Announcement of the Settlement of Accounts for the Year Ending March 2021

2021.5.11

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

Our settlement of accounts for the year ending March 2021 was announced on the afternoon of Tuesday, May 11th at the Tokyo Stock Exchange Press Club. An outline of the accounts is presented below.

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

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 year ending March 2021	364,779	─	17,911	─	17,565	─	11,014	─
The year ending March 2020	414,727	─	23,598	─	22,359	─	16,375	─

*Comprehensive income:　 The Year ending March 2021:　11,486million yen (‐%)
The Year ending March 2020: 4,440 million yen (‐%)

Note: Due to a change in the fiscal year-end of 19 overseas consolidated subsidiaries, the actual results for fiscal 2019 are based on a 15-month (January 1, 2019 to March 31, 2020) fiscal year-end for the relevant consolidated subsidiaries. As a result, the percentage change from the previous fiscal year is not stated.
Year-on-year comparisons of consolidated financial highlights, segment highlights, and segment results are based on comparisons with the same month of the previous fiscal year, April 2019 to March 2020.

FY2020 Q4 Consolidated Financial Highlights

Revenue decreased due to the lower sales volume mainly in the Industrial Chocolate Business caused by COVID-19, although the rise in raw material prices had an impact. Operating profit decreased due to lower sales in the Industrial Chocolate Business and soaring raw material prices, despite futures valuation gains in Blommer.

FY2020 Q4 Segment Highlights

Vegetable Oils and Fats

Revenue increased due to higher raw material prices, despite a decrease in sales volume due to the impact of COVID-19.
Operating profit decreased due to lower sales volume of vegetable fats for chocolate and the impact of higher raw material prices.

Industrial Chocolate

Revenue decreased due to lower sales volume mainly in the Americas caused by COVID-19. Operating profits increased due to a gain on valuation of futures of Blommer, despite lower sales volume and worsening profitability mainly caused by the depreciation of the Brazilian real.

Emulsified and Fermented Ingredients

Revenue decreased due to the transfer of Toraku Foods Co., Ltd. and lower sales volume in Japan and Southeast Asia caused by COVID-19. Operating profit decreased due to lower sales in Japan and Southeast Asia, despite higher sales volume in China.

Soy-based Ingredients

Revenue decreased due to the liquidation of the soy milk business despite an increase in the volume of soy protein ingredients. Operating profit decreased due to a decline in sales volume of functional agent.

FY2020 Revenue and Operating profit by Segment

Unit : JPY million	FY2019*	FY2020	Change
Revenue	383,672	364,779	(18,892)
Vegetable Oils and Fats	97,886	98,413	+527
Industrial Chocolate	171,723	162,445	(9,278)
Emulsified and Fermented Ingredients	79,339	69,567	(9,772)
Soy-based Ingredients	34,722	34,353	(369)

Operating profit	21,459	17,911	(3,547)
Vegetable Oils and Fats	10,124	7,872	(2,252)
Industrial Chocolate	7,547	7,608	+61
Emulsified and Fermented Ingredients	3,795	3,018	(777)
Soy-based Ingredients	3,932	3,169	(763)
Group administrative expenses	(3,940)	(3,756)	＋184

*Reference figures based on reclassification of FY2019 15-month results of overseas consolidated subsidiaries that changed their fiscal year-end to 12 months (April 2019-March 2020)

Main KPI

	FY2019	FY2020	Change
ROE	10.5%	7.0%	(3.5)
ROA	5.9%	4.8%	(1.1)
ROIC	5.1%	4.0%	(1.1)
Net D/E Ratio	0.75	0.63	(0.12)
CCC	112.6 days	106.6 days	(6.0 days)

Forecasts for Consolidated Results for the Year Ending March 2022(April 1, 2021　to March 31, 2022)