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, 2023
(Based on Japanese GAAP)
November 13, 2023
Company name:KENKO Mayonnaise Co., Ltd.

Stock exchange listing: Tokyo
Stock code:
2915
Representative:
Inquiries:

URL

https://www.kenkomayo.co.jp

President and Representative Director
Director and Executive Vice President

Kunikazu Shimamoto
Yoichi Terajima

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

November 14, 2023
December 13, 2023

Preparation of supplementary material on quarterly financial results:
Holding of quarterly 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 six months ended September 30, 2023 (from April 1, 2023 to September 30, 2023)(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 September 30, 2023
43,763
7.4
782
26.2
847
31.8
542
12.4
Six months ended September 30, 2022
40,7508.7620 (11.4)642(8.2)
482
5.7
Earnings per share

Diluted earnings per share

Yen
33.65
29.66

Six months ended September 30, 2023
Six months ended September 30, 2022

Yen––(2) Consolidated financial position
Total assets

Net assets

Millions of yen
67,23662,229As of September 30, 2023
As of March 31, 2023

Equity ratio

Millions of yen
37,70036,794

%
56.1
59.1

2. Cash dividends
Annual dividends per share

Year ended March 31, 2023
Year ending March 31, 2024

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
8.00
10.00

Yen–

Yen
9.00

Yen
17.00

–

15.00

25.00

Year ending March 31, 2024 (Forecast)Total

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

Millions of yen
87,400Percentages 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
6.1
1,220–
1,300 667.8
570
17.4
35.05

1

4. Notes(1) Changes in significant subsidiaries during the six months ended September 30, 2023
(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:
Changes in accounting estimates:

No
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, 202316,476,000 shares As of March 31, 2023

16,476,000 shares

Number of treasury shares at the end of the period
As of September 30, 2023

350,623 shares As of March 31, 2023

350,578 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Six months ended September 30, 2023

16,125,414 shares Six months ended September 30, 2022

216,275,422 shares

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

As of September 30, 2023

AssetsCurrent assets
Cash and deposits

12,28913,820Notes receivable - trade
Accounts receivable - trade65
13,218366
16,459Merchandise and finished goods
Work in process

2,514
15

2,614
10

Raw materials and supplies
Other

1,092
456

1,481
359

Allowance for doubtful accounts
Total current assets

(0)

(0)

29,65135,112

10,688

10,344

7,711
6,021

6,821
6,021

0315

0281

Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
LandConstruction in progress
Other, net

24,73823,469Intangible assetsInvestments and other assets

Total property, plant and equipment

807

1,045

Investment securities
Deferred tax assets

5,582
178

6,296
100

Other
Allowance for doubtful accounts

1,300(30)

1,243(31)Total investments and other assets
Total non-current assets
Total assets

3

7,031

7,608

32,57732,12362,22967,236

(Millions of yen)
As of March 31, 2023

As of September 30, 2023

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

11,479845

15,103
1,286

Current portion of long-term borrowings
Income taxes payable

1,144
228

719
270

Other provisions
Other456
3,931

417
4,760

Total current liabilities

18,08722,559Non-current liabilities
Long-term borrowings

4,321

4,022

347
2,679

317
2,636

Retirement benefit liability
Other
Total non-current liabilities

7,348

6,976

25,43529,535

Shareholders' equity
Share capital

5,424

5,424

Capital surplus
Retained earnings

5,691
24,635

5,691
25,033

Total liabilities
Net assets

Treasury shares
Total shareholders' equity

(530)

(530)

35,22135,6181,573
152,04850

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(15)

(17)

1,572

2,081

36,79437,70062,22967,236

Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Millions of yen)Six months ended
September 30, 2022

Six months ended
September 30, 2023

Net sales

40,75043,763

Cost of sales

32,70535,684Gross profit

8,045

8,079

Selling, general and administrative expenses

7,425

7,296

620

782–

16

Interest and dividend income
Subsidies for employment adjustment

23020–

Other

46

64

Total non-operating income

69

101

Interest expenses
Share of loss of entities accounted for using equity method

31
526–

Other

10

10

Total non-operating expenses

47

37

Ordinary profit

642

847

Extraordinary income
Gain on change in equity

Operating profit
Non-operating income
Share of profit of entities accounted for using equity method

Non-operating expenses

45–

Gain on sale of investment securities
Subsidy income

231–
1

Total extraordinary income

70

1010–

Extraordinary losses
Loss on retirement of non-current assets
Other01

Profit before income taxes

Total extraordinary losses

712

847

Income taxes

229

304

Profit482

542

Profit attributable to owners of parent

482

542

5

Consolidated statements of comprehensive income (cumulative)(Millions of yen)Six months ended
September 30, 2022

Six months ended
September 30, 2023

Profit482542Other comprehensive income
Valuation difference on available-for-sale securities

(64)

475

1(2)

401

35

338

509

Comprehensive income

821

1,051

Comprehensive income attributable toComprehensive income attributable to owners of parent

821

1,051

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 cash flows(Millions of yen)Six months ended
September 30, 2022

Six months ended
September 30, 2023

Cash flows from operating activities
Profit before income taxes
Depreciation

712
1,387

847
1,379

Increase (decrease) in provisions
Increase (decrease) in retirement benefit liability

56
9(37)
(30)

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

0–Interest and dividend income
Interest expenses

(23)
31

(20)
26

Loss (gain) on sale of investment securities
Subsidies for employment adjustment

(23)
(0)

–
–

Subsidy income
Loss (gain) on change in equity

(1)
(45)

(1)
–

Decrease (increase) in trade receivables
Decrease (increase) in inventories(1,075)(446)(3,542)(483)

Increase (decrease) in trade payables
Increase (decrease) in accounts payable - other

1,772
56

4,065573

Other, net

(54)

498

Subtotal

2,356

3,274

Interest and dividends received

23

20

Interest paid
subsidies received,etc

(31)
2(26)
1

Income taxes refund (paid)

(30)

(112)

2,319

3,157

Purchase of property, plant and equipment
Purchase of intangible assets

(65)
(200)

(138)
(283)

Purchase of investment securities
Proceeds from sale of investment securities

(11)
83

(5)
–Other, net

(0)

(0)

(193)

(427)

Repayments of long-term borrowings
Purchase of treasury shares(724)–(723)(0)

Dividends paid
Repayments of installment payables

(162)
(439)

(144)
(325)

(3)

(3)

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

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

Other, net(1,330)(1,198)Net increase (decrease) in cash and cash equivalents

Net cash provided by (used in) financing activities

796

1,531

Cash and cash equivalents at beginning of period

12,441

12,289Cash and cash equivalents at end of period

13,23813,8207