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 14, 2022
Company name:KENKO Mayonnaise Co., Ltd.

Stock exchange listing: Tokyo
Stock code:

2915

Representative:

President and Representative Director

URL

https://www.kenkomayo.co.jp

Inquiries:

Director

Takashi Sumii
Kenji Tachibana

TEL

Scheduled date to file Quarterly Securities Report:

November 14, 2022

Scheduled date to commence dividend payments:

December 9, 2022

Preparation of supplementary material on quarterly financial results:

Yes

Holding of quarterly financial results meeting:Yes

03-5941-7682(for institutional investors and analysts)(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)
Net salesSix months ended September 30, 2022
Six months ended September 30, 2021

Millions of yen
40,75037,487

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%
8.7
620 (11.4)642(8.2)
482
5.7
11.8
700
31.9
699
12.2
456
8.2

Earnings per share

Diluted earnings per share

Yen
29.66
27.97

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

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

Millions of yen
63,151
61,760

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

Equity ratio

Millions of yen
37,19836,539

%
58.9
59.2

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
7.00
8.00

Yen–

Yen
10.00

Yen
17.00

–

9.00

17.00

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)
Percentages indicate year-on-year changes
Net sales
Full year

Millions of yen
80,700Operating profit% Millions of yen
6.7326

Ordinary profit% Millions of yen(79.8)
370

1%(77.2)

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:

NoYes(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:

Yes

Changes in accounting policies due to other reasons:No

Changes in accounting estimates:

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

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 September 30, 2022

200,578 shares As of March 31, 2022

200,578 shares

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

16,275,422 shares Six months ended September 30, 2021

2

16,333,755 shares

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

As of September 30, 2022

AssetsCurrent assets
Cash and deposits

12,441

Notes receivable - trade

13,23811979

Accounts receivable - trade

11,837

12,953Merchandise and finished goods2,082

2,314Work in process919

Raw materials and supplies

917

1,121

Other

462

342

Allowance for doubtful accounts

(2)

(2)

27,86830,066

Buildings and structures, net

11,33910,986

Machinery, equipment and vehicles, net

9,174

8,285

Land

6,021

6,021

Total current assets
Non-current assets
Property, plant and equipment

Construction in progress
Other, net
Total property, plant and equipment
Intangible assets

01

353

306

26,88925,602

290

449

5,360

5,660

Investments and other assets
Investment securities
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

3161

151

1,220

1,251(30)

(30)

6,711

7,033

33,892

33,08561,76063,151

(Millions of yen)
As of March 31, 2022

As of September 30, 2022

Liabilities
Current liabilities
Accounts payable - trade
Electronically recorded obligations - operating
Current portion of long-term borrowings

9,160

10,670

711

974

1,449

1,449

Income taxes payable

295

282

Other provisions

463

447

Other

3,988

4,057

Total current liabilities

16,06817,882

5,466

4,741

65356

368

Other

3,323

2,956

Total non-current liabilities

9,153

8,071

25,221

25,953

5,424

5,424

Non-current liabilities
Long-term borrowings
Provision for retirement benefits for directors (and otherofficers)
Retirement benefit liability

Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus

5,691

5,691

Retained earnings

24,15324,473

Treasury shares

(332)

(332)

34,93635,256

1,389

1,324

220

622

Total shareholders' equity
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)

(6)

1,602

1,941

36,53937,19861,76063,151

Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Millions of yen)Six months ended

Six months ended

September 30, 2021

September 30, 2022

Net sales

37,48740,750

Cost of sales

29,64932,705Gross profit

7,838

8,045

Selling, general and administrative expenses

7,138

7,425

700

620

1823

Operating profit
Non-operating income
Interest and dividend income
Subsidies for employment adjustment

10

Other

3946

Total non-operating income

59

69Interest expenses

37

31

Share of loss of entities accounted for using equity method

155

Other

710

Non-operating expenses

Total non-operating expenses

60

47

699

642

Gain on change in equity–45

Gain on sale of investment securities

123

Subsidy income

61

Total extraordinary income

770

Loss on retirement of non-current assets

00

Loss on valuation of investment securities

4–

Other–

0

Total extraordinary losses

50

Profit before income taxes

701

712

Income taxes

244

229

Profit456

482

Profit attributable to owners of parent

456

482

Ordinary profit
Extraordinary income

Extraordinary losses

5Consolidated statements of comprehensive income (cumulative)(Millions of yen)

ProfitSix months ended

Six months ended

September 30, 2021

September 30, 2022
456

482

Valuation difference on available-for-sale securities

279

(64)

Remeasurements of defined benefit plans, net of tax

19130

401330

338

786

821

786

821

Other comprehensive income

Share of other comprehensive income of entities accounted
for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent6

Consolidated statements of cash flows(Millions of yen)Six months ended

Six months ended

September 30, 2021

September 30, 2022

Cash flows from operating activities
Profit before income taxes

701

712

1,400

1,387

Increase (decrease) in provisions

7056

Increase (decrease) in retirement benefit liability

11930

Interest and dividend income

(18)

(23)

Interest expenses

3731

Loss (gain) on sale of investment securities

(1)

(23)

Subsidies for employment adjustment

(1)

(0)

Subsidy income

(6)

(1)

Loss (gain) on change in equity

–(45)

(681)

(1,075)

Depreciation

Increase (decrease) in provision for retirement benefits for
directors (and other officers)

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

(225)

(446)

Increase (decrease) in trade payables

1,795

1,772Increase (decrease) in accounts payable - other

38

56

Other, net

(485)

(54)

Subtotal

2,638

2,356

Interest and dividends received

81

23Interest paid

(37)

(31)

subsidies received,etc

72Income taxes paid

(248)

(30)

Net cash provided by (used in) operating activities

2,441

2,319

Cash flows from investing activities
Purchase of property, plant and equipment

(149)

(65)

Purchase of intangible assets

(88)

(200)

Purchase of investment securities

(10)

(11)

Proceeds from sale of investment securities

283

Other, net

(0)

(0)

(247)

(193)

(1,006)(724)

Net cash provided by (used in) investing activities
Cash flows from financing activities
Repayments of long-term borrowings
Purchase of treasury shares(331)–Dividends paid

(197)

(162)

Repayments of installment payables

(457)

(439)

(3)

(3)

Other, net(1,996)(1,330)Net increase (decrease) in cash and cash equivalents

Net cash provided by (used in) financing activities

197796

Cash and cash equivalents at beginning of period

12,385

12,441

Cash and cash equivalents at end of period

12,583

13,238

7