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 Six Months Ended November 30, 2023
(Based on Japanese GAAP)
January 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 Officer

Hiroshi SakataInquiries:

Senior General Manager of General Administration Div.
General Manager of Finance Dept.

Takenori Hoshi

Scheduled date to file Quarterly Securities Report:
Scheduled date to commence dividend payments:

January 15, 2024
February 9, 2024

Preparation of supplementary material on quarterly financial results:
Holding of quarterly financial results meeting:

Yes
Yes

TEL

045-945-8800(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the six months ended November 30, 2023 (from June 1, 2023 to November 30, 2023)(1) Consolidated operating results (cumulative)(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Six months ended November 30, 2023
40,872
7.6
5,292(4.6)
5,698 (12.4)
3,226 (24.6)
Six months ended November 30, 2022
37,99416.2
5,550(2.4)
6,507
5.6
4,278
3.6
Earnings per share

Diluted earnings per share

Yen
72.75
96.47

Six months ended November 30, 2023
Six months ended November 30, 2022

Yen––(2) Consolidated financial position
Total assets
As of November 30, 2023
As of May 31, 2023

Net assets

Millions of yen
174,741
160,715

Equity ratio

Millions of yen
147,888
138,080

%
84.4
85.7

2. Cash dividends
Annual dividends per share
1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––Yen
20.00
25.00

Yen–

Yen
35.00

Yen
55.00

–

30.00

55.00

Year ended May 31, 2023
Year ending May 31, 2024
Year ending May 31, 2024 (Forecast)(Note) Revision of the latest forecast of cash dividends: NoTotal

3. Forecast of consolidated financial results for the year ending May 31, 2024 (from June 1, 2023 to May 31, 2024)(% indicates changes from the previous corresponding period.)
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
Full year
84,0008.7
11,0000.7
11,000 (10.6)
8,000 (15.7)
180.38(Note) Revision of the latest forecast of consolidated financial results: No14. Notes(1) Changes in significant subsidiaries during the six months ended November 30, 2023
(changes in specified subsidiaries resulting in the change in scope of consolidation):(2) Application of special accounting methods for preparing quarterly consolidated financial statements:NoYes(3) 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:
Changes in accounting estimates:

NoNo

Restatement of prior period financial statements:

No(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of November 30, 2023

47,410,750 shares As of May 31, 2023

47,410,750 shares

Number of treasury shares at the end of the period
As of November 30, 2023

3,061,414 shares As of May 31, 2023

3,061,185 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Six months ended November 30, 2023

44,349,449 shares Six months ended November 30, 2022

244,350,392 shares

Quarterly consolidated financial statements
Consolidated balance sheets
As of May 31, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable- trade, and contract assets
Merchandise and finished goods
Work in process
Raw materials and supplies
Costs on construction contracts in progress
OtherAllowance 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 depreciationMachinery, equipment and vehicles, net
LandConstruction in progress
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
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 November 30, 2023

28,942

31,916

18,352

17,00936,345
4,604
977
166
7,136
(388)
96,13743,052
2,829
1,060
90
8,355
(425)
103,890

37,083(22,679)
14,40318,762(12,775)
5,986
13,9492,647
8,759(5,377)
3,382
40,3694,028

39,404(23,547)
15,856
20,424(13,939)
6,485
14,225
3,012
9,961(6,023)
3,938
43,517
4,653

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

18,403
27
2,619
1,641
(11)
22,67970,850174,741(Millions of yen)
As of November 30, 2023

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

4,812
2,539
1,863
8,442
17,658

536
2,092
1,607

632
3,069
2,067

47

48

151

168

2,765
7,200
22,634

3,208
9,194
26,853

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

13,50010,793
110,139(5,387)129,045

7,240

8,669

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

10,031(294)
18,406436
147,888
174,741

Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Millions of yen)Six months ended
Six months ended
November 30, 2022
November 30, 2023
Net sales
37,99440,872
Cost of sales
15,02015,977Gross profit
22,97424,895
Selling, general and administrative expenses
17,423
19,603Operating profit
5,550
5,292
Non-operating income
Interest income
260
443
Dividend income
225
287
Rental income
81
85
Foreign exchange gains
523
305
Other254
257
Total non-operating income
1,344
1,379
Non-operating expenses
Interest expenses
44115
Share of loss of entities accounted for using equity
50583
methodLoss on net monetary position
180
129
Other111
145
Total non-operating expenses
387
973
Ordinary profit
6,507
5,698
Extraordinary losses
Loss on valuation of investment securities–225
Impairment losses
83
Total extraordinary losses
8228
Profit before income taxes
6,499
5,470
Income taxes
2,159
2,188
Profit4,340
3,281
Profit attributable to non-controlling interests
6155
Profit attributable to owners of parent
4,278
3,226

5Consolidated statements of comprehensive income (cumulative)

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

Six months ended
November 30, 2022
4,340(Millions of yen)Six months ended
November 30, 2023
3,281

855
5,780
18

1,429
6,651
28

34

1

6,689
11,0308,110
11,392

10,958

11,3277164

Consolidated statements of cash flows(Millions of yen)Six months ended
November 30, 2023

Six months ended
November 30, 2022
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 (gain) on valuation of investment securities
Decrease (increase) in trade receivables and contract
assetsDecrease (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 depositsPurchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase 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
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Repayments of long-term borrowings
Repayments of lease liabilities
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 period

7

6,499
1,995
8
35
45(4)
(486)
4499
180

5,470
2,148
335(145)0(731)
115
(11)
129

50

583

(22)
–

(21)
225

3,773

2,688

(1,342)
(158)
(842)
(254)
9,623
481
(46)
78(3,168)
6,969(2,169)(1,461)(1,196)
1,568
7,231
736
(112)
38(1,449)
6,443(2,246)387(2,756)
339
(288)
(266)

(1,119)1,712(2,496)76(792)
(875)

–

(595)

(120)
(4,950)(62)(4,153)

(145)
(57)
(372)
(1,198)(21)(1,796)

1,597
(47)
(378)
(1,552)
(33)
(413)

1,275

1,089

1,498
21,747
23,246

2,966
20,33423,300