Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any
discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results
for the Year Ended March 31, 2023
(Based on Japanese GAAP)May 12, 2023
Company name:
MATSUYA FOODS HOLDINGS CO., LTD.
Stock exchange listing: Tokyo
Stock code:
Representative:

9887
URL https://www.matsuyafoods-holdings.co.jp
President and Representative Director
Kazutoshi Kawarabuki

Inquiries:
Senior Managing Director
Scheduled date of ordinary general meeting of shareholders:

Kiichiro Tanzawa
June 27, 2023

Scheduled date to file Securities Report:
Scheduled date to commence dividend payments:

June 28, 2023
June 28, 2023

Preparation of supplementary material on financial results:
Holding of financial results meeting:

Yes
Yes

TEL

0422-38-1121(for analysts)(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)(1) Consolidated operating resultsNet sales
Year ended March 31, 2023
Year ended March 31, 2022

Operating profit

Millions of yen
106,598
94,472%12.80.1

Millions of yen
1,468(4,200)Earnings per share

Diluted earnings pershare

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassets
sales
parent/equity
Yen%
%
%
–
3.1
5.0
1.4
–
2.7
8.4(4.4)

Yen
65.87
57.99

Year ended March 31, 2023
Year ended March 31, 2022%––

Percentages indicate year-on-year changes
Profit attributable toOrdinary profit
owners of parent
Millions of yen% Millions of yen%
3,914 (38.8)
1,255
13.6
6,398–
1,105–(2) Consolidated financial position
Total assets
As of March 31, 2023
As of March 31, 2022

Net assets

Equity ratio

Millions of yen
79,69776,955

Millions of yen
41,40340,591

Cash flows fromoperating activities
Millions of yen
8,647
8,840

Cash flows frominvesting activities
Millions of yen(6,570)(5,699)Net assets per share%
52.0
52.7

Yen
2,171.84
2,130.16(3) Consolidated cash flows

Year ended March 31, 2023
Year ended March 31, 2022

Cash flows from
Cash and cash equivalents
financing activities
at end of period
Millions of yen
Millions of yen(595)
11,779(3,460)
10,291

2. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

Year ended March 31, 2022
Year ended March 31, 2023
Year ending March 31, 2024
(Forecast)of dividends
Total cash
Dividend payout Ratio
to net assets
dividends (Total) ratio (Consolidated) (Consolidated)

Total

Yen

Yen

Yen

Yen

Yen

Millions of yen

%%

––

12.00
12.00

––

12.00
12.00

24.00
24.00457
457

41.4
36.4

1.1
1.1

–12.00–12.0024.00

1114.3

3. Forecast of consolidated financial results for the year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
Earnings per shareowners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%Yen
Six months ending
54,9007.4
100 (57.0)
300 (87.7)
0–0.00
September 30, 2023
Full year
113,600
6.6
1,000 (31.9)
1,400 (64.2)
400 (68.1)
20.99
4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2023
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:
Changes in accounting policies due to other reasons:

NoNo

Changes in accounting estimates:
Restatement of prior period financial statements:

NoNo(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2023

19,063,968 shares As of March 31, 2022

19,063,968 shares

Number of treasury shares at the end of the period
As of March 31, 2023

317 shares As of March 31, 2022

8,140 shares

Average number of shares during the period
Year ended March 31, 2023

19,056,031 shares Year ended March 31, 2022

2

19,055,919 shares

Consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of March 31, 2022

As of March 31, 2023

AssetsCurrent assets
Cash and deposits

13,391,129

14,879,375

Notes and accounts receivable - trade, and contract assets
Merchandise and finished goods

2,576,459
828,415

3,158,418
1,123,274

Raw materials and supplies
Other

7,494,558
1,529,343

6,605,085
1,229,822

Total current assets

25,819,906

26,995,977

49,763,409(31,418,807)

51,865,574(32,625,903)

Buildings and structures, net

18,344,601

19,239,670

Machinery, equipment and vehicles
Accumulated depreciation

8,220,271(5,514,059)

8,428,119(6,084,952)

2,706,211

2,343,167

10,025,222(7,828,705)

10,764,655(8,311,365)

2,196,517

2,453,290

9,344,454
3,740,148

9,344,454
3,892,652

Accumulated depreciation(2,529,954)(2,256,534)

Leased assets, net

1,210,193

1,636,117

Construction in progress

264,460

364,641

34,066,440

35,381,342

413,553

399,043

Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation

Machinery, equipment and vehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Leased assets

Total property, plant and equipment
Intangible assets
SoftwareOther

58,902

66,207

Total intangible assets

472,455

465,250

Investment securities
Leasehold and guarantee deposits

89,746
11,509,898

89,831
11,533,793

Long-term prepaid expenses
Deposits for stores in preparation

293,264
190,272

296,277404,635

3,450,529
549,757

3,488,067
547,901

Accumulated depreciation(350,279)(363,922)

Investment property, net

199,477

183,979

Other

872,399

867,336

Allowance for doubtful accounts(9,329)(9,344)

Total investments and other assets

16,596,259

16,854,578

51,135,155

52,701,170

76,955,062

79,697,148

Investments and other assets

Deferred tax assets
Investment property

Total non-current assets
Total assets3

(Thousands of yen)
As of March 31, 2022

As of March 31, 2023

Liabilities
Current liabilities
Accounts payable - trade
Short-term borrowings

1,980,808–

2,314,082
24,713Current portion of long-term borrowings
Accounts payable - other

3,888,872
4,516,526

4,401,756
5,141,215Lease liabilities
Income taxes payable

307,036
2,162,087

433,510
749,906

Provision for bonuses
Other1,229,130
1,383,872

1,307,282
2,836,966

Total current liabilities

15,468,333

17,209,433

Non-current liabilities
Long-term borrowings

15,157,742

14,905,769

567,800

567,800

1,014,659
3,999,159

1,355,802
4,088,121

4,222
151,248

2,927
164,161

20,894,831

21,084,583

36,363,165

38,294,016

Shareholders' equity
Share capital

6,655,932

6,655,932

Capital surplus
Retained earnings

6,963,229
27,069,804

6,976,341
27,867,606

Provision for retirement benefits for directors (and otherofficers)
Lease liabilities
Asset retirement obligations
Deferred tax liabilities
Other
Total non-current liabilities
Total liabilities
Net assets

Treasury shares(17,998)(726)

40,670,967

41,499,153

Valuation difference on available-for-sale securities
Foreign currency translation adjustment

1,064(80,136)

1,123(97,145)

Total accumulated other comprehensive income(79,071)(96,021)40,591,896

41,403,131

76,955,062

79,697,148

Total shareholders' equityAccumulated other comprehensive income

Total net assets
Total liabilities and net assets

4Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Thousands of yen)
Fiscal year ended

Fiscal year ended

March 31, 2022

March 31, 2023

Net sales
Cost of sales

94,472,163
32,959,544

106,598,594
35,862,789

Gross profit

61,512,619

70,735,804

Selling, general and administrative expenses

65,713,052

69,267,404

Operating profit (loss)(4,200,433)

1,468,400

Interest income
Dividend income

16,182
1,56914,998
1,875

Rental income
Sponsorship money income

194,720
82,120209,377
57,985

Subsidy incomes
Other

10,097,638
547,623

1,991,194
538,708

Total non-operating income

10,939,854

2,814,139

Non-operating expenses
Interest expenses

78,70486,438

Rental expenses
Other

192,719
69,816

198,015
83,823Non-operating income

Total non-operating expenses

341,239368,277

6,398,181

3,914,262

Gain on sale of non-current assets
Gain on receipt of donated non-current assets

1,614
6,759

1,579
17,099Compensation for expropriation
Gain on forgiveness of debts–
63,88293,607–

Ordinary profit
Extraordinary income

Other

1,195

5,818

Total extraordinary income

73,452

118,105

2,208
36,105

1,694
6,564

39,9983,282,817

18,564
1,256,013

Extraordinary losses
Loss on sale of non-current assets
Loss on retirement of non-current assets
Loss on store closings
Impairment losses
Other

5,345

100,775

3,366,474

1,383,612

Profit before income taxes

3,105,159

2,648,755

Income taxes - current

2,322,326

1,432,475

Total extraordinary losses

Income taxes - deferred(322,201)(38,859)

Total income taxes

2,000,125

1,393,615

Profit1,105,033

1,255,139

Profit attributable to owners of parent

1,105,033

1,255,1395

Consolidated statements of comprehensive income(Thousands of yen)
Fiscal year ended
March 31, 2022
ProfitFiscal year ended
March 31, 2023

1,105,033

1,255,139

133

59

Foreign currency translation adjustment(13,618)(17,009)

Total other comprehensive income(13,484)(16,950)

Comprehensive income

1,091,549

1,238,189

Comprehensive income attributable toComprehensive income attributable to owners of parent

1,091,549

1,238,189––

Other comprehensive income
Valuation difference on available-for-sale securities

Comprehensive income attributable to non-controllinginterests

6

Consolidated statements of changes in equity
Fiscal year ended March 31, 2022
(Thousands of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

6,655,932

Retained earnings

6,963,229

Cumulative effects of changes inaccounting policies
Restated balance

26,584,954

Treasury shares(17,015)(162,840)
6,655,932

6,963,229

26,422,114

Total shareholders'equity
40,187,100(162,840)(17,015)

40,024,259

Changes during period
Dividends of surplus(457,343)(457,343)

Profit (loss) attributable to ownersof parent

1,105,033

1,105,033

Purchase of treasury shares

(982)

(982)

647,690(982)

646,708

27,069,804(17,998)

40,670,967

Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

6,655,932

6,963,229

Accumulated other comprehensive income
Valuation difference
on available-for-salesecurities
Balance at beginning of period

931

Total accumulated
Foreign currency
other comprehensive
translation adjustment
income(66,518)(65,586)

Cumulative effects of changes inaccounting policies
Restated balance

Total net assets

40,121,513(162,840)

931(66,518)(65,586)

39,958,673

Changes during period
Dividends of surplus(457,343)

Profit (loss) attributable to ownersof parent

1,105,033

Purchase of treasury shares
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

(982)
133

(13,618)(13,484)(13,484)

133(13,618)(13,484)

633,223

1,064(80,136)(79,071)

40,591,896

7

Fiscal year ended March 31, 2023
(Thousands of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

6,655,932

Retained earnings

6,963,229

27,069,804

Treasury shares(17,998)

Total shareholders'equity
40,670,967

Changes during period
Dividends of surplus(457,338)(457,338)

Profit (loss) attributable to ownersof parent

1,255,139

1,255,139

Purchase of treasury shares
Disposal of treasury shares

13,112(1,513)(1,513)

18,78531,898Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period–

13,112

797,801

17,271

828,185

6,655,932

6,976,341

27,867,606(726)

41,499,153

Accumulated other comprehensive income
Valuation difference
on available-for-salesecurities
Balance at beginning of period

1,064

Total accumulated
Foreign currency
other comprehensive
translation adjustment
income(80,136)(79,071)

Total net assets

40,591,896

Changes during period
Dividends of surplus(457,338)

Profit (loss) attributable to ownersof parent

1,255,139

Purchase of treasury shares(1,513)

Disposal of treasury shares

31,898Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

59(17,009)(16,950)(16,950)59(17,009)(16,950)

811,235

1,123(97,145)(96,021)41,403,131

8

Consolidated statements of cash flows(Thousands of yen)
Fiscal year ended
March 31, 2022
Cash flows from operating activities
Profit before income taxes
Depreciation and amortization
Impairment losses
Increase (decrease) in provision for bonusesInterest and dividend income
Interest expenses
Subsidy incomes
Loss (gain) on sale and retirement of property, plant andequipment
Loss on store closings
Transfer adjust exrenses from construction in progress anddeposits for stores in preparation
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in accrued consumption taxes
Decrease (increase) in consumption taxes refund receivable
Other, net

Fiscal year ended
March 31, 2023

3,105,159
4,043,696
3,282,817
6,192(17,751)
78,704(10,097,638)

2,648,755
3,841,363
1,256,013
77,825(16,873)
86,438(1,991,194)

36,699(86,928)

39,99818,564

1,130,904

1,651,481(452,033)(3,679,396)(463,705)(60,614)682,074
493,649(581,552)
507,059
331,701
1,423,826–
337,960

Subtotal(1,871,242)

9,504,442

Subsidies received
Income taxes paid

11,293,638(582,120)

1,991,194(2,848,021)

Net cash provided by (used in) operating activities

8,840,274

8,647,614(5,289,995)(5,894,331)

2,103

93,540(607,213)(778,175)

455,927

166,917

2,392(262,683)

2,775(160,854)(5,699,469)(6,570,128)–(4,188,035)
5,000,000(3,424,046)(311,313)–(982)(78,939)(457,343)

4,025,350(4,000,000)
4,200,000(3,939,089)(369,121)
31,898(1,513)(85,840)(457,338)

Net cash provided by (used in) financing activities(3,460,660)(595,655)

Effect of exchange rate change on cash and cash equivalents

19,4906,414Cash flows from investing activities
Purchase of property,plant,equipment and the increase ofconstruction in progress
Proceeds from sales of property,plant and equipment andexpropriation
Expenses from the increase of lease,guarantee deposits,anddeposits for stores in preparation
Proceeds from collection of lease,guarantee deposits,anddeposits for stores in preparation
Interest and dividends received
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from short-term borrowings
Repayments of short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Repayments of lease liabilitiesProceeds from sale of treasury shares
Purchase of treasury sharesInterest paid
Dividends paid

Net increase (decrease) in cash and cash equivalents(300,364)

1,488,246

Cash and cash equivalents at beginning of period

10,591,494

10,291,129

Cash and cash equivalents at end of period

10,291,129

11,779,375

9