Supplementary Materials to
Financial Results
Fiscal year ended December 2023

Nishimoto Co., Ltd.
February 14, 2024

2024 Nishimoto Wismettac Group All rights reserved.

0Table of Contents
2024 Nishimoto Wismettac Group All rights reserved.

1.

Summary2.

Summary of Financial Results for the Fiscal Year
Ended December 2023

3.

Forecasts of Consolidated Financial Results for
the Fiscal Year Ending December 2024

4.

Policy for Shareholder Returns and Dividend
Forecasts

5.

(Reference) Medium-Term Business Plan
(Excerpts)

6.

(Reference) Wismettac Group Profile1

Summary
FYE 12/2023 financial results◆ The company achieved the highest-ever net sales, operating income, and ordinary income.
◆ Due to various factors, such as that deposit interest rates in the U.S. remained high, non-operating income rose, and as a result, ordinary income registered asignificant YoY increase. Net profit slightly fell because the company posted an impairment loss related to Singapore BCM.
BCM: Ban Choon Marketing Pte. Ltd.

2022/full year

Net sales

275.2 billion yen

Operating income

10.5 billion yen

Ordinary income

10.8 billion yen

Net profit

6.8 billion yen*2023/full year

Net sales

300.8 billion yen Operating income 11.0 billion yen Ordinary income 12.5 billion yen

Net profit

6.3 billion yen*(*) Net profit attributable to owners of parent

FYE 12/2024 forecasts of consolidated financial results◆ For FYE2024, the first year of the Medium-Term Business Plan (2024–2026) announced in October 2023, the company expects 354.0 billion yen and 15.0 billion yen in net sales andoperating income, respectively, as forecasted in the Plan.

2024/interim

Net sales

165.0 billion yen

Operating income

7.0 billion yen

Ordinary income

7.0 billion yen

Net profit

4.5 billion yen*2024/full year

Net sales

354.0 billion yen Operating income 15.0 billion yen Ordinary income 15.0 billion yen

Net profit

9.0 billion yen*(*) Net profit attributable to owners of parent◆ The average exchange rate during the term is $1.00=135 yen and €1.00=145 yen (The assumptions for the Medium-Term Business Plan remain unchanged)◆ The above-quoted forecasts of financial results include the contributions to the P/L statement of Uniontrade in Italy and an M&A project to be implemented(*).
(*) See the Notice Regarding the Consideration of Acquiring Shares in GERONIMO (France), February 14, 2024.

Policy for shareholder returns and dividend forecasts◆ The year-end dividend for FYE 12/2023 will be 80 yen as initially announced. The dividend for the full year will be 160 yen, the largest ever since the company was listed.
◆ Dividend forecasts for FYE 12/2024 are as listed below. The policy is to consider the consolidated dividend payout ratio as an important indicator, and the guideline is to maintainthe payout ratio for the full year at around 30%.

FYE 12/2023

Interim

80 yen (result)Year-end

80 yen Total

160 yenFYE 12/2024

Interim

90 yenYear-end

100 yen Total

190 yen➢ The company plans a share split at a rate of three shares to one share with June 30, 2024, as its record date. (See the Notice Regarding Share Split and Partial Amendment of the Articles ofIncorporation Associated with the Share Split, February 14, 2024)➢ The above-quoted dividend forecasts for FYE 12/2024 do not take the effects of the share split into consideration.
2024 Nishimoto Wismettac Group All rights reserved.

2

Table of Contents
2024 Nishimoto Wismettac Group All rights reserved.

1.

Summary2.

Summary of Financial Results for the Fiscal Year
Ended December 2023

3.

Forecasts of Consolidated Financial Results for
the Fiscal Year Ending December 2024

4.

Policy for Shareholder Returns and Dividend
Forecasts

5.

(Reference) Medium-Term Business Plan
(Excerpts)

6.

(Reference) Wismettac Group Profile3

Summary of Financial Results for FYE 12/2023
Summary (overall)◆ Net sales increased 9.3% YoY.

➢ Net sales grew YoY mainly in the Asia Food Global Business (AFB), basically achieving the forecast financial results for the full year.
◆ Operating income rose 5.0% YoY, and ordinary income jumped 15.5% YoY.
➢ The company achieved greater income YoY mainly by increasing net sales in the AFB business and securing profits through selling priceadjustments.
➢ Operating income was the largest-ever. Ordinary income registered a significant increase YoY because non-operating income rose due tofactors such as that deposit interest rates in the U.S. remained high.
(Unit: billions of yen)

FY ended December 2022
Full Year results(Oct-Dec)

FY ended December 2023
Full Year results(Oct-Dec)

Changes year-on-year

Progress

Net sales

275.2

72.9

300.8

77.2

+25.6

+9.3%

Gross profit

55.3

14.7

62.2

16.2

+6.9

+12.4%

OperatingOperating income or loss(△)
results

10.5

2.2

11.0

2.2

+0.5

Ordinary income or loss(△)

10.8

2.1

12.5

2.5

6.8

1.1

6.3

▲ 0.4

Net income or loss(△) attributable toowners of parent

Yen/Dollar exchange rate
(Average rate during the period)

Net income or loss(△) per share2024 Nishimoto Wismettac Group All rights reserved.

<Reference>
FY2023 full-year
forecast*

304.0+99.0%

+5.0%

12.0

+91.8%+1.7+15.5%

13.5+92.3%

▲0.6

▲8.1%

7.5

+83.6%

131.43 yen

140.56 yen+9.13 yen475.14 yen

436.75 yen

▲8.1%

4

Operating Results by Segment for FYE 12/2023
Asian Food Global Business (AFB)◆ Net sales increased 9.5% YoY (up 8.0% for North America, up 16.6% for Europe, and up 11.7% for Asia and Australia)➢

Sales for major grocery chains expanded while those for Europe’s chain restaurants continued to be strong.

➢

Operating income grew 13.7% YoY as North American sales continued to be strong and better profit ratios in European and Asian bases contributed to growth inoperating income.

Agricultural & Seafood Products Trading Business◆ Net sales rose 8.3% YoY. The company took active sales measures to increase the share of imported vegetables and fruits and achieved steady shipments in theexport business and the trading of frozen and processed food ingredients.
◆ Operating income decreased YoY due to factors such as the effects of substantial falls in the market prices of major fresh vegetables and fruits during the second halfof the third quarter and thereafter, as well as the deteriorating profitability of BCM.
(Unit: billions of yen)

Business segments

FY ended December 2022

FY ended December 2023

Full Year results

Full Year results(Oct-Dec)(Oct-Dec)

AFB
Agricultural &Seafood Products
Trading Business

Other

Total

[Less impact of foreign
currency translation]
Changes year-on-year

216.1

58.3

236.6

62.0

+20.5

+9.5%

+5.0

+2.3%

Operating income or loss(△)

12.4

2.7

14.1

3.4

+1.7

+13.7%

+0.8

+6.5%

Net sales

55.2

13.1

59.8

13.5

+4.6

+8.3%

+3.8

+6.9%

▲ 0.9

▲ 0.2

▲ 1.0

▲ 0.6

▲0.1

-

▲0.1

-

3.9

1.4

4.5

1.7

+0.6

+15.1%+0.6+15.1%

▲ 0.2

▲ 0.0

▲ 0.2

0.1

+0.1

-

+0.1

-

-

-

-

-

-

-

-

-

Operating income or loss(△)

▲ 0.7

▲ 0.3

▲ 1.8

▲ 0.7

▲1.1

-

▲1.1

-

Net sales

275.2

72.9

300.8

77.2

+25.6

+9.3%

+9.4

+3.4%

10.5

2.2

11.0

2.2

+0.5

+5.0%

▲0.3

▲3.0%

Net sales

Operating income or loss(△)

Net sales
Operating income or loss(△)

Adjustment

Changes year-on-year

Net sales

Operating income or loss(△)

2024 Nishimoto Wismettac Group All rights reserved.

5

Factors Affecting Year-on-Year Changes in Operating Income(Unit: billions of yen)

▲0.0

▲0.0

0.4

11.0

▲1.0

0.4

0.8

10.5

FY2022[AFB]
Change innet sales

2024 Nishimoto Wismettac Group All rights reserved.

[AFB]
Change inprofit margin[Agricultural& Seafood
Products]
Change innet sales[Agricultural
Other
Impact of& Seafoodadjustments, etc. foreign currency
Products]
translation
Change inprofit margin

FY20236

(Reference) Sales by Segment and Region and Profit Structure* On a managerial accounting basis (Unit: billions of yen)

(Unit: billions of yen)

FY ended December
2022
Net sales
AFB

Operatingincome orloss(△）FY ended December
2023
Net sales

Operatingincome orloss(△）

Changes year-on-year
Operating income
or loss(△）

Net sales

The company achieved increased sales and increased profit
on a group-wide basis with its operating income being thelargest-ever.
◆ AFB Business

216.1

12.4

236.6

14.1

+20.5

+9.5%

+1.7

+13.7%

NA

156.9

12.2

169.5

13.1

+12.6

+8.0%

+0.9

+7.5%

EU

39.0

1.2

45.5

1.5

+6.5

+16.6%+0.3+27.1%

Asia /Australia

12.0

▲ 0.0

13.4

0.5

+1.4

+11.7%+0.6-➢ Sales continued to be strong mainly in North America, and partly
because of the effects of price adjustments and other factors, overallsales rose. Better profit ratios in Europe and other regions, etc.,
contributed to profit growth.

Japan

8.6

0.3

8.6

0.5

+0.1

+0.9%

+0.2

+64.2%◆ Agricultural and Seafood Products Trading (Agri) Business

▲ 0.9

-

-

▲ 0.0

-

Goodwill etc.

▲ 0.9
▲ 0.2

▲ 0.4

▲ 0.3

▲ 0.6

▲ 0.1

-

▲ 0.2

-

Agricultural & Seafood
Products Trading Business

55.2

▲ 0.9

59.8

▲ 1.0

+4.6

+8.3%

▲ 0.1

-

Asia /Australia

11.1

▲ 0.2

11.3

▲ 0.5

+0.1

+1.2%

▲ 0.3

-

Japan

44.8

▲ 0.3

49.3

▲ 0.4

+4.6

+10.2%

▲ 0.1

-

▲ 0.1

-

-

▲ 0.0

-

Segment Adjustment

Goodwill etc.

▲ 0.1
▲ 0.7

▲ 0.2

▲ 0.9

0.1

▲ 0.2

-

+0.2

-

3.9

▲ 0.3

4.6

▲ 0.7

+0.6

+15.3%

▲ 0.5

-

3.9

▲ 0.3

4.6

▲ 0.7

+0.6

+15.3%▲ 0.5-

Other adjustments, consolidation
adjustments, etc.

▲ 0.1

▲ 0.7

▲ 0.1

▲ 1.3

▲ 0.0

-

▲ 0.6

-

Total

275.2

10.5

300.8

11.0

+25.6

+9.3%

+0.5

+5.0%

Segment Adjustment

Other
Japan

2024 Nishimoto Wismettac Group All rights reserved.

➢ The AFB Business drove the group’s sales and profit, increasing bothsales and profit YoY.

➢ Sales for these products for the domestic market increased YoY mainly
through active sales measures to increase market shares, but during thesecond half of the third quarter and thereafter, the market prices ofmajor products plunged. As the business was affected by the effects ofmarket price fluctuations, profitability deteriorated due in part to early
inventory adjustments.

➢ BCM strove to expand sales channels for retailers, but its profitability
deteriorated partly because of the effects of rises in cost and otherfactors. In FYE2023, the company posted a loss, but in order to recoverits profitability in FYE2024, it is reorganizing its non-performing
dealings and reviewing its operation system drastically.

◆ Other Businesses (Amenity and New-Business Development)➢ Although both the sales of imported foods and the supplementbusiness were affected by the weak yen, sales continued to be strong.
One achievement in the imported foods sales business was theestablishment of an online platform (EC site).
➢ In the development of new businesses, costs were incurred at an earlystage due to the launch of PoC for hometown tax donation and otherprojects. The PDCA system was strengthened to make the projects
profitable quickly.

7

Sales Composition Ratio by Region*Sales to external customers● Consolidated sales (Entire Group)2024 Nishimoto Wismettac Group All rights reserved.

Unit: billions of yen

SSP (Germany 2020/2),
C3C (France 2020/7)
joined the WMCGroup as consolidated
subsidiaries

Sco-Fro Group(Scotland 2021/2)
joined the WMC Group
as a consolidated
subsidiary

BCM (Singapore
2022/1) joined the
WMC Group as aconsolidated subsidiary

UT (Italy 2023/10) joined
the WMC Group as aconsolidated subsidiary* Reflected on P/L startingfrom FYE 12/20248

Consolidated Balance Sheet (Summary)Financial Policy◆ At the Tokyo Exchange's Prime market, balance the proactive investments to expand business and stable dividend in order to achievesustainable growth with healthy financial foundation➢ Target an equity ratio of 30-40% in the Medium-Term Business Plan and aim for a consolidated dividend payout ratio of
approximately 30% for the full year.
(Unit: billions of yen)

End of 12/2022

End of 12/2023

Main reasonsfor changes

ChangesCash and deposits +18.2

Current assets

151.0

177.6

+26.6 Accounts receivable-trade +4.1

Non-current assets

28.2

34.9

+6.7 Goodwill +3.8

179.2

212.5

+33.3

Current liabilities

33.6

47.7

+14.1 Short-term borrowings +6.3

Non-current liabilities

73.5

84.9

+11.3 Long-term borrowings +9.5

Total liabilities

107.2

132.6

+25.5

Total net assets

72.1

79.9

+7.8 Retained earnings +4.1

Total liabilities and net assets

179.2

212.5

+33.3

132.70 yen

141.83 yen+9.13 yen

40%

38%

▲2pt

Total assets

Yen/Dollar exchange rate
(Year-end rate)

Shareholders' equity ratio

Foreign currency translation reserve +4.6

➢ Retrospective application of changes in tax effect accounting standards for certain foreign subsidiaries for the previous fiscal year end (December 31, 2022)➢ Insignificant impact on retrospective application on total assets and profit attributable to owners of parent

2024 Nishimoto Wismettac Group All rights reserved.

9

Consolidated Statements of Cash Flows (Summary)(Unit: billions of yen)

FYE 12/2022

FYE 12/2023

Year-to-date Actual Year-to-date Actual

ChangesYear-on year

Cash flows from operating
activities

▲ 1.2

14.2

+15.4

Cash flows from investing
activities

▲ 3.1

▲ 8.0

▲4.9

Cash flows from financing
activities

9.9

9.6

▲0.3

Exchange rate change

4.5

2.3

▲2.2

Cash and cash equivalents

FYE 12/2022

FYE 12/2023

Year-to-date Actual Year-to-date ActualCash and cash equivalents
at beginning of period
Net increase (decrease) incash and cash equivalents
Cash and cash equivalents
at end of year
2024 Nishimoto Wismettac Group All rights reserved.

ChangesYear-on year

65.6

75.8

+10.1

10.1

18.2

+8.0

75.8

93.9

+18.2

Main reasons for changes(Change from previous period)
Increase/decrease in inventory assets +4.8
Increase/decrease in purchasing obligations+3.9

Remarks

10

Breakdown of Strategic Investment
Amount(including expenses/billions of yen)

Aims

Measures

1
Expansion
Business Fields

2

Sales Channel
Development andSystem Enhancement(Strengthening Interregional
Cooperation)

3◆ Diversification of the business portfolio◆ Building business strategies for strengthening
mainstream sales channel, etc., and building
business strategies for deepening transactions◆ Strengthening management and operational
capabilities in each region◆ Further expansion of the private brand productlineup◆ Development of health-conscious products

Strengthening
Profitability of
Existing Businesses◆ Improve operational efficiency and information
security◆ Improve accuracy of SCM operations◆ Product development and mainstream
sales channel development in Europe and
China

2023

Results

Plan

Results

0.8

0.9

0.7

1.1

1.1

0.6

0.1

0.2

0.2

0.2

0.6

0.2

◆ Strengthening of overseas regional
management systems◆ Enhancement of the productdevelopment divisions◆ SCM and IT infrastructure investments◆ Build a more customer-oriented organization◆ Strengthen in-house collaboration acrossdivisions and departments◆ Organizational
revitalization/streamlining

0.1

0.1

0.1

◆ Capturing growth in overseas markets◆ Construction of a mechanism foroverseas export of Japanese agricultural
products

0.3

0.3

0.3

◆ Capturing food service businesses responding
to the New Normal lifestyle◆ Development of new services to therestaurant industry (New Normal eating
habits)

0.1

0.3

0.1

2.7

3.5

2.2

4
Development of
New Businesses
Derived from
Existing
Businesses◆ Creation of new businesses that integrate
food, healthcare, etc. (new solution
development business)

2022

2024 Nishimoto Wismettac Group All rights reserved.

• As the management system foroverseas operations and the businessstrategy for China were reviewed, theinvestments were below the initialplans.

• Due to the change of the timing forthe introduction of an ERP system,
depreciation expenses arose during
the second half of the year andthereafter.
• Investments for SCM and IT
infrastructure will continue during thenext term and thereafter.

11

Table of Contents
2024 Nishimoto Wismettac Group All rights reserved.

1.

Summary2.

Summary of Financial Results for the Fiscal Year
Ended December 2023

3.

Forecasts of Consolidated Financial Results for
the Fiscal Year Ending December 2024

4.

Policy for Shareholder Returns and Dividend
Forecasts

5.

(Reference) Medium-Term Business Plan
(Excerpts)

6.

(Reference) Wismettac Group Profile

12

Forecasts of Consolidated Financial Results for FYE 12/2024
Assumptions for the plan
◆ For FYE 12/2024, the first year of the Medium-Term Business Plan (2024–2026) announced in October 2023, the company expects 354.0 billion yen and 15.0 billion
yen in net sales and operating income, respectively, as forecast in the Plan.
◆ The average exchange rates during the fiscal year are $1.00 = 135 yen and €1.00 = 145 yen. (Same as when the Medium-Term Business Plan was formulated.)◆ In the key AFB Business (restaurant, take-out, and retail), the company continues to expect business expansion in the future, mainly in North America and Europe.
➢ The company is aiming to capture the growth in the Asian food market by increasing sales through local mainstream sales channels in North America and* UT joined the WMC Group as a consolidated subsidiary at the end of October 2023
expanding existing bases’ sales channels and utilizing M&A, including UT*, in Europe.

with its financial results scheduled to be reflected on P/L starting from FYE 12/2024.

FY2023

FY2024 Forecast
Increase/decrease Increase/decrease(interim)(full year)

InterimFull year

InterimFull year

Net sales

146.3 billion
yen

300.8 billion
yen

165.0 billion yen

354.0 billion yen+187(+12.8%)+532(+17.7%)

Operating income

5.7 billion yen

11.0 billion yen

7.0 billion yen

15.0 billion yen+13(+22.0%)+40(+36.1%)

Ordinary income

6.5 billion yen

12.5 billion yen

7.0 billion yen

15.0 billion yen+5(+8.5%)+25(+20.4%)

Net profit attributable to owners ofparent4.4 billion yen

6.3 billion yen

4.5 billion yen

9.0 billion yen+1(+2.8%)+27(+43.6%)

Operating income ratio

3.7%

4.2%

ROWC

19%

24%

ROE

8%

10% or more

Capital adequacy ratio

38%

30–40%(The average USD/JYE exchange rate during the term)(140.56)(135.00)(The average EUR/JYE exchange rate during the term)(152.00)(145.00)

MidTerm
Plan KPIs

2024 Nishimoto Wismettac Group All rights reserved.

13

Forecasts of Consolidated Financial Results for FYE 12/2024(by Segment)* On a managerial accounting basis (Unit: billions of yen)

Net Sales

8.1

2.3

-11.7

354.0

54.5
300.8

AFB Business

Further business expansion◆ North America• Work more closely with the Procurement Division to concentrate on increasing market shares by
expanding product lineups and on widening mainstream sales channels.
• Promote investments for SCM improvement as part of the initiatives in the first year of the MediumTerm Business Plan.
◆ Europe• Strive to develop new sales areas and expand sales channels for restaurants and major retail chains
and at the same time, control selling, general, and administrative expenses more tightly.
• Uniontrade and an M&A project(*) are expected to contribute to the P/L during the current term.
* See the Notice Regarding the Consideration of Acquiring Shares in GERONIMO (France), February 14, 2024

Agri Business (Agricultural & Seafood Products Trading)
FY2023

AFB

Agricultural& Seafood
Products

OI

Other

0.8

-0.4

Exchangeconsolidation
adjustments,
etc.

-0.3

FY2024

15.0

Review of the new-businessdevelopment system◆ Review the system and future policy to promote the development of new businesses, including existing
PoC, to generate profits at an early stage and control selling, general, and administrative expenses more
tightly.

2.5

Strategic investment policy

11.0

FY2023◆ Domestic• Focus on reducing the effects of market volatility in daily operations by reviewing the sales strategy
and purchasing program by product. Recover from the previous term’s loss by striving to enhance
price competitiveness mainly through a review of selling, general, and administrative expenses.
◆ Overseas, exports, etc.
• A drastic review of BCM’s operation system, including the reorganization of non-performing dealings,
is under way to recover its profitability in FYE2024. BCM aims at improving its gross profit ratio.

Other businesses (including new-business development)

1.5

Recovery from the previous
term’s loss

Intensive investments infocused areas◆ Intensive investments in the target areas listed below① Business expansion (such as M&A)
② Reducing operational labor and achieving greater operational efficiency with focus on logistics③ Investments for digitization◆ Strengthen the profit management system of the entities acquired (including dispatch of humanresources)

AFB

Agricultural& Seafood2024 Nishimoto Wismettac Group All rights reserved.

Other

Goodwill etc.
(Operating
profit only)

Exchangeconsolidation
adjustments,

FY2024(*1) [AFB Business] Asia Food Global Business; [Agri Business] Agricultural & Seafood Products Trading Business; [Other
Businesses] Amenity Business (Domestic and Other) + New Business Development(*2) The plan for each business segment is based on figures prior to the distribution of adjustments (such as undistributed expenses)

14

Table of Contents
2024 Nishimoto Wismettac Group All rights reserved.

1.

Summary2.

Summary of Financial Results for the Fiscal Year
Ended December 2023

3.

Forecasts of Consolidated Financial Results for
the Fiscal Year Ending December 2024

4.

Policy for Shareholder Returns and Dividend
Forecasts

5.

(Reference) Medium-Term Business Plan
(Excerpts)

6.

(Reference) Wismettac Group Profile

15

Policy for Shareholder Returns and Dividend Forecasts
Basic policy◆ Continue to pay stable dividends while securing internal reserves for future business development and strengthening the financial structure.
◆ Consider the dividend payout ratio as an important indicator and aim for a consolidated dividend payout ratio of approximately 30% for the full year.

Dividend results and forecasts for FYE 12/2023◆ The company plans to pay a year-end dividend of 80 yen per share for FYE 12/2023 as announced at the beginning of the year, although it did not post net profit asinitially planned.
◆ The annual dividend was 160 yen per share, the highest ever since the company was listed (up 15 yen YoY).

Dividend forecasts for FYE 12/2024(*)
InterimYear-end
Annual90 yen per share
100 yen per share
190 yen per share

Dividend per share
(yen)

190

145

150

105

dividend

100
Year-end(*)• The company plans a share split at a rate of three shares to one share with June 50
30, 2024, as its record date.
(See the “Notice Regarding Share Split and Partial Amendment of the Articles ofIncorporation Associated with the Share Split,” February 14, 2024)• The above-quoted dividend forecasts for FYE 12/2024 do not take factors suchas the effects of the share split into consideration.
Full-year consolidated
dividend payout ratio

2024 Nishimoto Wismettac Group All rights reserved.

Year-end75

160
Year-end
Year-end

dividend

dividend

100

80

dividend
70

InterimInterimdividend

dividend

70

InterimInterimdividend

dividend

80

90

35
FY ended December 2021

FY ended December 2022

FY ended December 2023

FY ended December 2024

(Results)(Results)(Results・Forecast)(Results・Forecast)

30.0%

30.5%

36.6%

30.1%
16

Table of Contents
2024 Nishimoto Wismettac Group All rights reserved.

1.

Summary2.

Summary of Financial Results for the Fiscal Year
Ended December 2023

3.

Forecasts of Consolidated Financial Results for
the Fiscal Year Ending December 2024

4.

Policy for Shareholder Returns and Dividend
Forecasts

5.

(Reference) Medium-Term Business Plan
(Excerpts)

6.

(Reference) Wismettac Group Profile

17

Executive Summary◼

◼

Within the Asian Food Global Business (hereinafter referred to as AFB), the company commits to achieve a sales of 500
billion yen and an operating income of 25 billion yen through organic growth of existing businesses by 2026 (*1). The
company plan a 2% profit margin increase by expanding sales in existing sales channels (mainly mainstream), increasing PB
production, reducing product costs through global EtoE integration of SCM, and reducing operating expenses throughdigitalization and investments in logistical efficiency.
In addition to the above, the company has generated 100 billion yen (*2) through operating and financial cashflow, andallocated the 100 billion yen (*2) for strategic investments mainly in the follow three areas;
1. M&A and JVs to gain presence in unexplored regions within the AFB business, upfront investments in
products/resources for which there are potential concerns regarding supply shortages in the future, investments toimprove in-house production capability such as R&D and RTE products development, upfront investments in upstream
areas where expansion is expected in the future such as plant-based seafood/meat and land-based aquaculture.
2. Investments in overseas production and sales of Japanese fruits and vegetables holding exclusive cultivation rights
3. Investments in the food industry solutions business and domestic/international food technology (including theacquisition of startup businesses with synergy).

◼

Maintain equity ratio of 30-40% and dividend payout ratio of 30%◼

Manage financial, market, geopolitical, and other risks while responding to uncertainties<Note-1> Assumed average exchange rate during the period of the mid-term business plan: USD = 135 JPY<Note-2> As export products from Japan account for 15% of the AFB in North America and they offset foreign exchange reserveswith the imported fruit, vegetable and the other products, the actual impact caused by USD/JPY exchange rate
fluctuations on our business is minimal (*3)<Note-3> As the mid-term business plan will be fixed and unchanged for three years, the next mid-term business plan (20272029) will be announced in 2026 or later (*4)

2024 Nishimoto Wismettac Group All rights reserved.

(*1) Including M&A transactions which are currently planned and under implementation(*2) Cash and cash equivalents at the end of 2023 are expected to be 100 billion yen(*3) Excluding the impact of conversion of financial statements of foreign subsidiaries resulting from exchange rate
fluctuations on consolidated results(*4) Plans will be revised and announced as deemed necessary due to major changes in the business environment

18

Three-Year Business Plan (Organic)* Including only scheduled M&As.
Un-planned M&As are additional opportunities to be overlayed.

(billion yen)(billion yen)

FY2022 FY2023 FY2024
Results Forecast
Plan

FY2025Plan

FY2026
Plan

Sales

275.2

304.0

354.0

430.0

500.0

Operating
Income

10.5

12.0

15.0

19.0

25.0

OperatingMargin

3.8%

3.9%

4.2%

4.4%

5.0%

ROWC

21%

21%

24%

27%

31%

(Exchange rate: USD=135 JPY)

In addition to expansion of existing sales channels and PB production, we will accelerate
growth and eliminate redundancy through data-driven management based on visualization,
investments to save labor in logistics , and commit to achieve a sales of 500 billion yen andoperating income of 25 billion yen in 2026
2024 Nishimoto Wismettac Group All rights reserved.

19

Cash Management and Allocation Policy(billion yen)

Strategic
Investment

40

Cash on
hand

50

New
financing100

Cash onhand

100

End of Dec 2023

Increasedworking
capital (*2)
Shareholder
return (*1)

30
10～
Usage

50

Operatingcash flow(Before taking accountinto changes in working
capital)Funding(*1) Dividend payout ratio 30％(*2) Increment in working capital iscompressed by 10 billion yen by
reinforcing SCM, etc.

Cash onhand

60

End of Dec 2026

Strategic investment framework of 100 billion yen to be invested in the follow three areas
1. M&A and JVs to gain presence in unexplored regions within the AFB business, upfront investments in products/resources for which
there are potential concerns regarding supply shortages in the future, investments to improve in-house production capability such as
R&D and RTE products development, upfront investments in upstream areas where expansion is expected in the future such as plantbased seafood/meat and land-based aquaculture.
2. Investments in overseas production and sales of Japanese fruits and vegetables holding exclusive cultivation rights
3. Investments in the food industry solutions business and domestic/international food technology (including the acquisition of startup
businesses with synergy).
2024 Nishimoto Wismettac Group All rights reserved.

20

Financial Policy
Fundamental Policy
At the Tokyo Exchange's Prime market, balance the proactive investments to expand business andstable dividend in order to achieve sustainable growth with healthy financial foundation
TargetShareholders' equity ratio
30 - 40%

ROE over 10%

Dividend payout ratio 30%

Maintained a solid financial baseTarget level achieved if it wasn’t for
COVID-19 impact

Maintained 30% level since listing,even during COVID-19(As of end of June 2023: 42%)2024 Nishimoto Wismettac Group All rights reserved.

21

Risk Management• Hedge the real impact on our business by using exchange marry(*)
in transactions between group companies trilateral trades
Foreign• The ratio of sourcing products from Japan for the overseas AFB
Exchange Risk
business will be maintained at approximately 15% (same as thepresent)(*) Offsetting impact caused by foreign exchange fluctuation by tying together sellingand buying foreign exchange position. The impact on profits is minimal.

Understanding the interest rate trends and their impact on interest
Interest Rate payments, and implementing optimal funding strategies(implementing a financial policy that is less susceptible to changes inRisk
the financial environment)

Geopolitical/ Avoid regional concentration of suppliers and mitigate risks ofregional conflicts and climate change by diversifying sources for the
ClimateChange Risks same product (already implemented for multiple key products)
2024 Nishimoto Wismettac Group All rights reserved.

22

Looking ahead to 2035
Become a world-renowned
global food solution company

Sales to exceed
2 trillion yen

Mid-term Business Plan 26(2024–2026)

Sales:

500 billion yen

Operating income:25 billion yen

Sales:

304 billion yen

4) Generate foundation for medical food (*)
business area

• Development and provision of food that is equally delicious
for everyone• Commercialization through industry-academia collaboration
and IP (intellectual property)3) Growth through new business creation• Create solution businesses utilizing new technologies such as
digital and food tech (10 businesses in three years)

2) Promote global expansion of fruit andvegetable business• Cultivation of overseas production of Japanese fruits andvegetables utilizing intellectual property rights and overseas
sales business as a new earnings pillar• Diversify and stabilize the earnings structure of the fruit andvegetable wholesale business

1) Accelerate quantitative and qualitative
growth in the existing businesses

Operating income:12 billion yen

Become a global food SPA
Become a global food solution company• Develop new markets and sales channels by strengthening
sales and product development capabilities• Increase gross profit margin by expanding PB and reducing
distribution costs• Reduce cost ratio by strengthening SCM in addition todigitization and AI of sales and import/export operations• Expansion of business scale through M&A, etc., utilizing
ample equity capital as well as cash and deposits(*) Foods designed to meet special nutritional requirements
related to medical reasons2024 Nishimoto Wismettac Group All rights reserved.

23

Table of Contents
2024 Nishimoto Wismettac Group All rights reserved.

1.

Summary2.

Summary of Financial Results for the Fiscal Year
Ended December 2023

3.

Forecasts of Consolidated Financial Results for
the Fiscal Year Ending December 2024

4.

Policy for Shareholder Returns and Dividend
Forecasts

5.

(Reference) Medium-Term Business Plan
(Excerpts)

6.

(Reference) Wismettac Group Profile

24

Nishimoto Wismettac：Corporate Profile
Founded in 1912, Nishimoto Wismettac has grown into a global company supplying food ingredients and food products tomarkets worldwide.
Company nameNishimoto Co., Ltd. (TSE Prime 9260)

Head office

15th Floor, Nihonbashi Muromachi Mitsui Tower, 3-2-1, Nihonbashi Muromachi, Chuo-ku, Tokyo

EstablishedMay 1912

Representative directors

Yoshiro Susaki, Chairman & CEO

Number of employees

2,176 (including 1,656 in the Asian Food Global Business) [As of December 31, 2023]◆ Development and sales of Asian food worldwide

Business◆ Imports and sales of fruit, vegetables and related processed products, and supply of food ingredients to food manufacturers

and the restaurant sector◆ Other domestic sales activities (amenity products, supplements, medical food, etc.)

Subsidiaries and affiliates
Business sites

24 subsidiaries, 1 affiliate [As of December 31, 2023]
46 worldwide (including 24 in North America)
Locations in Japan, the U.S., Canada, Singapore, Australia, Netherlands, U.K., Germany,
France, Italy, China, Hong Kong, Thailand*, Vietnam and South Korea*Closed on December 31, 2023

Consolidated net sales

300.8 billion yen (FY ended December 2023)

Consolidated ordinary income

12.5 billion yen (FY ended December 2023)

Shareholders' equity ratio
2024 Nishimoto Wismettac Group All rights reserved.

*Overseas sales ratio 79.6%

38% (FY ended December 2023)
25

Wismettac Group in Japan and Abroad◆ The Company Group maintains 46 locations around the world in North America, Europe, Australia, and Asia and is developing business globally.
Among these, North America (the US and Canada) has 24 locations, which account for the majority of sales.
・COMPTOIRS DES 3 CAPS・COMPTOIRS OCEANIQUES・TROPIC FISH

Calgary OfficeDenver Office

SSP Konsumgüter TRADE & CONSULT GmbH
Berlin Office

Chicago Office

Wismettac EMEA Holdings Limited(Established in Jan. 2023)

Wismettac Harro Foods Limited

Nishimoto Co., Ltd.
Wismettac Foods, Inc.

NTC Wismettac Europe B.V.

Privateport Co., Ltd.
WF Seoul Representative Office

Sco-Fro Group Limited
・Uniontrade S.p.A.
・Uni Logistic S.r.l.
・Plaza Latina S.r.l.

Las Vegas Office

Sacramento Office

New York Office

Shanghai IPM Co., Ltd.

Wismettac Asian Foods,
Inc.

SIM BA TRADING JTC＊WF Ho Chi Minh Representative Office

WF Bangkok Representative Office*Closed on December 31, 2023

Montreal Office
Boston Office

San Francisco Office

WF Kobe Branch

Toronto Office

Seattle Office

Wismettac Foods Shanghai Co., Ltd.

Nippon Foods Co., Ltd.

(Made into subsidiaries in Oct. 2023)

Wismettac Asian Foods,
Inc. (Canada)

Hawaii Office

Washington, DC OfficeRaleigh Office
Ohio Office

San Diego OfficeMiami Office

Arizona OfficeOrlando Office

Houston Office
Dallas OfficeAtlanta Office

NTC Wismettac Singapore Pte.Ltd.
Ban Choon Marketing Pte. Ltd.
NTC Wismettac Australia Brisbane Office
NTC Wismettac Australia Pty Ltd.
NTC Wismettac Australia Perth Office"WF" shown in the figure is an abbreviation for "Wismettac Foods“* The equity-method affiliate

2024 Nishimoto Wismettac Group All rights reserved.

NTC Wismettac Australia Melbourne Office26

Wismettac Group Growth Milestones - Key Figures (billion yen)

Asian Food Global Business
Agricultural & Seafood Products Trading Business
Other Business
Total
300.8

Consolidated Sales (By Segment & Company total)

158.3

106.1
48.3

172.1

118.4

49.6

3.9

2016

182.2
125.1

52.9

4.0

2017

182.6
128.8

2018

(billion yen)

116.9
49.8

4.2

168.4
47.9

4.0

2019

213.2

162.5
47.3

3.6

2020

275.2

216.1

55.2

3.4

2021

12.4

7.3

6.1
1.1

0.2 0.0

6.3

5.7

0.4 0.2 0.0

8.3

6.7

5.4

4.3

4.1
1.0 0.3
0.0

1.8

0.8 0.2

-0.6

-0.7

2016

2017

2018

(billion yen)

2019

2020

Consolidated Total Assets / Net Assets

4.5

2023

Asian Food Global Business
Agricultural & Seafood Products Trading Business
Other Business
Adjustment
14.1
Total

0.0
-0.1

-0.9

2021
Total Assets-0.9 -0.2 -0.7

2022

84.3
39.0

2016

83.7
49.8

2017

2024 Nishimoto Wismettac Group All rights reserved.

51.5

2018

52.3

2019

2023

212.5

141.8

113.6

96.6

-1.0 -0.2 -1.8

Net Assets

179.2

72.7

11.0

10.5

7.3

2.0

0.7 0.1

59.8

3.9

2022

Consolidated Operating Income (By Segment & Company total)

236.6

50.8

2020

59.9

2021

72.1

2022

79.9

2023

27

Disclaimer
These materials are intended to provide financial information, management information, etc. of Nishimoto Co., Ltd. and its affiliatedcompanies (hereinafter collectively referred to as "the Company"), but the Company makes no representation or warranty regarding
the content of these materials.

The plans, strategies, operating results forecasts, etc. of the Company in these materials may include information on forward-looking
statements, which are based on information currently available to the Company, and include risks and uncertain elements in relation
to economic trends, competition in the industry, market demand, foreign exchange rates, taxation system, various systems, etc.
Therefore, actual operating results that will be published in the future may differ due to these elements, and the Company does notassume any liability for any damage arising from the use of information in these materials. Furthermore, the Company is under noobligation to revise and publish future forecasts in these materials based on new information or future events.
The Company pays close attention when preparing these materials; however, please note:• The Company does not assume any liability for any damage arising from any causes including, but not limited to, any errors in theinformation presented, falsification of data by a third party, and any failure arising from download of data; and• If there is a discrepancy between the Japanese version and the English version (if any) of published materials, the Japanese version
shall take precedence, and the Company does not assume any liability for any damage arising from misunderstanding due totranslation.
This document is not intended as an investment solicitation. When making investment decisions, please refrain from relying entirelyon the information in this document, and make investment choices based on your own judgment.
[Contact]
Nishimoto Co., Ltd.
Corporate Management Office
TEL: 03-6870-2015
Email : https://www.wismettac.com/en/contact.html
2024 Nishimoto Wismettac Group All rights reserved.

28