May 12, 2022

Consolidated Financial Results
for the Fiscal year Ended March 31, 2022
[Japanese GAAP]
Company name:
Oisix ra daichi Inc.
Stock exchange listings: TSE
Securities code:
3182
URL: http://www.oisixradaichi.co.jp
Representative:
Kohey Takashima, Representative Director, CEOContact:
Kohei Matsumoto, Director, Corporate Planning Division General Manager
Scheduled date of Ordinary General Meeting of Shareholders:June 28, 2022
Scheduled date of payment of dividend:
Scheduled date of filing of Quarterly Report:
June 29, 2022
Preparation of supplementary materials for financial results:
Yes
Holding of quarterly financial results meeting:Yes(All amounts are rounded down to the nearest million yen)

1. Financial Results for the Fiscal Year Ended March 31, 2022

(from April 1, 2021 to March 31, 2022)(1) Operating Results
Fiscal Year Ended

March 31, 2022
March 31, 2021(% of change from previous year)
Net Sales

Operating Income

March 31, 2022
March 31, 2021

Owners of the Parent

Million yen%

Million yen%

Million yen%

Million yen%

113,476
100,061

13.4
40.9

4,171
7,465

△44.1
202.6

6,216
8,902

△30.2
147.6

2,727
5,031

△45.8
536.7

1.Comprehensive income: Fiscal Year Ended (As of March 31, 2022)
Fiscal Year Ended (As of March 31, 2021)(Note)*1. EBITDA stands for earnings before depreciation and amortisation.

Fiscal Year Ended

Net Income Attributable to

EBITDA*1

Net Income per
Share2,968million yen (△39.4%)
4,901million yen (574.5%)

Diluted Net
Income per Share

Returnon Equity

Returnon Assets

Operating
Income Margin

Yen

Yen

%

%

%

74.64
133.7574.60
133.52

13.2
30.4

9.1
21.9

3.7
7.5

(Reference)
Equity in earningus (losses) of affiliates (million yen):
Fiscal Year Ended (As of March 31, 2022)△15

Fiscal Year Ended (As of March 31, 2021)

1

△488

(2) Financial Position
Fiscal Year Ended

Total Assets

Shareholders’Equity Ratio

Net Assets

Net Assets
per Share

Million yen

Million yen%

Yen

52,63438,36023,872
19,99142.0
49.8

605.63522.62

March 31, 2022
March 31, 2021

(Reference)
Shareholders’ equity (million yen):
As of March 31, 2022 : 22,132
As of March 31, 2021 : 19,090(3) Cash Flow
Fiscal Year Ended

Operating Activities

Investing Activities

Cash and Cash

Financing Activities

equivalents at end of year

Million yen

Million yen

Million yen

Million yen

924
8,819

- 4,110- 2,780636
1,894

13,033
15,552

March 31, 2022
March 31, 2021

2. Dividends
Dividend per Share
Fiscal Year ended or ending

1Q

2Q

3Q

Amounts

Year-end

AnnualDividend
Ratio

of Dividend(total)Dividendon Equity

Yen

Yen

Yen

Yen

Yen

Million Yen%%

March 31,2021
March 31,2022

―
―

0.00
0.00

―
―

0.00
0.00

0.00
0.00

―
―

―
―

―
―

March 31,2023 (Forecast)

―

0.00

―

0.00

0.00

―

3. Forecast for the Fiscal Year Ending March 31, 2023 (from April 1, 2022 to March 31, 2023)(Percentages represent year-on-year changes)

Net Sales
Million yen

Full year

120,000

Operating Income

EBITDANet Income
per Share

Net Income%

Million yen%

Million yen%

Million yen

%

Yen

5.7

4,500

7.9

6,500

4.6

2,5

△8.3

68.41

(Note)EBITDA stands for earnings before depreciation and amortisation.

2

* Notes(1) Significant changes in scope of consolidation(Changes of specific subsidiaries in accordance with changes in the scope of consolidation):

Yes

Newly consolidated: One company
Future Food Lab Inc.
(2) Changes in accounting policies and accounting estimates, and restatements
1) Changes in accounting policies due to revisions in accounting standards:

Yes2) Changes in accounting policies other than 1) above:None3) Changes in accounting estimates:

None4) Restatements:

None(3) Number of shares issued (common shares)
1) Number of shares issued (including treasury stock):
As of March 31, 2022

38,014,892shares

As of March 31, 2021

37,998,908shares

2) Number of treasury stocks:
As of March 31, 2022

1,469,831shares

As of March 31, 2021

1,469,655shares

3) Number of average shares during the period:
Fiscal year ended March 31, 2022

36,542,689sharesFiscal year ended March 31, 2021

37,615,348shares

3

(Reference)

1. Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2021
(from April 1, 2020 to March 31, 2021)(1) Operating Results(% of change from previous year)

Fiscal Year Ended

Net Sales

Ordinary income

Net Income*2

Million yen%

Million yen%

Million yen%

Million yen%

101,541
90,349

12.4
32.8

4,009
7,323

△45.3
151.7

4,036
7,397

△45.4
148.6

2,544
4,563

△44.2
292.0

March 31, 2022
March 31, 2021

Fiscal Year Ended

Operating Income

Net Income per
Share

March 31, 2022
March 31, 2021

Diluted Net
Income per Share

Yen

Yen

69.64
121.3369.60
121.12(2) Financial Position
Fiscal Year Ended

March 31, 2022
March 31, 2021
(Reference)
Shareholders’ equity(million yen)

Total Assets

Net Assets

Shareholders’Equity Ratio

Net Assets
per Share

Million yen

Million yen%

Yen

48,62435,35021,821
19,27144.9
54.5

597.12527.56

As of March 31, 2022 : 21,821

As of March 31, 2021 : 19,271* This financial report is outside the scope of the audit by certified public accountants or auditing firms.
* Explanation of the proper use of forecast and other notes
The forward-looking statements herein are based on information available to the Company and certain assumptions deemed
reasonable as of the date of publication of this document. They are not intended as the Company’s commitment to achieve suchforecasts, and actual results may differ significantly from these forecasts due to a wide range of factors.

4

1. Overview(1) Overview of Results for the Fiscal Year under Review
The economic impact of COVID-19 on Japan’s economy was significant during the previous fiscal year andremained so during the consolidated fiscal year under review. However, as of H2 of the fiscal year, due to theimprovements in the rate of vaccination and other factors, dining out and other leisure activities gradually
returned, coinciding with a change in consumer trends and consumption. In addition to lifestyle changes suchas remote work becoming a mainstay, the speed of the e-commerce market expansion is accelerating, andconsumer demand for food delivery continues to be bullish.
In such an environment, Oisix ra daichi, as a food infrastructure company, has worked to ensure stable
shipment capacity and product supply chain. In addition, we proposed products and services in line with
consumers' new needs, such as their "heightened awareness of general and immune health" and the "increased
frequency and number of meals at home", which has influenced dramatic changes to the way our customers eat
at home. In accordance, we have prioritized responding to changes in our customers’ lifestyles.
In addition, to achieve our goal of "strengthening the growth and profitability of the domestic (Japanese)
home delivery business," which is an important key in our management strategy, we (1) evolved our customer
experience, (2) worked on low-cost operations, and (3) increased our efforts to reduce food loss and greenhousegases to become a more sustainable retailer.
As a result,
Net sales ：113,476mn yen (YoY +13.4%)
Operating income ： 4,171mn yen (YoY △44.1%)
EBITDA ： 6,216mn yen (YoY △30.2%)
Net income Attributable to owners of the parent： 2,727mn yen (YoY △45.8%)
1) Home Delivery Business (Oisix)
Oisix primarily conducts direct-to-consumer sales of foodstuffs via e-commerce and has a customer focus on
dual-income, child-raising generations. Oisix provides products and services that realize premium-based timesavings.
Compared to the initial forecast, both sales and segment income were steadily increasing in terms ofmembership and ARPU. However, due to complications related to the relocation to the new distribution center
that occurred during Q4, both sales and profits experienced a loss of 1- 1.5 billion yen. Yet, the number ofsubscribers increased from 308,899 at the end of the previous fiscal year (end of Mar. 2021) to 346,083 at theend of the current fiscal year (end of Mar. 2022), an increase of approximately 37 thousand.
As a result of these factors, the business results for the fiscal year under review were as follows.
Net sales ：58,546mn yen (YoY +17.4%)
Segment profit ：7,036mn yen (YoY △21.7%)
2) Home Delivery Business (Daichi wo Mamoru kai)
Daichi wo Mamoru kai, which predominately sells foodstuffs directly through catalogs as well as e-commerce,
focuses on seniors' 2-person household consumer segment.
We are developing and refining new services in accordance with the customer segment’s needs, based on theconcept of "easy and healthy dietary lifestyles."In the current fiscal year, we are taking on the challenge of acquiring new customers using the "Maru
Gohan", (meal planning course), which makes it easy for senior households to realize their health goals.
The number of subscribers increased slightly from 45,307 at the end of the previous fiscal year (end of Mar.
2021) to 45,534 at the end of the current fiscal year (end of Mar. 2022).
Daichi wo Mamoru kai experienced normalization of sales and segment income as compared to the previous
fiscal year, which was marked by an irregular increase relating to Covid-19.
In counterbalance, ARPU progressed steadily compared to assumptions made in the initial forecast due tomeasures such as strengthening the development of products and services.
As a result of these factors, the business results for the fiscal year under review were as follows.
Net sales ：13,240mn yen (YoY △5.3%)
Segment profit ：2,270mn yen (YoY △5.5%)53) Home Delivery Business (Radish Boya)
Radish Boya, which mainly sells foodstuffs directly through catalogs and e-commerce, offers products tohouseholds who desire to contribute to society through cooking. As such we are developing products andservices such as “Fuzoroi Radish, (Irregular Radish).
The number of subscribers increased from 62,751 at the end of the previous fiscal year (end of Mar. 2021) to
65,093 at the end of the current fiscal year (end of Mar. 2022) as new acquisitions were strong, particularly in
H1.
Compared to the exceptional increase due to the impact of COVID-19 in the previous fiscal year, sales andsegment income decreased, although ARPU progressed steadily compared to the assumptions made in theinitial forecast due to measures including strengthening the development of products and services.
As a result of these factors, the business results for the fiscal year under review were as follows.
Net sales ：17,432mn yen (YoY △1.5%)
Segment profit ：2,429mn yen (YoY △19.7%)
4) Home Delivery Business (Purple Carrot)
The U.S. Purple Carrot home delivery business specializes in the sales of plant-based meal kits. During thecurrent fiscal year, in correspondence to the easing of COVID-19 related restrictions in the U. S. and theresumption of economic activity, consumer purchasing has returned to physical retail stores, as reflected by adecrease in subscribers compared to the end of the previous fiscal year.
However, compared to the initial forecast the reduction was limited, and both net sales and segment income
increased from the previous fiscal year.
As a result of these factors, the business results for the fiscal year under review were as follows.
Net sales ：10,208mn yen (YoY +17.3%)
Segment profit ：387mn yen (YoY +53.4%)

5) Other businesses
The Other Business segment is comprised of the Solutions Business, Store Business, International Business(excluding Purple Carrot), and Wholesale Business.
The Solutions Business including e-commerce support for other companies (ISETAN DOOR and D-Meal Kits)
is performing well.
In addition, the performance of the wholesale business of “SinS”, shop-in-shop, and nursery school wholesale,
which were negatively affected by COVID-19 in the previous fiscal year, recovered and flourished. As a result,both net sales and segment income increased significantly overall.
As a result of these factors, the business results for the fiscal year under review were as follows.
Net sales ：14,578mn yen (YoY +42.6%)
Segment profit ：1,416mn yen (YoY △3.9%)

6

(2) Future Outlook
Regarding the future outlook, due to the global prevalence of COVID-19, sales from food delivery services
continue to be strong at the present.
However, after overcoming the pandemic phase, there are concerns regarding the trend of an economic
slowdown due to the stagnation of consumer sentiment in Japan.
We anticipate the environment surrounding our business, such as the way meals are enjoyed at home, will alsochange, which will likely have an impact on our business results.
Furthermore, the global movement toward the actualization of a sustainable society is accelerating, and as acompany that supports food infrastructure, we foresee the increasing importance to realize such a sustainable
food system.
Under such circumstances, where consumers are facing dramatic changes in their lifestyles in response to thepervasiveness of COVID-19, we will strengthen our new value propositions related to food, including creating
unique products and experiences that can only be satisfied by our services.
Regarding sustainability, we will also make efforts to reduce greenhouse gas emissions and further reduce foodloss. Through these initiatives, we aim to establish a position and achieve high growth as a leading brand in
the high-value-added food market and the food delivery market using e-commerce.
In the following fiscal year (the fiscal year ending Mar. 2023), we will strengthen our value proposition byrefining our existing services, centered around Kit Oisix, creating new value to offer, such as “Patto
Oisix”,(Quick Oisix) and shifting the entire service to become more sustainable.
To improve profitability, we will work to streamline the logistics process through the operation of the new Oisix
Ebina Station which was relocated in Jan. 2022, and will quickly implement cost-cutting initiatives throughthe operation of the Food Rescue Center.
In light of the above conditions, in the forecast for the next consolidated fiscal year (ending Mar. 31, 2023),
We expect,
Net sales ：120,000mn yen (YoY +5.7%)
Operating income ： 4,500mn yen (YoY +7.9%)
EBITDA ： 6,500mn yen (YoY +4.6%)
Net income Attributable to owners of the parent： 2,500mn yen (YoY △8.3%)
We disclose business results through EBITDA (operating income + depreciation and amortization +amortization of goodwill) in order to properly represent the status of cash income and expenditures generated
by the business, considering the impact of amortization of goodwill (non-cash expenses) on business results.
The above forecasts may fluctuate depending on the development of COVID-19. We will promptly announce
any matters that need to be disclosed in the future.
2022.3(Result)
Net sales

2023.3(Forecast)

YoY

113,476

120,000

5.7

Operating income

4,171

4,500

7.9

EBITDA

6,216

6,500

4.6

Net income Attributable to owners of theparent

2,727

2,500

△8.3

EBITDA per share170.12177.86-

Net income per share

74.64

68.41

-

7

Consolidated Financial Statements(1) Consolidated Balance Sheet(Millions of yen)
As of March 31, 2021

As of March 31, 2022

AssetsCurrent assets
Cash and deposits※２15,580※２13,071

Accounts receivable - trade

8,485

8,964

Merchandise and finished goods

1,730

1,950

85

83

Work in process
Raw materials and supplies

422

532

Accounts receivable - other

2,789

2,927

Other

412

1,217

△205

△232

29,301

28,514

1,333

2,018

△683

△771

Buildings and structures, net

650

1,247

Machinery, equipment and vehicles

1,125

2,651

△619

△492

Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation

Accumulated depreciation
Machinery, equipment and vehicles, net
Leased assets
Accumulated depreciation
Leased assets, net
Other

506

2,158

500

13,266

△457

△936

43

12,330

1,310

1,067

Accumulated depreciation

△276

△320

Other, net

1,034

747

2,234

16,482

Goodwill

1,698

1,261

Other

2,064

2,271

Total intangible assets

3,763

3,533

Total property, plant and equipment
Intangible assets

Investments and other assets
Investment securities

1,217

1,796

Leasehold and guarantee deposits

943

1,513

Deferred tax assets

813

656

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

8

87

137

3,062

4,103

9,059

24,11938,36052,634

(Millions of yen)
As of March 31, 2021

As of March 31, 2022

Liabilities
Current liabilities
Accounts payable - trade

6,173

6,188

Short-term borrowings

1,040

1,010

Current portion of long-term borrowings

9

39

Lease liabilities

25

692

Accounts payable - other

6,178

5,855

Income taxes payable

2,292

226

Contract liabilities－

250

Provision for point card certificates

279

151

Other

1,541

1,501

Total current liabilities

17,54015,914Non-current liabilities
Long-term borrowings
Lease liabilities
Provision for retirement benefits for directors (andother officers)
Asset retirement obligations

245

101

30

11,956

6

8

325

561

Deferred tax liabilities

13

29

Other

206

190

Total non-current liabilities

828

12,84718,36928,762

Share capital

3,993

3,994

Capital surplus

8,014

8,015

Total liabilities
Net assets
Shareholders' equity

Retained earnings

11,71814,448Treasury shares△4,502△4,503

Total shareholders' equity

19,223

21,95425

16

Foreign currency translation adjustment

△158

160

Total accumulated other comprehensive income

△133

177

Accumulated other comprehensive income
Valuation difference on available-for-sale securities

Non-controlling interests
Total net assets
Total liabilities and net assets

9

900

1,739

19,991

23,87238,36052,634

(2) Consolidated Statement of Income(Millions of yen)
Period ended
March 31, 2021

Period ended
March 31, 2022

Net sales

100,061

113,476

Cost of sales

49,43958,921Gross profit

50,62254,555

Selling, general and administrative expenses

43,15650,383Operating profit

7,465

4,171

Interest income

00Dividend income

00Reversal of long-term deposits received

56Compensation income

21

16

Material recycling revenue

6

6

Revocation gains of gift cards

1

1

Recoveries of written off receivables

12

24

Subsidy income

6

43

Other

37

34

Total non-operating income

92

134

Interest expenses

24

93

Foreign exchange losses

16

14

Share issuance costs

17

－

－

18

448

15

6

－

Non-operating income

Non-operating expenses

Loss of compensation
Share of loss of entities accounted for using equity
methodProvision of allowance for doubtful accounts
Other

5

10

520

152

7,037

4,153

Gain on extinguishment of debt－

223

Total extraordinary income－

223

Impairment losses

20

9

Loss on valuation of investment securities

25

9

Total extraordinary losses

46

18

Profit before income taxes

6,991

4,358

Income taxes - current

2,506

1,494

Income taxes - deferred

△488

205

Total income taxes

2,018

1,700

Profit

4,973

2,657

Total non-operating expenses
Ordinary profit
Extraordinary income

Extraordinary losses

Profit attributable to non-controlling interests

△57

△69

Profit attributable to owners of parent

5,031

2,727

10

(3) Consolidated Statement of Comprehensive Income
Period ended
March 31, 2021
4,973

Profit(Millions of yen)
Period ended
March 31, 2022
2,657

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

23△1

Foreign currency translation adjustment
Share of other comprehensive income of entities accounted for using
equity method
Total other comprehensive income

△119

319

22

△7

△72

310

Comprehensive income

4,901

2,968

Comprehensive income attributable to owners of parent

4,958

3,038

Comprehensive income attributable to non-controlling interests

△57

△69

Comprehensive income attributable to11

（4）Consolidated Statement of Changes in Shareholders' Equity
Period ended March 31, 2022
(Millions ofyen)
Shareholders' equity
Share
capitalBalance at beginning of period

Capitalsurplus

3,993

Retainedearnings

8,014

11,718Cumulative effects of changes inaccounting policies
Restated balance

Treasuryshares△4,502

Total
shareholders'equity19,223

1
3,993

8,014

1

1

11,7201△4,502

19,225

Changes during period
Issuance of new shares
Profit attributable to owners of parent

2
2,727

Purchase of treasury shares

2,727
△0

△0

Change in ownership interest of parent
due to transactions with non-controllinginterests
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

－

1

1

2,727

△0

2,729

3,994

8,015

14,448△4,503

21,954

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-forsale
securities

Foreigncurrencytranslation
adjustment

Total
accumulated othercomprehensive income

25

△158

△133

Noncontrollinginterests

900

Cumulative effects of changes inaccounting policies
Restated balance

Total net
assets19,991
1

25

△158

△133

900

19,993

Changes during period
Issuance of new shares

2

Profit attributable to owners of parent

2,727

Purchase of treasury shares
Change in ownership interest of parent
due to transactions with non-controllinginterests
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

△0
－

△8

319

310

838

1,149

△8

319

310

838

3,878

16

160

177

1,739

23,87212

(4) Consolidated Statement of Cash Flow
(Millions of yen)
Period ended
March 31, 2021

Period ended
March 31, 2022

Cash flows from operating activities
Profit before income taxes

6,991

4,358

Depreciation

837

1,465

Amortization of goodwill

598

577

Impairment losses

20

9Gain on extinguishment of debt

－

△223

Loss (gain) on valuation of investment securities

25

9Increase (decrease) in allowance for doubtful accounts

△28

27

Interest and dividend income△0△0Interest expenses

24

93

△1

2

448

15

△1,611

△461

△798

△137

Foreign exchange losses (gains)Share of loss (profit) of entities accounted for using equity
methodDecrease (increase) in trade receivables
Decrease (increase) in accounts receivable - other
Decrease(increase)accruned consumption tax refund

－

△367

Decrease (increase) in inventories

△565

△299

Increase (decrease) in trade payables

1,189

△38

Increase (decrease) in accounts payable - other

1,901

△396

Increase (decrease) in contract liabilities－

250

Increase (decrease) in accrued expenses

260

56

Other, net

491

△451

Subtotal

9,784

4,487

Interest and dividends received

00Interest paid

△24

△61

Income taxes paid

△940

△3,501

Net cash provided by (used in) operating activities

8,819

924

Cash flows from investing activities
Purchase of property, plant and equipment△1,026△2,199Purchase of intangible assets

△845

△673

Purchase of investment securities

△835

△648

Proceeds from sale of investment securities

10

－

△9

－

64

※２－

△140

△575

Proceeds from refund of leasehold and guarantee deposits

8

4

Payments for asset retirement obligations－△7

Other, net△5△9△2,780△4,110Purchase of shares of subsidiaries and associates
Proceeds from purchase of shares of subsidiaries
resulting in change in scope of consolidation
Payments of leasehold and guarantee deposits

Net cash provided by (used in) investing activities

13

Cash flows from financing activities
Net increase (decrease) in short-term borrowings

1,000

10

Proceeds from long-term borrowings

93－

Repayments of long-term borrowings

△6

△61

4,586

2

750

900

Proceeds from issuance of shares
Proceeds from share issuanceshareholders
Purchase of treasury sharestonon-controlling△4,500

△0

△27

△213

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

1,894

636

△35

30

7,898

△2,519Cash and cash equivalents at beginning of period

7,654

15,552※１15,552※１13,033

Repayments of lease liabilities

Cash and cash equivalents at end of period14