August 03, 2022

Consolidated Financial Results
for the Three Months Ended June 30, 2022 (Q1 FY 2022)(Japanese Accounting Standards)
Company name:
Stock exchange listing:Stock code:
URL:
Representative:
Contact:

Itoham Yonekyu Holdings Inc.
Tokyo Stock Exchange2296

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

Isao Miyashita, President and Representative Director
Masaru Kato, General Manager, Public &Investor Relations OfficeTel. +81-3-5723-6889
August 10, 2022
Scheduled date for filing of securities report:
Scheduled date of commencement of dividend payment: Supplementary documents for financial results:
Yes
Quarterly results briefing:No(Amounts of less than one million yen are truncated)

1. Consolidated Financial Results for the Three Months Ended June 30, 2022 (April 1, 2022–June 30, 2022)(1) Consolidated Results of Operations (Accumulated Total)(% figures show year-on-year change)
Profit (loss)
attributable to owners
Million Yen% Million Yen% Million Yen% Million Yen%
212,325
7,114
7,698
5,129 -13.2
4.8
-5.8
-8.6
202,607
7,554
8,425
5,908
―
―
―
―
8,265 million Yen (26.0%)
Three months ended June 30, 2023
6,560 million Yen (－%)
Three months ended June 30, 2022
Profit (loss)
Diluted net profit
per shareper share
Yen
Yen
17.60
17.59
20.18
20.17
Net sales

Three months ended
June 30, 2022
June 30, 2021
(Note) Comprehensive income:Three months ended
June 30, 2022
June 30, 2021

Operating profit

Ordinary profit(Note) As the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29), etc. has been applied from the beginning of the first quarter of the fiscal
year ending March 31, 2022, therefore the percentage change from the same period of the previous year is not stated.

(2) Consolidated financial position

As of June 30, 2021
As of March 31, 2021
(Reference) Shareholders’ equity:

Total assets
Net assets
Million Yen
Million Yen
433,421262,941
413,123
262,740
As of March 31, 2023
As of March 31, 2022

Equity ratio
%
60.5
63.4
262,300 million Yen
262,023 million Yen

2. DividendsFirstquarter-end

Yen
0.00

Dividend per share
Third
quarter-end
Yen
－

0.00

－

Secondquarter-end

For the fiscal year ended
Yen
March 31, 2022－
March 31, 2023－
For the fiscal year ending
March 31, 2023
(Forecast)(Note) Changes to most recent dividend forecast: None

Fiscalquarter-end

Total

Yen
23.00

Yen
23.00

24.00

24.00

3. Forecast of Consolidated Financial Results for the Fiscal Year Ending March 31, 2023
(April 1, 2022 to March 31, 2023)
Net sales
Second quarter-end(Cumulative)
Full year

Operating profit

Million Yen
430,000%
2.9

865,000

1.2(Note) Changes to most recent financial results forecast: Yes

Million Yen
13,500%-6.8

21,000 -14.7(% figures show year-on-year change)
Profit (loss)
Ordinary profit
Profit (loss) per share
attributable to owners
Million Yen% Million Yen%
Yen
15,00010,000 -15.3
-9.3
34.48
24,000 -16.1

15,000

-21.5

51.72

* Notes(1) Changes in significant subsidiaries during the term (changes in specific subsidiaries accompanied by a change in thescope of consolidation):
None

(2)

Application of special accounting treatment in the preparation of the quarterly consolidated financial statements: None

(2)

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

None
None
None
None

(3) Numbers of shares outstanding (common stock)(i)
Numbers of issued shares at end of period:
Three Months Ended June 30, 2022:
292,335,059 sharesYear ended March 31, 2022:
297,335,059 shares(ii) Numbers of treasury shares at end of period:
Three Months Ended June 30, 2022:
2,315,162 sharesYear ended March 31, 2022:
5,458,762 shares(iii) Average number of shares outstanding during period (quarterly cumulative period):
Three Months Ended June 30, 2022:
291,513,184 shares
Three Months Ended June 30, 2021:
292,738,808 shares* This Summary of Consolidated Financial Results is outside the scope of the external audit.
* Explanation for using the forecasted informaiton and the other special notes(Notes concerning forward-looking statements, etc.)
This summary financial report contains forward-looking statements and forecasts are made based on information available to thecompany at the time of preparation and certain assumption deemed to reasonable and actual result may significantly due tovarious factors.
For assumptions used for earnings forecasts and notes on the use of earnings forecasts, please refer to “(3) Information on the consolidated
earnings forecasts and other future forecasts” under “1. Qualitative Information on Financial Results ” on page “3”.
(Access to Supplementary Explanations)
Explanatory materials for quarterly financial results will be published on TDnet for viewing in Japan and on our website.

Contents
1. Qualitative Information on Consolidated Operating Results for the Three Months Ended June 30, 2022 ....................... 2(1) Description of operating results .................................................................................................................................. 2(2) Description of financial position ................................................................................................................................. 4(3) Information on the consolidated earnings forecasts and other future forecasts ........................................................... 4
2．Consolidated Financial Statements and Key Notes......................................................................................................... 5(1) Consolidated balance sheets ........................................................................................................................................ 5(2) Consolidated statements of income and comprehensive income................................................................................. 7(3) Notes on the quarterly consolidated financial statements............................................................................................ 9(Notes on going concern assumptions) ......................................................................................................................... 9(Notes in the case of significant changes in shareholders' equity) ................................................................................ 9(Segment information) .................................................................................................................................................. 9-1-

1. Qualitative Information on Consolidated Operating Results for the Three Months Ended June 30, 2022
(1) Description of operating results
During the first three months of the fiscal year under review, the Japanese economy showed some signs of recovery due
to the normalization of social and economic activities, but soaring resource prices and the sharp depreciation of the yen
against the backdrop of unstable international conditions, exerted upward pressure on prices. The outlook remains
uncertain, as consumers are becoming increasingly wary of price hikes, especially for daily necessities.
The food industry is also facing a challenging business environment, due to the effects of the rapid depreciation of theyen, while costs continue to rise due to soaring raw materials and energy prices. In addition, the Company is required torespond to rapidly changing and diversifying consumer needs and values, such as change in consumer behavior andaccelerating digitalization and growing interest in sustainability.
Under these circumstances, the Group continues to implement product and sales strategies that accurately and promptly
respond to changes in the world. To fulfill the Group’s supply responsibilities as a food manufacturer, the Company
continues to take thorough measures against infectious diseases to create an environment where each and every employee
can practice safe, secure, and diverse work styles and conduct business activities. In addition, the Medium-Term
Management Plan 2023 has four priority policies: "Strengthening the Management Base," "Strengthening the Earnings
Base," "Initiatives for New Businesses and Markets" and "Initiatives for Sustainability." Specifically, the Company takes
measures in accordance with its priority action policies, including reorganization into strategic business segment units
to maximize the effects of the integration, promotion of operational efficiency through digital strategies, strengtheningof the healthcare business through the acquisition of the animal-derived blood products business, and reinforcement of
the structure through the establishment of the Sustainability Promotion Office.
Focusing on return on invested capital (ROIC) as a quantitative indicator in the Medium-Term Management Plan 2023,
the Group targets to improve it to 6.8% during the subject period. The Group has also decided to implement shareholder
return policies in consideration of financial soundness and capital efficiency to maximize shareholder value and has adividend policy of increasing dividends steadily, with the payout ratio ranging from 30% to 50%, aiming for a payout
ratio of around 40%, and has set a limit of 5 billion yen for share repurchases and cancelled 5 million shares during thefirst quarter under review.
As a result of above efforts to respond to changes in the business environment, consolidated net sales for the first quarter
increased 9,718 million yen to 212,325 million yen (up 4.8% YoY), operating profit decreased 440 million yen to 7,114
million yen (down 5.8% YoY), ordinary profit decreased 726 million yen to 7,698 million yen (down 8.6% YoY), andnet profit attributable to owners of the parent decreased 778 million yen to 5,129 million yen (down 13.2% YoY).
The following is a summary of business results by reportable segment.
<Processed food division>
With regards to hams and sausages, net sales increased due to efforts to expand sales of mainstay products for home use
such as The GRAND Alt Bayern, Asano Fresh Series, Pork Bits, Ibushi Kobo Series, Gotenba Kogen Arabiki Pork andGenkei Bacon Block Series by launching TV commercials and conducting consumer campaigns, in addition to sales
growth of commercial-use products such as roast beef.
In cooked and processed foods, net sales decreased due to lower sales volume despite effort to strengthen sales of
products that meet diversifying consumer needs, such as the Butcher's Prepared Foods Series and Quick Dinner Series,
which are prepared in a convenient manner, and the Like Meat! series using soybean meat, and other products, in addition
to pizzas such as La Pizza and Pizza Garden, chicken, hamburgers, and meatballs.
As a result, net sales in the processed food division for the first quarter increased 2,455 million yen year-on-year to87,792 million yen (up 2.9% YoY), due in part to the effect of product price revisions. Ordinary profit decreased 1,140
million yen year-on-year to 2,828 million yen (down 28.7% YoY) due to further cost increases, including higher raw
materials and energy prices.
<Meat division>
As for domestic meat business, while the market price of imported meat surged due to the unstable international situationand sales volume of imported chicken and other products to mass merchandisers decreased, net sales increased due tohigher unit sales prices and steady sales of domestic beef, mainly due to recovery in the restaurant industry. Profit-2-

declined due to higher procurement prices resulting from high market prices and a rapidly depreciating yen, as well as
the effects of continued congestion in marine container transport.
As for the overseas businesses, both net sales and profits increased due to ANZCO Foods Ltd.'s efforts to focus on
profitability for procurement and sales, as well as higher sales prices reflecting steady overseas demand for meat products.
As a result, net sales in the meat division increased 7,211 million yen year-on-year to 123,416 million yen (up 6.2%
YoY), and ordinary profit increased 533 million yen year-on-year to 5,255 million yen (up 11.3% YoY ) in the firstquarter under review.

-3-(2) Description of financial position(Assets, liabilities and net assets)
Total assets at the end of the first quarter of the current fiscal year was 433,421 million yen, an increase of 20,298 million
yen from the end of the previous fiscal year. This mainly reflects an increase in inventories.
Liabilities totaled 170,480 million yen, an increase of 20,097 million yen from the end of the previous fiscal year. Thiswas mainly attributable to an increase in notes and accounts payable-trade.
Net assets were 262,941 million yen, increased by 201 million yen from the end of the previous fiscal year. This was
mainly due to an increase in foreign currency translation adjustments and a decrease in retained earnings resulting from
dividend payments.

(3) Information on the consolidated earnings forecasts and other future forecasts
In regard with the accumulated 2nd Quarter forecast, we have revised up our previous financial result announced on
May 9th 2022, because over meat business excessed the previous forecast and kept its position.
Then, we keep the original full year financial forecast, because it would be take uncertain impact of further high raw
material cost and utility cost also.
Revisions to the forecast for the six months ending September 30, 2022 (April 1, 2022-September 30, 2022)
Profit (loss)
Sales

Operating profit Ordinary profit

attributable toowners of parent

Profit (loss) per
share(Million Yen)

(Million Yen)

(Million Yen)

(Million Yen)

Previous forecasts (A)422,000

11,50013,000

8,500

29.31

Curent forecasts (B)430,000

13,50015,00010,00034.48

Change (B-A)

8,000

2,000

2,000

1,500

Change (%)

1.9

17.4

15.4

17.6

417,762

14,480

16,54011,810Previous Year
(September 30, 2021)

(Yen)

40.33

Forecast for the year ending March 31, 2023 (April 1, 2022-March 31, 2023)(No change from figures announced on May 9, 2022)
Profit (loss)
Sales

Operating profit Ordinary profit

attributable toowners of parent

Profit (loss) per
share(Million Yen)

(Million Yen)

(Million Yen)

(Million Yen)

(Yen)

Forecast

865,000

21,00024,00015,00051.72

Previous Year
(March 31, 2022)

854,374

24,611

28,596

19,11865.34

Note : The above forecasts are based on currently available information and certain assumptions judged to be reasonable,
and actual performance may differ from forecast figures due to various factors in the future.

-4-

2. Consolidated Financial Statements and Key Notes(1) Consolidated balance sheets(Million Yen)
As of March 31, 2021
ASSETS
Current assets
Cash and deposits
Notes and accounts receivable-trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Tools, furniture & fixtures, net
Land
Leased assets, net
Others, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Retirement benefit asset
Other
Allowance for doubtful accounts
Investments and other assets
Total non-current assets
Total Assets-5-

As of June 30, 2022

47,99189,00874,814
1,713
19,037
10,848(7)
243,405

35,312
90,837
91,217
1,878
23,991
18,264(7)
261,495

36,252
28,2741,530
26,0172,487
2,437
97,00036,882
28,1191,522
26,451
2,893
3,534
99,404

18,158
3,955
22,114

17,811
4,646
22,45729,59814,7226,374(93)
50,602
169,717413,123

28,90915,0466,201(92)
50,064
171,926
433,421

(Million Yen)
As of March 31, 2021
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Current portion of Long-term borrowings
Income taxes payable
Provision for bonuses
Provision for bonuses for directors (and other officers)
Provision for loss on disaster
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Retirement benefit liability
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury shares
Total shareholder's equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets-6-

As of June 30, 2022

62,351
1,747
24,407
144
2,891
6,617
151
329
27,894
126,533

70,615
1,589
26,960
138
1,444
1,835
38
329
42,086145,037

10,572
1,706
1,490
10,08023,849150,383

10,5401,701
1,492
11,70825,442
170,480

30,00396,615
129,805(4,150)252,273

30,00392,933
128,221(1,705)
249,453

6,727
151
(684)
3,556
9,750
118
598
262,740
413,123

5,973
709
2,689
3,474
12,846110
530
262,941
433,421

(2) Consolidated statements of income and comprehensive income
Consolidated statements of income(Million Yen)
Three Months Ended
Three Months Ended
June 30, 2021
June 30, 2022
(Apr 1, 2021 - Jun 30, 2021） (Apr 1, 2022 - Jun 30, 2022）

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating Income
Interest income
Dividend income
Rental income
Share of profit of entities accounted for using eqity method
Subsidy income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Rental expenses on real estate
Share of loss in investments accounted for using theequity method
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Other
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
OthersTotal extraordinary losses
Profit before income taxes
Income taxes-current
Income taxes-deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent-7-

202,607
169,11433,49325,9397,554

212,325
179,615
32,71025,596
7,114

9
145
104
447
197
235
1,140

13
132
116
－
276
293
832

78
30

107
38

－

54

160
269
8,425

48
248
7,698

3
55
24
83

3
0
－
3

40
0
40
8,467
679
1,868
2,548
5,919
10
5,908

58
－
58
7,643
1,224
1,278
2,503
5,140
11
5,129

Consolidated statements of comprehensive income(Million Yen)
Three Months Ended
Three Months Ended
June 30, 2021
June 30, 2022
(Apr 1, 2021 - Jun 30, 2021） (Apr 1, 2022 - Jun 30, 2022）

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

-8-

5,919

5,140

(197)
(108)
1,092
(114)

(772)
557
2,281
(91)

(30)

1,149

641
6,560

3,124
8,265

6,537
23

8,226
39

(3) Notes on the quarterly consolidated financial statements(Notes on going concern assumptions)Not applicable.
(Notes in the case of significant changes in shareholders' equity)
Not applicable.
(Segment information)
I, The first three months ended June 30, 2021 (from April 1, 2021 to June 30, 2021)
1. Information on net sales and profit and loss for each reportable segment
Reportable segments
Processed
Food
Division

OthersMeat
Division

Total(Note 1)

Total

(Million Yen)
Amountrecorded on
consolidated
Adjustments
quarterly(Note 2)statements ofincome(Note 3)

Net sales
Sales to outside
customers

85,336116,204

201,541

1,066

202,607-

202,607

Intersegment net sales ortransfers

6,179

19,38425,564

7,161

32,725-32,725-

Total

91,516

135,589

227,105

8,227

235,333-32,725

202,607

3,968

4,722

8,690

-31

8,659

-234

8,425

Segment profit (loss)(Note)
1. "Others" represents a business segment that is not included in the reportable segments such as logistics businessand human resource and payroll related services.
2. The adjustment to segment profit (loss) mainly includes amortization of goodwill of -347 million yen.
3. Segment profit (loss) is adjusted to ordinary profit in the consolidated statements of income.
II, The first three months ended June 30, 2022 (from April 1, 2022 to June 30, 2022)
1. Information on net sales and profit or loss for each reportable segment(Million Yen)
Reportable segments
Processed
Food
Division

OthersMeat
Division

Total(Note 1)

Total

Amountrecorded on
consolidated
Adjustments
quarterly(Note 2)statements ofincome(Note 3)

Net sales
Sales to outside
customers

87,792

123,416

211,208

1,117

212,325-

212,325

Intersegment net sales ortransfers

6,828

19,696

26,525

6,989

33,514-33,514-

Total

94,621

143,112

237,7338,106

245,840-33,514212,325

2,828

5,255

8,083

-160

7,923

-224

7,698

Segment profit (loss)(Note)
1. "Others" represents a business segment that is not included in the reportable segments such as logistics businessand human resource and payroll related services.
2. The adjustment to segment profit (loss) mainly includes amortization of goodwill of -347 million yen.
3. Segment profit (loss) is adjusted to ordinary profit in the consolidated statements of income.
2. Matters concerning changes in reportable segments, etc.
Effective from the first quarter of the current fiscal year, following the Group's organizational restructuring, theCompany has changed its reporting segments from product and service-based to organization-based reporting segments.
In addition, since the Company's Board of Directors and other management decision-making bodies have decided touse ordinary profit as a management indicator for determining the allocation of management resources and evaluating-9-

business performance, segment profit (loss) is now adjusted to ordinary profit, whereas it was previously adjusted tooperating profit in the quarterly consolidated statements of income.
Segment information for the first quarter of the previous fiscal year is presented based on the segment profit adjusted
for the new classification method and adjusted to ordinary profit.

-10-