Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any
discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results
for the Year Ended May 31, 2024
(Based on Japanese GAAP)
July 12, 2024
Company name:
SAKATA SEED CORPORATION
Stock exchange listing: Tokyo
Stock code:
1377
URL https://corporate.sakataseed.co.jp/
Representative:
President and Representative Director
Senior Executive OfficerInquiries:
Senior General Manager of General Administration Div.
General Manager of Finance Dept.
Scheduled date of ordinary general meeting of shareholders:
Scheduled date to file Securities Report:
Scheduled date to commence dividend payments:
Preparation of supplementary material on financial results:
Holding of financial results meeting:

Hiroshi Sakata
Takenori Hoshi

TEL

045-945-8800

August 27, 2024
August 27, 2024
August 28, 2024
YesYes(for institutional investors and analysts)(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended May 31, 2024 (from June 1, 2023 to May 31, 2024)(1) Consolidated operating results
Net salesYear ended May 31, 2024
Year ended May 31, 2023(% indicates changes from the previous year.)
Profit attributable toOperating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen%
10,495(3.9)
11,124(9.6)
16,162
70.3
10,918(2.4)
12,304
1.6
9,489 (22.6)

Millions of yen
88,677
77,263%14.8
5.8

Earnings per share

Diluted earnings pershare

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassets
salesparent/equity
Yen%%%
–
10.9
6.3
11.8–
7.2
8.0
14.1

Yen
365.22213.98Year ended May 31, 2024
Year ended May 31, 2023
(2) Consolidated financial position

Total assets
As of May 31, 2024
As of May 31, 2023

Net assets

Equity ratio

Millions of yen
192,717
160,715

Millions of yen
160,533
138,080

Cash flows fromoperating activities
Millions of yen
6,966
8,351

Cash flows frominvesting activities
Millions of yen(4,248)(8,107)

Net assets per share%
83.1
85.7

Yen
3,650.73
3,104.40(3) Consolidated cash flows

Year ended May 31, 2024
Year ended May 31, 2023

Cash flows from
Cash and cash equivalents
financing activities
at end of period
Millions of yen
Millions of yen(4,218)20,264(2,828)20,334

2. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

Year ended May 31, 2023
Year ended May 31, 2024
Year ending May 31, 2025
(Forecast)

Total cash
Dividend payout Ratio of dividends
to net assets
dividends (Total) ratio (Consolidated)(Consolidated)

TotalYenYenYen

Yen

Yen

Millions of yen%%

––

20.00
25.00

––

35.00
40.00

55.00
65.00

2,442
2,866

25.7
17.8

1.9
1.9

–

30.00

–

35.00

65.00

135.6

3. Forecast of consolidated financial results for the year ending May 31, 2025 (from June 1, 2024 to May 31, 2025)(% indicates changes from the previous year.)
Profit attributable toNet sales
Operating profit
Ordinary profit
Earnings per shareowners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%Yen
Six months ending
45,00010.1
5,200(1.8)
5,000 (12.3)
3,5008.579.82
November 30, 2024
Full year
93,500
5.4
11,0004.8
11,000(1.1)
8,000 (50.5)
182.44
4. Notes(1) Changes in significant subsidiaries during the year ended May 31, 2024
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:No
Changes in accounting policies due to other reasons:No
Changes in accounting estimates:
Restatement of prior period financial statements:

NoNo(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of May 31, 2024

47,410,750 shares

As of May 31, 2023

47,410,750 shares

3,561,536 shares

As of May 31, 2023

3,061,185 shares

44,253,646 sharesYear ended May 31, 2023

44,350,242 shares

Number of treasury shares at the end of the period
As of May 31, 2024
Average number of shares during the period
Year ended May 31, 20242

Consolidated financial statements
Consolidated balance sheets
As of May 31, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsMerchandise and finished goods
Work in process
Raw materials and supplies
Costs on construction contracts in progress
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
LandConstruction in progress
OtherAccumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Retirement benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

3(Millions of yen)
As of May 31, 2024

28,942

37,132

18,352

21,77936,345
4,604
977
166
7,136
(388)
96,13743,082
6,125
1,148
40
7,870
(331)
116,846

37,083(22,679)
14,40318,762(12,775)
5,986
13,9492,6478,759(5,377)
3,382
40,3694,028

38,786(23,436)
15,34921,647(14,868)
6,778
14,427
5,310
10,276(6,276)
3,999
45,865
4,892

16,261
22
–
2,615
1,292
(12)
20,17964,577
160,715

19,720
27
401
3,876
1,097
(11)
25,11275,870192,717(Millions of yen)
As of May 31, 2024

As of May 31, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Income taxes payable
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Deferred tax liabilities
Retirement benefit liability
Provision for retirement benefits for directors (andother officers)
Provision for share awards for directors (and otherofficers)
OtherTotal 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-salesecurities
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

4

5,336
929
1,155
8,012
15,434

5,666
2,559
4,761
9,918
22,906

536
2,092
1,607

1,077
3,333
999

47

103

151

187

2,765
7,200
22,634

3,577
9,277
32,184

13,50010,793
108,467(5,386)
127,373

13,50010,793
121,965(7,213)139,045

7,240

9,616

3,387
(322)
10,305401
138,080
160,715

11,084335
21,035451
160,533
192,717

Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Millions of yen)
Fiscal year ended
Fiscal year ended
May 31, 2023
May 31, 2024
Net sales
77,26388,677
Cost of sales
29,74334,704Gross profit
47,51953,973
Selling, general and administrative expenses
36,601
43,477
Operating profit
10,918
10,495Non-operating income
Interest income
609
845
Dividend income
322
421
Rental income
143
147
Foreign exchange gains
572
475
Other
596
387
Total non-operating income
2,244
2,278
Non-operating expenses
Interest expenses
77216
Loss on retirement of non-current assets
52218
Share of loss of entities accounted for using equity
510
678
methodLoss on net monetary position
47352
Other
170
183
Total non-operating expenses
858
1,649
Ordinary profit
12,304
11,124Extraordinary income
Gain on sale of investment securities
51–
Gain on sale of non-current assets
151
12,332
Total extraordinary income
203
12,332Extraordinary losses
Loss on tax purpose reduction entry of non-current–
491
assetsLoss on valuation of investment securities–
350
Impairment losses
1951
Total extraordinary losses
19893
Profit before income taxes
12,48722,563
Income taxes - current
2,943
6,832
Income taxes - deferred(30)(506)
Total income taxes
2,913
6,326
Profit9,574
16,236
Profit attributable to non-controlling interests
8474
Profit attributable to owners of parent
9,489
16,162

5Consolidated statements of comprehensive income

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparent
Comprehensive income attributable to noncontrolling interests

6

Fiscal year ended
May 31, 2023
9,574(Millions of yen)
Fiscal year ended
May 31, 2024
16,236

1,827
3,517
(21)

2,370
7,693
657

(17)

16

5,305
14,88010,73826,975

14,79026,8939082

Consolidated statements of changes in equity
Fiscal year ended May 31, 2023
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

13,500Retained earnings

10,793

101,225

Cumulative effects of changes in accounting

equity(5,393)

120,125

11

policies
Hyperinflation adjustment
Restated balance

Total shareholders'

Treasury shares11(172)
13,50010,793(172)

101,064(5,393)

119,964

Changes during period
Dividends of surplus(2,087)

Profit attributable to owners of parent

9,489(2,087)
9,489

Purchase of treasury shares
Issuance of treasury shares held by Board
Benefit Trust

(4)

(4)

1111

Net changes in items other than shareholders'–equityTotal changes during period
Balance at end of period–

–

7,402

6

7,409

13,50010,793

108,467(5,386)

127,373

Accumulated other comprehensive income

Balance at beginning of period

Valuation

Foreigndifference on

currency

available-for-translation

sale securities

adjustment

5,415

TotalRemeasurements

accumulated

Non-controllingof defined benefit

otherinterests

plans

comprehensive
income

(109)

(301)

5,004

336

Cumulative effects of changes in accounting

125,466
11

policies
Hyperinflation adjustment
Restated balance

Total net assets

(172)
5,415

(109)

(301)

5,004

336

125,305

Changes during period
Dividends of surplus(2,087)

Profit attributable to owners of parent

9,489

Purchase of treasury shares(4)Issuance of treasury shares held by Board

11

Benefit Trust
Net changes in items other than shareholders'

1,824

3,497

Total changes during period

1,824

3,497(21)

5,300

64

12,774

Balance at end of period

7,240

3,387(322)

10,305401

138,080

equity

7(21)

5,300

64

5,364

Fiscal year ended May 31, 2024
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

13,500Retained earnings

10,793

Total shareholders'

Treasury shares

108,467

equity(5,386)

127,373

Changes during period
Dividends of surplus(2,664)

Profit attributable to owners of parent

16,162

16,162

Purchase of treasury shares
Disposal of treasury shares(2,664)0(1,826)(1,826)00

Net changes in items other than shareholders'–equityTotal changes during period
Balance at end of period–

013,498(1,826)

11,671

13,50010,793

121,965(7,213)139,045

Accumulated other comprehensive income

Balance at beginning of period

Valuation

Foreigndifference on

currency

available-for-translation

sale securities

adjustment

7,240

TotalRemeasurements

accumulated

Non-controllingof defined benefit

otherinterests

plans

comprehensive

Total net assets

income

3,387

(322)

10,305401

138,080

Changes during period
Dividends of surplus(2,664)

Profit attributable to owners of parent

16,162

Purchase of treasury shares(1,826)

Disposal of treasury shares0

Net changes in items other than shareholders'

2,375

7,696

657

10,73050

10,781

Total changes during period

2,375

7,696

657

10,73050

22,453

Balance at end of period

9,616

11,084335

21,035451

160,533

equity8Consolidated statements of cash flows(Millions of yen)
Fiscal year ended
May 31, 2024

Fiscal year ended
May 31, 2023
Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment losses
Amortization of goodwill
Increase (decrease) in retirement benefit liability
Increase (decrease) in allowance for doubtful accounts
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)
Loss on net monetary position
Share of loss (profit) of entities accounted for using
equity method
Loss (gain) on sale of non-current assets
Loss on retirement of non-current assets
Loss on tax purpose reduction entry of non-current
assetsLoss (gain) on sale of investment securities
Loss (gain) on valuation of investment securities
Decrease (increase) in accounts receivable - trade, andcontract assets
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in accounts payable - other
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes refund
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Purchase of shares of subsidiaries resulting in change
in scope of consolidation
Other, net
Net cash provided by (used in) investing activities

912,487
3,810
19
71
(14)
(87)
(931)
77
101
47

22,563
4,468
51
93(1,123)(104)(1,267)
216
(73)
352

510

678(178)
52(12,389)
218

–

491

(51)
––
350

536

(1,584)(2,742)(398)
250(1,088)12,471907(78)
74(5,024)
8,351(4,231)
(570)
16
1,048
9,205
1,254
(216)
78
(3,355)
6,966(2,648)437(5,621)
592
(584)
(253)
119

(12,077)
4,720(6,325)
13,148(969)(1,028)––(1,693)(149)(8,107)(22)(4,248)

Fiscal year ended
May 31, 2023
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Repayments of lease liabilities
Proceeds from long-term borrowings
Repayments of long-term borrowings
Purchase of treasury shares
Dividends paid
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cashequivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period10(Millions of yen)
Fiscal year ended
May 31, 2024

(47)
(599)
30
(104)
(4)
(2,084)(20)(2,828)

1,460
(695)
31(490)(1,826)(2,662)(35)(4,218)1,171

1,431(1,413)
21,747
20,334(69)
20,334
20,264