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 Six Months Ended September 30, 2022
(Based on Japanese GAAP)
November 4, 2022
Company name:

MATSUYA FOODS HOLDINGS CO., LTD.

Stock exchange listing: Tokyo
Stock code:
9887
Representative:
Inquiries:

URL

https://www.matsuyafoods-holdings.co.jp

President and Representative Director
Senior Managing Director

Kazutoshi Kawarabuki
Kiichiro Tanzawa

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

November 11, 2022
December 8, 2022

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

Yes
Yes

TEL

0422-38-1121(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the six months ended September 30, 2022 (from April 1, 2022 to September 30, 2022)(1) Consolidated operating results (cumulative)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%Six months ended September 30, 2022
51,113
13.1
232
–
2,447
28.9
953
20.5
Six months ended September 30, 2021
45,1730.5(2,136)–
1,898–
790–
Earnings per share

Diluted earnings per share

Yen
50.03
41.50

Six months ended September 30, 2022
Six months ended September 30, 2021

Yen––(2) Consolidated financial position
Total assetsNet assets

Millions of yen
77,66876,955

As of September 30, 2022
As of March 31, 2022

Equity ratio

Millions of yen
41,28540,591

Net assets per share
%
53.2
52.7

Yen
2,166.58
2,130.16

2. Cash dividends
Annual dividends per share

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

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
12.00
12.00

Yen–

Yen
12.00

Yen
24.00

–

12.00

24.00

Year ending March 31, 2023 (Forecast)Total

3. Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)
Net sales
Full year

Millions of yen
104,500

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
Earnings per shareowners of parent% Millions of yen% Millions of yen% Millions of yen
%
Yen
10.6
1,000–
3,300 (48.4)
1,400
26.7
73.47

1

4. Notes(1) Changes in significant subsidiaries during the six months ended September 30, 2022
(changes in specified subsidiaries resulting in the change in scope of consolidation):(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

NoNo(3) 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:No
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

No
No

Restatement of prior period financial statements:

No(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of September 30, 2022

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 September 30, 2022

8,269 shares As of March 31, 2022

8,140 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Six months ended September 30, 2022

19,055,772 shares Six months ended September 30, 2021

219,056,009 shares

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

As of September 30, 2022Assets
Current assets
Cash and deposits

13,391,129

14,602,157

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

2,576,459
828,415

2,668,441
1,105,148

Raw materials and supplies
Other

7,494,558
1,529,343

6,836,787
1,176,850

Total current assets

25,819,906

26,389,385

Buildings and structures, net
Machinery, equipment and vehicles, net

18,344,601
2,706,211

18,472,497
2,622,694

Tools, furniture and fixtures, net
Leased assets, net

2,196,517
1,210,193

2,291,130
1,246,727

LandConstruction in progress

9,344,454
264,460

9,344,454
149,290

Total property, plant and equipment

34,066,440

34,126,795

Non-current assets
Property, plant and equipment

Intangible assets
Software413,553

409,873

Other

58,902

67,629Total intangible assets

472,455

477,503

Investment securities
Leasehold and guarantee deposits

89,746
11,509,898

89,73011,455,691

Long-term prepaid expenses
Deposits for stores in preparation

293,264
190,272

292,718
329,970

3,450,529
199,477

3,450,108
192,655

Other
Allowance for doubtful accounts

872,399(9,329)873,098(9,301)

Total investments and other assets

16,596,259

16,674,672

51,135,155

51,278,971

76,955,062

77,668,357

Investments and other assets

Deferred tax assets
Investment property, net

Total non-current assets
Total assets3

(Thousands of yen)
As of March 31, 2022

As of September 30, 2022

Liabilities
Current liabilities
Accounts payable - trade
Short-term borrowings

1,980,808–

1,814,343
3,200,000

Current portion of long-term borrowings
Accounts payable - other

3,888,872
4,516,526

3,838,712
4,222,908

Lease liabilities
Income taxes payable

307,036
2,162,087

329,932
799,924

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

1,208,582
1,916,759

Total current liabilities

15,468,333

17,331,163

Non-current liabilities
Long-term borrowings

15,157,742

13,258,166

567,800

567,800

1,014,659
3,999,159

1,031,611
4,041,460

4,222
151,248

3,793
148,659

20,894,831

19,051,490

36,363,165

36,382,654

Shareholders' equity
Share capital

6,655,932

6,655,932

Capital surplus
Retained earnings

6,963,229
27,069,804

6,963,229
27,794,493

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)(18,512)40,670,967

41,395,142

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

1,064(80,136)

1,054(110,493)

Total accumulated other comprehensive income(79,071)(109,439)

40,591,896

41,285,703

76,955,062

77,668,357

Total shareholders' equity
Accumulated other comprehensive income

Total net assets
Total liabilities and net assets

4Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Thousands of yen)Six months ended
September 30, 2021

Six months ended
September 30, 2022

Net sales

45,173,954

51,113,984

Cost of sales

15,751,319

17,160,665

Gross profit

29,422,634

33,953,318

Selling, general and administrative expenses

31,558,868

33,720,590

Operating profit (loss)(2,136,233)

232,728

Non-operating income
Interest income

8,295

7,663

Dividend income
Rental income

1,563
99,654

1,869
103,460

Subsidy incomes
Other

3,877,849
201,474

1,968,689
290,837

Total non-operating income

4,188,837

2,372,520

Non-operating expenses
Interest expenses

41,27641,313

Rental expenses
Other

97,11915,591

99,531
17,038

Total non-operating expenses

153,988

157,883

1,898,615

2,447,365

Gain on sale of non-current assets
Compensation for expropriation

1,010
–519
84,098Gain on receipt of donated non-current assets
Gain on forgiveness of debts

4,084
62,67317,099–Ordinary profit
Extraordinary income

Other556

727

68,324102,445

Loss on retirement of non-current assets
Loss on store closings

13,32636,582

2,961
5,061

Loss on sale of non-current assets
Impairment losses

634
313,522291
789,545

Total extraordinary income
Extraordinary losses

Other
Total extraordinary losses
Profit before income taxes

4,745

18,263368,811816,123

1,598,128

1,733,686

Income taxes - current

601,642780,331

Income taxes - deferred

205,608(3)

Total income taxes

807,251

780,328

Profit790,877

953,358

Profit attributable to owners of parent

790,877

953,3585

Consolidated statements of comprehensive income (cumulative)(Thousands of yen)Six months ended
September 30, 2021
ProfitSix months ended
September 30, 2022

790,877

953,35849(10)Foreign currency translation adjustment(7,429)(30,357)

Total other comprehensive income(7,379)(30,367)

Comprehensive income

783,497

922,990

Comprehensive income attributable toComprehensive income attributable to owners of parent

783,497

922,990––

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

Comprehensive income attributable to non-controllinginterests

6Consolidated statements of cash flows(Thousands of yen)Six months ended
September 30, 2021

Six months ended
September 30, 2022

Cash flows from operating activities
Profit before income taxes
Depreciation and amortization

1,598,128
1,909,996

1,733,686
1,826,563

Impairment losses
Increase (decrease) in provision for bonuses

313,522(57,645)789,545(21,099)

Interest and dividend income
Interest expenses(9,858)41,276(9,532)
41,313(3,877,849)(1,968,689)

12,950(81,365)

36,582

5,061

497,314751,063

143,181(2,614,542)(90,952)
337,600

Increase (decrease) in trade payables
Increase (decrease) in accrued consumption taxes(574,611)(233,621)(169,592)
678,976

Decrease (increase) in consumption taxes refund receivable
Other, net

682,074(78,460)–(406,697)

Subtotal(2,211,560)

3,415,883

Subsidies received
Income taxes paid

5,073,849(402,586)

1,968,689(2,143,351)

Net cash provided by (used in) operating activities

2,459,701

3,241,220(2,638,127)(2,570,620)

1,011

82,958(289,100)(358,315)

253,316

94,306

1,894

2,156

Subsidy incomes
Loss (gain) on sale and retirement of property, plant andequipment
Loss on store closings
Transfer adjust expenses from Construction in progress
anddeposits for stores in preparation
Decrease (increase) in trade receivables
Decrease (increase) in inventories

Cash flows from investing activities
Purchase of property, plant, equipment and the increase ofconstruction iin 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(138,855)(104,757)(2,809,860)(2,854,271)

Proceeds from short-term borrowings
Repayments of short-term borrowings

77(86,369)

3,200,000–

Repayments of long-term borrowings
Repayments of lease liabilities(1,692,026)(157,416)(1,949,736)(164,952)

Purchase of treasury sharesInterest paid

(982)
(39,274)(514)(43,733)

Dividends paid

(228,673)(228,669)(2,204,664)

812,393

Net cash provided by (used in) investing activities
Cash flows from financing activities

Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents

11,326

11,684

Net increase (decrease) in cash and cash equivalents(2,543,496)

1,211,027

Cash and cash equivalents at beginning of period

10,591,494

10,291,129

Cash and cash equivalents at end of period

8,047,997

11,502,157

7