Financial data

As of July 31, 2024

Financial data

Consolidated Financial Statements (past ten years)
NH Foods Ltd. and Subsidiaries
For the Years Ended March 31
Net sales
Operating income
Profit before tax[Net profit for the period from continuing operations before income taxes, etc.]

Profit attributable to owners of the parent[Net profit attributable to owners of the parent]

Business profit
Total assets
Total equity attributable to owners of the parent
Interest-bearing liabilities
Cash flows from operating activities
Cash flows from investing activities
Free cash flow
Cash flows from financing activities
Capital expenditures
Depreciation and amortization

USGAAP

IFRS(¥ million)

3/15

3/16

3/17

3/18

3/18

3/19

3/20

3/21

3/22

3/23

3/24

1,199,956
47,7701,229,324
49,2071,202,293
53,802

1,269,201
49,2181,258,463
ー

1,234,180
ー

1,229,826
ー

1,106,351
ー

1,151,886
ー

1,259,792
ー

1,303,432

43,79735,30949,11250,45552,79830,26727,03947,604

51,76022,16240,59931,04821,77935,004

37,14737,552

19,561

19,21432,61648,04916,63728,078

ー

ー

ー

ー

ー

661,567
353,664
136,758
29,681(31,517)(1,836)(17,187)
35,694
18,951

682,855
356,353
154,583
52,535(49,139)
3,396
8,182
36,79919,445720,276
404,126
138,284
65,254(38,271)
26,983(11,439)
43,765
19,765755,076
440,793
110,948
54,626(49,006)
5,620(27,508)
41,466
21,23450,589734,528
417,982
111,401
53,284(48,194)
5,090(27,110)
41,201
20,71438,311
741,388
401,014147,00930,844(45,110)(14,266)
2,932
47,82022,417

43,772
768,861
404,414
176,493
65,464(36,728)
28,736(3,077)35,75923,961

52,426825,405
433,595
193,750
82,518(57,827)
24,691(14,934)
67,161
21,67948,116909,213479,069
211,407
33,387(22,837)
10,550(12,162)
57,537
23,62325,596
937,155
492,913242,055
11,331(63,677)(52,346)
28,417
59,12425,472

44,939958,237
527,503214,852
86,586(39,224)
47,362(53,189)
44,157
26,686¥297.70¥7.16¥304.86¥245.56(¥31.72)¥213.84¥343.59(¥0.12)¥343.47¥348.46ー¥352.26
ー¥183.21
ー¥186.70ー¥348.46¥352.26¥183.21¥186.70¥311.13¥6.84¥317.97¥381.91¥88.01¥469.92¥176.27(¥13.83)¥162.44¥273.70¥1.00¥273.70¥279.50¥6.72¥286.22¥3,472.37¥46.00¥230.61(¥29.72)¥200.89¥3,498.72¥33.00¥322.66(¥0.12)¥322.54¥3,832.95¥52.00¥342.07ー¥350.00ー¥181.48ー¥186.64ー¥342.07¥4,100.70¥53.00¥350.00¥3,888.48¥53.00¥181.48¥3,896.64¥90.00¥186.64¥3,929.43¥90.00¥311.05¥6.84¥317.89¥4,243.70¥94.00¥381.82¥87.99¥469.81¥4,681.82¥102.00¥176.25(¥13.83)¥162.42¥4,808.70¥110.00ーーー¥5,138.81¥119.00

4.0
ー

3.1
ー

3.6
ー

4.6
ー

4.0
ー

2.2
ー

3.5
ー

9.4
6.6

4.8
4.9

4.8
5.3

7.8
5.9

10.5
5.0

3.4
2.4

5.5
4.1

Per share amounts
Basic earnings per share[Basic net profit per share attributable to owners of the parent]

Continuing operations (¥)
Discontinued operations (¥)
Total (¥)
Diluted earnings per share [Diluted earnings per share for the period
attributable to owners of the parent]

Continuing operations (¥)
Discontinued operations (¥)
Total (¥)
Total equity per share attributable to owners of the parent (¥)
Cash dividends (¥)

Financial indicators
ー

ー

ー

ー

4.0
9.2
6.4

4.0
6.1
6.5

4.5
9.2
7.0

3.9
8.8
6.2

Total equity attributable to owners of the parent ratio[Total equity ratio] (%)

53.5

52.2

56.1

58.4

56.9

54.1

52.6

52.5

52.7

52.6

55.0

Interest-bearing liabilities / Equity ratio[Equity ratio] (Times)

0.39

0.43

0.34

0.25

0.27

0.37

0.44

0.45

0.44

0.49

0.41

Interest coverage ratio (Times)
Payout ratio (consolidated) (%)

24.2
30.2

35.1
30.9

57.4
30.3

44.7
30.4

43.1
30.1

24.2
49.1

40.6
48.2

61.6
29.6

27.9
21.7

6.3
67.7

41.1
43.5

Business profit ratio (%)
Operating profit ratio (%)
Return on equity (ROE) (%)
Return on invested capital (ROIC) (%)

2

Financial data
Notes:
1. NH Foods Ltd. has voluntarily applied International Financial Reporting Standards (IFRS) to consolidated financial statements for the first quarter of the fiscal year ended March 31, 2019.
Where items differ from the USGAAP or IFRS standards, the corresponding USGAAP item is shown in [ ].
2. Figures have been rounded to the nearest unit.
3. As of April 1, 2018, NH Foods Ltd. carried out a share consolidation at a ratio of one share for each two shares of common stock.
Total NH Foods Ltd. shareholders’ equity per share, basic earnings per share attributable to NH Foods Ltd. shareholders and diluted earnings per share attributable to NH Foods Ltd. shareholders werecomputed on the assumption that the share consolidation was carried out at the beginning of the fiscal year ended March 31, 2015.
Cash dividends represent the actual payment prior to the relevant share consolidation.
4. Operating income represents net sales less cost of goods sold and selling, general and administrative expenses.
5. Starting from the fiscal year ended March 31, 2020, NH Foods Group discloses business profit (calculated by deducting the cost of goods sold, and selling, general andadministrative expenses from net sales, and making adjustments of currency gains and losses as determined by the Group, adjustments in accordance with IFRS, and adjustments of non-recurring
items) in place of the operating income results disclosed previously. The purpose of this change is to provide a clear indication of profit earned through business activities.
The figures for the fiscal years ended March 31, 2018 and March 31, 2019 have been restated retroactively.
6. Interest-bearing liabilities under USGAAP consists of short-term bank loans, current maturities of long-term debt and long-term debt,
less current maturities (including zero coupon convertible bonds) in the consolidated balance sheets.
7. Capital expenditures represent additions to tangible and intangible fixed assets.
Because it has been decided not to include increases in right-of-use assets in capital expenditures, the figures for the fiscal years ending March 2020 through March 2023 have been retroactively adjusted.
8. Depreciation and amortization consist of depreciation of tangible fixed assets and amortization of intangible fixed assets.
Because it has been decided not to include amortization of right-of-use assets in depreciation and amortization,
the figures for the fiscal years ending March 2020 through March 2023 have been retroactively adjusted.
9. ROE (%) = Profit attributable to owners of the parent / Average total equity attributable to owners of the parent × 100
Free cash flow (million yen) = Cash flows provided by operating activities + Cash flows used in investing activities
Total equity attributable to owners of the parent ratio (%) = Total equity attributable to owners of the parent / Total assets × 100
Interest-bearing liabilities/equity ratio (times) = Interest-bearing liabilities / Total equity attributable to owners of the parent
Interest coverage ratio (times) = Cash flows provided by operating activities / Interest paid
10. In the fiscal year ended March 2022, we sold our entire shareholding in Marine Foods Corporation, a consolidated subsidiary.
As result, Marine Foods Corporation and its subsidiaries, etc., are now classified as non-continuous businesses.
The ratio of business profit to net sales was calculated using business profit after adjustment for discontinued operations (¥50,532 million in the fiscal year ended March 31, 2021).
Please refer to Note 11 for business profit after adjustment for discontinued operations in the fiscal year ended March 31, 2022.
11. In the fiscal year ended March 31, 2023, we decided to sell our entire shareholding in our consolidated subsidiary, Breeders & Packers Uruguay S.A., to Minerva S.A. As a result, Breeders & Packers Uruguay S.A.
is now classified as a discontinued operation. Net sales and profit for the period before income tax for the fiscal years ended March 31, 2023 and March 31, 2022 are therefore shown as the amounts for continuing
operations, excluding discontinued operations.
The ratio of business profit to net sales was calculated using business profit after adjustment for discontinued operations (¥45,987 million in the fiscal year ended March 31, 2024,¥28,191 million in the fiscal year ended March 31, 2023, ¥46,222 million in the fiscal year ended March 31, 2022).

3

Financial data

Consolidated Financial Summary
Profitability Indicators

(％)

3/20

3/21

3/22

3/23

3/24

Gross profit ratio

16.7

18.0

17.3

14.1

15.6

Selling, general and administrative expenses ratio

13.5

13.7

13.6

13.2

13.2

Business profit ratio

3.6

4.5

4.0

2.2

3.5

1.6

2.8

4.2

1.3

2.2

Return on sales*1*1

Return on sales (%) = Profit attributable to Owners of The Parent/Net sales×100

Gross profit ratio
(％)

(％)

20

18.0

16.7

Selling, general and administrative
expenses ratio

20
17.3
14.1

15.6

15

13.5

13.7

(％)

6
13.6

13.2

13.2
4

4.5
3.6

4.0

3/20

3/21

3/22

3/23

3/24

2.8
3

0
3/20

3/21

3/22

3/23

3/24

2.2

1.6

1.3

1

2

0

0

3.5
2.2

5

4.2

5

10

10

Return on sales

Business profit ratio
(％)

-1
3/20

3/21

3/22

3/23

3/24

3/20

3/21

3/22

3/23

3/24

Total Assets, Total Equity attributable to Owners of The Parent and Interest-Bearing Liabilities
3/20

3/21

3/22

(¥ million)

3/23

3/24

Total assets

768,861

825,405909,213937,155

958,237

Total equity attributable to owners of the parent

404,414433,595

479,069

492,913527,503

Interest-bearing liabilities

176,493

193,750

211,407242,055

214,852

Interest-bearing liabilities(¥ million)

300,000
200,000

193,750
176,493

242,055
214,852
211,407

100,000
0
3/20

3/21

3/22

3/23

3/24

4

Financial data

Stability and Liquidity Indicators
3/20
Total equity attributable to owners of the parent ratio (%)
Interest-bearing liabilities/equity ratio (Times) *2

*1

3/21

3/22

3/23

3/24

52.6

52.5

52.7

52.6

55.0

0.44

0.45

0.44

0.49

0.41

Interest-bearing liabilities/cash flow ratio (%) *3

37.1

42.6

15.8

4.7

40.3

Interest coverage ratio (Times) *4

40.6

61.6

27.9

6.3

41.1

*1

Total equity attributable to owners of the parent ratio [NH Foods Ltd. shareholders’ equity ratio] (%) = Total equity attributable to owners of the parent/Total assets×100*2

Interest-bearing liabilities/equity ratio (Times) = Interest-bearing liabilities/Total equity attributable to owners of the parent*3

Interest-bearing liabilities/cash flow ratio (%) = Net cash provided by operating activities/Interest-bearing liabilities×100*4Interest coverage ratio (Times) = Net cash provided by operating activities/Interest paid

Total equity attributable toowners of the parent ratio

Interest-bearing liabilities/
equity ratio(Times)

0.8

80

(％)

52.6

60

52.5

52.7

52.6

Interest coverage ratio(Times)

55.0

0.6

0.44

0.45

0.44

0.49

60

0.41

40

0.4

40

20

0.2

20

0.0

0
3/20

3/21

3/22

3/23

3/24

3/20

3/21

3/22

3/23

0

3/24

61.6
41.1

40.6
27.9
6.3
3/20

3/21

3/22

3/23

3/24

Return Indicators

(％)

3/20

3/21

3/22

3/23

3/24

Return on equity (ROE) *5

4.8

7.8

10.5

3.4

5.5

Return on invested capital (ROIC) *6

5.3

5.9

5.0

2.4

4.1

*5

Return on equity (ROE) (%) = Profit attributable to owners of the parent/Average total equity attributable to owners of the parent×100*6

Return on invested capital (ROIC) (%) = Invested capital turnover × Business profit rate × (1 – Tax rate)

Return on invested capital (ROIC)

Return on equity (ROE)
(％)

(％)

15

8
10.5

6

7.8

10

5.5

4.8
3.4

5

5.3

5.9

5.0

4

4.1
2.4

2

0

0
3/20

3/21

3/22

3/23

3/24

3/20

3/21

3/22

3/23

3/24

5

Financial data

Efficiency Indicators
3/20
Inventory turnover (Times)

3/21

*1

Total assets turnover (Times)*1

Inventory turnover (Times) = Net sales/Average inventories*2

Total assets turnover (Times) = Net sales/Average total assets*3

Inventory turnover (Days) = 365/Inventories turnover(Times)(Times)

10

2.5
10.8

10.6

10.1

9.6

9.2

3/24

10.6

10.1

9.6

9.2

1.6

1.5

1.3

1.3

1.4

33.8

34.5

36.1

38.0

39.7

Inventory turnover

Total assets turnover

Inventory turnover

3/23

10.8
*2

Inventory turnover (Days) *3

3/22(Days)

50

1.6

1.5

1.3

1.5

1.4

1.3

40

34.5

36.1

38.0

39.7

33.8

3/20

3/21

3/22

3/23

3/24

30

5

20

0.5

10
0
3/20

3/21

3/22

3/23

3/24

(0.5)
3/20

3/21

3/22

3/23

3/24

0

Cash Flows(¥ million)

3/20

3/21

3/22

3/23

3/24

Cash flows from operating activities

65,46482,51833,387

11,331

86,586

Cash flows from investing activities(36,728)(57,827)(22,837)(63,677)(39,224)

28,736

24,691

10,550(52,364)

47,362

Cash flows from financing activities(3,077)(14,934)(12,162)

28,417(53,189)

Cash and cash equivalents at end of the year

72,39983,83185,37464,986

65,465

Free cash flow

*4

*4

Free cash flow = Net cash from operating activities + Net cash from investing activities

Cash flows from operating activities

Cash flows from investing activities

86,58682,51865,46450,000(22,837)(40,000) (36,728)

33,387
11,331(60,000)

0
3/21

3/22

3/23

3/24

(57,827)(63,677)
3/20

3/21

3/22

40,00028,736 24,691

3/23

10,550(10,000) (3,077)(50,000)(52,364)(100,000)
3/24

28,41747,362

0(39,224)(80,000)
3/20(¥ million)

100,0000(20,000)

50,000Cash flows from financing activities(¥ million)(¥ million)(¥ million)

100,000

Free cash flow

3/20

3/21

3/22

3/23

(14,934)(12,162)(60,000)
3/24(53,189)
3/20

3/21

3/22

3/23

3/24

6

Financial data

R&D, Capital Expenditures, Depreciation and Amortization
3/20(¥ million)

3/21

3/22

3/23

3/24

R&D expenditures

3,195

3,268

3,206

3,339

3,155

Capital expenditures

35,75967,161

57,537

59,124

44,157

Depreciation and amortization

23,961

21,67923,62325,472

26,686(¥ million)(¥ million)(¥ million)

4,000

Depreciation and amortization

Capital expenditures

R&D expenditures
3,195 3,268 3,206 3,339 3,155

3,000

60,0002,000

40,0001,000

20,000

0
3/20

3/21

3/22

3/23

67,16180,000

3/24

30,00057,537 59,124

35,75944,15723,961 21,679 23,623

25,472 26,686

20,00010,000

0

3/20

3/21

3/22

3/23

0

3/24

3/20

3/21

3/22

3/23

3/24

Other Data
3/20
Number of employees (consolidated)

3/21

3/22

3/23

3/24

17,33917,16816,192

16,064

15,42912,791

12,222

11,457

10,986

10,483

90.0

94.0

102.0

110.0

119.0

48.2

29.6

21.7

67.7

43.5

High (¥)

4,940

5,100

5,100

4,370

5,449

Low (¥)

2,900

3,220

3,220

3,490

3,765

Average number of temporary employees
Dividend per share (¥)*1

Payout ratio (consolidated) (%)
Stock price*1

Cash dividends represent the actual payment prior to the relevant share consolidation.

Number of employees (consolidated)
20,00017,339Dividend per share(¥)

17,168 16,192 16,064

150
15,42915,000

100

90.0

94.0

3/20

3/21

102.0

110.0

3/22

3/23

119.0

10,000
50

5,000
0
3/20

3/21

3/22

3/23

3/24

0
3/24

7

Financial data

Segment Information
By Operating Segment
Processed Foods
Business Division

Fresh MeatsBusiness Division

Overseas
Business Division

OthersConsolidated(before adjustment
for discontinued
operations)

Transfer todiscontinued
operations

Consolidated(after adjustment
for discontinued
operations)

Net sales(1) External customers(2) Intersegment
Segment expenses
Segment profit
AssetsDepreciation and amortization
Capital expenditures
Net sales(1) External customers(2) Intersegment
Segment expenses
Segment profit
AssetsDepreciation and amortization
Capital expenditures
Net sales(1) External customers(2) Intersegment
Segment expenses
Segment profit (loss)
AssetsDepreciation and amortization
Capital expenditures
Net sales(1) External customers(2) Intersegment
Segment expenses
Segment profit (loss)
AssetsDepreciation and amortization
Capital expenditures
Net sales(1) External customers(2) Intersegment
Segment expenses
Segment profit
AssetsDepreciation and amortization
Capital expenditures
Net sales(1) External customers(2) Intersegment
Segment expenses
Segment profit (loss)
AssetsDepreciation and amortization
Capital expenditures
Net sales(1) External customers(2) Intersegment
Segment expenses
Segment profit
AssetsDepreciation and amortization
Capital expenditures(¥ million)
3/20
498,781473,953
24,828
485,413
13,368
293,662
11,16816,995685,630
612,545
73,085653,597
32,033342,144
7,752
11,735
254,649
129,374
125,275
252,799
1,850
115,226
3,115
6,032
16,553
13,2883,265
15,992561
29,377269
1,092
1,229,826
1,229,826
ー
1,186,054
43,772
768,861
33,03847,802
ー
ー
ー
ー
ー
ー
ー
ー
ー
ー
ー
ー
ー
ー
ー
ー

3/21
489,362
463,526
25,836471,385
17,977308,769
11,72026,032656,668
591,576
65,092
615,425
41,243341,364
8,012
15,966
223,649
112,155
111,494
223,753(104)
123,427
3,126
4,955
11,758
8,581
3,177
13,536(1,778)27,535258
19,181
1,176,101
1,176,101
ー
1,123,675
52,426825,405
33,93982,902
ー
ー
ー
ー
ー
ー
ー
ー
ー
ー
ー
ー
ー
ー
ー
ー

3/22
496,700
469,953
26,747
482,021
14,679271,700
12,666
11,038683,301
621,531
61,770585,958
35,573364,830
8,705
17,083
267,623
142,799
124,824265,2142,409
159,0293,482
3,321
13,80910,631
3,178
15,378(1,569)50,421276
21,806
1,246,442
1,246,442
ー
1,198,326
48,116909,21336,37980,395(94,556)(94,556)
ー(92,662)(1,894)ー(1,724)(1,121)
1,151,886
1,151,886
ー
1,105,664
46,222909,21334,65579,274

3/23
417,738
390,397
27,341
412,720
5,018
278,588
12,234
10,730750,109685,332
64,777721,027
29,082410,977
9,157
19,273
321,429
186,449
134,980
326,465(5,036)
162,728
4,076
4,000
17,052
13,8183,234
17,535(483)
75,469709
20,6191,289,995
1,289,995
ー
1,264,399
25,596
937,155
38,37967,519(30,203)(30,203)ー(32,798)
2,595
ー
(664)
(360)
1,259,792
1,259,792
ー
1,231,601
28,191
937,155
37,715
67,1593/24
431,233
402,029
29,204
421,503
9,730
281,634
12,3899,793
780,596
719,861
60,735746,570
34,026
422,583
9,013
25,896289,964
167,985
121,979
287,504
2,460
168,887
3,720
7,199
23,866
20,664
3,202
21,9461,920
75,7442,202
777
1,314,055
1,314,055
ー
1,269,116
44,939958,237
39,66160,939(10,623)(10,623)ー(11,581)
958
ー
ー
(90)
1,303,432
1,303,432
ー
1,257,535
45,897958,237
39,66160,849Notes:
1. Depreciation and amortization consist of depreciation of property,
plant and equipment and amortization of intangible assets.
2. Capital expenditures represent the additions to property,
plant and equipment and intangible assets.
3. Since the fiscal year ended March 31, 2020, the new “segment profit”
has been calculated by deducting the cost of goods sold and selling,
general and administrative expenses from net sales, and accounting forforeign exchage gains and losses determined by the Group, while
excluding adjustments in accordance with IFRS and non-recurring items.
Since the fiscal year ended March 31, 2018, “segment profit”
has been presented by applying the new calculation method from theviewpoint of the comparability with the fiscal year ended March 31, 2020.
4. The consolidated figures were calculated by deducting eliminations,adjustments and others from the results for each business division.
5. From the first quarter of the fiscal year ending March 2022,
the Company has classified the team business and new business into
“Other” for the purpose of expanding into new business areas.
In addition, from the first quarter of the fiscal year ending March 2022,
we have changed the method of calculating sales in order to more
appropriately reflect the performance of the reporting segment.
Regarding this change, the figures before the previous fiscal year
have been retroactively revised. However, the figures before
the fiscal year ended March 2020 have not been audited.
6. Net sales and profits (losses), etc., and capital expenditure for the seafood businessof The Marine Foods Corporation and its subsidiaries, etc., which are included in the
results for Processed Foods Business Division, have been reallocated as part of
the transfer of The Marine Foods Corporation to the discontinued business category.
This discontinued business is included in the results for Processed Foods Business
Division as the reporting segment. However, the results for the fiscal year ended
March 2021 and earlier years have not been adjusted retrospectively.
7. Net sales and profits (losses), etc., and capital expenditure relating to Breeders & Packers Uruguay
S.A., which is included in our overseas business operations, have been transferred to discontinued
operations. Discontinued operations are included in the Overseas Business Division reporting
segment.
However, the results for the fiscal year ended March 31, 2021 and earlier years have not beenadjusted retrospectively.

8

Financial data

By Geographical Area(¥ million)

3/20
Asia & Europe

Americas

Australia

Notes:Net sales

3/21

3/22

3/23

3/24

73,89856,42364,771

66,37655,823(1) External customers

25,86923,32426,301

32,466

31,256(2) Intersegment

48,02933,09938,47033,91024,567

Segment profit (loss)

809

(818)

(428)

(1,180)1,525

84,54788,050100,486

123,759

126,717(1) External customers

21,757

20,28825,61434,33437,242(2) Intersegment

62,79067,76274,87289,42589,475

Segment profit (loss)

698

2,722

1,198

1,731

2,391

98,82680,947105,193

133,677

108,572(1) External customers

81,74968,54390,884

119,649

99,487(2) Intersegment

17,077

12,40414,30914,0289,085

Segment profit (loss)

1,466(1,048)2,585(4,473)(518)

Net sales

Net sales

1. The total of each area is not equal to the Overseas Business Division total, by reason of the elimination of intersegment transactions.
2. The Americas includes North and South American businesses.
3. Breeders & Packers Uruguay S.A. is included in Australia.

Net Sales by Product3/20
Category
Hams and sausages

130,982(¥ million)

3/21
132,425

3/22
131,147

3/23
130,1613/24

1,500,000

135,150

Processed foods

228,833

223,585

224,976

235,166

237,870

Fresh meats

711,753

672,880

702,160

791,972

826,710

Beef

296,913

256,999273,225

312,372

323,288

Pork

226,612229,450

230,762251,001

265,390

Chicken

166,032

166,222

179,549

209,570

218,921

Other fresh meats

22,196

20,20918,62419,02919,111

Dairy products

33,61431,96735,21436,19438,963

Others124,644

115,244

58,38966,29964,739Total

1,229,826

1,176,101

1,151,886

1,259,792

1,303,432

Notes:Net Sales by Product Category(¥ million)
1,229,826

1,250,000

1,176,101

1,259,792

1,303,432

1,151,886

1,000,000
750,000
500,000
250,000
0

3/20

Hams and sausages

3/21
Processed foods

3/22
Fresh meats

3/23
Dairy products

3/24
Others

4. Net sales for the fiscal year ended March 31, 2022 exclude the results for the seafood business of The Marine Foods Corporation and its subsidiaries, etc.
5. Net sales for the fiscal years ended March 31, 2022 through March 31, 2024 exclude beef business results relating to Breeders & Packers Uruguay S.A.

9

Financial data

Consolidated Financial Statements (IFRS)
Consolidated Statements of Financial Position(¥ million)
3/20

3/21

3/22

3/23

3/24

AssetsCurrent assets
Cash and cash equivalents
Trade and other receivables
Inventories
Biological assets
Other financial assets
Other current assets
Assets held for sale
Total current assets
Non-current assets
Property, plant and equipment
Right-of-use assets
Biological assets
Intangible assets and goodwill
Investments accounted for using the equity method
Other financial assets
Deferred tax assets
Other non-current assets
Total non-current assets
Total assets

72,399130,213
114,520
21,335
11,7015,583
ー
355,751

83,831
127,067
107,906
23,581
15,0828,561
ー366,028

85,374136,017
119,980
32,75524,64815,096436
414,306

64,986146,660
141,930
27,984
9,098
25,171
12,189428,018

65,465
165,022
141,429
25,4205,711
20,31865423,430

284,060
35,545
1,883
8,953
13,91032,64729,745
6,367
413,110
768,861

325,629
38,362
1,314
10,6089,011
35,796
26,056
12,601
459,377
825,405

345,02246,0901,240
15,26912,41035,232
26,27913,365494,907909,213364,381
40,8981,517
20,193
9,087
27,58731,082
14,392
509,137
937,155

375,21144,814
1,531
25,822
9,835
30,01928,072
19,503534,807958,237

55,92499,802
3,178
18,87735,966
ー
213,747

59,322
98,983
9,748
25,29035,822
ー
229,165

90,056
103,7196,494
42,056
39,594
ー
281,919

102,199
106,027
1,795
15,806
41,35011,359278,536

59,247116,773
7,143
14,964
48,705ー
246,832

120,569
14,920
719
732
1,577
138,517352,264

134,428
14,543
683
581
1,696
151,931
381,096

121,351
12,951
754
1,045
1,639
137,740
419,659

139,856
12,394
1,108
889
1,591
155,838
434,374

155,605
12,491
1,184
874
2,049
172,203
419,035

36,294
72,639294,018
(173)
1,636
ー
404,414
12,183
416,597
768,861

36,294
71,240320,577(3,532)
9,016
ー
433,595
10,714444,309825,405

36,294
71,272360,900(2,856)
13,459ー
479,069
10,485489,554909,213

36,29471,095369,389(2,057)
17,193
999
492,913
9,868
502,781
937,155

36,294
71,110390,305(1,403)31,197
ー
527,503
11,699539,202958,237

Liabilities and equity
Current liabilities
Interest-bearing liabilities
Trade and other payables
Income taxes payable
Other financial liabilities
Other current liabilities
Liabilities that relate directly to assets held for sale
Total current liabilities
Non-current liabilities
Interest-bearing liabilities
Retirement benefit liabilities
Other financial liabilities
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities
Total liabilities
EquityCommon stock
Capital surplus
Retained earnings
Treasury stock, at cost
Accumulated other comprehensive income
Accumulated other comprehensive income relating to the disposal
Total equity attributable to owners of the parent
Non-controlling Interests
Total equity
Total liabilities and equity

10Financial data

Consolidated Statements of Income(¥ million)

3/20

3/21

3/22

3/23

3/24

Net sales

1,229,826

1,176,101

1,151,886

1,259,792

1,303,432

Cost of goods sold1,024,296

964,367

952,971

1,082,760

1,099,801

166,030

161,215

156,552

166,080

172,074

Other income

3,592

8,497

10,62019,09820,685

Other expenses

14,79011,9568,512

12,191

12,010Financal income

1,285

1,942

2,200

3,360

3,219

Financal costs

3,903

1,534

3,935

1,830

2,979

Share of profit in investments accounted for using the equity method

1,355

1,406

9,024

2,773

127

Profit before tax

27,03948,874

51,76022,16240,599

Income tax expense

8,106

17,816

12,955

4,770

11,253

Profit18,93331,05847,647

15,97629,44819,21432,61648,04916,63728,078(281)(1,558)

(402)

(661)

1,370

18,93331,05847,647

15,97629,448Selling, general and administrative expenses

Profit attributable to:
Owners of the parent
Non-controlling interests
Profit11

Financial data

Consolidated Statements of Cash Flows
3/20

3/21

3/22

Operating activities
Profit before tax
27,03948,874
51,760ーー
Net profit (loss) for the period from discontinued operations before income taxes, etc.
12,745
Depreciation and amortization expenses
33,336
34,10936,464
3,904
7,069
2,395
Impairment losses (reversal of impairment losses)
Decrease (increase) in fair value of biological assets
1,205
(192)
44
Financal income and costs
2,618
(408)
2,826
ー
ー
Gains (losses) on sales of business operations(12,037)
Decrease (increase) in trade and other receivables
21,9683,817(8,157)
Decrease (increase) in inventories(2,316)
7,722(22,655)
Decrease (increase) in biological assets
1,005
113
(9,187)
Decrease (increase) in other assets
555(8,815)(7,455)
Increase (decrease) in trade and other payables(10,964)(1,252)
8,552
Increase (decrease) in other liabilities(3,772)(507)
4,737
Others - net(1,143)648(8,537)
Interest received
675
287
355
Dividends received
2,304
2,735
3,779
Interest paid
(1,611)(1,339)(1,197)
Income tax paid
(9,339)(10,343)(21,045)
Cash flows from operating activities
65,46482,51833,387
Investing activities
Acquisition of fixes assests(36,898)(59,398)(44,473)
Proceeds from sales of fixed assets
607
1,423
728
Decrease (increase) in time deposits
(610)
259
4,024
Acquisiton of other financial assets
(84)
(182)
(130)
Sales and redemption of other financial assets
42
673
929
ー
ー
ー
Increase in short-term lendingーーー
Proceeds from government grantsーー
Income from sales of business operations
16,628ーーー
Expenditure resulting from business salesーー
Investments in associated companies(120)
Others - net
335
(602)
(543)
Cash flows from investing activities(36,728)(57,827)(22,837)
Financing activities
Cash dividends(9,271)(9,269)(9,610)
Increase (decrease) in short-term bank loans(2,001)(4,840)17,065
Proceeds from debt
38,71470,393
27,462
Repayments of debt
(39,019)(66,351)(47,490)
ーContributions from non-controlling interests
8,563
2
ー
Acquisitions from non-controlling interests(1,489)(191)
Acquisition of treasury stock(4)(3,567)(2)
ーSale of treasury stock
187
604
Others - net(59)00Cash flows from financing activities(3,077)(14,934)(12,162)
Effect of exchange rate changes on cash and cash equivalents(1,368)
1,675
3,155
ー
ー
ー
Hyper-inflation adjustmentsーーー
Increase (decrease) in cash and cash equivalents included in assets held for sale
Net increase (decrease) in cash and cash equivalents
24,291
11,432
1,543
Cash and cash equivalents at beginning of the year
48,10872,39983,831
Cash and cash equivalents at end of the year
72,39983,83185,374
Note: Since the fiscal year ended March 2024, proceeds from government grants, which were previously included in “Others—net” under cash flows from financing activities,
have been disclosed as a separate item. The figures for the fiscal year ended March 2024 have therefore been adjusted retroactively.

3/23(¥ million)
3/24

22,162(5,485)38,4331,840
1,027(1,381)
460(12,879)(24,451)
2,651(3,379)5,913
2,514(8,578)1,632
6,221(1,811)(13,558)
11,331

40,599223
39,719
1,481
3,121
(109)
(1,132)(17,559)
2,551
190(1,930)
9,953
8,261
3,230
2,818
1,305
(2,107)(4,028)86,586(82,261)
2,095
1,152
(64)
4,645
9,994
951
3,579
(3,166)
ー(602)(63,677)(48,479)
1,697
5,126
(61)
2,665
ー
2,525
ー
(1,345)ー(1,352)(39,224)(10,448)
36,504
110,358(108,594)
ー
ー
(2)
599
0
28,417
2,476
1,874
(809)
(20,388)
85,37464,986(11,325)(30,798)
51,230(62,898)
ー
ー
(6)
608
ー
(53,189)
3,996
1,501
809
479
64,986
65,46512

Financial data

Stock Information
Share Data

Distribution of Shares

Authorized shares

285,000,000

Issued and outstanding

102,958,904■ Financial institutions

55,580Shareholders

Shareholders by

Major Shareholders (Leading 10 by holding)Holding

Name of shareholder(1,000s of shares)

Category

Shareholding ratio(％)■ Foreign investors■ Individual / Others■ Other companies■ Securities firms■ Treasury stock

80 (55,494 thousand shares)
382 (24,077 thousand shares)
54,594 (17,197 thousand shares)
490 (2,139 thousand shares)
33 (4,038 thousand shares)
1 (10 thousand shares)

The Master Trust Bank of Japan, Ltd. (Trust account)

20,82520.23%

Custody Bank of Japan, Ltd. (Trust account)

9,356

9.09%

The Hyakujushi Bank, Ltd.

3,708

3.60%

Meiji Yasuda Life Insurance Company

3,677

3.57%

Nippon Life Insurance Company

2,785

2.71%

■ Less than 100

3,372 (52 thousand shares)

STATE STREET BANK AND TRUST COMPANY 505001

2,416

2.35%

■ 100–Less than 1,000

49,144 (10,918 thousand shares)

The Norinchukin Bank

2,370

2.30%

Shareholders by■ 1,000–Less than 10,000

2,775 (4,818 thousand shares)

holding■ 10,000–Less than 100,000

203 (6,540 thousand shares)

JPMorgan Securities Japan Co., Ltd.

2,072

2.01%

SSBTC CLIENT OMNIBUS ACCOUNT

1,828

1.78%

■ 100,000–Less than 500,000

56 (12,004 thousand shares)

MUFG Bank, Ltd

1,653

1.61%

■ More than 500,000

30 (68,623 thousand shares)

Note: Shareholding ratio is calculated by deducting the number of treasury stock.

Stock Price Trend
Stock price (¥)

6,000
5,000
4,000
3,000

Trading volume

2,000

4,000,000
3,000,000
2,000,000
1,000,000

2023/3

4

5

6

7

8

9

10

11

12

2024/12

3013