of 7,272 million yen in the current portionof long-term loans payable, an increase of 3,068 million yen in short-term loans payable, and a 1,627 million yen increasein notes and accounts payable—trade.
Total non-current liabilities as of June 30, 2024, came to 82,166 million yen (a decrease of 2,697 million yen compared to
December 31, 2023). The decrease in non-current assets was due to an increase of 2,362 million yen in lease obligations,which offset a decrease of 5,090 million yen in long-term loans payable.
(Net assets)
Total net assets as of June 30, 2024, amounted to 90,358 million yen, an increase of 10,491 million yen compared to
December 31, 2023. The major reasons for the increase in net assets, despite a 1,148 million yen decrease in retained
earnings due to distribution of surplus, were an increase of 9,782 million yen in foreign currency translation adjustment anda 2,405 million yen increase in retained earnings due to mid-term profit attributable to owners of parent.

(3) Outline of mid-term cash flows
Cash and cash equivalents (hereinafter referred to as “funds”) for the current mid-term consolidated accounting period were
98,368 million yen, an increase of 4,425 million yen compared to December 31, 2023.
Cash flows for the current mid-term consolidated accounting period and the main factors affecting them are as follows.当(Cash flows from operating activities)
Cash flows from operating activities were positive at 1,455 million yen. The main reasons for this, despite a 2,351 million
yen increase in inventories and 2,028 million yen of income taxes paid, were 4,007 million yen of mid-term profit before
income taxes and 1,773 million yen of depreciation and amortization, which are non-cash expenses.
In addition, acquisition of funds decreased by 7,549 million yen compared to the previous mid-term consolidated accounting
period (decrease of 83.8% year-on-year), mainly due to a decrease in inventories of 4,442 million yen and a decrease in
mid-term profit before income taxes of 2,339 million yen.
(Cash flows from investing activities)
Cash flows from investing activities were negative at 1,429 million yen. The main reasons for this were 871 million yen ofpurchase of property, plant, and equipment, 315 million yen of payments into time deposits, and 226 million yen of purchaseof intangible assets.
In addition, expenditure of funds increased by 605 million yen compared to the previous mid-term consolidated accounting
period (increase of 73.4% year-on-year), mainly due to a 375 million yen increase in purchase of property, plant andequipment and a 315 million yen increase in payments into time deposits.
(Cash flows from financing activities)
Cash flows from financial activities were negative at 1,336 million yen. The main reasons for this, despite 1,493 million yenof proceeds from net increase (decrease) in short-term loans payable, were 1,147 million yen in cash dividends paid, 752
million yen in purchase of treasury shares, and 548 million yen in repayments of finance lease obligations.

– 4 –File name: Consolidated Financial Results for the Second Quarter (Mid-Term) of the 78th Fiscal Year

Date updated: August 9, 2024 09:29:09

In addition, expenditure of funds decreased by 1,232 million yen compared to the previous mid-term consolidated
accounting period (decrease of 48.0% year-on-year), despite an increase of 752 million yen in purchase of treasury shares,
mainly due to a 2,336 million yen increase in net increase (decrease) in short-term loans payable.

(4) Future forecast
There is no change to the full-year financial results forecast for the fiscal year ending December 31, 2024, which is as indicatedin “Consolidated Financial Results for the First Quarter of the Fiscal Year Ending December 31, 2024 (Japanese GAAP),”published on May 15, 2024.

– 5 –File name: Consolidated Financial Results for the Second Quarter (Mid-Term) of the 78th Fiscal Year

Date updated: August 9, 2024 09:29:09

2. Mid-term consolidated financial statements and major notes(1) Mid-term consolidated balance sheet
FY 2023(As of December 31, 2023)(Millions of yen)
Mid-term of FY 2024
(As of June 30, 2024)

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable—trade
Inventories
Other

93,94233,39846,5304,186

98,63236,361
54,158
5,507

Allowance for doubtful accounts

(466)

(680)

177,591

193,979

Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Tools, furniture and fixtures, net
Leased assets, net
Other, net

Total current assets

3,775
638
353
12,850
926

4,182
809
363
15,516
1,451

Total property, plant and equipment

18,544

22,323

Intangible assets
Goodwill
Software
Software in progress
Customer-related assets
Other

8,298
1,759
244
3,486
45

8,677
1,690
362
3,584
38

Total intangible assets

13,834

14,353

Investments and other assets
Investment securities
Guarantee deposits
Deferred tax assets
Other

575
1,042
776
114

667
1,087
965
189

Total investments and other assets
Total non-current assets
Total assets

– 6 –

2,509

2,910

34,88839,588212,479

233,567

File name: Consolidated Financial Results for the Second Quarter (Mid-Term) of the 78th Fiscal Year

Date updated: August 9, 2024 09:29:09(Millions of yen)
Mid-term of FY 2024
(As of June 30, 2024)

FY 2023(As of December 31, 2023)
Liabilities
Current liabilities
Notes and accounts payable—trade
Short-term loans payable
Current portion of long-term loans payable
Lease obligations
Accounts payable—other
Income taxes payable
Provision for bonuses
Provision for directors’ bonuses
Provision for share-based remuneration
Provision for shareholders’ benefits
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
Lease obligations
Deferred tax liabilities
Provision for bonuses
Provision for share-based remuneration
Net defined benefit liability
Other
Total non-current liabilities

19,062
12,805
3,258
2,795
3,142
192
1,182
167
296
22
4,821

20,69015,874
10,531
3,439
3,242
287
815
40
366
6
5,748

47,74861,04370,051
10,352
968
21
937
106
2,426

64,96012,715
1,114
0
416
116
2,841

84,864

82,166

Total liabilities

132,613

143,209

Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings

2,646
6,145
56,4792,646
6,150
57,736(1)(598)

65,27065,93525

42

Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

(8)

23

Foreign currency translation adjustment

14,561

24,343

Total accumulated other comprehensive income

14,57924,4101712

Non-controlling interests
Total net assets
Total liabilities and net assets– 7 –79,86690,358212,479

233,567

File name: Consolidated Financial Results for the Second Quarter (Mid-Term) of the 78th Fiscal Year

Date updated: August 9, 2024 09:29:09(2) Mid-term consolidated statements of income and comprehensive income
Mid-term consolidated statement of income

Net sales
Cost of sales

Mid-term of FY 2023
(January 1, 2023
to June 30, 2023)
146,281
116,457(Millions of yen)
Mid-term of FY 2024
(January 1, 2024
to June 30, 2024)
166,695
131,768

Gross profit

29,82434,927

Selling, general and administrative expenses

24,08730,987

Operating income

5,737

3,940

838

1,157

27

11

0
237
4
79

—
92
—
49

1,187

1,311

460
11

904
10

Non-operating income
Interest and dividend income
Share of profit of entities accounted for using equity
methodInsurance benefits received
Foreign exchange gains
Reversal of allowance for doubtful accounts
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses

471

914

6,453

4,337

—

—

Business restructuring expenses

105

329

Total extraordinary losses

105

329

Profit before income taxes

6,347

4,007

Income taxes—current
Income taxes—deferred

1,970
(13)

1,660
(54)

Total income taxes

1,956

1,606

Profit

4,390

2,401

Ordinary income
Extraordinary income
Total extraordinary income
Extraordinary losses

Profit (loss) attributable to non-controlling interests
Profit attributable to owners of parent

– 8 –

11

(4)

4,378

2,405

File name: Consolidated Financial Results for the Second Quarter (Mid-Term) of the 78th Fiscal Year

Date updated: August 9, 2024 09:29:09

Mid-term consolidated statement of comprehensive income

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income(Breakdown)Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests– 9 –Mid-term of FY 2023
(January 1, 2023
to June 30, 2023)
4,390(Millions of yen)
Mid-term of FY 2024
(January 1, 2024
to June 30, 2024)
2,401

5
69
6,429

16
32
9,747

30

34

6,535

9,831

10,925

12,232

10,885

12,23640(4)File name: Consolidated Financial Results for the Second Quarter (Mid-Term) of the 78th Fiscal Year

Date updated: August 9, 2024 09:29:09(3) Mid-term consolidated statement of cash flows(Millions of yen)
Mid-term of FY 2024
(January 1, 2024
to June 30, 2024)

Mid-term of FY 2023
(January 1, 2023
to June 30, 2023)
Cash flows from operating activities
Profit before income taxes
Depreciation and amortization
Increase (decrease) in allowance for doubtful accounts
Interest and dividend income
Interest expenses
Share of (profit) loss of entities accounted for using
equity method
Foreign exchange losses (gains)
Decrease (increase) in notes and accounts
receivable—trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable—
trade
Increase (decrease) in accounts payable—other
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for directors’ bonuses
Increase (decrease) in provision for shareholder
privilege program
Increase (decrease) in provision for share-based
payments
Increase (decrease) in net defined benefit liability
Other
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes paid
Income taxes reimbursed
Cash flows from operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Payments into time deposits
Other
Cash flows from investing activities
Cash flows from financing activities
Net increase (decrease) in short-term loans payable
Income from long-term loans payable
Repayments of long-term loans payable
Purchase of treasury shares
Repayments of finance lease obligations
Cash dividends paid
Purchase of shares of subsidiaries not resulting in achange in the scope of consolidation
Cash flows from financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period– 10 –

6,347
1,376
(14)
(838)
460

4,007
1,773
157
(1,157)
904

(27)

(11)

97

238

(727)

198

2,091

(2,351)

905

198

29
(583)
(71)

(110)
(477)
(133)

(18)

(16)

354

(334)

(27)
843
10,197836(456)(1,618)
46
9,004

7
279
3,172
1,158
(891)
(2,028)
44
1,455

(495)
(252)
—
(76)
(824)

(871)
(226)
(315)
(16)
(1,429)

(843)
881
(341)
(0)
(281)
(1,076)

1,493
—
(381)
(752)
(548)
(1,147)(907)—(2,568)3,530
9,142
75,78784,930(1,336)
5,736
4,425
93,942
98,368File name: Consolidated Financial Results for the Second Quarter (Mid-Term) of the 78th Fiscal Year

Date updated: August 9, 2024 09:29:09(4) Notes to the mid-term consolidated financial statements(Notes to assumption of going concern)
No relevant items.
(Notes on significant changes in shareholders’ equity)
No relevant items.
(Application of accounting treatment specific to the preparation of mid-term consolidated financial statements)
Calculation of tax expenses
The tax expenses of some non-Japan consolidated subsidiaries were calculated by multiplying mid-term profit before income
taxes by the effective tax rate, which was reasonably estimated as the rate after the application of tax effect accounting to profit
before income taxes for the current consolidated fiscal year, including the mid-term accounting period.
(Segment information)
I. Previous mid-term consolidated accounting period (from January 1, 2023 to June 30, 2023)
1.

Information related to net sales and profits/losses by reporting segment and decomposition of income(Millions of yen)
Reporting segment
Agricultural
Asian Food
Products Trading
Global BusinessBusiness

Net sales
Japan
North America
EuropeOther
Revenue from contracts withcustomers
Sales to external customers
Intersegment sales or transfers
Total
Segment profit or loss

Other business

Total

Adjustment(Note 1)

3,631
81,705
21,6956,430

25,444
—
—
5,503

1,871
—
—
—

30,947
81,705
21,695
11,933————

113,462

30,947

1,871

146,281—

113,462
535
113,998
6,738

30,947—30,947
(93)

1,871
38
1,909
(94)

146,281574
146,856
6,550

—
(574)
(574)
(812)

Amounts recordedon the mid-term
consolidated
statement of income(Note 2)30,947
81,705
21,695
11,933
146,281
146,281—
146,2815,737(Note) 1. “Adjustment” for segment profit or loss in the amount of (812) million yen includes (0) million yen for elimination ofintersegment transactions and (812) million yen for company profit/loss not allotted to reporting segments (netcompany profits and net company expenses). Company profits consist mainly of management guidance fees from
reporting segments, and company expenses mainly comprise general and administrative expenses not attributed toreporting segments.
2. The segment profit or less is reconciled with the operating income on the mid-term consolidated statement ofincome.。
2.

Information related to impairment loss of non-current assets and goodwill by reporting segment
No relevant items.

– 11 –

File name: Consolidated Financial Results for the Second Quarter (Mid-Term) of the 78th Fiscal Year

Date updated: August 9, 2024 09:29:09

II. Current mid-term consolidated accounting period (from January 1, 2024 to June 30, 2024)
1.

Information related to net sales and profits/losses by reporting segment and decomposition of income(Millions of yen)
Reporting segment
Agricultural
Asian Food
Products Trading
Global BusinessBusiness

Net sales
Japan
North America
EuropeOther
Revenue from contracts withcustomers
Sales to external customers
Intersegment sales or transfers
Total
Segment profit or loss

Other business

Total

Adjustment(Note 1)

4,528
92,62331,422
6,890
135,464

25,332——
3,942
29,274

1,956
—
—
—
1,956

31,816
92,62331,422
10,832
166,695————

135,46418
135,483
5,513

29,274—29,274
(743)

1,956
1
1,957
(191)

166,695
20
166,716
4,578

—
(20)
(20)
(638)

Amounts recordedon the mid-term
consolidated
statement of income(Note 2)—

31,816
92,62331,422
10,832
166,695
166,695—
166,695
3,940(Note) 1. “Adjustment” for segment profit or loss in the amount of (638) million yen includes (0) million yen for elimination ofintersegment transactions and (638) million yen for company profit/loss not allotted to reporting segments (netcompany profits and net company expenses). Company profits consist mainly of management guidance fees from
reporting segments, and company expenses mainly comprise general and administrative expenses not attributed toreporting segments.
2. The segment profit or less is reconciled with the operating income on the mid-term consolidated statement ofincome.。
2.

Matters related to changes in reporting segments(Change of the name of the reporting segment)
Starting from the current mid-term consolidated accounting period, the name of the reporting segment was changed from theprevious “Agricultural & Seafood Products Trading Business” to “Agricultural Products Trading Business.” 変This change
involves only the change of the reporting segment name and does not have any effects on segment information. The new nameis used for the reporting segment in the previous mid-term consolidated accounting period as well.。

3.

Information related to impairment loss of non-current assets and goodwill by reporting segment
No relevant items.
(Significant subsequent events)(Share split)
Based on a resolution of the Board of Directors at its meeting on February 14, 2024, the Company conducted a share split as
explained below for the purpose of developing a more investor-friendly environment and expanding the investor base by
reducing the amount per investment unit of its shares.

1.

Ratio and timing of share split: On July 1, 2024, the Company conducted a three-to-one split of common shares held byshareholders entered in the shareholder register on June 30, 2024, at a ratio of three to one.

2.

3.

Number of shares increased by the share split(1) Total number of issued shares before the share split

14,353,140 shares(2) Total number of shares increased by the share split

28,706,280 shares(3) Total number of issued shares after the share split

43,059,420 shares(4) Total number of shares issuable by the Company after the share split

150,000,000 shares

Impact on information per share– 12 –

File name: Consolidated Financial Results for the Second Quarter (Mid-Term) of the 78th Fiscal Year

Date updated: August 9, 2024 09:29:09

If it is assumed that the share split was conducted at the beginning of the previous consolidated fiscal year, the information per
share figures are as follows.

Net profit per share

Mid-term of FY 2023
(January 1, 2023
to June 30, 2023)
101.69Mid-term of FY 2024
(January 1, 2024
to June 30, 2024)
56.18

101.0055.76

Diluted net profit per share(Borrowing of funds)

At its Board of Directors meeting on August 13, 2024, the Company resolved to borrow funds as follows.
Outline of borrowings(1) Lenders

Seven financial institutions with which we do business(2) Amount of borrowings

12.5 billion yen(3) Borrowing rate

Fixed interest rate(4) Borrowing date (planned) August 30, 2024
(5) Borrowing period

7 years(6) Use of the funds

Operating funds(7) Collateral

Unsecured, unguaranteed– 13 –