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 Nine Months Ended December 31, 2019
(Based on Japanese GAAP)
February 10, 2020
Company name:KENKO Mayonnaise Co., Ltd.

Stock exchange listing: Tokyo
Stock code:

2915

Representative:

President and Representative Director

Inquiries:

URL

https://www.kenkomayo.co.jp
Takashi Sumii

Managing Director and Chief Executive

Kazuhiro Ito

OfficerTEL

Scheduled date to file Quarterly Securities Report:

February 12, 2020

Scheduled date to commence dividend payments:–Preparation of supplementary material on quarterly financial results:

No

Holding of quarterly financial results meeting:No03-5318-7530(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the nine months ended December 31, 2019 (from April 1, 2019 to December 31, 2019)(1) Consolidated operating results (cumulative)
Net sales
Nine months ended December 31, 2019
Nine months ended December 31, 2018

Millions of yen
57,33556,901

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%
0.8
2,389
0.3
2,480
3.3
1,709
19.3
1.8
2,381 (30.1)
2,401 (30.3)
1,433 (40.1)

Earnings per share

Diluted earnings per shareYen
103.7987.01

Nine months ended December 31, 2019
Nine months ended December 31, 2018

Yen––(2) Consolidated financial position
Total assets

Net assets

Millions of yen
68,51070,105

As of December 31, 2019
As of March 31, 2019

Equity ratio

Millions of yen
34,11832,900%49.8
46.9

2. Cash dividends
Annual dividends per share

Year ended March 31, 2019Year ending March 31, 2020

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
15.00
15.00

Yen––

Yen
15.00

Yen
30.00

16.00

31.00

Year ending March 31, 2020 (Forecast)Total

3. Forecast of consolidated financial results for the year ending March 31, 2020 (from April 1, 2019 to March 31, 2020)
Net sales
Full yearMillions of yen
76,000Percentages 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
2.7
3,300
5.9
3,300
4.9
2,350
2.3
142.6414. Notes(1) Changes in significant subsidiaries during the nine months ended December 31, 2019(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:No

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 December 31, 201916,476,000 shares As of March 31, 201916,476,000 shares

Number of treasury shares at the end of the period
As of December 31, 2019578 shares As of March 31, 2019578 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Nine months ended December 31, 201916,475,422 shares Nine months ended December 31, 20182

16,475,507 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2019

As of December 31, 2019

AssetsCurrent assets
Cash and deposits

10,927

10,553

Notes and accounts receivable - trade

13,39814,935Merchandise and finished goods

1,900

1,771

Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts

1010

1,038

1,134

670

543(0)(0)27,94528,948

Buildings and structures, net

11,593

13,203

Machinery, equipment and vehicles, net

11,501

13,177

Land

5,900

5,903

Construction in progress

5,921

41

590

514

35,507

32,839201

181

Investment securities

5,041

5,119

Deferred tax assets

287

199

1,153

1,251(32)(28)

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

Other, net
Total property, plant and equipmentIntangible assets
Investments and other assets

Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

3

6,450

6,540

42,15939,561

70,10568,510(Millions of yen)
As of March 31, 2019

As of December 31, 2019

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

9,648

11,028

903

1,021

1,696

1,537

Income taxes payable

604

181

Other provisions

469

392

Electronically recorded obligations - non-operating

921

5

Other

6,080

5,720

Total current liabilities

20,323

19,88810,085

8,944

468

373

Current portion of long-term borrowings

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

395

395

Other

5,931

4,790

Total non-current liabilities

16,88014,50337,20434,391

Share capital

5,424

5,424

Capital surplus

5,691

5,691

Retained earnings

20,626

21,842(1)(1)

31,74032,956

Total liabilities
Net assets
Shareholders' equity

Treasury shares
Total shareholders' equityAccumulated other comprehensive income
Valuation difference on available-for-sale securities

1,227

1,238

Foreign currency translation adjustment

(14)

(36)

Remeasurements of defined benefit plans

(54)

(39)

Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

4

1,159

1,162

32,90034,11870,10568,510Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Millions of yen)
Nine months ended

Nine months ended

December 31, 2018December 31, 2019

Net sales

56,901

57,335

Cost of sales

42,966

43,529Gross profit

13,93513,805

Selling, general and administrative expenses

11,553

11,416

Operating profit

2,381

2,389

Share of profit of entities accounted for using equity method

1167

Interest and dividend income

32

35

Other

101

72

Total non-operating income

146

175

Interest expenses

71

78

Other

54

6

Non-operating income

Non-operating expenses

Total non-operating expenses

126

84

2,401

2,480

Subsidy income

72

29

Other

14

5

Total extraordinary income

87

35

Impairment loss

231Loss on disaster

152

Loss on retirement of non-current assets

172

Other83

Ordinary profit
Extraordinary income

Extraordinary losses

Total extraordinary losses

65

102,423

2,505990

795

Profit

1,433

1,709

Profit attributable to owners of parent

1,433

1,709

Profit before income taxes
Income taxes

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

ProfitNine months ended

Nine months ended

December 31, 2018

December 31, 2019

1,433

1,709

Valuation difference on available-for-sale securities

(27)

10

Remeasurements of defined benefit plans, net of tax

24

14(38)

(22)

(42)

2

1,391

1,712

1,391

1,712

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