Securities Code: 2004

Financial Results Briefing for FY2022(Ended March 31, 2022)
May 25, 2022
Showa Sangyo Co., Ltd.

Agenda1

Overview of financial results for FY2022

2

Earnings forecast for FY2023

3

Key strategies of Medium-Term Management Plan 20–22

4

Topics2Overview of Consolidated Financial Results(Comparison with New Standard)
FY2021

FY2021

FY2022

ChangeYear-on-Year(Comparison withnew standard)(Comparison withnew standard)(Amended forecast)

2,875

FY2022(Actual results)(After application of
new standard*)

2,559

2,384

2,876

492

20.6%

Flour milling business
Vegetable oils andhousehold foods businessStarches and sweeteners
business
Animal feed business
Other

743
885

727
850

781
1,004

54
154

7.4%
18.2%

366
516
49

336
421
48

513
528
48

177
107
0

52.7%
25.2%
0.2%

Operating profit

75

75

55

▲20

▲26.7%

52

Ordinary profit

92

92

65

▲26

▲28.6%

62

Profit

101

101

40

▲61

▲60.4%

40(0.1 billions of yen)

Net sales*An approximation after applying the accounting standard for revenue recognition

Main factors

 Net sales(+) Increase in sales volume due to newly consolidated Boso oil and fat Co., Ltd. and San-ei Sucrochemical Co., Ltd.
(+) Price revision due to soaring market price of grain raw material

 Operating profit(-) Higher raw material costs due to soaring market price of grain raw material(-) Decrease in demand due to continuing impact of COVID-19

 Profit(-) Decrease in gain on bargain purchase due to making of Boso oil and fat Co., Ltd. into a subsidiary3

Factors for Changes in Consolidated Operating Profit
FY2021
7.5 billion yen

FY2022
5.5 billion yen-2.0 billion yen(0.1 billions of yen)

318
Breakdown by segment
Flour milling
Vegetable oils andhousehold foods
Starches and sweeteners
Animal feed

Breakdown by segment
Flour milling▲19
Vegetable oils andhousehold foods▲198 (▲31)
Starches and sweeteners▲64 (▲16)
Animal feed
▲83

27
167
48
82

75

▲4

FY2021

Sales volume

11

13

55

▲359
Sales price

Cost of sales

Selling, generaland administrative
expenses

Other

FY20224

By Segment: Flour Milling Business
Main Business
Wheat flour, premixes, bread, bran

Flour milling businessNet sales(0.1 billions of yen)

Operating profit

1,000

40

35
800
30

Specific initiatives(1) Collaboration with Solution Sales Department newly set up on April
1, 2021(2) Implementation of proposal-based sales in the with/post-COVID-19
market by utilizing our strength in market analysis(3) Promotion of structural reform of earnings in baked bread business(4) Further strengthening of Group’s five-company and seven-plantstructure(5) Strengthening of roles in production and sales by integrating sales
with Naigai Flour Milling Co., Ltd.
(Integrated as of October 1, 2021)

600

17

20

400

200

*727

781

2021.32022.30

100*An approximation after applying the accounting standard for revenue recognition5

By Segment: Vegetable Oils and Household Foods Business
Main Business
Edible oil, soybean protein, premixes, pasta,
household foods, frozen foods

Vegetable oils and household foods business(0.1 billions of yen)

Net sales

Operating profit

1,200

Specific initiatives(1) Rectification of sales price (price revision) is top priority due to soaring raw
material costs(2) Expansion of sales through collaboration with flour milling, starches andsweeteners businesses and others, development of new markets, andenhancement of approaches(3) Development and sales of value-added vegetable oil such as semi-fluid
vegetable oil and long-lasting oil for bakeries= Establishment of an earnings structure less susceptible to market prices(4) Reduction of logistics and purchasing costs through joint procurement, etc.
with Boso oil and fat(5) Further sales expansion of plant-based foods (soybean protein, etc.)(6) Launch of household products Tappuri Daizumiito No Boroneze Sosu
(bolognese sauce full of soybean meat) and Mo Tsutsumanai! Mazegyoza
No Moto (filling mix for unwrapped Chinese dumplings) (March 1, 2022)

1,000

31

30

800
20
600

10

400

10
200

*850

1,004

0

0
2021.32022.3* An approximation after applying the accounting standard
for revenue recognition

6

By Segment: Starches and Sweeteners Business
Main Business
Saccharified products, cornstarch,
processed starch

Starches and sweeteners business(0.1 billions of yen)

Net sales

Operating profit

500

20

16
400

Specific initiatives(1) Rectification of sales price (price revision) is top priority due to soaring
raw material costs(2) Further improvement of productivity with value proposition through athree-plant system= Showa Sangyo (Kashima), Shikishima Starch MFG, and San-ei
Sucrochemical(3) Strengthening of B2B marketing with integrated sales, research, anddevelopment(4) Sales expansion of series of unique products such as powdered starchsyrup and crystalline glucose collaborated with other businesses(5) Demonstration of Group synergy with San-ei Sucrochemical

15
300

513

10

200

*336

5
5

100

0

0
2021.32022.3* An approximation after applying theaccounting standard for revenue recognition

7

By Segment: Animal Feed Business
Main Business
Mixed animal feed, eggs andprocessed egg products

Animal feed businessNet sales(0.1 billions of yen)

Operating profit

15

400

10

Specific initiatives(1) Strengthening of collaboration with Group companies= Comprehensive expansion of sales from animal feed to eggs mainly
via Showa Keiran= Strengthening of adaptability to needs for heated animal feed via
Kyushu Showa Sangyo(2) Expansion of sales through proposal-based sales utilizing our edgein handling multiple raw materials(3) Strengthening of sales of high-value-added products, namelysynthetic milk and oligosaccharide animal feed
(4) Price revision due to soaring raw material costs

10

528
200

*421

4

0

5

0
2021.32022.3* An approximation after applying the accounting
standard for revenue recognition

8

Implementation of Price Revision
Category
Commercial wheat flour

Household wheat flour, premixes, pasta

Household/commercial vegetable oil
products

Commercial soybean protein

Commercial cornstarch and saccharified
products

Revision date

Price revision range(1) 2021/6/19

Strong 110 yen/25 kg, Medium-strength/weak 80 yen/25 kg(2) 2021/12/20

Strong 315 yen/25 kg, Medium-strength/weak 345 yen/25 kg(3) 2022/6/20

Strong 370 yen/25 kg, Medium-strength/weak 325 yen/25 kg

Total

Strong 795 yen/25 kg, Medium-strength/weak 750 yen/25 kg(1) 2021/7/1

Wheat flour approx. 2–3%, premix approx. 2–4%, pasta approx. 2–3%

(2) 2022/1/4

Wheat flour approx. 4–9%, premix approx. 4–6%, pasta approx. 5–9%

(3) 2022/7/1
2022/8/1

Wheat flour/premix approx. 2–7%
Pasta approx. 3–7%

Total

Wheat flour approx. 8–19%, premix approx. 8–17%, pasta approx. 10–19%(1) 2021/3/1

Household general purpose oil 30 yen/, 18-liter can 500 yen/can, mini/single 30 yen/kg or more

(2) 2021/6/1

Household edible oil 30 yen/, 18-liter can 500 yen/can, mini/single 30 yen/kg or more

(3) 2021/8/2

Household edible oil 50 yen/, 18-liter can 800 yen/can, mini/single 50 yen/kg or more

(4) 2021/11/1

Household edible oil 30 yen/, 18-liter can 500 yen/can, mini/single 30 yen/kg or more

(5) 2022/3/1

Household edible oil 40 yen/, 18-liter can 700 yen/can, mini/single 40 yen/kg or more

(6) 2022/7/1
Total

General-purpose oil 60 yen/kg, olive oil 160 yen/kg, rice bran oil 90 yen/kg, sunflower oil 90
yen/kg or more
General-purpose oil 240 yen/kg or more

(1) 2021/7/1

Soybean protein products 30 yen/kg or more

(2) 2022/4/1

Soybean protein products 30 yen/kg or more

Total

Soybean protein products 60 yen/kg or more

*Price revision implemented in April and September 2021 (no press release announcement)(1) 2022/4/1

Cornstarch products 15 yen/kg, saccharified products 10 yen/kg(2) 2022/7/1

Cornstarch products 15 yen/kg, saccharified products 10–30 yen/kg

9

Progress of Price Revision (Soybean and Rapeseed) (Precondition) Changes in raw material price (unit price) and product price when prices in October 2020 are set as 100*Sourced by Showa Sangyo data

Soybean priceRapeseed pricePrice revised

Price revised

Raw material price(unit price)

Average price of vegetableoil products (kg)

 Soybean price (unit price)
Price soared significantly and rapidly driven by strong demand for vegetable
oil and continues to be high Revision of vegetable oil product prices
Price was revised five times in March, June, August, and November 2021,
and March 2022 (also planned in July 2022)

Raw material price(unit price)

Average price of vegetableoil products (kg)

 Rapeseed pricePrice continues to mark a record high due to strong demand for vegetable
oil and significant decrease in production caused by heat wave in Canada
 Revision of vegetable oil product prices
Price was revised five times in March, June, August, and November 2021,
and March 2022 (also planned in July 2022)

10

Progress of Price Revision (Corn and Wheat) (Precondition) Changes in raw material price (unit price) and product price when prices in October 2020 are set as 100*Sourced by Showa Sangyo data

Wheat priceCorn price

72,530 yen+17.3%

Price revised

61,820 yen+19.0%

51,930 yen+5.5%

49,210 yen

Raw material
price (unit price)

Average saccharified
product price (kg)

Average cornstarch
price (kg) Corn pricePrice soared significantly and rapidly due to China’s large-scale purchase anddecrease in production in Brazil, and continues to be high Revision of saccharified products and cornstarch prices
Price was revised in April and September 2021, and April 2022 (also plannedin July 2022)

Raw material price(unit price)

Average wheat flour price(25 kg) Wheat price
Government resale price of imported wheat increased by 5.5% in terms of
five-brand average in April 2021, 19.0% in October 2021, and 17.3% in April
2022
 Revision of wheat flour pricePrice was revised in June and December 2021 (also planned in June 2022)

11

Overview of Consolidated Balance SheetFY2021
Total assets 213.3 billion yen

17.9 billion yen

Liabilities +119

Current assets +178
Cash and deposits

FY2022
Total assets 231.3 billion yen(0.1 billions of yen)

Trade payables

Interest-bearing
debt

Trade receivables

Accounts payableother

Inventories
Non-current assets ▲0.9
Property, plant andequipment

Net assets +60
Issuance of newsharesIntangible assets

ProfitInvestment
securities

Dividend payment

Interest-bearing debt

51.8 billion yen+7.6 billion yen

Equity-to-asset ratio

45.7%

▲1.0%

12

Cash Flows(0.1 billions of yen)

13

▲117

111

End of FY2021
Cash and cash
equivalents

Cash flows fromoperating activities

Cash flows frominvesting activities

84

91

Cash flows fromfinancing activities

End of FY2022
Cash and cash
equivalents

 Cash and cash equivalents: Decreased 2.0 billion yen from the beginning of the period

 Cash flows from operating activities: Increase in trade receivables and inventories, increase in trade payables
 Cash flows from investment activities: Expenditures associated with construction of Funabashi Premix No. 2 Plant
 Cash flows from financing activities: Increase due to issuance of commercial paper
13Change in Capital Investment and Depreciation(0.1 billions of yen)

Consolidated basis
140

125

123

120
100
80

99 101

97
87

85
74

74 73

73

75

76 79

2014.32015.32016.32017.32018.378

85

81

2019.32020.3

87

60
40
20
0

Capital investment

2021.32022.3

Depreciation[Capital Investment]
Construction of Funabashi Premix No. 2 Plant, completion of fuel conversion construction for the Kashima
Plant cogeneration facility, etc.
[Depreciation]
Operation of new facilities at Kashima Plant, etc.

14

Change in R&D Expenditures
Consolidated basis
R&D expenditures(0.1 billions of yen)

Ratio to net sales (right-hand scale)

Ratio to net sale

35

1.0%

30

26
24

25

22
20

19

20

21

22

22

19
0.5%

15

10

5

0

0.0%

2014.32015.32016.32017.32018.32019.32020.32021.32022.315

Return to Shareholders (Dividends)
Change of dividends per share and dividend payout ratio
Dividends

Dividends (yen)Dividend payout ratio(%)

Dividend payout ratio

49.7

70

50.0

60
40.0

32.3

50
40

30.0
26.1

25.7

60

30

50

30.9*
30.0

65

65

60

50

20.0

20
10.0
10
0

0.0

2017.32018.32019.32020.32021.32022.3* Dividend payout ratio for FY2021 does not include effect of gain on
bargain purchase. If included, the ratio will be 20.3%

Dividend payout
ratio

Medium-Term Management Plan 20–22 Target: Approx.30%
16Agenda1

Overview of financial results for FY2022

2

Earnings forecast for FY2023

3

Key strategies of Medium-Term Management Plan 20–22

4

Topics17

Earnings forecast for FY2023(0.1 billions of yen)

FY2023(Forecast)

Net sales
Operating profit
Ordinary profit

To bedetermined

ProfitFY2022

-

2,876

-

55

-

65

-

40

Background to earnings forecast to be determined(1) Concern over further rise in market price and prolongation of high price level due to the increasingly serious
Ukraine situation, in addition to the unprecedented high level of market price of grain raw material(2) Rapid depreciation of the yen against the U.S. dollar in the foreign exchange rate and higher energy prices(3) Remaining uncertainty about when COVID-19 will settle down
Based on the above, financial results for FY2023 are extremely difficult to compute reasonably at present

Going forward, earnings forecasts will be announced promptly as soon as computation can be made18

Key Measures by Segment
Common measures for all businesses(1) Revision of price due to increase in grain raw material costs and utility costs(2) Stable procurement of raw materials as a grain solution company
Flour milling businessStarches and sweeteners business(1) Improvement of productivity through integrated
management system of five Group companies(2) Continuation of structural reform of earnings in baked
bread business(3) Strategic sales of export flour(1) Review of sales mix by channel for stable earnings(2) Sales expansion of functional saccharified products to newmarkets(3) Further improvement of productivity through Group’s threeplant system

Vegetable oils and household foods business

Animal feed business(1) Promotion of proposal-based sales focusing on profitability(2) Strengthening of sales of premium oil and premix products(3) Adaptability to needs for plant-based foods(1) Strengthening of collaboration with Group companies(2) Strengthening of sales of high-value-added products andbranded livestock products(3) Earnings increase through partial change in raw material
mixture19

Agenda1

Overview of financial results for FY2022

2

Earnings forecast for FY2023

3

Key strategies of Medium-Term Management Plan 20–22

4

Topics20

Long-Term Vision
Ideal image (long-term vision)

Next Stage for 2025
[Period] FY2017 to FY2025 (9 years)[Target] Consolidated net sales: 400.0 billion yen, consolidated ordinary profit: 20.0 billion yen

Medium-Term Management Plan rolled out
in three stages to realize long-term vision

3rd Stage
Medium-Term Management Plan 23–25
Return2nd Stage

Medium-Term Management
Plan 20–22
1st Stage

Establishment

Medium-Term Management Plan 17–19
FY2016

Secure foothold to achieve ideal image
21

Medium-Term Management Plan 20–22
Basic concept

SHOWA New Value Creation:
New Value Only SHOWA Can Create[Period] FY2020 to FY2022 (3 years)
Basic policy

Basic strategies

Numerical target
Consolidated net
sales

280.0 billion yen

Establishment(1) Strengthening of core businesses(2) Expansion of business domains(3) Contribution to solving social problems(4) Rebuilding of platform(5) Strengthening of stakeholder engagement

Consolidated
ordinary profit

13.0 billion yen

ROE

9.0% or more
22

Key Strategies of Final Fiscal Year of Medium-Term
Management Plan 20–22(1) Initiatives with San-ei Sucrochemical(2) Initiatives with Boso oil and fat(3) Structural reform of earnings in baked bread business(4) Strengthening of development and sales of plantbased foods(5) Enhancement of proposals for food services by
Solution Sales Department

23

Starches andsweeteners
business(1) Initiatives with San-ei Sucrochemical

Promotion of Synergy Demonstration Project through mutual collaboration
 San-ei Sucrochemical is contributing to full-year results for the fiscal year under review as it was made into a subsidiary inDecember 2020
 Domestic production share of crystalline glucose is 70% when combining use for pharmaceutics and foods**Company’s calculation based on figures from survey by JAPAN STARCH & SWEETENERS INDUSTRY ASSOCIATION∎ Demonstration of economies of scale in purchasing raw materials
and materials––

Cost reduction of raw materials and materials through promotion of joint procurement, etc.
Decentralization of producing areas (such as Brazil) as BCP measures, and launch of testbased usage in terms of raw material procurement∎ Merge of research and development–

Performance of San-ei Sucrochemical (0.1 billions of yen)2020.32021.3156

Promotion of new product development and application development utilizing San-ei
Sucrochemical’s unique products such as oligosaccharic acid

Promotion of efficiency by streamlining production and distribution bases in both east andwest∎ Demonstration of synergy in production technology–

140

Net sales∎ Improvement of logistics efficiency and promotion of white
logistics (an effort to improve the productivity of truck
transportation, improve the efficiency of logistics, and reduce theburden on truck drivers)–

146

Cost reduction through BCP measures and standardization of machinery throughdevelopment of a complementary system in the three plants handling starches andsweeteners (Showa Sangyo, San-ei Sucrochemical, and Shikishima Starch MFG)

1082022.39Operatingprofit2020.32021.32022.324

Vegetable oils andhousehold foods business(2) Initiatives with Boso oil and fat

Strengthening of sales of rice bran oil through collaboration of products andmarkets
 Strengthening of competitiveness by incorporating rice bran oil, a new type of oil, into the Group Strengthening and expansion of vegetable oils and household foods business by maximizing advantages of
the two companies through mutual utilization of the management resources and expertise each have
Performance of Boso oil and fat (0.1 billions of yen)

Change in growth rate of Group sales volume of rice bran oil
Domestic supply of rice bran oil (t)*Excluding blend oilGroup sales
volume118

118

2020.32021.3

Net sales

Joined Showa
Sangyo Group in
September 2020

2020
Supply2021

2022 (forecast)

2022.3

4

Operatingprofit
2019

145

0.4

2020.32021.32022.3

Sales volume

Supply: Sourced from Japan Industrial Cooperative Association of Rice Bran Oil
Sales volume: Index when 2019 is set as 100-225

(3) Structural Reform of Earnings in Baked BreadBusiness

Flour millingbusiness

Optimization and improvement in efficiency of management
through integrated management by four Group companies
 Earnings increase in baked bread business through radical reform in earnings structure Development of unprecedented new products and proposalof creating exciting sales floors∎ Speeding up of decision-making

Grandsolubakery– Consolidation of decision-making system and advancement of integrated
management of four companies and unity of each company’s vector∎ Strengthening of product development capabilities
responding to changes– Promotion of product development focusing on value despite high raw
material costs∎ Striving to create exciting sales floors

Swing
BakeryBaked breadbusiness
Four Group
companies
Integrated management

Tower
Bakery– Proposal of unprecedented health- and family-oriented products throughopen innovation with the aim of creating exciting sales floors

Earnings increase

GardenBakery+0.87 billion yen
26

(4) Strengthening of development and sales ofplant-based foods

Vegetable oils andhousehold foods business

Steady presence in the growing plant-based food marketStrengthening of sales of soybean protein = FY2022 results: net sales of 2.1 billion yen
Development and sales of Daizu Hi! Ga (soybean germ material), a new soybean-based material, to adapt to growing health needs
Price revised twice in one year (applicable to deliveries made from July 1, 2021 and April 1, 2022) for the first time in approximately 13 years

2. Strengthening of development of healthcare
promotional products

1. Strengthening of sales of soybean protein
Sales expansion of new commercial product MEATEX E-1
Wide-ranging proposals for confectionery use such as cereal, in addition to meat

Development and sales of new product Daizu Hi! Ga
Development of a new material making use of flavor and shape of thesoybean germ itself

Changes in net sales of soybean protein
Soybean protein
Domestic production

Showa Sangyo
Net sales

Domestic production of soybean protein (t)Net sales (0.1 billions of yen)23

40,000

New product Daizu Hi! Ga

25

21
19

35,00013

30,000

14

15

16

16

20

17
compared with
FY2014 level

Approx. double

11

15(Forecast)

25,00010

20,0005

2014.32016.32018.32022.3 2023.3*Domestic production of soybean protein: Sourced from Japan Vegetable Protein Food Association (Forecast) Rich in isoflavone and oligosaccharide Proposals possible for various purposes such as
rice, bread, sweets, delicacies, and frozen foods

2020.327

(5) Enhancement of Proposals for Food Services by Solution
Sales Department
Provision of value sought by customers through cross-sectional one-stop sales
Change in net sales for food services

Business model of Solution Sales Department(Index when March 2021 is set as 100)

An organization set up to provide one-stop, solution-type(customer problem-solving) proposals based on market
information and research to customers of food services byutilizing Showa Sangyo Group products

Flourmilling

Vegetable oils
and household
foods

Starches andsweeteners

271

176
100

Solution Sales Department

Flour
milling

Starchesandsweeteners
Vegetableoils

Direct approach todevelopment sites

One-stop proposal by problem-solving
professionals with knowledge of grain(1)Strengthening of proposal-based sales by incorporating
market needs–(2)Strengthening of personnel development–

Implementation of systematic education to acquire knowledge of flour milling,
vegetable oils, starches and sweeteners to realize one-stop proposals(3)Pursuit of sales in a way that understands customers’ issues–

Food service
companies

Identification of issues involving store operation

Direct approach to person in charge of developing menus with the aim ofproviding more value than is sought by customers

Going forward, extension of initiatives tocompany-wide basis

28

Agenda1

Overview of financial results for FY2022

2

Earnings forecast for FY2023

3

Key strategies of Medium-Term Management Plan 20–22

4

Topics29

1) Launch of Operation of Funabashi Premix No. 2 Plant
Strengthening of premix production and sales(launch of operation scheduled for June 2022)
 Increase in premix market share through realization of high productivity via latest automation equipment and IoT
 Strengthening of price competitiveness through reduction of workforce to address shortage of labor Improvement of customer satisfaction through plant design that thoroughly pursues food safety
Premix No. 2 Plant
Investment
amount

6.2 billion yen

5-story, steel-framed structure
Construction
Total floor area:
area
approx. 11,000 m2
Operation

Manufacture and packaging ofpremixes

Productivity

Approx. 28,000 tons per year
(1.8 times)

Building

Automatic weighing instrument

Automated packaging line

Warehouse

Automated guided vehicle302) Measures for Sustainability (1)New establishment of Showa Sangyo Group Environmental Goals
 Strengthening of initiatives to address “Reduction of greenhouse gas by 46% from FY2013 level” determined by theJapanese government in 2021, and recent environmental issues(1) Reduction of CO2 emissions

46“Reduction of CO2 emissions by% or more by FY2030”⁃ Target: Showa Sangyo Group companies⁃ Base year: FY2013(2) Reduction of food loss and waste

30“Reduction of food loss and waste generated by% or more by FY2025”⁃ Target: Showa Sangyo and six Group companies with annual food loss and waste of 100 tons or
more⁃ Base year: FY2018(3) Reduction of water consumption“Reduction of water consumption per unit of production by⁃ Target: Showa Sangyo Group companies⁃ Base year: FY2019

12% or more by FY2030”
312) Measures for Sustainability (2)Initiatives toward realization of diversity management
 Initiatives to create a workplace where each and every employee can fully demonstrate his or her own strength based on
the Showa Sangyo Group INC Policy(1) Promotion of women’s participation and advancement

Showa Sangyo Group INC Policy

Goal: Double or more the percentage of women assuming

1.Inclusion

managerial positions

We will accept diverse values and ideas of each employee, and utilize thedifferences to create innovation

2.Normalization
We will respect the individuality of each employee and regard all matters as
natural, with no exception, to create a workplace where everyone can shine
equally(compared with FY2016–FY2018 average; by March 31, 2023)

Measures••3.Cooperation
Each employee will share the corporate philosophy on an equal footing, work
toward the same goals, and mutually endeavor to grow with willingness

Support for work-life balance(2) Promotion of employment of persons with disabilities

Development of a support system by INC Promotion Office••

Expansion of flexible working style•••

Expansion of telecommuting
Implementation of measures with job relocation taken into account
Provision of information on support for work-life balance

Implementation of training for female employees
Implementation of management training for
those serving in managerial positions

Promotion of development of new occupational field
Number of persons based on statutory employment rate exceededby five(as of February 1, 2022)(3) Promotion of elderly participation and advancement

Amendment of re-employment system•

Review of personnel policy looking ahead to a future mandatory
employment of up to 70 years of age (planned in April 2023)
32

3) Introduction of new household products
New on the market on March 1, 2022
Tappuri Daizumiito No Boroneze Sosu
(bolognese sauce full of soybean meat)

Showa Sangyo
Soybean meat

San-ei Sucrochemical
Oligosaccharide acid

This bolognese pasta sauce, full of soybean meat withrefreshing sourness of tomato, is cholesterol-free, low-fat,
and allows you to take in 12.6 g of protein per serving.

Mo Tsutsumanai! Mazegyoza No Moto(filling mix for unwrapped Chinese dumplings)

Renewed product launched in March 2021!
The recipe and composition of premix was revised in the renewed
product so that the cooking time to complete the dish will beapproximately half as long as it was before. More crispness has also
been added.

33

Cautionary notes regarding forward-looking statements
The figures included in this material are formulated based on information currently available and certain assumptions judged to be reasonable. As this material
contains potential risks and uncertainties, we do not guarantee its achievement or future performance.
Furthermore, as actual results, etc. may also significantly differ from the forward-looking statements included in this material, you should refrain from making
investment decisions based solely on this material.
Showa Sangyo Group will not necessarily review the Medium-Term Management Plan nor assume any obligation to do so, regardless of future information, events
or consequences caused by them.

34Reference Materials

35Change in Quarterly Net Sales and Operating Profit
2Q

1Q
2021.32022.3

Amountof change

2021.32022.3

Flour milling

18,441

20,1501,709

18,71518,743

Vegetable oils andhousehold foods

19,974

23,841

3,866

22,211

Starches andsweeteners

8,831

11,763

2,932

Animal feed

12,668

11,880

Other

1,201

Total

3Q
2021.32022.3

Amountof change

673

17,911

19,3401,429

26,8482,449

21,94925,339

3,390

8,245

13,504

5,259

11,26913,150

1,881

1,115

13,32013,985665

13,034

13,241

207

1,253

▲24

1,189

1,082

▲107

1,254

1,312

58

63,063

71,0397,976

66,40075,341

8,941

65,417

72,380

6,963

339

362

806

444

674

859

185

245

1,128

883

▲176

▲1,139

738

▲9

▲747

1.156

844

▲312

261

361

100

566

224

▲342

501

302

▲199

574

300

▲274

36

▲276

▲312

251

219

▲32

282

252

▲30

334

54

▲280

150

▲41

▲191

465

403

▲62

394

398

4

527

372

▲155

440

370

▲70

Company-wide
expenses and others

▲385

▲391

▲6

▲385

▲385

0

▲474

▲419

55

▲-506

▲394

112

Total

2,284

1,042

▲1,242

1,893

1,364

▲529

2,790

2,011

▲779

627

1,147

520

(millions of yen)Amountof change

2021.32022.328

19,24819,921

24,3982,187

24,3998,262

12,932

4,670

▲788

12,59813,713

1,239

38

1,277

61,117

68,875

7,758

Flour milling

423

762

Vegetable oils andhousehold foods

963

Starches andsweeteners

Operating Animal feed
profitNet sales

4Q

Other

Amountof change