VALUE CREATION BOOKPROUD TO BE BOLD

Joy Plays Out on theCenter Stage, Produced by
the NISSIN FOODS GroupThe NISSIN FOODS Group is a comprehensive food group establishedin Japan in 1958 with the invention of the world’s first instant noodle,
CHICKEN RAMEN. The term EARTH FOOD CREATOR means not only being
an entity that creates food for the earth, but also expresses our desire tocontribute to the world and its people by creating food, the basis of all life.
We will continue to evolve and pursue the possibilities of food.

EARTH FOOD CREATOR
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Issues in Planetary Health (Sustainability)and Human Well-Being

Im p

act

s
Fu
VisionVision

co m

y

O ut

ph

CREATOR

so

es

ta
lo

EARTH
FOOD
EARTH
CREATOR
FOOD

en

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MissionamlP

Embodying Enduring Values
Through Solutions to Socialand Environmental Issuesnd

VALUE CREATION PROCESS

Mitigation and Resolutionof Social Issues,
Enhancement of Capital
Toward a Virtuous Cycle of
Sustainable Business

Value
CREATIVE
UNIQUE
HAPPY＊

Creation of
Economic Valueand Social Value

Food-STI
for Human Well-being
and Planetary Health

GLOBAL＊Science, Technology, and Innovation

BRANDING

Cap
i
t al

Co
re
Str
eng
ths

INNOVATIONB u si n e ss Ac

ti v i
ti e

s/ O

ut

3

MARKETINGutp

Building on the spirit of our founder,
the NISSIN FOODS Group creates
economic value and social value by
creating attractive products throughthe full use of six management
resources and our strengths inmarketing branding and innovation.
We embody the spirit of our founderthrough this process and aim forsustainable growth through an upward
cycle of this series of processes.

Corporate GovernanceValue Creation Process
https://www.nissin.com/en_jp/
ir/integrated/value_process/4CEO MESSAGE
Our Ideal Future

Koki Ando
President & Representative
Director, CEO

CEO Message
https://www.nissin.com/en_jp/
ir/integrated/ceo_message/

Continuing to Create New Food Cultures,
Solve Environmental and Social Issues,and Aim for Sustainable Growth as an
EARTH FOOD CREATOR
In response to the challenge our founder, Momofuku Ando, issues, we formed the NISSINFOODS Group Mid- to Long-Term Growth Strategy based on three growth strategies to solve
increasingly serious environmental and social issues. We will continue to create new foodcultures and achieve sustainable growth.
CSV Management Unique to the
NISSIN FOODS GroupThe Enduring Values of the NISSIN FOODS Group arethat peace will come to the world when there is enoughfood and we create foods to serve society. As stated
here, our beginnings were in taking on the challenge toaddress the social issue of postwar food shortages, which
we believe is the very essence of what we call CSV
management today.
Japan and the other developed countries of today areexperiencing a growing awareness of various foodrelated social issues. These issues include food satiety(satisfying fullness) and hidden malnutrition. In othercountries, food shortages are becoming more serious due
to recent global events.
Amid these circumstances, we will continue to create
new food cultures and engage in CSV management
unique to the NISSIN FOODS Group as an EARTH FOOD
CREATOR that achieves sustainable growth and solves
environmental and social issues.

Fulfilling Our Mission and Aiming for
Sustainable Growth to Achieve
Our Vision for 2030
The NISSIN FOODS Group Mid- to Long-Term Growth
Strategy announced in May 2021 provides three growthstrategy categories under which we will achieve ourvision under a unique CSV management approach.

1. Strengthen the Cash-Generating Capacityof Existing Businesses
We expect our overseas businesses to drive future
growth, delivering our products to more consumers
around the world. We intend to deepen the global

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branding of CUP NOODLES at an even faster pace tosolidify competitive advantage as a growth driver.

2. EARTH FOOD CHALLENGE 2030

Our environmental strategy that aims for creating
both sustainable societies and enhanced
corporate value for our group.

3. Pursue New Businesses

We propose Future Foods to consumers throughco-creation with food science. Embodying one of
the Enduring Values of the NISSIN FOODS Group,
eat wisely for beauty and health.

Creating Unprecedented Value,
While Maintaining the Spirit andIngenuity of Our Founder
NISSIN FOODS Group employees aim to embody thevision of EARTH FOOD CREATOR, and must offer thecapacity to create and propose never-before-seen
products and services. A positive attitude and resilience
to tackle difficult challenges and complex projects are
essential. I am confident that this type of employee willlead the growth of the NISSIN FOODS Group.
NISSIN FOODS founder Momofuku Ando invented
CHICKEN RAMEN, the world’s first instant noodle, fromhis desire to satisfy hunger. This same desire is what
drives people forward.
The NISSIN FOODS Group designated March 5 asFounder's Day to provide an opportunity for all
employees to reflect on the beginnings of our businessand to reiterate the importance of our Founder’s Spirit.
We intend to instill the Founder's Spirit further within our
employees in Japan and overseas for the further growthof the NISSIN FOODS Group.

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COO MESSAGE
Toward Achieving Our Ideal Future

COO Message
https://www.nissin.com/en_jp/
ir/integrated/coo_message/

Developing Delicious Complete Nutrition Meals
and Creating New Business Models
We set our sights on creating Future Foods to address new social issues caused by healthrisks that include food satiety and hidden malnutrition. And we hope to create a world inwhich people avoid presymptomatic diseases (“Mibyo”) by simply eating Delicious Complete
Nutrition Meals in the form of their favorite foods.
Solving Social Issues Through Complete
Nutrition Technologies
We enjoy rich diets in these modern times. On the other
hand, health issues have emerged such as excessive
calories due to food satiety and malnutrition caused by an
unbalanced diet. For example, estimates say that morethan 2 billion people in the world are overweight or obese,
causing increased health risks. The economic loss due toobesity is estimated in excess of US$2 trillion. At the sametime, hidden malnutrition is on the rise as a serious issue
and presents a serious problem. Here, the body lacks
necessary calories and nutrients due to improper dieting
methods. We have arrived at a solution to these social
issues by creating Future Foods.

Balanced Intake of Nutrients Without
Sacrificing Appearance or Taste

Noritaka Ando
Executive Vice President & Representative Director, COO
President & Representative Director,
NISSIN FOOD PRODUCTS CO., LTD.

7The NISSIN FOODS Group Delicious Complete Nutrition
Meals is a meal that controls calories, salt, sugar, fat, andprotein, maintaining the appearance and taste of themeal, while offering all 33 nutrients designated by the
Dietary Reference Intakes for Japanese in a wellbalanced manner. In this way, consumers can maintain agood nutritional balance by simply eating what they
enjoy. We are engaged in the development of thesedream-like Future Foods. We have developed more than
300 foods already, including pork cutlet, napolitan, whichis ketchup-based spaghetti, and beef curry.
Although the concept of a Complete Nutrition Meal
has existed in the past, actually creating a delicious
product proved impossible, as packing in all theessential nutrients (vitamins and minerals, etc.) resulted
in bitter and harsh tastes.
The NISSIN FOODS Group Delicious Complete
Nutrition Meals offers so much delicious taste that is thesame as ordinary meals. This has only become possible
through our proprietary and cutting-edge foodtechnologies cultivated over many years in instantnoodles and other products. For example, we make fulluse of (1) technologies to reduce salt while maintaining
delicious taste; (2) technologies to reduce fat while
maintaining delicious taste; (3) technologies to reduce
calories while maintaining delicious taste; (4)technologies to mask harsh or bitter tastes; and (5)technologies to prevent nutrient loss during cooking.
When consumers are not able to enjoy food due tohealth concerns, well-being also suffers. By spreadinga Complete Nutrition Meal, we can create a world inwhich people can take measures againstpresymptomatic disease without hardship, simply byeating what they like.

Pursuing New Food Possibilities as
an EARTH FOOD CREATOR
The basic stance of the NISSIN FOODS Group is to takeon new and unprecedented challenges. From
generation to generation, we have inherited a corporate
culture of doing new things without fear of failure.
Another reason behind our ability to take onchallenges over the long term time horizon is that wehave the founding family with us today. Of course, themarket will not acknowledge us unless we generate
profits in the short term, too, but we are always thinking
about how we contribute to society through food. This
perspective encourages a spirit of taking on challenges.
Our concept of food technology satisfies humanwell-being (contributing to delicious health) andplanetary health (sustainability) at the same time. The
NISSIN FOODS Group will continue to evolve as an
EARTH FOOD CREATOR, pursuing new possibilities
through food.

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Now is the Time
to Solve Social Issues

The NISSIN FOODS Group was founded in responseto the challenge of solving the social problem of
postwar food shortages. More than 60 years later,
modern society faces new environmental and social
challenges, including the threat of climate change
and increasing health risks. Our group strives tosolve environmental and social issues that changewith the times, aiming to foster Planetary Health(Sustainability) and Human Well-being.
Initiative Toward Environmental
and Social Issues
https://www.nissin.com/en_jp/ir/integrated/sustainability_promotion_structure/

Human
Well-being

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Planetary
Health(Sustainability)

Excessive Calories

Dwindling Resources

Excessive calories increasing
health risks

Abuse of limited Earth resources is resulting in the
breakdown of social infrastructure and economies

Hidden Malnutrition

Climate Change

Improper dieting methods increasing
hidden malnutrition

Climate change is causing decreased crop
production and food supply instability

10Group Philosophy
https://www.nissin.com/en_jp/
ir/integrated/philosophy/

The Foundation of All
The Group Philosophy is built on four tenets
propounded by NISSIN FOODS founder Momofuku
Ando. The spirit of the founder expressed in thesetenets is the foundation of the enduring value systemthat gives direction to the NISSIN FOODS Group.
Peace will come to the world when there is enoughfood. We have been handed the Philosophy of our
founder, Momofuku Ando, who believed that the foodbusiness is a sacred profession and that the people
involved are servants of peace.

To achieve sustainable growth whilesolving environmental and social
issues as an “EARTH FOOD CREATOR”
constantly creating new foodcultures through innovation.

MissionVisionValue

Enduring Values

EARTH
FOOD
CREATOR

Four Attributes

食足世平

食創為世

美健賢食

食為聖食

Creative

UniqueHappy

GlobalShoku-iBi-kenSei-shoku

Food related jobs are
sacred profession

Ken-shoku

I-sei

Se-heiCreate foods toserve society

Eat wisely forbeauty and health

Shoku-soShoku-soku

Peace will come to the world
when there is enough food11

Group Philosophy

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Manufacturing Capital
Manufacturing Bases andOutstanding Quality Supporting
Global Business Activities

Financial CapitalSound Financial Position andHigh Profitability

Maximizing our
Tangible andIntangible Assets
The NISSIN FOODS Group is supported by six formsof capital, including financial capital, humanresources acting in concert as EARTH FOOD
CREATOR, and outstanding brand power. We create
new food cultures and achieve sustainable growthby building up these capitals, making appropriate
allocations in uncertain social environments, andusing these capitals to the fullest.

Group
Manufacturing Bases
Japan

36

Overseas

26

Net Debt/EBITDA-

Use of Plant-derived

0.5 X

Biomass ECO Cups
in CUP NOODLE Brand
Products

Intellectual CapitalSocial and Relationship Capital
Brand Strength Nurtured bySuperior Marketing Expertise

Natural Capital
Initiatives to Address Resources andClimate Change Under
EARTH FOOD CHALLENGE 2030

R&D Bases Supporting
Technological Innovation and
Investments in New Businesses

Number of NISSIN FOODSGroup Patents
Japan

Number of Countries Where
CUP NOODLES are Sold

100 +Six Capitals

444

Overseas694

Human Capital
An EARTH FOOD CREATOR
Supporting Group Businesses

Percentage of Non-Japanese
National Employees

53 ％https://www.nissin.com/en_jp/
ir/integrated/value_process/13

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the WAVE creates new waves
of food technology
The center for NISSIN FOODS Group technology,
development, and research. Based on the
mission to create the most advanced wave offood technology, emanating powerfulvibrations across the globe, we are committed
to INNOVATION (technological innovation) and
FOOD SAFETY as our promise to the world as afood manufacturer.

Unsurpassed
SafetyNASRAC*
Simultaneous,
rapid analysis of
550 agrochemicals*Nissin's Analytical Systems for
Residual Agricultural Chemicals

FASRAC*
Cutting-Edge
Food
Technology

s first automatedWorld’
pretreating process
for pesticide
residual testing

Delicious,with less salt!
Delicious!

Technologies
that reproduce
favorite tastes

Future Technology
Through Food Safety
and Security
Food safety and security is both the basic
premise and most important issue for the
NISSIN FOODS Group. We built a unique quality
assurance system built around our Global Food
Safety Institute, and we create the latest in foodtechnologies from a foundation of food safety
and security processing techniques developed
over many years. The NISSIN FOODS Group
creates new food cultures as we continue totake on the challenge of creating Future Foods
through co-creation with food science.

Salt reduction
technologies*Food Automatic Analytical Systems
for Residual Agricultural
Chemicals

Soybeans and vegetablesin the mix!

Delicious,with fewer calories!

Meat synthesis
technology

Rice synthesis
technology

Blend of nutrients!

Processesthat preserve
nutrition

Innovation
https://www.nissin.com/en_jp/
ir/integrated/innovation/

the WAVE
https://www.nissin.com/en_jp/
sustainability/feature/thewave/

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Brand Communications
Designed for
Customer Happiness
The NISSIN FOODS Group aims to become abranding corporation representing a collectionof No. 1 brands. And we will get there by
nurturing and maximizing the value of thebrands we own. We foster brand fans byincreasing the mindshare* of our target
audience through a three-pronged approach
to brand communications: TV commercials,
point-of-purchase marketing, andrelationship-building through social media.
* The amount of interest represented within the minds ofconsumers in the target segment

Brand Manager System:
Mini-Presidents Assigned to Each Brand
NISSIN FOOD PRODUCTS adopted a brand manager
system in 1990. Under this system, a brand manager
is responsible for all aspects of brand management,from new product development to administration.
The mission of the brand mini-president is to growthe brand. This brand manager system fosters a
corporate culture that leads to strong brands bycreating internal competition among brands.

CUP NOODLES Global Branding
CUP NOODLE was the world’s first cup-type instantnoodles. Today, CUP NOODLE is the No.1 instantnoodle brand, which we have promoted as a uniquebrand since 1971.
We have transferred our brand power,
development capabilities, and marketing expertise
cultivated in Japan to overseas markets,
strengthening branding in each region according tomarket conditions and target tastes. NISSIN FOODS
products are sold in 100 countries around the world,
and we intend to continue delivering delicious taste
and enjoyment to the people of the world.

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Marketing and Branding
https://www.nissin.com/en_jp/
ir/integrated/marketing/

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Co

Pursuing the
Perfect Harmonyof 33 Nutrition& Flavor

No.1

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No.1

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A Wonderful View and
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Ja
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World’
sFirst
Instant Noodles！

in Sales！

The NISSIN FOODS Group delivers products
under our Instant Noodles Business, our
Non-Instant Noodles Business, our Overseas
Business, and from new businesses. Beyond
the Japanese market, we are making great
strides in the high-value-added markets of
our overseas businesses. We also continue
to create new businesses, aiming to becomea true top company that fills the world withthe joy and pleasure of food.

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Economic Value
https://www.nissin.com/en_jp/ir/integrated/business_plan/

Delivering Two Values
for the World and for
HumanitySocial Value
https://www.nissin.com/en_jp/ir/integrated/sustainability_promotion_structure/

The NISSIN FOODS Group creates economic andsocial value through a value creation process
based in the spirit of our founder. In parallel with
non-financial targets, we pursue four mediumand long-term economic value targets under
CSV management: (1) sustainable profit growth;(2) the efficient use of capital; (3) the safe use ofdebt; and (4) stable shareholder returns.

Social Value

Economic Value
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Core operating profit growth rate
for existing businesses:
Mid-single digits

Net Debt/EBITDA ratio ≤ 2X

Planetary Health (Sustainability)

Dividend policy: Progressive dividends

ROE 10% over the long term

Relative TSR (Relative to TOPIX Foods) ＞ 1X

Passing on a
Rich Global Environment
to the Next Generation

Human Well-being
Illness Preventionand Health
Improvement for
Consumers

Improvement of
Employee
Engagement

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Masahiro OkafujiOutside Director

Ken Kobayashi

BM

BS

RL

Masato Mizuno

Outside Director

BM

S

RL

Outside Director

BM

BS

S

Koki Ando
President & Representative
Director, CEO

BM

BS

FT

S

Yukiko Nakagawa
Outside Director

S

Yukio Yokoyama
Director, CSO, andManaging Executive Officer

SR

FA

RL

SR

Noritaka Ando
Executive Vice President &Representative Director, COO
President & Representative Director,
NISSIN FOOD PRODUCTS CO., LTD.

BM

BS

FT

SR

Our Directors
While providing safe and secure foods, andpromoting businesses to maximize benefits
to all stakeholders including shareholders,consumers, employees, business partners,
local communities, and local residents, theCompany recognizes enhanced andstrengthened corporate governance as oneof the top priorities for management andtherefore strives for highly objective andtransparent management.

Business Management = BM Structural Reform = SR
Brand Strategy = BS
Finance and Accounting = FA
Food Technology = FTRisk and Legal = RL
Sustainability = S

Outside Director

Corporate Governancehttps://www.nissin.com/en_jp/ir/
integrated/governance_system/01/

23

Yuka Ogasawara
S

FA

Eietsu Sakuraba
Outside Director

FT

S

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INFORMATION FRAMEWORK / CORPORATE OVERVIEWVALUE REPORT 2022
Online integrated report to introduce the NISSINFOODS Group mid- to long-term value creation story.
https://www.nissin.com/en_jp/ir/integrated/

VALUE CREATION BOOK
Visual Guide to introduce the Value Creation Process of
the NISSIN FOODS Grouphttps://www.nissin.com/en_jp/ir/library/annual/

Financial Data
https://www.nissin.com/en_jp/ir/library/financialdata/

Mid - to Long -Term Growth Strategy
https://www.nissin.com/en_jp/ir/management/strategies/

Corporate Governancehttps://www.nissin.com/en_jp/ir/governance/

Sustainability
https://www.nissin.com/en_jp/sustainability/

CORPORATE OVERVIEWNISSIN FOODS HOLDINGS CO., LTD.
September 4, 1948
25,122 million yen
Koki Ando, President & Representative Director, CEONoritaka Ando, Executive Vice President &Representative Director, COO
14,633 (consolidated basis)* *As of March 31, 2022
Number of Employees
MarchFiscal Year End
Content of the Business Business Lines	Act in the capacity of a holding company informulating and executing group-wide management
strategies, audits of group management, and othermanagement functions
1. Manufacture and sales of instant noodles
2. Manufacture and sales of chilled food products
3. Manufacture and sales of frozen food products
4. Manufacture and sales of confectioneries and cereals
5. Manufacture and sales of dairy products, soft drinks,
chilled desserts, etc.
Tokyo Head Office:Head Offices
28-1, 6-chome, Shinjuku, Shinjuku-ku Tokyo
160-8524, Japan
TEL: +81-3-3205-5111
Osaka Head Office:1-1, 4-chome, Nishinakajima, Yodogawa-ku Osaka
532-8524, Japan
TEL: +81-6-6305-7711
https://www.nissin.com/en_jp/
WebsiteCompany Name
Date of Establishment
Paid-In Capital
Representatives

EDITORIAL POLICYThe NISSIN FOODS Group published this VALUECREATION BOOK to further strengthen communications
with our stakeholders. This report is intended toprovide a clear understanding of our desired future andstrategy in line with the value creation process. Thisvalue creation process is the mechanism for the NISSINFOODS Group to achieve sustainable growth.
We chose Japanese kabuki as the visual theme for thisreport. The word kabuku, from which Japanese kabuki
play is derived, means “unconventional” or “outside thenorm.” This report reflects the aim of the NISSIN FOODSGroup in leveraging the unconventional to continue
creating new food cultures that transcend old norms.
VALUE CREATION BOOK was prepared based on information available
as of the end of January 2023.

Supervised by
Shochiku Co., Ltd.

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