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, 2021
(Based on Japanese GAAP)

February 14, 2022

Company name:KENKO Mayonnaise Co., Ltd.
Stock exchange listing: Tokyo
Stock code:
Representative:

2915
URL https://www.kenkomayo.co.jp
President and Representative Director
Takashi Sumii

Inquiries:
Director
Scheduled date to file Quarterly Securities Report:

Kenji TachibanaFebruary 14, 2022

Scheduled date to commence dividend payments:
Preparation of supplementary material on quarterly financial results:–No

Holding of quarterly financial results meeting:

NoTEL

03-5941-7682(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the nine months ended December 31, 2021 (from April 1, 2021 to December 31, 2021)(1) Consolidated operating results (cumulative)
Net sales
Nine months ended December 31, 2021
Nine months ended December 31, 2020

Millions of yen
57,58052,155Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%
10.4
1,339 (13.1)
1,328 (17.9)
887 (21.4)(9.0)
1,542 (35.4)
1,617 (34.8)
1,129 (34.0)

Earnings per share

Diluted earnings per share

Yen
54.38
68.55

Nine months ended December 31, 2021
Nine months ended December 31, 2020

Yen––(2) Consolidated financial position
Total assets
As of December 31, 2021As of March 31, 2021

Net assets

Millions of yen
66,301
62,320Equity ratio

Millions of yen
36,07435,577

%
54.4
57.1

2. Cash dividends
Annual dividends per share

Year ended March 31, 2021
Year ending March 31, 2022

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
8.00
7.00

Yen––

Yen
12.00

Yen
20.00

8.00

15.00

Year ending March 31, 2022 (Forecast)Total

3. Forecast of consolidated financial results for the year ending March 31, 2022 (from April 1, 2021 to March 31, 2022)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
Earnings per shareowners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Yen
Full year
73,2006.9
1,430 (27.6)
1,500 (26.9)
1,050 (28.0)
63.73

1

4. Notes(1) Changes in significant subsidiaries during the nine months ended December 31, 2021
(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:

Yes(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:

Yes
NoChanges 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 December 31, 2021

16,476,000 shares As of March 31, 2021

16,476,000 shares

Number of treasury shares at the end of the period
As of December 31, 2021

200,578 shares As of March 31, 2021

578 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Nine months ended December 31, 2021

16,314,311 shares Nine months ended December 31, 2020

216,475,422 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2021

As of December 31, 2021

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade12,385
11,004

12,94915,218Merchandise and finished goods
Work in process

1,814
8

1,951
10

Raw materials and supplies
Income taxes receivable

812
–

1,182
343

Other
Allowance for doubtful accounts

292
(2)

299
(3)

26,317

31,952

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

12,033
10,928

11,516
9,606

LandConstruction in progress

6,021
2

6,021
2

464

382

29,451

27,529166

261

Investments and other assets
Investment securities

5,077

5,284

Deferred tax assets
Other190
1,148

131
1,172

(31)

(30)

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

Other, net
Total property, plant and equipment
Intangible assets

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

3

6,385

6,558

36,00334,34962,32066,301

(Millions of yen)
As of March 31, 2021

As of December 31, 2021

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

7,753

12,366673
1,499

1,1101,446

305
441

292
224

Other

4,330

5,025

Total current liabilities

15,004

20,466

7,141

5,828

395

6398

372

Other

3,802

3,553

Total non-current liabilities

11,7389,760

26,74230,226

Share capital
Capital surplus

5,424
5,691

5,424
5,691

Retained earnings
Treasury shares

23,253(1)

23,829(332)

Total shareholders' equity

34,367

34,612

1,268

1,404

(22)
(35)

71
(13)

1,210

1,462

35,57736,07462,32066,301

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

Total liabilities
Net assets
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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, 2020

December 31, 2021

Net sales
Cost of sales

52,15540,041

57,58045,484Gross profit

12,11312,096

Selling, general and administrative expenses

10,57010,756

Operating profit

1,542

1,339

Share of profit of entities accounted for using equity method
Interest and dividend income

733–
32

Subsidies for employment adjustment
Other

4380

256

Total non-operating income

165

92

Non-operating income

Non-operating expenses
Interest expenses

6555

Share of loss of entities accounted for using equity method
Other–
2441
7

Total non-operating expenses

89104

1,617

1,328

Gain on sale of investment securities
Subsidy income

754

112

Other–

1

Total extraordinary income

6115

Loss on retirement of non-current assets
Loss on sale of investment securities

321–

Loss on valuation of investment securities
Other

82

70

Ordinary profit
Extraordinary income

Extraordinary losses

Total extraordinary losses
Profit before income taxes
Income taxes

1710

1,662

1,332

532

445

Profit1,129887

Profit attributable to owners of parent

1,1298875Consolidated statements of comprehensive income (cumulative)

ProfitOther comprehensive income(Millions of yen)

Nine months ended

Nine months ended

December 31, 2020

December 31, 2021

1,129

887

Valuation difference on available-for-sale securities
Remeasurements of defined benefit plans, net of tax

258
15135
21

Share of other comprehensive income of entities accounted
for using equity method

(131)

94

Total other comprehensive income

143

252

1,272

1,139

1,272

1,139

Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent6