2020/11/6
IR (2897 1 )
NISSIN FOODS HOLDINGS CO., LTD. IR Office (TSE 2897)
2021 3 2
FY 3/2021 2Q Financial Supplemental Data
Page
Consolidated Statements of Income
1. 2020 3 2Q 2021 3 2Q 1. Financial Summary Results of FY 3/2020 2Q vs. FY 3/2021 2Q 1
2. 2019 3 2020 3 2. Financial Summary Results of FY 3/2019 vs. FY 3/2020 1
3. 2020 3 2021 3 3. Financial Summary of FY 3/2020 Results vs. FY 3/2021 Plan 1
4. 4. Consolidated Statements of Income 2
Financial Results by Segment
1. Revenue by Segment (Yearly) 3
2. Operating Profit and Operating Profit Margin by Segment (Yearly) 3
3. Revenue by Segment (Quarterly) 4
4. Operating Profit by Segment (Quarterly) 4
Major Factors for Difference in Operating Profit (Non-recurring Income and Expenses)
1. 2020 3 2Q 2021 3 2Q 1. Differences in Operating Profit of FY 3/2020 2Q vs. FY 3/2021 2Q 5
2. 2020 3 2021 3 2. Differences in Operating Profit of FY 3/2020 Results vs. FY 3/2021 Plan 5
3. 2021 3 3. Major Factors for Non-recurring Income and Expenses of FY 3/2021 (Quarterly) 6
4. 2020 3 4. Major Factors for Non-recurring Income and Expenses of FY 3/2020 (Quarterly) 6
Factors of Changes in Operating Profit
2021 3 Changes in Operating Profit of FY 3/2021 (Quarterly) 7
Exchange Rates and Foreign Exchange Impact
1. 1. Assumed Exchange Rates 8
2. 2. Exchange Rates 8
3. 3. Results of Overseas Businesses excluding Foreign Exchange Impact 9
Results of Associates Accounted for using the Equity Method (Quarterly) 10
2016 3 Main New Consolidated Companies (FY 3/2016-) 10
2016 3 Main Changes of Investment Ratios (FY 3/2016-) 10
Consolidated Statements of Financial Position (Quarterly) 11
Consolidated Statements of Income and Consolidated Cash Flows
1. ( ) 1. Consolidated Statements of Income (Quarterly) 12
2. ( ) 2. Consolidated Cash Flows (Quarterly) 12
2020 Medium-Term Business Plan 2021 Digest 13
Summary of Selected Data (Yearly)
1. 2018 3 - 1. Summary of Selected Data (FY 3/2018-) 15
2. J-GAAP -2018 3 2. Summary of Selected Data (J-GAAP) (-FY 3/2018) 17
Historical Data
1. 1. Operating Profit and Adjusted Operating Profit 19
2. EPS 2. Profit Attributable to Owners of the Parent and (Adjusted) EPS 19
3. (ROE) 3. Equity Attributable to Owners of Parent and ROE 19
4. 4. Capex, Depreciation and Amortization 20
5. 5. Cash Dividends per Share and Payout Ratio 20
6. PER 6. Market Capitalization of the year-end and PER 20
Worldwide Network of the NISSIN FOODS Group 21
IR 2021 3 IR News (FY 3/2021) 22
4 Monthly Year-on-Year Sales Amount Growth Rates for 4 Major Domestic Companies
1. 2021 3 1. YoY Change in Sales Amount (FY 3/2020 vs. FY 3/2021) 23
2. 2020 3 2. YoY Change in Sales Amount (FY 3/2019 vs. FY 3/2020) 23
Bag-type and Cup-type Instant Noodles Production in Japan 24
Average Price incl. Tax of Mainstay Products at Mass Merchandise Stores 24
Volume and Amount of Instant Noodles Production in Japan 25
) (CY2013-CY2019 Global Demand for Instant Noodles (by Region) (CY2013-CY2019 26
Market Data of Domestic Businesses 27
*FY 3/2021 2020 4 1 2021 3 31 / FY 3/2021 is between April 1, 2020 and March 31, 2021.
*2019 3 1Q IFRS / The company has applied IFRS from the 1Q of FY 3/2019.
* / Figures are calculated based on thousand yen and rounded down to the nearest million yen.
*FY (Fiscal Year), CY (Calendar Year).
/ Consolidated Statements of Income
1. 2020 3 2Q 2021 3 2Q / Financial Summary Results of FY 3/2020 2Q vs. FY 3/2021 2Q
/ Mil. Yen
FY 3/2020 FY 3/2021
2Q 2Q
Changes in Amount Changes in Ratio
/ Results / Results
/ Revenue 221,361 241,131 19,770 8.9%
/ Operating profit 19,721 31,840 12,119 61.5%
Profit attributable to owners of the parent 13,469 21,973 8,504 63.1%
2. 2019 3 2020 3 / Financial Summary Results of FY 3/2019 vs. FY 3/2020
/ Mil. Yen
FY 3/2019 FY 3/2020
/ Results / Results Changes in Amount Changes in Ratio
/ Revenue 450,984 468,879 17,894 4.0%
/ Operating profit 28,967 41,252 12,285 42.4%
Profit attributable to owners of the parent 19,356 29,316 9,960 51.5%
ROE (%) 5.9 9.0 3.1 -
EPS ( / Yen) 185.8 281.4 95.6 -
EPS / Adjusted EPS ( / Yen)*1 225.0 278.0 53.0 -
3. 2020 3 2021 3 / Financial Summary of FY 3/2020 Results vs. FY 3/2021 Plan
/ Mil. Yen
FY 3/2020 FY 3/2021
/ Results / Plan Changes in Amount Changes in Ratio
/ Revenue 468,879 486,000 17,120 3.7%
/ Operating profit 41,252 43,500 2,247 5.4%
Profit attributable to owners of the parent 29,316 30,500 1,183 4.0%
ROE (%) 9.0 9.0 0.0 -
EPS ( / Yen) 281.4 293 12 -
EPS / Adjusted EPS ( / Yen)*1 278.0 281 3 -
*1 EPS ± ÷ ( )
*1 Adjusted EPS (Operating profit ± Other income,expenses Income tax expense - Profit attributable to non-controlling interests) / Average number of
shares outstanding (excluding treasury shares)
1
4. / Consolidated Statements of Income
/ Mil. Yen
FY 3/2020 FY 3/2021
2Q 2Q / YoY
/ Results / Results
Ratio to Ratio to Changes in Changes in
Amount Amount
Revenue Revenue Amount Ratio
Revenue
221,361 100.0% 241,131 100.0% 19,770 8.9%
Cost of sales
142,783 64.5% 152,135 63.1% 9,352 6.6%
Gross profit
78,578 35.5% 88,996 36.9% 10,418 13.3%
Promotional expenses
6,000 2.7% 5,136 2.1% (864) (14.4%)
Advertising expenses
6,751 3.0% 5,944 2.5% (806) (11.9%)
Distribution expenses
17,622 8.0% 19,432 8.1% 1,809 10.3%
General and administrative expenses
30,928 14.0% 29,902 12.4% (1,026) (3.3%)
Total selling, general and administrative 61,302 27.7% 60,415 25.1% (887) (1.4%)
expenses
Gain on investments accounted for 2,077 0.9% 2,999 1.2% 921 44.3%
using the equity method
Other income
949 0.4% 1,091 0.5% 142 14.9%
Other expenses
581 0.3% 831 0.3% 249 42.9%
Operating profit
19,721 8.9% 31,840 13.2% 12,119 61.5%
Finance income
1,219 0.6% 1,025 0.4% (194) (15.9%)
Finance costs
513 0.2% 718 0.3% 204 39.8%
Profit before tax 20,427 9.2% 32,148 13.3% 11,720 57.4%
Income tax expense 6,046 2.7% 8,745 3.6% 2,698 44.6%
Profit 14,380 6.5% 23,402 9.7% 9,021 62.7%
Profit attributable to non-controlling 911 0.4% 1,428 0.6% 517 56.8%
interests
Profit attributable to owners of the parent 13,469 6.1% 21,973 9.1% 8,504 63.1%
Comprehensive income 2,964 1.3% 39,478 16.4% 36,514 1,231.7%
2
/ Financial Results by Segment
1 / Revenue by Segment (Yearly) / Mil. Yen
FY 3/20 Results
FY 3/19 vs FY 3/20
FY 3/2019 FY 3/2020 FY 3/2021 vs FY 3/21 Plan
/ Revenue
/ Results / Results / Plan
Changes in Amount Changes in Ratio Changes in Amount Changes in Ratio
NISSIN FOOD PRODUCTS
193,256 201,314 8,058 4.2% 206,000 4,685 2.3%
MYOJO FOODS
32,882 36,532 3,650 11.1% 36,540 7 0.0%
Chilled and frozen foods
55,424 57,306 1,882 3.4% 59,500 2,193 3.8%
42,204 41,934 (269) (0.6%) 44,500 2,565 6.1%
Confectionery and beverages *1
4,178 4,105 (72) (1.7%) 3,460 (645) (15.7%)
Domestic others*1,2
Domestic
327,945 341,194 13,248 4.0% 350,000 8,805 2.6%
The Americas
63,425 65,922 2,496 3.9% 68,000 2,077 3.2%
41,447 43,083 1,635 3.9% 47,000 3,916 9.1%
China (incl. H.K.)*3
11,378 11,250 (127) (1.1%) 13,500 2,249 20.0%
Asia*1
EMEA
6,787 7,429 641 9.5% 7,500 70 1.0%
EMEA*1
Overseas
123,038 127,684 4,645 3.8% 136,000 8,315 6.5%
Group total
450,984 468,879 17,894 4.0% 486,000 17,120 3.7%
2. / Operating Profit and Operating Profit Margin by Segment (Yearly)
/ Upper: Operating Profit, Lower: Operating Profit Margin / Mil. Yen
FY 3/20 Results
FY 3/19 vs FY 3/20
FY 3/2019 FY 3/2020 FY 3/2021 vs FY 3/21 Plan
/ Operating profit
/ Results / Results / Plan
Changes in Amount Changes in Ratio Changes in Amount Changes in Ratio
23,699 27,573 3,873 16.3% 28,000 426 1.5%
NISSIN FOOD PRODUCTS 12.3% 13.7% 1.4% 13.6% (0.1%)
2,041 2,193 151 7.4% 2,200 6 0.3%
MYOJO FOODS 6.2% 6.0% (0.2%) 6.0% 0.0%
1,534 1,410 (124) (8.1%) 1,700 289 20.5%
Chilled and frozen foods 2.8% 2.5% (0.3%) 2.9% 0.4%
2,468 2,193 (274) (11.1%) 2,400 206 9.4%
Confectionery and beverages *1,4 5.8% 5.2% (0.6%) 5.4% 0.2%
6,509 956 (5,553) (85.3%) 1,150 193 20.3%
Domestic others*1,2 155.8% 23.3% (132.5%) 33.2% 9.9%
36,253 34,327 (1,926) (5.3%) 35,450 1,122 3.3%
Domestic 11.1% 10.1% (1.0%) 10.1% 0.1%
(5,234) 4,080 9,315 - 4,300 219 5.4%
The Americas (8.3%) 6.2% 14.4% 6.3% 0.1%
3,843 4,865 1,022 26.6% 4,900 34 0.7%
China (incl. H.K.)*3 9.3% 11.3% 2.0% 10.4% (0.9%)
1,822 2,397 575 31.6% 3,400 1,002 41.8%
Asia*1,4 16.0% 21.3% 5.3% 25.2% 3.9%
EMEA 630 1,071 441 70.0% 1,400 328 30.6%
EMEA*1,4 9.3% 14.4% 5.1% 18.7% 4.2%
1,062 12,416 11,354 1,069.0% 14,000 1,583 12.8%
Overseas 0.9% 9.7% 8.9% 10.3% 0.6%
(3,119) (100) 3,019 - (50) 50 -
Other reconciliations *5
(5,227) (5,389) (162) - (5,900) (510) -
Group expenses*5
28,967 41,252 12,285 42.4% 43,500 2,247 5.4%
Group total 6.4% 8.8% 2.4% 9.0% 0.2%
*1
*2
*3
*3
*4 IFRS
*5
*1 These are included in "Others" in the "Segment Information" of Summary of Consolidated Financial Statements.
*2 "Domestic others" includes NISSIN FOODS HOLDINGS and NISSIN ASSET MANAGEMENT, etc.
*3 The business plan for China segment specifies targets set solely by NISSIN FOODS HOLDINGS.
*3 The results in China (including H.K.) are based on the consolidation policy of NISSIN FOODS HOLDINGS. Disclosure may differ from that of NISSIN FOODS CO.,LTD. (located in H.K.).
*4 Gain and loss on investments accounted for using the equity method is included in IFRS.
*5 These are included in "Reconciliations" in Summary of Consolidated Financial Statements.
3
3 / Revenue by Segment (Quarterly)
/ Mil. Yen
FY 3/2020 FY 3/2021 FY 3/2020 vs FY 3/2021 / Change in Amount & Change in Ratio
Revenue 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY
NISSIN FOOD 43,414 49,050 58,304 50,544 201,314 48,063 48,969 97,033 4,648 10.7% (80) (0.2%) 4,567 4.9%
PRODUCTS
MYOJO FOODS
8,391 8,705 9,862 9,573 36,532 9,659 8,463 18,122 1,267 15.1% (241) (2.8%) 1,025 6.0%
Chilled and frozen 13,568 14,353 14,986 14,397 57,306 15,704 15,123 30,827 2,135 15.7% 769 5.4% 2,905 10.4%
foods
Confectionery and 10,517 9,955 10,434 11,027 41,934 11,992 11,230 23,223 1,474 14.0% 1,275 12.8% 2,750 13.4%
beverages*1
*1,2 977 1,087 1,121 919 4,105 792 871 1,664 (185) (18.9%) (215) (19.8%) (400) (19.4%)
Domestic others
Domestic
76,870 83,151 94,709 86,462 341,194 86,211 84,659 170,871 9,341 12.2% 1,507 1.8% 10,848 6.8%
The Americas
15,128 16,440 16,923 17,429 65,922 17,743 17,772 35,516 2,614 17.3% 1,332 8.1% 3,946 12.5%
*3 9,635 11,332 10,184 11,931 43,083 11,512 12,769 24,281 1,877 19.5% 1,436 12.7% 3,313 15.8%
China (incl. H.K.)
*1 2,737 2,873 2,857 2,782 11,250 2,954 3,290 6,244 217 7.9% 416 14.5% 633 11.3%
Asia
EMEA
*1 1,522 1,668 2,009 2,229 7,429 2,138 2,079 4,218 616 40.5% 411 24.6% 1,027 32.2%
EMEA
Overseas
29,023 32,314 31,974 34,371 127,684 34,349 35,911 70,260 5,325 18.3% 3,596 11.1% 8,922 14.5%
Group total
105,894 115,466 126,683 120,834 468,879 120,561 120,570 241,131 14,666 13.9% 5,103 4.4% 19,770 8.9%
4. / Operating Profit by Segment (Quarterly)
/ Mil. Yen
FY 3/2020 FY 3/2021 FY 3/2020 vs FY 3/2021 / Change in Amount & Change in Ratio
Operating profit 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY
NISSIN FOOD 4,668 7,068 10,676 5,161 27,573 8,730 7,816 16,547 4,062 87.0% 748 10.6% 4,810 41.0%
PRODUCTS
MYOJO FOODS
612 719 1,093 (232) 2,193 1,610 752 2,362 997 162.7% 32 4.6% 1,029 77.3%
Chilled and frozen 723 297 460 (70) 1,410 1,566 890 2,456 843 116.6% 592 199.4% 1,436 140.7%
foods
Confectionery and 594 525 458 614 2,193 1,327 1,006 2,334 733 123.5% 480 91.4% 1,214 108.4%
beverages*1,4
*1,2 256 232 769 (302) 956 234 697 931 (22) (8.8%) 465 200.2% 442 90.4%
Domestic others
Domestic
6,855 8,843 13,458 5,170 34,327 13,468 11,162 24,631 6,613 96.5% 2,319 26.2% 8,932 56.9%
The Americas
1,396 1,006 1,212 465 4,080 1,910 1,491 3,402 514 36.8% 485 48.2% 999 41.6%
*3 839 1,451 748 1,826 4,865 1,607 1,479 3,087 768 91.6% 27 1.9% 796 34.7%
China (incl. H.K.)
836 921 948 (308) 2,397 1,245 1,259 2,505 409 49.0% 338 36.7% 747 42.5%
Asia*1,4
EMEA
*1,4 160 237 779 (106) 1,071 718 527 1,245 557 347.2% 289 121.8% 847 212.7%
EMEA
Overseas
3,232 3,617 3,689 1,877 12,416 5,482 4,758 10,240 2,250 69.6% 1,140 31.5% 3,390 49.5%
Other (113) (18) 11 20 (100) (37) (70) (108) 75 - (52) - 23 -
*5
reconciliations
*5 (1,347) (1,347) (1,347) (1,347) (5,389) (1,461) (1,461) (2,922) (113) - (113) - (227) -
Group expenses
Group total
8,627 11,094 15,811 5,719 41,252 17,452 14,388 31,840 8,825 102.3% 3,294 29.7% 12,119 61.5%
*1
*2
*3
*3
*4 IFRS
*5
*1 These are included in "Others" in the "Segment Information" of Summary of Consolidated Financial Statements.
*2 "Domestic others" includes NISSIN FOODS HOLDINGS and NISSIN ASSET MANAGEMENT, etc.
*3 The business plan for China segment specifies targets set solely by NISSIN FOODS HOLDINGS.
*3 The results in China (including H.K.) are based on the consolidation policy of NISSIN FOODS HOLDINGS. Disclosure may differ from that of NISSIN FOODS CO.,LTD. (located in H.K.).
*4 Gain and loss on investments accounted for using the equity method is included in IFRS.
*5 These are included in "Reconciliations" in Summary of Consolidated Financial Statements.
4
/ Major Factors for Difference in Operating Profit (Non-recurring Income and Expenses)
1. 2020 3 2Q 2021 3 2Q / Differences in Operating Profit of FY 3/2020 2Q vs. FY 3/2021 2Q
/ Mil. Yen
FY 3/2020 FY 3/2021
Difference in Non-
2Q 2Q Difference in
recurring Income Main Items of Non-recurring Income and Expenses
/ Results / Results Operating Profit
and Expenses
11,736 16,547 4,810 (124) FY 3/2021 103 / Impairment loss of property (103)
NISSIN FOOD PRODUCTS
1,332 2,362 1,029 8
MYOJO FOODS
FY3/2020 462 / Impact of liquidation of associate 462
1,020 2,456 1,436 (143) FY3/2021
Chilled and frozen foods 320 / Impact of liquidation of associate 320
1,119 2,334 1,214 (15)
Confectionery and beverages
489 931 442 266 FY 3/2020 355 / Impairment loss of property (355)
Domestic others
15,698 24,631 8,932 (8)
Domestic
2,402 3,402 999 (57)
The Americas
2,291 3,087 796 (67)
China (incl. H.K.)
1,757 2,505 747 31
Asia
EMEA
398 1,245 847 (22)
EMEA
6,849 10,240 3,390 (116)
Overseas
(131) (108) 23 17
Other reconciliations
Group expenses
(2,694) (2,922) (227) -
19,721 31,840 12,119 (107)
Operating profit
2. 2020 3 2021 3 / Differences in Operating Profit of FY 3/2020 Results vs. FY 3/2021 Plan
/ Mil. Yen
FY 3/2020 FY 3/2021 Difference in Non-
Difference in
/ Results / Plan recurring Income Main Items of Non-recurring Income and Expenses
Operating Profit
and Expenses
27,573 28,000 426 (63)
NISSIN FOOD PRODUCTS
2,193 2,200 6 221
MYOJO FOODS
FY3/2020 462 / Impact of liquidation of associate 462
1,410 1,700 289 (128)
Chilled and frozen foods FY3/2021 300 / Impact of liquidation of associate 300
2,193 2,400 206 13
Confectionery and beverages
956 1,150 193 656 FY 3/2020 355 / Impairment loss of property (355), etc.
Domestic others
34,327 35,450 1,122 699
Domestic
4,080 4,300 219 64
The Americas
4,865 4,900 34 (38)
China (incl. H.K.)
2,397 3,400 1,002 758 FY 3/2020 657 / Impairment loss of property (657)
Asia
EMEA
1,071 1,400 328 (66)
EMEA
12,416 14,000 1,583 717
Overseas
(100) (50) 50 108
Other reconciliations
Group expenses
(5,389) (5,900) (510) -
41,252 43,500 2,247 1,525
Operating profit
* / "()" presents loss in "Main Items of Non-recurring Income and Expenses".
5
3. 2021 3 / Major Factors for Non-recurring Income and Expenses of FY 3/2021 (Quarterly)
/ Mil. Yen
FY 3/2021
1Q 2Q 3Q 4Q FY Main Items of Non-recurring Income and Expenses
NISSIN FOOD PRODUCTS 29 (110) (80) 2Q 103 / Impairment loss of property (103)
MYOJO FOODS 25 19 45
Chilled and frozen foods 311 3 314 1Q 320 / Impact of liquidation of associate 320
Confectionery and beverages 12 7 20
Domestic others (74) 18 (56)
Domestic 304 (60) 244
The Americas 4 11 15
China (incl. H.K.) 70 (36) 34
Asia 28 13 41
EMEA
EMEA
(22) (26) (48)
Overseas 81 (39) 42
Other reconciliations (5) (20) (25)
Non-recurring income and expenses 380 (119) 260
4. 2020 3 / Major Factors for Non-recurring Income and Expenses of FY 3/2020 (Quarterly)
/ Mil. Yen
FY 3/2020
1Q 2Q 3Q 4Q FY Main Items of Non-recurring Income and Expenses
NISSIN FOOD PRODUCTS 44 0 (33) 45 55
MYOJO FOODS 14 22 44 (242) (161)
Chilled and frozen foods 456 1 (2) (56) 398 1Q 462 / Impact of liquidation of associate 462
Confectionery and beverages 12 23 13 (40) 8
Domestic others 18 (340) 30 (331) (623) 2Q 355 / Impairment loss of property (355)
Domestic 547 (294) 51 (625) (321)
The Americas 28 44 1 (121) (47)
China (incl. H.K.) 25 76 13 69 184
Asia 5 4 15 (764) (738) 4Q 657 / Impairment loss of property (657)
EMEA
EMEA
(3) (22) 22 (33) (36)
Overseas 56 102 53 (850) (637)
Other reconciliations (16) (26) (55) (27) (125)
Non-recurring income and expenses 586 (218) 49 (1,502) (1,084)
6
/ Factors of Changes in Operating Profit
2021 3 / Changes in Operating Profit of FY 3/2021 (Quarterly)
/ Mil. Yen
FY 3/2021
1Q 2Q 3Q 4Q Total
/ Plan
Domestic 6,855 8,843 15,698 34,327
FY 3/2020 Overseas 3,232 3,617 6,849 12,416
Operating profit Reconciliations*2 (1,460) (1,365) (2,826) (5,490)
Total 8,627 11,094 19,721 41,252
/ Marginal profit*1,3
Domestic 4,604 390 4,995 3,036
Overseas 1,476 1,051 2,527 1,585
Revenue Reconciliations*2 382 700 1,082 573
Total 6,463 2,142 8,605 5,196
Domestic 1,057 788 1,845 (952)
Overseas 505 105 610 (709)
Cost of goods sold ratio Reconciliations*2 (496) (756) (1,252) (598)
Total 1,066 137 1,203 (2,260)
Domestic (402) (18) (421) (1,273)
Overseas 61 (295) (234) (457)
Distribution cost ratio Reconciliations*2 (33) (63) (97) (117)
Total (375) (378) (753) (1,849)
/ Fixed expenses
Domestic (98) (86) (185) (207)
Overseas (50) (65) (115) (42)
Depreciation and
amortization Reconciliations*2 2 1 4 4
Total (146) (150) (296) (245)
Domestic 1,000 (233) 767 133
Overseas (8) 107 98 (105)
Advertising expenses Reconciliations*2 - - - -
Total 992 (126) 866 28
Domestic 696 1,180 1,877 (313)
Overseas (206) (31) (238) 279
General and administrative
expenses Reconciliations*2 94 (53) 41 (430)
Total 585 1,096 1,681 (464)
/ Others
Domestic (1) 64 62 0
Gain(loss)on investments Overseas 447 410 858 315
accounted for using the Reconciliations*2 - - - -
equity method
Total 446 475 921 315
Domestic (242) 234 (8) 699
Overseas 25 (141) (116) 717
Other income and losses Reconciliations*2 11 5 17 108
Total (205) 98 (107) 1,525
Domestic 6,613 2,319 8,932 1,122
Overseas 2,250 1,140 3,390 1,583
Changes in operating profit Reconciliations*2 (38) (166) (204) (459)
Total 8,825 3,294 12,119 2,247
Domestic 13,468 11,162 24,631 35,450
FY 3/2021 Overseas 5,482 4,758 10,240 14,000
Operating profit Reconciliations*2 (1,499) (1,532) (3,031) (5,950)
Total 17,452 14,388 31,840 43,500
*1
( × )
*2 ( )
*3 2020 3 2
*1 The analysis of marginal profit is based on the amount obtained by adding selling expenses to revenue.
[Method of calculating increase/decrease factors]
1. Marginal profit = (Revenue in the current fiscal year x Ratio of revenue in the previous fiscal year) – Expenses in the current fiscal year
2. Fixed expenses = Expenses in the previous fiscal year – Expenses in the current fiscal year
3. Others = Results in the previous fiscal year – Results in the current fiscal year
*2 The analysis is made based on comparison using the rate from the previous fiscal year, variable costs in increase/decrease factors in each segment and subtotals
(domestic and overseas) and grand totals are not in accord. Therefore, reconciliations are used.
*3 From the 2Q of FY 3/2020, the calculation method has been changed in order to more accurately express the impact of price revisions.
7
/ Exchange Rates and Foreign Exchange Impact
/ Assumed Exchange Rates
/ Yen
/ Each rate is an average rate calculated based on daily rates for the period.
FY 3/2021
/ Country FY 3/2015 FY 3/2016 FY 3/2017 FY 3/2018 FY 3/2019 FY 3/2020
Currency
Assumed
/ Consolidated Subsidiaries
the U.S.
USD 109.93 120.14 108.38 110.85 110.91 108.74 107.00
The
Mexico
MXN 8.01 7.26 5.64 5.99 5.74 5.61 5.70
Americas
Brazil
BRL 44.57 30.60 32.93 34.47 29.34 26.52 26.00
Hong Kong
HKD 13.65 15.49 13.97 14.20 14.14 13.91 14.00
China
China
CNY 17.19 18.85 16.11 16.75 16.54 15.60 15.59
Singapore
SGD 83.51 88.10 78.75 81.74 81.69 79.28 80.00
India
INR 1.75 1.90 1.63 1.73 1.60 1.55 1.60
Asia Thailand
THB 3.26 3.54 3.09 3.31 3.43 3.52 3.50
Vietnam
VND 0.00499 0.00553 0.00487 0.00488 0.00479 0.00468 0.00480
Indonesia
IDR 0.00820 0.00840 0.00780 0.00770 0.00790
EMEA Europe
EUR 140.42 134.31 120.33 129.70 128.41 120.82 121.00
/ Associates Accounted for using the Equity Method
Asia Philippines
PHP 2.68 2.31 2.25 2.11 2.12 2.10
EMEA
Russia
RUB 2.79 2.00 1.63 1.93 1.77 1.69 1.65
2 / Exchange Rates
/ Yen
FY 3/2015 FY 3/2016 FY 3/2017 FY 3/2018 FY 3/2019 FY 3/2020 FY 3/2021
/ Country
Currency 2Q 2Q 2Q 2Q 2Q 2Q 2Q
/ Consolidated Subsidiaries
the U.S.
USD 103.04 121.80 105.29 111.06 110.26 108.63 106.92
The
Mexico
MXN 7.90 7.69 5.73 6.11 5.76 5.64 4.72
Americas
Brazil
BRL 45.76 37.10 31.18 34.83 29.24 27.56 19.87
Hong Kong
HKD 13.21 15.71 13.57 14.24 14.05 13.86 13.80
China
China
CNY 16.65 19.44 15.94 16.42 16.75 15.68 15.26
Singapore
SGD 81.28 89.08 80.89 80.69 81.64 79.34 76.74
India
INR 1.70 1.93 1.59 1.74 1.62 1.57 1.43
Asia Thailand
THB 3.15 3.65 3.15 3.24 3.43 3.49 3.38
Vietnam
VND 0.00485 0.00558 0.00500 0.00489 0.00479 0.00467 0.00459
Indonesia
IDR 0.00840 0.00850 0.00790 0.00770 0.00730
EMEA Europe
EUR 140.43 134.17 124.62 126.29 129.85 121.42 121.30
/ Associates Accounted for using the Equity Method
PHP 2.72 2.40 2.27 2.11 2.13 2.16
Asia Philippines
EMEA
Russia
RUB 2.93 2.10 1.60 1.94 1.84 1.69 1.57
8
3 / Results of Overseas Businesses excluding Foreign Exchange Impact
/ Mil. Yen
FY 3/2020 FY 3/2021 / YoY FY 3/2021 / YoY
2Q 2Q 2Q
( )
FX Impact
Results*1 Results*1 Changes in Changes in Results Changes in Changes in
Amount Ratio (Disclosed)
*2 Amount Ratio
/ Revenue
/ The Americas 31,569 41,001 9,431 29.9% (5,484) 35,516 3,946 12.5%
/ China (incl. H.K.) 20,967 24,737 3,769 18.0% (456) 24,281 3,313 15.8%
/ Asia 5,611 6,584 973 17.3% (339) 6,244 633 11.3%
EMEA / EMEA 3,190 4,222 1,031 32.3% (4) 4,218 1,027 32.2%
/ Revenue 61,338 76,545 15,207 24.8% (6,284) 70,260 8,922 14.5%
/ Operating Profit
/ The Americas 2,402 4,251 1,848 77.0% (849) 3,402 999 41.6%
/ China (incl. H.K.) 2,291 3,141 850 37.1% (54) 3,087 796 34.7%
/ Asia 1,757 2,532 774 44.1% (26) 2,505 747 42.5%
EMEA / EMEA 398 1,314 915 229.8% (68) 1,245 847 212.7%
/ Operating profit 6,849 11,239 4,389 64.1% (998) 10,240 3,390 49.5%
*1: FY 3/2021 2Q FY 3/2021 2Q ×FY 3/2020 2Q
*1:
*2: FY 3/2021 2Q ( ) FY 3/2021 2Q ×FY 3/2021 2Q
*1: FY 3/2021 2Q Results = FY 3/2021 2Q local currency results multiplied by the average FX rates of FY 3/2020 2Q
*1: If there is a newly consolidated company, the average FX rates for current year are applied.
*2: FY 3/2021 2Q Results (Disclosed)= FY 3/2021 2Q local currency results multiplied by the average FX rates of FY 3/2021 2Q
9
/ Results of Associates Accounted for using the Equity Method (Quarterly)
/ Mil. Yen
FY 3/2020 FY 3/2021
Ratio of
Company Country 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY
Share-holding *5
34.53% 24 53 (16) 98 159 22 117 140
KOIKE-YA*1 Japan
20.02% 604 668 743 716 2,733 702 771 1,474
Thai President*2 Thailand
NURC*3
Philippines
49.00% 190 193 192 158 736 229 263 493
33.50% 184 158 535 35 914 494 396 891
MAREVEN*4 Russia
/ Total 1,003 1,073 1,455 1,009 4,543 1,449 1,549 2,999
*1 KOIKE-YA Inc.
*2 Pub. Co., Ltd. / Thai President Foods Public Company Limited.
*3 - Corporation / NISSIN-UNIVERSAL ROBINA CORP.
*4 Ltd. / MAREVEN FOOD HOLDINGS LIMITED.
*5 2020 3 / The column of "Ratio of Shareholding" shows the ratio at the end of March 2020.
2016 3 / Main New Consolidated Companies (FY 3/2016-)
2016 3 1 / From FY 3/2016 1Q
Zhejiang Nissin Foods (China)
2016 3 3 / From FY 3/2016 3Q
Brazil (The Americas)
2017 3 1 / From FY 3/2017 1Q
BonChi (Confectionery and beverages), Indonesia (Asia)
2017 3 4 / From FY 3/2017 4Q
MC Marketing & Sales ( )
MC Marketing & Sales (China)
2019 3 1 / From FY 3/2019 1Q
Kagome Nissin Foods (H.K.) (China)
2020 3 3 / From FY 3/2020 3Q
Zhuhai Nissin Packaging Company (China)
2020 3 4 / From FY 3/2020 4Q
Hong Kong Eastpeak (China), SHANGHAI EASTPEAK TRADING (China)
2021 3 / From FY 3/2021 1Q
Nissin Foods Asia
Nissin Foods Asia (Asia)
2021 3 / From FY 3/2021 2Q
Valley Farm Holdings (China)
2016 3 / Main Changes of Investment Ratios (FY 3/2016-)
2015 11 17 100 66.0
Investment ratio decreased from 100% to 66.0% on November 17, 2015*
Singapore
*
2015 12 3 100 66.0
Investment ratio decrease from 100% to 66.0% on December 3, 2015*
Thailand
*
2016 4 1 100 66.0
*
Investment ratio decrease from 100% to 66.0% on April 1, 2016
Indonesia
*
2016 5 27 100 65.6
Investment ratio decrease from 100% to 65.6% on May 27, 2016*
India
2017 12 11 98.5 73.9
Investment ratio decrease from 98.5% to 73.9% on December 11, 2017 by Hong Kong subsidiary's listing
NISSIN FOODS CO., LTD (China incl. H.K.) in charge of overall control of China business including those conducted in Hong Kong area.
2019 3 25 73.9 70.0
Investment ratio decrease from 73.9% to 70.0% on March 25, 2019 by partial disposal of shares in the Hong Kong subsidiary
NISSIN FOODS CO., LTD (China incl. H.K.) in charge of overall control of China business including those conducted in Hong Kong area.
* / Strategic alliance with Mitsubishi Corp.
10
/ Consolidated Statements of Financial Position (Quarterly)
/ Mil. Yen
FY 3/2020 FY 3/2021
Compared with
the Preivous Main Reasons of the Differences between Previous Year
1Q 2Q 3Q 4Q Period End
Period End
Assets
Cash and cash equivalents 60,163 60,588 59,173 (989)
Trade and other receivables 77,932 66,874 74,533 (3,399)
Inventories 32,454 37,967 39,442 6,988
Income taxes receivable 2,701 2,905 568 (2,133)
Other financial assets 10,273 10,251 14,732 4,459
Other current assets 4,258 5,538 5,973 1,715
Total current assets 187,784 184,126 194,423 6,639
Property, plant and equipment 240,063 240,611 243,008 2,944
Goodwill and intangible assets 3,806 4,444 4,597 791
Investment property 7,108 7,096 7,085 (23)
Investments accounted for using the equity method 47,436 43,478 45,539 (1,897)
(2Q)
Other financial assets 77,209 93,347 101,318 24,108 (1Q) Increase due to gain on valuation of investment securities
Deferred tax assets 12,844 12,563 12,365 (478)
Other non-current assets
368 401 481 112
Total non-current assets 388,837 401,943 414,394 25,556
Total assets 576,621 586,069 608,818 32,196
Liabilities
Trade and other payables 104,815 102,292 102,989 (1,825)
Borrowings 6,631 6,666 5,944 (686)
Provisions 337 196 254 (82)
Accrued income taxes 6,294 5,312 8,207 1,912
Other financial liabilities 3,418 3,582 4,051 632
Other current liabilities 20,183 16,049 16,765 (3,417)
Total current liabilities 141,681 134,100 138,214 (3,466)
Borrowings 41,630 41,157 40,726 (904)
Other financial liabilities 18,350 18,146 17,448 (902)
Defined benefit liabilities 5,828 5,940 6,037 208
Provisions 207 226 226 19
Deferred tax liabilities 12,393 14,093 16,077 3,684
Other non-current liabilities 2,467 2,423 2,371 (95)
Total non-current liabilities 80,877 81,988 82,887 2,010
Total liabilities 222,558 216,089 221,102 (1,456)
Equity
Share capital 25,122 25,122 25,122 -
Capital surplus 50,639 50,640 50,638 (1)
Treasury shares (6,660) (6,659) (6,655) 5
(2Q)
Other components of equity 12,275 21,820 28,808 16,532 (1Q) Increase due to gain on valuation of investment securities
Retained earnings 246,616 252,955 262,887 16,270
Total equity attributable to owners of the parent 327,994 343,879 360,801 32,807
Non-controlling interests 26,068 26,100 26,914 846
Total equity 354,063 369,980 387,716 33,653
Total liabilities and equity 576,621 586,069 608,818 32,196
11
/ Consolidated Statements of Income and Consolidated Cash Flows
1 / Consolidated Statements of Income (Quarterly)
/ Mil. Yen
FY 3/2020 FY 3/2021
1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY
Revenue
105,894 115,466 126,683 120,834 468,879 120,561 120,570 241,131
Gross profit
37,178 41,399 47,314 41,387 167,279 45,242 43,753 88,996
Operating profit
8,627 11,094 15,811 5,719 41,252 17,452 14,388 31,840
Profit before tax
9,292 11,135 16,545 5,676 42,650 17,979 14,168 32,148
Profit
6,159 8,221 12,597 4,143 31,122 12,818 10,584 23,402
Profit attributable to owners of the 5,800 7,669 12,178 3,668 29,316 12,095 9,878 21,973
parent
2 / Consolidated Cash Flows (Quarterly)
/ Mil. Yen
FY 3/2020 FY 3/2021
1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY
Cash flows from operating activities
13,206 7,399 20,805 16,122 57,533 19,652 14,660 34,313
Cash flows from investing activities
(12,029) (12,405) (7,979) (7,999) (40,413) (10,301) (13,843) (24,145)
Cash flows from financing activities
(2,255) 2,687 (7,493) (3,082) (10,142) (8,400) (2,457) (10,858)
Effect of exchange rate changes on (1,466) (1,312) 1,255 (2,416) (3,939) (525) 225 (299)
cash and cash equivalents
Net increase (decrease) in cash and (2,544) (3,629) 6,587 2,624 3,037 425 (1,415) (989)
cash equivalents
Cash and cash equivalents at 57,125 54,581 50,951 57,539 57,125 60,163 60,588 60,163
beginning of quarters
Cash and cash equivalents at end of 54,581 50,951 57,539 60,163 60,163 60,588 59,173 59,173
quarters
12
2020 / Medium-Term Business Plan 2021 Digest
1 EARTH FOOD CREATOR / NISSIN FOODS Group Philosophy "EARTH FOOD CREATOR"
We contribute to society and the planet by gratifying people everywhere with pleasures and delights food can provide.
2 EARTH FOOD CREATOR / Embodiment of the "EARTH FOOD CREATOR" Concept
FY 3/2016 / Results FY 3/2021 / Long Term Vision
EARTH FOOD CREATOR
Pursue global status. Gain a strong global reputation. Embody the "EARTH FOOD CREATOR"
22
11 30 50
Overseas sales ratio: 22% Overseas Operating profit ratio: More than 30% Overseas Operating profit ratio: More than 50%
Overseas Operating income ratio: 11%
ROE 7.4% ROE 8 / More than 8% ROE 10 / More than 10%
*1
1
5,700
Market Capitalization 570.0 Bil. We will steadily aim to achieve market capitalization of one trillion yen *1,
which regardless of the timing we consider a minimum target.
3 KPI / KPIs and Targets of the new Medium-Term Business Plan / Mil. Yen
J-GAAP IFRS IFRS
FY 3/2016 FY 3/2021 FY 3/2021
Theme KPI
/ Results / Plan*7 / Revised
( ) (Net sales) Revenue 468,100 480,000 486,000
Earning power
centered on core Adjusted Operating Income*2 24,700 - -
businesses Operating Profit - 42,500 43,500
Market Capitalization 570,000 - -
Net income*3 26,900 30,000 30,500
8
Corporate value in ROE (%) 7.4 More than 8%
9
the capital market *4
EPS ( ) / Adjusted EPS (Yen) (J-GAAP) 196 - -
*5,6
EPS ( ) / Adjusted EPS (Yen) (IFRS) 189 284 281
4 / Financial Policies
2,150 -
5
Five-year Investment Budget Capex: 215.0 billion yen, Business investment: -
FY 3/2021 (Control of the total amount of business investment including capital expenditure is required)
( / Plan*7)
40%
Policy on Shareholder Returns Payout ratio: 40% or above on the average for the five-year period
2,251 -
5
Five-year Investment BudgetCapex: 225.1 billion yen, Business investment: -
FY 3/2021 (Control of the total amount of business investment including capital expenditure is required)
( / Estimate) 2021 3 / 110
201 -202 5 :41.3
Policy on Shareholder Returns Dividend per share of FY 3/2021 (plan): 110 yen
Payout ratio: An average of 41.3% over the five years from FY 3/2017 to FY 3/2021 (Estimate)
/ Mil. Yen
J-GAAP IFRS 5 / Mid-Term Total
FY 3/2017 FY 3/2018 FY 3/2019 FY 3/2020 FY 3/2021 FY 3/2021
/ Results / Results / Results / Results / Estimate / Estimate
36,340 52,010 57,603 39,743 39,400 225,100
Capital Investment
*1 = ( ) 2
*2 -
*3 IFRS
*4 EPS= - ÷
*5 EPS IFRS
*6 IFRS EPS (IFRS ± - )÷ ( )
*7 2020 2019 5 9
*1 Market capitalization= Share price at year-end × Number of shares outstanding excluding treasury shares , Drop the last 2 figures
*2 Adjusted Operating income (J-GAAP) = Operating income(based on J-GAAP)-Impact from retirement benefit accounting
*3 Net income attributable to owners of parent based on J-GAAP, Profit attributable to owners of parent based on IFRS
*4 Adjusted EPS(J-GAAP)=(Adjusted Operating income after tax + Equity earnings of affiliate companies + Amortization of goodwill) /Average number of shares outstanding (excluding treasury shares)
*5 The method of calculating adjusted EPS was revised due to the introduction of IFRS.
*6 Adjusted EPS(IFRS)= (Operating Profit ± Other income,expenses - Income tax expense - Profit attributable to non-controlling interests) /Average number of shares outstanding (excluding treasury shares)
*7 The Medium-Term Business Plan 2021 was revised and announced on May 9, 2019.
13
5 / Strategy to Achieve Targets
Promoting Global Branding: Accelerate the expansion of high value-added CUP NOODLES worldwide with the aim of improving profitability outside Japan.
BRICs( )
Focusing on Priority Locations: Allocate management resources to BRICs (China, India, Brazil and Russia) as prioritized areas and realize profit growth.
Laying Stronger Foundations for our Domestic Profit Base: Realize sustainable stable profits through the cultivation of domestic instant noodles market
and the investment in sophisticating plants for higher safety and less workers.
2 1,000 /
Establish a second Primary Revenue Source: Confectionery and cereal business targets to achieve 100.0 billion yen. Profit growth of domestic
businesses contributed by Chilled and frozen business.
Developing and Strengthening Human Resources for Global Management Accelerate global management through the increase of managerial talent by
fostering human resource and employing external talents like the two wheels of a cart.
6 / Targets under the new Medium-Term Business Plan
/ Mil. Yen
IFRS
FY 3/2021 FY 3/2021
Difference
/ Domestic Plan*2 Revised Plan
/ Revenue 238,000 242,500 4,500
Instant noodles / Operating Profit 29,500 30,200 700
business
/ Operating Profit Margin (%) 12.4% 12.5% 0.1%
/ Revenue 103,000 104,000 1,000
Chilled and frozen,
Confectionery and
/ Operating Profit 5,200 4,100 (1,100)
beverages / Operating Profit Margin (%) 5.0% 3.9% (1.1%)
/ Overseas
/ Revenue 67,500 68,000 500
The Americas
/ Operating Profit 3,700 4,300 600
/ Operating Profit Margin (%) 5.5% 6.3% 0.8%
/ Revenue 47,000 47,000 -
/ Operating Profit 4,700 4,900 200
China (incl. H.K.)*1
/ Operating Profit Margin (%) 10.0% 10.4% 0.4%
/ Revenue 13,000 13,500 500
Asia
/ Operating Profit 2,700 3,400 700
/ Operating Profit Margin (%) 20.8% 25.2% 4.4%
/ Revenue 7,500 7,500 -
EMEA / Operating Profit 1,300 1,400 100
/ Operating Profit Margin (%) 17.3% 18.7% 1.4%
*1 / The business plan for China segment specifies targets set solely by NISSIN FOODS HOLDINGS.
*2 2020 2019 5 9 / The Medium-Term Business Plan 2021 was revised and announced on May 9, 2019.
7 / Achieving Revenue and Operating Profit Targets
/ Domestic Business
□ / Instant noodles
□□ / NISSIN FOOD PRODUCTS
100 Targeting new markets and strengthening brand capabilities, with the aim of creating brands to last 100 years
Capital investment aimed at saving labor, improving safety/security and cutting costs
□□ / MYOJO FOODS
Growing core brands and developing new brands
/ Chilled and frozen foods
Building on technical and brand capabilities to expand high value-added products and increase margins
/ Confectionery and beverages
2 Developing confectionery business into a second pillar that generates revenue and profit
Continuing to grow Goro-Gra and expanding lactobacillus drinks in the healthcare market
◆ / Overseas Business
/ The Americas
Achieve substantial growth in Brazil, capitalizing on cup-type instant noodles growth
Strengthen product sales and brands based on an awareness of diversifying food needs in the U.S.
□ / China & Hong Kong
NO.1 Maintain overwhelming leading share of the growing premium market
Optimize balance of investment between expanding market area and increase capacity
/ Asia
Target high income earners, revolving around CUP NOODLES
Collaborate with Mitsubishi Corporation
Tailor strategies to suit individual countries
EMEA
Transition from stable profit base to revenue and profit growth phase in Europe
14
/ Summary of Selected Data (Yearly)
1. 2018 3 - / Summary of Selected Data (FY 3/2018-)
/ Mil. Yen
FY 3/2018 FY 3/2019 FY 3/2020 FY 3/2021
/ Results / Results / Results / Plan
Domestic revenue 323,115 327,945 341,194 350,000
Overseas revenue 117,794 123,038 127,684 136,000
Revenue 440,909 450,984 468,879 486,000
Growth rate (%) - 2.3 4.0 3.7
Portion of overseas revenue (%) 26.7 27.3 27.2 28.0
Overseas OP ratio (%) 17.9 2.8 26.6 28.3
Cost of sales 282,837 295,823 301,599 -
Cost of sales ratio (%) 64.1 65.6 64.3 -
Advertising expenses ratio (%) 3.3 3.2 3.0 -
Advertising expenses ratio (%) 7.6 8.0 7.9 -
Promotional expenses ratio (%) 2.7 2.7 2.7 -
Operating profit 35,175 28,967 41,252 43,500
Operating profit ratio (%) 8.0 6.4 8.8 9.0
Profit attributable to owners of the parent 29,134 19,356 29,316 30,500
Comprehensive income 37,178 8,409 13,355 -
Total equity 353,128 352,545 354,063 -
Total assets 528,726 557,577 576,621 -
Equity attributable to owners of the parent to total 62.4 58.6 56.9 -
assets (%)
ROE (%) 9.2 5.9 9.0 9.0
ROA (%) 7.3 5.7 7.5 -
* 2020 KPI ◆
*
* ◆ = KPIs of Medium-Term Business Plan 2021.
* "Domestic revenue" and "Overseas revenue" are based on the location to which goods are sold, therefore the figures differ from "Results by Segment."
15
/ Mil. Yen
FY 3/2018 FY 3/2019 FY 3/2020 FY 3/2021
/ Results / Results / Results / Plan
EBITDA*1 52,101 49,182 62,985 63,604
Cash flows from operating activities
44,893 40,740 57,533 -
Cash flows from investing activities
(47,784) (44,544) (40,413) -
Cash flows from financing activities
(11,126) 13,069 (10,142) -
+ -
Working capital 41,866 44,240 53,052 -
(Accounts receivable + Inventory - Accounts payable)
Number of shares outstanding 104,134 104,156 104,170 -
(excluding treasury shares) (Thousands of shares)
( )
Number of shares outstanding 117,463 105,700 105,700 -
(including treasury shares) (Thousands of shares)
( )
Average number of shares outstanding (Thousands of 104,122 104,150 104,165 -
shares)
1
Book-value per share (BPS) (Yen)
3,166.83 3,137.40 3,148.62 -
1
Basic earnings per share (EPS) (Yen)
279.81 185.85 281.45 293
( EPS)
Adjusted EPS*2 (Yen)
262.54 225.00 278.02 281
(3 )
Share price at year-end (Yen)
7,380 7,600 9,000 -
Market capitalization(excluding treasury shares)
768,511 791,591 937,536 -
Market capitalization(including treasury shares)
866,881 803,320 951,300 -
PER (Times)
26.4 40.9 32.0 -
Cash dividends per share (Yen)
90 110 110 110
Payout ratio (%)
32.2 59.2 39.1 37.6
Capex 52,010 57,602 39,742 39,400
Depreciation and amortization
17,752 20,304 25,191 25,400
R&D expenses
7,777 9,335 7,549 -
Number of employees (Person)
12,102 12,539 12,983 -
*1 EBITDA = ( ± - )
*2 EPS IFRS
EPS ( ± - )÷ ( )
* 2020 KPI ◆
*1 EBITDA = (Operating profit ± Other income,expenses - Equity earnings of affiliates + Depreciation and amortization)
*2 The method of calculating adjusted EPS was revised due to the introduction of IFRS.
Adjusted EPS = (Operating profit ± Other income,expenses Income tax expense - Profit attributable to non-controlling interests)/ Average no. of shares outstanding
(excluding treasury shares)
* ◆ = KPIs of Medium-Term Business Plan 2021.
16
2. J-GAAP 2018 3 / Summary of Selected Data (J-GAAP) (-FY 3/2018)
/ Mil. Yen
FY 3/2014 FY 3/2015 FY 3/2016 FY 3/2017 FY 3/2018
/ Results / Results / Results / Results / Results
Domestic net sales 343,931 348,821 367,142 385,696 394,078
Overseas net sales 73,689 82,755 100,941 110,019 122,322
Net sales 417,620 431,575 468,084 495,715 516,400
Growth rate (%) 9.1 3.3 8.5 5.9 4.2
Portion of overseas sales (%) 17.6 19.2 21.6 22.2 23.7
Overseas OP ratio (%) 5.2 5.8 9.4 10.8 9.2
Cost of sales 231,309 242,915 260,496 270,219 282,271
Cost of sales ratio (%) 55.4 56.3 55.7 54.5 54.7
Advertising expenses ratio (%) 2.8 2.9 3.1 3.1 2.8
Distribution expenses ratio (%) 5.8 6.3 6.3 6.3 6.5
Promotional expenses ratio (%) 18.2 18.1 17.5 17.7 17.6
Operating income 27,705 24,300 26,399 28,618 34,112
Adjusted Operating income *1
27,028 23,203 24,662 32,893 33,429
Operating income ratio (%) 6.6 5.6 5.6 5.8 6.6
Adjusted Operating income ratio (%) 6.5 5.4 5.3 6.6 6.5
Ordinary income 34,840 32,980 30,733 32,864 40,588
Net income attributable to owners of the parent 19,268 18,505 26,884 23,558 29,104
Comprehensive income 37,410 37,955 19,606 10,991 33,236
Total equity 342,300 369,852 371,688 353,517 391,776
Total assets 479,469 512,743 553,068 537,180 568,111
Ratio of equity attributable to owners of the parent to 69.4 70.6 65.1 63.5 64.5
total assets (%)
ROE (%) 6.0 5.3 7.4 6.7 8.2
ROA (%) 4.2 3.7 5.0 4.3 5.3
*1 -
* 2020 KPI ◆
*
*1 Adjusted OP= OP-Impact from retirement benefit accounting
* ◆ = KPIs of Medium-Term Business Plan 2021.
* "Domestic net sales" and "Overseas net sales" are based on the location to which goods are sold, therefore the figures differ from "Results by Segment."
17
/ Mil. Yen
FY 3/2014 FY 3/2015 FY 3/2016 FY 3/2017 FY 3/2018
/ Results / Results / Results / Results / Results
EBITDA*1 43,026 40,407 45,043 45,890 53,681
Cash flows from operating activities 30,213 30,353 36,183 33,151 44,890
Cash flows from investing activities (9,507) (4,840) (45,759) (29,814) (47,781)
Cash flows from financing activities (8,525) (8,022) (3,010) (26,055) (11,126)
+ -
Working capital (Accounts receivable + Inventory - Accounts 28,796 32,662 37,236 42,492 41,930
payable)
Number of shares outstanding 110,221 110,231 108,025 104,090 104,134
(excluding treasury shares) (Thousands of shares)
( )
Number of shares outstanding 117,463 117,463 117,463 117,463 117,463
(including treasury shares) (Thousands of shares)
( )
Average number of shares outstanding 110,216 110,229 109,500 106,439 104,122
(Thousands of shares)
1
Book-value per share (BPS) (Yen) 3,018.82 3,282.02 3,332.94 3,276.55 3,519.36
1
EPS (Yen) 174.83 167.88 245.52 221.33 279.52
( EPS)
Adjusted EPS*2 (Yen)
195.63 177.86 195.89 253.00 272.19
(3 )
Share price at year-end (Yen) 4,655 5,910 5,290 6,170 7,380
Market capitalization(excluding treasury stock) 513,081 651,470 571,455 642,238 768,511
Market capitalization(including treasury stock) 546,793 694,210 621,382 724,750 866,881
PER (Times) 26.6 35.2 21.5 27.9 26.4
Cash dividends per share (Yen) 75 75 80 85 90
Payout ratio (%) 42.9 44.7 32.6 38.4 32.2
Capex 27,527 22,959 32,785 36,340 52,007
Depreciation and amortization 14,516 15,440 17,499 15,400 17,896
R&D expenses 5,313 6,431 7,183 7,650 7,777
*1 EBITDA = ( )
*2 EPS= NOPAT÷ ( )
NOPAT ( )
* 2020 KPI ◆
*1