Summary of Consolidated Financial Results
For the Fiscal Year Ended March 31, 2024 (Japanese Accounting Standards)
Company name:
Stock code:
Company Representative:
Contact person in charge:

April 30, 2024
Fuji Nihon Seito Corporation
Listing: Standard Market of Tokyo Stock Exchange2114
https://www.fnsugar.co.jp
Hidetoshi Soga, President and Chief Executive Officer
Takahiro Ohashi, Director & Executive Officer, Division Head of Administration
TEL.81-3-3667-7811
June 25, 2024
June 10, 2024
June 25, 2024
None
None

Planned date for annual general meeting of shareholders:Planned date to start dividend payment:
Planned date for submission of financial report:
Preparation of supplementary material for financial statements:
Briefing session for financial statements:(Rounded down to millions of Japanese yen)
1. Consolidated Financial Results for the Fiscal Year 2023 (from April 1, 2023 to March 31, 2024)(1) Consolidated Results of Operations(Percentages are shown as year-on-year changes)
Profit attributable
Operating Profit
Ordinary Profit
to owners of parent

Net salesYear ended
Million yen%
Million yen
March 31, 2024
25,88914.2
2,173
March 31, 2023
22,67712.8
1,814
Note: Comprehensive income
The year ended March 31, 2024: 3,196 million yen (57.8%)
The year ended March 31, 2023: 2,025 million yen (16.3%)
Net Profit
per Share%

Million yen%

Million yen

%

19.8
13.1

3,202
2,124

50.8
10.7

2,370
1,672

41.7
3.6

Diluted Net
Return on Equity
Profit per Share

Ordinary Profit
Ratio to Total
Assets%%Yen
Year ended
March 31, 2024
88.27
March 31, 2023
62.30
(Reference) Equity in net income of affiliates:

Yen

Operating Profit
Ratio to Net
Sales
%

10.5
10.6
―
8.1
8.0
―
For the year ended March 31, 2024: 82 million yen
For the year ended March 31, 2023: 101 million yen

8.4
8.0

(2) Consolidated Financial Position
Net Assets per ShareTotal Assets
Net Assets
Equity Ratio
YenMillion yen
Million yen％
As of887.29March 31, 2024
32,41923,85173.5
798.84
March 31, 2023
28,256
21,51475.9(Reference) Shareholders’ Equity:
As of March 31, 2024: 23,825 million yen
As of March 31, 2023: 21,450 million yen(3) Consolidated Statements of Cash Flows
Operating Activities
Year ended
March 31, 2024
March 31, 2023

Investing Activities

Financing Activities

Cash and Cash
Equivalents
as of the year-end

Million yen

Million yen

Million yen

Million yen

942
579

(517)
(169)

(69)
633

5,274
4,875

2. Cash Dividends
Cash Dividend per Share
1Q
Year ended
March 31, 2023
March 31, 2024
Year ending
March 31, 2025 (forecast)

2Q

3Q

4Q

Total Cash
Payout Ratio
Dividends
Annual (annual) (consolidated)

Ratio of
Dividends to
Net Assets(consolidated)

Yen

Yen

Yen

Yen

Yen

Million yen

%

%

―
―

0.00
15.00

―
―

17.00
17.00

17.00
32.00

456
859

27.3
36.3

2.2
3.8

―

15.00

―

17.00

32.00

50.5

3. Consolidated Business Forecasts for the Fiscal Year 2024 (from April 1, 2024 to March 31, 2025)(Percentages are shown as year-on-year changes)
Profit attributable
Net Profit
Operating Profit
Ordinary Profit
to owner of parent
per Share

Net Sales
Million Yen

Year ending March 31, 2025

% Million Yen

27,700 7.0

2,000

%

Million Yen

(8.0)

%

Million Yen

2,300 (28.2)%

Yen

1,700 (28.3)

63.31※ Notes(1) Significant changes in subsidiaries during the period(Changes in specified subsidiaries resulting in changes of scope of consolidation): None
(2) Changes in accounting policy and accounting estimates and restatement(i) Changes in accounting policy due to any revision of accounting standards: None(ii) Changes in accounting policy other than (i) above:None(iii) Changes in accounting estimates:None(iv) Restatement:
None(3) Number of outstanding shares (common shares)(i) Number of outstanding shares at the end of
period (including Treasury Shares)(ii) Number of treasury shares at the end of
period(iii) Average number of shares during the period

Unit: 1 share
As of March 31,2024
As of March 31,2024
As of March 31,
2024

29,748,200
2,896,393
26,851,823

As of March 31,2023
As of March 31,2023
As of March 31,
2023

29,748,200
2,896,344
26,851,856(Reference) Overview of Financial Results on a Non-consolidated Basis
1. Financial Results on a Non-consolidated Basis for the Fiscal Year 2023 (from April 1, 2023 to March 31, 2024)(1) Non-consolidated Results of Operations(Percentages are shown as year-on-year changes)
Operating Profit
Ordinary Profit
Profit for the year

Net salesYear ended
March 31, 2024
March 31, 2023

Million yen

15,947
14,340

%

11.2
8.1

Million yen

%

1,463
73.9
841 (12.6)

2,579
1,604

%

60.8
(1.9)

Million yen%

1,837 44.5
1,271 (13.7)

Diluted Net Profit per Share

Net Profit per ShareYear ended
March 31, 2024
March 31, 2023

Million yen

Yen

Yen

68.44
47.35

―
―

(2) Financial Position on a Non-consolidated Basis
Net Assets per ShareTotal Assets
Net Assets
Equity Ratio
YenMillion yen
Million yen%
As of785.12
March 31, 2024
25,03421,081
84.2
718.99March 31, 2023
22,473
19,306
85.9(Reference) Shareholders’ Equity:
As of March 31, 2024: 21,081 million yen
As of March 31, 2023: 19,306 million yen※ Summary of Consolidated Financial Results is exempt from the audit review before this disclosure.
※ Explanation on appropriate use of business forecasts, and other special notes:(Caution regarding forward-looking statements)
Business forecasts and other forward-looking statements contained in this report and supplementary materials are
based on information currently available to the Company and on certain assumptions deemed as rational and are notintended to guarantee the achievements by the Company. Actual results may differ significantly from such forecasts
due to various factors. For assumptions used for business forecasts and notes in using such forecasts, please refer to“(4) Qualitative information regarding consolidated business forecasts” in “1. The Results for the Fiscal Year 2023” onpage 4 of the Appendix.

○Appendix
1. The Results for the Fiscal Year 2023…………………………………………………………………………………

2-4(1) Qualitative information regarding consolidated operating results ……………………………………………

2-3(2) Qualitative information regarding consolidated financial position ……………………………………………

3(3) Qualitative information regarding consolidated cash flows …………………………………………………

3-4(4) Qualitative information regarding consolidated business forecasts …………………………………………

4

2. Basic Policy regarding Selection of Accounting Standards………………………………………………………

4

3. Consolidated Financial Statements and Main Notes………………………………………………………………

5-17(1) Consolidated balance sheets……………………………………………………………………………………

5-6(2) Consolidated statements of income and consolidated statements of comprehensive income ……………

7-8(Consolidated statements of income) ………………………………………………………………………….

7(Consolidated statements of comprehensive income) …….…………………………………………………

8(3) Consolidated statements of changes in equity …………………………………………………………………

9-10(4) Consolidated statements of cash flows …………………………………………………………………………

11-12(5) Notes on consolidated financial statements……………………………………………………………………

13-17(Notes on assumptions of going concern) ……………………………………………………………………

13(Notes on changes in scope of consolidation or equity method) …………………………………………

13(Segment information, etc.)………………………………………………………………………………………

13-17(Per-share information) …………………………………………………………………………………………

17(Notes on occurrence of significant subsequent events) ……………………………………………………

17

1. The Results for the Fiscal Year 2023
(1) Qualitative information regarding consolidated operating results for the fiscal year 2023
In the fiscal year 2023, not only the improvement in employment and income but also the expansion of inbounddemand has promoted a recovery trend in our country's economy. However, the outlook for the economy is unclear
because of the rising cost of raw materials, inflation in the domestic market and fluctuation in the monetary market.
Under these economic environments, our Group has established a new corporate purpose” Make the world powerfulwith food science!”. We are striving to achieve making the world powerful by generating new value from sustainablebiological resources through our food science technology.
Our consolidated net sales increased by 14.2% year on year to 25,889 million yen. Operating profit increased by
19.8% year on year to 2,173 million yen. Ordinary profit increased by 50.8% year on year to 3,202 million yen. Net profit
attributable to owners of parent increased by 41.7% year on year to 2,370 million yen. Additionally, in the fiscal year 2023,
as a result of receiving a cash dividend from a stock investment, the ordinary profit significantly increased as disclosed
on May 29th, 2023.
Operating results of each segment are as follows:①

Sugar Business

The international raw sugar market began the period at 22.35 cents per pound on the New York Futures Market andhad continued to rise to over 28 cents due to the negative forecast for sugar production caused by the drought in the
Northern Hemisphere regions and speculative buying. After that, the market experienced sharp decline to 20.03 centafter Brazil had announced significantly increase in sugar production. Although speculators bought back, causing prices
to rise to over 24 cents, speculations about reductions in sugar production in Thailand and India were alleviated, leading
to a decline in the market, and the period ended at 22.52 cents.
On the other hand, the domestic product market started at 227 yen to 229 yen per kilogram (quoted in the Nikkei
newspaper) for large-sized bags of refined sugar. Prices rose by 12 yen in July 2023 and another 10 yen in January2024, reaching the range of 249 yen to 251 yen at the end of the period.
The sales volume remains at the same level as last year, because the increase in demand from inbound tourism andthe decrease in consumption due to inflation have offset each other. In terms of profit, despite the rise in prices of raw
materials, energy, and logistics, the successful price adjustments resulted in increased profits.
As a result of the above, the Sugar Business reported net sales of 13,254 million yen (up 13.5% against the same
period of last year) and operating profit of 1,769 million yen (up 72.7% against the same period of last year).
②Functional Materials Business

Regarding the sales of the functional dietary fiber “Inulin”, in the domestic market, as a result of increasing in adoption
for off-sugar and Functional Labeled Foods, the sales volume of “Inulin” increased comparing to the same period lastyear. In overseas sales, while the sales quantity decreased in Southeast Asian countries, the increase in Thailand
outweighed the reduction, resulting in increased revenue. However, the profit decreased comparing to last year due torise in raw materials. Floral preservatives "Keep Flower" has experienced a decrease in sales quantity for customers,
while sales for businesses remain at the same level as last year. This is due to a downturn in the cut flowers market,
driven by inflation, making it unaffordable for people to buy flowers. Regarding UNITEC FOODS Co. Ltd., a subsidiary
under consolidation, the sales volume of its main product, pectin, gelatin, and collagen saw an increase, leading tohigher revenue and profits.
As a result of the above, the Functional Materials Business reported net sales of 11,985 million yen (up of 19.6%
against the same period of last year) and operating profit of 901 million yen (down of 17.1% against the same period oflast year).
③

Real Estate BusinessIn the Real Estate Business, we have constructed and commenced the operation of the new business hotel “Toyoko
Inn Tokyo Kayabacho Eki” at the former headquarters site as of September 1st. As a result, net sales of 621 million yen(up of 8.3% against the same period of last year) and operating profit of 553 million yen (up of 3.7% against the same
period of last year). The business results were increased revenue and profit comparing to the same period of last year,
and it has continued to contribute to stable earnings.

-2-

④

Other Food BusinessIn the Other Food Business such as food-related business in Thailand, net sales of 28 million yen (down of 92.9%
against the same period of last year) and operating profit of 2 million yen (down of 84.0% against the same period of lastyear).

(2) Qualitative information regarding consolidated financial position
Total assets as of March 31, 2024 increased by 14.7% compared to the end of the previous fiscal year to 32,419
million yen. The changes of financial position of the fiscal year 2023 are as follows:①

AssetsCurrent assets increased by 18.6% compared to the end of previous fiscal year to 16,921 million yen. This was mainly
due to an increase of Notes and accounts receivable – trade, and contract assets, Inventories and so on.
Non-current assets increased by 10.7% compared to the end of the previous fiscal year to 15,498 million yen. This was
mainly due to an increase of investment securities and so on.
②

Liabilities

Current liabilities increased by 25.5% compared to the end of the previous fiscal year to 6,498 million yen. This was
mainly due to an increase of short-term loans payable and so on.
Non-current liabilities increased by 32.2% compared to the end of the previous fiscal year to 2,069 million yen. Thiswas mainly due to an increase of deferred tax liabilities and so on.
③

Net assets

Net assets increased by 10.9% compared to the end of the previous fiscal year to 23,851 million yen. This was mainly
due to an increase of retained earnings and so on.

(3) Qualitative information regarding consolidated cash flows
Cash and cash equivalents (hereinafter called ”Funds”) as of March 31, 2024 increased by 399 million yen fromthe end of the previous fiscal year to 5,274 million yen.
Changes in cash flow for the fiscal year 2023 and the reasons are as follows.
① Cash flow from operating activities
The funds acquired from operating activities in the fiscal year 2023 amounted to 942 million yen (up 62.6% against
the same period of last year). This mainly reflected profit before income taxes and so on.
② Cash flow from investing activities
The funds used in investing activities in the fiscal year 2023 amounted to 517 million yen (up 205.0% against thesame period of last year). This mainly reflected purchase of property, plant, and equipment, and so on.
③ Cash flow from financing activities
The funds used in financing activities in fiscal year 2023 amounted to 69 million yen (gained in 633 million yen in thesame period of last year.). This mainly reflected net increase in dividends paid, and so on.
(Reference)

Changes in cash-flow-related indices
FY 2019

FY 2020

FY 2021

FY 2022

FY 2023

Equity ratio (%)

78.9

78.2

79.8

75.9

73.5

Market-Price-based equity ratio (%)

62.6

64.3

54.7

48.9

82.6

Cash flow / interest bearing liabilities ratio(years)

2.2

0.9

2.8

3.9

3.3

Interest coverage ratio (times)

36.1

109.8

41.6

20.0

21.9

(Notes) Equity ratio: Shareholder’s equity / Total assets
Market-price-based equity ratio: Value of shares / Total assets-3-Cash flow / interest bearing liabilities ratio: Interest-bearing debt / Cash flow from operating activities
Interest coverage ratio: Cash flow from operating activities / Interest payment※ 1. Data on a consolidated basis are used for computations.
2. Market capitalization is calculated by multiplying the closing share price at the end of the fiscal year with thenumber of outstanding shares (excluding treasury stock) as of that date.
3. For the cash flow from operating activities, the “cash flow from operating activities” shown in the consolidated
statements of cash flows is used. Also, interest payment means the amount of interest paid on the consolidated
cash flow statements.

(4) Qualitative information regarding consolidated business forecasts
The business environment is becoming increasingly competitive due to a shrinking market scale caused by an aging
society, rising utility costs, increases in raw material prices due to the weak yen, and higher labor costs driven by wage
increases following inflation.
In order to deal with such situations, our Group has released five-year medium-term management plan. For details,
please refer to “Announcement of Medium-term management plan [Change 2028] formulation (Japanese Only)”
disclosed on April 30th.
In the Sugar Business, we have observed the recovery trend of sugar consumption due to the increased inbounddemand and recovery of domestic tourism and events. On the other hand, the downward trend continues because of
aging society and taken place of sugar by sweetened product, isomerized sugar, and other sweeteners. Our group
continues to enhance customer satisfaction by strengthening the sales structure, enforcing stricter quality control forstable supply, and acquiring inexpensive and reliable raw materials with the intention of reducing costs.
In the Functional Material Business, regarding the domestic market of the functional dietary fiber “Inulin”, we areintending to increase the sale quantity by obtaining new buyers and expanding business with existing customers by
new functional promotion such as effect to skin. In relation to overseas sales, we aim at not only recovery of the sales
demand in Southeast Asian countries but also development of sales channels in America and India. With regard to
UNITEC FOODS Co. Ltd., a consolidated subsidiary, we aim to expand the existing thickening polysaccharides
business, such as pectin, both domestically and overseas by leveraging accumulated expertise over the years.
In the Real Estate Business, we are going to focus on ensuring stable profit by continuous maintenance andoperation for the Company properties.
As a result, the consolidated business forecasts for the fiscal year 2024, we anticipate the following: consolidated net
sales of 27,700 million yen (up 7.0% year on year), operating profit of 2,000 million yen (down of 8.0% year on year),ordinary profit of 2,300 million yen (down 28.2% year on year), and profit attributable to owners of parent of 1,700 million
yen (down 28.3% year on year).

2. Basic Policy regarding Selection of Accounting Standards
The Company Group chose to adopt the Japanese Accounting Standards for the consolidated financial statements taking
into consideration that of ensuring comparability with the prior fiscal years and among corporations successively. Dependingon circumstance changes, the Group would continue to response to revision of the Japanese Accounting Standards andstudy arbitrary application of the IFRS both in Japan and overseas.

-4-

3. Consolidated Financial Statements and Main Notes(1) Consolidated balance sheets(Thousand yen)

AssetsCurrent assets
Cash, cash equivalent and deposits
Notes and accounts receivable – trade, and contract assets
Merchandise and finished goods
Work in process
Raw materials and supplies
Investments in leases
Other current assets
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant, and equipment
Buildings and structures (net)
Machinery, equipment, and vehicles(net)Land
Construction in progress
Other non-current assets (net)Total property, plant, and equipment
Intangible assets
Other intangible assets
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Long-term loans receivable from subsidiaries andassociates
Retirement benefit asset
OthersAllowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets-5-

FY 2022(As of March 31, 2023)

FY 2023(As of March 31, 2024)

4,875,607
3,269,993
2,884,272
180,038
1,572,804
1,481,984(2,521)
14,262,179

5,274,800
4,145,574
3,835,520
152,729
1,475,543
954,138
1,085,800(3,103)
16,921,003

343,261
238,019
2,527,435
82,841
141,455
3,333,013

356,558
370,4022,527,435
4,083
167,0073,425,487

64,07964,07955,59355,593

8,375,478-

9,654,764
2,163

1,842,400

1,902,500

56,821
335,552(13,037)
10,597,215
13,994,308
28,256,487

126,532
344,185(13,112)
12,017,033
15,498,114
32,419,118

(Thousand yen)
FY 2022(As of March 31, 2023)
Liabilities
Current liabilities
Accounts payable - trade
Short-term loans payable
Income taxes payable
Accrued consumption taxes
Provision for bonuses
Other current liabilities
Total current liabilities
Non-current liabilities
Deferred tax liabilities
Asset retirement obligations
Liabilities from application of equity method
Other non-current liabilities
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets-6-

FY 2023(As of March 31, 2024)

1,742,322
2,230,300
405,564
3,316
153,215642,124
5,176,843

2,053,131
3,096,800
349,434
37,678173,538
787,936
6,498,520

1,007,033
94,34754,896409,158
1,565,435
6,742,279

1,412,885
92,047564,269
2,069,203
8,567,723

1,524,460
2,102,408
16,097,588(717,366)
19,007,090

1,524,460
2,102,408
17,608,463(717,401)
20,517,930

2,483,766
3,373(43,803)2,443,337
63,78021,514,208

3,280,889
5,591
20,9073,307,388
26,07623,851,394

28,256,487

32,419,118

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

FY 2022(From April 1, 2022
to March 31, 2023)
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Share of profit of entities accounted for using equity method
Other non-operating income
Total non-operating income
Non-operating expenses
Interest expenses
Other non-operating expenses
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sales of non-current assets
Gain on sales of shares of subsidiaries
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Impairment losses
Dismantlement expenses
Total extraordinary losses
Profit before income taxes
Income taxes-current
Income taxes-deferred
Total income taxes
Profit for the period
Loss for the period attributable to non-controlling interests
Profit for the period attributable to owners of parent-7-(Thousand yen)
FY 2023(From April 1, 2023
to March 31, 2024)

22,677,852
17,401,416
5,276,436
3,462,356
1,814,079

25,889,553
19,613,514
6,276,038
4,102,652
2,173,386

29,168
129,738
48,363
101,361
25,791
334,423

33,768911,725
22,27182,783
20,414
1,070,963

22,907
1,544
24,452
2,124,050

41,331
234
41,5653,202,783

298
4,830
5,129

649
649

3,550
12,06015,6102,113,569
473,781(8,953)464,827
1,648,741(24,206)
1,672,947

18,973
117,645
136,618
3,066,815
715,147
19,237734,385
2,332,429(37,704)
2,370,133

Consolidated statements of comprehensive income

FY 2022(From April 1, 2022 toMarch 31, 2023)
Profit for the period
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income for the year
Comprehensive income for the period
Comprehensive income for the period attributable to:
Owners of parent
Non-controlling interests-8-(Thousand yen)
FY 2023(From April 1, 2023 toMarch 31, 2024)

1,648,741

2,332,429

402,377(9,881)(14,225)

797,122
4,808
64,711(1,513)(2,590)376,756
2,025,497

864,051
3,196,480

2,051,203(25,706)

3,234,185(37,704)

(3) Consolidated statements of changes in equity
Fiscal Year 2022 (from April 1, 2022 to March 31, 2023)(Thousand Yen)
Shareholders’ equity
Share Capital
Balance at the beginning of period

CapitalSurplusRetainedearnings

2,097,151

14,773,714

1,524,460

TreasurysharesTotal shareholders’ equity(717,366)

17,677,959

ChangesIssuance of new shares

5,256

5,256

Dividends of surplus(349,074)(349,074)

Profit (loss) attributable to owners of parent

1,672,947

1,672,947―

Purchase of treasury shares
Net changes in items other than shareholders' equity
―

5,256

1,323,873―

1,329,130

1,524,460

2,102,408

16,097,588(717,366)

19,007,090

Total changes of items during period
Balance at the end of the period

Accumulative other comprehensive income

Balance at the beginning of period

Valuationdifference on
available-forsales
securities

Foreigncurrencytranslation
adjustment

Remeasurementsof defined
benefits plans

Total
accumulativeothercomprehensive
incomeNoncontrollinginterests

Net assets

2,081,389

25,898(29,577)

2,077,710(42,718)

19,712,952

ChangesIssuance of new shares

5,256

Dividends of surplus(349,074)

Profit (loss) attributable to owners of parent

1,672,947―

Purchase of treasury shares
Net changes in items other than shareholders'equity402,377(22,524)(14,225)

365,626

106,498

472,125

Total changes of items during period

402,377(22,524)(14,225)

365,626

106,498

1,801,256

2,483,766

3,373(43,803)2,443,337

63,78021,514,208

Balance at the end of the period-9-Fiscal Year 2023 (from April 1, 2023 to March 31, 2024)(Thousand Yen)
Shareholders’ equity
Share Capital
Balance at the beginning of period

1,524,460

CapitalSurplusRetainedearnings

2,102,408

16,097,588

Total shareholders’equityTreasuryshares(717,366)

19,007,090

Changes―Issuance of new shares
Dividends of surplus(859,258)(859,258)

Profit (loss) attributable to owners of parent

2,370,133

2,370,133

Purchase of treasury shares

(35)

(35)

Net changes in items other than shareholders' equity――

1,510,875(35)

1,510,839

1,524,460

2,102,408

17,608,463(717,401)

20,517,930

Total changes of items during period
Balance at the end of the period

Accumulative other comprehensive income

Balance at the beginning of period

Valuationdifference on
available-forsales
securities

Foreigncurrencytranslation
adjustment

Remeasurementsof defined
benefits plans

Total
accumulativeothercomprehensive
incomeNoncontrollinginterests

Net assets

2,483,766

3,373(43,803)2,443,337

63,78021,514,208

Changes―Issuance of new shares
Dividends of surplus(859,258)

Profit (loss) attributable to owners of parent

2,370,133

Purchase of treasury shares(35)

Net changes in items other than shareholders'equity797,1222,217

64,711

864,051(37,704)

826,346

Total changes of items during period

797,1222,217

64,711

864,051(37,704)

2,337,186

3,280,889

5,591

20,9073,307,388

26,07623,851,394

Balance at the end of the period- 10 -

(4) Consolidated statements of cash flows(Thousand yen)
FY 2022(From April 1, 2022 toMarch 31, 2023)

FY 2023(From April 1, 2023 toMarch 31, 2024)

2,113,569
135,717
12,060(4,830)30,830220(22,655)(158,906)
22,907(43,222)(101,361)
3,550
(298)
(507,302)(1,137,136)
15,701(362,410)
416,288(4,278)63,5792,787(23,275)
451,532
167,170(28,992)(146,150)

3,066,815
188,313
12,005
117,645
20,323657
22,873(945,493)
41,331(17,135)(82,783)
18,973(649)(860,755)(802,153)(4,589)(954,138)
418,837
304,480
34,361
69,340156,193(146)
804,305
958,822(43,076)(777,744)

Income taxes refund

136,004

221

Net cash provided by (used in) operating activities

579,563942,527

Cash Flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Impairment losses
Dismantlement expenses
Loss (gain) on sale of shares of subsidiaries
Increase (decrease) in provision for bonuses
Increase (decrease) in allowance for doubtful accounts
Decrease (increase) in retirement benefit asset
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)Share of loss (profit) of entities accounted for using equity method
Loss on retirement of non-current assets
Loss (gain) on sale of non-current assets
Decrease (increase) in notes and accounts receivable - trade
Decrease (increase) in inventories
Decrease (increase) in accounts receivable - other
Net decrease (increase) investments in leases
Decrease (increase) in other current assets
Increase in trade payables
Increase (decrease) in accrued consumption taxes
Increase (decrease) in other current liabilities
Increase (decrease) in other non-current liabilities
Others (net amount)
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes paid

- 11 -

FY 2022(From April 1, 2022
to March, 2023)(Thousand yen)
FY 2023(From April 1,2023
to March 31, 2024)(1,656)(259,894)
299(14,429)(910,000)
1,055,500

12,409(131,121)(262,004)
703(27,921)(30,869)(3,300)(990,000)
914,900

Payments for sale of shares of subsidiaries resulting in change in scope of
consolidation(39,410)-

Net cash provided by (used in) investing activities(169,591)(517,203)

985,900
72,010(150,000)-

790,000(35)

90,000-Cash Flows from investing activities
Proceeds from sale and redemption of investment securities
Purchase of investment securities
Purchase of property, plant, and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Payments for asset retirement of property
Payments for asset retirement obligations
Long-term loan advances
Proceeds from collection of long-term loans receivable

Cash Flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Purchase of treasury shares
Proceeds from sale of shares of subsidiaries not resulting in change in scopeof consolidation
Repayments of lease obligations(15,192)(650)

Dividends paid

(349,074)(859,258)

Net cash provided by (used in) financing activities

633,643(69,945)

30,47743,814

Net increase (decrease) in cash and cash equivalents

1,074,093

399,193

Cash and cash equivalents at the beginning of period

3,801,513

4,875,607

Cash and cash equivalents at the end of period

4,875,607

5,274,800

Effect of exchange rate change on cash and cash equivalents- 12 -

(5) Notes on consolidated financial statements(Notes on assumptions of going concern)
None(Notes on changes in scope of consolidation or equity method)(Important changes in the scope of equity method application)
From the 1st quarter of fiscal year 2023, we have included the newly established Shanghai WeNeed Foods Co., Ltd.,
which was founded on May 23, 2023, within the scope of equity method application.
(Segment information, etc.)[Segment information]
1.Outline on reporting segments
The Company’s reporting segments are composed of units for which separate financial information is available.
They are periodically reviewed by the Board of Directors for the purpose of deciding on allocation of management
resource and evaluating business performance.
The Company have established product and service specific business headquarters at each location, where wedevelopment comprehensive strategies and conduct business activities.
The major products and services are classified as follows, and at its each base for operation and services eachcomprehensive strategy is formulated against four reporting segments: “Sugar Business”, “Functional Materials
Business”, “Real Estate Business”, and “Other Food Business”.
Reporting Segments

Major products and services

Sugar Business

Sugar, Liquid sugar, Sugar related products, etc.

Functional Materials Business

Food additives, Flower freshness preservation agent,
Functional Food materials, Natural additive materials, etc.

Real Estate Business

Real estate lease, etc.

Other Food Business

Baking, etc.

2. Information on the calculation methods of net sales, profit/loss, assets, and other items by each reporting
segment
For further details of accounting process at each reporting segment, please refer to “Important mattersconcerning preparation of consolidated financial statements” of the “Annual Securities Reports (Japanese only)”.

- 13 -

3. Information on amounts of net sales, profit/loss, asset, and others by each reporting segment, and revenue
breakdown information
Fiscal year 2022 (from April 1, 2022 to March 31, 2023)(Thousand yen)Amountrecorded in
Adjustments
the(Note:1)
consolidated
statements(Note:2)

Reporting Segment
Sugar
Business
Net sales
Sugar, Sugar related
products, etc.

Functional
Real Estate Other Food
Materials
Business BusinessBusiness

Total

11,678,222

―

―

―

11,678,222―

11,678,222

Food Additives―

176,608――

176,608―

176,608

Functional Food
Materials
Flower Freshness
Preservation Agent―

9,584,381――

9,584,381―

9,584,381―

262,398――

262,398―

262,398

Baking, etc.

―

―

―

402,700

402,700―

402,700

11,678,222

10,023,387―

402,700

22,104,310―

22,104,310――

573,541―

573,541―

573,541

11,678,222

10,023,387

573,541

402,700

22,677,852―

22,677,852

12,885―

5,998

39,43658,320(58,320)―

11,691,107

10,023,387

579,540

442,136

22,736,173(58,320)

22,677,852

Segment profit (loss)

1,024,796

1,087,669

533,423

13,6172,659,506(845,427)

1,814,079

Segment asset

12,448,571

6,658,377

1,759,793

68,621

20,935,363

7,321,124

28,256,487

Depreciation
and amortization

34,51685,989

3,448

6,529

130,484

5,232

135,717

Impairment losses

12,060―――12,060―12,060

―

―

―

―

―

―

―

37,992

213,122396

62,564

314,074―

314,074

Income generated byContracts with customers
Other income
Net sales to third-party
customers
Intersegment net sales
and transfer
Total

OthersAmortization of goodwill
Increase in property,
plant, and equipment,
and intangible assets

Notes: 1. Adjustments are as follows:(1) Adjustment for segment profit of (845,427) thousand yen is general and administrative expenses ofadministrative department and research and development, which doesn’t belong to the reporting segment
above.
(2) Adjustment for segment assets of 7,321,124 thousand yen is mainly surplus fund such as “cash, cash
equivalent and deposits”, investment fund such as “investment securities”, and so on, which don’t belong to
the reporting segments above.
(3) Adjustment for depreciation and amortization of 5,232 thousand yen is related to entire business, which isn’t
allocated to the reporting segments above.
2. Segment profits are adjusted against the operating profit recorded in the consolidated statements of income.

- 14 -

Fiscal year 2023 (from April 1, 2023 to March 31, 2024)(Thousand yen)Amountrecorded in
Adjustments
the(Note:1)
consolidated
statements(Note:2)

Reporting Segment
Sugar
Business
Net sales
Sugar, Sugar related
products, etc.

Functional
Real Estate Other Food
Materials
Business BusinessBusiness

Total

13,254,182

―

―

―

13,254,182―

13,254,182

Food Additives―

183,561――

183,561―

183,561

Functional Food
Materials
Flower Freshness
Preservation Agent―

11,555,570――

11,555,570―

11,555,570―

246,607――

246,607―

246,607

Baked goods, etc.

―

―

―

28,58228,582―28,582

13,254,182

11,985,739―

28,58225,268,504―

25,268,504――

621,048―

621,048―

621,048

13,254,182

11,985,739

621,048

28,582

25,889,553―

25,889,553

14,218―

5,998

27,77647,993(47,993)―

13,268,400

11,985,739

627,047

56,35925,937,546(47,993)

25,889,553

Segment profit (loss)

1,769,488

901,622553,0222,181

3,226,314(1,052,927)

2,173,386

Segment asset

13,776,255

7,923,440

2,714,053

74,29724,488,047

7,931,071

32,419,118

34,059145,811

3,452

371

183,695

4,617

188,313

Impairment losses

―

―

―

―

―

―

―

Amortization of goodwill―

12,005――12,005―12,005

Income generated byContracts with customers
Other income
Net sales to third-party
customers
Intersegment net sales
and transfer
Total

OthersDepreciation
and amortization

Increase in property,
88,702
182,7732,701
44
274,221―274,221
plant, and equipment,
and intangible assets
Notes: 1. Adjustments are as follows:(1) Adjustment for segment profit of (1,052,927) thousand yen is general and administrative expenses ofadministrative department and research and development, which doesn’t belong to the reporting segment
above.
(2) Adjustment for segment assets of 7,931,071 thousand yen is mainly surplus fund such as “cash, cash
equivalent and deposits”, investment fund such as “investment securities”, and so on, which don’t belong to
the reporting segments above.
(3) Adjustment for depreciation and amortization of 4,617 thousand yen is related to entire business, which isn’t
allocated to the reporting segments above.
2. Segment profits are adjusted against the operating profit recorded in the consolidated statements of income.

- 15 -

[Related information]
Fiscal year 2022 (from April 1, 2022 to March 31, 2023)
1. Information by each product and service
Description is omitted since it is explained in “(Segment information, etc.)"
2. Information by each region(1) Net sales
Description is omitted since net sales to third party customers in Japan account for more than 90% of theconsolidated net sales.
(2) Property, plant, and equipment

Japan

Thailand
2,981,500(Thousand yen)
Total

Korea
351,50111

3,333,013

3. Information by major customer
Name of customer

Net sales

Sojitz Foods Corporation

9,550,667(Thousand yen)
Relevant segment
Sugar Business andFunctional Materials Business

Fiscal year 2023 (from April 1, 2023 to March 31, 2024)
1. Information by each product and service
Description is omitted since it is explained in “(Segment information, etc.)"
2. Information by each region(1) Net sales
Description is omitted since net sales to third party customers in Japan account for more than 90% of theconsolidated net sales.
(2) Property, plant, and equipment

Japan

Thailand
2,996,516(Thousand yen)
Total

Korea
428,446524

3,425,487

3. Information by major customer

Name of customer

Net sales

Sojitz Foods Corporation

10,725,807(Thousand yen)
Relevant segment
Sugar Business andFunctional Materials Business[Information on impairment losses on non-current assets by each reporting segment]
Fiscal year 2022 (from April 1, 2022 to March 31, 2023)
Description is omitted since it is explained in “(Segment information, etc.)"

Fiscal year 2023 (from April 1, 2023 to March 31, 2024)
Description is omitted since it is explained in “(Segment information, etc.)"- 16 -

[Information on amortization of goodwill and unamortized balance of goodwill by each reporting segment]
Fiscal year 2022 (from April 1, 2022 to March 31, 2023)
None

Fiscal year 2023 (from April 1, 2023 to March 31, 2024)
Regarding amortization of goodwill, description is omitted since it is explained in “(Segment information, etc.)"
Regarding the remaining unamortized balance of goodwill, there are no relevant items.

[Information on gain of negative goodwill by each reporting segment]
None(Per-share information))
FY 2022(From April 1, 2022
to March 31, 2023)

FY 2023(From April 1, 2023
to March 31, 2024)
Yen

Yen

Net assets per share
798.84
Net profit per share
62.30
Note: 1. Regarding diluted net profit per share, description is omitted since there are no dilutive shares.
2. The basis of calculation of net assets per share and net profit per share are as follows.

887.2988.27(Thousand yen)
FY 2022
FY 2023(As of March 31, 2023) (As of March 31, 2024)

Items(The basis of calculation)
Total of net assets section (Thousand yen)Amount deducted from total of net assets section (Thousand yen)
(Of the above, non-controlling interests (Thousand yen))
Net assets attributable to common shares at the end of period(Thousand yen)
Number of common shares used in calculating net assets
per share (Thousand shares)

Items(The basis of calculation)
Profit attributable to owners of parent (Thousand yen)Amount not attributable to common shareholders (Thousand yen)
Profit attributable to owners of parent attributable tocommon shares (Thousand yen)
Average number of shares outstanding (Thousand shares)(Notes on occurrence of significant subsequent events)
None- 17 -

21,514,208
63,780(63,780)

23,851,394
26,076(26,076)

21,450,427

23,825,318

26,851

26,851

FY 2022(From April 1, 2022
to March 31, 2023)(Thousand yen)
FY 2023(From April 1, 2023
to March 31, 2024)

1,672,947―

2,370,133―

1,672,947

2,370,133

26,851

26,851