(Translated)

August 01, 2024

Consolidated Financial Results
for the Three Months Ended June 30, 2024 (Q1 FY2024)(Japanese Accounting Standards)
Company name:
Stock exchange listing:Stock code:
URL:
Representative:
Contact:

ITOHAM YONEKYU HOLDINGS INC.
Tokyo Stock Exchange2296

https://www.itoham-yonekyu-holdings.com

Isao Miyashita, President and Chief Executive Officer
Hideaki Shinohara, General Manager, Public &Investor Relations OfficeTel. +81-3-5723-6889
Scheduled date of commencement of dividend payment: －Supplementary documents for financial results:
Yes
Quarterly results briefing:
None(Amounts of less than one million yen are truncated)

1. Consolidated Financial Results for the Three Months Ended June 30, 2024 (April 1, 2024–June 30, 2024)(1) Consolidated Results of Operations(% figures show year-on-year change)
Profit attributable toowners of parent
Million Yen% Million Yen% Million Yen% Million Yen%
235,7713,929 (26.0)
4,369 (22.0)
2,956 (11.9)
3.6
227,558
5,311 (25.3)
5,600 (27.2)
3,357 (34.5)
7.2
4,073 million Yen
Three months ended June 30, 2024
5,592 million Yen
Three months ended June 30, 2023
Net sales

Three momths ended
June 30, 2024
June 30, 2023
(Note) Comprehensive income:Operating profit

Profitper share
Three momths ended
June 30, 2024
June 30, 2023

Diluted profit
per share
Yen
52.13
58.96

Ordinary profit

Ordinary profit tototal assets

Return on Equity

Yen
52.11
58.94

%

(27.2) %(32.3) %Operating profit
to net sales%%(Note) As the effective date on October 1 2023, we have completed a share consolidation (combining 5 shares of common stock into 1 share).
In regard to above Profit per share and Diluted profit per share, it shows on the assumption of the share consolidation be carried out
at the beginning of previous fiscal year.

(2) Consolidated financial position
Total assets
Net assets
Million Yen
Million Yen
486,302282,260
462,570
285,326
As of June 30, 2024
As of March 31, 2024

As of June 30, 2024
As of March 31, 2024
(Reference) Shareholders’ equity:

Equity ratio

Net assets per share
%
Yen
57.9
61.5
281,593 million Yen
284,616 million Yen

2. Dividends
Dividend per shareFirst
quarter-end

Secondquarter-end

Yen

Yen
0.00

―

Yen
125.00

70.00

―

75.00

Fiscal year ended
March 31, 2024
March 31, 2025
Fiscal year ending
March 31, 2025
(Forecast)

―
―

Third
quarter-end
Yen

Fiscalyear-end

Total amount
Dividends to
Payout ratioof
Net assets ratio(consolidated) (consolidated)
cash
Total
dividends
Yen Million Yen%%―

145.00(Note) Changes to most recent dividend forecast : None
(Note) As the effective date on October 1 2023, we have completed a share consolidation (combining 5 shares of common stock into 1 share).
The Total annual divident for the Fiscal year ended March 31, 2024 is shown as "－" because a simple sum is not appropriate.

3. Forecast of Consolidated Financial Results for the Fiscal Year Ending March 31, 2025
(April 1, 2024 to March 31, 2025)
Net SalesFirst Half
Full year

Million Yen
477,000
970,000

Operating profit
%
1.5
1.5

(Note) Changes to most recent financial results forecast : None

Million Yen
10,50025,000

%
(0.8)
11.9

(% figures show year-on-year change)
Profit attributable toProfit per shareowners of parent
Million Yen% Million Yen%
Yen
11,000 (10.6)
7,000
123.42(7.8)
26,50016,000282.101.8
2.9
Ordinary profit

(Translated)* Notes(1) Changes in significant subsidiaries during the term (changes in specific subsidiaries accompanied by a change in thescope of consolidation): None(2)

Application of special accounting treatment in the preparation of the quterly consolidation financial statements(3)

Changes in accounting policies, changes of accounting estimates and restatement(i)
Changes in accounting policies due to amendments to accounting standards(ii) Other Changes in accounting policies(iii) Changes in accounting estimates(iv) Restatement: None: YES: None: None: None(4) Numbers of shares outstanding (common stock)(i)
Numbers of issued shares at end of period:
57,471,011 shares
As of June 30, 2024 :
57,471,011 shares
As of March 31, 2024 :(ii) Numbers of treasury shares at end of period:
754,420 shares
As of June 30, 2024 :
756,164 shares
As of March 31, 2024 :(iii) Average number of shares outstanding during period:
56,716,778 shares
As of June 30, 2024 :
56,944,437 shares
As of June 30, 2023 :(Note) As the effective date on October 1 2023, we have completed a share consolidation (combining 5 shares of common stock into 1 share).
In regard to above (iii), it shows on the assumption of the share consolidation be carried out at the beginning ofthe previous fiscal year.

* Review of the accompanying consolidated financial statements by a certified public accountant or an auditing firm

: None* Explanation for using the forecasted information and the other special notes(Notes concerning forward-looking statements, etc.)
This summary financial report contains forward-looking statements and forecasts are made based on information available to thecompany at the time of preparation and certain assumption deemed to reasonable and actual result may significantly due to various factors.
(Access to Supplementary Explanations)
We will disclose the materials on TD-net and our website on the same days as this financial results.

(Translated)

ITOHAM YONEKYU HOLDINGS INC. (2296)

Contents

1. Overview of Operating Results and Financial Position ………………………………………………………………………………………………………
2
2(1) Overview of operating results ………………………………………………………………………………………………………………………
3(2) Overview of financial positions ………………………………………………………………………………………………………………………

2. Consolidated Financial Statements and Key Notes …………………………………………………………………………………………………………
4

4(1) Consolidated balance sheets ………………………………………………………………………………………………………………………………

6(2) Consolidated statements of income and comprehensive income …………………………………………………………………………………………

8(3) Consolidated statements of cash flows ……………………………………………………………………………………………………………………

9(4) Notes to consolidated financial statements ………………………………………………………………………………………………………………

9(Notes on Changes in Accounting Policies) …………………………………………………………………………………………………………………

9(Notes on Segment information, etc.) …………………………………………………………………………………………………………………………

10(Notes on the case of significant changes in shareholders' equity) ……………………………………………………………………………………………

10(Notes on going concern assumptions) ………………………………………………………………………………………………………………………

1

(Translated)

ITOHAM YONEKYU HOLDINGS INC. (2296)

1. Overview of Operating Results and Financial Position(1) Overview of operating results〇Our operating results and overview◇Consolidated operating results
Net sales

Operating profit

Million Yen%

Million Yen%

235,771

3.6

3,929

(26.0)(% figures show year-on-year change)
Profit attributable toOrdinary profit
owners of parent
Million Yen%
Million Yen
%

4,369

(22.0)

2,956(11.9)In a difficult busines environment with rising raw material prices and logostocs costs, sales inceased, but operating profit,
ordinary profit, and profit attributable to owners of parent all decreased due to the impact of reduced profits in the meat division,etc.
(% figures show year-on-year change)◇Operating results by reportable segment
Net Sales
Ordinary profit
Million Yen%
Million Yen%
Processed Food Division

96,865

2.9

2,156

36.5

Meat Division

138,902

4.1

2,582

(39.9)<Processed Food Division>
・ Regarding Hams and Sausages, net sales increased driven by TV commercials and consumer campaigns to expand sales of the main
products for consumer products.
・ Regarding Cooked foods, net sales increased driven by expanded sales of convinient cooked foods and plant-based foods in addition topizza and processed chiken foods to meet diversified consumer needs.
・ Net sales and ordinary profit of the Processed food division increased due to the price revisions and cost reduction efforts in a difficult
condition where raw material prices and domestic logistics costs continue to rise.
<Meat Division>・ In domestic business, net sales increased but profits decreased due to factors such as a decrease in sales volume of high-priced domestic
and imported beef caused by a decline in consumer confidence, and a decrease in profits in the farm business caused by a slumping
domestic chiken market.
・ In overseas business, ANZCO Foods saw an increse in net sales, but profits decreased due to rasing sea freight and sluggish exports to
China.
・ Net sales of Meat Division increased, but ordinary profit decreased due to lower profits both domestic and overseas business.
* For details on the overview of operating results,etc., please refer to the finacial results briefing materials disclosed on TD-net today.

2(Translated)

ITOHAM YONEKYU HOLDINGS INC. (2296)(2) Overview of financial positions(Assets, liabilities and net assets)
・ Total assets was 486,302 million yen, an increase of 23,731 million yen from the end of the previous consolidated fiscal year.
Increase factors: Increase in Inventories and Accounts receivable-trade
・ Liabilities was 204,041 million yen, an increase of 26,796 million yen from the end of the previous consolidated fiscal year.
Increase factors: Increase in Short-term borrowings and Accounts payable - trade
・ Net assets was 282,260 million yen, an decrease of 3,065 million yen from the end of the previous consolidated fiscal year.
Decrease factors: Decrease in Retained earnings due to Dividends paid
(Cash flows)
・ The balance of cash and cash equivalents at end of period was 23,553 million yen, an increase of 635 million yen from the end of theprevious consolidated fiscal year (An increase of 1,238 million yen in the same quarter previous year).
・ Cash flows from operating activities decreased by 4,621 million yen (An increase of 326 million yen in the same quarter previous year).
Decrease factors: Increase in Inventories
・ Cash flows from investing activities decreased by 5,592 million yen (A decrease of 3,336 million yen in the same quarter previous year).
Decrease factors: Acquisition of tangible assets
・ Cash flows from financing activities increased by 10,408 million yen (An increase of 4,173 million yen in the same quarter previousyear).
Increase factors: Increase in Short-term borrowings
Decrease factors: Dividends paid3

(Tranlated)

ITOHAM YONEKYU HOLDINGS INC. (2296)

2. Consolidated Financial Statements and Key Notes(1) Consolidated balance sheets(Million Yen)
As of March 31, 2024
ASSETS
Current assets
Cash and deposits
Notes and accounts receivable-trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Tools, furniture & fixtures, net
Land
Leased assets, net
Others, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Retirement benefit asset
Other
Allowance for doubtful accounts
Investments and other assets
Total non-current assets
Total Assets

4

As of June 30, 2024

23,225110,986
100,198
1,981
23,292
12,381(28)
272,036

23,860116,012
115,569
2,124
27,561
12,569(67)
297,629

38,94532,344
1,751
26,7202,862
2,641
105,265

38,42531,234
1,765
26,6492,795
3,250
104,120

16,798
8,412
25,21016,406
9,169
25,576

34,69918,6257,510(777)
60,058
190,534
462,570

33,271
19,052
7,426(774)
58,975
188,673486,302

(Tranlated)

ITOHAM YONEKYU HOLDINGS INC. (2296)(Million Yen)
As of March 31, 2024
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Current portion of Long-term borrowings
Income taxes payable
Provision for bonuses
Provision for bonuses for directors (and other officers)
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Retirement benefit liability
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

5

As of June 30, 2024

73,8301,347
39,815
106
3,892
6,365
169
35,706161,234

85,257
1,285
57,767
100
333
1,765
45
40,991
187,545

340
1,600
1,277
12,792
16,010177,244

315
1,597
1,277
13,305
16,495204,041

30,00389,430148,784(2,793)
265,424

30,00389,432
144,652(2,787)
261,300

9,228
(366)
6,309
4,019
19,191
77
632
285,326
462,570

8,519
(29)
7,921
3,881
20,29266
600
282,260
486,302

(Tranlated)

ITOHAM YONEKYU HOLDINGS INC. (2296)(2) Consolidated statements of income and comprehensive income
Consolidated statements of income(Million Yen)
Three months Ended
Three months Ended
June 30, 2023
June 30, 2024
(Apr 1, 2023 - Jun 30, 2023） (Apr 1, 2024 - Jun 30, 2024）

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating Income
Interest income
Dividend income
Rental income
Subsidy income
Share of profit of entities accounted for using equity method
Other
Total non-operating income
Non-operating expenses
Interest expenses
Rental expenses on real estate
Share of loss in investments accounted for using theequity method
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Impairment loss
Loss on disaster
Loss on valuation of investment securities
OthersTotal extraordinary losses
Profit before income taxes
Income taxes-current
Income taxes-deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

6

227,558
195,353
32,20426,892
5,311

235,771
203,643
32,12728,198
3,929

54
145
114
170
451
936

74
149
107
21
463
202
1,019

324
34

534
32

279

-

9
647
5,600

13
580
4,369

1
1
2

21
83
105

23
248
4
277
5,326
639
1,319
1,959
3,366
9
3,357

43
10
37
0
91
4,383
333
1,079
1,412
2,970
13
2,956

(Tranlated)

ITOHAM YONEKYU HOLDINGS INC. (2296)

Consolidated statements of comprehensive income(Million Yen)
Three months Ended
Three months Ended
June 30, 2023
June 30, 2024
(Apr 1, 2023 - Jun 30, 2023） (Apr 1, 2024 - Jun 30, 2024）

ProfitOther comprehensive income
Valuation difference on available-for- sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Share of other comprehensive income of entities accounted forusing equity method
Total other comprehensive income
Comprehensive income(Breakdown)Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests

7

3,366

2,970

879
521
39
(99)

(710)
337
881
(126)

884

721

2,225
5,592

1,103
4,073

5,572
19

4,058
15

(Tranlated)

ITOHAM YONEKYU HOLDINGS INC. (2296)(3) Consolidated statements of cash flows(Million Yen)
Three months Ended
Three months Ended
June 30, 2023
June 30, 2024
(Apr 1, 2023 - Jun 30, 2023） (Apr 1, 2024 - Jun 30, 2024）

Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment losses
Increase (decrease) in provision for bonuses
Amortization of goodwill
Interest and dividend income
Interest expenses
Insurance claim income
Subsidy income
Loss on disaster
Share of loss (profit) of entities accounted for using equity
methodLoss (gain) on sale of investment securities
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in accounts payable - other
Increase (decrease) in retirement benefit liability
Decrease (increase) in retirement benefit asset
Other
SubtotalInterest and dividends received
Proceeds from insurance income
Subsidies received
Interest paid
Payments associated with Loss on closing plants
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Acquisition of tangible assets
Acquisition of intangible assets
Acquisition of investment securities
Proceeds from sale and redemption of investment securities
Loan advances
Proceeds from collection of loans receivable
Other
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Repayments of long-term borrowings
Purchase of treasury shares
Dividends paid
Other
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

8

5,326
2,872
(4,423)
396
(200)
324
(174)
(170)
248

4,383
3,148
10
(4,599)
401
(224)
534
(21)
(21)
-

279

(463)

1
(3,052)(18,493)
14,013
7,635
17
(473)
1,385
5,515
759
174
398
(324)
(6,196)326(83)(4,806)(19,498)
11,268
8,925
(6)
(607)
130
1,529
1,072
22
48
(534)
(35)
(3,666)(4,621)(2,555)
(732)
(17)
33
(59)
44
(48)
(3,336)(5,486)
(909)
(12)
236
(59)
48
589
(5,592)

11,252(32)(0)(6,771)
(274)
4,173
73
1,238
22,35923,597

17,727(31)(1)(6,997)(288)
10,408441
635
22,91723,553

(Tranlated)

ITOHAM YONEKYU HOLDINGS INC. (2296)(4) Notes to consolidated financial statements(Notes on Changes in Accounting Policies)(Application of “Accounting Standard for Current Income Taxes”)
The “Accounting Standard for Current Income Taxes” (ASBJ Statement No. 27, October 28, 2022; hereinafter, “Revised AccountingStandard 2022”), etc. has been applied since the beginning of the first quarter of the fiscal year ending March 31, 2025.
Revisions concerning the categories in which current income taxes should be recorded (taxes on other comprehensive income) are subject tothe transitional treatment set forth in the proviso of paragraph 20-3 of the Revised Accounting Standard 2022 and the transitional treatment
set forth in the proviso of paragraph 65-2 (2) of the Guidance on Accounting Standard for Tax Effect Accounting (ASBJ Guidance No. 28,
October 28, 2022; hereinafter, “Revised Guidance 2022”). The change in accounting policies had no impact on the consolidated financial
statements for the first quarter under review. With regard to revisions related to changes in the accounting treatment for consolidated
financial statements when gains/losses on sale of shares, etc. in subsidiaries resulting from transactions between consolidated subsidiaries
are deferred for tax purposes, the Company has applied the Revised Guidance 2022 from the beginning of the first quarter under review. Thechange in accounting policies was applied retrospectively to the consolidated financial statements for the first quarter of the previous fiscal
year and the entire previous fiscal year. The change in the accounting policies had no impact on the consolidated financial statements for the
first quarter of the previous fiscal year or the entire previous fiscal year.
(Notes on Segment information, etc.)
Ⅰ For the three months ended June 30, 2023 (from April 1, 2023 to June 30, 2023)
1. Information on net sales, profit or loss, assets and other items, for each reportable segment(Million Yen)
Amountrecorded on
consolidated
quarterlystatements ofincome(Note 3)

Reportable segments

Processed Food
Meat Division
Division
Net sales
Sales to outside customers
Intersegment sales andtransfers

Others(Note 1)

Total

Adjustments(Note 2)

Total

94,094133,460

227,5543

227,558-

9,556

16,802

26,359221

26,580(26,580)

227,558-

103,651
150,262
253,913224
254,138(26,580)
Total
1,579
4,297
5,877
(3)
5,873
(272)
Segment profit (loss)(Note)
1. "Others" segment which is not included in the reportable segments such as human resource and payroll related services.
2. Adjustment on segment profit is mainly due to the amortization of goodwill of (347) million yen
3. Segment profit (loss) is adjusted to ordinary profit in the quarterly consolidated statements of income.

227,558
5,600

Ⅱ For the three months ended June 30, 2024 (from April 1, 2024 to June 30, 2024)
1. Information on net sales, profit or loss, assets and other items, for each reportable segment(Million Yen)
Amountrecorded on
consolidated
quarterlystatements ofincome(Note 3)

Reportable segments

Processed Food
Meat Division
Division
Net sales
Sales to outside customers
Intersegment sales andtransfers

Others(Note 1)

Total

Adjustments(Note 2)

Total

96,865

138,902

235,767

4

23,771-

9,095

19,31928,414231

28,646(28,646)

105,960
158,221264,182235
264,418(28,646)
Total
2,156
2,582
4,739
5
4,744
(375)
Segment profit (loss)(Note)
1. "Others" segment which is not included in the reportable segments such as human resource and payroll related services.
2. Adjustment on segment profit is mainly due to the amortization of goodwill of (347) million yen
3. Segment profit (loss) is adjusted to ordinary profit in the quarterly consolidated statements of income.

9

235,771
235,7714,369

(Tranlated)

ITOHAM YONEKYU HOLDINGS INC. (2296)

2. Matters related to changes in reportable segments, etc.
From this first quarter, there has been a transfer of sales to outside customers between segments and a transfer of segment profits or losses
between segments due to changes in the department responsible for expenses, etc.
Segment information for the previous fiscal year shows by the above changes.
(Notes on the case of significant changes in shareholders' equity)
Not applicable.
(Notes on going concern assumptions)Not applicable.

10