2023

24̲04̲09入稿̲山崎製ハ㿇ン2023̲表紙1-4.indd 1

2024/04/19 8:26

目次
経営方針・経営戦略‥‥‥‥‥‥‥‥‥‥‥

2

当期の概況と次期の見通し‥‥‥‥‥‥‥‥

4

セグメント情報‥‥‥‥‥‥‥‥‥‥‥‥‥

9

連結指標‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥ 14
単体指標‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥ 18
連結財務諸表‥‥‥‥‥‥‥‥‥‥‥‥‥‥ 22
財務諸表‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥ 26
ヤマザキネットワーク‥‥‥‥‥‥‥‥‥‥ 29
株式情報‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥ 34
沿革‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥ 36
会社概要‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥ 37
注：1. 本誌の記述には、事業計画・予測・戦略・見通しなどが含まれていますが、これらは、現在入手可能な情報からの判断に基づいており、実際には異なる結果となり得ることにご留意ください。

2. 本誌の財務データは日本会計基準に基づいており、国際会計基準とは異なる部分があります。

Contents
Management Policies and Strategies ・・・・・ 2
Fiscal 2023 in Review and Outlook for
Fiscal 2024・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 4
Segment Information・・・・・・・・・・・・・・・・・・・・ 9Financial Results and Key Indicators(Consolidated)・・・・・・・・・・・・・・・・・・・・・・・・・ 14
Financial Results and Key Indicators(Nonconsolidated) ・・・・・・・・・・・・・・・・・・・・・ 18
Consolidated Financial Statements・・・・・・・ 22
Nonconsolidated Financial Statements ・・・ 26
Yamazaki Baking Network ・・・・・・・・・・・・・・・ 29
Stock Information・・・・・・・・・・・・・・・・・・・・・・・ 34
Timeline・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 36
Company Data・・・・・・・・・・・・・・・・・・・・・・・・・・ 37
Notes: 1. This Investors Guide contains descriptions that
include management plans, projections, strategies
and estimates that are not historical facts. Projectionsof future performance are based on management
extrapolations from current data, but actual future
performance may differ materially from projections.
2. Yamazaki Baking Co., Ltd., prepares its accounts inconformity with accounting principles and practices
generally accepted in Japan, which are different incertain respects from the application and disclosure
requirements of International Accounting Standards.

1

経営方針・経営戦略

Management Policies and Strategies

代表取締役社長 飯島延浩
President Nobuhiro Iijima

経営方針・経営戦略

当社グループは、創業以来一貫して、良品廉価・社会の負託に応え社業を前進させることを21世紀のヤマ

顧客本位、製品をもって世に問うというヤマザ

ザキの経営方針といたします。

キの精神を具現化すべく、今日到達しうるベストクオリ

事業経営の具体的遂行に当たっては、経営陣、管理

ティー・ベストサービスを追求することをめざし、パン、職は、本物の５Ｓ・全員参加の５Ｓとピーター・ドラッカー

和・洋菓子、製菓類、調理パン・米飯類の製造販売事業

博士の５つの質問を連動させる「２本立ての５Ｓ」を行うとに携わり、常に積極果敢に技術革新に取り組み、高品質

ともに、「いのちの道の教え」に従った部門別製品施策・な製品を全国各地に安定的に供給することを通じて社会営業戦略をピーター・ドラッカーの５つの質問と連動させ、の負託に応え、業績の向上につとめてまいりました。

「私たちの使命は何ですか」（What is our mission?）

また、当社グループは、西暦2000年以来、特に「食のと問うだけでなく「私の使命は何ですか」（What is my

安全・安心」を社会の要請と積極的に受けとめ、徹底しmission?）と問い、生産部門・営業部門一体となった業

た食品安全衛生管理体制の確立をはかり、さらに、食品務を推進するとともに、内部管理体制を充実・強化して、安全衛生管理体制の上に築き上げる事業経営手法として、各部門毎の自主独立の協力体制を構築いたします。また、部門別製品施策、営業戦略、小委員会による「なぜなぜ「良品廉価・顧客本位の精神で品質と製品、サービスを改善」を取り上げ、積極的に部門別製品開発、技術開発

もって世に問う」というヤマザキの精神と「知恵と知識にに取り組み、お客様に喜ばれる製品とサービスの提供によって変化に挑戦し、新しい価値と新しい需要を創造す

万全を期してまいりました。

る」という「いのちの道」を導く言葉によって日々の仕事の今般、当社は、21世紀の事業環境と社会の変化に対応するため、「企業経営を通じて社会の進展と文化の向2

実践、実行、実証に励み、業績の着実な向上を期してまいります。

上に寄与することを使命とし、自主独立の協力体制を作

当社グループは持続的な成長と中長期的な企業価値

り、もって使命達成に邁進する」という顧客本位の精神の向上を実現するため、積極的な設備投資を継続するとで、潜在需要に着目しイノベーション（技術革新）によっ

ともに、財務基盤の安定、収益性の改善、資本効率のて需要を創造するという、前向き積極的なピーター・ド向上に取り組んでまいります。具体的には、連結売上高

ラッカー博士の経営理論に導かれる山崎製パン株式会社

経常利益率4 ％以上の達成を経営目標とするとともに、の「経営基本方針（綱領および具体方針）」を改めて高く

連結ROEを重要な経営指標として位置付け、7％以上の掲げると同時に、これを補完するものとして、「ヤマザキ達成を経営指標として効率的な事業経営に取り組んでまパンの中に神のみこころにかなう会社の実現を期す」
といいります。また、株主還元に関しましては、連結配当性う飯島藤十郎社主の祈りに導かれ、「日々、お取引先か向30％を目標に安定した配当を継続することを基本方針

らご注文いただいた品は、どんな試練や困難に出会うことし、今後も業績と連動した増配をめざしてまいります。

とがあっても、良品廉価・顧客本位の精神でその品を製利益配分につきましては、各事業年度の業績の状況と造し、お取引先を通してお客様に提供する」という新しい

将来の事業展開を総合的に勘案し、企業基盤の強化のヤマザキの精神に導かれ、科学的根拠の上に立った食品ための内部留保にも配慮しつつ、連結配当性向30 ％を

安全衛生管理体制の上に築き上げる科学的・合理的・効目標に、株主の皆様への安定した配当を継続することを率的な事業経営手法として、「いのちの道の教え」に従っ基本方針としております。内部留保資金につきましては、たすべての仕事を種蒔きの仕事から開始する部門別製品

将来にわたる生産設備の増強及び販売・物流体制の強化

施策・営業戦略、小委員会による「なぜなぜ改善」を実践、のための資金需要に備えるとともに、新規事業分野の開実行、実証することで、新しい価値と新しい需要を創造し、拓に活用してまいります。

Management Policies and StrategiesS3

経営方針・経営戦略

teaching of “The Way to Life,” as well as Nazenaze Kaizen
through subcommittees.
With regard to speciﬁc approaches to the operation of
our businesses, we will adhere to nihon-date-no-5S, which
combines the five-question business self- assessment
tool created by management expert Peter Drucker andemployed by plant management to oversee operations
in each department, with “5S activities” used by plant
employees to target efﬁcient work spaces and work ﬂows.
(The “S” in “5S activities” corresponds to five Japanesewords starting with “s”: seiri, seiton, seiso, seiketsu andshitsuke.) We will also link division-specific product andmarketing strategies that follow the teaching of “The Way
to Life” with Peter Drucker’s ﬁve questions, asking not only
“What is our mission?” but also “What is my mission?” andpromote integrated production and marketing activities.
These efforts will reinforce internal management structuresand establish an independent framework for cooperationin each division. Going still further, we will strive to practice,execute and verify the effectiveness of daily operations byholding fast to the Yamazaki spirit, which prioritizes quality, through products and services, under the corporate
philosophy of providing good quality at a reasonable priceand putting the customer ﬁrst, and by following the teaching of “The Way to Life,” which directs us to “embracechange and create new value and new consumer demand
by applying inherent wisdom and knowledge.” Sustained
adherence to these principles and methodologies is sure toyield steady improvements in our business results.
To achieve sustained growth and higher corporate
value in the medium to long term, we will maintain a robust
approach to capital investment and strive to secure a stable ﬁnancial footing, raise proﬁtability and improve capital
efﬁciency. Speciﬁcally, we will strive for effective operating
activities, turning achievement of a consolidated ordinary
income margin of 4% or higher into a performance target
and setting return on equity, also on a consolidated basis,
at 7% or higher as a key performance indicator. In addition, our basic policy on returns to shareholders calls for astable dividend underpinned by a payout ratio of 30% on
a consolidated basis. We will continue to aim for a higher
dividend linked to business results.
We are committed to allocating earnings—based on
a comprehensive assessment of our operating results
and business development goals—and to maintaining
the necessary internal reserves to reinforce our operating
foundation. At the same time, we believe ﬁrmly in providing
stable returns to shareholders, with an aim of the dividend
payout ratio of 30%. With this in mind, we will continue toearmark internal reserves to expand production facilities,
strengthen our distribution and sales systems, and cultivate
new businesses.

Management Policies and Strategies

ince our establishment, we have aspired to deliver
excellent quality and outstanding service to consumers as a tangible reflection of a long-standing corporate
philosophy that simply states, “Provide good quality at areasonable price. Put the customer first.” We do thisthrough the manufacture and sale of bread, sweet buns,
Japanese- and Western-style confectionery, biscuits, crackers, sembei (rice crackers), processed bread, preparedrice and processed noodles. To this end, we have always
emphasized ambitious technological developments anda solid position from which to provide a stable supply ofsuperb products throughout Japan, striving thereby to contribute to the health of the nation and achieve solid growth.
There is a growing awareness of food safety and security among consumers and the public at large. In response,
since 2000, we have consistently reinforced food safety
and hygiene systems, embraced division-specific product and marketing strategies, and promoted Nazenaze
Kaizen—a process of ongoing improvements guided by
why-why analysis through subcommittees—as business
management approaches to build on these food safety andhygiene systems. We have also vigorously pursued developments in division-specific products and technologies,
and directed concerted efforts into providing products andservices that delight our customers.
To address changes in society and the business environment of the 21st century, we are at present reemphasizing basic Yamazaki Baking management policies (generaland specific), guided by the proactive, forward-thinking
management theory of Peter Drucker, which focuses onlatent demand and the creation of demand through innovation, from a perspective imbued with the customer-ﬁrst
viewpoint of “embodying our mission to contribute to social
progress and cultural advancement through corporate
activities and create an independent and autonomous
organization that moves steadily toward achieving thestated mission.” At the same time, to underpin these policies, we will embrace a Yamazaki style of management
appropriate for the 21st century that hinges on creating new value and new demand and fulfilling our social
mandate to move business forward. To this end, we will
be guided by founder Tojuro Iijima’s prayer for Yamazaki
Baking to realize a lasting business model according toGod’s will while embracing the new Yamazaki spirit, which
requires us, from the perspectives of good quality, reasonable prices and a customer-ﬁrst viewpoint, to prepareand deliver products ordered by suppliers for sale to theircustomers, even if we face difficulties or challenges. We
will also take a scientiﬁc, rational and effective approach tobusiness management that builds on evidence-based foodsafety and hygiene systems to practice, execute and verify
division-speciﬁc product and marketing strategies, in which
all work begins with sowing seeds in accordance with the当期の概況と次期の見通し

Fiscal 2023 in Review and Outlook for Fiscal 2024

当期の概況
当期におけるわが国の一般経済環境は、新型コロナウ
イルスの5類感染症への移行により経済活動の正常化が進み、景気は緩やかな回復基調で推移しましたが、個人消費につきましては実質賃金の伸び悩みもあり力強さを欠くものとなりました。
当業界におきましては、物価高の影響によりお客様の生活防衛意識が高まり、節約志向が強まる中で販売競争が激化するとともに、主原料の小麦粉や卵、油脂などの原材料価格の上昇もあり、厳しい経営環境となりました。
また、コンビニエンスストアやフレッシュベーカリーの小売事業におきましては、行動制限の撤廃による人流の回
復やインバウンドの増加により来店客数が増加し、おにぎりやサンドイッチ、焼きたてパンなどの需要が増加しました。
このような情勢下にありまして、当社グループは、「いのちの道」の教えに従い、すべての仕事を種蒔きの仕事から開始する営業・生産が一体となった部門別製品施策・営業戦略、小委員会による「なぜなぜ改善」を推進し、主力製品の品質向上をはかるとともに、2極化・3極化戦
略によって低価格製品や複数個入りで値頃感のある製品を充実する一方で、女性製品開発担当者による高付加価
値製品の開発に取り組むなど、変化するお客様のニーズに対応した価格帯に隙のない製品対応を推進してまいりました。また、輸入小麦の政府売渡価格が、2022年10月期は緊急措置により据置きとなり、2023年4月期には激変緩和措置により上昇幅が抑制されました。これを踏まえ、当社は2023年7月1日出荷分から、一部の食パン、菓子パンの価格改定を実施しましたが、価格改定幅を抑4

Fiscal 2023 in Review
The overall economic environment in Japan during ﬁscal 2023,
ended December 31, 2023, beneﬁted from the normalizationof economic activity as COVID-19 transitioned to one of theCategory V infectious diseases, and business conditions gradually recovered. But adverse factors, notably sluggish growth
in real wages, limited improvement in consumer spending.
In the bread and confectionery sector, price wars intensified against a backdrop of rising commodity prices, whichcaused consumers to protect the lifestyle they are accustomed to and further entrenched their preference for low
prices. In addition, higher raw materials prices, especially formainstay ﬂour, eggs and oil and fat, further worsened a challenging operating environment. Meanwhile, in retail operations,
namely, at convenience stores and bakery operations, thenumber of store visits increased as an end to restrictions on
movement encouraged people to again go out and brought
more travelers to Japan. Demand was up, especially for riceballs, sandwiches and freshly baked bread.
Under these conditions, the Yamazaki Baking Groupadhered to the teaching of “The Way to Life” and worked
to enhance the quality of mainstay products by promoting
division-specific product and marketing strategies that integrate sales and production activities from the perspectivethat all work begins with sowing seeds of endeavor, alongwith Nazenaze Kaizen—a process of ongoing improvements
guided by why-why analysis—led by subcommittees. Efforts
were also directed toward enriching the lineups of productsin the low-price tier and multiple-serving products with pricesthat consumers feel are reasonable, using a two-tier (high- andlow-price range) strategy as well as a three-tier (high-, lowand middle-price range) strategy. At the same time, the Group
moved forward on a meticulous product approach across all
price tiers to meet the changing needs of customers, including an initiative drawing on the expertise of female employees
in charge of product development to create high-value-added
products. In addition, the government took emergency steps
in October 2022, freezing the price at which it sells imported
wheat to domestic ﬂour mills and then, implementing a measure to lessen drastic changes, the government curbed the risein price in April 2023. Given these developments, Yamazaki

えることができるとともに、改定と同時に2極化・3極化
戦略によって、これらを下支えする製品を準備して価格帯に隙のない製品対応を推進したこともあり、業績は好また、当社は、2023年3月31日付けで、㈱神戸屋か
発行済株式全部を譲り受け、当第4四半期から当社の連結子会社といたしました。同社は、新経営体制のもとでヤマザキの技術を最大限活用した製品の品質改善や新製品開発に取り組むとともに、収益改善に取り組んでまいりました。
デイリーヤマザキやフレッシュベーカリーの小売事業につきましては、小売事業業績改善プロジェクトにおいて、日次管理・週次管理・時間管理の経営手法のもと、小売事業本部内の戦略製品・戦略商品開発推進チームと連携し、女性製品開発担当者による魅力ある商品開発を推進するなど、日々の仕事の精度向上につとめ業績回復に取り組んでまいりました。
新型コロナウイルスへの対応といたしまして、当社グ
ループは、緊急事態においてパン、和菓子、洋菓子なら
びに調理パン・米飯類を緊急食糧として社会に提供するという新しいヤマザキの精神に従い、製品の安定供給を確保するため、全従業員に対して検温を実施し、37.2℃
以上の発熱がある者を自宅待機とし、また発熱がない場
合でも新型コロナウイルス独特の自覚症状がある者も自宅待機とし、この自宅待機者数とPCR検査陽性者数を日々管理するとともに、工場・事業所内の感染防止対策として、炭酸ガス濃度測定器によって、常時職場内の換

5

当期の概況と次期の見通し

ら包装パン事業の子会社㈱YKベーキングカンパニーのFiscal 2023 in Review and Outlook for Fiscal 2024

調に推移しました。

Baking revised prices on some products in the bread andsweet buns categories, with shipments on July 1, 2023. But
the Company was able to restrict price increases thanks to
the government measures and, through concurrent application of the aforementioned two- and three-tier strategies withprice revisions, the Company was able to provide products
and promote a meticulous product approach across all pricetiers. These efforts yielded favorable business results.
Also of note, on March 31, 2023, Kobeya Baking Co., Ltd.,transferred all outstanding shares in YK Baking Company,
Ltd., a subsidiary engaged in the wholesale bread business,to Yamazaki Baking, with the new acquisition becoming a
consolidated subsidiary of Yamazaki Baking from the fourth
quarter of ﬁscal 2023. Under a new management structure,
YK Baking will maximize Yamazaki technology to improve thequality of existing products, create new items and strive toenhance proﬁtability.
For Daily Yamazaki and bakery operations, the focus wason a management method to evaluate business daily, weekly
and hourly through the project to improve retail operational
performance and achieve accuracy in daily operations. In
addition, retail operations worked toward a recovery in business results in collaboration with the strategic product development promotion team in the retail operations division, withthe aim of leveraging appealing products developed by drawing on the expertise of female employees in charge of productdevelopment.
The Group’s response to COVID-19 was guided by the
new Yamazaki spirit—that is, providing society with bread,Japanese- and Western-style confectionery and processed
bread, prepared rice and processed noodles in an emergency—to ensure the stable supply of products. The Group
explored every avenue to achieve this social mission. For
example, all employees were required to take their temperature. Anyone with a reading above 37.2˚C and anyone who
did not have a fever but showed characteristic COVID-19
symptoms had to stay home. The number of employees athome and the number of positive PCR tests were tracked
daily. In addition, to help prevent the spread of COVID-19
at plants and ofﬁces, meters to measure CO2 concentration

当期の概況と次期の見通し

Fiscal 2023 in Review and Outlook for Fiscal 2024

気をしながら炭酸ガス濃度を700ppm以下に保つなど、
社会的使命の達成に全力を挙げて取り組んでまいりました。
当期の連結業績につきましては、売上高は1兆1,755
億62百万円（対前期比109.2 ％）、営業利益は419億62百万円（対前期比190.5％）、経常利益は455億26百万円（対前期比174.2％）、親会社株主に帰属する当期純利益
は301億68百万円（対前期比243.9％）となりました。山
崎製パン㈱単体の菓子パンを中心に業績が好調に推移し、連結子会社の業績が改善したことに加え、㈱YKベー
キングカンパニーを新規連結したことに伴う売上増や負ののれん発生益を特別利益に計上したこともあり、大幅な増収増益を達成することができました。

次期の見通し今後の見通しといたしましては、わが国経済は、企業収益が好調に推移し設備投資など内需が持ち直していく
中で、政府の経済対策もあり、景気は緩やかに回復していくことが期待されますが、当業界におきましては、物
価高の一服感はあるもののお客様の生活防衛意識により節約志向が続く中で、糖類やレーズン、包材など原材料価格の上昇が予測され、厳しい経営環境になるものと思われます。
このような状況下にありまして、当社グループは、引き続き「いのちの道」の教えに従い、すべての仕事を種蒔きの仕事から開始する営業・生産が一体となった部門
別製品施策・営業戦略、小委員会による「なぜなぜ改善」
を推進し、主力製品の品質向上をはかるとともに、2極化・3極化戦略によってお客様のニーズに対応した価格帯に隙のない製品対応をはかり、新しい価値の創造と新しい需要の創造に取り組んでまいります。

6were installed to maintain good air ﬂow and to keep the CO2
concentration below 700 ppm.
Consolidated business results for fiscal 2023 showed aconsiderable year-on-year improvement in sales and income.
Net sales rose 9.2%, to ¥1,175,562 million; operating income
jumped 90.5%, to ¥41,962 million; ordinary income climbed
74.2%, to ¥45,526 million; and profit attributable to ownersof parent skyrocketed 143.9%, to ¥30,168 million. These
results reﬂect a favorable shift in sales of Yamazaki Baking’s
sweet buns on a nonconsolidated basis and better results byconsolidated subsidiaries. The results were complemented bya boost in sales through the inclusion of newly consolidated
YK Baking Company, Ltd. and a gain on bargain purchaserecorded as extraordinary income.

Outlook for Fiscal 2024
On the domestic front, business conditions should gradually
recover, buoyed by the government’s economic policy against
a backdrop of brisk improvement in corporate earnings andsigns of local demand, including capital investment activity.
But in the bread and confectionery sector, the operating environment could be difﬁcult. Although there is a sense that therise in commodity prices has paused, customers’ preference
for low prices is unlikely to change as they strive to protect thelifestyle they are accustomed to. Meanwhile, from a production perspective, there is the issue of higher prices on raw
materials, such as sugar and raisins, and packaging.
Under these conditions, the Yamazaki Baking Group willkeep adhering to the teaching of “The Way to Life” and work
to enhance the quality of mainstay products by promoting
division-specific product and marketing strategies that integrate sales and production activities from the perspectivethat all work begins from small seeds of endeavor, alongwith Nazenaze Kaizen—a process of ongoing improvements
guided by why-why analysis—led by subcommittees. Additionally, the Group will continue to apply a meticulous productapproach across all price tiers using a two-tier (high- andlow-price range) strategy as well as a three-tier (high-, lowand middle-price range) strategy to meet changing customer
needs and create new value and new demand.
For Daily Yamazaki and bakery operations, the goal is toachieve accuracy in daily operations and enhance businessresults by evaluating business daily, weekly and hourly. Integralまた、デイリーヤマザキやフレッシュベーカリーの小売事業につきましては、小売事業業績改善プロジェクトにおける具体的取組みや、戦略製品・戦略商品開発推進チームと連携した女性製品開発担当者による商品開発など、精度向上につとめ、業績向上をめざしてまいります。

ます。
〔食品事業〕
食パンは、主力の「ロイヤルブレッド」につきまして品
質訴求や食べ方提案により更なる売上拡大をはかるとともに、「モーニングスター」や「スイートブレッド」などの低価格食パンやハーフサイズ食パンの取扱店数の拡大をはかってまいります。また、本年1月に品質を向上させた「ダブルソフト」につきましては、店頭での品質訴求や食べ方提案に加えて、新たに発売した「2枚入り」と併せて売場づくりを推進し、売上拡大をはかってまいります。
菓子パンは、主力製品の品質向上をはかるとともに、

2極化・3極化に対応した新製品開発を推進し、売上拡大をはかってまいります。また、薄皮シリーズに新たに惣菜製品をラインアップし売場の拡大をはかるとともに、
ランチパックにつきましては価格帯毎の新製品開発に取り組み、売上拡大をはかってまいります。
和菓子は、主力製品の品質向上をはかるとともに、2極化・3極化戦略を徹底し、女性製品開発担当者を中心に、チルド対応製品や和洋折衷製品など市場動向やお客様のニーズに対応した新製品開発に取り組み、売上拡大をはかってまいります。
洋菓子は、プレミアムスイーツや大きなシューシリー
ズなど主力製品の品質向上をはかり取扱店数の拡大をはかるとともに、「喫茶気分」シリーズなど値頃感のある製

7

当期の概況と次期の見通し

次期の部門別製品施策・営業戦略は次のとおりであり

Fiscal 2023 in Review and Outlook for Fiscal 2024

日次管理・週次管理・時間管理を推進して日々の仕事のto success are concrete activities under the project to improveretail operational performance as well as the developmentof products by drawing on the expertise of female employees
in charge of product development in collaboration with thestrategic product development promotion team in the retail
operations division.
Division-specific product and marketing strategies aredescribed below.
In the bread business, the goal is to expand sales ofmainstay Royal Bread by emphasizing quality and presenting
delicious serving suggestions, while increasing the number ofstores handling Morning Star, Sweet Bread and other productsin the low-price range as well as half-size portions. In addition,
for Double Soft, which got a quality boost in January 2024,
Yamazaki Baking aims to fuel demand not only by encouraging stores to draw customer attention to product quality andserving suggestions but also to allocate an area to Double
Soft timed with the introduction of a two-slice package.
In the sweet buns business, the focus will be on improving
the quality of mainstay products and promoting the development of new products using a two-tier (high- and low-pricerange) strategy as well as a three-tier (high-, low- and middleprice range) strategy to expand sales. Also, a groundbreaking
selection of savory side-dish fillings will be added to theexisting assortment of sweet ﬁllings in the Usukawa series ofmultiserving packages of buns bursting with delicious ingredients. This innovation should expand handling volume. New
products will also be developed in each price tier of the Lunch
Pack series to spur active demand.
In the Japanese-style confectionery business, we will
expand sales as well. Boosting the quality of mainstay products will be a priority, along with efforts to fully implement
a two-tier (high- and low-price range) strategy as well as athree-tier (high-, low- and middle-price range) strategy anddevelop new products to address market trends and meetcustomer needs, with a focus on chilled products and items
that are a cross between Japanese and Western confectioneries. This last pursuit will draw on input from female employees
in charge of such development activities.
In the Western-style confectionery business, efforts will bedirected toward improving the quality of mainstay products,
namely, Premium Sweets and the Ookina Choux (big choux
cream with custard cream) series, and expanding the numberof stores handling Western-style confectionery, while enriching当期の概況と次期の見通し

Fiscal 2023 in Review and Outlook for Fiscal 2024

品の充実に取り組んでまいります。また、女性製品開発担当者による新製品開発を推進し、コンビニエンススト
ア向け製品も含め充実強化をはかってまいります。
調理パン・米飯類は、お客様のニーズに対応した製品開発を推進するとともに、売上好調なおにぎりの品質向上と品揃えの強化や、和紙バーガー、こだわりシリーズなど主力製品の取扱店数の拡大に取り組み、売上拡大をはかってまいります。
製菓・米菓・その他商品類は、グループ各社の特徴ある製品群を活用した部門別のブランド戦略を推進し売上拡大をはかってまいります。
〔流通事業〕
デイリーヤマザキのコンビニエンスストア事業につきましては、お客様に喜ばれるヤマザキ独自のコンビニエ
ンスストアチェーンとして、新しい価値と新しいサービスの提供につとめ、業績回復につとめてまいります。引き続き、戦略製品・戦略商品開発推進チームと連携して魅力ある商品の開発を推進するとともに、松戸・杉並ドミナントプロジェクトにおける、デイリーヤマザキの強みであるデイリーホットの充実強化や既存店の改装によるヤマザキらしい店づくりなど、具体的取組みを各工場においても着実に推進し、デイリーヤマザキ1店1店の店舗収益の改善に取り組んでまいります。

2024年1月1日に発生した「令和6年能登半島地震」に際しましては、緊急事態においてパン、和菓子、洋菓子
ならびに調理パン・米飯類を緊急食糧として社会に提供するという新しいヤマザキの精神のもと、地震発生直後
より状況確認を行い、パン類の緊急食糧の供給に取り組みました。また、特定非営利活動法人ワールド・ビジョン・
ジャパンおよび公益財団法人国際開発救援財団が共催・実施し、当社が協賛している「ヤマザキ『ラブ・ローフ』
募金」におきまして、被災地の救援のための募金活動を決定したことを受け、当社は、当社グループ約3,500の販売店に設置している「ラブ・ローフ」募金箱を通じて募金活動を支援いたしました。このたび被災された方々に対して心からお見舞い申しあげますとともに、被災地の一日も早い復旧をお祈り申しあげます。
以上により、通期の連結業績予想は、売上高1兆2,230
億円、営業利益480億円、経常利益510億円、親会社株主に帰属する当期純利益315億円といたしたいと存じます。

8

reasonably priced selections, such as the Kissakibun series. In
addition, the product development approach drawing on theexpertise of female employees in charge of product development will be maintained to enrich and strengthen the lineup of
products for convenience stores.
In the processed bread, prepared rice and processed
noodles business, the focus will be on developing products
matched to customer needs, while reinforcing the quality andassortment of rice balls, a sales-driving customer favorite, andincreasing the number of stores handling mainstay products,
such as hamburgers wrapped in washi (Japanese paper) andthe Kodawari series, an assortment of stuffed rolls featuring
familiar ingredients, such as a hot dog or pan-fried noodles,that provide customers a satisfying and delicious serving.
These efforts should lead to higher sales.
In the biscuits, crackers, sembei (rice crackers) and othermerchandise business, the goal is to expand sales by leveraging category-speciﬁc brand strategies built on the featured
product lines of each Group company.
As the Group’s very own convenience store chain, one
loved by customers, the Daily Yamazaki convenience store
business strives to provide new value, offer new services
and is working toward a recovery in segment performance.
Efforts will continue in collaboration with the strategic productdevelopment promotion team to develop appealing products, along with a sustained approach under the “MatsudoSuginami dominant project” to enrich and reinforce Daily Hot,the in-store, food-preparation system that is a strength of
Daily Yamazaki operations, and renovation at existing stores tocreate uniquely Yamazaki-style stores. The convenience store
business will steadily promote concrete activities at all plants
and strive to improve the proﬁtability of each and every Daily
Yamazaki location.
When the Noto Hanto Earthquake rocked the Noto
Peninsula in Ishikawa Prefecture on January 1, 2024,
Yamazaki Baking jumped into action, driven by the new
Yamazaki spirit to provide society with bread, Japanese- andWestern-style confectionery and processed bread, preparedrice and processed noodles in an emergency. Immediately
following the earthquake, the Company assessed the situation and worked quickly to get an emergency supply of bread,etc., to people affected by the disaster. In addition, a decision was made to collect relief funds through the YamazakiLove Loaf Campaign, a fund-raising program jointly run by theFoundation for International Development/Relief and World
Vision Japan and supported by Yamazaki Baking. We temporarily used our donation boxes, which were put out at about
3,500 retail locations throughout the Yamazaki Baking Group,
to collect contributions speciﬁcally for Noto Hanto Earthquake
relief. The entire Yamazaki family of companies extends
heartfelt sympathy to all those affected by the Noto Hanto
Earthquake and hopes that life in the disaster zone returns tonormal as quickly as possible.
Given the factors described above, we anticipate thefollowing consolidated results for fiscal 2024: net sales of¥1,223 billion, operating income of ¥48 billion, ordinary incomeof ¥51 billion and profit attributable to owners of parent of¥31.5 billion.

セグメント情報

Segment Information

セグメント別売上高比率 Percentage of Net Sales by Segment
流通事業
Retail business

その他事業
Other businesses

5.8%

1.2%

セグメント別売上高 Net Sales by Segment
食品事業
Food business

流通事業
Retail business

その他事業
Other businesses（百万円） (Millions of yen)

1,500,000

1,000,000

500,0000

セグメント別営業利益 Operating Income by Segment
食品事業
Food business

流通事業
Retail business

その他事業
Other businesses

消去又は全社
Elimination and corporate

食品事業
Food business

30,00015,00020,0000

10,000

2019

2020

2021

2022

Net Sales by Segment

各表示年の 12 月 31 日に終了した年度

Years Ended December 31

食品事業
流通事業
その他事業
合計

Food business
Retail business
Other businesses
Total

セグメント別営業利益
各表示年の 12 月 31 日に終了した年度

食品事業
流通事業
その他事業
消去又は全社
合計

各表示年の 12 月 31 日に終了した年度

食品事業
流通事業
その他事業
合計

Food business
Retail business
Other businesses
Total

2023

その他事業
Other businesses（人） (No. of employees)

2019

2020

2021

2022

2023

（百万円） (Millions of yen)2019
¥ 995,681
53,702
11,768¥1,061,152

2020¥ 952,178
49,35013,213¥1,014,741

2021¥ 980,599
59,494
12,878¥1,052,972

2019¥24,217(1,639)1,884
362¥24,8242019
26,906788
1,030
28,7242022¥1,002,148
61,657
13,203¥1,077,009

2023¥1,093,762
67,952
13,847¥1,175,562（百万円） (Millions of yen)2020
¥18,582(3,892)
2,365
383¥17,4382021¥20,027(4,193)
2,154
371¥18,3592022¥22,326(3,101)2,427
380¥22,032

2020
27,331822
1,090
29,2432021
30,490907
1,130
32,5272022
30,107891
1,212
32,210

Number of Employees by Segment
Years Ended December 31

2022

流通事業
Retail business

Operating Income by Segment
Years Ended December 31

Food business
Retail business
Other businesses
Elimination and corporate
Total

セグメント別従業員数

0

2023

セグメント別売上高

2021

40,00030,000–15,000

2020

セグメント別従業員数 Number of Employees by Segment（百万円） (Millions of yen)

45,0002019

2023¥40,704(1,789)2,682
364¥41,962（人） (No. of employees)

2023
30,554899
1,272
32,7259セグメント情報

93.0%

Segment Information

食品事業
Food businessセグメント情報

Segment Information

食品事業

Food Business

売上高1兆937億62百万円（対前期比109.1%）

Net sales: ¥1,093,762 million, up 9.1% from fiscal 2022

食パン部門（売上高1,085億69百万円、対前期比108.2％）

Bread(Net sales: ¥108,569 million, up 8.2% from fiscal 2022)

食パンは、7月にルヴァン種を活用し品質を向上させた主力

In the bread category, mainstay Royal Bread, which got
a quality boost in July from a levain starter, enjoyed brisk
demand, complemented by growing demand for breadin the low-price tier, particularly Morning Star and Sweet
Bread. Other positive factors were a larger number ofstores handling half-size portions of mainstay products
and a recovery in demand for sandwich bread. All this led
to a year-on-year increase in category sales.

の「ロイヤルブレッド」が好調に推移するとともに、「モーニングスター」や「スイートブレッド」などの低価格食パンが伸長しました。さらに、主力製品のハーフサイズ食パンの取扱店数の拡大やサンドイッチ用食パンの回復もあり、前期の売上を上回りました。

菓子パン部門
（売上高4,333億62百万円、対前期比114.0％）

Sweet Buns
(Net sales: ¥433,362 million, up 14.0% from fiscal 2022)

菓子パンは、「コッペパン」や「まるごとソーセージ」などのIn the sweet buns category, demand for mainstay sweetbuns, such as Coppepan (a type of bread roll with different
kinds of filling) and Marugoto Sausage (a whole sausage
inside a bun), grew considerably, along with good salesof products in the low-price tier, including the Yamazaki
sweet buns series and Donuts Station. The effect ofa decrease in the number of buns in each package of
the Usukawa series, which accompanied the January
specification changes, was offset by an increase in theamount of filling in each bun, whose brisk sales proved
the trade-off worked. The Nama Donuts series, a new
product using fresh cream in the dough and filling, and theTappuri Manzoku (loaded with extra filling) series of buns
chockful of side-dish ingredients also contributed to sales,considerably lifting the category total year on year.

主力菓子パンが大きく伸長するとともに、ヤマザキ菓子パンや「ドーナツステーション」などの低価格製品が伸長しました。また、1月の規格改定により入数を変更し1個当たりを充実させた薄皮シリーズが好調に推移するとともに、生クリーム入りの生地とフィリングを使用した新製品「生ドーナツ」シリーズや惣菜パンの「たっぷり満足」シリーズが売上に寄与するなど、前期の売上を大きく上回りました。

10

食品事業の売上高は1兆937億62百万円（対前期比109.1％）、
営業利益は407億4百万円（対前期比182.3％）となりました。

和菓子部門（売上高737億93百万円、対前期比104.2％）の新製品「やわらか生大福」が売上に寄与するなど、前期の売上を上回りました。

洋菓子部門（売上高1,519億18百万円、対前期比104.8％）

洋菓子は、主力の2個入り生ケーキや大きなシューシリーズが好調に推移するとともに、「5つに切ったロールケーキ」の寄与もありスイスロールが伸長し、前期の売上を上回りました。

In the Japanese-style confectionery category, sales ofmainstay kushi-dango (skewered rice dumplings), manju(steamed cakes with filling) and daifuku (rice cakes withsweet bean filling) benefited from brisk demand. Cream
Tappuri Nama Dorayaki (pancake sandwich generously
filled with whipped cream and red bean paste), in thechilled product line, and Yawaraka Nama Daifuku, a new
product blending aspects of Japanese and Western
confectioneries by adding whipped cream to daifuku,
were notable contributors to a year-on-year increase in
category sales.

Western-Style Confectionery(Net sales: ¥151,918 million, up 4.8% from fiscal 2022)
In the Western-style confectionery category, mainstay
two-serving packages of cakes and the Ookina Chouxseries marked favorable results, while 5-Slice Roll Cakehelped boost sales in the Swiss roll lineup, pushingcategory sales up year on year.

1
11

セグメント情報

ともに、チルド製品の「クリームたっぷり生どら焼」や和洋折衷

Japanese-Style Confectionery(Net sales: ¥73,793 million, up 4.2% from fiscal 2022)
Segment Information

和菓子は、主力の串団子や饅頭、大福が堅調に推移するとNet sales in the Food Business segment rose 9.1%
from those of fiscal 2022, to ¥1,093,762 million, andoperating income rose 82.3%, to ¥40,704 million.

セグメント情報

Segment Information

調理パン・米飯類部門（売上高1,529億62百万円、対前期比105.7％）

調理パン・米飯類は、おにぎりやサンドイッチが好調に推移
するとともに、大徳食品㈱において麺の品質向上により調理麺の売上が拡大したこともあり、前期の売上を上回りました。

製菓・米菓・その他商品類部門（売上高1,731億56百万円、対前期比107.5％）

製菓・米菓・その他商品類は、㈱不二家の「ホームパイ」や㈱東ハトの「ポテコ」、ヤマザキビスケット㈱の「チップスター」
が好調に推移し、前期の売上を上回りました。

12

Processed Bread, Prepared Rice and Processed
Noodles (Net sales: ¥152,962 million, up 5.7%
from fiscal 2022)
In the processed bread, prepared rice and processed noodles category, sales of rice balls and sandwiches shiftedin a favorable direction. Daitoku Shokuhin Co., Ltd., also
contributed to a year-on-year improvement in sales, underpinned by increased sales of processed noodles fueled by
improved product quality.

Biscuits, Crackers, Sembei and Other Merchandise(Net sales: ¥173,156 million, up 7.5% fromfiscal 2022)
In the biscuits, crackers, sembei (rice crackers) and othermerchandise category, sales of Home Pie from Fujiya Co.,
Ltd., Poteco (potato snacks) from Tohato Inc., and ChipStar (potato chips) from Yamazaki Biscuits Co., Ltd., werefavorable, supporting higher sales year on year.

Net sales: ¥67,952 million, up 10.2% fromfiscal 2022

デイリーヤマザキのコンビニエンスストア事業につきまして

In Daily Yamazaki convenience store operations, theemphasis was on development of appealing products
by drawing on the expertise of female employees incharge of product development in collaboration withthe strategic product development promotion team.
Products included additions to the Lunch Pack Oomori
series (loaded with extra filling) and Daily Hot items.
Efforts were also directed toward making Yamazaki
Baking’s very own convenience store chain much loved
in the eyes of its customers. In addition, the segment
worked through the “Matsudo-Suginami dominant
project” to improve quality, with a focus on Daily Hot,the in-store, food-preparation system, and endeavoredto improve profitability, while renovating existing storesto create a uniquely Yamazaki-style atmosphere andhoning a sharper competitive edge. As a result, sales
at all stores across the chain rose year on year, and net
sales of the Daily Yamazaki convenience store businesswere also up, reflecting an increase in the number of
directly operated stores.
As of December 31, 2023, the convenience store
network stood at 1,315 stores, down 34 from a year
earlier. A breakdown of the total number by store typeshows that Daily Yamazaki had 1,006 stores, down 23;
New Yamazaki Daily Store had 298 stores, down 11;
and Yamazaki Daily Store had 11 stores, unchanged
from a year earlier.
Given the above, the retail business generated net
sales of ¥67,952 million, up 10.2% year on year. The
operating loss was ¥1,789 million, compared with
¥3,101 million a year earlier.

は、戦略製品・戦略商品開発推進チームと連携して、「ランチパック 大盛り」シリーズやデイリーホット商品など、女性製品開発担当者による魅力ある商品の開発を推進し、お客様に喜ばれるヤマザキ独自のコンビニエンスストアチェーンをめざしました。また、松戸・杉並ドミナントプロジェクトにより、デイリーホットを中心に品質の向上と収益改善に取り組むとともに、既存店舗の改装によりヤマザキらしい店づくりを推進し、競争力の強化をはかりました。この結果、チェーン全店売上
高は前期を上回るとともに、営業総収入は直営店舗数の増加もあり増収となりました。
なお、当期末の店舗数は、「デイリーヤマザキ」1,006店（23店減）、「ニューヤマザキデイリーストア」298店（11店減）、「ヤ
マザキデイリーストアー」11店（増減なし）、総店舗数1,315店（34店減）となりました。
以上の結果、流通事業の売上高は679億52百万円（対前期比110.2％）、営業損失は17億89百万円（前期は31億1百万円の営業損失）となりました。

その他事業

Other Businesses

売上高138億47百万円（対前期比104.9%）

Net sales: ¥13,847 million, up 4.9% fromfiscal 2022

その他事業につきましては、売上高は138億47百万円（対前Net sales from other businesses came to ¥13,847 million, up 4.9% year on year, while operating income
climbed 10.5%, to ¥2,682 million.

期比104.9％）、営業利益は26億82百万円（対前期比110.5％）となりました。

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セグメント情報

Retail Business

売上高679億52百万円（対前期比110.2%）

Segment Information

流通事業