SUMMARY OF CONSOLIDATED FINANCIAL STATEMENTS
FOR THE FIRST QUARTER OF THE FISCAL YEAR ENDING NOVEMBER 30, 2015
[JAPAN GAAP]
April 2, 2015
Listed company name:
Listed exchange:
Securities code:
URL:
Representative:
Contact:

Kewpie Corporation
Tokyo Stock Exchange2809
http://www.kewpie.co.jp/english/
Minesaburo Miyake, President and Representative Director
Masato Shinohara,
Officer and General Manager of Operation Promote Department
Scheduled date for filing quarterly securities report: April 14, 2015
Scheduled date for dividend payment: Quarterly supplementary data: Yes
Quarterly results briefing: None
(Amounts are rounded down to the nearest million yen.)

1. Consolidated business results for the first quarter of the fiscal year ending November 30, 2015
(From December 1, 2014 to February 28, 2015)(1) Consolidated operating results (Cumulative)(Percentage figures show changes from the same period of the previous year.)Net sales
Three months ended
February 28, 2015
Three months ended
February 28, 2014

Operating income

Ordinary income

Net income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

135,580

3.1

5,458

53.4

5,564

48.5

5,084

147.8

131,479

5.2

3,559

(8.8)

3,746

(13.0)

2,052(10.0)(Note) Comprehensive income: Three months ended February 28, 2015
Three months ended February 28, 2014

Net income
per share

Net income
per share - diluted
Yen

Three months ended
February 28, 2015
Three months ended
February 28, 2014

\8,240 million (Increase of 178.5%)\2,959 million (Decrease of 41.6%)

Yen

33.49

-

13.71

-

(2) Consolidated financial position
Total assets
As of February 28, 2015
As of November 30, 2014
(Reference) Shareholders' equity:

Net assets

Equity ratio

Millions of yen

Millions of yen%

358,949
356,994

230,211220,397

55.8
54.6

As of February 28, 2015
As of November 30, 2014

\200,128 million\195,051 million

2. Dividends
Annual dividend per share
End of 1stquarter

End of 2ndquarter
Yen

Fiscal year 2014
Fiscal year 2015
Fiscal year 2015 (Forecast)-End of 3rdquarter

Yen

Yen

Year-end

Total
Yen

Yen

11.50

-

11.50

23.00

12.50

-

13.50

26.00

(Note) Revision to the most recently announced forecast of dividends: None
The year-end dividend for fiscal year 2015 (forecast) includes a dividend of \1 to commemorate the 90th
anniversary of launching mayonnaise.

3. Forecasts of consolidated operating results for the fiscal year ending November 30, 2015
(From December 1, 2014 to November 30, 2015)(Percentage figures show changes from the same period of the previous year.)Net sales

Operating income

Millions of yen%

Six months ending
May 31, 2015

281,000

Year ending
November 30, 2015

573,000

Millions of yen

Ordinary income%

Millions of yen%

2.9

12,300 10.8

12,5003.5

25,50026,2004.8

Net income
per share

Net income
Millions of yen

%

Yen

7.7

8,400 36.1

55.33

3.3

15,300 14.5

100.78(Note) Revision to the most recently announced forecast of consolidated operating results: None

*Notes(1) Changes in significant subsidiaries during the three months (Changes in specified subsidiaries
resulting in the change in the scope of consolidation): None
(2) Application of special accounting treatments for the preparation of quarterly consolidated financial
statements: None
(3) Changes in accounting policies and estimates, and restatementsa) Changes in accounting policies due to revision of accounting standards: Yesb) Changes in accounting policies due to reasons other than "a)" (above): Nonec) Changes in accounting estimates: Noned) Restatements: None
(4) Number of issued shares (common stock)a) Number of issued shares at the end of the period (including treasury stock):February 28, 2015
153,000,000 shares
November 30, 2014
153,000,000 sharesb) Number of shares of treasury stock at the end of the period:
February 28, 2015
1,229,754 shares
November 30, 2014
1,132,849 sharesc) Average number of shares during the period:
December 1, 2014 to February 28, 2015
151,816,279 shares
December 1, 2013 to February 28, 2014
149,710,593 shares*Status of implementation of quarterly review proceduresThis summary of consolidated financial statements is outside the scope of the quarterly review procedures basedon the Financial Instruments and Exchange Act. As of the time of its disclosure, review procedures for quarterly
consolidated financial statements based on the Financial Instruments and Exchange Act are still in process of
being implemented.

*Statement for an appropriate usage of the forecasts of operating results and other special notes
The forecasts and other forward looking statements contained in this summary are based on the information
currently available to the Company and certain assumptions considered reasonable by the Company. Therefore,
they are not guaranteed to be achieved by the Company. As a result, the forecasts of operating results may differ
significantly from the actual operating results due to various factors.

Table of contentsl. Quarterly consolidated financial statements ……………………………………………………………………

2

1. Quarterly Consolidated Balance Sheets ……………………………………………………………………

2

2. Quarterly Consolidated Statements of Income
and Quarterly Consolidated Statements of Comprehensive Income ……………………………………

4(Quarterly Consolidated Statements of Income)(Three months ended February 28, 2014 and 2015) ………………………………………………………

4(Quarterly Consolidated Statements of Comprehensive Income)(Three months ended February 28, 2014 and 2015) ………………………………………………………

5

3. Quarterly Consolidated Statements of Cash Flows ………………………………………………………

6

4. Notes regarding quarterly consolidated financial statements ...…………………………………………

7(Notes regarding assumption of a going concern) …………………………………………………………

7(Notes regarding the significant changes in the amount of shareholders' equity) ……………………

7(Segment information) ………………………………………………………………………………………

7(Business Combination) ………………………………………………………………………………………

9(Significant Subsequent Events) ……………………………………………………………………………

11

ll. Supplementary data ……………………………………………………………………………………………… 12
1. Summary of net sales and operating income and factors behind changes in operating income ...…

12

2. Capital investments and main components of selling, general and administrative expenses ………

14

3. Domestic sales volume and amount of salads condiments by category type (Kewpie Corporation) … 15
4. Summary of net sales and operating income in overseas operations …………………………………

15

5. Summary of and principal items of changes
in non-operating income (expenses) and extraordinary gains (losses) ………………………………… 15
6. Summary of and principal items of changes in balance sheets ………………………………………… 16
7. Summary of and principal items of changes in cash flows ………………………………………………

116

l. Quarterly consolidated financial statements
1. Quarterly Consolidated Balance Sheets(Millions of yen)

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Securities
Purchased goods and products
Work in process
Raw materials and supplies
Other
Allowances for doubtful accounts
Total current assets
Fixed assets
Tangible fixed assets
Buildings and structures
Accumulated depreciation
Net book value
Machinery, equipment and vehicles
Accumulated depreciation
Net book value
Land
Construction in progress
Other
Accumulated depreciation
Net book value
Total tangible fixed assets
Intangible fixed assets
Goodwill
Other
Total intangible fixed assets
Investments and other assets
Investment securities
Assets for retirement benefits
Other
Allowances for doubtful accounts
Total investments and other assets
Total fixed assets
Total assets

2

Previous fiscal year
(As of November 30, 2014)

Current first quarter(As of February 28, 2015)

34,81581,49810,00014,811
1,142
6,995
5,533
(203)
154,593

24,87375,992
10,00016,7491,323
8,024
10,344(222)
147,086

151,166(86,759)
64,406142,058(113,659)
28,39946,1097,144
19,468(11,977)
7,491
153,550

158,108(91,277)
66,831
147,821(117,181)
30,64047,4689,201
20,404(12,934)
7,469
161,611

183
3,204
3,388

1,951
3,223
5,174

26,568
8,207
11,226(540)
45,462
202,401
356,994

25,606
8,358
11,647(536)
45,076211,862
358,949

(Millions of yen)

Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term loans payable
Accrued income taxes
Reserves
Other
Total current liabilities
Non-current liabilities
Bonds
Long-term loans payable
Liabilities for retirement benefits
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Paid-in capital
Capital surplus
Earned surplus
Treasury stock
Total shareholders' equity
Accumulated other comprehensive income
Unrealized holding gains (losses) on securities
Unrealized gains (losses) on hedges
Foreign currency translation adjustments
Accumulated adjustments for retirement benefits
Total accumulated other comprehensive income
Minority interests
Total net assets
Total liabilities and net assets

3

Previous fiscal year
(As of November 30, 2014)

Current first quarter(As of February 28, 2015)

53,775
7,859
5,278
2,129
37,054106,097

50,805
11,022
2,069
4,913
28,30097,111

10,000
6,632
2,581
653
10,63230,499136,596

10,000
6,700
3,223
706
10,99531,626
128,738

24,10430,309142,489(1,150)195,752

24,10430,302
145,507(1,409)198,505

5,902
4(1,234)(5,373)(701)
25,346220,397356,994

6,945
(9)
(24)
(5,287)
1,622
30,083
230,211
358,949

2. Quarterly Consolidated Statements of Income
and Quarterly Consolidated Statements of Comprehensive Income(Quarterly Consolidated Statements of Income)(Three months ended February 28, 2014 and 2015)(Millions of yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividends income
Equity in earnings of affiliates
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Losses on valuation of derivatives
Equity in losses of affiliates
Other
Total non-operating expenses
Ordinary income
Extraordinary gains
Gains on change in equity
Gains on step acquisitions
Gains on negative goodwill
Gains on sales of fixed assets
Gains on sales of shares of subsidiaries and affiliates
Other
Total extraordinary gains
Extraordinary losses
Losses on disposal of fixed assets
Other
Total extraordinary losses
Income before income taxes and minority interests
Income taxes
Income before minority interests
Minority interests
Net income

4

Previous first quarter(From December 1, 2013
to February 28, 2014)

Current first quarter(From December 1, 2014
to February 28, 2015)

131,479
102,149
29,32925,7693,559

135,580
102,180
33,40027,941
5,458

51
114
5
180
351

34
140
29
148
353

67
1
2
92
164
3,746

78
70
98
247
5,564

20
198
41
261

1,118
830
99
27
91
2,167

188
15
203
3,803
1,324
2,478
426
2,052

204
0
205
7,526
1,984
5,542
457
5,084

(Quarterly Consolidated Statements of Comprehensive Income)(Three months ended February 28, 2014 and 2015)(Millions of yen)

Income before minority interests
Other comprehensive income
Unrealized holding gains (losses) on securities
Unrealized gains (losses) on hedges
Foreign currency translation adjustments
Adjustments for retirement benefits
Share of other comprehensive income of affiliates
accounted for using equity method
Total other comprehensive income
Comprehensive income(Breakdown)Comprehensive income attributable to owners of theparentComprehensive income attributable to minority interests

5

Previous first quarter(From December 1, 2013
to February 28, 2014)

Current first quarter(From December 1, 2014
to February 28, 2015)

2,478

5,542

(366)
(5)
852
-

1,094
(14)
1,545
73

0
480
2,959

2,697
8,240

2,354
605

7,408
831

3. Quarterly Consolidated Statements of Cash Flows(Millions of yen)

Cash flows from operating activities
Income before income taxes and minority interests
Depreciation and amortization
Equity in losses (earnings) of affiliates
Losses (gains) on valuation of investment securities
Increase (decrease) in reserves
Gains on negative goodwill
Losses (gains) on step acquisitions
Losses (gains) on change in equity
Increase (decrease) in liabilities for retirement benefits
Decrease (increase) in assets for retirement benefits
Decrease (increase) in prepaid pension costs
Interest and dividends income
Interest expenses
Losses (gains) on sales and disposal of fixed assets
Decrease (increase) in notes and accounts receivable - trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable - trade
Other
Sub-totalInterest and dividends income received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchases of securities
Purchases of tangible fixed assets
Purchases of intangible fixed assets
Proceeds from acquisition of subsidiaries' shares resulting
in change in scope of consolidation
Purchases of investment securities
Purchases of shares of subsidiaries and affiliates
Proceeds from sales of subsidiaries' shares
Payments of loans receivableCollection of loans receivable
Payments into time deposits
Proceeds from withdrawal of time deposits
Other
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Cash dividends paid
Cash dividends paid to minority shareholders
Repurchase of shares
Purchase of treasury shares of subsidiaries
Other
Net cash provided by (used in) financing activities
Effects of exchange rate changes on cash and cash equivalents
Increase (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period

6

Previous first quarter(From December 1, 2013
to February 28, 2014)

Current first quarter(From December 1, 2014
to February 28, 2015)

3,803
3,677
2
2
2,638
(104)
(165)
67
170
10,694(2,039)(6,537)(9,106)
3,103
193
(87)
(3,086)
122

7,526
4,226
(29)
2,629
(99)
(830)
(1,118)
(286)
(198)
(175)
78
177
9,523
(1,954)(6,343)(7,796)
5,328
179
(97)
(5,471)(61)(5,000)(7,885)(79)(5,000)(9,015)
(156)

-

44

(6)
(2,184)
432
(28)
41
21
(14,688)

(16)
(5)
328
(92)
22
(182)
(14,073)

1,463
(174)
(1,647)
(337)
(1)
(307)
(1,004)250(15,320)
43,96328,642

1,560
301
(329)
(1,745)
(260)
(72)
(347)
(398)
(1,291)411(15,015)
44,78829,773

4. Notes regarding quarterly consolidated financial statements(Notes regarding assumption of a going concern)
Not applicable.
(Notes regarding the significant changes in the amount of shareholders' equity)
Not applicable.
(Segment information)
I. Previous first quarter (From December 1, 2013 to February 28, 2014)
1. Information on amounts of net sales and profit or loss by reported segment

Condiments
products

Egg
products

Delicatessen
products

Processed
foods

Fine
chemicalproducts

Distribution
system

35,881

24,08624,211

13,6332,313

30,017

1,335 131,479

1,515

1,643

105

486

70

5,747

2,272

Total

37,39625,73024,316

14,1192,384

35,764

3,608 143,320

Segment profit(loss)

2,261

(65)

369

(88)

217

603

Net sales
Net sales
to outside
customers
Intersegment
net salesor transfers

Commonbusiness
operations

259

Total

Adjustments(Millions of yen)Amount reported
on the quarterly
consolidated
statements ofincome(Note)-

131,479

11,841 (11,841)

-

3,557

(11,841)

131,4791

3,559(Note) Adjustments are made between "Segment profit (loss)" and "Operating income" reported on the quarterly consolidated
statements of income.

2. Information on losses on impairment of fixed assets or goodwill, etc. by reported segment(Significant losses on impairment of fixed assets)
Not applicable.
(Significant changes in amount of goodwill)
Not applicable.
(Significant gains on negative goodwill)
Not applicable.

7II. Current first quarter (From December 1, 2014 to February 28, 2015)
1. Information on amounts of net sales and profit or loss by reported segment

Condiments
products

Egg
products

Delicatessen
products

Processed
foods

Fine
chemicalproducts

Distribution
system36,623

24,61325,14914,071

2,424

31,1991,499 135,580

1,623

1,442

88

642

76

5,899

2,291

Total

38,246

26,05525,237

14,7132,500

37,0993,791 147,643

Segment profit(loss)

2,600

1,477

285

(188)

21

988

Net sales
Net sales
to outside
customers
Intersegment
net salesor transfers

Commonbusiness
operations

270

Total

Adjustments(Millions of yen)Amount reported
on the quarterly
consolidated
statements ofincome(Note)-

135,580

12,063 (12,063)

-

5,456

(12,063)

135,58015,458(Note) Adjustments are made between "Segment profit (loss)" and "Operating income" reported on the quarterly consolidated
statements of income.

2. Information on losses on impairment of fixed assets or goodwill, etc. by reported segment(Significant losses on impairment of fixed assets)
Not applicable.
(Significant changes in amount of goodwill)In the first quarter ended February 28, 2015, the Company recorded goodwill of ¥1,823 million in the“Processed foods” segment due to adding Aohata Corporation to its consolidated subsidiaries.
(Significant gains on negative goodwill)
Not applicable.

8

(Business Combination)
Making a company a consolidated subsidiary by company split
The Company and Aohata Corporation (“Aohata”) concluded an absorption-type company split
agreement on December 24, 2013, under which Aohata would be the successor company of thebusiness of selling bread-related products such as jams, whipped cream and spread, by a company
split (the “Company Split”), and it became effective on December 1, 2014. As a result of the Company
Split, the Company came to own 45.64% of Aohata’s issued shares and Aohata became aconsolidated subsidiary of the Company because it came to be under the substantial control of theCompany.
1. Outline of the Company Split(1) Name and description of business of the acquired company
A. Name
Aohata Corporation
B. Description of business
Production and sale of jams
(2) Primary reasons for carrying out the Company Split
The Company conducted the Company Split because this would enable Aohata to operate bothmanufacturing and selling businesses, which would promote its prompt decision-making, uniqueselling system and rapid product development in consideration of diversifying customer needs andchanging preferences. It would also enable the Processed foods business of the Company as awhole to improve market competitiveness. Both companies agreed to the idea that making Aohata aconsolidated subsidiary would contribute to the further growth and development of them and to theenhancement of corporate value, because it would lead to many positive changes, such as thefurther active utilization of each other’s management know-how as to endless promotion of therationalization, integration of both companies’ sales channels in and outside of Japan,
enhancement of partnership between them in processing fruits, strengthening the Processed foods
business and improving profitability of the Company, and strengthening the management base of
Aohata through further utilizing the management resources of the Company more than ever.
(3) Effective date of the Company Split
December 1, 2014
(4) Legal form of the Company Split
Absorption-type company split in which the Company became the transferring company and Aohata
became the successor company in exchange for shares(5) Percentages of voting rights owned immediately before the date of the Company Split, additionallyacquired on the date of the Company Split, and owned after the acquisition
A. Percentage of voting rights owned immediately before the date of the Company Split 36.24 %B. Percentage of voting rights additionally acquired on the date of the Company Split
9.40 %
C. Percentage of voting rights owned after the acquisition
45.64 %
(6) Primary basis for determining the acquiring company
The Company was determined as the acquiring company because, as a result of the Company Split,
the Company came to own 45.64% of Aohata’s total voting rights and Aohata came to be under thesubstantial control of the Company.
2. Period of business results of the acquired company included in the quarterly consolidated
financial statements
From November 1, 2014 to January 31, 20159

3. Calculation of the cost of acquisition of the acquired company
Cost of acquisition of the acquired company and breakdown of the costMarket value of the common stock held by the Company immediately before
the date of the Company Split
Market value of the common stock additionally acquired by the Company
on the date of the Company Split
Cost of acquisition¥4,229 million¥2,020 million¥6,250 million

4. Difference between the cost of acquisition of the acquired company and the total cost of acquisitionof individual transactions leading to the acquisition
Gains on step acquisitions: ¥830 million
5. Amount of goodwill recognized, reason for recognition of goodwill and method andperiod for amortization(1) Amount of goodwill recognized¥1,823 million(2) Reason for recognition
Recognized from future excess earning power expected from future business operations.
(3) Method and period for amortization
Amortized by the straight-line method over 10 years.
6. Amounts and primary components of assets acquired and liabilities assumed as of the date of
the Company Split
Current assets¥8,800 million
Fixed assets¥5,184 million
Total assets¥13,984 million
Current liabilities
Non-current liabilities
Total liabilities¥5,093 million¥546 million¥5,640 million

7. Outline of the accounting treatment implemented and the impact of the Company Spliton the consolidated statement of income
In the Company Split, the Company became the transferring company and Aohata became thesuccessor company. However, as Aohata has become the Company’s subsidiary, the Company
Split is a reverse acquisition that positions the Company as the acquiring company and Aohata as
the acquired company based on the “Accounting Standard for Business Combinations” (ASBJ
Statement No. 21 of December 26, 2008) and the “Guidance on Accounting Standard for Business
Combinations and Accounting Standard for Business Divestitures” (ASBJ Guidance No. 10 ofDecember 26, 2008.)
As a result of the accounting treatment for preparing the consolidated financial statements
implemented due to the Company Split, in the three months ended February 28, 2015, theCompany recognized ¥1,118 million of gains on change in equity related to the business subject to
the Company Split as extraordinary gains.
8. Reported segment that included divested business
Processed foods segment

10(Significant Subsequent Events)
Establishment of a significant subsidiary
The Company resolved at a meeting of the Board of Directors held on March 24, 2015 to establish a
subsidiary in the People’s Republic of China.
(1) Purpose of the establishment
The establishment is expected to lead to the further growth of the Company’s China business andcontribute to developing new businesses.
(2) Outline of the company to be established
A. Trade name
Nantong Kewpie Foods Co., Ltd. (temporary name)
B. Description of business
Production and sales of foods
C. Paid-in capital
Approximately RMB 180 million(3) Date of the establishment
June 2015 (planned)(4) Equity ownership after acquisition
Kewpie Corporation 100% (planned)

11ll. Supplementary data
(Notes) 1. Fraction errors may occur due to rounding figures less than 100 million.
2. The forecast information in this supplementary data is reported based on available information as of the date hereof
and assumptions on uncertain factors which may have an effect on the future operating results. It could differ
significantly from the actual operating results due to various factors.

1. Summary of net sales and operating income and factors behind changes in operating income<Net sales>(Billions of yen)Segment

1stquarter

2ndquarter

2nd quarter(Cumulative)

3rdquarter

3rd quarter(Cumulative)

4th
quarter

Condiments products
33.1
38.6
71.7
37.8
109.5
35.9
Egg products
22.2
66.3
21.8
22.3
44.1
24.8
Delicatessen products
22.7
24.4
47.2
26.1
73.3
24.7
Fiscal
Processed foods
13.8
15.4
29.1
14.8
43.9
14.5
Year
Fine chemical products
2.3
6.8
2.9
2.3
2.2
4.5
2013
Distribution system
28.4
29.9
58.4
31.1
89.5
30.9
Common business operations
2.8
1.7
4.5
1.4
5.9
1.7
Total
135.4
124.9
134.5
259.5
135.7
395.1
Condiments products
35.9
40.2
76.1
38.6
114.7
36.7
Egg products
24.1
25.3
49.4
24.0
73.4
26.1
Delicatessen products
24.2
25.5
49.7
26.8
76.5
25.7
Fiscal
Processed foods
13.6
15.0
28.6
14.1
42.7
14.5
Year
2014
Fine chemical products
3.2
2.3
2.8
5.1
2.3
7.5
(A)
Distribution system
30.0
31.2
61.2
32.7
93.9
32.9
Common business operations
1.4
1.3
1.5
2.8
1.3
4.1
Total
131.5
141.5
273.0
139.8
412.8
140.6
Condiments products
36.6
Egg products
24.6
Delicatessen products
25.1
Fiscal
Processed foods
14.1
Year
2015
Fine chemical products
2.4(B)
Distribution system
31.2
Common business operations
1.5
Total
135.6
Condiments products
0.7
Egg products
0.5
Delicatessen products
0.9
0.4
Change Processed foods(B) - (A) Fine chemical products
0.1
Distribution system
1.2
Common business operations
0.2
Total
4.1
(Notes) 1. Figures of "Year" in Fiscal Year 2015 indicate planned figures disclosed on January 8, 2015.
2. Figures of "2nd quarter" are differences between "2nd quarter (Cumulative)" and "1st quarter."
3. Figures of "3rd quarter" are differences between "3rd quarter (Cumulative)" and "2nd quarter (Cumulative)."
4. Figures of "4th quarter" are differences between "Year" and "3rd quarter (Cumulative)."

12

Year

145.4
91.2
98.0
58.4
9.7
120.3
7.6
530.5
151.5
99.5
102.2
57.2
10.7
126.8
5.5
553.4
158.5
98.0
107.0
63.0
13.5
127.0
6.0
573.0
7.0
(1.5)
4.8
5.8
2.8
0.2
0.5
19.6

<Operating income>(Billions of yen)Segment

1stquarter

2ndquarter

2nd quarter(Cumulative)

3rdquarter

3rd quarter(Cumulative)

4th
quarter

Condiments products
2.3
4.0
6.3
2.9
9.2
2.3
Egg products
0.6
1.1
1.8
1.1
2.9
0.5
Delicatessen products
0.4
1.0
1.4
1.3
2.7
0.7
Fiscal
Processed foods
(0.4)
(0.4)
(0.0)
(0.4)
(0.1)
(0.5)
Year
Fine chemical products
0.3
0.2
0.5
0.1
0.6
0.3
2013
Distribution system
0.8
0.3
1.1
1.3
1.0
2.4
Common business operations
0.3
0.3
0.6
0.2
0.8
(0.0)
Total
4.3
3.9
7.6
11.5
6.6
18.1
Condiments products
2.3
3.6
5.9
3.3
9.1
2.4
Egg products
(0.1)
1.1
1.0
1.5
2.5
1.3
Delicatessen
products
0.4
1.1
1.5
1.1
2.6
0.7
Fiscal
Processed foods
(0.1)
0.2
0.2
0.1
0.3
(0.1)
Year
2014
Fine chemical products
0.4
0.2
0.3
0.5
0.1
0.6
(A)
Distribution system
0.6
0.9
1.5
1.0
2.5
1.1
Common business operations
0.2
0.3
0.3
0.5
0.3
0.8
Total
3.6
7.5
11.1
7.3
18.4
5.9
Condiments products
2.6
Egg products
1.5
Delicatessen
products
0.3
Fiscal
Processed foods
(0.2)
Year
2015
Fine chemical products
0.0(B)Distribution system
1.0
Common business operations
0.3
Total
5.5
Condiments products
0.3
Egg products
1.5
Delicatessen products
(0.1)
(0.1)
Change Processed foods(B) - (A) Fine chemical products(0.2)
Distribution system
0.4
Common business operations
0.0
Total
1.9
(Notes) 1. Figures of "Year" in Fiscal Year 2015 indicate planned figures disclosed on January 8, 2015.
2. Figures of "2nd quarter" are differences between "2nd quarter (Cumulative)" and "1st quarter."
3. Figures of "3rd quarter" are differences between "3rd quarter (Cumulative)" and "2nd quarter (Cumulative)."
4. Figures of "4th quarter" are differences between "Year" and "3rd quarter (Cumulative)."

13

Year

11.5
3.4
3.5
(0.9)
0.9
3.2
0.8
22.4
11.5
3.8
3.3
0.2
1.0
3.6
1.0
24.3
12.7
4.7
3.4
(0.8)
1.0
3.6
0.9
25.5
1.2
0.9
0.1
(1.0)
0.0
0.0
(0.1)
1.2

<Factors behind changes in operating income (comparison with the previous fiscal year)>(Billions of yen)

1st quarter
2014
(A)

1st quarter
2015
(B)

3.6

5.5

Operating income

Change(B) - (A)1.9(Billions of yen)

(0.5)
(0.8)

Depreciation expenses
Marketing cost (sales promotion expenses and advertising expenses)(0.1)

Research and development expenses (excluding depreciation expenses)

Increase in gross profit resulting fromincrease in net sales

1.6
0.9

Materials and energy costs
Impacts of fluctuations in the hen's egg
market price (Egg products business)

0.5

Retirement benefit costs

0.1

Improvement of total costs

0.4

(0.2)
(1.0)

(0.5)

Other than those above(such as distribution & payroll expenses and Distribution system business)

0.0
0

0.5

1.0

1.5

2.0

2. Capital investments and main components of selling, general and administrative expenses(Billions of yen)

1st quarter2013

1st quarter
2014
(A)

1st quarter
2015
(B)

Capital investments

8.0

8.2

9.4

1.2

Depreciation expenses

3.3

3.7

4.2

0.5

Sales promotion expenses

4.6

4.6

5.3

0.8

Advertising expenses

2.0

2.0

2.0

0.0

Transportation and warehousing expenses

7.1

7.6

7.9

0.3

Payroll expenses

6.1

6.5

6.9

0.4

Research and development expenses

0.7

0.8

0.9

0.0

14

Change(B) - (A)

3. Domestic sales volume and amount of salads condiments by category type (Kewpie Corporation)
1st quarter2013

1st quarter
2014
(A)

1st quarter
2015
(B)

30

30

30

(0)

17.2

17.9

18.2

0.3

Volume (Thousands of ton)

25

25

25

(1)

Amount (Billions of yen)

9.4

9.7

9.6

(0.1)

1st quarter2013

1st quarter
2014
(A)

1st quarter
2015
(B)

5.3

7.2

8.4

1.3

China*

1.6

2.3

3.1

0.8

Southeast Asia*

1.1

1.6

2.0

0.5

North America*

2.1

2.9

2.7

(0.1)

Export from Japan

0.4

0.4

0.5

0.1

0.2

0.2

0.7

0.5

For household use

For commercial use

Volume (Thousands of ton)Amount (Billions of yen)

Change(B) - (A)

4. Summary of net sales and operating income in overseas operations(Billions of yen)

Net sales in overseas operations

Operating income in overseas operations

Change(B) - (A)* For overseas subsidiaries, shown as China, Southeast Asia and North America, figures are results from October to December.

5. Summary of and principal items of changes in non-operating income (expenses) andextraordinary gains (losses)(Billions of yen)

1st quarter
2014
(A)

1st quarter
2015
(B)

Non-operating
income(expenses),
net

0.2

0.1

Extraordinary
gains(losses), net

0.1

2.0 step acquisitions from making Aohata

Principal items of changes[Comparison between (A) and (B)]
Increase in losses on valuation ofderivatives
Gains on change in equity and gains on
Corporation a consolidated subsidiary

15

(0.1)

1.9

6. Summary of and principal items of changes in balance sheets(Billions of yen)

Fiscal year
2014
(A)

1st quarter
Change2015(B) - (A)(B)

Principal items of changes[Comparison between (A) and (B)](Assets)

154.6

Current assets

147.1

Decrease in cash and deposits
Decrease in notes and accounts receivable(7.5)- tradeIncrease in short-term loans receivable(9.9)

Increase resulting from purchases
Decrease resulting from depreciation
9.8
Increase resulting from making Aohata
Corporation a consolidated subsidiary

8.0
(4.2)

(5.5)
3.7

Fixed assets
Tangible andintangible
fixed assets

156.9

Investments and otherassets(Liabilities)

166.8

3.7

45.5

45.1

(0.4) Decrease in investment securities

(1.0)

136.6

128.7

(7.9) Decrease in accrued expenses

(6.0)

220.4

230.2

9.8

(Net assets)
Increase in earned surplus
Increase in minority interests

3.0
4.7

7. Summary of and principal items of changes in cash flows(Billions of yen)

1st quarter
2014
(A)

Cash flows fromoperatingactivities

Cash flows frominvestingactivities

Cash flows fromfinancing
activities

1st quarter
2015
(B)

Principal items of changes[Comparison between (A) and (B)]
Increase in income before income
taxes and minority interests

0.1(14.7)(1.0)

3.7(0.1) Increase in notes and accounts(1.2)

Increase in income taxes paid

(2.4)

receivable - trade

Increase in purchases of tangible fixed(1.1)
assetsDecrease in purchases of shares of
2.2(14.1) subsidiaries and affiliates(1.3)

Decrease in proceeds from sales ofsubsidiaries' shares(0.4)

Increase in purchase of treasury
shares of subsidiaries(0.3)

16