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 15, 2023
Company name:KENKO Mayonnaise Co., Ltd.
Stock exchange listing: Tokyo
Stock code:
Representative:

2915
URL https://www.kenkomayo.co.jp
President and Representative Director
Takashi Sumii

Inquiries:
Director and Executive Vice PresidentScheduled date of ordinary general meeting of shareholders:

Yoichi Terajima
June 28, 2023

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

June 28, 2023
June 9, 2023

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

Yes
Yes

TEL

03-5941-7682(for institutional investors and 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 results
Net salesYear ended March 31, 2023
Year ended March 31, 2022

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen%
105(93.5)
169 (89.6)
485(59.9)
1,616(18.2)
1,622 (20.9)
1,211(16.9)

Millions of yen
82,36375,647%
8.9
10.4

Earnings per share

Diluted earnings pershare

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassets
sales
parent/equity
Yen%%%–
1.30.30.1–3.4
2.6
2.1

Yen
29.86
74.32

Year ended March 31, 2023
Year ended March 31, 2022
(2) Consolidated financial position

Total assets
As of March 31, 2023
As of March 31, 2022

Net assets

Equity ratio

Millions of yen
62,22961,760Millions of yen
36,79436,539Cash flows fromoperating activities
Millions of yen
3,526
3,757

Cash flows frominvesting activities
Millions of yen
(856)
(419)

Net assets per share%
59.1
59.2

Yen
2,281.75
2,245.07(3) Consolidated cash flows

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

Cash flows fromCash and cash equivalents
financing activities
at end of period
Millions of yen
Millions of yen(2,822)
12,289(3,281)
12,441

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)

TotalYen

Yen

Yen

Yen

Yen

Millions of yen%%

––

7.00
8.00

––10.00
9.00

17.00
17.00

276
275

22.9
56.9

0.8
0.8

–

10.00

–

15.00

25.00

171.3

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
Full year
87,4006.1
1,220–
1,300 667.8
570
17.4
35.05
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:
Yes
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

NoNo

Restatement of prior period financial statements:

No(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

16,476,000 shares As of March 31, 2022

16,476,000 shares

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

350,578 shares As of March 31, 2022

200,578 shares

16,262,922 shares Year ended March 31, 2022

16,304,589 shares

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

2

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

As of March 31, 2023

AssetsCurrent assets
Cash and deposits

12,441

12,289Notes receivable - trade
Accounts receivable - trade

119
11,83765
13,218Merchandise and finished goods
Work in process

2,082
92,51415

Raw materials and supplies
Accounts receivable - other917
40

1,092
30

Income taxes refund receivable
Other

211
210

66
358

Allowance for doubtful accounts
Total current assets

(2)

(0)

27,86829,651

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

21,211

21,426

Accumulated depreciation(9,872)(10,737)

Buildings and structures, net

11,33910,688

Machinery, equipment and vehicles

26,691

26,891

Accumulated depreciation(17,516)(19,179)

9,174

7,711

Machinery, equipment and vehicles, net
Tools, furniture and fixtures

1,835

1,912

Accumulated depreciation(1,528)(1,635)

306

277

6,021

6,021

50
(4)

73
(35)

46

38

Tools, furniture and fixtures, net
Land
Leased assets
Accumulated depreciation
Leased assets, net
Construction in progress
Total property, plant and equipment
Intangible assets

00

26,88924,738290

807

Investments and other assets
Investment securities

5,360

5,582

Retirement benefit asset
Deferred tax assets322
161

382
178

Guarantee deposits
Insurance funds

241
571

240
576

Other
Allowance for doubtful accounts

85(30)

100(30)Total investments and other assets
Total non-current assets
Total assets

3

6,711

7,031

33,892

32,577

61,76062,229(Millions of yen)
As of March 31, 2022

As of March 31, 2023

Liabilities
Current liabilities
Accounts payable - trade
Electronically recorded obligations - operating

9,160
711

11,479845

Current portion of long-term borrowings
Accounts payable - other

1,449
2,957

1,144
2,824

Income taxes payable
Provision for bonuses

295
437

228
428

Provision for bonuses for directors (and other officers)
Electronically recorded obligations - non-operating

26
–

27
0

Other

1,030

1,107

Total current liabilities

16,06818,087

5,466
97

4,321
–

6–

356
3,035

347
2,501

119
71

119
57

Non-current liabilities
Long-term borrowings
Deferred tax liabilities
Provision for retirement benefits for directors (and otherofficers)
Retirement benefit liability
Long-term accounts payable - other
Asset retirement obligations
OtherTotal non-current liabilities9,153

7,348

25,221

25,435

Shareholders' equity
Share capital

5,424

5,424

Capital surplus
Retained earnings

5,691
24,153

5,691
24,635

Total liabilities
Net assets

Treasury shares
Total shareholders' equity

(332)

(530)

34,93635,221

1,389
220

1,573
15

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

4(7)

(15)

1,602

1,57236,539

36,794

61,76062,229

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

Fiscal year ended

March 31, 2022

March 31, 2023

Net sales
Cost of sales

75,64759,851

82,36367,737Gross profit

15,795

14,625

Selling, general and administrative expenses

14,17914,520Operating profit

1,616

105

Rental income
Interest and dividend income

15
35

16
41

Subsidies for employment adjustment
Other11107

0100

Total non-operating income

169

158

71

59

78
14

430

Non-operating income

Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity method
Other
Total non-operating expenses

16394

1,622

169

–145302

Subsidy income
Other

147
0238
–

Total extraordinary income

149585

Ordinary profit
Extraordinary income
Gain on change in equity
Gain on sale of investment securities

Extraordinary losses
Loss on tax purpose reduction entry of non-current assets–

102

Loss on sale of investment securities
Loss on valuation of investment securities

013––

Loss on retirement of non-current assets
Other2130

Total extraordinary losses

17106

Profit before income taxes

1,754648

Income taxes - current
Income taxes - deferred

567
(24)

334(171)

Total income taxes

543

163

Profit1,211

485

Profit attributable to owners of parent

1,211

485

5

Consolidated statements of comprehensive income(Millions of yen)
Fiscal year ended
March 31, 2022
ProfitFiscal year ended
March 31, 2023
1,211

485

120

183

27(7)

243(205)392(29)Comprehensive income

1,604

455

Comprehensive income attributable toComprehensive income attributable to owners of parent

1,604455

Other comprehensive income
Valuation difference on available-for-sale securities
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted
for using equity method
Total other comprehensive income

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

5,424

Capital surplus

Retained earnings

5,691

23,253

Treasury shares(1)

Total shareholders'equity
34,367

Changes during period
Dividends of surplus
Profit attributable toowners of parent(311)

(311)

1,211

1,211

Purchase of treasury
shares

(331)

(331)

Net changes in items
other than shareholders'equityTotal changes during––

900

(331)

569

5,424

5,691

24,153(332)

34,936

Total accumulated
otherTotal net assets

periodBalance at end of period

Accumulated other comprehensive income
Valuationdifference on
available-for-salesecurities
Balance at beginning ofperiod

1,268

Foreign currency

Remeasurements

translation
adjustment

of defined benefit
plans
(22)

(35)

comprehensive
income1,21035,577

Changes during period
Dividends of surplus(311)

Profit attributable toowners of parent

1,211

Purchase of treasury(331)

sharesNet changes in items
other than shareholders'equityTotal changes during
periodBalance at end of period

120

243

27

392

392

120

243

27392

961

1,389

220

(7)

1,602

36,539

7

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

5,424

Capital surplus

Retained earnings

5,691

24,153

Treasury shares(332)

Total shareholders'equity34,936

Changes during period
Dividends of surplus

(292)

(292)

Profit attributable toowners of parent

485

485

Purchase of treasury
shares(197)

Increase due to decrease289

in affiliates

(197)
289

Net changes in items
other than shareholders'equityTotal changes during

––

482

(197)

284

5,424

5,691

24,635(530)

35,221

Total accumulated
otherTotal net assets

periodBalance at end of period

Accumulated other comprehensive income
Valuationdifference on
available-for-salesecurities
Balance at beginning ofperiod

1,389

Foreign currencytranslation

Remeasurementsof defined benefit

adjustment

plans

220

(7)

comprehensive
income1,602

36,539Changes during period
Dividends of surplus(292)

Profit attributable toowners of parent

485

Purchase of treasury
shares(197)

Increase due to decrease289

in affiliates
Net changes in items
other than shareholders'equityTotal changes during
periodBalance at end of period

183

(205)

(7)

(29)

(29)

183

(205)

(7)

(29)

254

1,573

15

(15)

1,572

36,7948Consolidated statements of cash flows(Millions of yen)
Fiscal year ended
March 31, 2022

Fiscal year endedMarch 31, 2023

Cash flows from operating activities
Profit before income taxes
Depreciation

1,754
2,797

648
2,776

Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses

(0)
28(2)
(8)

Increase (decrease) in provision for bonuses for directors (andother officers)

10

1(15)

(20)

Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for retirement benefits for
directors (and other officers)
Interest and dividend income

30(35)(41)

Interest expenses
Loss (gain) on sale of investment securities

71(1)59(302)

Loss on retirement of non-current assets
Loss on tax purpose reduction entry of non-current assets

2–

3
102

(11)
(147)

(0)
(238)

––

(5)
(45)

Decrease (increase) in trade receivables
Decrease (increase) in inventories

(952)
(373)

(1,327)(612)

Increase (decrease) in trade payables
Decrease (increase) in prepaid expenses

1,445
7

2,452
(46)

Increase (decrease) in accounts payable - other
Increase (decrease) in accrued consumption taxes

146(463)

241(67)

Increase (decrease) in accrued expenses
Decrease (increase) in other assets

17(2)

71(165)

Increase (decrease) in other liabilities
Other, net(4)
92

63
4

Subsidies for employment adjustment
Subsidy income
Miscellaneous losses
Loss (gain) on change in equity

Subtotal

4,369

3,541

Interest and dividends received
Interest paid

97(71)

41(59)

Subsidies received
Income taxes paid

159
(797)

238
(380)

Income taxes refund

–

144

3,757

3,526

Purchase of property, plant and equipment
Purchase of intangible assets

(226)
(172)

(585)
(719)

Purchase of investment securities
Proceeds from sale of investment securities

(20)
2(15)
463

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

Other, net
Net cash provided by (used in) investing activities

9(3)0(419)(856)

(Millions of yen)
Fiscal year ended
March 31, 2022

Fiscal year ended
March 31, 2023

Cash flows from financing activities
Repayments of long-term borrowings
Purchase of treasury shares(1,725)(331)(1,449)(197)

Dividends paid
Repayments of installment payables

(310)
(906)

(292)(875)

(7)

(7)

(3,281)(2,822)Other, net
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents

56(152)

Cash and cash equivalents at beginning of period

12,385

12,441

Cash and cash equivalents at end of period

12,441

12,28910