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 Year Ended March 31, 2024
(Based on Japanese GAAP)May 13, 2024
Company name:KENKO Mayonnaise Co., Ltd.
Stock exchange listing: Tokyo
Stock code:
Representative:

2915
URL https://www.kenkomayo.co.jp
President and Representative Director
Kunikazu Shimamoto

Inquiries:
Director and Executive Vice President
Scheduled date of ordinary general meeting of shareholders:

Yoichi Terajima
June 25, 2024

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

June 25, 2024
June 10, 2024

Preparation of supplementary material on financial results:
Holding of 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 year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(1) Consolidated operating results
Net salesYear ended March 31, 2024
Year ended March 31, 2023

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen%
2,949
–
3,099
–
2,735 463.3
105(93.5)
169 (89.6)
485(59.9)

Millions of yen
88,72482,363%
7.7
8.9

Earnings per share

Diluted earnings pershare

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassets
sales
parent/equity
Yen%%%–7.2
4.8
3.3
–
1.30.30.1

Yen
169.9029.86

Year ended March 31, 2024
Year ended March 31, 2023
(2) Consolidated financial position

Total assets
As of March 31, 2024
As of March 31, 2023

Net assets

Equity ratio

Millions of yen
67,37062,229Millions of yen
38,97836,794

Cash flows fromoperating activities
Millions of yen
5,957
3,526

Cash flows frominvesting activities
Millions of yen
(239)
(856)

Net assets per share%
57.9
59.1

Yen
2,439.95
2,281.75(3) Consolidated cash flows

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

Cash flows fromCash and cash equivalents
financing activities
at end of period
Millions of yen
Millions of yen(2,277)
15,729(2,822)
12,2892. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

Year ended March 31, 2023
Year ended March 31, 2024
Year ending March 31, 2025
(Forecast)of dividends
Total cash
Dividend payout Ratio
to net assets
dividends (Total) ratio (Consolidated) (Consolidated)

Total

Yen

Yen

Yen

Yen

Yen

Millions of yen%%

––

8.00
10.00

––

9.00
20.00

17.00
30.00

275
480

56.9
17.7

0.8
1.3

–

17.00

–

17.00

34.00

124.2

3. Forecast of consolidated financial results for the year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)
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
90,000
1.4
3,200
8.5
3,300
6.5
2,260 (17.4)
140.37
4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2024
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) 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(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2024

16,476,000 shares As of March 31, 2023

16,476,000 shares

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

500,665 shares As of March 31, 2023

350,578 shares

16,100,375 shares Year ended March 31, 2023

16,262,922 shares

Average number of shares during the period
Year ended March 31, 20242

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

As of March 31, 2024

AssetsCurrent assets
Cash and deposits

12,28915,729Notes receivable - trade
Accounts receivable - trade65
13,218292
16,202Merchandise and finished goods
Work in process

2,514
15

2,679
11

Raw materials and supplies
Accounts receivable - other

1,092
30

1,309
71

66
358

–278

Income taxes refund receivable
Other
Allowance for doubtful accounts
Total current assets

(0)

(0)

29,651

36,575

Non-current assets
Property, plant and equipment
Buildings and structures

21,426

21,507

Accumulated depreciation(10,737)(11,441)

Buildings and structures, net

10,68810,066

Machinery, equipment and vehicles

26,891

27,030Accumulated depreciation(19,179)(20,895)

7,711

6,135

Machinery, equipment and vehicles, net
Tools, furniture and fixtures

1,912

1,936

Accumulated depreciation(1,635)(1,693)

277

243

6,021

6,021

73(35)

31
–

38

31

Tools, furniture and fixtures, net
Land
Leased assets
Accumulated depreciation
Leased assets, net
Construction in progress
Total property, plant and equipment
Intangible assets

02

24,73822,500807

1,308

Investments and other assets
Investment securities

5,582

5,484

Retirement benefit asset
Deferred tax assets382
178

497
167

Guarantee deposits
Insurance funds

240
576

235
533

Other
Allowance for doubtful accounts

100(30)97(29)

Total investments and other assets
Total non-current assets
Total assets

3

7,031

6,986

32,57730,79562,22967,370(Millions of yen)
As of March 31, 2023

As of March 31, 2024

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

11,479845

13,254
1,066

Current portion of long-term borrowings
Accounts payable - other

1,144
2,824

506
3,849

Income taxes payableProvision for bonuses

228
428

921
437

Provision for bonuses for directors (and other officers)
Electronically recorded obligations - non-operating

27
038
5

Other

1,107

1,785

Total current liabilities

18,087

21,866Long-term borrowings
Retirement benefit liability

4,321
347

3,815
418

Long-term accounts payable - other
Asset retirement obligations

2,501
119

2,070
119

–57

48
50

Non-current liabilities

Deferred tax liabilities
Other
Total non-current liabilities

7,348

6,524

25,43528,391

Shareholders' equity
Share capital

5,424

5,424

Capital surplus
Retained earnings

5,691
24,635

5,691
27,064

Total liabilities
Net assets

Treasury shares
Total shareholders' equity

(530)

(808)

35,22137,372

1,573
15

1,537
42(15)

26

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

1,572

1,606

36,79438,97862,22967,370Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Millions of yen)
Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024

Net sales
Cost of sales

82,36367,73788,72470,706Gross profit

14,62518,017

Selling, general and administrative expenses

14,52015,068105

2,949

Share of profit of entities accounted for using equity method
Rental income

–
1640
15

Interest and dividend income
Subsidies for employment adjustment

41
039–

Other

100

130

Total non-operating income

158

226

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

59
449–

Other30

26

Total non-operating expenses

9475

Ordinary profit

169

3,099

Extraordinary income
Gain on change in equity

Operating profit
Non-operating income

Non-operating expenses

45–

Gain on sale of non-current assets
Gain on sale of investment securities

–
302

0569

Subsidy income
Other238–

103
0

Total extraordinary income

585

673

102–

305–

106

5Profit before income taxes

648

3,767

Income taxes - current
Income taxes - deferred334(171)965
66

Total income taxes

163

1,032Profit

485

2,735Profit attributable to owners of parent

485

2,735

Extraordinary losses
Loss on tax purpose reduction entry of non-current assets
Loss on retirement of non-current assets
OtherTotal extraordinary losses

5Consolidated statements of comprehensive income(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Profit485

2,735

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

183

(35)

(7)

42(205)26(29)

33

Comprehensive income

455

2,769

Comprehensive income attributable toComprehensive income attributable to owners of parent

455

2,769

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 changes in equity
Fiscal year ended March 31, 2023
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning ofperiod

5,424

Capital surplus

Retained earnings

5,691

24,153

Treasury shares(332)

Total shareholders'equity34,936

Changes during period
Dividends of surplus
Profit attributable toowners of parent

(292)

(292)

485

485

Purchase of treasury(197)

sharesIncrease due to decreasein affiliates

289

(197)
289

Net changes in items
other than shareholders'equityTotal changes during
periodBalance at end of period

––

482

(197)

284

5,424

5,691

24,635(530)

35,221

Accumulated other comprehensive income
Valuationdifference on
available-for-salesecurities
Balance at beginning ofperiod

1,389

Foreign currency

Remeasurements

translation
adjustment

of defined benefit
plans

220

(7)

Total accumulated
othercomprehensive

Total net assets

income1,602

36,539Changes during period
Dividends of surplus(292)

Profit attributable to485

owners of parent
Purchase of treasury(197)

sharesIncrease due to decreasein affiliates
Net changes in items
other than shareholders'

289

183

(205)

(7)

(29)

(29)

Total changes during
period

183

(205)

(7)

(29)

254

Balance at end of period

1,573

15

(15)

1,572

36,794

equity7

Fiscal year ended March 31, 2024
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning ofperiod

5,424

Capital surplus

Retained earnings

5,691

24,635

Treasury shares(530)

Total shareholders'equity35,221

Changes during period
Dividends of surplus
Profit attributable toowners of parent

(306)

(306)

2,735

2,735

Purchase of treasury
shares

(278)

(278)

Net changes in items
other than shareholders'equityTotal changes during

––

2,429

(278)

2,150

5,424

5,691

27,064(808)

37,372

Total accumulated
otherTotal net assets

periodBalance at end of period

Accumulated other comprehensive income
Valuationdifference on
available-for-salesecurities
Balance at beginning ofperiod

Foreign currency

Remeasurements

translationadjustment

of defined benefit
plans

1,573

15(15)

comprehensive
income1,572

36,794

Changes during period
Dividends of surplus(306)

Profit attributable toowners of parent

2,735

Purchase of treasury(278)

sharesNet changes in items
other than shareholders'equityTotal changes during
periodBalance at end of period(35)26423333(35)264233

2,184

1,537

4226

1,606

38,9788Consolidated statements of cash flows(Millions of yen)
Fiscal year ended
March 31, 2023
Cash flows from operating activities
Profit before income taxesDepreciation
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for bonuses for directors (andother officers)
Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for retirement benefits for
directors (and other officers)
Interest and dividend income
Interest expenses
Loss (gain) on sale of investment securities
Loss on retirement of non-current assets
Loss on tax purpose reduction entry of non-current assets
Subsidies for employment adjustment
Subsidy incomeMiscellaneous losses
Loss (gain) on change in equity
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Decrease (increase) in prepaid expenses
Increase (decrease) in accounts payable - other
Increase (decrease) in accrued consumption taxes
Increase (decrease) in accrued expenses
Decrease (increase) in other assets
Increase (decrease) in other liabilities
Other, net
SubtotalInterest and dividends received
Interest paid
Subsidies received
Income taxes paid
Income taxes refund
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Repayments of long-term borrowings
Purchase of treasury shares
Dividends paid
Repayments of installment payables
Other, net
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

9

Fiscal year ended
March 31, 2024
648
2,776
(2)
(8)

3,767
2,699(0)8111(20)

7

0–

(41)
59(302)
3102
(0)
(238)
(5)
(45)
(1,327)
(612)
2,452
(46)
241
(67)
71(165)63
43,541
41(59)
238
(380)
144
3,526

(39)
49(569)5––(103)––(3,210)
(378)
1,996
19
1,084
398
191
(43)
266
(40)
6,119
39(49)
103(335)
80
5,957(585)
(719)
(15)
463
0(856)

(277)
(636)
(12)
685
1(239)(1,449)
(197)
(292)
(875)
(7)
(2,822)(152)
12,441
12,289(1,143)
(278)
(307)
(540)
(7)
(2,277)3,440
12,28915,729