Annual Report 2010

Telephone : 81-3-3205-5111
Fax: 81-3-3205-5059

Our
world

http://www.nissinfoods-holding.co.jp

ANNUAL REPORT 2010 Year ended March 31, 2010

28-1, 6-chome, Shinjuku, Shinjuku-ku, Tokyo 160-8524, Japan

Printed in JapanNISSIN FOODS HOLDINGS

as exciting
as their world,
only bigger.

Investor Information (NISSIN FOODS HOLDINGS CO., LTD. )As of March 31, 2010 (U.S.$1=¥93.04)

Date of Establishment

Distribution of Ownership among Shareholders

September 1948

Number of Employees

L Financial Institutions

28.53%

7,388 (consolidated basis)381 (parent company)

L Other Corporations

42.16%

L Foreign Corporations

11.99%

Common Stock

L Individuals and Other

11.51%L Treasury Stock

5.81%

Authorized: 500,000,000 shares
Issued: 117,463,685 shares
Number of Shareholders: 31,777(Excluding owners of odd-lot shares)

Paid-in Capital

Principal Shareholders
Number of
Shares Held(Thousands)

Percentage ofTotal Shares
Outstanding

EZAKI GLICO CO., LTD.
House Foods Corp.

7,904
7,800
7,800
4,100
4,000
3,650
3,571
2,460
2,361
2,163

6.72%
6.64
6.64
3.49
3.40
3.10
3.04
2.09
2.00
1.84

Total

45,810

39.00

Name

¥25,123 million ($270 million)

Ando Foundation

Stock Listings

Mitsubishi Corp.

Tokyo and Osaka stock exchanges

ITOCHU Corporation

Ticker CodeAndo International Y.K.

2897

Mizuho Corporate Bank, Ltd.

Independent Auditors

Japan Trustee Services Bank, Ltd. (Account in Trust)

Deloitte Touche Tohmatsu LLC

Transfer Agent
Mizuho Trust & Banking Co., Ltd.
2-1, Yaesu 1-chome, Chuo-ku, Tokyo, JapanThe Bank of Tokyo-Mitsubishi UFJ, Ltd.
ONO PHARMACEUTICAL CO., LTD.

Note: In addition to the above, the Company holds 6,813,600 shares of treasury stock.

Per Share Data (NISSIN FOODS HOLDINGS CO., LTD. AND CONSOLIDATED SUBSIDIARIES)
Years ended March 31,

EPS (Earnings Per Share) (Yen)BPS (Book-value Per Share) (Yen)PER (Price Earnings Ratio) (Times)
PBR (Price Book-value Ratio) (Times)
Dividend (Yen)
Payout Ratio (%)
Stock Price (Yen): High
Low

2006

2007

2008

2009

2010

¥ 125.09¥ 2,167.81
29.1
1.3¥ 30.00
23.98¥ 3,990¥ 2,700¥ 156.12¥ 2,304.40
27.7
1.9¥ 50.00
32.03¥ 4,580¥ 3,370¥ 111.17¥ 2,310.36
30.2
1.5¥ 50.00
44.98¥ 4,610¥ 3,210¥ 129.98¥ 2,287.21
22.3
1.3¥ 50.00
38.47¥ 4,100¥ 2,280¥ 177.02¥ 2,406.26
17.8
1.3¥ 60.00
33.89¥ 3,590¥ 2,610Notes: 1. From the fiscal year ended March 31, 2003, number of issued shares excludes the numbers of treasury stocks at term-end.
2. PER and PBR are calculated based on the stock price at year-end.

Further Information

For further information, please contact:

ProfileCorporate Communications Division (Head Office)

NISSIN FOODS Group.” As an “Earth Food Creator” we pursue our own vision of originality tocreate tasty, convenient and thoroughly enjoyable food products from the bounty of nature’s
goodness. In 1958, we invented instant noodles, and today, we aspire to develop market-

5,000
4,000

Tel: 81-3-3205-5252 Fax: 81-3-3205-5259
Regularly updated IR information in English is also

NISSIN FOODS HOLDINGS CO., LTD. and its seven principal companies are, together, “theShare Price Range and Trading Volume on TSE(Yen)(Thousands of share)

20,000

Trading Volume (Right)

Share Price (Left)

15,0003,000
10,000available on NISSIN FOODS HOLDINGS website at

2,000

http://www.nissinfoods-holdings.co.jp/english/

1,000
0

5,000

4
5
2009

6

7

8

9

10

11

12

1
2
2010

3

4

5

6

0

leading brands across all of our chosen food categories for new markets around the world.

NISSIN FOODS HOLDINGS CO., LTD.

55

Contents
06
06
07
10
12
14
16

FINANCIAL HIGHLIGHTSSUMMARY OF MEDIUM-TERM BUSINESS PLAN
TO OUR SHAREHOLDERSSEGMENTs AT A GLANCEOVERSEAS EXPANSIONQUALITY AND SAFETYENVIRONMENTAL/SOCIAL ACTIVITIES

18
20
21
52
54
55

CORPORATE GOVERNANCE
BOARD OF DIRECTORS AND OFFICERSFINANCIAL SECTION
WORLDWIDE NETWORKCORPORATE DATAINVESTOR INFORMATIONNISSIN FOODS HOLDINGS CO., LTD.

01

When you
Explore, youfind new andunimaginedideas.
Innovation is expected, and thestarting point of everything else we do.

Original instant noodles

1958

1971
Straight noodles

2008
Thick, straight noodles

In the beginning, there were instant noodles
themselves—wavy and delicious, later in theirown serving cup. Then, we found a way tomake them straight, like fresh noodles.
In 2009, we made them nearly 50% thicker,
but they still cook just as fast.
In 2010, instant noodle version 4.0 is about tolaunch the next innovation. Watch for it.

02

NISSIN FOODS HOLDINGS CO., LTD.

2009?
Reengineering
Project

2010

Something new again

Innovation started it. First, it was instantnoodles invented in our founder’s backyard.
Then, instant noodles in their own serving cup.
Who would have thought?
Exactly. Innovation launched our company,
and innovation attracts and holds
our customers. We innovate to create new
products. We innovate to improve thefreshness, flavor and experience of all our
products. We innovate original quality-control
and testing technology, and greener packaging.
We innovate today and tomorrow.

1st Generation

2nd Generation

3rd Generation

4th Generation

NISSIN FOODS HOLDINGS CO., LTD.

03

It ought
to besafe andclean.
We assure food safety and quality
from the farm to the table.

04

NISSIN FOODS HOLDINGS CO., LTD.

We sell food, and food should always be wholesome,healthy and fully trusted. To be certain that this isalways the case, we apply a rigorous, scientifictesting and assurance system that surpasses industry
requirements. We screen ingredients at the site oforigin and maintain their quality through transport,
processing, packaging and storage using a uniform
system of our own devising. Safety is important to us
because it is important to our customers, even if theywould rather just enjoy the eating.

NISSIN FOODS HOLDINGS CO., LTD.

05

Financial Highlights
Millions of yen

Millions of 1
U.S. dollars

PercentchangeYears ended March 31,

2010

2009

2008

2010

%

For the year
Net sales
Operating income
Net income¥ 371,178
27,342
20,496¥ 362,057
23,552
15,891¥ 385,470
27,672
13,591$ 3,989
294
220

2.5
16.1
29.0

¥ 408,410
		 271,951¥ 408,729
		 285,569¥ 392,695
		 288,844

		$ 4,390
2,923

(0.1)
(4.8)

		¥ 177.02

		¥ 129.98

		¥ 111.17

		$ 1.90

36.2

		

		

		

		

0.64

20.0

25.86

5.2

At year-end
Total assets
Equity 2
Per share (Yen and U.S. dollars)
Net income
Cash dividends applicable toearnings of the year
Equity 3

60.00

50.00

50.00

2,406.26

2,287.21

2,310.36

7.4
5.0
7.4
13.7

6.5
4.0
5.7
13.5

7.2
3.4
4.8
13.4

Value & performance indicators
Operating margin (%) 4
Return on assets (%) 5
Return on equity (%) 6
Inventory turnover (Times) 7

Notes: 1. U.S. dollar amounts represent translations of yen, for convenience only, at U.S.$1 = ¥93.04, the approximate rate prevailing on March 31, 2010.
2. In compliance with the Corporate Law, from ﬁscal 2007, the amount of equity includes the amount of minority interests.
3. Equity per share = (Equity - minority interests) / number of shares outstanding as of the year-end (excluding treasury stocks)
4. Operating margin = Operating income / Net sales
5. Return on assets = Net income / Average total assets
6. Return on equity = Net income / Average total equity
7. Inventory turnover = Cost of sales / Average total inventory

Summary of Medium-Term Business Plan
—UNITE FOOD POWERS 2012—Management Objective
The confidence to undertake technologicalinnovation once every ten years

FY2013(ending March 31)

Capital Investment
Large-scale investments to prepare
for growth until FY2019

FY2011–FY2013

Financial Strategy

Net sales ¥430.0 billion
Operating income ¥35.5 billion
EBITDA ¥51.5 billion¥75.5 billion

Performance indicators and an efficientbalance sheet

FY2013

ROE 8%

Shareholder Returns

FY2013

Payout ratio 40%

Forward-looking Statements
This report contains forward-looking statements regarding the Company’s plans, outlook, strategies and results for the future that are based on management's
estimates, assumptions and projections at the time of publication. Certain risks and uncertainties could cause the Company’s actual results to differ materially from any
projections presented in this report. These risks and uncertainties include, but are not limited to, the domestic and international economic circumstances surrounding
the Company’s businesses, competitive activity, related laws and regulations, product development programs and exchange fluctuations.

06

NISSIN FOODS HOLDINGS CO., LTD.

To our shareholders

Welcome to our world.
At its most basic, innovation has been described as the product of determinationand seeing the world as through the eyes of a child. The NISSIN FOODS Groupwas born of such innovation and continues to thrive on it. Innovation is the key tounderstanding our world, and why we are still introducing original, high value-added
products over 50 years since our founding.

NISSIN FOODS HOLDINGS CO., LTD.

07

To Our Shareholders

Review of business performance

beef, 11 kilograms of wheat or corn produce one
kilogram of beef. This is not at all efficient. WhenIn the year ended March 31, 2010 (fiscal 2010),

wheat is used to produce instant noodles, up to

NISSIN FOODS HOLDINGS CO., LTD. (the “Company”)

80% of the volume of the wheat can be converted

posted consolidated net sales of ¥371,178 million

into product. That’s why at the seventh WINA 2(U.S.$3,989 million), a 2.5% increase from the previ-

summit in April, I maintained that, considering theous year. Numerous factors contributed to this riseissue of the future of foodstuffs a few decades from—from a trend in Japan to eat at home and productnow, “Instant noodles could save the Earth.” It might

quality improvements based on technical innovation,

be better if humans became more herbivorous.

to a successful product concept diversificationencompassing consumer needs, pricing and distribution strategy, which is being implemented in strategic

Constructive dissatisfaction
with the status quo

sales policies.
Profits in the year under review soared to the

I often say that instant noodles have many benefits as

highest level ever. Operating income increased byemergency rations for times of natural disaster. And,

16.1% to ¥27,342 million (U.S.$294 million), and net

in times of economic crisis, their basic affordability

income rose by 29.0% to ¥20,496 million (U.S.$220

makes them ideal, too. That is to say, they are amillion). Although pension costs increased, world-

universally effective contingency for emergencies.

wide raw material costs stabilized, and the first profit

During normal, non-emergency times, we havein seven years from North American operations con-devoted ourselves to new product development

tributed significantly to these results.

and marketing initiatives, which have increased total
demand for instant noodles. We release no fewer

The watchword incorporate management is “sustainability”

than 450 new instant noodle products in Japan eachyear, approximately 300 items from NISSIN FOOD
PRODUCTS CO., LTD. and another 150 items fromI recently participated in The Consumer Goods

MYOJO FOODS CO., LTD. These new products are

Forum 1 in London. I would sum up the most power-

quickly and automatically withdrawn from theful message at the forum with the word “sustainability.”

shelves if their weekly sales prove to be too low.

Heretofore, companies were thought of primarily asThis may be the most frenetic pace of competition

organizations for efficiently linking resources within the world. To prevail in this competition, productconsumers, and it was sufficient to consider them inbrand managers must hone their marketing sense,

terms of capitalist principles or operating efficiency.

keeping their antennas constantly attuned to what

However, considering the question of biodiversity, I

products are catching on with consumers.

think that focusing solely on economics is no longer

Ironically, despite such competition, basic

sufficient, nor acceptable. I believe that in busi-

instant noodle technology was mostly unchanged

ness management at the Group, we must consider

for 50 years. People took it for granted that instant

not only efficiency, but also balance with regard to

noodles were wavy. However, people also expect

matters such as CO2 emissions reduction, water

fresh noodles to be straight. The development of a

resource saving, stable cereal grain supply and en-

new technology has made it possible to produce

vironmental preservation to maintain a sustainablestraight instant noodles, a breakthrough we

global environment.

struggled to achieve for many years, along with new

For example, when cereal grain, a principal

technology for making thick noodles. Incidentally,

ingredient in instant noodles, is used to produce

we plan to introduce products made using even

08

NISSIN FOODS z CO., LTD.

more advanced technologies in autumn 2010. Thesefoundations, we will also strive to discharge ourtechnological breakthroughs have enabled us tocorporate social responsibility by expanding activities

achieve what others said was impossible. However,such as the Hyakufukushi Project 3. In these and all

we must always remain dissatisfied with theof our endeavors, I ask your steadfast support andstatus quo. My personal perception is that noodle

encouragement in the years to come.

technology remains perpetually only 37% perfected.
This constructive dissatisfaction is the spirit thatsustains NISSIN FOODS Group.
We intend to take advantage of new technolo-

President

Koki Andogies that we call “JAPAN TECHNOLOGY” to raise
our worldwide market share from the current 14.4%
to approximately 20% in three years amid growing
worldwide demand. For example, microwave ovens are common in the U.S., and that is why a highvalue-added product line CHOW MEIN has proven he Consumer Goods Forum: A summit attended by theNotes: 1. T
CEOs of retailers and consumer goods manufacturers fromaround the world. 2010 marked the 54th summit.
2. TheWorld Instant Noodle Association: The seventh summit
was held in Malaysia.
3. See page 17 for details on the Hyakufukushi Project.

so successful there. In the coming years, we will stepup the infusion of new Japanese technologies andmarketing power in China and other growth markets
in Asia to achieve further growth by reinforcing thesales structure.

A message for our stakeholders
In January 2010, we announced UNITE FOOD
POWERS 2012, our first medium-term business plan,
which covers the three-year period beginning in fiscal
2011. The purpose of the plan is to facilitate a fairand reasonable evaluation of the Company by setting“We intend to take advantageof new technologies that
we call “JAPAN TECHNOLOGY”
to raise our worldwide market
share from the current 14.4%
to approximately 20%.”

forth our growth strategy centered on innovation
and renovation. We announced in the plan a capital
policy involving the use of ROE as a performanceindicator and a target dividend payout ratio of 40%
for fiscal 2013.
The Company constantly strives to boost theGroup’s earning potential. We hold enhancement ofcorporate value and appropriate shareholder returns
to be our highest management priority, and I thinkthat NISSIN FOODS HOLDINGS can reliably deliver
shareholder satisfaction throughout the medium andlong term. We have been blessed with technologicalbreakthroughs that can support stable growth, andwe have a business structure that is capable ofdelivering excellent business results. From these

NISSIN FOODS HOLDINGS CO., LTD.

09

Segments at a glance

Instant
Noodles
Sales of pillow-type instant noodles in Japan were

popular. New technology was used to improve therobust, boosted by a campaign by NISSIN FOOD

Nissin Menshokunin series, refresh the Nissin-no-

PRODUCTS CO., LTD. offering its mainstay product

Donbei series with “Thick and straight” noodles andChicken Ramen for ¥35 (special offer limited to 10

underpin a new brand, the Nissin Futomen Doudou

million servings) to commemorate the 100th anniver-series. MYOJO FOODS CO., LTD. enjoyed strong

sary of the birth of the late founder Momofuku Ando.

sales of MYOJO Kiwamen, a new advancement of

As a result, net sales of pillow-type instant noodles

the company’s super non-fry preparation technol-increased by 0.7% year on year to ¥58,859 million

ogy with improved texture. Overseas, sales in North(U.S.$633 million).

America rose sharply on favorable sales of highA three-pronged product strategy was institutedvalue-added products. Net sales of cup-type instantfor cup-type instant noodles to satisfy distinct cus-

noodles increased by 1.8% year on year to ¥218,770

tomer needs. Instant noodles with serving charac-million (U.S.$2,309 million).

teristics more like traditional restaurant noodles wereBranding Corpora
The NISSIN FOODS Group aspires to create and develop
market-leading brands in our chosen food product categories formarkets around the world. The Group operates 11 autonomous
profit centers, including four overseas business regions,
to maximize corporate value through flexible andefficient management.

Nissin Foods Holdings
Consolidated Sales by Category(Years ended March 31)(Millions of yen)

2010

2009

■ Instant Noodles			■ Pillow-type Instant Noodles¥ 58,859¥ 58,447■ Cup-type Instant Noodles
218,770
214,831■ Chilled and Frozen Foods
53,76749,559■ Other Business
39,782
39,220
Total
371,178
362,057

10NISSIN FOODS HOLDINGS CO., LTD.

2008¥

64,916
237,537
44,36938,648385,470

Chilled andFrozen Foods

Other
Business

NISSIN CHILLED FOODS CO., LTD. experienced

NISSIN CISCO CO., LTD. posted a major salesa decline in revenues partially driven by flat over-increase driven by sales of its mainstay break-all demand for these products. Nevertheless,fast cereal Ciscorn BIG as well as confections

sales of the Tsukemen-no-Tatsujin series, whichsuch as biscuits and chocolate flake cook-

captures the full tastiness of chilled noodles, de-ies. NISSIN YORK CO., LTD. achieved a sharp

veloped favorably. NISSIN FROZEN FOODS CO.,LTD. increased sales of the Reito Nissin Spa-O

increase in beverage sales, partly due to thelaunch of Pilkul Life+, a lactobacillus drink soldseries and the Reito Nissin Okonomi Bento series,

in single-serving 200ml paper packs. Restaurant

and revenue from Nicky Foods Co., Ltd., included

operator AJI-NO-MINGEI FOOD SERVICE CO.,in the scope of consolidation for its first full year,

LTD. experienced a decrease in revenues on

increased. As a result, overall net sales of chilledlower customer traffic attributable to thriftinessand frozen foods increased by 8.5% year on year

and increased eating at home among Japaneseto ¥53,767 million (U.S.$578 million).

consumers.

tion

NISSIN FOODS HOLDINGS CO., LTD.

11

Overseas Expansion

REACHING
NEW CUSTOMERS
We currently operate 28 plants in 12 countries, but

Revenues and profits from overseas operations

our potential is far greater than this. The global

increased in the year ended March 31, 2010. Net

strategic platform implemented as a growth strat-

sales rose by 6% from the previous fiscal year toegy functioned effectively in its second year to¥53,279 million (U.S.$573 million), while operating

enable the global sharing of strategies, marketing,income surged from ¥463 million to ¥3,883 million

development, production, financial assets, and(U.S.$42 million).

other internal resources and backup support.

Important contributing factors included a

In 2008, with the transition to a holding com-decrease in raw materials prices and successful

pany structure, for better coordination of manage-

implementation of price adjustments, principally inment the overseas operations were reorganized

North America. Another factor was greater man-under four geographical regions: the Americas (theagement efficiency in overseas operations resulting

U.S., Mexico and Brazil), China (including Hongfrom the change to a holding company structure.

Kong), Asia (Singapore, India, Indonesia, Thailand
and the Philippines) and Europe (the EU).

StrongTurnaround
North America returns
to profit after seven years

Noodle Master “Eddie”

Price adjustments on five occasions from 2008 to 2009 contributed to the strong return to positive businessresults for Nissin Foods (U.S.A.) Co., Inc., its first in seven years. Amid the U.S. recession, total demand for
instant noodles was robust, increasing by 3%. CHOW MEIN, a high value-added microwavable fried noodle
product, sold well. From August 2009, they received a boost from humorous TV commercials featuring “Eddie,”
who talks about the tastiness of CHOW MEIN and preparation methods, bringing a tremendous response andeffectively promoted sales.

12

NISSIN FOODS HOLDINGS CO., LTD.

Nissin Foods Holdings
Consolidated Sales by Geographic Area
(Excluding Intersegment Sales) (Years ended March 31)(Millions of yen)

■ Japan■ North America■ Others
Total

2010

2009

2008

¥ 317,899
28,45924,820371,178¥ 311,954
26,12623,977362,057¥ 329,984
29,55925,927385,470

Special Cup Noodles street caron the streets of Hong Kong

Gearing up in Asia and Russia
In China (including Hong Kong), Nissin converted Cup Noodles
packaging to paper-based cups suitable for microwave preparation. We established NISSIN FOODS (ASIA) PTE. LTD. in Singapore
in April 2009 to control the overseas subsidiaries in Indonesia,
Thailand, the Philippines and India. A new production line at the
Bangalore Plant in southern India began operation in response to
an increase in the number of servings sold. In Russia, we madeadditional capital investment in MAREVEN FOOD HOLDINGSLIMITED (formerly ANGLESIDE LIMITED), Russia’s leading instantnoodle maker.

NISSIN FOODS HOLDINGS CO., LTD.

13

Quality and Safety

Assuring
Ultimate Quality
and Safety
NISSIN FOODS HOLDINGS developed and operates
its own rigorous food testing and quality assurance
system, which detects hazardous substances bymonitoring handling and processing safety
from the farm to the table.

Safety as anexacting science
In 2002, NISSIN FOODS HOLDINGS
CO., LTD. established the Food Safety
Research Institute to develop a scientifically based quality assurance infrastructure, allowing consumers andtheir families total trust in our quality
and safety. The institute monitors
the quality of daily production (central control) by detecting potentiallyhazardous substances in products. It
also develops testing procedures for
new hazardous substances. Throughon-site quality surveys and processcontrol, it plays a critical role in ensuring the quality of our products. Furthermore, beginning in January 2007,
the FOOD SAFETY EVALUATION &RESEARCH INSTITUTE CO., LTD. in(Shown full scale)

14

NISSIN FOODS HOLDINGS CO., LTD.

Shanghai, China has perfected a sys-

Inspection and analysis of theenvironment and veterinary
pharmaceuticals
Group operating companies
Management
Marketing units
Production units
Research units

Fish
farms

Inspection and analysis of
the environment and residual
agricultural chemicals

Farms

Breeders

Customer
communication
centerCentralizing response to customer
feedback, early detection oflatent risks, product and service
improvement proposals

Inspection and analysisof the environment andveterinary pharmaceuticals,management of animal growth
status and water control

Feed
plantsFood Safety Research Institute
Various research, such as thedevelopment of analysis systems
and inspection methods

Customer
consultation
officesCustomers

Ingredient
plants
Production
plantsConfirmation of
feed materials andmanufacturing
processes

Detection of residual agriculturalchemicals, veterinary
pharmaceuticals, cancer-causing
substances, genetically modified
organisms and microbial levels
in ingredients

Quality control at plants andinvestigation of analysis gap
and correction

tem for ensuring that only high-quality raw materials

hazardous substance countermeasures, manufactur-are sent from China to Japan.

ing standards, facilities maintenance and sanitation

In the area of hazardous substance control, we

at the plants of raw materials suppliers. Evaluation

have developed and implemented NASRAD-600, a

is carried out objectively using inspection checklists,system for the simultaneous analysis of traces of ag-

and the inspection results are expressed numericallyricultural chemicals and veterinary pharmaceuticals,

as “Safety inspection points.” The institute will pro-and a method of analyzing allergenic substances.

vide remedial guidance and quality control systems

Furthermore, in April 2008 the Food Safety Researchsupport to a plant that receives a low score.

Institute obtained certification for ISO 17025 (theinternational standard for testing capabilities andmanagement systems) on analyses of residual agricultural chemicals, veterinary pharmaceuticals andmicrobe tests, and it continues to upgrade its quality

Food safety in the plant
In manufacturing process quality control, the insti-

control systems.

tute posts supervisors to supplier sites to confirm

Assuring food safety
at the source

ods, machines and manpower involved in manu-“4M Control,” the confirmation of materials, methfacturing processes.
The central control, hazardous substance control, manufacturing site audits and process control

The Food Safety Research Institute also performs

described above are the backbone of our productsafety audits under Nissin’s Inspection Standards for

quality assurance.

Food Safety (NISFOS), established in 2004. These audits cover food safety management systems, general

NISSIN FOODS HOLDINGS CO., LTD.

15

Environmental /social Activities

Sustainable
Achievements
Promoting environment-friendly business activities and creating asustainable society are urgent tasks for the entire world,and companies that do business globally bear a potentially greater
responsibility to look after the natural environment.

Leaving smaller
footprints on the Earth

Reducing CO2 inproduction and packaging

The NISSIN FOODS Group established theIn our production activities, to achieve the environ-

Environmental Charter in 1999. It is a declara-

mental targets for fiscal 2012 in the medium-termtion of our commitment to environmental pro-management plan we expanded our program oftection and resource conservation in the context

fuel conversion to natural gas to additional plants.

of our business activities, a pledge to coexist in

As a result, in fiscal 2009 (year ended March 31,

harmony with society and a promise to improve2009) we achieved a 23% reduction in CO2 emis-

the global environment. Since that time, we havesions from the fiscal 2006 level.

implemented Group-wide measures to address

In the area of product development, we areenvironmental problems, doing our part to realize

proceeding with efforts to expand and enhancea sustainable, recycling-based society. Further-

the line of refill products and convert to paper con-more, we established the Group Environmental

tainers. In addition, we engage in industry-leading

Council to implement environmental management

global warming mitigation measures, including ac-

throughout the Group and are engaged in activi-

tivities to practically apply and popularize the Car-ties to develop an environmental management

bon Footprint System undertaken in collaboration

system at MYOJO FOODS CO., LTD.

with the Ministry of Economy, Trade and Industry.
As the company that pioneered instant noodles—
now a “world food” in both name and reality—we willcontinue to engage in business activities aimed at therealization of a sustainable society.

16

NISSIN FOODS HOLDINGS CO., LTD.

Community
Perspective

The Living with Hot
Water Project tostop global warmingThis project uses an entertaining
website and other venues to inform

Since 2008, we have been implementing the Hyakufukushi

people that only a few simple steps

Project in fulfilling our corporate social responsibility by com-will reduce the amount of CO2 emit-

mitting ourselves to complete a total of 100 socially benefi-

ted during the boiling of hot water

cial activities over a period of 50 years. Five themes guide theby 60%. We have launched thisselection of these projects to help realize a better society:
Creation, Food, The Earth, Health and Children—reflecting not only
the spirit of our founder, but also matters of urgent public concern
and the nature of our business field.

project to fulfill our responsibility as
a company that lives with the factthat hot water is essential for the
preparation of instant noodles.

Last year, we reported on three projects that are still ongoing,
the Kenya Oishii Project to support business independence, the Idle
to Idol Project to train nature experience leaders in Japan, and theCanned Chicken Ramen Just-in-Case Project to support the stockpiling of disaster rations. This year, we launched two new projects(described at right).

The Support
for Employee
Volunteerism
Project
Unlike conventional companyfostered social contribution activities, this is a program to encouragesocially beneficial activities by

Creation

individual employees. We support
employees who contribute to theirlocal communities by volunteering
for those locally focused activities
that individuals can address more

The Eartheffectively than companies.

Food

Children

HealthNISSIN FOODS HOLDINGS CO., LTD.

17

Corporate Governance

Responsible
for All
NISSIN FOODS HOLDINGS regards the practice and reinforcement ofgood corporate governance as an important management priority,
along with providing safe, high-quality food and conducting business tomaximize the interests of all stakeholders.

Basic policy on corporate governance
NISSIN FOODS HOLDINGS CO., LTD. (the “company”)

sisting of the full-time directors, standing corporate

strives to achieve highly objective and transparent

auditors and executive officers, and the Investment

management by appointing multiple outside directors

and Loan Strategy Committee, consisting of theand outside corporate auditors and actively reflect-full-time directors and standing corporate auditors,

ing the opinions of outside experts in management.

meet monthly to supervise the execution of duties

We have introduced an executive officer systemby the representative directors, and to conduct

to promote rapid decision-making and to separate

preliminary assessments of and discuss importantmanagement oversight from business execution.

investment projects, respectively.

The Board of Directors consists of fifteen

The Company has adopted the statutory au-

members: eleven directors, including three outside

ditor system. The Board of Corporate Auditors

directors, and four corporate auditors, of which,(“BCA”), consisting of four corporate auditors, in-three are outside corporate auditors. The Board

cluding three outside corporate auditors, is an or-meets monthly and convenes extraordinary meet-ganization that establishes audit policies and audit

ings as otherwise necessary. The Board decidesplans, serves as a mechanism for mutual reportingon important matters concerning business execu-

among the corporate auditors on important mat-tion, including basic management policies andters concerning audits and engages in necessary

strategy, and supervises the execution of duties bydiscussion and decision-making. The BCA meetsthe directors.

monthly and convenes extraordinary meetings as

The Management Committee, consisting ofnecessary. An alternate corporate auditor (two-year

the full-time directors and standing corporate audi-term) is elected to step in should a vacancy occur

tors, meets twice monthly to discuss matters to bein an outside statutory auditor position.

decided by the Board and to discuss and decidematters delegated to it by the Board. In addition,
the Chief Officers Committee (CO Committee), con-

18

NISSIN FOODS HOLDINGS CO., LTD.

General Meeting of Shareholders
ReportSelection andAppointment

ReportAudit

Board of Directors

Audit Report

Selection andAppointment

Audit
ReportBoard of Corporate Auditors

SelectionandAppointment

Independent Auditors
LiaisonSelection andAppointment

LiaisonAudit Report

Consultation/
Recommendation

Direction/Report

Representative Directors
Internal Control Systems

Direction/
ReportManagement
Committee

Investment and
Loan Strategy
Committee

LiaisonInternal Auditing
OfficeAudit

LiaisonRisk Management
Committee
Direction/
Supervision
ReportChief Officers Committee

Audit

Audit

Business Ethics Committee
Environmental Committee
Information Security Committee

Business Execution

Adviceand
Guidance

Business Divisions

Internal Activities

Lawyers,
Tax Accountants
and Other Professionals

The status of internal control systems
The Company regards the development, con-

The Company is also developing internal

struction and appropriate operation of internal

control systems related to financial reporting incontrol systems as one of its most important

response to enactment of the Financial Instru-

management priorities. The Board of Directors

ments and Exchange Law. We are developing

established the basic policy on the construction

systems that provide checks and balances at theof internal control systems in May 2006 and re-departmental level in day-to-day operations suchviews the policy as appropriate.

as purchasing, production, distribution, sales and

The corporate auditors evaluate the effective-administration and have developed and operate

ness of internal control systems in all aspects

systems that provide checks and balances be-of management. The corporate auditors and thetween departments.

Internal Auditing Office audit and verify the effectiveness of internal controls in operational audits
of individual business departments, pointing out
areas for improvement and providing guidance
and instructions as necessary.

NISSIN FOODS HOLDINGS CO., LTD.

19

Board of Directors and Officers

Koki AndoKen Sasahara

Susumu Nakagawa

Mitsuru Tanaka

Noritaka Ando

Yukio Yokoyama(As of July 1, 2010)

Akihide Matsuo

Yorihiko Kojima

Takayuki Naruto

Eizo Kobayashi

Yoko Ishikura

President & Representative Director

Outside Directors

Toshihiro Yamada

Koki Ando

Yorihiko Kojima

CQO (Chief Quality Officer)
	General Manager of Food Safety
Research InstituteCEO (Chief Executive Officer)

Chairman of the Board, Mitsubishi Corp.

Eizo Kobayashi
Vice President & Representative Director

Chairman, ITOCHU Corp.

Susumu Nakagawa

Yoko Ishikura

COO (Chief Operating Officer)

	Professor, Graduate School ofInternational Corporate Strategy (ICS)
Hitotsubashi University

Senior Managing Director

Noritaka Ando
CMO (Chief Marketing Officer)

Managing Directors

Akihide Matsuo
CSO (Chief Strategy Officer)

Takayuki Naruto
President & Representative Director of
NISSIN CHILLED FOODS CO., LTD.,NISSIN FROZEN FOODS CO., LTD.

Directors

Ken Sasahara
Chief Representative, the Americas
President of Nissin Foods (U.S.A.) Co., Inc.

Mitsuru Tanaka
CDO (Chief Development Officer)
	General Manager of Research Institute ofFood Science and Technology

Yukio Yokoyama
CFO (Chief Financial Officer)

20

NISSIN FOODS HOLDINGS CO., LTD.

Standing Corporate Auditors

Shunsaku Makizono
Kazuo Kanamori

Kiyotaka Ando
Chief Representative, China
President & Managing Director of
Nissin Foods Co., Ltd.

Tatsuya Ukon
General Manager ofGeneral Affairs Division

Kazuhito Kusumoto
General Manager ofOperational Headquarters

Koji Sakai
Corporate Auditors

Toru Horinouchi
Hiroshi Takano
Executive Officers

Taiji Matsumura
Chief Representative, Asia
Managing Director of
NISSIN FOODS (ASIA) PTE. LTD.

Osamu Tetsubayashi
Chief Representative, Europe
Managing Director of
Nissin Foods GmbH

Takashi Yokogoshi

General Manager of Technology
Management Division

Satoru Sasaki
General Manager of Advertisement
Control Division

Hideki Hattori
CAO (Chief Administrative Officer)
General Manager of Corporate
Communications Division

Takashi Hirota
General Manager ofOperational Headquarters

Yasuhiro Yamada
CPO (Chief Production Officer)

FINANCIAL
SECTION
Nissin FoodS Holdings Co., Ltd. and Consolidated Subsidiaries

Consolidated Six-Year Summary of Selected Financial Data
Millions of yen (except per share information)

2010

2009

2008

2007

2006

2005

¥ 371,178¥ 362,057¥ 385,470¥ 358,238¥ 321,700¥ 316,973

Years ended March 31,

For the year
Net sales
Cost of sales

		 203,037 		 202,304 		 195,664 		 175,296 		 158,209 		 156,877

Gross profit

		 168,141 		 159,753 		 189,806 		 182,942 		 163,491 		 160,096

Selling, general andadministrative expenses

		 140,799 		 136,201 		 162,134 		 149,207 		 131,512 		 131,133

Operating income		

27,342 		

23,552 		

27,672 		

33,735 		

31,979 		

28,963

Other income (expenses)

		3,813 		

(180) 		17 		

(157) 		

(2,167) 		

(1,891)

Income before income taxes andminority interests		

31,155 		

23,372 		

27,689 		

33,578 		

29,812 		

27,072

Income taxes		

10,270 		

7,385 		14,279 		

14,547 		

14,469 		

10,244

Minority interests in earnings (loss)of consolidated subsidiaries		389 		

96 		(181) 		62 		(46) 		

216

		20,496 		

15,891 		

13,591 		

18,969 		

15,389 		

16,612

Net income

Per share
Net income—primary¥ 177.02¥ 129.98¥ 111.17¥ 156.12¥ 125.09¥ 134.36

		

176.91 		

— 		

— 		

— 		

— 		

—

Cash dividends

		

60.00 		50.00 		50.00 		50.00 		30.00 		30.00Equity 1

		 2,406.26 		 2,287.21 		 2,310.36 		 2,304.40 		 2,167.81 		 2,091.16—diluted

At year-end
Working capital 2¥ 67,722¥ 69,536¥ 76,699

Property, plant and equipment, net 		 109,278 		 101,132 		

¥ 63,703

93,803 		

¥ 82,404

93,634 		

¥ 56,332

69,019 		

75,332

Total assets

		 408,410 		 408,729 		 392,695 		 410,407 		 366,801 		 361,105

Long-term liabilities

		

Equity 3

		 271,951 		 285,569 		 288,844 		 288,476 		 263,199 		 258,139

48,371 		

¥

3,446

¥

26,094 		
3,164¥

18,975 		
2,727

19,414

¥

3,807

¥

2,697

18,448 		

17,572 		

10,766 		

6,152 		3,517 		3,251Operating margin (%) 4

		

7.4 		

6.5 		

7.2 		

9.4 		

9.9 		

9.1

Return on assets (%) 5		

5.0 		

4.0 		

3.4 		

4.9 		

4.2 		

4.7

Return on equity (%) 6

		7.4 		

5.7 		

4.8 		

7.0 		

5.9 		

6.6

Inventory turnover (Times) 7

		

13.7 		

13.5 		

13.4 		

12.9 		

12.6 		

12.9Capital expenditures

3,477

22,917 				

R&D expenses¥

34,426 		

Value & Performance Indicators

Note:

1. Equity per share = (Equity - minority interests) / number of shares outstanding as of the year-end (excluding treasury stocks)
2. Working capital = Total current assets - Total current liabilities
3. In compliance with the Corporate Law, from fiscal 2007, the amount of equity includes the amount of minority interests.
4. Operating margin = Operating income / Net sales
5. Return on assets = Net income / Average total assets
6. Return on equity = Net Income / Average total equity
7. Inventory turnover = Cost of sales / Average total inventory
NISSIN FOODS HOLDINGS CO., LTD.

21

FINANCIAL REVIEWNISSIN FOODS HOLDINGS CO., LTD. (the “Company”) and its associated companies operate the production and sales of
instant noodles and other instant foods as its core business, to further develop its business domain in various foods,
logistics and other related businesses. The scope of consolidation for fiscal 2010, the year ended March 31, 2010, covers
the Company, 43 consolidated subsidiaries (27 in Japan and 16 overseas), and two affiliate companies accounted for by theequity method (together, the “Group”).

INCOME ANALYSIS
Net sales
The Group reported consolidated net sales for fiscal 2010of ¥371,178 million (U.S.$3,989 million), marking a 2.5%
increase on the previous fiscal year’s ¥362,057 million.
Domestic net sales alone (excluding intersegment sales)rose by 1.9% year on year to ¥317,899 million (U.S.$3,417
million). As a result, the share of overseas net sales
increased by 0.6 percentage points to 14.4%.
The fiscal year under review saw mild deflationand higher unemployment in the Japanese economy.
Nevertheless, corporate earnings and personal consumption
showed some signs of recovery, backed up by government
stimulus measures and a mild recovery in exports. However,in the instant noodle industry in which the Group operates
its mainstay business, the business climate remained morechallenging, affected by the aging population and reluctant
spending by consumers fearing the effects of deflation.
Under these circumstances, in Japan, we made active
capital investments necessary for the technical innovationthat is a key Group strength, implemented quality
improvements to the noodles used in existing brands andengaged in the development of next-generation noodles,
which were introduced in a number of new products. In
marketing, another core competence, we undertook sales
initiatives aimed at raising the brand value of the Group.
Looking at the global market, worldwide demand for
instant noodles in the calendar year 2009 remained solid,
increasing by 0.2% on the previous year to 91.54 billion
servings, according to the World Instant Noodles
Association (WINA). Notably, in the North American market
the weak economy worked rather as a stimulus to theoverall demand for instant noodles, which remained strong.

Successful retail price adjustments in fiscal 2009 and 2010
to improve profitability, led to an 8% decline year on year
in the number of servings sold in the United States by theGroup. However, the net impact of the price adjustment on
aggregate sales in the North American market (excludingintersegment sales), aided by a 2% year-on-year increasein sales volume in Mexico, resulted in an 8.9% increase
from the previous fiscal year to ¥28,459 million (U.S.$306
million). In other overseas markets, the Group saw negative
effects of sluggish consumption in China. On the other
hand, proactive sales initiatives in other Asian markets
showed results, and in Europe, sales increased after retailprice revisions, as well. As a result, aggregate sales inother markets amounted to ¥24,820 million (U.S.$267
million), a 3.5% increase on the previous fiscal year.
The sales breakdown by business segment (excludingintersegment sales) shows that the sales of instant noodles
and associated business amounted to ¥331,396 million(U.S.$3,562 million) and accounted for 89.3% of total
consolidated net sales. Sales from other businesses were¥39,782 million (U.S.$428 million) and accounted for
10.7% of total net sales.
Within instant noodles and associated business, theCompany undertook sales promotion of pillow-type instantnoodles, celebrating the 100th birthday of the founder, thelate Momofuku Ando. This resulted in steady sales of themainstay product Chicken Ramen. For MYOJO FOODS
CO., LTD., sales of its open-price products, the MYOJOHyoUBANYA series, reached the same level as fiscal
2009, although sales of the Myojo Charumera series
underperformed.
Regarding cup-type instant noodles, the Company

Sales by Geographic Area

Net Sales by Category(excluding intersegment sales) (Billions of yen)(Billions of yen)

321.7

358.2
303.7

385.5
330.0

362.1 371.2
312.0

317.9

269.8

321.7
48.9
204.9

358.2
57.9
226.3

385.5
64.9
237.5

362.1 371.2
58.4

58.9

214.8

218.8

53.8

29.9
22.0

30.5
24.0

29.6
25.9

26.1
24.0

28.5
24.8

40.7
27.2

41.3
32.7

44.4

49.6

38.7

39.3

39.7

’06

’07

’08

’09

’10

’06

’07

’08

’09

’10

n Other areas n North America n Japan

22

NISSIN FOODS HOLDINGS CO., LTD.

n Others n Chilled and frozen foodsn Cup-type noodles n Pillow-type noodles

evolved a product strategy to meet the needs of each of
the three separate consumer profiles; brand and qualityconscious customers, price-conscious customers andnovelty-seeking customers. The products developed undersuch a strategy were well-accepted by a wide range ofconsumers, and as a result, the Company maintained
strong performance. It should be noted that the “Noodle
Reengineering” project was launched in fiscal 2010, basedon our twin competencies of technology innovation andmarketing. The project improved the noodles for the Nissin
Menshokunin series and the Nissin-no-Donbei series, andalso introduced the Nissin Futomen Doudou series, all ofwhich were well received by consumers seeking authentic
ramen flavor. As for MYOJO FOODS CO., LTD., it carriedo u t a g g r e s s i v e a d c a m p a i g n s f o r t h e M yojo
Charumera series and the MYOJO IPPEI-CHAN
YOMISE NO YAKISOBA series, to win growth in sales ofboth series. It also greatly improved its “super non-fry”
preparation technology, and achieved enhanced texture
for noodles of Myojo Kiwamen and Myojo Super Non-fry
Wantan, both of which marked solid performance.
In the chilled and frozen foods category, NISSINCHILLED FOODS CO., LTD. saw steady sales in the
Tsukemen-no-Tatsujin series, which features the tastiness ofchilled noodles, although overall category sales declined due
to stagnant growth in demand for chilled noodles. On theother hand, NISSIN FROZEN FOODS CO., LTD. increased
its sales of the Reito Nissin Spa-O series and the Reito
Nissin Okonomi-Bento series. Adding a positive note to the
newly consolidated subsidiaries, the chilled and frozen foods
category recorded an increase in its aggregate sales.
In other business, NISSIN CISCO CO., LTD. recorded
substantial growth in sales, led by its mainstay product
Ciscorn BIG cereal and confectionary products, such as
cookies and chocolate-covered cornflakes. NISSIN YORK
CO., LTD. also grew its sales in beverage products, including
newly introduced lactic acid beverage Pilkul Life+, which isoffered in single-serving 200-ml cartons. The food service
operation company AJI-NO-MINGEI FOOD SERVICE CO.,LTD., on the other hand, could not achieve the previous

OPERATING INCOME AND
OPERATING MARGIN (Billions of yen)
32.0

Reflecting an increase in net sales, cost of sales roseslightly by 0.4% year on year to ¥203,037 million (U.S.$2,182
million). However, due to lower prices of raw materials,
including wheat, palm oil and crude oil, as well as thesubstantial recovery in profitability of the North American
operations, the ratio of cost of sales to net sales fell by 1.2
percentage points to 54.7%.
	Selling, general and administrative (“SG&A”) expenses
stood at ¥140,799 million (U.S.$1,513 million), an increase of
3.4% from the previous fiscal year. Among SG&A expenses,
advertising expenses increased by 10.8% to ¥14,180 million(U.S.$152 million), reflecting various proactive marketingmeasures undertaken during fiscal 2010, with a 0.3
percentage point rise in the ratio to net sales. Promotional
expenses rose by 1.7% year on year to ¥60,284 million(U.S.$648 million), while the ratio to net sales dropped by
0.2 percentage points. Distribution expenses as well,increased by 1.3% to ¥21,468 million (U.S.$231 million), but
the ratio to net sales declined by 0.1 percentage points.

Operating income,other income (expenses) and net income
As a result of the increase in net sales and the improvementof the ratio of cost of sales to net sales absorbing theincrease in SG&A expenses, consolidated operating
income for fiscal 2010 amounted to ¥27,342 million(U.S.$294 million), a 16.1% increase on the previous fiscal
year. The ratio of operating income to net sales also
improved, rising by 0.9 percentage points to 7.4%.
Other income (expenses) for fiscal 2010 resulted inincome of ¥3,813 million (U.S.$41 million), compared to
expenses of ¥180 million in the previous fiscal year. Major
factors contributing to income include a ¥4,627 million
decrease in loss on devaluation of investments insecurities, a ¥221 million foreign exchange gain recorded

INTEREST COVERAGE RATIO*(Times)

27.3
23.6

9.4

653.5

557.9
430.6

7.2

’06

Cost of sales and selling,
general and administrative expenses

33.7
27.7

9.9

year’s level of revenues, mainly due a decline in customers,
who, out of concern for savings, lately prefer to dine at home.

’07

’08

n Operating income

6.5

’09

7.4

’10

Operating margin

357.2
205.4

’06

’07

’08

’09

’10

* Interest coverage ratio= Operating cash flow / Interest payments
NISSIN FOODS HOLDINGS CO., LTD.

23

Costs and Expenses, and net Sales Ratio
Millions of yen

2010
Years ended March 31

2009
Net Sales Ratio

Cost of sales
SG&A expenses
Promotional expenses
Advertising expenses
Distribution expenses
Other expenses¥ 203,037
140,799
60,284
14,18021,46844,867

54.7
37.9
16.2
3.8
5.8
12.1

in fiscal 2010, which reversed a ¥2,176 million loss in fiscal
2009, and a ¥705 million increase in equity in earnings ofaffiliates. Major expense factors included a ¥1,754 million
decrease in interest and dividend income.
As a result of the above, income before income taxes
and minority interests for fiscal 2010 amounted to ¥31,155
million (U.S.$335 million), marking a sizable increase of

Net Sales Ratio¥ 202,304
136,201
59,301
12,797
21,19142,912

55.9%
37.6
16.4
3.5
5.9
11.8

33.3% from the previous fiscal year. Although income
taxes were higher, net income rose by a record high29.0% to ¥20,496 million (U.S.$220 million). The ratio of
net income to net sales rose by 1.1 percentage points to
5.5%. Net income per share rose to ¥177.02 (U.S.$1.90),
recording a significant gain of ¥47.04 on the previous
year’s ¥129.98.

LIQUIDITY AND CAPITAL RESOURCES

Cash flows
Cash and cash equivalents as of March 31, 2010 stood at¥72,688 million (U.S.$781 million), ¥1,197 million morethan at the previous fiscal year-end.
Net cash provided by operating activities increasedby ¥10,767 million year on year to ¥40,777 million(U.S.$438 million).
Major cash inflow factors included a ¥7,783
million increase in income before income taxes andminority interests, ¥5,063 million in income tax
refunds, and a ¥1,310 million decrease in trade notes
and accounts receivable, which was a ¥2,735 million
increase in fiscal 2009.
Major cash outflow factors, included a ¥2,871 million

decrease in trade notes and accounts payable, reversing a¥4,808 million increase in fiscal 2009.
Net cash used in investing activities decreased by¥29,491 million to ¥2,339 million (U.S.$25 million). While
proceeds from sales and redemption of marketablesecurities and investments in securities decreased by¥4,699 million and ¥12,288 million, respectively, paymentsfor purchases of investments in securities also decreasedby ¥46,507 million.
Net cash used in financing activities increased by¥36,244 million to ¥38,110 million (U.S.$410 million). Thisis mainly attributable to ¥34,036 million more net increasein treasury stock, and ¥2,150 million more net decrease in
short-term borrowings.

Total Assets and ROA

Working Capital and Current Ratio

Shareholders’ Equity and ROE(Billions of yen) / (%)(Billions of yen) / (%)(Billions of yen) / (%)

410.4
366.8

408.7 408.4
392.7

82.4
63.7

4.9
4.2

5.0

205.5

4.0

’07

n Total assets

’08

’09

194.8
166.5

3.4

’06

76.7

’10

ROA

’06

’07

69.5

67.8

178.4

176.9

NISSIN FOODS HOLDINGS CO., LTD.

288.5

288.8 285.6

272.0

7.4

7.0
5.9

5.7
4.8

’08

n Working capital

’09

’10

Current ratio

Working capital = Total current assets – Total current liabilities
Current ratio = Total current assets / Total current liabilities

24

263.2

’06

’07

’08

n Shareholders’ equity

’09

’10

ROE

Shareholders’ equity = Total equity – Minority interests

Cash Flow Highlights

Millions of yen

2010¥ 40,777(2,339)(38,110)¥72,688

Years ended March 31

Net cash provided by operating activities
Net cash used in investing activities
Net cash used in financing activities
Cash and cash equivalents at end of the year

Assets, liabilities and equity
Total assets as of March 31, 2010 stood at ¥408,410
million (U.S.$4,390 million), a slight decrease of 0.1% fromthe previous fiscal year-end. Return on assets (ROA) roseby 1.0 percentage points to 5.0%, reflecting the recordhigh net income.
Total current assets were ¥155,810 million (U.S.$1,675
million). While marketable securities increased by ¥5,006
million mainly due to reclassification from investments insecurities, a ¥7,726 million decrease in other receivables
contributed to the lowering of the aggregate balance by
1.6% from the previous fiscal year-end.
Net property, plant and equipment increased by 8.1%
year on year to ¥109,278 million (U.S.$1,175 million),
mainly due to increased capital expenditures.
Investments and other assets dropped to ¥143,322
million (U.S.$1,540 million), a decline of 4.0% from theprevious fiscal year-end. Increases such as ¥2,623 million
in deferred tax assets were offset by larger decreases,
including ¥10,789 million in investments in securities due
to reclassification to marketable securities.

EQUITY PER SHARE

(%)

(Yen)

71.8

68.7

71.9

68.4

65.2

’06

’07

’08

’09

’10

’06

2,304.40 2,310.36 2,287.21

2,406.26

’07

’10

’08

2008
¥ 25,875(16,601)(6,827)¥ 78,774

Total liabilities amounted to ¥136,459 million(U.S.$1,467 million), a 10.8% increase from the previous
fiscal year-end. This rise is attributable mainly to increasesof ¥4,579 million in long-term debt, ¥2,370 million indeferred tax liabilities ¥7,210 million in accrued retirement
benefits to employees.
Total current liabilities edged off by 0.7% to ¥88,088
million (U.S.$947 million). As the decrease in current assets
exceeded the decrease in current liabilities, working capitalas of March 31, 2010 dropped by 2.6% to ¥67,722 million(U.S.$728 million). The current ratio, as well, dropped by
1.5 percentage points from 178.4% to 176.9%.
Total equity declined by 4.8% to ¥271,951 million(U.S.$2,923 million) compared to that of the previous fiscal
year-end. Although net income of ¥20,496 was posted,acquisition of treasury stock reduced equity by ¥34,049
million in total. Equity per share, however, rose by 5.2%
from ¥2,287.21 for the previous fiscal year-end to¥2,406.26 (U.S.$25.86), reflecting a reduction in thenumber of outstanding shares due to cancellation oftreasury stock.

EQUITY RATIO

2,167.81

2009¥ 30,010(31,830)(1,866)¥ 71,491’09

ADDITIONAL INFORMATION

Significant business agreements(1) Joint-venture agreement with
	Hebei Jinmailang Mianye Co., Ltd.
With regard to the Company’s capital participation in
Hebei Hualong F&N Industry Group Co., Ltd., a major
manufacturer of instant noodles and flour in the PRC(hereafter “Hebei Hualong”), which was undertaken to

expand and thereby reinforce the Company’s instant noodle
operations in the PRC, the Company concluded on May 12,
2004, a joint-venture agreement with Hebei Jinmailang
Mianye Co., Ltd., the parent company of Hebei Hualong.
Hebei Jinmailang Mianye split Hebei Hualong into two
new companies—Nissin Hualong Foods Co., Ltd. (nowrenamed Jinmailang Foods Co., Ltd.), and Hebei Nissin
NISSIN FOODS HOLDINGS CO., LTD.

25

Hualong Paper Products Co., Ltd. (now renamed Hebei
Jinmailang Paper Products Co., Ltd.). Through capitalincreases subscribed to by its Hong Kong-based
subsidiary, Nissin Foods Co., Ltd., the Company had
acquired 14.9% of registered equity in each newly
established company as of March 31, 2005.
The Company plans to eventually acquire an equity stake
equivalent to 33.4% of registered equity in each company.
The investment is expected to reach about ¥20 billion.
(2) Tie-up with Mareven Food Holdings Limited
In order to expand our international business operations,the Company concluded on December 26, 2008, a capitaland business tie-up agreement with Angleside Limited(renamed Mareven Food Holdings Limited as ofApril 14, 2009), a holding company of the largest instantnoodle manufacturer in Russia. In accordance with theprovisions in the agreement, the Company plans togradually acquire an equity stake in Mareven Food
Holdings. The anticipated total capital investment isapproximately ¥26.8 billion for the acquisition of 33.5% of
the issued shares of Mareven Food Holdings.
On January 16, 2009, the Company acquired 1,763
shares, or 14.9% of issued shares, of Mareven Food
Holdings for a total acquisition cost of ¥9,623 million,
through purchase of outstanding shares and subscriptionof new shares allocated to a third party.
	Since Mareven Food Holdings is currently in theprocess of group realignment, the Company’s additional
capital investment in Mareven Food Holdings isconditional on the completion of its group realignment
procedure and certain other factors.

Risk information
Conditions that have the potential to significantly influence
the decisions of investors are presented below. Any
conditions with reference to the future are based on
information available at the time of publication of thisannual report. The Company acknowledges the possibility
that these risks can arise and will make every effort toprevent such risks from appearing and address resulting
situations if such risks do appear.
(1) Food safety issues
The Company’s basic philosophy is to provide safe foods
that consumers can enjoy without worry. In recent years, ahigh incidence of disquieting developments, such as avian
influenza, residual pesticides in foods, falsely labeled foodproducts and toxic substances mixed in food products,
has threatened to undermine food safety. The needs ofconsumers with regard to food safety have become moresophisticated. To enhance its ability to meet this need, theCompany established the Food Safety Research Institutein 1988 and continues its endeavor to enhance its research

26

NISSIN FOODS HOLDINGS CO., LTD.

function and strengthen its quality control system.
However, the Company’s financial position and fiscal
performance could be unfavorably influenced were unusual
health-related situations to arise in the future that werebeyond the Company’s conjecture, or if rumors were to
mar the image of the Company’s products, even thoughsuch rumors were based on incidents not directly affecting
the Company’s products.
(2) Risk derived from changes in demographic trend
In Japan, the birth rate has remained low, and the
population is aging rapidly. Accordingly, the number ofyoung consumers, who are the major customers of theCompany, has been decreasing, and therefore the marketof our products is expected to remain unchanged orotherwise decrease over the long term. In the face of sucha business climate, the Company is making ever-greater
efforts to develop new products that closely meet theneeds of each age bracket in order to maintain and expand
our customer base. However, if the decrease in population
accelerated, the overall demand in the instant noodle
market would shrink, negatively affecting the Company’s
financial position and its financial performance.
(3) Reduced brand value
The Company’s mainstay products, particularly Chicken
Ramen and the Cup Noodle series, have become familiar
household items for most consumers, thanks to years ofaccumulated technical expertise and product development
activities. The Company emphasizes the establishment
and protection of its brands. However, new products flood
the instant noodle market every year, and the relative
brand value of the Company’s products could decline if
another company were to achieve a revolutionary
breakthrough in instant noodle development.
(4) Risk of product liability
As a food maker, the Company believes its mission is toprovide safe, worry-free products to consumers, andtherefore applies strict quality control standards to its
manufacturing activities. In addition, the Food Safety
Research Institute studies ways to ensure the safety of raw
materials and strives to reinforce quality control systems ateach manufacturing facility. The Company also endeavors
to lessen the potential of product liability claims that could
affect its financial position, and therefore is insured against
product liability. However, if an accident occurs throughproduct liability and a situation arises wherein the Company
must recall certain products, the insurance carried by theCompany may not be sufficient to cover all claims. A
tarnished reputation in society and a weakened corporate
image could erode consumers’ willingness to buy theCompany’s products. This situation could hurt theCompany’s financial position and its financial performance.

(5) Increases in prices of raw materials
The primary raw materials used for the Company’s
products are agricultural commodities such as flour andpalm oil, and petroleum-based items for packaging andwrappers. The prices of these raw materials fluctuate withchanging market conditions. Therefore, the Company’s
financial performance could be adversely impacted if theprices of raw materials skyrocket, as there exist morefactors than ever to boost their prices, such as politicalunrest or international disputes occurring in the countries
that produce these raw materials, and crop failures caused
by abnormal weather associated with global warming.
(6) Risk of natural disasters
The Company has manufacturing facilities both in Japanand overseas. If a natural disaster, such as a large-scale
earthquake or flooding from a typhoon, were to occur andmanufacturing facilities incurred damage, the Company’s
production structure as well as its financial position andfinancial performance could suffer because, for example,
an interruption in operations would reduce output andrepairs to facilities and equipment would raise expenses.
(7) Risk related to overseas operations
The Company has 25 factories in 10 countries that
produce food products, including instant noodles, basedon the basic policy of local production and local marketing.
Those factories are run by subsidiaries and affiliates. If
political unrest or international disputes arise in the regions
where the Company’s subsidiaries and affiliates operate,or if issues threaten to undermine food safety, or if legal
controls in certain countries create a situation that hinders
production activities, then the financial position andfinancial performance of the Company could suffer.
(8) Risk related to information systems
The Company uses computers to process and store
information on production, sales and administration. The
Company had adopted all conceivable measures tosafeguard these information systems from computer virusinduced crashes, damage by hackers and the risk of abreach in information security. However, the Company’s
financial position and financial performance could be
adversely affected if the Company’s systems weredamaged and/or if data were leaked outside theorganization, due to illegal access to the systems byunauthorized individuals through technologies that theCompany has not envisioned, or unknown computer virus
getting through established safeguards.

expected rate of return on pension assets. If actual results
differ from predetermined criteria, or if predetermined
criteria are amended, the actuarial difference is charged tothe income of the fiscal year following the one in which thedifference occurred. If a decline in discount rates and/ or
returns on the pension assets persists, the Company will
have to carry a higher burden of pension-related costs,
and this could hurt the Company’s financial position andits financial performance.
(10) Risk of declining market values on marketable securities
The Company invests in marketable securities to ensure
efficient application of funds, while it is the policy of theCompany to maintain the integrity of principal. However,
the Company’s financial position and financial performance
could be adversely affected if worsening market conditions
cause market values to decline or sluggish performancesby equity investments force the Company to apply theaccounting for impairment.
(11) Risk related to accounting for impairment of fixed assets
The Company owns various tangible fixed assets for the
purpose of its business. These fixed assets could face inthe future a substantial decline in their fair value and/or
future cash flows they are to generate, and thus would havethe possibility of impairment loss recognition in conformity
with accounting for impairment of fixed assets. Suchcircumstances could negatively affect the Company’s
financial position and its financial performance.
(12) Reliance on certain business clients
The Company substantially relies on specific businessclients for sales of products and procurement of certain
raw materials. Reliance on specific trading companies forsales of products aims at reducing the effort expended on
credit control and minimizing credit risk throughconcentration of transactions among highly creditworthy
companies. Reliance on specific vendors for procurementof certain raw materials also aims at efficient and stableprocurement. However, if the business activities of thesesales agents were to fail, or the Company had difficultycollecting accounts receivable, or if the supply of raw
materials were suspended and the Company’s production
had to be halted, the Company’s own financial position
and its financial performance could be negatively affected.

(9) Risk related to retirement benefits accounting
Costs and obligations pertaining to retirement benefits
are determined based on discount rates and otherpredetermined criteria used in actuarial calculations, andNISSIN FOODS HOLDINGS CO., LTD.

27

Nissin FoodS Holdings Co., Ltd. and Consolidated Subsidiaries

Consolidated Balance Sheets
As of March 31, 2010 and 2009
Thousands of
U.S. dollars (Note 1)

Millions of yen

2010

2009

2010

ASSETS
Current assets:
Cash and deposits (Notes 4 and 5)¥

67,304¥65,903$

723,388

		

22,653

		17,647

		

243,476

Trade (Note 5)		43,606

		

44,456		

468,680

Other

		

2,684

		

10,410		

28,848Less: Allowance for doubtful receivables

		(300) 		Marketable securities (Notes 4, 5 and 6)
Receivables:(466) 		

(3,224)Inventories (Note 8)		14,472

		

15,226

		

155,546

Deferred tax assets (Note 14)

		

4,435

		

4,090

		

47,668Other current assets

		

956

		

1,004

		

10,274

		 155,810

		 158,270

		

1,674,656

Land (Notes 7, 9, 10 and 12)		46,947

		

46,944

		

504,589

Buildings and structures (Notes 7, 9 and 12)

		

85,606

		82,523

		

920,099

Machinery, equipment and vehicles (Note 9)

		 100,272

		

94,488		

1,077,730

Total current assets
Property, plant and equipment:

Leased assets

		

434

		

210

		

4,665

Construction in progress

		

2,301

		

1,300

		

24,731Other (Note 9)

		

767

		

526

		

8,244

		 225,991

		2,540,058

Less: Accumulated depreciation

		 (127,049) 		 (124,859) 		 (1,365,531)

		 236,327
Property, plant and equipment, net

		 109,278

		 101,132

		

1,174,527

Investments and other assets:		 124,323

		

1,220,271

Investments in unconsolidated subsidiaries and affiliates (Note 5) 		

Investments in securities (Notes 5 and 6)

		 113,534
9,934

		

8,794

		

106,771

Other investments (Note 5)

		

3,211

		

3,172

		

34,512Long-term loans

		

1,764

		

1,139

		

18,960Goodwill

		

4,149

		

4,328

		

44,594

Other (Note 9)

		

702

		

452

		

7,545

Deferred tax assets (Note 14)

		

7,895

		

5,272

		

84,856

Other assets

		

2,504

		

2,556

		

26,913

Less: Allowance for doubtful accounts		(371) 		Intangible assets:

Total investments and other assets
Total assets

28

NISSIN FOODS HOLDINGS CO., LTD.

(709) 				 143,322

		 149,327¥ 408,410¥ 408,729

		(3,988)
1,540,434$ 4,389,617

Thousands of
U.S. dollars (Note 1)

Millions of yen

2010

2009

2010

LIABILITIES AND EQUITYCurrent liabilities:
Short-term borrowings (Notes 5 and 11)

¥

2,030

¥

4,636

$

21,819Trade		40,401

		43,163

		434,233

Other		25,723

		22,323

		

276,472

Current portion of long-term debt (Notes 11 and 17)

		

766

		

705

		

8,233

Accrued income taxes (Notes 5 and 14)

		

7,983

		

7,425

		

85,802Other current liabilities (Note 19)		11,185

		

10,482

		

120,216

		

88,088

		

88,734

		

946,775

Long-term debt (Notes 5, 11 and 17)		10,021

		

5,442

		

107,706

Accrued retirement benefits to employees (Note 13)		22,470		

15,260		

241,509

Deferred tax liabilities (Note 14)

		

9,480

		

7,110

		

101,892

Deferred tax liabilities on land revaluation (Note 10)

		

3,409

		

3,511

		

36,640

Other long-term liabilities

		

2,991

		

3,103

		

32,148

Total long-term liabilities		

48,371

		

34,426

		

519,895

		

25,123

		

25,123

		

270,024

Additional paid-in capital		

48,416

		

49,755

		

520,378

Stock options (Note 21)

		

204

		

—

		

2,192

Retained earnings (Note 24)

		 223,858

		 235,052

		

2,406,040

Net unrealized holding gain (loss) on securities (Note 6)

		

3,587

		

(478) 		38,553

Land revaluation reserve (Note 10)		(7,683) 		

(7,533) 		

(82,577)

Translation adjustments

		(6,600) 		

(7,935) 		

(70,937)

Less: Treasury stock,at cost—6,813,604 shares at March 31, 2010
and 5,206,128 shares at March 31, 2009		(20,448) 		

(14,355) 		

(219,776)

Payables: (Note 5)

Total current liabilities
Long-term liabilities:

Equity (Note 15):
Common stock:
Authorized—500,000,000 shares;
Issued—117,463,685 shares at March 31, 2010
and 127,463,685 shares at March 31, 2009

Subtotal

		 266,457

		 279,629

		Minority interests

		

		

5,940

		

59,050Total equity

		 271,951

		 285,569

		

2,922,947¥ 408,410¥ 408,729

Total liabilities and equity

5,494

2,863,897$ 4,389,617

See accompanying notes to consolidated financial statements.

NISSIN FOODS HOLDINGS CO., LTD.

29

Nissin FoodS Holdings Co., Ltd. and Consolidated Subsidiaries

Consolidated Statements of Income
For the years ended March 31, 2010, 2009 and 2008
Thousands of
U.S. dollars (Note 1)

Millions of yen

Net sales
Cost of sales (Note 16)
Gross profit
Selling, general and administrative expenses (Note 16)
Operating income

2010

2009

2008

2010

¥ 371,178¥ 362,057¥ 385,470$ 3,989,445

203,037

202,304

195,664

2,182,255

168,141

159,753

189,806

1,807,190

140,799

136,201

162,134

1,513,316

27,342

23,552

27,672

293,874

2,911

4,665

3,504

31,288Other income (expenses):
Interest and dividend income
Interest expense

(199)

(84)

(60)

(2,139)Equity in earnings of affiliates

1,471

766

1,201

15,810Loss on impairment of fixed assets (Note 9)

(416)

(125)

(2,370)(4,471)

Loss on devaluation of investments in securities(4)(4,631)(1,181)(43)

Product recall expenses

—

—

(628)

—
9,372

Gain on sales of marketable securities (Note 6)

872

1,885

154

Gain (loss) on sales of investments in securities, net (Note 6)

(44)

137

2

(473)

Other, net(778)(2,793)(605)(8,362)

31,15523,372

27,689334,856

142,455

Income before income taxes and minority interests
Income taxes (Note 14):
Current

13,254

9,223

11,027

Deferred(2,984)(1,838)3,252(32,072)

10,2707,385

14,279110,383

20,885

15,987

13,410224,473

389

96

(181)

4,181

¥ 20,496¥ 15,891¥ 13,591

Income before minority interests
Minority interests in earnings (loss) ofconsolidated subsidiaries
Net income
See accompanying notes to consolidated financial statements.

30

NISSIN FOODS HOLDINGS CO., LTD.

$

220,292

Nissin FoodS Holdings Co., Ltd. and Consolidated Subsidiaries

Consolidated Statements of Changes in Equity
For the years ended March 31, 2010, 2009 and 2008
Thousands of
U.S. dollars (Note 1)

Millions of yen

Common stock:
Balance at beginning and end of the year

2010

2009

2008

2010

¥ 25,123¥ 25,123¥ 25,123$

270,024

Additional paid-in capital:
Balance at beginning of the year
		Sales of treasury stock		 Cancellation of treasury stock
Balance at end of the year

¥ 49,755¥ 49,755¥ 49,754$
		(1) 		0 		1 				 (1,338) 		
— 		
— 		
¥ 48,416¥ 49,755¥ 49,755$

534,770(11)(14,381)
520,378

Stock options
Balance at beginning of the year
Net change during the year
Balance at end of the year

¥
		
¥

—
¥
204 		
204
¥

—
¥
— 		
—
¥

—
$
— 		
—
$

—
2,192
2,192

Retained earnings:
Balance at beginning of the year
¥ 235,052¥ 225,269¥ 216,553$ 2,526,354
		 Net income		 20,496 		 15,891 		 13,591 		 220,292
		 Cash dividends paid		 (5,948) 		 (6,113) 		 (4,890) 		
(63,929)
		 Cancellation of treasury stock		 (26,601) 		
— 		— 		 (285,909)
		 Reversal of land revaluation reserve		150 		
— 		
— 		
1,612
		 Increase due to addition of consolidated subsidiaries 		703 		
— 		
— 		
7,556
		Decrease due to addition of consolidated subsidiaries 		(2) 		
— 		
— 		
(21)
		 Other
		
8 		
5 		
15 		
85
Balance at end of the year
¥ 223,858¥ 235,052¥ 225,269$ 2,406,040
Net unrealized holding gain (loss) on securities (Note 6):
Balance at beginning of the year¥
Net change during the year		Balance at end of the year
¥

(478)
¥
4,065 		
3,587
¥

3,590
¥ 10,921$(4,068) 		 (7,331) 		
(478)¥ 3,590$(5,138)43,691
38,553

Land revaluation reserve (Note 10):
Balance at beginning of the year
Net change during the year
Balance at end of the year¥		¥

(7,533)¥(150) 		(7,683)¥(7,533)¥— 		(7,533)¥(7,533) $— 		
(7,533) $(80,965)(1,612)(82,577)

Translation adjustments:
Balance at beginning of the year
Net change during the year
Balance at end of the year¥		¥(7,935)¥
1,335 		(6,600)¥605¥(8,540) 		
(7,935)¥1,252$(647) 		605$

(85,286)
14,349(70,937)

Treasury stock, at cost:
Balance at beginning of the year
		 Acquisition of treasury stock
		Sales of treasury stock		 Cancellation of treasury stock
Balance at end of the year

¥ (14,355)¥ (14,343)¥ (14,319) $ (154,288)
		 (34,049) 		
(15) 		
(25) 		 (365,961)
		
17 		
3 		
1 		
183
		 27,939 		— 		— 		 300,290¥ (20,448)¥ (14,355)¥ (14,343) $ (219,776)

Minority interests:
Balance at beginning of the year
Net change during the year
Balance at end of the year¥		¥Total equity

5,940¥(446) 		5,494¥

¥ 271,951

6,378¥(438) 		5,940¥

¥ 285,569

6,725$(347) 		6,378$

¥ 288,844

63,844(4,794)59,050$ 2,922,947

See accompanying notes to consolidated financial statements.
NISSIN FOODS HOLDINGS CO., LTD.

31

Nissin FoodS Holdings Co., Ltd. and Consolidated Subsidiaries

Consolidated Statements of Cash Flows
For the years ended March 31, 2010, 2009 and 2008
Thousands of
U.S. dollars (Note 1)

Millions of yen

2010

2009

2008

2010

Operating activities:
Income before income taxes and minority interests¥ 31,155¥ 23,372¥ 27,689$ 334,856
Depreciation and amortization
		
9,577 		7,974 		7,526 		 102,934
Loss on impairment of fixed assets
		416 		
125 		
2,370 		4,471(Decrease) increase in allowance for doubtful receivables 		(510) 		(22) 		302 		
(5,482)
Increase (decrease) in accrued retirement benefits to employees 		
7,162 		6,555 		(51) 		76,978(Decrease) increase in accrued retirement benefits to
		
—
		
(6)
		
85
		
—
directors and corporate auditors
Interest and dividend income		 (2,911) 		 (4,665) 		 (3,504) 		
(31,288)
Interest expense		199 		
84 		
60 		
2,139
Foreign currency exchange loss (gain)		(193) 		1,454 		19 		(2,074)Equity in earnings of affiliates		 (1,471) 		
(766) 		 (1,201) 		
(15,810)
Loss on disposal and sales of property, plant and equipment 		
462 		
520 		
580 		
4,966
Gain on sales of marketable securities,
		
(829)
		
(2,022)
		(157)
		
(8,910)investments in securities and other
Loss on revaluation of marketable securities,		590 		
4,720 		1,252 		6,341investments in securities and other(Increase) decrease in trade notes and accounts receivable 		
1,310 		 (2,735) 		 11,679 		
14,080(Increase) decrease in inventories		829 		 (1,066) 		
289 		
8,910
Increase (decrease) in trade notes and accounts payable		 (2,871) 		
4,808 		 (5,180) 		
(30,858)(Decrease) increase in other payables
		(167) 		(672) 		 (5,138) 		
(1,795)
Other, net
		1,743 		2,378 		 (2,113) 		
18,734
Subtotal
		 44,491 		 40,036 		 34,507 		 478,192
Interest and dividends received
		4,220 		3,571 		3,541 		45,357
Interest paid		(198) 		(84) 		
(60) 		
(2,128)
Income taxes paid		 (12,799) 		 (13,513) 		 (12,113) 		 (137,564)
Income taxes refunded		
5,063 		— 		— 		54,417
Net cash provided by operating activities
		 40,777 		 30,010 		 25,875 		 438,274
Investing activities:
Net decrease (increase) in time deposits
Payments for purchases of marketable securities
Proceeds from sales and redemption of marketable securities
Payments for purchases of property, plant and equipment and other
Proceeds from sales of property, plant and equipment and other
Payments for purchases of investment in securities
Proceeds from sales and redemption of investments in securities
Payments for purchases of new shares of
consolidated subsidiaries and otherNet (increase) decrease in loans receivable
Net cash used in investing activities
Financing activities:
Decrease in short-term borrowings, net
Proceeds from long-term borrowings
Repayment of long-term borrowings
Redemption of bonds
Net (increase) decrease in treasury stock
Cash dividends paid
Cash dividends paid to minority shareholders
Other, net
Net cash used in financing activities
Effect of exchange rate changes on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of the year
Increase in cash and cash equivalents arising frominitial consolidation of subsidiaries
Cash and cash equivalents at end of the year (Note 4)
See accompanying notes to consolidated financial statements.

32

NISSIN FOODS HOLDINGS CO., LTD.

		 (1,565) 		
2,193 		 (1,010) 		
		— 		 (2,000) 		 (2,500) 		
		
7,303 		 12,002 		
5,234 				 (15,275) 		 (18,216) 		 (9,573) 		
		
48 		
1,061 		80 				 (13,871) 		 (60,378) 		 (34,584) 		
		 23,551 		 35,839 		 25,479 		

(16,821)—78,493(164,177)
516(149,086)
253,128

		

(1,350) 		

— 		(14,510)				

(1,180) 		
(132) 		273 		
(2,339) 		 (31,830) 		 (16,601) 		

(12,683)(25,140)		 (2,617) 		
		
5,800 				 (1,284) 		
		(10) 				 (34,048) 		
		 (5,948) 		
		(61) 				58 				 (38,110) 		
		
237 		
		
565 		
		 71,491 				632 		

¥ 72,688(2,199) 		

(467) 		5,380 		(669) 		(40) 		
(12) 		
(6,113) 		
(23) 		78 		(1,866) 		
(3,597) 		
(7,283) 		
78,774 		

(1,458) 		
— 		(413) 		— 		(24) 		
(4,890) 		
(42) 		
— 		
(6,827) 		
(368) 		2,079 		76,695 		

— 		

— 		

¥ 71,491¥ 78,774$(28,128)
62,339(13,801)(107)(365,950)(63,929)(656)
623(409,609)
2,547
6,072
768,390
6,793
781,255

Nissin FoodS Holdings Co., Ltd. and Consolidated Subsidiaries

Notes to Consolidated Financial Statements
1. Basis of Preparation

The accompanying consolidated financial statements ofNissin FoodS Holdings Co., Ltd. (the “Company”) andconsolidated subsidiaries (collectively, the “Group”) areprepared on the basis of accounting principles generally
accepted in Japan (“Japanese GAAP”) and related accounting regulations prescribed in the Financial Instruments andExchange Act of Japan, which are different in certain
respects as to the application and disclosure requirementsof International Financial Reporting Standards.
In preparing the accompanying consolidated financial
statements, certain reclassifications and rearrangements
have been made to the consolidated financial statements
issued domestically in order to present them in a format

which is more familiar to readers outside Japan.
Certain reclassifications of previously reported amounts
have been made to conform the consolidated financial
statements for the year ended March 31, 2008 and 2009 to
the 2010 presentation. Such reclassifications had no effecton consolidated net income or equity.
The translation of yen amounts into U.S. dollars is
included solely for the convenience of readers outside Japanand has been made at ¥93.04 = U.S.$1.00, the exchange
rate prevailing on March 31, 2010. This translation should
not be construed as a representation that yen can be converted into U.S. dollars at the above or any other rate.

2. Summary of Significant Accounting Policies(a) Principles of consolidation and accounting forinvestments in unconsolidated subsidiaries andaffiliates
The accompanying consolidated financial statements
include the accounts of the Company and the significant
companies which it controls directly or indirectly under thecontrol or influence concept. Companies over which theCompany exercises significant influence in terms of theiroperating and financial policies have been included in theaccompanying consolidated financial statements by theequity method. The assets and liabilities of the initiallyconsolidated subsidiaries are stated at fair value as of theirrespective dates of acquisition. Consolidation of theremaining subsidiaries and affiliates would not have amaterial effect on the accompanying consolidated financial
statements. All significant intercompany balances andmaterial unrealized gains from intercompany transactions
have been eliminated.
Effective beginning the year ended March 31, 2010,
Nissin Foods India Ltd. and four other domestic subsidiaries
have been newly included in the scope of the consolidation
due to increase in their materiality.
The balance sheet date of overseas consolidated
subsidiaries is December 31. Any significant differences inintercompany accounts and transactions arising fromintervening intercompany transactions during the period
from January 1 through March 31 have been adjusted,
if necessary.
The numbers of consolidated subsidiaries and affiliates
accounted for by the equity method for the years ended
March 31, 2010, 2009 and 2008 were as follows:

Consolidated subsidiaries
Affiliates accounted forby the equity method

2010
43

2009
38

2008
32

2

2

2

(b) Cash and cash equivalents
For the purposes of the consolidated statements of cash flows,
cash and cash equivalents comprise cash on hand, deposits
held at call with banks and all highly liquid investments with an
insignificant risk of changes in value and with maturities ofthree months or less from the acquisition date.
(c) Securities
The accounting standard for financial instruments requiresthat securities be classified into three categories: trading,held-to-maturity or other securities. Trading securities arecarried at fair value and held-to-maturity debt securities
are carried at amortized cost. Marketable securities
classified as other securities are carried at fair value withany changes in unrealized holding gain or loss, net of theapplicable income taxes, reported in a separate
component of equity. Cost of securities sold is determinedby the moving average method. Non-marketable securities
classified as other securities are carried at cost based on
the moving average method. For other than temporary
declines in fair value, investment securities are reduced to
net realizable value by a charge to income.
(d) Inventories
Finished goods and merchandise are principally stated at
the lower of cost or net selling value, cost being determined
NISSIN FOODS HOLDINGS CO., LTD.

33

by the average method. Raw materials and supplies are
principally stated at the lower of cost or net selling value,
cost being determined by the last purchase price method.
(e) Hedging activities
The Group manages risk of adverse fluctuations in foreignexchange and interest rates in the underlying liabilities with
derivative financial instruments (“derivatives”). For foreign
currency forward contracts and interest rate swaps, the gains
or losses are deferred until maturity of the hedgedtransactions if they meet requirements for hedge accounting,i.e., hedging purpose, high effectiveness and highcorrelation between the hedging instruments and thehedged items. Foreign currency options are recognized aseither assets or liabilities and measured at fair value, andgains or losses on derivative transactions are recognized in
the income statement.
An evaluation of hedge effectiveness has been omitted,
since the significant conditions of the hedging instruments
and hedged items were the same and the risk of changes
in cash flows was completely avoided.
The Group does not anticipate any losses arising fromcredit risk, since the Group enters into these derivatives
with major international financial institutions with highcredit ratings to reduce the risk of counterparties’ nonperformance.
(f) Property, plant and equipment(except for leased assets)
Depreciation is computed principally by the decliningbalance method. Certain consolidated subsidiaries apply
the straight-line method. The straight-line method is also
applied to the head office building of the Company (inOsaka) and the buildings and structures of General
Research Institute of Food Science and Technology andFood Safety Research Institute. In addition, the straight-line
method is applied to buildings (except for the attachments
to the buildings) acquired on or after April 1, 1998. The
range of useful lives is principally from 15 to 50 years forbuildings and 10 years for machinery and equipment.
(g) Intangible assets (except for leased assets)
Intangible assets are amortized by the straight-line
method. Purchased software is amortized by the straightline method over a five-year period, the estimated usefullife used by the Group.
(h) Leased assets
Leased assets under finance lease contracts that do nottransfer ownership to the lessee and were entered into on
or after April 1, 2008 are depreciated in the same manneras those described in Note 2(f).

34

NISSIN FOODS HOLDINGS CO., LTD.

Leased assets under finance lease contracts that do
not transfer ownership to the lessee and were entered into
on or before March 31, 2008 are depreciated to a residual
value of zero by the straight-line method using the term of
the contract as the useful life.
(i) Long-lived assets
The Group reviews its long-lived assets for impairment
whenever events or changes in circumstance indicate thecarrying amount of an asset or asset group may not berecoverable. An impairment loss would be recognized if
the carrying amount of an asset or asset group exceeds
the sum of the undiscounted future cash flows expected toresult from the continued use and eventual disposition of
the asset or asset group. The impairment loss would bemeasured as the amount by which the carrying amount of
the asset exceeds its recoverable amount, which is thehigher of the discounted cash flows from the continued
use and eventual disposition of the asset or the net selling
price at disposition.
(j) Accrued retirement benefits to employees
The Company and domestic consolidated subsidiaries
have defined benefit pension plans. Accrued retirement
benefits to employees have been provided principally at an
amount calculated based on the retirement benefit
obligation and the fair value of the pension plan assets, asadjusted for net unrecognized actuarial gain or loss andunrecognized prior service cost. The estimated benefit isattributed to each period by the straight-line method overthe estimated years of service of the eligible employees.
Net unrecognized actuarial gain or loss is credited or
charged to income in the year following the year in which
the gain or loss was incurred.
On November 1, 2009, the Company and certain of its
domestic consolidated subsidiaries obtained approval from
the Ministry of Health, Labour and Welfare for exemption
from the payment of future benefit obligations with respect toa substitutional portion of governmental welfare pension
plans. As a result, operating expenses decreased by ¥859
million, and operating income increased by the same amount.
(k) Allowance for doubtful receivables
The allowance for doubtful receivables is calculated basedon the historical experience with bad debts and an
estimate of certain uncollectible amounts determined afteran analysis of specific individual doubtful receivables.
(l) Income taxes
The provision for income taxes is computed based on thepretax income included in the consolidated statements ofincome. Deferred tax assets and liabilities are provided fortemporary differences between the balances of assets andliabilities reported for financial reporting purposes and thecorresponding balances for tax reporting purposes.

meeting held subsequent to the close of the financial
period. The present financial statements, therefore, do notreflect such distributions.

(m) Amortization of goodwill and negative goodwill
Goodwill and negative goodwill are amortized by the straightline method over a certain period reasonably determined foreach investment on a case-by-case basis, but no longer than
20 years, or are charged or credited to income as incurred if
the amount is deemed to be immaterial.

(o) Stock options
In accordance with "Accounting Standard for Stock
Options" (ASBJ Statement No. 8, December 27, 2005), theCompany and its domestic subsidiaries accounted forstock options granted to their directors, executive officers
and employees on and after April 3, 2009 as expenses on
the date of grant based on the fair value at the grant date.

(n) Distribution of retained earnings
Under the Corporation Law of Japan, the distribution ofretained earnings with respect to a given financial period is
made by resolution of the shareholders at a general(p) Per share information
Diluted net income per share reflects the potential dilutionthat could occur if stock options were exercised.

3. Changes in Method of Accounting AND Disclosure(a) Discount rate for retirement benefit
Effective the year ended March 31, 2010, the Company
and its domestic subsidiaries adopted “Partial
Amendments to Accounting Standard for Retirement
Benefits (Part 3)” (ASBJ Statement No. 19, July 31, 2008).
The adoption of this statement did not result in change ofthe discount rate the Company and its Japanesesubsidiaries have previously applied.
(b) Financial instruments and related disclosures
Effective for the year ended March 31, 2010, the Groupapplied "Accounting Standard for Financial Instruments"(ASBJ Statement No. 10, revised in March 10, 2008) and“Guidance on Disclosures about Fair Value of Financial
Instruments” (ASBJ Guidance No. 19, March 10, 2008).
(c) Investment property
Effective for the year ended March 31, 2010, the Groupapplied “Accounting Standard for Disclosures about Fair
Value of Investment and Rental Property” (ASBJ Statement
No. 20, November 28, 2008) and “Guidance on AccountingStandard for Disclosures about Fair Value of Investment
and Rental Property” (ASBJ Guidance No. 23, November
28, 2008).

4. Cash and Cash Equivalents

A reconciliation of cash and deposits in the consolidated balance sheets and cash and cash equivalents in the consolidated statements of cash flows at March 31, 2010 and 2009 is as follows:
Millions of yen

2010¥ 67,304
		 (6,316)
		 11,700¥ 72,688

Cash and deposits
Time deposits with maturities exceeding three months
Marketable securities redeemable within three months
Cash and cash equivalents

2009¥ 65,903
		 (4,711)
		 10,299¥ 71,491

Thousands of
U.S. dollars

2010$ 723,388
		 (67,885)
		 125,752$ 781,255

5. FINANCIAL INSTRUMENTS AND RELATED DISCLOSURE

The Group holds financial instruments according to its policy.
Investments are comprised of low risk financial assets andborrowings are financed by banks. The Group is exposed
to financial risks such as credit risk on trade receivables,
foreign currency risk on trade payables, market risk on

securities or interest rate risk on long-term debt. The Groupmanages these risks and executes derivatives in accordancewith policies established and approved at a management
meeting of the Company and no derivatives are used for
trading or speculative purposes.
NISSIN FOODS HOLDINGS CO., LTD.

35

(a) Fair value of financial instruments as of March 31, 2010 is summarized as follows:
Millions of yen
Book value

Thousands of U.S. dollars
Unrealized
gain (loss)

Fair value¥ 67,304 ¥ 67,304¥
Cash and deposits
		 43,606 		 43,606 		
Trade receivables
Marketable securities and investments 		 114,548 		 114,548 		
¥ 225,458 ¥ 225,458¥
Total
Trade payables
Short-term borrowings
Other payables
Accrued income taxes
Long-term debt
Total

¥ 40,401
		
2,030
		 19,239
		
7,983
		
9,869
¥ 79,522¥ 40,401
		
2,030
		 19,239
		
7,983
		
9,911
¥ 79,564

¥
		
		
		
		
¥

Book value

Fair value

Unrealized
gain (loss)

—
—
—
—

$ 723,388 $ 723,388 $		 468,680 		 468,680 		
		 1,231,169 		 1,231,169 		
$ 2,423,237 $ 2,423,237 $

—
—
—
—

—
—
—
—
42
42

$
		
		
		
		
$

—
—
—
—
451
451

434,233 $
21,819 		
206,782 		
85,802 		
106,072 		
854,708 $434,233 $
21,819 		
206,782 		
85,802 		
106,523 		
855,159 $Notes: 1. Fair value of deposits, trade receivables and payables, short-term borrowings, accrued income taxes and other payables approximate the bookvalue because of their short-term clearing.
2. Fair value of marketable securities and investments is quoted from market or financial institutions.
3. Fair value of long-term debt is calculated with assumed discount rate.

(b) The redemption schedule for cash and deposits, trade receivables and securities with maturity dates classified asother securities as of March 31, 2010 is summarized as follows:
Millions of yen
Due within
one year¥ 67,304
Cash and deposits
		 43,606
Trade receivables
Securities with maturity dates classified as other securities: 				
I. Bonds		
801
National government
		 10,123
Corporate
		
78
Other
		 11,671
II. Other¥133,583
Total

Due after one year
through five years

Due after five years
through ten years

¥
—
		
—
		
		
		
—
		 7,921
		 5,593
		 1,022¥ 14,536

¥
—
		
—
		
		
		
—
		 12,063
		
—
		
207
¥ 12,270

Due after
ten years

¥
—
		
—
		
		
		
—
		 7,625
		—		—¥ 7,625

Thousands of U.S. dollars
Due within
one year$ 723,388
Cash and deposits
		 468,680
Trade receivables
Securities with maturity dates classified as other securities: 				
I. Bonds
		
8,609
National government
		 108,803
Corporate
		
838
Other
		 125,441
II. Other$1,435,759
Total

Due after one year
through five years

Due after five years
through ten years

$
—
		
—
		
		
		
—
		 85,135
		 60,114
		 10,985$ 156,234

$
—
		
—
		
		
		
—
		 129,654
		
—
		
2,225
$ 131,879

Due after
ten years

$
—
		
—
		
		
		
—
		 81,954
		—		—$ 81,954(c) Carrying value of financial instruments whose fair value cannot be reliably estimated at March 31, 2010 and 2009 aresummarized as follows:
Thousands of
U.S. dollars

Millions of yen

March 31,

Other securities
Investments in unconsolidated subsidiaries and affiliates
Unlisted equity securities
Preferred equity securities
Investment in anonymous partnership
Other

36

NISSIN FOODS HOLDINGS CO., LTD.

2010
¥ 9,934
		 13,390
		
7,000
		
1,000
		
3,459

2009
¥ 8,794
		
5,132
		
—
		
—
		 10,523

2010$ 106,771
		 143,917
		 75,236
		 10,748
		 37,178

6. Securities(a) Information regarding marketable securities classified as other securities at March 31, 2010 and 2009 is summarized as follows:
Millions of yen

March 31, 2010

Acquisition
cost

Carrying
value

Thousands of U.S. dollars
Unrealized
gain (loss)

Acquisition
cost

Securities whose carrying value exceeds their acquisition cost:¥ 14,782 ¥ 26,905¥ 12,123
I. Equity securities
II. Bonds
		700 		
702 		
2
National government
		 32,624 		 33,143 		
519
Corporate
		
12 		
16 		
4
III. Other¥ 48,118 ¥ 60,766¥ 12,648
Subtotal
Securities whose carrying value does not exceed their acquisition cost:¥ 28,778 ¥ 25,637¥ (3,141)
I. Equity securities
II. Bonds
		100 		
100 		(0)National government
		 11,100 		 10,723 		
(377)
Corporate		
6,715 		5,671 		 (1,044)
Other		 11,651 		 11,651 		
—III. Other¥ 58,344 ¥ 53,782¥ (4,562)
Subtotal¥ 106,462 ¥ 114,548¥ 8,086
Total

Carryingvalue$ 158,878 $ 289,177

Unrealized
gain (loss)$ 130,299

		
7,524 		7,545 		
21		 350,645 		 356,223 		
5,578
		
129 		
172 		
43
$ 517,176 $ 653,117 $ 135,941$ 309,308 $ 275,548$ (33,760)

		
1,075 		1,075 		(0)
		 119,303 		 115,251 		 (4,052)
		72,173 		
60,952 		 (11,221)
		 125,226 		 125,226 		
—$ 627,085 $ 578,052 $ (49,033)$ 1,144,261 $ 1,231,169 $ 86,908

Millions of yen

March 31, 2009

Acquisition
cost

Carrying
value

Unrealized
gain (loss)

Securities whose carrying value exceeds their acquisition cost:¥ 18,098 ¥ 25,712¥ 7,614
I. Equity securities
II. Bonds
		600 		
603 		
3
National government
		 10,064 		 10,087 		
23
Corporate¥ 28,762 ¥ 36,402¥ 7,640
Subtotal
Securities whose carrying value does not exceed their acquisition cost:¥ 28,679 ¥ 24,542¥ (4,137)
I. Equity securities
II. Bonds		300 		
300 		(0)National government
		 50,151 		 48,393 		 (1,758)
Corporate		
6,726 		6,169 		
(557)
Other
		
1,715 		1,715 		(0)III. Other¥ 87,571 ¥ 81,119¥ (6,452)
Subtotal¥ 116,333 ¥ 117,521¥ 1,188Total(b) Sales of investments in securities classified as other securities for the years ended March 31, 2010, 2009 and 2008 aresummarized as follows:
Millions of yen

March 31,

Proceeds from sales
Aggregate gain
Aggregate loss

¥
		
		

Thousands of
U.S. dollars

2010
2009
2008
2010
6,569
¥ 18,311¥ 12,437$ 70,604
889 		
2,063 		156 		
9,555
60 		
41 		
— 		
645

NISSIN FOODS HOLDINGS CO., LTD.

37

7. INVESTMENT PROPERTIESThe Group holds investment property such as buildings or land for rent in Tokyo and other areas. Net operating income
from these properties was ¥485 million (U.S.$5,213 thousand) for the year ended March 31, 2010. The details of investment properties were as follows:
Millions of yen

Thousands of U.S. dollars¥ 3,584¥(396)¥ 3,188¥ 10,051

Net book value at March 31, 2009
Net change for the year ended March 31, 2010

Net book value at March 31, 2010
Fair value at March 31, 2010

$ 38,521$ (4,256)$ 34,265$ 108,029

Notes: 1. Net book value represents net of accumulated depreciation.
2.	Decrease during the fiscal year ended March 31, 2010 consisted of impairment loss of ¥374 million (U.S.$4,020 thousand).
3.	Fair value is mainly calculated based on reports by real estate appraisers.

8. Inventories

Inventories as of March 31, 2010 and 2009 are summarized as follows:
Millions of yen

2010¥ 7,667
		
6,805¥ 14,472

Merchandise and finished goods
Raw materials and supplies
Total

2009
¥ 8,235
		
6,991¥ 15,226

Thousands of
U.S. dollars

2010$ 82,405
		
73,141$ 155,546

9. Loss on Impairment of Fixed Assets

The Group recognized losses on impairment of fixed assets for the years ended March 31, 2010, 2009 and 2008 as follows:
Location(March 31, 2010)
Chitose City, Hokkaido Prefecture and other locations
AJI-NO-MINGEI FOOD SERVICE CO., LTD.
and other companies(March 31, 2009)
MYOJO FOODS CO., LTD.
AJI-NO-MINGEI FOOD SERVICE CO., LTD.
(March 31, 2008)
Ritto City, Shiga Prefecture and one other location
Nissin Plastics Co., Ltd.
Nissin Foods (U.S.A.) Co., Inc.
MYOJO FOOD SERVICE CO., LTD.
The Group categorized fixed assets by manufacturing unit or
usage. The Group also groups idle fixed assets individually.
Consequently, the Group has written down the carrying
value of operating fixed assets whose profitability declined
and idle fixed assets whose fair value declined to theirrespective net recoverable value or memorandum value. As
a result, the Group recorded loss on impairment of fixed
assets of ¥416 million (U.S.$4,471 thousand) in the accom-

38

NISSIN FOODS HOLDINGS CO., LTD.

Usage

Asset type

Idle assets

Land and buildings

Business assets

Buildings, machinery and equipment,
and other assets

Idle assets
Business assets

Machinery and equipment
Buildings, machinery and equipment

Idle assets
Business assets
Business assets
Business assets

Buildings, machinery and equipment
Machinery and equipment
Buildings, machinery and equipment
Buildings, machinery and equipment

panying consolidated statement of income for the year
ended March 31, 2010. The impairment loss for the year
ended March 31, 2010 consisted of losses on land of ¥373
million (U.S.$4,009 thousand), buildings and structures of¥29 million (U.S.$312 thousand), machinery, equipment andvehicles of ¥1 million (U.S.$11 thousand), and other fixed
assets of ¥13 million (U.S.$139 thousand).
Loss on impairment of fixed assets recognized in the year

ended March 31, 2009 was ¥125 million. This impairment
loss consisted of losses of ¥42 million on buildings and structures, of ¥82 million on machinery, equipment and vehicles
and of ¥1 million on other fixed assets.
Loss on impairment of fixed assets recognized in the year
ended March 31, 2008 was ¥2,370 million. This impairment
loss consisted of losses of ¥406 million on buildings andstructures, of ¥1,826 million on machinery, equipment andvehicles and of ¥138 million on other fixed assets.
The recoverable value of the fixed assets for the years ended
March 31, 2010, 2009 and 2008 have been measured using their
net selling value based on an appraisal value determined by
specialists and their value in use which is based on the estimated future cash flows discounted at 5.0% in each year.

10. Land Revaluation Reserve

Based on the Land Revaluation Law and the Amended Land
Revaluation Law, the Company revalued the land it holds foruse in the course of ongoing operations at March 31, 2002.
The resulting land revaluation difference represents an unrealized devaluation of land and has been debited directly, netof income taxes, under “Land revaluation reserve” in equity.

The market value of the land as of March 31, 2010 and 2009
declined by ¥6,447 million (U.S.$69,293 thousand) and¥7,304 million, respectively, compared with the carrying
value of the land revalued as of March 31, 2002 except a part
impaired after the revaluation.

11. Short-term Borrowings and Long-Term Debt

Short-term borrowings, which amounted to ¥2,030 million(U.S.$21,819 thousand) and ¥4,636 million as of March 31,
2010 and 2009, respectively, generally represent notes payable
to banks. Long-term debt (excluding the current portion thereof),amounted to ¥10,021 million (U.S.$107,706 thousand) and¥5,442 million as of March 31, 2010 and 2009, respectively.

The average interest rates on short-term borrowings
were 0.95% and 1.78% at March 31, 2010 and 2009,
respectively. The average interest rates on long-term borrowings at March 31, 2010 and 2009 were 1.50% and1.78%, respectively.

Long-term debt at March 31, 2010 is as follows:
Millions of yen

Secured long-term borrowings at interest rate of 1.16%
Unsecured long-term borrowings at interest rates
ranging from 1.60% to 1.80%
Lease obligations
Current portion of long-term debt

¥

4,900

Thousands of U.S. dollars$

52,665		 5,685

		 61,103

		202¥ 10,787
		 (766)¥ 10,021

		 2,171$ 115,939
		 (8,233)$ 107,706

The aggregate annual maturities of long-term debt subsequent to March 31, 2010 are summarized as follows:
Years ending March 31,

2010
2011
2012
2013
2014
2015 and thereafter
Total

Millions of yen

¥

766
829
817
4,708
3,653
14
¥ 10,787

Thousands of U.S. dollars

$

8,233
8,910
8,781
50,60239,263150$ 115,939

NISSIN FOODS HOLDINGS CO., LTD.

39

12. Pledged Assets

Assets were pledged as collateral for long-term debt of ¥4,500 million (U.S.$48,366 thousand) and the current portion of longterm debt of ¥400 million (U.S.$4,299 thousand) as of March 31, 2010 and for short-term borrowings of ¥2,193 million andcurrent portion of long-term debt of ¥623 million as of March 31, 2009. The assets pledged are summarized as follows:
Millions of yen

2010
¥ 666
		 384		—Land
Buildings and structures
Investments in securities

2009
¥ 666
		 408
		 488

Thousands of
U.S. dollars

2010$ 7,158
		 4,127		
—

13. Accrued Retirement Benefits to Employees

The Company and domestic consolidated subsidiaries
have defined benefit pension plans, i.e., welfare pension
fund plans, tax-qualified pension plans and lump-sum
payment plans, covering substantially all employees whoare entitled to lump-sum or annuity payments, the amountsof which are determined by reference to their basic rates
of pay, length of service, and the conditions under which

termination occurs. The Company converted its tax qualified pension plans to welfare pension fund plans in 1989.
The following table sets forth the funded and accrued
status of the plans and the amounts recognized in theaccompanying consolidated balance sheets as of March
31, 2010 and 2009 for the Company’s and the consolidated subsidiaries’ defined benefit pension plans:Millions of yen(a) Retirement benefit obligation (Note 2)(b) Plan assets at fair value(c) Unfunded retirement benefit obligation (a+b)(d) Unrecognized actuarial loss (gain)(e) Accrued retirement benefits to employees, net (c+d)(f) Prepaid pension cost(g) Accrued retirement benefits for employees (e-f)

2010¥ (44,569)
		 26,756
		 (17,813)
		 (4,657)
		 (22,470)
		—¥ (22,470)

2009¥ (45,718)
		 23,299
		 (22,419)
		
7,159
		 (15,260)		
0¥ (15,260)

Thousands of
U.S. dollars

2010$ (479,030)
		 287,575
		 (191,455)
		 (50,054)
		 (241,509)		—$ (241,509)

Notes: 1. The above amounts include the substitutional portion of the employees' pension fund.
2.	Domestic consolidated subsidiaries apply a simplified method to calculate retirement benefit obligation.

The components of retirement benefit costs for the years ended March 31, 2010, 2009 and 2008 were as follows:
Thousands of
U.S. dollars

Millions of yen(a) Service cost (Notes 1 and 2)(b) Interest cost(c) Expected return on plan assets(d) Amortization of actuarial loss (gain)
Total net periodic pension cost

2010
¥
692
		 1,029
		(533)
		 7,159¥ 8,347

¥
		
		
		
¥

2009
2,001
1,002
(683)
5,552
7,872

2008
¥ 2,061
		
917
		
(797)
		 (1,016)¥ 1,1652010$ 7,438
		 11,060
		 (5,729)
		 76,945$ 89,714

Notes: 1. Employee's contributions to the welfare pension fund have been excluded.
2.	The components of retirement benefit costs of certain domestic consolidated subsidiaries, which have been calculated by a simplified method areincluded in service cost in the above table.

The assumptions used in accounting for the above plans were a discount rate that was principally 2.5% and an expected
rate of return on plan assets of 2.5% for the years ended March 31, 2010, 2009 and 2008.

40

NISSIN FOODS HOLDINGS CO., LTD.

14. Income Taxes

Income taxes applicable to the Company and its domestic
consolidated subsidiaries comprise corporate taxes,
inhabitants’ taxes and enterprise taxes which, in theaggregate, resulted in a statutory tax rate of 40.33% for
the years ended March 31, 2010, 2009 and 2008. Overseas

consolidated subsidiaries are subject to the income taxesof the respective countries in which they operate.
The effective tax rates for the years ended March 31,
2010, 2009 and 2008 differ from the Company's statutory
tax rate for the following reasons:Statutory tax rate
Corporate tax credit
Equity in earnings of affiliates
Loss on devaluation of investments in securities
Entertainment expenses of exclusion from charge against revenue
Accrued retirement benefits to directors and corporate auditors
Tax loss carryforwards recorded by consolidated subsidiaries
Difference in consolidated subsidiaries’ applicable tax rates
Other
Effective tax rates

2010
40.33%(0.24)(1.90)(6.70)
0.67——(1.32)
2.12
32.96%

2009
40.33%(0.83)(1.32)(5.19)
1.24——(2.23)(0.40)
31.60%

2008
40.33%(1.20)(1.75)
3.00
—
3.33
8.17
(2.04)
1.73
51.57%The tax effects of temporary differences which gave rise to significant portions of the deferred tax assets and liabilities at
March 31, 2010 and 2009 are presented below:
Thousands of
U.S. dollars

Millions of yen

Deferred tax assets:
Unrealized losses on securities
Accrued retirement benefits to employees
Accounts payable
Loss on impairment of fixed assets
Accrued bonuses
Depreciation and amortization
Tax loss carryforwards of consolidated subsidiaries
Other
Gross deferred tax assets
Less: Valuation allowance
Total deferred tax assets
Deferred tax liabilities:
Deferred capital gain on properties
Unrealized holding gain on securities
Revaluation gain recognized upon consolidation
Other
Total deferred tax liabilities
Net deferred tax (liabilities) assets

2010

2009

2010

¥ 2,539
		
9,041
		
1,868
		
1,035
		
1,438
		
1,372
		
7,798
		
3,459
		 28,550
		 (13,233)
		 15,317¥ 3,720
		
6,166
		
1,817
		
927
		
1,160
		
1,180
		
9,373
		
3,606
		 27,949
		 (16,637)
		 11,312$ 27,289		
97,173
		
20,077
		
11,124
		
15,456
		
14,746
		83,813
		
37,179		 306,857
		 (142,229)
		 164,628

		 (2,163)
		 (2,491)
		 (6,884)		(929)
		 (12,467)¥ 2,850		 (2,163)
		
(275)
		 (5,847)
		
(775)
		 (9,060)¥ 2,252

		 (23,248)
		 (26,773)
		 (73,990)
		(9,985)
		 (133,996)$ 30,632

NISSIN FOODS HOLDINGS CO., LTD.

41

15. Shareholders’ Equity

The Corporation Law of Japan (the “Law”), provides thatan amount equal to 10% of the amount to be disbursed as
distributions of capital surplus (other than the capitalreserve) and retained earnings (other than the legal
reserve) be transferred to the capital reserve and the legal
reserve, respectively, until the sum of the capital reserveand the legal reserve equals 25% of the capital stock
account. Such distributions can be made at any time byresolution of the shareholders, or by the Board of Directors
if certain conditions are met.

The Company’s legal reserve included in retained earnings at March 31, 2010 and 2009 amounted to ¥6,280
million (U.S.$67,498 thousand), respectively.
Under the Law, upon the issuance and sale of newshares of capital stock, the entire amount of the proceeds
is required to be accounted for as capital stock, although
a company may, by resolution of the Board of Directors,
account for an amount not exceeding one-half of the proceeds of the sale of new shares as additional paid-in
capital included in capital surplus.

Movements in issued common stock and treasury stock for the years ended March 31, 2010 and 2009 are summarized as follows:
Number of shares

2010
Common stock and treasury stock:
Common stock
Treasury stock

March 31, 2009

Increase

Decrease

March 31, 2010

127,463,685
5,206,128—
11,613,331

10,000,000
10,005,855

117,463,685
6,813,604

Number of shares

2009
March 31, 2008

Common stock and treasury stock:
Common stock
Treasury stock

127,463,685
5,202,867

Increase—
4,511

Decrease—
1,250

March 31, 2009

127,463,685
5,206,128

16. Research and Development Costs

Costs relating to research and development activities arecharged to income as incurred. Research and development
costs included in cost of sales and selling, general andadministrative expenses totaled ¥3,807 million (U.S.$40,918
thousand), ¥3,477 million and ¥3,446 million for the years
ended March 31, 2010, 2009 and 2008, respectively.

17. Financial Covenants

A subsidiary of the Company entered into a syndicated loan
agreement with five financial institutions for which Mizuho
Bank, Ltd. is the arranger. The debt amounting to ¥4,900
million (U.S.$52,666 thousand) includes the following nonconsolidated financial covenants.

42

NISSIN FOODS HOLDINGS CO., LTD.

1.	The amount of equity on the balance sheets is required
to be equal or larger than 75% of equity on the balance
sheets as of September 30, 2008 or as of the previous
fiscal year, whichever is larger.
2.	Ordinary loss for two consecutive years is not allowed.

18. Leases

Leased assets presented in the accompanying consolidated balance sheets as of March 31, 2010 consisted ofthose under finance lease contracts that do not transfer
ownership to the lessee and were entered into on or after
April 1, 2008 principally for vending machines for the
instant noodle business.
The following pro-forma amounts represent the acquisi-tion cost, accumulated depreciation/amortization and net
book value of the property leased to the Group at March 31,
2010 and 2009, which would have been reflected in theaccompanying consolidated balance sheets if financeleases without transferring the ownership to the lessee
starting on or before March 31, 2008 which are currently
accounted for as operating leases had been capitalized:

Millions of yen

2010

Acquisition
cost

Machinery and vehicles
Equipment
Intangible fixed assets and other
Total

¥

608
397
172
¥ 1,177

2009

Acquisition
cost

Accumulated
depreciation/amortization

¥

¥

440
263
123
826

Thousands of U.S. dollars
Net bookvalue

Acquisition
cost

Accumulated
depreciation/amortization

Net book
value

¥ 168
134
49
¥ 351

$ 6,535
4,267
1,849$12,651$ 4,7292,827
1,322$ 8,878$ 1,806
1,440
527$ 3,773

Millions of yen

Machinery and vehicles
Equipment
Intangible fixed assets and other
Total

Accumulated
depreciation/amortization

Net bookvalue¥ 1,089¥ 762¥ 327
		 522 		 298 		 224		 229 		 110 		 119
¥ 1,840¥ 1,170¥ 670

Future minimum lease payments subsequent to March 31, 2010 for finance leases accounted for as operating leases are
summarized as follows:Year ending March 31,

Millions of yen

20112012 and thereafter
Total

¥ 187
164
¥ 351

Thousands of U.S. dollars$ 2,010
1,763$ 3,773

Note: The acquisition cost and future minimum lease payments under finance leases presented in the above tables include imputed interest expense.

Lease payments relating to finance leases accounted for as
operating leases in the accompanying consolidated financial
statements amounted to ¥271 million (U.S.$2,913 thousand),¥347 million and ¥385 million, which were approximately

equal to the depreciation/amortization of the leased assets
computed by the straight-line method over the respective
lease terms assuming a nil residual value, for the years ended
March 31, 2010, 2009 and 2008, respectively.

NISSIN FOODS HOLDINGS CO., LTD.

43

19. Derivative Financial Instruments

As described in Note 2 (e), the Group utilizes derivatives to hedge the risk of fluctuations in foreign exchange rate andinterest rate on certain liabilities. Contract amounts of outstanding derivative positions accounted for by hedge accounting as of March 31, 2010 are ¥5 million for foreign currency forwards and ¥1,995 million for interest rate swap.
The outstanding derivative positions measured at fair value at March 31, 2010 and 2009 are as follows:
Thousands of U.S. dollars
Contracts
outstanding

2010

Currency options:
Call options on U.S. dollars, Buy
Put options on U.S. dollars, Sell

Millions of yen

Expiring beyond
one year$ 8,500$ 5,500
		 11,900 		 7,700

Fair value¥ 28
		 (80)¥ (52)

Total
Thousands of U.S. dollars
Contracts
outstanding

2009

Currency options:
Call options on U.S. dollars, Buy
Put options on U.S. dollars, Sell
Total

Unrealized gain
(loss)¥ 28
		 (80)¥ (52)

Thousands of U.S. dollars
Fair value

Unrealized gain
(loss)$ 301$ 301
		 (860) 		 (860)$ (559)$ (559)Millions of yen

Expiring beyond
one year$ 11,500$ 8,500
		 16,100 		 11,900

Fair value¥ 56
		 (85)¥ (29)

Unrealized gain
(loss)¥ 56
		 (85)¥ (29)

Notes:	1.	Fair values of currency option contracts are valued at the market rates reported by the financial institutions handling these transactions for
the Group, as of the end of the fiscal year.
2.	Disclosure of fair value information on derivatives of forward foreign exchange contracts and interest rate swaps has been omitted, because almost
all open derivatives positions qualified for hedge accounting at March 31, 2010 and 2009.

20. Amounts per Share

Amounts per share at March 31, 2010, 2009 and 2008 and for the years then ended were as follows:
Yen

EquityCash dividends applicable to the year2010

Net income—primary
Stock option
Net income—diluted

Net income(Millions of yen)

Weighted-average
number of shares(Thousands of shares)

Per share(Yen)¥ 20,496—¥ 20,496

115,78873
115,861¥ 177.02—¥ 176.91

The amounts per share of equity have been computed basedon the number of shares of common stock outstanding at theyear end. Basic net income per share has been computed
based on the net income available for distribution to shareholders of common stock and the weighted-average number ofshares of common stock outstanding during the year.

44

NISSIN FOODS HOLDINGS CO., LTD.

U.S. dollars

2010
2009
2008
2010
¥ 2,406.26 ¥ 2,287.21 ¥ 2,310.36$ 25.86		
60.00 		50.00 		50.00 		0.64Per share(U.S. dollars)$ 1.90—$ 1.902009

2008

Per share(Yen)

Per share(Yen)¥ 129.98—¥ 129.98¥ 111.17—¥ 111.17

Cash dividends per share represent the cash dividends
proposed by the Board of Directors as applicable to therespective fiscal years together with the interim cash dividends paid.

21. Stock options

The stock options as of March 31, 2010 are as follows:
Yen(U.S. dollars)

Number of shares for options

Date of
Grant

Persons
grantedGrantedandvestedExercised

Canceled

Millions of yen(Thousands of U.S. dollars)

Fair value
at grant
date

Averagestock priceat exercise

Apri1 3,2009

1 Director ofsubsidiary

1,175

1,175

—

¥ 2,904($31)¥ 2,835($
30)

June 26,2009

12 Directors

74,3002,300—¥ 2,325($
25)¥ 3,035($
33)

June 26,
2009

9 Executive Officers
and Employees

3,155

—

—

¥ 2,677($
29)

June 26,2009

32 Directors ofsubsidiaries

11,284

732

—

1,300

1,300

—

January 4,
1 Director
2010

Book
value

		

—

¥ 167
($ 1,795)

—

¥
($

9
97)

¥ 2,677($29)¥ 2,885
($
31)

¥
($

28
301)

¥ 3,059($33)¥ 3,035
($
33)

		

—

		

Notes:	1.	All stock options granted were vested.
2. The exercise period is 40 years from the grant date of each option.
3. The exercise price is ¥1 for each option.

22. Segment Information

The Group classifies its businesses into two segments principally based on product types and characteristics: theinstant noodle and associated business and other business. The instant noodle and associated business includes
pillow-type instant noodles, cup-type instant noodles,

chilled foods and frozen foods. The other business includes
confectionaries, beverages and the food service business.
The following tables present the business and geographic
segment information and the overseas sales of the Group forthe years ended March 31, 2010, 2009 and 2008:(a) Information by business segment
Millions of yen

Year ended March 31, 2010

I. Sales and operating income
Sales to third parties
Intersegment sales
Total
Operating expenses
Operating income

Instant noodle andassociated business

Otherbusiness

Eliminations
or corporate¥ 331,396
		—		 331,396
		 306,727¥ 24,669

¥
		
		
		
¥

39,782
8,842
48,62445,265
3,359

¥
		
		
		
¥

¥ 181,505
		
7,863
		
64
		 15,179

¥
		
		
		

29,513
1,179
86
2,847

¥ 197,392
		
535
		
266
		
422

Consolidated—¥ 371,178(8,842) 		
—(8,842) 		 371,178(8,156) 		 343,836(686)¥ 27,342

II. Total assets, depreciation and amortization, loss on
impairment of fixed assets and capital investment
Total assets
Depreciation and amortization
Loss on impairment of fixed assets
Capital investment¥ 408,410
		
9,577
		
416
		 18,448

NISSIN FOODS HOLDINGS CO., LTD.

45

Thousands of U.S. dollars

Year ended March 31, 2010

I. Sales and operating income
Sales to third parties
Intersegment sales
Total
Operating expenses
Operating income

Instant noodle andassociated business

Otherbusiness

Eliminations
or corporate

Consolidated$ 3,561,866
$
		
— 		
		 3,561,866 				 3,296,722 		
$ 265,144$

427,579$
95,035 		
522,614 		
486,511 		
36,103$—$ 3,989,445(95,035) 		
—(95,035) 		 3,989,445(87,662) 		 3,695,571(7,373) $ 293,874$ 1,950,828$
		84,512 		
		
688 		
		 163,145 		

317,207$ 2,121,582$ 4,389,617
12,672 		
5,750 		 102,934
924 		
2,859 		4,47130,599 		
4,536 		 198,280

II. T otal assets, depreciation and amortization, loss on
impairment of fixed assets and capital investment
Total assets
Depreciation and amortization
Loss on impairment of fixed assets
Capital investment

Notes: 1.	Operating expenses under “Eliminations or corporate” that cannot be allocated to any particular segment amounted to ¥686 million (U.S.$7,373
thousand) and consisted of mainly amortization of goodwill.
2.	Total assets under “Eliminations or corporate” that cannot be allocated to any particular segment amounted to ¥199,101 million (U.S.$2,139,951
thousand), and consisted of mainly surplus investment fund (including cash and marketable securities), long-term investment fund (including
investments in securities) and, assets associated with the back office division and goodwill.

Millions of yen

Year ended March 31, 2009

I. Sales and operating income
Sales to third parties
Intersegment sales
Total
Operating expenses
Operating income

Instant noodle andassociated business

Otherbusiness

Eliminations
or corporate¥ 322,837
		3		 322,840
		 301,185¥ 21,655

¥
		
		
		
¥

39,2206,257
45,47743,000
2,477

¥
		
		
		
¥

¥ 219,723
		
6,847
		
81
		 10,710

¥
		
		
		

26,951
846
44
1,560

¥ 162,055
		
281
		
—
		
5,302

Consolidated—¥ 362,057(6,260) 		
—(6,260) 		 362,057(5,680) 		 338,505(580)¥ 23,552

II. T otal assets, depreciation and amortization, loss on
impairment of fixed assets and capital investment
Total assets
Depreciation and amortization
Loss on impairment of fixed assets
Capital investment¥ 408,729
		
7,974
		
125
		 17,572

Notes: 1.	Operating expenses under “Eliminations or corporate” that cannot be allocated to any particular segment amounted to ¥6,788 million, andconsisted of mainly payroll cost in the back office division, general expenses and amortization of goodwill.
2.	Total assets under “Eliminations or corporate” that cannot be allocated to any particular segment amounted to ¥208,835 million, and consistedof mainly surplus investment fund (including cash and marketable securities), long-term investment fund (including investments in securities) andassets associated with the back office division and goodwill.
3.	The Group has changed its corporate organization to a holding company structure, and as a result there were decreases in “instant noodle andassociated business” and corresponding increases in “Eliminations or corporate” amounting to ¥6,195 million for operating expenses, and ¥280
million of depreciation and amortization as compared to the corresponding amounts which would have been recorded under the previous method.

46

NISSIN FOODS HOLDINGS CO., LTD.

Millions of yen

Year ended March 31, 2008

I. Sales and operating income
Sales to third parties
Intersegment sales
Total
Operating expenses
Operating income

Instant noodle andassociated business

Otherbusiness

Eliminations
or corporate

Consolidated¥ 346,822
		—		 346,822
		 321,448¥ 25,374¥ 38,648
		 5,764
		 44,412
		 41,833¥ 2,579¥—		 (5,764)
		 (5,764)
		 (5,483)¥ (281)¥ 385,470
		—		 385,470
		 357,798¥ 27,672

¥
		

¥
		

¥
		

¥
		

II. Depreciation and amortization andloss on impairment of fixed assets
Depreciation and amortization
Loss on impairment of fixed assets

6,732
2,259

794
111

—
—

7,526
2,370

Note: O perating expenses under “Eliminations or corporate” that cannot be allocated to any particular segment amounted to ¥492 million, and consisted ofmainly amortization of goodwill.

(b) Information by geographic area
Millions of yen

Year ended March 31, 2010

I. Sales and operating income
Sales to third parties
Intersegment sales
Total
Operating expenses
Operating income (loss)
II. Total assets

Japan

North
America

Other
areas

Eliminations
or corporate

Consolidated¥ 317,899¥ 28,459¥ 24,820¥—¥ 371,178
		
1,352 		— 		— 		(1,352) 		
—		 319,251 		 28,459 		 24,820 		
(1,352) 		 371,178
		 295,192 		 26,706 		 22,690 		(752) 		 343,836¥ 24,059¥ 1,753¥ 2,130¥(600) ¥ 27,342¥ 185,786¥ 11,869¥ 32,296¥ 178,459¥ 408,410
Thousands of U.S. dollars

Year ended March 31, 2010

I. Sales and operating income
Sales to third parties
Intersegment sales
Total
Operating expenses
Operating income (loss)
II. Total assets

Japan

North
America

Other
areas

Eliminations
or corporate

Consolidated$ 3,416,799$ 305,879$ 266,767 $— $ 3,989,445
		
14,531 		
— 		— 		
(14,531) 		
—		 3,431,330 		 305,879 		 266,767 		
(14,531) 		 3,989,445
		 3,172,743 		 287,038 		 243,874 		
(8,083) 		 3,695,572$ 258,587$ 18,841$ 22,893 $(6,448) $ 293,873$ 1,996,840$ 127,569$ 347,119 $ 1,918,089 $ 4,389,617

Notes: 1. Classification of the countries or regions is based on geographical proximity.
2. Major countries and regions included in areas other than Japan:
		 (1) North America: The U.S.A. and Mexico
		 (2) Other areas: China, Germany and Hungary
3.	Operating expense under “Eliminations or corporate” that cannot be allocated to any particular segment amounted to ¥686 million (U.S.$7,373
thousand), consisted of mainly the amortization of goodwill.
4.	Total assets under “Eliminations or corporate” that cannot be allocated to any particular segment amounted to ¥199,101 million (U.S.$2,139,951
thousand), and consisted of mainly surplus investment funds (including cash and marketable securities), long-term investment funds (including
investments in securities), assets associated with the back office division and goodwill.

NISSIN FOODS HOLDINGS CO., LTD.

47

Millions of yen

Year ended March 31, 2009

I. Sales and operating income (loss)
Sales to third parties
Intersegment sales
Total
Operating expenses
Operating income (loss)
II. Total assets

Japan

North
America

Other
areas

Eliminations
or corporate

Consolidated¥ 311,954¥ 26,126¥ 23,977¥—¥ 362,057
		
1,266 		14 		205 		
(1,485) 		
—		 313,220 		 26,140 		 24,182 		
(1,485) 		 362,057
		 289,474 		 27,622 		 22,237 		(828) 		 338,505¥ 23,746¥ (1,482)¥ 1,945¥(657)¥ 23,552¥ 179,501¥ 10,210¥ 29,906¥ 189,112¥ 408,729

Notes: 1.	Operating expense under “Eliminations or corporate” that cannot be allocated to any particular segment amounted to ¥6,788 million, consistedof mainly payroll costs in the back office division, general expenses and the amortization of goodwill.
2.	Total assets under “Eliminations or corporate” that cannot be allocated to any particular segment amounted to ¥208,835 million, and consistedof mainly surplus investment funds (including cash and marketable securities), long-term investment funds (including investments in securities),
assets associated with the back office division and goodwill.
3.	The Group changed its corporate structure to a holding company structure. As a result of this change, operating expense in “Japan” segment
was decreased by ¥6,195 million and “Eliminations and corporate” were increased by the same amount for the year ended March 31, 2009 ascompared to the corresponding amounts which would have been recorded under the previous method.

Millions of yen

Year ended March 31, 2008

I. Sales and operating income (loss)
Sales to third parties
Intersegment sales
Total
Operating expenses
Operating income (loss)

Japan

North
America

Other
areas

Eliminations
or corporate

Consolidated¥ 329,984¥ 29,559¥ 25,927¥—¥ 385,470
		
1,220 		— 		596 		 (1,816) 		
—		 331,204 		 29,559 		 26,523 		 (1,816) 		 385,470
		 302,238 		 32,185 		 24,703 		 (1,328) 		 357,798¥ 28,966¥ (2,626)¥ 1,820¥(488)¥ 27,672

Note: O perating expenses under “Eliminations or corporate” that cannot be allocated to any particular segment amounted to ¥492 million, and consistedof mainly amortization of goodwill.

48

NISSIN FOODS HOLDINGS CO., LTD.

(c) Overseas sales
Overseas sales, which include export sales of the Company
and its domestic consolidated subsidiaries and sales(other than exports to Japan) of the overseas consolidated

subsidiaries, for the years ended March 31, 2010, 2009 and2008 are summarized as follows:

Millions of yen
North
AmericaYear ended March 31, 2010

Overseas sales
Consolidated sales
Overseas sales as a percentage ofconsolidated sales

Other
areas

Thousands of U.S. dollars
North
America

Total

Other
areas

Total

¥ 28,614¥ 25,315¥ 53,929		— 		— 		 371,178$ 307,545 $ 272,087 $ 579,632		— 		— 		 3,989,445

				

7.7% 		

6.8% 		 14.5%

— 		

— 		

—

Millions of yen
North
AmericaYear ended March 31, 2009

Overseas sales
Consolidated sales
Overseas sales as a percentage ofconsolidated sales

Other
areas

Total

¥ 26,599¥ 24,554¥ 51,153		— 		— 		 362,057
		

7.3% 		

6.8% 		 14.1%

Millions of yen
North
America

Other
areas

Total

¥ 29,859—¥ 26,400—¥ 56,259
385,470

7.7%

6.9%

14.6%

Year ended March 31, 2008

Overseas sales
Consolidated sales
Overseas sales as a percentage ofconsolidated sales

Notes: 1.	Classification of the countries or regions is based on geographical proximity.
2. Principal countries classified in the regions:		 North America: USA and Mexico
		 Other areas: China and Germany
3. Overseas sales represent the sum total of sales to the overseas market outside Japan by the Company and its consolidated subsidiaries.
		 (Sales between consolidated subsidiaries are not included.)

23. RELATED PARTY TRANSACTIONSThe Group had concluded lease contracts with two relatedparties, whose shares are wholly owned by certain directorsof the Company and their relatives. The amount of lease
payments to these companies for the years ended March

31, 2010 and 2009 were ¥303 million (U.S.$3,278 thousand)and ¥338 million, respectively, and the outstanding balanceof lease obligations at March 31, 2010 and 2009 were ¥15
million (U.S.$172 thousand) and ¥12 million, respectively.

24. Subsequent Events

The following distribution of retained earnings of theCompany, which has not been reflected in the accompanying consolidated financial statements for the year ended

Cash dividends (¥35 = U.S.$0.38 per share)

March 31, 2010 was approved at a meeting of the shareholders of the Company held on June 29, 2010:

Millions of yen

Thousands of
U.S. dollars¥ 3,873$ 41.63NISSIN FOODS HOLDINGS CO., LTD.

49

50

NISSIN FOODS HOLDINGS CO., LTD.

Business Areas of Consolidated Subsidiaries and Affiliates
Company

Capital(As of March 31, 2010)

Business Area

EquityOwnership (%)

Consolidated Subsidiaries
NISSIN FOOD PRODUCTS CO., LTD.

¥5,000 million

Cup- and pillow-type noodle manufacturing and marketing

100.0

MYOJO FOODS CO., LTD.

¥3,143 million

Cup- and pillow-type noodle manufacturing and marketing

100.0

NISSIN CHILLED FOODS CO., LTD.

¥100 million

Chilled food manufacturing and marketing

100.0

NISSIN FROZEN FOODS CO., LTD.

¥100 million

Frozen food manufacturing and marketing

100.0

NISSIN CISCO CO., LTD.

¥2,600 million

confectionary manufacturing and marketing

100.0

NISSIN YORK CO., LTD.

¥870 million

Beverage and dairy product manufacturing and marketing

100.0

AJI-NO-MINGEI FOOD SERVICE CO., LTD.

¥365 million

Food service

76.1

NISSIN BUSINESS SUPPORT CO., LTD.

¥50 million

Intergroup business support

100.0

NISSIN ASSET MANAGEMENT CO., LTD.

¥50 million

Real estate and leasing management

100.0

Sapporo Nissin Co., Ltd.

¥250 million

Cup- and pillow-type noodle manufacturing and marketing

100.0 (100.0)

Nissin Plastics Co., Ltd.

¥450 million

Container manufacturing and marketing

100.0 (100.0)

Nissin F.D. Foods Co., Ltd.

¥100 million

Freeze-dried food manufacturing and marketing

100.0 (100.0)

Kagawa Nissin Food Products Co., Ltd.

¥100 million

Ingredient manufacturing and marketing

100.0 (100.0)

Nissin Enterprise Corporation¥300 million

Shipping and warehousing

100.0 (100.0)

Ajinihon Co., Ltd.

¥95 million

Soup manufacturing and marketing

46.4 (46.4)

NISHINIHON MYOJO CO., LTD.

¥90 million

Cup- and pillow-type noodle manufacturing and marketing

100.0 (100.0)

UNI-STAR CO., LTD.

¥150 million

Soup manufacturing and marketing

100.0 (100.0)

MYOJO SUPPLY SERVICE. CO., LTD.

¥90 million

Contracted manufacturing100.0 (100.0)

Saitama Nissin Food Products Co., Ltd.

¥30 million

Chilled and frozen food manufacturing and marketing

100.0 (100.0)

MYOJO FRESH CO., LTD.

¥400 million

Chilled food manufacturing and marketing

100.0 (100.0)

Shikoku Nissin Food Products Co., Ltd.

¥98 million

Frozen food manufacturing and marketing

100.0 (100.0)

Takamatsu Nissin Food Products Co., Ltd.

¥80 million

Frozen food manufacturing and marketing

100.0 (100.0)

Mie Nissin Food Products Co., Ltd.

¥100 million

Frozen food manufacturing and marketing

100.0 (100.0)

Circle Liners Co., Ltd.

¥50 million

Shipping and warehousing

100.0 (100.0)

Nicky Foods Co., Ltd.

¥60 million

Frozen food manufacturing and marketing

100.0 (100.0)

Uji Kaihatsu Development Co., Ltd.

¥100 million

Golf course management

94.2

Nissin Netcom Co., Ltd.

¥24 million

Real estate and restaurant management

100.0
90.0

Nissin Foods (U.S.A.) Co., Inc.

U.S.$83,500 thousand

Cup- and pillow-type noodle manufacturing and marketing

MYOJO U.S.A., INC.

U.S.$5,000 thousand

Chilled food manufacturing and marketing

96.0
100.0

Nissin Foods de Mexico S.A. de C.V.

MXN 149,134 thousand

Cup-type noodle manufacturing and marketing

Nissin Foods Co., Ltd.

HK$671,600 thousand

Winner Food Products Ltd.

HK$29,975 thousand(1.3)

Miracle Foods Co., Ltd.

HK$21,000 thousand

Cup- and pillow-type noodle manufacturing and marketing 100.0
Cup- and pillow-type noodle and frozen food manufacturing
74.0
and marketing
Container manufacturing and marketing
100.0 (100.0)

Nissin Foods (China) Holding Co., Ltd.

U.S.$40,500 thousand

Invests in businesses in the PRC

100.0 (100.0)

Shanghai Nissin Foods Co., Ltd.

U.S.$25,000 thousand

Cup- and pillow-type noodle manufacturing and marketing

100.0 (100.0)

Guangdong Shunde Nissin Foods Co., Ltd.
Zhuhai Golden Coast Winner Food
Products Ltd.
Guangyougnan Food Products(Shenzhen) Co., Ltd.

HK$130,000 thousand

Cup- and pillow-type noodle manufacturing and marketing

100.0 (100.0)

HK$84,000 thousand

Cup- and pillow-type noodle manufacturing and marketing

70.5 (70.5)

HK$11,000 thousand

Frozen food manufacturing and marketing

100.0 (100.0)

NISSIN FOODS (ASIA) PTE. LTD.

SG$30,457 thousand

Indo Nissin Foods Ltd.

INR 717,885 thousand

Nissin Foods India Ltd.

INR 500 thousand

Nissin Foods Kft.

100.0
89.1 (89.1)

Cup- and pillow-type noodle marketing

100.0 (100.0)

Cup- and pillow-type noodle manufacturing and marketing

100.0

Cup- and pillow-type noodle marketing

100.0 (99.0)

BRL 12,688 thousand

Cup- and pillow-type noodle manufacturing and marketing

50.0

THB 180,000 thousand

Cup- and pillow- type noodle manufacturing and marketing

20.1

HUF 1,000,000 thousand

Nissin Foods GmbH

Cup- and pillow-type noodle manufacturing and marketing,and overall management of Asian business
Cup- and pillow-type noodle manufacturing and marketing

EUR 25 thousand

Affiliates Accounted for by the Equity Method
Nissin-Ajinomoto Alimentos Ltda.
THAI PRESIDENT FOODS PUBLICCOMPANY LIMITED
Note: The figures in () of equity ownership show percentage of indirect ownership.
NISSIN FOODS HOLDINGS CO., LTD.

51

WORLDWIDE NETWORK
AmericasNissin Foods (U.S.A.) Co., Inc.
(Corporate Office & Gardena Plant)
2001 West Rosecrans Avenue, Gardena, CA 90249 U.S.A.
Telephone: 1-323-321-6453 Fax: 1-310-515-3751(Lancaster Plant)
Masako Place 2901, Hempland Road
Lancaster, PA 17601 U.S.A.
Telephone: 1-717-291-5901 Fax: 1-717-291-9737

MYOJO U.S.A., INC.
6220 Prescott Court, Chino, CA 91710 U.S.A.
Telephone: 1-909-464-1411 Fax: 1-909-464-1415

Nissin Foods de Mexico S.A. de C.V.
(Corporate Office & Plant)
Av. de las Partidas S/N
Fracc. Industrial Cerrillo ll
Lerma, Edo. de Mexico C.P. 52000 Mexico
Telephone: 52-728-282-8950 Fax: 52-728-282-8988(Sales Office)Sanchez Azcona 1537-B
Col. Del Valle Deleg. Benito Juarez
Mexico, D. F., C.P. 03100 Mexico
Telephone: 52-55-5601-4200 Fax: 52-55-5601-4214

Nissin-Ajinomoto Alimentos Ltda.
(Head Office)Rua Alves Guimaraes, 1297 - Jardim America Sao Paulo - SP - Brazil, CEP 05410-926
Telephone: 55-11-3094-5900 Fax: 55-11-3094-5901(Ibiuna Plant)
Rodovia Bunjiro Nakao, Km 57 - Ibiuna - SP - Brazil
CEP 18150-000 - Caixa Postal 57
Telephone: 55-15-3248-9600 Fax: 55-15-3249-1255

Asia

Nissin Foods (HK) Management Co., Ltd.

Shanghai Nissin Foods Co., Ltd.

9-13, Dai Cheong Street, Tai Po Industrial Estate
Tai Po, N.T. Hong Kong
Telephone: 852-3406-6888 Fax: 852-2664-2201(Head Office & Plant)
No. 1, Xinxiao Road, Xinqiao Zhen, Songjiang District, Shanghai
201612 The People’s Republic of China
Telephone: 86-21-5764-4070 Fax: 86-21-5764-4073

Nissin Foods Co., Ltd.
(Head Office & Main Plant)
21-23, Dai Shing Street, Tai Po Industrial Estate
Tai Po, N.T. Hong Kong
Telephone: 852-2665-0032 Fax: 852-2664-4189(Shanghai Office)
11F, Dongying Bldg., 2570 Xietu Road, Xuhui District, Shanghai
200030 The People’s Republic of China
Telephone: 86-21-6464-3992 Fax: 86-21-6464-3864(Wing On Plant)
9-13, Dai Cheong Street, Tai Po Industrial Estate
Tai Po, N.T. Hong Kong
Telephone: 852-3406-6888 Fax: 852-2664-2201

Guangdong Shunde Nissin Foods Co., Ltd.

Winner Food Products Ltd.
(Winner Plant)
11-13, Dai Shun Street, Tai Po Industrial Estate
Tai Po, N.T. Hong Kong
Telephone: 852-2667-3766 Fax: 852-2663-1301(Wintai Plant)
20, Dai Kwai Street, Tai Po Industrial Estate
Tai Po, N.T. Hong Kong
Telephone: 852-2663-3992 Fax: 852-2664-0321

Miracle Foods Co., Ltd.
19, Dai Shing Street, Tai Po Industrial Estate
Tai Po, N.T. Hong Kong
Telephone: 852-2666-7481 Fax: 852-2666-0600

Nissin Foods (China) Holding Co., Ltd.
10F, Dongying Bld. 2570 Xietu Road, Xuhui District
Shanghai, 200030 The People’s Republic of China
Telephone: 86-21-6468-7176 Fax: 86-21-6468-3295

52

NISSIN FOODS HOLDINGS CO., LTD.

(Head Office & Plant)
13, Gang Qian Road, Beijiao Industrial Park, Beijiao County
Shunde District, Foshan City, Guangdong Province,
528311 The People’s Republic of China
Telephone: 86-757-2665-1778 Fax: 86-757-2665-2778(Guangzhou Office)7th Floor, Golden Lake Building, No. 2,
Dong Hu West Road, Guangzhou, 510100
The People’s Republic of China
Telephone: 86-20-8378-1723 Fax: 86-20-8385-6181

Zhuhai Golden Coast Winner Food Products Ltd.
Anjizhong Road 65, Sanzao Jinwan, Zhuhai, Guangdong
The People’s Republic of China
Telephone: 86-756-3900500 Fax: 86-756-3900599

Guangyougnan Food Products (Shenzhen) Co., Ltd.
3rd Floor, No. 8, Road 5, Qingshuihe,
Shenzhen, Guangdong Province, The People’s Republic of China
Telephone: 86-755-2587-4371 Fax: 86-755-2587-8599

Jinmailang Foods Co., Ltd.

Accelerated Freeze Drying Co., Ltd.

(Head Office)
Hualong Food Market of Longyao, Hebei
055350 The People’s Republic of China
Telephone: 86-319-6591908 Fax: 86-319-6591559(Head Office)Amalgam House, Bristow Road
Willingdon Island, Cochin-682 003, Kerala, India
Telephone: 91-484-2668680 Fax: 91-484-2668130(Beijing Office)
17/F, Tai Kang Financial Tower, No. 38 East 3rd Ring North Road
Chaoyang District, Beijing 100026 The People’s Republic of China
Telephone: 86-10-8599-9898 Fax: 86-10-8599-9101(Cochin Plant)
EP/IV/513, Ezhupunna P.O.
Alleppey District-688 548, Kerala, India
Telephone: 91-478-2872012 Fax: 91-478-2873016

FOOD SAFETY EVALUATION &RESEARCH INSTITUTE CO., LTD.

(Bangalore Plant)
Plot No. 18-A1, Jigani Industrial Area, Anekal Taluk
Bangalore-562 106 Karnataka, India
Telephone: 91-8078-25282 Fax: 91-8078-25283

No. 619, Ziri Road, Minhang District, Shanghai
200241 The People’s Republic of China
Telephone: 86-21-6145-0555 Fax: 86-21-6145-0571

Nissin Foods (ASIA) Pte. Ltd.

Nissin Foods (Thailand) Co., Ltd.

(Head Office)
16, Chin Bee Road, Jurong Town, Singapore 619826
Telephone: 65-6265-2447 Fax: 65-6265-2753(Head Office & Plant)
631 Moo 11, Sukapiban 8, Nongkham Sriracha
Chonburi 20280, Thailand
Telephone: 66-38-481-351 Fax: 66-38-481-353(Sales Office)
31 Jurong Port Road #02-11M
Jurong Logistics HUB, Singapore 619115
Telephone: 65-6268-1309 Fax: 65-6268-2758(Bangkok Office)802 Bangkok Tower, 2170 New Petchburi Road
Bangkok 10320, Thailand
Telephone: 66-2-308-0360 Fax: 66-2-308-0363

Indo Nissin Foods Ltd.

THAI PRESIDENT FOODS PUBLIC COMPANY LIMITED(Head Office)3rd Floor, Centenary Building, 28, M.G. Road
Bangalore 560 001, India
Telephone: 91-80-2532-7900 Fax: 91-80-2559-9087

304 TF Buildings, Srinakarin Rd., Huamark, Bangkapi
Bangkok 10240, Thailand
Telephone: 66-2-374-4730 Fax: 66-2-374-7743(Delhi Plant)
91 Kms, Delhi-Jaipur Road, Village Deodhai, Tehsil Bawal
District Rewari-123401 Haryana, India
Telephone: 91-1284-264032 Fax: 91-1284-264032

Jl. Jababeka Raya Blok N/1
Cikarang Bekasi, 17530 Indonesia
Telephone: 62-21-893-4130 Fax: 62-21-893-4129(Bangalore Plant)
18-A-2, Road No. 2, Jigani Industrial Area, Anekal Taluk
Bangalore District-562106 Karnataka State India
Telephone: 91-80-27825280 Fax: 91-80-27825279(Head Office)4th Floor, CFC Administration Building
E. Rodriguez Jr. Ave., Bagong Ilog, Pasig City, 1600 Philippines
Telephone: 63-2-671-7176 Fax: 63-2-671-3978

PT. NISSINMAS

Nissin-Universal Robina Corporation(Cavite Plant)
Block 7, Lot 8, First Cavite Industrial Estate
Bo. Langkaan, Dasmariñas, Cavite, 4140 Philippines
Telephone: 63-46-402-0662 Fax: 63-46-402-0824

EuropeNissin Foods Kft.

LLC Mareven Food Central

H-6000 Kecskemet, Buzakalasz ut20., Hungary
Telephone: 36-76-485-702 Fax: 36-76-485-704(Moscow Office)Business Park “Greenwood” Building 17 69km MKAD, Putilkovo
Krasnogorskiy District, Moscow, 143441, Russia
Telephone: 7-495-730-1186 Fax: 7-495-730-1187

Nissin Foods GmbHAm Hohenstein 3-565779 Kelkheim, Germany
Telephone: 49-6195-6927 Fax: 49-6195-910019(Serpukhov Plant)
31, Severnoye Shosse, Ivanovskoye, Serpukhovsky Rayon,
Moskovskaya Oblast, 142214, Russia
Telephone: 7-496-735-5205 Fax: 7-496-735-5097

NISSIN FOODS HOLDINGS CO., LTD.

53

CORPORATE DATA
Nissin Foods Holdings Co., Ltd.
Head Office

History
1948

Chukososha Co., Ltd. established.

1958

Chicken Ramen, the world’s first instant noodle product, introduced;
Company name changed to Nissin Food Products Co., Ltd.

Fax: 81-3-3205-5059

1963

Listed on the Second Section of the Tokyo andOsaka Stock Exchanges.

Osaka Head Office

1970

Nissin Foods (U.S.A.) Co., Inc., the Company’s firstoverseas operation, established in Gardena, California.

1971

Cup Noodle introduced; Kanto Plant begins operation.

1972

Listed on the First Section of the Tokyo,
Osaka and Nagoya Stock Exchanges.

1973

Shiga Plant and General Research Center begin operation.

1975

Shimonoseki Plant begins operation;
Nissin-Ajinomoto Alimentos Ltda. established in São Paulo, Brazil.

1977

Construction of new headquarters completed;main office moved to its present location in Yodogawa-ku, Osaka.

1984

Nissin Foods Co., Ltd. established in Hong Kong.

1988

Construction of Tokyo Head Office building completed;
Central Research Institute begins operation.

1990

Capital participation in Yoke Co., Ltd. (now NISSIN YORK CO., LTD.).

1991

Capital participation in Cisco Co., Ltd. (now NISSIN CISCO CO., LTD.).
Bangalore Plant of Indo Nissin Foods Ltd. begins operation.

1992

Long-life fresh noodles developed; Nissin Rao introduced.

1993

Nissin Foods GmbH established in Germany;
PT. NISSINMAS begins operation.

1994

Nissin Foods (Thailand) Co., Ltd. begins operation.

1995

Nissin Spa-O introduced.

1996

Guangdong Shunde Nissin Foods Co., Ltd., Nissin-Universal Robina
Corporation, Shizuoka Plant, and Shanghai Nissin Foods Co., Ltd.
begin operation.

1997

Nissin’s “hungry?” series wins the International Advertising Festival(CANNES LIONS).

1999

Share unit (minimum trading unit) reduced from 1,000 shares to 100 shares.
The Momofuku Ando Instant Ramen Museum in Ikeda City, Osaka
Prefecture, the world’s first instant noodle museum, opened.

2001

Consolidated net sales exceeded ¥300 billion for the first time;
contracted as official supplier to the 2002 FIFA World CupTM.

2002

Food Safety Research Institute established;Nissin GooTa series introduced.

2003

Aggregate sales of Cup Noodle brand since launch
in 1971 top 20 billion servings.

2004

Capital alliance with Hebei Hualong F&N Industry Group Co., Ltd.,
gives Nissin Food Group the No. 1 global share.

2005

Nissin Foods marks a world first with its Space Ram, developed forthe space shuttle Discovery.

2006

Aggregate sales of Cup Noodle brand 25 billion servings in the world.

2007

MYOJO FOODS CO., LTD. becomes a wholly owned subsidiary of
Nissin Foods; Food Safety Evaluation & Research InstituteCO., LTD. begins operation in Shanghai, China.

2008

The Group completes transformation to a pure holding company
effective October 1, 2008.

2009

Capital alliance with MAREVEN FOOD HOLDINGS LIMITED(formerly, ANGLESIDE LIMITED), a Russian instant noodle
holding company.

28-1, 6-chome, Shinjuku, Shinjuku-ku
Tokyo 160-8524, Japan
Telephone: 81-3-3205-5111

1-1, 4-chome, Nishinakajima, Yodogawa-ku
Osaka 532-8524, Japan
Telephone: 81-6-6305-7711
Fax: 81-6-6304-1288

Websitehttp://www.nissinfoods-holdings.co.jp

Research Institutes
Central Research Institute,
Food Safety Research Institute(As of March 31, 2010)

54

NISSIN FOODS HOLDINGS CO., LTD.

as exciting
as their world,
only bigger.

Investor Information (NISSIN FOODS HOLDINGS CO., LTD. )As of March 31, 2010 (U.S.$1=¥93.04)

Date of Establishment

Distribution of Ownership among Shareholders

September 1948

Number of Employees

L Financial Institutions

28.53%

7,388 (consolidated basis)381 (parent company)

L Other Corporations

42.16%

L Foreign Corporations

11.99%

Common Stock

L Individuals and Other

11.51%L Treasury Stock

5.81%

Authorized: 500,000,000 shares
Issued: 117,463,685 shares
Number of Shareholders: 31,777(Excluding owners of odd-lot shares)

Paid-in Capital

Principal Shareholders
Number of
Shares Held(Thousands)

Percentage ofTotal Shares
Outstanding

EZAKI GLICO CO., LTD.
House Foods Corp.

7,904
7,800
7,800
4,100
4,000
3,650
3,571
2,460
2,361
2,163

6.72%
6.64
6.64
3.49
3.40
3.10
3.04
2.09
2.00
1.84

Total

45,810

39.00

Name

¥25,123 million ($270 million)

Ando Foundation

Stock Listings

Mitsubishi Corp.

Tokyo and Osaka stock exchanges

ITOCHU Corporation

Ticker CodeAndo International Y.K.

2897

Mizuho Corporate Bank, Ltd.

Independent Auditors

Japan Trustee Services Bank, Ltd. (Account in Trust)

Deloitte Touche Tohmatsu LLC

Transfer Agent
Mizuho Trust & Banking Co., Ltd.
2-1, Yaesu 1-chome, Chuo-ku, Tokyo, JapanThe Bank of Tokyo-Mitsubishi UFJ, Ltd.
ONO PHARMACEUTICAL CO., LTD.

Note: In addition to the above, the Company holds 6,813,600 shares of treasury stock.

Per Share Data (NISSIN FOODS HOLDINGS CO., LTD. AND CONSOLIDATED SUBSIDIARIES)
Years ended March 31,

EPS (Earnings Per Share) (Yen)BPS (Book-value Per Share) (Yen)PER (Price Earnings Ratio) (Times)
PBR (Price Book-value Ratio) (Times)
Dividend (Yen)
Payout Ratio (%)
Stock Price (Yen): High
Low

2006

2007

2008

2009

2010

¥ 125.09¥ 2,167.81
29.1
1.3¥ 30.00
23.98¥ 3,990¥ 2,700¥ 156.12¥ 2,304.40
27.7
1.9¥ 50.00
32.03¥ 4,580¥ 3,370¥ 111.17¥ 2,310.36
30.2
1.5¥ 50.00
44.98¥ 4,610¥ 3,210¥ 129.98¥ 2,287.21
22.3
1.3¥ 50.00
38.47¥ 4,100¥ 2,280¥ 177.02¥ 2,406.26
17.8
1.3¥ 60.00
33.89¥ 3,590¥ 2,610Notes: 1. From the fiscal year ended March 31, 2003, number of issued shares excludes the numbers of treasury stocks at term-end.
2. PER and PBR are calculated based on the stock price at year-end.

Further Information

For further information, please contact:

ProfileCorporate Communications Division (Head Office)

NISSIN FOODS Group.” As an “Earth Food Creator” we pursue our own vision of originality tocreate tasty, convenient and thoroughly enjoyable food products from the bounty of nature’s
goodness. In 1958, we invented instant noodles, and today, we aspire to develop market-

5,000
4,000

Tel: 81-3-3205-5252 Fax: 81-3-3205-5259
Regularly updated IR information in English is also

NISSIN FOODS HOLDINGS CO., LTD. and its seven principal companies are, together, “theShare Price Range and Trading Volume on TSE(Yen)(Thousands of share)

20,000

Trading Volume (Right)

Share Price (Left)

15,0003,000
10,000available on NISSIN FOODS HOLDINGS website at

2,000

http://www.nissinfoods-holdings.co.jp/english/

1,000
0

5,000

4
5
2009

6

7

8

9

10

11

12

1
2
2010

3

4

5

6

0

leading brands across all of our chosen food categories for new markets around the world.

NISSIN FOODS HOLDINGS CO., LTD.

55

Annual Report 2010

Telephone : 81-3-3205-5111
Fax: 81-3-3205-5059

Our
world

http://www.nissinfoods-holding.co.jp

ANNUAL REPORT 2010 Year ended March 31, 2010

28-1, 6-chome, Shinjuku, Shinjuku-ku, Tokyo 160-8524, Japan

Printed in JapanNISSIN FOODS HOLDINGS