Consolidated Financial Results for the Fiscal Year Ended December 31, 2020
(Japanese GAAP)
February 12, 2021
Company name:Nishimoto Co., Ltd.
Listed exchange:
Tokyo
Code:
9260
URL: https://www.wismettac.com/
Representative:
Yoshiro Susaki, Chairman & President CEO
Contact:
Yuji Sasa, Director(Phone) 03-6870-2015
Scheduled date of the Annual General Meeting of Shareholders: March 30, 2021
Scheduled date of commencement of dividend payments:
March 16, 2021
Scheduled date of submission of the annual securities report:
March 31, 2021
Preparation of supplementary materials for financial results:
Yes
Holding of financial results presentation meeting:Yes(For institutional investors and analysts)(Amounts are rounded down to the nearest million yen)

1. Consolidated financial results for the fiscal year ended December 31, 2020
(from January 1, 2020 to December 31, 2020)(1) Consolidated results of operations
Net sales(Percentages denote year-on-year changes)
Profit attributable toOrdinary income
owners of parent

Operating income

Million yen%

Million yen%

Million yen%

Million yen%

FY ended December 31, 2020
168,449(7.8)
1,982
FY ended December 31, 2019
182,6030.2
4,343(Note) Comprehensive income
FY ended December 31, 2020: (1,063) million yen (–%)
FY ended December 31, 2019: 2,179 million yen (−39.2%)(54.4)(35.2)

1,715
4,543

(62.2)(30.9)

1,016
2,493

(59.2)(46.1)Net income per
share

Diluted net income
Ordinary income to Operating income
Return on equity
per share
total assets
to net sales

Yen

FY ended December 31, 2020
70.80
FY ended December 31, 2019173.71(Reference) Equity in earnings of affiliates
FY ended December 31, 2020: (3) million yen

Yen

%

%

%

–
–

2.0
4.8

1.6
5.0

1.2
2.4

FY ended December 31, 2019: 29 million yen(2) Consolidated financial position
Total assets

Net assets

Million yen

FY ended December 31, 2020
113,606
FY ended December 31, 2019
96,587(Reference) Shareholders' equity
FY ended December 31, 2020: 50,454 million yen

Equity ratio

Net assets per share

Million yen%

Yen

50,842
52,33744.4
54.2

3,515.28
3,646.41

FY ended December 31, 2019: 52,337 million yen(3) Status of consolidated cash flows
Cash flows fromoperating activities
FY ended December 31, 2020
FY ended December 31, 2019

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at the end of
the period

Million yen

Million yen

Million yen

Million yen

10,490843(9,002)(1,832)

12,085
11,47250,941
38,844

2. Dividends
Annual dividends
First
SecondThird
Year-endquarter-end quarter-end quarter-end
FY ended December 31, 2019
FY ended December 31, 2020
FY ending December 31, 2021
(Forecast)

Total amount
Dividends
Payout ratioof dividends (Consolidated) on net assets

Total(Total)(Consolidated)

Yen

Yen

Yen

Yen

Yen

Million yen

%

%

–
–

40.00
0.00

–
–

55.00
20.00

95.00
20.00

1,363
287

54.7
28.2

2.6
0.6

–

–

–

20.00

–

–

3. Consolidated financial results forecast for the fiscal year ending December 31, 2021 (from January 1, 2021 to
December 31, 2021)

Net sales
Million yen

First half of FY ending
December 31, 2021
FY ending December 31, 2021

Operating income% Million yen(Percentages denote year-on-year changes)
Profit attributable Net income per
Ordinary income
to owners of parent
share% Million yen% Million yen%

Yen

90,000

12.8

600

–

450

–

300

–

20.90

187,000

11.0

2,000

0.9

1,700

(0.9)

1,000

(1.6)

69.67

* Notes(1) Changes in significant subsidiaries during the period (Changes in specified subsidiaries
resulting in changes in the scope of consolidation):New– companies (Company name)/

Excluded– companies

None(Company name)(2) Changes in accounting policies, changes to accounting estimates, and restatements(i) Changes in accounting policies due to revisions of accounting standards: None(ii) Changes in accounting policies other than (i) above:None(iii) Changes in accounting estimates:None(iv) Restatements:

None(3) Number of shares outstanding (common stock)(i) Number of shares outstanding at the end of
the period (including treasury shares)(ii) Number of treasury shares at the end of theperiod(iii) Average number of shares during the period

December 31,
2020

14,353,140 shares

December 31,
2019

14,353,140 shares

December 31,
2020

112 shares

December 31,
2019

112 shares

December 31,
2020

14,353,028 shares

December 31,
2019

14,353,028 shares

(Reference) Overview of respective financial results

1. Respective financial results for the period ended December 31, 2020 (from January 1, 2020 to December 31,
2020)(1) Respective operating results(Percentages denote year-on-year changes)
Net sales

FY ended December 31, 2020
FY ended December 31, 2019

Operating income

Million yen%

Million yen

3,149
3,215

(2.0)
10.5

1,420
1,392

Net income per share
FY ended December 31, 2020
FY ended December 31, 2019

Ordinary income
%

2.0
15.9

Net income

Million yen%

Million yen

%

1,141
1,400

(18.5)
19.4

754
1,381

(45.4)
19.8

Diluted net income
per share

Yen

Yen

52.60
96.28

–
–

(2) Respective financial position
Total assets
Million yen

FY ended December 31, 2020
39,570FY ended December 31, 2019
35,987(Reference) Shareholders' equity
FY ended December 31, 2020: 12,859 million yen

Net assets

Equity ratio

Net assets per share

Million yen%

Yen

12,85912,90032.5
35.8

895.96898.82

FY ended December 31, 2019: 12,900 million yen* These financial results are not audited by certified public accountants or an audit corporation.
* Explanation of the proper use of financial results forecasts and other notes(Notes on forward-looking statements)
The forward-looking statements such as financial results forecasts contained in this document are based on information
currently available to the Company and certain reasonable assumptions. Thus, these statements are not intended for
management to promise the achievement of the forecast. Actual financial results may differ materially due to various factors.
For conditions of the assumptions in the forecast and notes to use of the forecast, please see the section titled "(4) Futureforecasts" under the chapter titled "1. Overview of operating results, etc." on the page 4 of the attachment.

(How to obtain supplementary explanatory materials for the financial results)
On Friday, February 12, 2021, supplementary explanatory materials for the financial results will be disclosed via TDnet andposted on the Company's website. On Wednesday, February 17, 2021, based on these materials, a meeting will be held to brief
institutional investors and analysts on the financial results.

Nishimoto Co., Ltd. - Consolidated Financial Results for the Fiscal Year Ended December 31, 2020

 Attachment: Table of Contents
1. Overview of operating results, etc. ............................................................................................................................. 2(1) Overview of operating results for the current period .......................................................................................... 2(2) Overview of financial position for the current period ........................................................................................ 3(3) Overview of cash flows for the current period ................................................................................................... 3(4) Future forecasts.................................................................................................................................................. 4
2. Basic approach on selection of accounting standards .............................................................................................. 5
3. Consolidated financial statements and major notes .................................................................................................. 6(1) Consolidated balance sheet ................................................................................................................................ 6(2) Consolidated statements of income and comprehensive income ....................................................................... 8(3) Consolidated statement of changes in equity ................................................................................................... 10(4) Consolidated statement of cash flows .............................................................................................................. 12(5) Notes to the consolidated financial statements ................................................................................................ 13(Notes to assumption of going concern) .......................................................................................................... 13(Additional information) .................................................................................................................................. 13(Segment information) ..................................................................................................................................... 13(Business combinations) .................................................................................................................................. 17(Per share information) .................................................................................................................................... 20(Significant subsequent events) ....................................................................................................................... 20-1-

Nishimoto Co., Ltd. - Consolidated Financial Results for the Fiscal Year Ended December 31, 2020

1. Overview of operating results, etc.
(1) Overview of operating results for the current period[Overview of the current consolidated fiscal year]
The current consolidated fiscal year was a very difficult year in which economic activities were restricted worldwide due to thenovel coronavirus infection spread and responses to it, such as emergency declarations and lockdowns. Whereas the economy
started to recover temporarily due to the gradual relaxation of various regulations, corporate business, especially in the tourism,
restaurant and airline industries, has been significantly impacted particularly by reinstated restrictions on going out mainly inEurope and the U.S. due to the infection spreading again.
As the economic outlook is highly uncertain and consumer spending is also stagnant, it is expected to take a certain amount oftime before economic activity returns to the level of the pre-pandemic era.
Amid these global changes, future uncertainty and unpredictability is increasing, and consumers' lifestyle is about to change
significantly. The food industry, which used to be a stable sector not susceptible to changes in the economic environment, is no
exception and faces the need to offer different products in a different manner to suit the change in consumption style.
The Company Group suffered a significant impact on its two main businesses: the Asian Food Global Business that distributes
Asian food products and ingredients such as Japanese food around the world with a focus on North America, as well as inEurope, China, South East Asia, Australia, etc., and the Agricultural & Seafood Products Trading Business that distributes
fruits and vegetables, fishery products, etc., in domestic markets, as well as overseas markets through exports and offshore
trading. In the current consolidated fiscal year, the Company Group worked to improve the operating results of existing
businesses, while actively making investments that will be necessary from the medium- to long-term perspective in thechanging food industry.
As a result, with respect to the financial results for the current consolidated fiscal year, net sales stood at 168,449 million yen(7.8% decrease year-on-year), operating income amounted to 1,982 million yen (54.4% decrease year-on-year), ordinary
income amounted to 1,715 million yen (62.2% decrease year-on-year) and profit attributable to owners of parent totaled 1,016
million yen (59.2% decrease year-on-year).
Financial results by segment are as follows: It is noted that net sales of segments are net sales to external customers.
[Overview of financial results by segment](i) Asian Food Global BusinessIn regard to financial results of the Asian Food Global Business for the current consolidated fiscal year, net sales stood at
116,870 million yen (9.3% decrease year-on-year) and operating income amounted to 1,807 million yen (56.0% decreaseyear-on-year).
Since March 2020, sales to the restaurant industry, which is the main customer of the Company Group, have fallen rapidly
and significantly at a certain point due to the worldwide lockdowns. After the gradual lifting of lockdowns in countries
around the world, as increasing numbers of customers have adopted new business formats, such as take-out and delivery
services, the Company responded to their needs by modifying its product mix. Sales to the restaurant industry are in amoderate recovery trend partly because subsidies of the governments of countries around the worlds have helped ourcustomers to reduce the burden of expenses. Nonetheless, the outlook remains uncertain as regulations are being tightenedagain due to the resurgence of novel coronavirus infection.
On the other hand, sales to mass and other retailers remained strong throughout the year due to an increase in stay-at-homeconsumption. However, the effect of this is not large enough to make up for the plunge of sales to the restaurant industry,
resulting in a decrease in net sales.
The Company worked to improve operating efficiency regarding SG&A by, for example, reducing personnel expenses
through active responses to adapt to novel coronavirus infection prevention measures implemented worldwide. However,profit also fell mainly due to the recording of valuation loss on inventories in consideration of the effect of the novel
coronavirus pandemic and the provision on allowance for doubtful accounts mainly for the North American region.

(ii) Agricultural & Seafood Products Trading BusinessWith respect to financial results of the Agricultural & Seafood Products Trading Business for the current consolidated
fiscal year, net sales stood at 47,931 million yen (3.8% decrease year-on-year) and operating income amounted to 683
million yen (10.7% decrease year-on-year).

-2-

Nishimoto Co., Ltd. - Consolidated Financial Results for the Fiscal Year Ended December 31, 2020

Sales were hit by a significant decrease in demand from the restaurant industry due to the effect of emergency declarations
and restrictions on going out and operations in and after March 2020. In particular, sales of citrus fruits, which are ourmain products, declined, and their sales prices have also slumped. Sales to retailers remained stable both in terms ofvolume and price, particularly to mass retailers, on the back of increased demand for imported fruits and vegetables in andafter July in the wake of the poor performance of domestic produce resulting from bad weather. However, effect of this is
not large enough to make up for the decrease in the first half, resulting in a decrease in net sales for the full year.
Profit also decreased mainly due to an increase in SG&A despite the recovery in sales from July onward in the domestic
market mentioned above as well as other positive factors including steady sales of imported fruits and vegetables in China.

(iii) Other businesses
As to financial results of other businesses for the current consolidated fiscal year, net sales stood at 3,646 million yen(8.3% decrease year-on-year) and operating income amounted to 133 million yen (22.9% decrease year-on-year).
Sales of health-related products, which mainly consist of dietary supplements, remained strong throughout the year.
However, both sales and profit declined due to sluggish sales of event-related products resulting from department storesand other retailers refraining from business, the cancellation of various events, and a drop in consumer spending.

(2) Overview of financial position for the current period(Assets)
Total assets as of December 31, 2020 stood at 113,606 million yen, an increase of 17,019 million yen compared to
December 31, 2019, and was mainly attributable to the following.
Total current assets as of December 31, 2020 amounted to 98,121 million yen, an increase of 10,160 million yen compared
to December 31, 2019. The increase in total current assets was due to an increase of 13,587 million yen in cash anddeposits, despite a decrease of 1,449 million yen in inventories, a decrease of 896 million yen in notes and accounts
receivable—trade, a decrease of 728 million yen in other current liabilities including income taxes receivable, and anincrease of 351 million yen in the allowance for doubtful accounts.
Total non-current assets as of December 31, 2020 came to 15,485 million yen, an increase of 6,858 million yen compared
to December 31, 2019. The increase in total non-current assets, despite a decrease of 875 million yen in investments andother assets, was due to an increase of 4,187 million yen in goodwill and an increase of 3,546 million yen in customerrelated assets.
(Liabilities)
Total liabilities as of December 31, 2020 stood at 62,763 million yen, an increase of 18,513 million yen compared to
December 31, 2019, and was mainly attributable to the following.
Total current liabilities as of December 31, 2020 amounted to 21,493 million yen, an increase of 2,434 million yen
compared to December 31, 2019. The increase in total current liabilities was due to an increase of 937 million yen in notes
and accounts payable—trade, an increase of 622 million yen in short-term loans payable, an increase of 333 million yen inother current liabilities including accrued expenses, an increase of 238 million yen in income taxes payable, an increase of
228 million yen in current portion of long-term loans payable, and an increase of 182 million yen in provision for bonuses,
despite a decrease of 147 million yen in accounts payable—other.
Total fixed liabilities as of December 31, 2020 amounted to 41,270 million yen, an increase of 16,078 million yen
compared to December 31, 2019. The increase in fixed liabilities is attributed to an increase of 14,052 million yen in longterm loans payable and an increase of 993 million yen in deferred tax liabilities.
(Net assets)
Total net assets as of December 31, 2020 amounted to 50,842 million yen, a decrease of 1,494 million yen compared to
December 31, 2019. The decrease in total net assets is mainly due to a decrease of 2,077 million yen in foreign currencytranslation adjustment, despite an increase of 387 million yen in non-controlling interests.

(3) Overview of cash flows for the current period
Cash and cash equivalents (hereinafter referred to as "funds") as of December 31, 2020 amounted to 50,941 million yen, an
increase of 12,096 million yen compared to December 31, 2019.
The status of respective cash flows for the current consolidated fiscal year and its main factors are as follows:-3-

Nishimoto Co., Ltd. - Consolidated Financial Results for the Fiscal Year Ended December 31, 2020

(Cash flows from operating activities)
Cash flows from operating activities were positive at 10,490 million yen and major factors are as follows. The major
factors included a 778 million yen loss on step acquisitions, payments for 611 million yen in income taxes, a decrease of
3,355 million yen in inventories, a decrease of 2,606 million yen in notes and accounts receivable—trade, 2,231 million
yen in profit before income taxes, and 1,749 million yen in depreciation and amortization, a non-cash expense.
The amount of funds obtained increased by 9,646 million yen (1,143.1% increase year-on-year) compared to in theprevious consolidated fiscal year. The major factors included a decrease of 1,521 million yen in net profit before income
taxes, an increase of 778 million yen in expenditures due to a loss on step acquisitions, an increase of 4,827 million yen inincome due to changes in inventories, an increase of 2,612 million yen in income due to changes in notes and accounts
receivable—trade, a decrease of 2,057 million yen in expenditures for payment for income taxes, and a decrease of 1,313
million yen in expenditures due to changes in notes and accounts payable—trade.
(Cash flows from investing activities)
Cash flows from investing activities were negative at 9,002 million yen and major factors are as follows. The major
factors included proceeds of 77 million yen from refunds of guarantee deposits, expenditure of 6,262 million yen for thepurchase of shares of subsidiaries resulting in change in scope of consolidation, expenditure of 1,488 million yen due to a
net change in time deposits, and expenditure of 589 million yen for the purchase of property, plant and equipment.
The amount of funds spent increased by 7,169 million yen (391.3% increase year-on-year) compared to in the previous
consolidated fiscal year. Major factors included a decrease of 865 million yen in expenditures due to the purchase ofproperty, plant and equipment, an increase of 6,262 million yen in expenditures for the purchase of shares of subsidiaries
resulting in change in scope of consolidation, and an increase of 1,219 million yen in expenditures due to a net change intime deposits.
(Cash flows from financing activities)
Cash flows from financial activities were positive at 12,085 million yen. The major factors included a repayment of longterm loans payable of 1,452 million yen, a payment of 789 million yen for dividends, and proceeds of 14,106 million yen
from long-term borrowings.
The amount of funds obtained increased by 612 million yen (5.3% increase year-on-year) compared to in the previous
consolidated fiscal year. Major factors included an increase of 1,292 million yen in expenditures due to repayments oflong-term loans payable, an increase of 1,106 million yen in proceeds from long-term borrowings, and a decrease of 574
million yen in expenditures due to payments of dividends.

(4) Future forecasts(Millions of yen)
FY ended
December 31, 2020
(Actual)
Net sales

FY ending
December 31, 2021
(Forecast)

Increase(decrease)

Increase(decrease) rate

168,449

187,000

18,550

11.0

Operating income

1,982

2,000

17

0.9

Ordinary income

1,715

1,700

(15)

(0.9)

Profit attributable toowners of parent

1,016

1,000

(16)

(1.6)

The future trend of novel coronavirus infection and various related regulations of countries around the world, as well as theirimpact on the global economy and corporate earnings, remain uncertain. The infection may rapidly subside due to effective
vaccines or may continue to surge and subside repeatedly. Under both scenarios, we will focus on preparing for recovering andmaintaining the stability of operating results. In the Asian Food Global Business, we will work to further enhance the businessfoundation by strengthening the product development capability to meet the changing needs of existing customers including
Japanese restaurants and retailers and developing new sales channels. In the Agricultural & Seafood Products Trading
Business, we will continue to maintain sales to the Japanese wholesale market, and work on expanding distribution routes tomass retailers, home-meal replacement industries, restaurant chains and food product manufacturers as well as overseas
distribution routes.

-4-Nishimoto Co., Ltd. - Consolidated Financial Results for the Fiscal Year Ended December 31, 2020

Meanwhile, we anticipate the further acceleration of structural changes in the food and related industries due to the novel
coronavirus pandemic. We see these changes as good opportunities. In conjunction with the expansion to new business fields
indicated in the medium-term business plan, we will continue to actively recruit professionals with specialized skills in theareas of digitalization, global management, new business development, etc., and invest in digitalization. In the North American
region, we will develop our logistics and operations and seek to acquire new distribution routes. In other regions, we will build
and reinforce a structure to perform management on an area-by-area basis. For the Group as a whole, we will further promote
efforts to broaden our product lineup and develop and bolster our logistics and operations across the Group.
Accordingly, we expect that net sales will stand at 187,000 million yen (an increase of 18,550 million yen year-on-year),
operating income will amount to 2,000 million yen (an increase of 17 million yen year-on-year), ordinary income will amount
to 1,700 million yen (a decrease of 15 million yen year-on-year), and profit attributable to owners of parent will total 1,000
million yen (a decrease of 16 million yen year-on-year).
[Prerequisites for the forecast]
The exchange rate is assumed to be 100 yen/U.S. dollar.

2. Basic approach on selection of accounting standards
The Company Group prepares the consolidated financial statements in accordance with Japanese Generally Accepted Accounting
Principles ("Japanese GAAP"), taking into consideration the workload for establishing the system for the preparation of theconsolidated financial statements in accordance with International Financial Reporting Standards (IFRS).

-5-

Nishimoto Co., Ltd. - Consolidated Financial Results for the Fiscal Year Ended December 31, 2020

3. Consolidated financial statements and major notes(1) Consolidated balance sheet(Millions of yen)
FY 2019(As of December 31, 2019)

FY 2020(As of December 31, 2020)

39,13052,718Notes and accounts receivable—trade
Inventories

19,407
26,672

18,51025,223

Other
Allowance for doubtful accounts

2,925
(175)

2,196
(527)

Total current assets

87,96098,121

2,609
438

2,408
458

Tools, furniture and fixtures, net
Leased assets, net

208
467

407
779

Other, net

186

520

3,910

4,573

–

4,187

Software
Software in progress

417
12

330
438

Customer-related assets
Other

330
62

3,877
57

Total intangible assets

823

8,891

Investments and other assets
Investment securities

1,164

288

Guarantee deposits
Deferred tax assets

926
1,092

843
791

Other
Allowance for doubtful accounts

777
(67)

161
(63)

Total investments and other assets

3,893

2,020

AssetsCurrent assets
Cash and deposits

Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net

Total property, plant and equipment
Intangible assets
Goodwill

Total non-current assets
Total assets

-6-

8,627

15,48596,587

113,606

Nishimoto Co., Ltd. - Consolidated Financial Results for the Fiscal Year Ended December 31, 2020

(Millions of yen)
FY 2019(As of December 31, 2019)

FY 2020(As of December 31, 2020)

9,993
2,890

10,930
3,513

143
206

371
290

2,592
144

2,445
383

641
137

823
88

Provision for shareholders' benefits
Other

7
2,301

11
2,635

Total current liabilities

19,05821,49322,215265

36,267
486

Deferred tax liabilities
Provision for bonuses

66
–

1,059
35

Provision for directors' bonuses
Provision for directors' retirement benefits

58
645

–
645

Net defined benefit liability
Other

1,527
413

1,731
1,043

Total non-current liabilities

25,191

41,27044,25062,763

Shareholders' equity
Capital stock

2,646

2,646

Capital surplus
Retained earnings

6,531
43,112

6,531
43,339Liabilities
Current liabilities
Notes and accounts payable—trade
Short-term loans payable
Current portion of long-term loans payable
Lease obligations
Accounts payable—other
Income taxes payable
Provision for bonuses
Provision for directors' bonuses

Non-current liabilities
Long-term loans payable
Lease obligations

Total liabilities
Net assets

Treasury shares

(0)

(0)

52,29052,517

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

8
6

1
0

Foreign currency translation adjustment
Remeasurements of defined benefit plans

31
0(2,045)(18)

Total accumulated other comprehensive income

46(2,062)–387

Total shareholders' equity
Accumulated other comprehensive income

Non-controlling interests
Total net assets
Total liabilities and net assets-7-

52,33750,842

96,587

113,606

Nishimoto Co., Ltd. - Consolidated Financial Results for the Fiscal Year Ended December 31, 2020

(2) Consolidated statements of income and comprehensive income
Consolidated statement of income

Net sales
Cost of sales

FY 2019(January 1, 2019 to
December 31, 2019)
182,603150,495(Millions of yen)
FY 2020(January 1, 2020 to
December 31, 2020)
168,449
139,017Gross profit

32,10829,431

Selling, general and administrative expenses

27,76427,448Operating income

4,343

1,982

242
29

75
–

Insurance benefits received
Reversal of allowance for doubtful accounts

0
8

37
6

Other

58

44

Total non-operating income

339

164

122

217

–
17

3
180

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

Non-operating expenses
Interest expenses
Loss on equity-method investments
Foreign exchange losses
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of non-current assets

0

30

139

431

4,543

1,715

1

0

Gain on step acquisitions–

778

Total extraordinary income

1778

Loss on retirement of non-current assets
Impairment loss

3
788

3
199

Loss on revision of retirement benefit plan–

59

Extraordinary losses

Total extraordinary losses

791

261

Profit before income taxes

3,753

2,231

Income taxes—current
Income taxes—deferred

1,386
(126)

1,040
162

Total income taxes

1,259

1,203

Net income
Profit attributable to non-controlling interests

2,493

1,027

–

11

Profit attributable to owners of parent

2,493

1,016

-8-

Nishimoto Co., Ltd. - Consolidated Financial Results for the Fiscal Year Ended December 31, 2020

Consolidated statement of comprehensive income
FY 2019(January 1, 2019 to
December 31, 2019)
2,493(Millions of yen)
FY 2020(January 1, 2020 to
December 31, 2020)
1,027

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

2
9

(6)
(6)

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

(287)
3

(2,041)
(18)

(40)

(18)

Net income
Other comprehensive income(314)(2,091)

Comprehensive income

2,179(1,063)(Breakdown)Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

2,179(1,092)

–

29

-9-

Nishimoto Co., Ltd. - Consolidated Financial Results for the Fiscal Year Ended December 31, 2020

(3) Consolidated statement of changes in equity
Previous consolidated fiscal year (from January 1, 2019 to December 31, 2019)(Millions of yen)
Shareholders' equity
Capital stock
Beginning balance

2,646

Capital surplus Retained earnings Treasury shares
6,531

41,983(0)

Total
shareholders'equity51,160Changes during the period
Dividends of surplus
Profit attributable toowners of parent
Changes in items other thanshareholders' equity, net
Total changes during theperiodEnding balance(1,363)(1,363)

2,493

2,493

–

–

1,129

–

1,129

2,646

6,531

43,112(0)52,290

Accumulated other comprehensive income
Total
Valuation
Foreign currency Remeasurements
accumulateddifference on Deferred gains ortranslationof defined benefit
otheravailable-for-sale losses on hedges
adjustment
planscomprehensive
securities
incomeBeginning balance

6

(3)

360

(2)

360

Non-controllinginterests

Total net assets–

51,521

Changes during the period
Dividends of surplus(1,363)

Profit attributable toowners of parent
Changes in items other thanshareholders' equity, net
Total changes during theperiod

2

9

(328)

3

(314)

–

(314)

2

9

(328)

3

(314)

–

815

Ending balance

8

6

31

0

46

–

52,3372,493- 10 -

Nishimoto Co., Ltd. - Consolidated Financial Results for the Fiscal Year Ended December 31, 2020

Current consolidated fiscal year (from January 1, 2020 to December 31, 2020)(Millions of yen)
Shareholders' equity
Capital stock
Beginning balance

2,646

Capital surplus Retained earnings Treasury shares
6,531

43,112(0)

Total
shareholders'equity52,290Changes during the period
Dividends of surplus
Profit attributable toowners of parent
Changes in items other thanshareholders' equity, net
Total changes during theperiodEnding balance

(789)

(789)

1,016

1,016

–

–

226

–

226

2,646

6,531

43,339(0)52,517

Valuation
Foreign currency Remeasurements
difference on Deferred gains ortranslationof defined
available-for-sale losses on hedges
adjustment
benefit planssecurities

Total
accumulated
othercomprehensive
incomeAccumulated other comprehensive income

Beginning balance

8

6

31

0

46

Non-controllinginterests

Total net assets–

52,337

Changes during the period
Dividends of surplus(789)

Profit attributable toowners of parent
Changes in items other thanshareholders' equity, net
Total changes during theperiod(6)(6)(2,077)(18)(2,108)387(1,720)(6)(6)(2,077)(18)(2,108)387(1,494)Ending balance

10(2,045)(18)(2,062)387

50,842

1,016- 11 -

Nishimoto Co., Ltd. - Consolidated Financial Results for the Fiscal Year Ended December 31, 2020

(4) Consolidated statement of cash flows(Millions of yen)
FY 2019(January 1, 2019 to
December 31, 2019)

FY 2020(January 1, 2020 to
December 31, 2020)

Cash flows from operating activities
Profit before income taxes

3,753

2,231

Depreciation and amortization

1,281

1,749

Loss (gain) on step acquisitions

–

(778)

788

199

Impairment loss
Increase (decrease) in allowance for doubtful accounts

6211Interest and dividend income

(242)

(75)

Interest expenses

122

217

Share of (profit) loss of entities accounted for using equity method

(29)

3

Foreign exchange losses (gains)

74

11

Decrease (increase) in notes and accounts receivable—trade

(5)

2,606

Decrease (increase) in inventories(1,471)

3,355

Increase (decrease) in notes and accounts payable—trade(1,461)(147)

Increase (decrease) in accounts payable—other

(136)

(117)

Increase (decrease) in provision for bonuses

107

232

Increase (decrease) in provision for directors' bonuses

194

(117)

2

3

Increase (decrease) in net defined benefit liability

147

168

Other

(47)

956

Subtotal

3,084

10,711

Increase (decrease) in provision for shareholder benefit program

Interest and dividend income received

317

124

Interest expenses paid

(115)

(191)

Income taxes paid

(2,668)(611)

Income taxes refunded

226

456

Cash flows from operating activities

843

10,490Cash flows from investing activities
Purchase of property, plant and equipment(1,455)(589)

Purchase of intangible assets
Purchase of shares of subsidiaries resulting in change inscope of consolidation
Purchase of shares of affiliates

(88)

(473)

–

(6,262)–(221)

Expenditures due to payment for guarantee deposits

(72)

(32)

Proceeds from refunds of guarantee deposits

261

77

Payments of loans receivable

(138)

–

Net decrease (increase) in time deposits(268)(1,488)

Other

(70)

(11)

(1,832)(9,002)203

490

Proceeds from long-term borrowings

13,00014,106

Repayments of long-term borrowings(159)(1,452)

Cash flows from investing activities
Cash flows from financing activities
Net increase (decrease) in short-term loans payable

Repayments of finance lease obligations

(208)

(270)

(1,363)

(789)

–

(0)

11,472

12,085(156)(1,476)

Net increase (decrease) in cash and cash equivalents

10,327

12,096

Cash and cash equivalents at beginning of period

28,516

38,844

Cash and cash equivalents at end of period

38,84450,941

Cash dividends paid
Other
Cash flows from financing activities
Effect of exchange rate change on cash and cash equivalents- 12 -

Nishimoto Co., Ltd. - Consolidated Financial Results for the Fiscal Year Ended December 31, 2020

(5) Notes to the consolidated financial statements(Notes to assumption of going concern)
No relevant items.
(Additional information)
Accounting estimate associated with the novel coronavirus pandemic
The current consolidated fiscal year was a very difficult year in which economic activities were restricted worldwide due to thenovel coronavirus infection spread and infection prevention responses, such as emergency declarations and lockdowns.
Whereas the economy appeared to recover temporarily due to the stepwise relaxation of various regulations, corporate
business, especially in the tourism, restaurant and airline industries, has been significantly impacted particularly by reinstatedrestrictions on going out, mainly in Europe and the U.S., due to the infection spreading again.
As the economic outlook is highly uncertain and consumer spending is also stagnant, it is expected to take a certain amount oftime before economic activity returns to the level of the pre-pandemic era.
Under these circumstances, the Company Group determines the amount of allowance for doubtful accounts for the current
consolidated fiscal year according to the recoverability of the debt, taking into account the status of the debt being collected
and circumstances of major customers.
In the current consolidated fiscal year, the Company Group recorded a valuation loss on inventories for those items for which
declines in profitability are expected by estimating their future salability in consideration of the worsening market
environment.
In determining the recoverability of deferred tax assets, we have made an accounting estimate on the assumption that theeconomic situation will slowly recover and normalize by the end of 2021.
It is uncertain when the novel coronavirus infection will cease and, if its impact lasts and the aforesaid assumption no longer
holds, our future financial status and business performance may be affected.

(Segment information)
1.

Overview of reporting segments
A reporting segments of the Company Group is one of the structural units of the Company Group, in which segregatedfinancial information is available, and is subject to review on a regular basis so that the Board of Directors could determine theallocation of management resources and evaluate the operating results.
The Company Group has a holding company structure, in which the Company is the holding company. The Company
formulates the Group's business strategies and performs general management and the subsidiaries conduct business activities.
The Company Group consists of business segments that are classified, in consideration of similarities in economic
characteristics, etc., into one of three reportable segments: the Asian Food Global Business, the Agricultural & Seafood
Products Trading Business, and the Other business.
The details of services that are included in each reporting segment are as follows:
Segment

Asian Food Global Business
Agricultural & Seafood Products
Trading Business
Other business

2.

Major products or business details
Wholesaling and distribution business of Asian food products and ingredients with afocus on Japanese food around the world, etc.
Import and wholesaling of perishable and frozen processed fruits and vegetables, marine
products, etc. to wholesale markets, volume sellers, restaurants, home-meal replacement
industry, food manufacturers, etc. in Japan, export of domestically produced vegetables
and fruits, triangular trade, and so forth.
Original product sales business using foreign brand foods and characters, sales ofsupplements, catalog mail order business, etc.

Method of calculation of the amount of sales, profit or loss, assets, liabilities and other items for each reporting segment
The accounting treatment for the reported business segments is basically the same as that adopted in the preparation of theconsolidated financial statements.
The profit of the reporting segment is a figure on an operating income basis. The amount of intersegment sales and transfers
are based on market prices.

- 13 -

Nishimoto Co., Ltd. - Consolidated Financial Results for the Fiscal Year Ended December 31, 2020

3.

Information on the amount of sales, profit or loss, assets, liabilities and other items for each reporting segment

Previous consolidated fiscal year (from January 1, 2019 to December 31, 2019)(Millions of yen)
Reporting segment
Agricultural &Asian Food
Seafood Products Other business
Global BusinessTrading Business

Total

Adjustment(Note 1)

Amount recorded on
the Consolidated
Financial Statements(Note 2)
182,603

Net sales
Sales to external customers

128,820

49,805

3,977

182,603–

Intersegment sales or transfers

8,382

32

–

8,415

(8,415)–

137,20349,837

3,977

191,019(8,415)

182,603

Total
Segment profit

4,108

765

173

5,048

(704)

4,343

Segment assets

59,466

9,077

1,849

70,393

26,19396,587

990

8

9

1,008

199

1,207

1,065

–

–

1,065

–

1,065

1,139

15

13

1,168

862

2,031

Other items
Depreciation
Investments in entities accounted forusing equity method
Increase in property, plant andequipment as well as intangible assets(Note) 1. Adjustments are as follows:(1) "Adjustment" for segment profit in the amount of (704) million yen includes (1,396) million yen for elimination ofintersegment transactions and 692 million yen for company profit/loss not allotted to reporting segments (net company
profits and net company expenses). Company profits consist mainly of dividend income from reporting segments, andcompany expenses mainly comprise general and administrative expenses not attributed to reporting segments.
(2) "Adjustment" for segment assets in the amount of 26,193 million yen includes 35,530 million yen for company assets
not allotted to reporting segments and so forth. The company-wide assets are mainly surplus funds (cash and deposits)
that are not attributable to any reporting segments.
(3) The depreciation adjustment of 199 million yen is mainly depreciation concerning company-wide assets.
(4) The adjustment of 862 million yen in relation to the increase in property, plant and equipment as well as intangible
assets is the increase in non-current assets concerning the company-wide assets.
2. Segment profit is adjusted with operating income in the consolidated financial statements.
Current consolidated fiscal year (from January 1, 2020 to December 31, 2020)(Millions of yen)
Reporting segment
Agricultural &Asian Food
Seafood Products Other business
Global BusinessTrading Business

Total

Adjustments(Note 1)

Amount recorded on
the Consolidated
Financial Statements(Note 2)
168,449

Net sales
Sales to external customers

116,870

47,931

3,646

168,449–

Intersegment sales or transfers

6,386

0

–

6,386

(6,386)–123,257

47,931

3,646

174,836(6,386)

168,449

Segment profits

1,807

683

133

2,625

(642)

1,982

Segment assets

78,053

8,463

1,544

88,061

25,545

113,606

1,172

10

7

1,189

311

1,501

198

–

–

198

–

198

886

34

7

928

419

1,348

Total

Other items
Depreciation
Investments in entities accounted forusing equity method
Increase in property, plant andequipment as well as intangible assets(Note) 1. Adjustments are as follows:(1) "Adjustment" for segment profit in the amount of (642) million yen includes (1,403) million yen for elimination ofintersegment transactions and 760 million yen company profit/loss not allotted to reporting segments (net company
profits and net company expenses). Company profits consist mainly of dividend income from reporting segments, andcompany expenses mainly comprise general and administrative expenses not attributed to reporting segments.
(2) "Adjustment" for segment assets in the amount of 25,545 million yen includes 39,320 million yen for company assets
not allotted to reporting segments and so forth. The company-wide assets are mainly surplus funds (cash and deposits)
that are not attributable to any reporting segments.
(3) The depreciation adjustment of 311 million yen is mainly depreciation concerning company-wide assets.
(4) The adjustment of 419 million yen in relation to the increase in property, plant and equipment as well as intangible
assets is the increase in non-current assets concerning the company-wide assets.
2. Segment profit is adjusted with operating income in the consolidated financial statements.

- 14 -

Nishimoto Co., Ltd. - Consolidated Financial Results for the Fiscal Year Ended December 31, 2020

[Related information]
Previous consolidated fiscal year (from January 1, 2019 to December 31, 2019)1.

Information on respective products and services
Similar information is disclosed in the "Segment information," and therefore descriptions are omitted.

2.

Information for each region(1) Net sales(Millions of yen)Japan

North America
57,762

Other

109,647

Total
15,193

182,603(Note) Of North America, 95,577 million yen is for the U.S.
(2) Property, plant and equipment(Millions of yen)Japan

North America
807

Other
1,909

Total
1,193

3,910

(Note) 1. Of North America, 1,850 million yen is for the U.S.
2. "Other" includes 957 million yen for the U.K.
3.

Information for major customers
With respect to net sales to external customers, there are no customers that accounts for 10% or more of the net sales on the
consolidated statement of income, and therefore descriptions are omitted.

Current consolidated fiscal year (from January 1, 2020 to December 31, 2020)
1.

Information on respective products and services
Similar information is disclosed in the "Segment information," and therefore descriptions are omitted.

2.

Information for each region(1) Net sales(Millions of yen)Japan

North America
54,193

Other
90,719

Total
23,535

168,449(Note) Of North America, 79,476 million yen is for the U.S.
(2) Property, plant and equipment(Millions of yen)Japan

North America
608

Other
1,936

Total
2,028

(Note) 1. Of North America, 1,496 million yen is for the U.S.
2. "Other" includes 898 million yen for the U.K. and 543 million yen for France.

- 15 -

4,573

Nishimoto Co., Ltd. - Consolidated Financial Results for the Fiscal Year Ended December 31, 2020

3.

Information for major customers
With respect to net sales to external customers, there are no customers that accounts for 10% or more of the net sales on the
consolidated statement of income, and therefore descriptions are omitted.
[Information regarding impairment losses on non-current assets for each reporting segment]
Previous consolidated fiscal year (from January 1, 2019 to December 31, 2019)(Millions of yen)
Asian Food Global
Business

Agricultural &Seafood Products
Trading Business

788–

Impairment loss

Company-wide/
Eliminations

Other business
–

Total
–

788

Current consolidated fiscal year (from January 1, 2020 to December 31, 2020)(Millions of yen)
Asian Food Global
Business

Agricultural &Seafood Products
Trading Business

199–

Impairment loss

Company-wide/
Eliminations

Other business
–

Total
–

199

[Information on amortization of goodwill and unamortized balance for each reporting segment]
Previous consolidated fiscal year (from January 1, 2019 to December 31, 2019)(Millions of yen)
Asian Food Global
Business

Agricultural &Seafood Products
Trading Business

73

–

–

–

73

–

–

–

–

–

Amortization forthe current period
Balance at end ofcurrent period

Company-wide/
Eliminations

Other business

Total

Current consolidated fiscal year (from January 1, 2020 to December 31, 2020)(Millions of yen)
Asian Food Global
Business

Agricultural &Seafood Products
Trading Business

247

–

–

–

247

4,187

–

–

–

4,187

Amortization forthe current period
Balance at end ofcurrent period

Company-wide/
Eliminations

Other business[Information on gain on bargain purchase for each reporting segment]
Previous consolidated fiscal year (from January 1, 2019 to December 31, 2019)
No relevant items.
Current consolidated fiscal year (from January 1, 2020 to December 31, 2020)
No relevant items.

- 16 -Total

Nishimoto Co., Ltd. - Consolidated Financial Results for the Fiscal Year Ended December 31, 2020

(Business combinations)
Business combination by acquisition
1.

Acquisition of shares of SSP Konsumgüter TRADE & CONSULT GmbHA consolidated subsidiary of the Company, NTC Wismettac Europe B.V. (hereafter "NTC EU"), acquired an additional 80%
stake of common shares in SSP Konsumgüter TRADE & CONSULT GmbH (hereafter "SSP"), an equity method affiliate, on
February 1, 2020. As a result, SSP became a consolidated subsidiary of NTC EU.
(1) Outline of business combination(i) Name of the acquired company and its business lines
Name of the acquired company: SSP Konsumgüter TRADE & CONSULT GmbHBusiness lines: Import and distribution business of Japanese and Asian food products and ingredients(ii) Main reasons for the business combination
One of the Company Group's growth strategies for the Asian Food Global Business is to "expand our business platform inregions outside of North America." Among those regions, Europe in particular is a market with great growth potential overthe medium to long term, not to mention in the near term, since the number of Japanese restaurants is growing, and in
addition, Asian foods and ingredients, mainly Japanese foods, are being used in various distribution routes there. SSP is an
import and wholesale company of Asian foods and ingredients with a focus on Japanese food. It has a long history ofbusiness activities in Europe, mainly in Germany, for about 30 years since its establishment in 1990, and it maintains
strong customer relationships with many local companies and restaurants.
SSP and the Company Group have had close business ties for many years, with the Company acquiring a 20% stake in
SSP in 2017. After that, through a collaboration for sales and product supply in the region, SSP's value in our Europe
Strategy was confirmed, and an agreement was reached with SSP's management on the acquisition. Consolidating SSP
into the Group will also enable us to further increase our market share in Germany, and we expect SSP's collaboration
with our sites in Europe and our business development into Eastern Europe and Russia.
In light of these factors, we have determined that the acquisition of additional shares of SSP will greatly contribute toincreasing the Company Group's corporate value.
(iii) Date of business combination
February 1, 2020(iv) Legal form of the business combination
Through acquisition of shares for cash consideration(v) Name of the controlling entity after the business combination
The name remains unchanged.
(vi) Percentage share of voting rights acquired
Percentage share of voting rights owned before the business combination: 20%
Percentage share of voting rights additionally acquired at the date of business combination: 80%
Percentage share of voting rights after the acquisition: 100%(vii) Main reason for deciding to acquire the company
As the Company Group acquired shares of SSP for cash.
(2)

Period of the financial results of the acquired entity included in the consolidated financial statements
From January 1, 2020 to December 31, 2020

(3)

Acquisition cost of the acquired company and breakdownMarket value of equity held before business combination as of the businesscombination date

584 million yen

Cash expended for additional acquisition

2,339 million yen

Acquisition cost

2,924 million yen(4)

Difference between the acquisition cost for the acquired company and the total sum of acquisition costs of each transaction
for acquisition
Gain on step acquisitions: 324 million yen- 17 -

Nishimoto Co., Ltd. - Consolidated Financial Results for the Fiscal Year Ended December 31, 2020

(5)

Major acquisition-related costs and their amounts
Remuneration, fees, etc., to advisors: 1 million yen(6)

Goodwill, reason for recognizing goodwill, amortization method and amortization period(i) The amount of goodwill that occurred
1,924 million yen(ii) The cause of occurrence
The occurrence reflects future excess earnings power that is expected to be created by future business developments andsynergies between the Company Group and the acquired company.
(iii) The amortization method and the amortization period
Straight-line amortization over 15 years(7)

Amounts of assets and liabilities acquired on the day of the business combination and breakdown

Current assets

958 million yen

Non-current assets

303

Total assets

1,261

Current liabilities

409

Non-current liabilities

840

Total liabilities(8)

Amounts allocated to intangible assets other than goodwill and amortization period
Type

Customer-related assets

2.

1,250

AmountAmortization period

1,404 million yen

13 years

Acquisition of shares of COMPTOIRS DES 3 CAPS
A consolidate subsidiary of the Company, NTC EU, acquired an additional 70% stake of common shares in COMPTOIRS DES
3 CAPS (hereinafter referred to as "C3C"), an equity method affiliate, on July 1, 2020. As a result, C3C became a consolidated
subsidiary of NTC EU.
(1) Outline of business combination(i) Name of the acquired company and its business lines
Name of the acquired company: COMPTOIRS DES 3 CAPS
Business lines:
Importing, processing and wholesaling of tuna and salmon (four of the Group's
companies)(ii) Main reasons for the business combination
NTC EU is importing and wholesaling Japanese foods, mainly in the Netherlands. It has decided to acquire an additional
70% of C3C, a French corporation which is an equity method affiliate of our Company and 20% of whose shares are held
by NTC EU. C3C is the holding company for three subsidiaries, so NTC EU has a total of four group companies as
consolidated subsidiaries. An absorption-type merger in which COMPTOIRS OCEANIQUES is the surviving entity and
CAP CAVALLY is the disappearing entity was carried out on December 31, 2020.
One of the Company Group's growth strategies for the Asian Food Global Business is to "expand our business platform inregions outside of North America." As Europe is a market with great growth potential over the medium to long term,
before this transaction NTC EU acquired the equity method affiliate, SSP as a wholly owned subsidiary in February 2020
by additionally acquiring 80% of its shares.
This acquisition of shares by NTC EU enables us to group business units in three key countries in Europe, these being,
Wismettac Harro Foods Limited in the U.K., SSP in Germany and (through this acquisition) C3C in France in order toestablish a business base in Europe for the Asian Food Global Business, with a focus on Japanese foods.

- 18 -

Nishimoto Co., Ltd. - Consolidated Financial Results for the Fiscal Year Ended December 31, 2020(iii) Date of business combination
July 1, 2020(iv) Legal form of the business combination
Through acquisition of shares for cash consideration(v) Name of the controlling entity after the business combination
The name remains unchanged.
(vi) Percentage share of voting rights acquired
Percentage share of voting rights owned before the business combination:

20%

Percentage share of voting rights additionally acquired at the date of business combination:

70%

Percentage share of voting rights after the acquisition:90%(vii) Main reason for deciding to acquire the company
As the Company Group acquired shares of C3C for cash
(2)

Period of the financial results of the acquired entity included in the consolidated financial statements
From July 1, 2020 to December 31, 2020

(3)

Acquisition cost of the acquired company and breakdownMarket value of equity held before business combination as of the businesscombination date

1,236 million yen

Cash expended for additional acquisition

4,326 million yen

Acquisition cost

5,562 million yen(4)

Difference between the acquisition cost for the acquired company and the total sum of acquisition costs of each transaction
for acquisition
Gain on step acquisitions: 454 million yen(5)

Major acquisition-related costs and their amounts
Remuneration, fees, etc., to advisors: 11 million yen(6)

Goodwill, reason for recognizing goodwill, amortization method and amortization period(i) The amount of goodwill that occurred
2,335 million yen(ii) The cause of occurrence
The occurrence reflects future excess earnings power that is expected to be created by future business developments andsynergies between the Company Group and the acquired company.
(iii) The amortization method and the amortization period
Straight-line amortization over 10 years(7)

Amounts of assets and liabilities acquired on the day of the business combination and breakdown

Current assets

4,173 million yen

Non-current assets

595

Total assets

4,768

Current liabilities

1,274

Non-current liabilities

1,731

Total liabilities

3,005

(8)

Amounts allocated to intangible assets other than goodwill and amortization period
Type

AmountAmortization period

Customer-related assets

2,531 million yen

11 years- 19 -

Nishimoto Co., Ltd. - Consolidated Financial Results for the Fiscal Year Ended December 31, 2020

(9) Approximate amount and calculation method of impact on consolidated statements of income for the current consolidated
fiscal year calculated as if the business combinations had been completed at the beginning of the consolidated fiscal year
Net sales

5,348 million yen

Operating income

237

Ordinary income

235

Profit before income taxes

235

Profit attributable to owners of parent

143

Net income per share

9.96 yen(Calculation method of approximate amount)
The approximate amount of the impact was calculated as the difference between the amount of net sales and profit and loss
information calculated as if the business combination had been completed at the beginning of the current consolidated fiscal
year and the amount of net sales and profit and loss information stated in the consolidated statements of income of theacquiring entity.
It should also be noted that this note has not been audited.
(Per share information)
FY 2019(January 1, 2019 to December 31, 2019)

FY 2020(January 1, 2020 to December 31, 2020)

Net assets per share

3,646.41 yen

3,515.28 yen

Net income per share

173.71 yen

70.80 yen

(Note) 1.
2.

A description of diluted net income per share is omitted as there are no diluted shares.
The basis for calculating net income per share is as follows:

Profit attributable to owners of parent (million yen)Amount not attributable to common shareholders (million yen)
Profit attributable to owners of parent concerning common shares(million yen)
Average number of common shares during the period (shares)(Significant subsequent events)
No relevant items.

- 20 -FY 2019(January 1, 2019 to
December 31, 2019)

FY 2020(January 1, 2020 to
December 31, 2020)

2,493

1,016

–

–

2,493

1,016

14,353,028

14,353,028