News Release

2020.8.5Announcement of the Settlement of Accounts for the 1st Quarter of the Year Ending March 2021

(Note) Figures shown have been rounded down to the nearest million yen

Our settlement of accounts for the 1st quarter of the year ending March 2021 was announced on the afternoon of Wednesday, August 5th at the Tokyo Stock Exchange Press Club. An outline of the accounts is presented below.

Consolidated Results for the 1st quarter of the Year Ending March 2021 (April 1, 2020 to June 30, 2020)

Consolidated operating results (total)

(% is in comparison to the previous year)

  Revenue Operating profit Ordinary profit Net income attributable to shareholders of parent company
(millions of yen) (%) (millions of yen) (%) (millions of yen) (%) (millions of yen) (%)
The 1st quarter of the year ending March 2021 82,667 (12.9) 4,265 6.1 3,805 8.1 2,826 (15.1)
The 1st quarter of the year ending March 2020 94,930 24.2 4,019 (31.0) 3,521 (38.6) 3,331 (4.5)

*Comprehensive income:  The 1st quarter of the Year ending March 2021: 698 million yen (81.6%)
The 1st quarter of the Year ending March 2020: 3,800 million yen 8536.4%

During the 3rd quarter of the fiscal year ended March 2020, we finalized provisional accounting treatments related to corporate consolidation. As such, figures related to the 1st quarter of the fiscal year ended March 2020 reflect the application of provisional accounting treatments.

FY2020 Q1 Consolidated Financial Highlights

Revenue decreased on lower sales volume for the Industrial Chocolate business and the Emulsified and Fermented Ingredients business due to the impact of the novel coronavirus. Operating profit increased despite decreased income from the Emulsified and Fermented Ingredients business thanks to Blommer futures valuation gains and firm sales from the Soy-based Ingredients business.

FY2020 1st quarter Segment Highlights

Vegetable Oils and Fats

Revenue decreased as a result of lower sales volume in Southeast Asia and Europe due to the impact of the novel coronavirus. Profit decreased on lower sales in Europe despite sales of high-value added products in Southeast Asia and Japan.

Industrial Chocolate

Revenue decreased as a result of lower sales volume in Japan and Brazil due to the impact of the novel coronavirus. Profit increased despite decreased revenue thanks to Blommer futures valuation gains and firm sales.

Emulsified and Fermented Ingredients

Revenue and profit both decreased due to lower sales volume for cream and margarine in Japan, poor performance by the Preparations business in Southeast Asia, and lower sales volume for margarine and filling in China.

Soy-based Ingredients

Revenue decreased due to impact of selling our Chinese subsidiary during the previous fiscal year. However, profit increased on firm sales of soy protein ingredients and functional agents in Japan.

FY2020 Q1 Revenue and Operating profit by Segment

Unit : JPY million FY2019
Q1
FY2020
Q1
Change
Revenue 94,930 82,667 (12,263)
 Vegetable Oils and Fats 24,606 22,315 (2,291)
 Industrial Chocolate 40,769 35,340 (5,429)
 Emulsified and Fermented Ingredients 20,639 16,453 (4,186)
 Soy-based Ingredients 8,916 8,557 (359)
Operating profit 4,019 4,265 246
 Vegetable Oils and Fats 1,916 1,832 (84)
 Industrial Chocolate 1,045 1,989 944
 Emulsified and Fermented Ingredients 877 181 (696)
 Soy-based Ingredients 1,027 1,156 129
 Consolidated adjustment / Group
 administrative expenses
(846) (894) (48)

Main KPI

FY2019
Q1
FY2020
Q1
Change
ROE 8.4% 7.3% (1.1)
ROA 3.6% 4.2% 0.6
ROIC 3.5% 3.7% 0.2
Net D/E Ratio 0.90 0.74 (0.16)
CCC 123 days 128 days 5 days

Forecasts for Consolidated Results for the Year Ending March 2021 (April 1, 2020 to March 31, 2021)

(% is in comparison to the previous year)

  Revenue Operating profit Ordinary profit Net income attributable to shareholders of parent company Net income per share
(millions of yen) (%) (millions of yen) (%) (millions of yen) (%) (millions of yen) (%) (yen)
First 2 Quarters
(Aggregate)
155,000 5,500 4,900 2,700 31.41
The year ending
March 2021
370,000 19,300 17,800 11,500 133.79

*Qualitative information regarding forecast consolidated figures

For the current consolidated fiscal year, the transitional period during this change in accounting periods, the accounting period for overseas consolidated subsidiaries subject to the accounting period change shall be the 15-month period from January 1, 2019 to March 31, 2020. As such, we do not indicate the rate of change (%) in YoY performance.

Consolidated Financial Guidance for FY2020

There is no change to the full-year earnings forecast we announced on May 12, 2020. We will continue to analyze changes in our operating environment and will provide disclosure immediately in the event of a need to reevaluate forecasts.

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