Summary of Consolidated Financial Statements
for the Second Quarter of the Fiscal Year Ending November 30, 2024
[JAPAN GAAP]
July 4, 2024
Kewpie Corporation
Tokyo Stock Exchange2809
https://www.kewpie.com/en/
Mitsuru Takamiya,
Representative Director, President and Chief Executive Corporate Officer
Contact:
Takumi Tomita,
Corporate Officer in charge of Accounting and Finance
Scheduled date for filing quarterly securities report: July 12, 2024
Scheduled date for dividend payment: August 5, 2024
Quarterly supplementary data: Yes
Quarterly results briefing: Yes (for corporate investors and investment analysts)
Listed company name:
Listed exchange:
Securities code:
URL:
Representative:(Amounts are rounded down to the nearest million yen.)

1. Consolidated business results for the second quarter of the fiscal year ending November 30, 2024
(From December 1, 2023 to May 31, 2024)(1) Consolidated operating results (Cumulative)(Percentage figures show changes from the same period of the previous year.)Net sales
Six months ended
May 31, 2024
Six months ended
May 31, 2023

Operating income

Profit attributable toowners of parent

Ordinary income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

236,834

7.5

18,882

175.8

20,306168.9

12,513160.9

220,382

6.2

6,846

(51.9)

7,552(49.5)

4,797(46.0)(Note) Comprehensive income:Six months ended May 31, 2024
Six months ended May 31, 2023

Earnings per share¥14,996 million (Increase of 280.3%)¥3,943 million (Decrease of 72.3%)

Earnings per share(diluted)Yen

Six months ended
May 31, 2024
Six months ended
May 31, 2023

Yen

90.02

–

34.51

–

(2) Consolidated financial position
Total assets

Net assets

Millions of yen

432,619
426,006

As of May 31, 2024
As of November 30, 2023
(Reference) Shareholders' equity:

Equity ratio

Millions of yen%

321,310311,303

As of May 31, 2024
As of November 30, 2023

67.4
66.2

¥291,700 million¥281,884 million

2. Dividends
End of 1stquarter

End of 2ndquarter
Yen

Fiscal year 2023
Fiscal year 2024
Fiscal year 2024 (Forecast)––

Annual dividend per share
End of 3rd
Year-endquarter
Yen

23.00
23.00

Yen

Total
Yen

Yen

–

27.00

50.00

–

31.00

54.00

(Note) Revision to the most recently announced forecast of dividends: Yes

3. Forecasts of consolidated operating results for the fiscal year ending November 30, 2024
(From December 1, 2023 to November 30, 2024)
Net salesYear ending
November 30, 2024

(Percentage figures show changes from the previous year.)
Profit attributable toEarnings
owners of parent
per share

Operating income

Ordinary income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

486,000

6.8

34,00072.6

36,10076.2

20,70057.1

148.92(Note) Revision to the most recently announced forecast of consolidated operating results: Yesi* Notes(1) Changes in significant subsidiaries during the six months (Changes in specified subsidiaries resulting in thechange in the scope of consolidation): None
(2) Application of special accounting treatments for the preparation of quarterly consolidated financial
statements: None
(3) Changes in accounting policies and estimates, and restatementsa) Changes in accounting policies due to revision of accounting standards: Noneb) Changes in accounting policies due to reasons other than "a)" (above): Nonec) Changes in accounting estimates: Noned) Restatements: None
(4) Number of issued shares (common stock)a) Number of issued shares at the end of the period (including treasury stock):
May 31, 2024
141,500,000 shares
November 30, 2023
141,500,000 sharesb) Number of shares of treasury stock at the end of the period:
May 31, 2024
2,497,535 shares
November 30, 2023
2,496,958 sharesc) Average number of shares during the period (cumulative from the beginning of the fiscal year):
December 1, 2023 to May 31, 2024
139,002,755 shares
December 1, 2022 to May 31, 2023
139,003,747 shares* The summary of quarterly consolidated financial statements is outside the scope of quarterly review
procedures by certified public accountants or an audit corporation.
* Statement for an appropriate usage of the forecasts of operating results and other special notes
The forecasts and other forward-looking statements contained in this summary are based on the information
currently available to the Company and certain assumptions considered reasonable by the Company. Therefore,
they are not guaranteed to be achieved by the Company. As a result, the forecasts of operating results may
differ significantly from the actual operating results due to various factors.

ii

Table of contents
I.

Quarterly consolidated financial statements and major notes ................................................................... 2
1.
2.

3.
4.

Quarterly Consolidated Balance Sheets .................................................................................................... 2
Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements ofComprehensive Income ............................................................................................................................. 4(Quarterly Consolidated Statements of Income) (Six months ended May 31, 2023 and May
31, 2024) .................................................................................................................................................... 4(Quarterly Consolidated Statements of Comprehensive Income) (Six months ended May 31,
2023 and May 31, 2024) ............................................................................................................................ 5
Quarterly Consolidated Statements of Cash Flows .................................................................................... 6
Notes Regarding Quarterly Consolidated Financial Statements ................................................................ 8(Notes regarding assumption of a going concern) ..................................................................................... 8(Notes regarding the significant changes in the amount of shareholders' equity) ...................................... 8(Segment information)................................................................................................................................ 81

I. Quarterly consolidated financial statements and major notes
1. Quarterly Consolidated Balance Sheets(Millions of yen)Previous fiscal year
(As of November 30, 2023)

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Securities
Purchased goods and products
Work in process
Raw materials and supplies
Other
Allowances for doubtful accounts
Total current assets
Fixed assets
Tangible fixed assets
Buildings and structures
Accumulated depreciation
Net book value
Machinery, equipment and vehicles
Accumulated depreciation
Net book value
Land
Construction in progress
Other
Accumulated depreciation
Net book value
Total tangible fixed assets
Intangible fixed assets
Goodwill
Other
Total intangible fixed assets
Investments and other assets
Investment securities
Assets for retirement benefits
Other
Allowances for doubtful accounts
Total investments and other assets
Total fixed assets
Total assets

2

Current second quarter(As of May 31, 2024)

66,61064,5152,000
27,9392,064
13,9905,329(370)
182,080

66,168
66,1077,500
25,022
1,614
12,895
3,936(467)
182,777

159,074(97,560)
61,514
152,809(111,556)
41,25230,762
7,093
19,074(13,497)
5,576
146,199

159,706(99,804)
59,901
153,198(113,256)
39,941
30,275
11,11318,855(13,478)
5,377
146,610182
15,62515,80791
19,457
19,54848,97525,6307,404(91)
81,918
243,926
426,006

50,262
26,102
7,408(90)
83,683249,842432,619

(Millions of yen)Previous fiscal year
(As of November 30, 2023)

Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term loans payable
Accrued income taxes
Reserves
Other
Total current liabilities
Non-current liabilities
Bonds
Long-term loans payable
Liabilities for retirement benefits
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Paid-in capital
Capital surplus
Earned surplus
Treasury stock
Total shareholders' equity
Accumulated other comprehensive income
Unrealized holding gains (losses) on securities
Unrealized gains (losses) on hedges
Foreign currency translation adjustments
Accumulated adjustments for retirement benefits
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

3

Current second quarter(As of May 31, 2024)

33,414
17,2002,330
1,722
26,705
81,372

34,902
2,224
5,357
2,793
27,68472,962

10,000
784
2,107
275
20,16233,330114,702

10,000
5,641
2,054
272
20,37838,346111,309

24,104
28,638
209,740(5,842)
256,639

24,104
28,639218,500(5,844)
265,399

11,939
(2)
7,037
6,269
25,244
29,419311,303
426,006

12,601
15
7,704
5,981
26,301
29,609321,310432,619

2. Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive
Income(Quarterly Consolidated Statements of Income)(Six months ended May 31, 2023 and May 31, 2024)(Millions of yen)Previous second quarter(Cumulative)(From December 1, 2022
to May 31, 2023)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividends income
Equity in earnings of affiliates
Other
Total non-operating income
Non-operating expenses
Interest expenses
Provision of allowances for doubtful accounts
Other
Total non-operating expenses
Ordinary income
Extraordinary gains
Gains on sales of shares of subsidiaries and associates
Gains on sales of fixed assets
Other
Total extraordinary gains
Extraordinary losses
Impairment losses
Losses on valuation of shares of subsidiaries and associates
Losses on disposal of fixed assets
Other
Total extraordinary losses
Profit before income taxes
Income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

4

Current second quarter(Cumulative)(From December 1, 2023
to May 31, 2024)

220,382
163,380
57,00250,155
6,846

236,834
163,652
73,18254,30018,882

220
250
425
363
1,259

356
289
804
443
1,894

204
95
253
553
7,552

146
99
223
470
20,306

–
3
815
818

145
46
14
206

231
99
276
111
718
7,652
2,100
5,552
754
4,797

467
300
284
1
1,053
19,4585,701
13,757
1,243
12,513(Quarterly Consolidated Statements of Comprehensive Income)(Six months ended May 31, 2023 and May 31, 2024)(Millions of yen)Previous second quarter(Cumulative)(From December 1, 2022
to May 31, 2023)

ProfitOther comprehensive income
Unrealized holding gains (losses) on securities
Unrealized gains (losses) on hedges
Foreign currency translation adjustments
Adjustments for retirement benefits
Share of other comprehensive 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

5

Current second quarter(Cumulative)(From December 1, 2023
to May 31, 2024)

5,552

13,757881
61(2,261)
(51)

548
18
877
(291)

(238)

86

(1,608)
3,943

1,239
14,996

3,537
405

13,5701,426

3. Quarterly Consolidated Statements of Cash Flows(Millions of yen)

Cash flows from operating activities
Profit before income taxes
Depreciation and amortization
Impairment losses
Losses on valuation of shares of subsidiaries and associates
Amortization of goodwill
Equity in losses (earnings) of affiliates
Increase (decrease) in reserves
Increase (decrease) in liabilities for retirement benefits
Decrease (increase) in assets for retirement benefits
Interest and dividends income
Interest expenses
Losses (gains) on sales and disposal of fixed assets
Losses (gains) on sales of shares of subsidiaries and associates
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
Other
Sub-total
Proceeds from compensation
Settlement received
Interest and dividends income received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities

6

Previous second quarter(Cumulative)(From December 1, 2022
to May 31, 2023)

Current second quarter(Cumulative)(From December 1, 2023
to May 31, 2024)

7,652
8,218
231
99
91
(425)
1,079
160
(447)
(470)
204
274
–
(1,385)(4,913)
2,999(1,827)(30)
11,509
1,661
167
630
(100)
(2,197)
11,67019,458
8,716
467
300
91
(804)
1,148
(45)
(471)
(646)
146
237
(145)
(1,410)4,700
1,381(1,158)1,367
33,331
–
–
771
(143)
(1,776)32,183

(Millions of yen)

Cash flows from investing activities
Net decrease (increase) in short-term investment securities
Purchases of tangible fixed assets
Purchases of intangible fixed assets
Purchases of investment securities
Proceeds from sales of investment securities
Proceeds from sales of shares of subsidiaries resulting in change
in scope of consolidation
Net decrease (increase) in short-term loans receivable
Payments of long-term loans receivableCollection of long-term loans receivable
Payments into time deposits
Proceeds from withdrawal of time deposits
Other
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from share issuance to non-controlling shareholders
Cash dividends paid
Cash dividends paid to non-controlling interests
Purchase of treasury stock
Other
Net cash provided by (used in) financing activities
Effects of exchange rate changes on cash and cash equivalents
Increase (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period

7

Previous second quarter(Cumulative)(From December 1, 2022
to May 31, 2023)

Current second quarter(Cumulative)(From December 1, 2023
to May 31, 2024)(1,000)(7,926)(1,265)(1,287)757–(8,200)(4,627)
(153)
103

–

611

(68)
(44)
0
(1,372)2,345(210)(10,072)17(2)
0(7,677)7,558(6)(12,377)

(200)
–
(142)
1,044
(3,753)
(669)
(1)
(365)
(4,088)(1,348)(3,839)65,33561,496(249)
5,000(15,142)–(3,753)
(799)
(1)
(429)
(15,375)
379
4,810
62,43367,243

4. Notes Regarding Quarterly Consolidated Financial Statements(Notes regarding assumption of a going concern)
Not applicable.
(Notes regarding the significant changes in the amount of shareholders' equity)
Not applicable.
(Segment information)[Segment information]
I. Previous second quarter (Cumulative from December 1, 2022 to May 31, 2023)
1. Information on amounts of net sales and profit or loss by reporting segment and information on
disaggregation of revenue(Millions of yen)

RetailMarketFood
Service

Overseas

Fruit
Solutions

Fine
ChemicalsCommonBusiness

Total

Adjustments(Note 1)

Amount reported
on the quarterly
consolidated
statements ofincome(Note 2)

Net sales
Revenue fromcontracts with
87,24481,43634,431
8,324
5,687
3,257
220,382–
220,382
customers
Other revenue
–
–
–
–
–
–
–
–
–
Net sales tooutside87,24481,43634,431
8,324
5,687
3,257
220,382–
220,382
customers
Intersegment
net sales or
510
2,307
513
161
182
6,020
9,695
(9,695)–transfers
Total
87,75583,74434,944
8,485
5,869
9,278
230,077(9,695)
220,382
Segment profit
4,448
1,359
3,474
190
(128)
718
10,062(3,216)
6,846
or loss(Notes) 1. "Adjustments" of ¥(3,216) million in "Segment profit or loss" includes company-wide expenses unallocated to therespective reporting segments. The company-wide expenses mainly consist of expenditures pertaining to general andadministrative expenses not attributable to particular reporting segments.
2. "Segment profit or loss" is adjusted to report "Operating income" in the quarterly consolidated statements of income.

2. Information on impairment losses of fixed assets or goodwill, etc. by reporting segment(Significant impairment losses of fixed assets)
Not applicable.
(Significant changes in amount of goodwill)
Not applicable.
(Significant gains on negative goodwill)
Not applicable.

8II. Current second quarter (Cumulative from December 1, 2023 to May 31, 2024)
1. Information on amounts of net sales and profit or loss by reporting segment and information on
disaggregation of revenue(Millions of yen)

RetailMarketFood
Service

Overseas

Fruit
Solutions

Fine
ChemicalsCommonBusiness

Total

Adjustments(Note 1)

Amount reported
on the quarterly
consolidated
statements ofincome(Note 2)

Net sales
Revenue fromcontracts with
92,366
83,263
43,699
8,736
5,884
2,884
236,834–
236,834
customers
Other revenue
–
–
–
–
–
–
–
–
–
Net sales tooutside92,366
83,263
43,699
8,736
5,884
2,884
236,834–
236,834
customers
Intersegment
net sales or
400
2,156
–
174
193
5,992
8,917
(8,917)–transfers
Total
92,76785,41943,699
8,911
6,078
8,876
245,752(8,917)
236,834
Segment profit
8,080
6,379
7,436
138
(203)
605
22,437(3,554)
18,882or loss(Notes) 1. "Adjustments" of ¥(3,554) million in "Segment profit or loss" includes company-wide expenses unallocated to therespective reporting segments. The company-wide expenses mainly consist of expenditures pertaining to general andadministrative expenses not attributable to particular reporting segments.
2. "Segment profit or loss" is adjusted to report "Operating income" in the quarterly consolidated statements of income.

2. Information on impairment losses of fixed assets or goodwill, etc. by reporting segment(Significant impairment losses of fixed assets)
Not applicable.
(Significant changes in amount of goodwill)
Not applicable.
(Significant gains on negative goodwill)
Not applicable.

9