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 January 31, 2024
(Based on Japanese GAAP)
March 11, 2024
Company name:
Pharma Foods International Co., Ltd.
Stock exchange listing: Tokyo
Stock code:
Representative:

2929
President

URL

https://www.pharmafoods.co.jp/
Mujo Kim

Inquiries:

General Manager od Corporate Planning
DepartmentToshihiro Kawanaka

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

March 15, 2024
April 2, 2024

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

Yes
Yes

TEL

075-394-8600(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the six months ended January 31, 2024 (from August 1, 2023 to January 31, 2024)(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 January 31, 2024
31,652(9.9)
1,535–
1,542–
768–
Six months ended January 31, 2023
35,14321.9(883)–(912)–(914)–
Earnings per share

Diluted earnings per share

Yen
26.68
(31.62)Six months ended January 31, 2024
Six months ended January 31, 2023

Yen––(2) Consolidated financial position
Total assets

Net assets

Millions of yen
37,02036,232As of January 31, 2024
As of July 31, 2023

Equity ratio

Millions of yen
9,202
9,630%
24.9
26.6

2. Cash dividends
Annual dividends per share

Year ended July 31, 2023
Year ending July 31, 2024

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen
––

Yen
10.00
10.00

Yen–

Yen
12.00

Yen
22.00

–

10.00

20.00

Year ending July 31, 2024 (Forecast)Total

3. Forecast of consolidated financial results for the year ending July 31, 2024 (from August 1, 2023 to July 31, 2024)
Net sales
Full year

Millions of yen64,100

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
(6.5)
2,700 (25.2)
2,900 (18.1)
1,800 (41.6)
64.12

1

4. Notes(1) Changes in significant subsidiaries during the six months ended January 31, 2024
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

No(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:
Changes in accounting policies due to other reasons:

No
No

Changes in accounting estimates:
Restatement of prior period financial statements:

NoNo(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of January 31, 2024

29,079,000 shares As of July 31, 2023

29,079,000 shares

Number of treasury shares at the end of the period
As of January 31, 2024

1,006,767 shares As of July 31, 2023

233,994 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Six months ended January 31, 2024

28,805,827 shares Six months ended January 31, 2023

228,908,838 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of July 31, 2023

As of January 31, 2024

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade

16,306
4,058

17,001
3,609

Electronically recorded monetary claims - operating
Merchandise and finished goods

526
4,594

372
4,443

Work in process
Raw materials and supplies

676
783

677
752

OtherAllowance for doubtful accounts

588
(2)

827
(1)

27,53027,683

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

2,449
541

2,421
511

Tools, furniture and fixtures, net
Land

154
1,190

298
1,190

21
47

16
116

4,404

4,555

197

160

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

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

4154

Total intangible assets

238

215

Investment securities
Deferred tax assets

2,514
395

2,726
632

OtherAllowance for doubtful accounts

1,149(0)1,206(0)Total investments and other assets

4,058

4,566

8,701

9,336

36,23237,020Investments and other assets

Total non-current assets
Total assets3

(Millions of yen)
As of July 31, 2023

As of January 31, 2024

Liabilities
Current liabilities
Notes and accounts payable - trade

937

1,022

Short-term borrowings
Current portion of long-term borrowings

17,400955

17,400961

Accounts payable - other
Income taxes payable

3,728
264

4,520
1,086

Provision for bonuses
Other

72
1,016

80
743

Total current liabilities

24,37425,814Non-current liabilities
Long-term borrowings

1,741

1,545

Retirement benefit liability
Other

320
165

310
147

Total non-current liabilities

2,227

2,002

26,601

27,817

Shareholders' equity
Share capital

2,043

2,043

Capital surplus
Retained earnings

1,814
5,792

1,814
6,200

Treasury shares(343)(1,194)

Total shareholders' equity

9,3068,863

Valuation difference on available-for-sale securities

324

339

Total accumulated other comprehensive income

324

339

Total liabilities
Net assets

Accumulated other comprehensive income

Total net assets
Total liabilities and net assets

49,6309,202

36,23237,020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

January 31, 2023

January 31, 2024

Net sales
Cost of sales

35,143
6,756

31,6526,551

Gross profit

28,38625,101

413

482

Advertising expenses
Commission expenses

22,8352,011

16,990
2,157

Amortization of goodwill
Other

36
3,974

63
3,872

Total selling, general and administrative expenses

29,27023,565(883)1,535Interest income
Dividend income

0120
13

Foreign exchange gains
Subsidy income

123

4
22

Outsourcing service income
Other

821

8
17

Total non-operating income

6867

Selling, general and administrative expenses
Research and development expenses

Operating profit (loss)
Non-operating income

Non-operating expenses
Interest expenses2327

Loss on investments in investment partnerships
Share of loss of entities accounted for using equity method

1038

20

Commission expenses
Product collection cost

7
14

23
–

Other

25

9659

Ordinary profit (loss)

Total non-operating expenses

(912)

1,542

Profit (loss) before income taxes

(912)

1,542

Income taxes

3774

Profit (loss)

(915)

768

Loss attributable to non-controlling interests(1)–

Profit (loss) attributable to owners of parent

(914)

768

5

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

Profit (loss)
Other comprehensive income
Valuation difference on available-for-sale securities
Total other comprehensive income

Six months ended

Six months ended

January 31, 2023

January 31, 2024
(915)

768

98

1498

14

Comprehensive income

(816)

783

Comprehensive income attributable toComprehensive income attributable to owners of parent

(815)

783

(1)

–Comprehensive income attributable to non-controllinginterests

6