Calbee : Financial Results for Fiscal Year Ended March, 2023 (301KB)

Consolidated Financial Statements for the

Fiscal Year Ended March 31, 2023

April 1, 2022 to March 31, 2023

This document has been translated from the original Japanese as a guide for non-Japanese investors. It contains forward-looking statements based on a number of assumptions and beliefs made by management in light of information currently available. Actual financial results may differ materially depended on a number of factors, including changing economic conditions, legislative and regulatory developments, delay in new product launches, and pricing and product initiatives of competitors.

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	SUMMARY OF FINANCIAL STATEMENTS (consolidated)
Calbee, Inc.	Full Year Results for the Fiscal Year Ended March 31, 2023
May 9, 2023

Stock exchange listings: Prime Market of Tokyo, code number 2229

URL: https://www.calbee.co.jp/en/Contact: Naoya Iwasaki

General Manager, Finance & Accounting Division Telephone: [phone]

Representative: Makoto Ehara, President & CEO, Representative Director

Scheduled date for the General Meeting of Shareholders: June 21, 2023

Scheduled date for distribution of dividends: June 22, 2023

Scheduled date for submission of the full year financial report: June 22, 2023

Availability of supplementary explanatory material : Available

Results presentation meeting: Yes (for institutional investors and analysts)

1) Consolidated results for the fiscal year ended March 31, 2023 (April 1, 2022 to March 31, 2023)
(1) Consolidated Operating Results				Millions of yen, rounded down
	FY ended		FY ended
	March 31, 2022		March 31, 2023
			% change			% change
Net sales	245,419		－	279,315		13.8
Operating profit	25,135		(7.1)	22,233		(11.5)
Ordinary profit	26,938		(2.1)	23,460		(12.9)
Profit attributable to owners of parent	18,053		2.1	14,772		(18.2)
Earnings per share (¥)	136.25			115.16
Earnings per share (diluted) (¥)	-			-
Return on equity (%)	10.3			8.5
Ordinary profit to total assets ratio (%)	11.3			9.9
Operating profit to sales ratio (%)	10.2			8.0

Notes: 1. The percentages shown above are a comparison with the same period in the previous fiscal year.

1. As the Company applied the "Accounting Standard for Revenue Recognition" (Business Accounting Standards No. 29) from the beginning of the fiscal year ended March 2022, the percentage change in net sales from the previous fiscal year is not shown. Assuming that the same accounting standard as before was applied to sales for the fiscal year ended March 2022, the percentage of change from the previous fiscal year is 4.2%, excluding the impact of the application of this accounting standard.
2. Comprehensive income: FY ended March 31, 2023: ¥17,953 million (down 16.9%)

FY ended March 31, 2022: ¥21,594 million (up 9.3%)

4. Share of profit (loss) of entities accounted for using equity method: FY ended March 31, 2023: ¥23 million FY ended March 31, 2022: ¥19 million

(2) Consolidated Financial Position				Millions of yen, rounded down
	As of March 31, 2022		As of March 31, 2023
Total assets	236,598			239,095
Net assets	183,458			182,686
Shareholders' equity/total assets (%)	74.1			72.8
Net assets per share (¥)	1,358.25			1,393.74
Shareholders' equity: As of March 31, 2023: ¥174,112 million
As of March 31, 2022: ¥175,379 million
(3) Consolidated Cash Flows				Millions of yen, rounded down
	FY ended March 31, 2022		FY ended March 31, 2023
Cash flows from operating activities	22,327			19,310
Cash flows from investing activities	3,643			(20,329)
Cash flows from financing activities	(25,168)			(20,004)
Cash and cash equivalents at end of period	49,670			30,292
2) Dividends				Yen
	FY ended	FY ended	FY ending
	March 31, 2022	March 31, 2023	March 31, 2024 (forecast)
Interim period per share	0.00	0.00	0.00
Year-end dividend per share	52.0	52.0	54.0
Annual dividend per share	52.0	52.0	54.0
Total dividend amount (millions of yen)…………	6,728	6,508	-
Dividend payout ratio (consolidated) (%)………	38.2	45.2	45.0
Net assets to dividends ratio (consolidated) (%)	3.9	3.8	-

Note: Total dividend amounts for FYs ended March 31, 2022 and March 31, 2023 include dividends of ¥13 million and ¥12 million, respectively, for Calbee shares held in trust

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3) Consolidated forecasts for the fiscal year ending March 31, 2024 (April 1, 2023 to March 31, 2024)

Millions of yen

		% change
Net sales	293,000	4.9
Operating profit	24,000	7.9
Ordinary profit	23,500	0.2
Profit attributable to owners of parent	15,000	1.5
Earnings per share (¥)	120.07

Notes

1. Transfers of important subsidiaries during the period (transfers of specified subsidiaries resulting in changes in the scope of consolidation): Yes
   One company added to scope of consolidated: Greenday Global Co., Ltd.
2. Changes in accounting policy, changes in accounting estimates, and restatements:
3. 1. Changes in accounting policies following revisions of accounting standards: None
   2. Changes in accounting policies other than 1: None
   3. Changes in accounting estimates: None
   4. Restatements: None
4. Number of outstanding shares (common stock)

		As of March 31, 2022:	As of March 31, 2023:
1.	Number of outstanding shares	133,929,800 shares	133,929,800 shares
	(including treasury shares)		9,005,241 shares
2.	Number of treasury shares	4,808,426 shares
		Fiscal year to March 31,	Fiscal year to March 31,
		2022:	2023:
3.	Average number of shares during the period	132,502,953 shares	128,274,133 shares

Note: Regarding Calbee stock held in trust as treasury stock within shareholders' equity, the number of treasury shares includes 242,865 of these shares as of March 31, 2023 and 263,265 of these shares as of March 31, 2022, and the average number of shares excludes 253,153 treasury shares during the year to March 31, 2023, and 271,442 treasury shares during the year to March 31, 2022.

(Reference) Non-consolidated results for the fiscal year ended March 31, 2023
(1) Non-consolidated operating results				Millions of yen, rounded down
		FY ended March 31, 2022	FY ended March 31, 2023
	Net sales			% change			% change
	171,858		-	186,677		8.6
	Operating profit	21,510		(8.0)	17,941		(16.6)
	Ordinary profit	23,682		(1.6)	20,294		(14.3)
	Net profit	20,637		24.0	13,896		(32.7)
	Earnings per share (¥)	155.75		108.33
	Earnings per share (diluted) (¥)	‐		-

Notes: 1. The percentages shown above are a comparison with the same period in the previous fiscal year.

2. As the Company applied the "Accounting Standard for Revenue Recognition" (Business Accounting Standards No. 29) from the beginning of the fiscal year ended March 2022, the percentage change in net sales from the previous fiscal year is not shown. Assuming that the same accounting standard as before was applied to sales for the fiscal year ended March 2022, the percentage of change from the previous fiscal year is -0.5%, excluding the impact of the application of this accounting standard.

(2) Non-consolidated financial position		Millions of yen, rounded down
		As of March 31, 2022	As of March 31, 2023
	Total assets	208,494	207,344
	Net assets	166,728	162,021
	Shareholders' equity/total assets (%)	80.0	78.1
	Net assets per share (¥)	1,291.25	1,296.95

Shareholders' equity: As of March 31, 2023: ¥162,021 million, As of March 31, 2022: ¥166,728 million

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Financial Statements are not subject to audit by a certified public accountant or audit firm

Appropriate use of financial forecasts and other items

1. Forecasts, etc., recorded in this document include forward-looking statements that are based on management's estimates, assumptions and projections at the time of publication. A number of factors could cause actual results to differ materially from expectations. For further information on assumptions used in forecasts, please see Page 11 Overview of Operating Results (4) Consolidated forecasts.
2. The earnings per share forecast for the fiscal year ending March 31, 2024 is calculated using 124,924,559 shares as the expected average number of shares for the period.
3. Calbee, Inc. has scheduled a financial results conference for institutional investors and analysts for May 9, 2023. A video recording of the conference will be made available on our Japanese website after the conference.

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Contents
1.	Overview of operating results
	(1) Overview of business performance……………………………………………………………..…………	6
	(2) Overview of financial position………………………………………………………………………………	8
	(3) Overview of cash flows…...…………………………………………………………………………………	9
	(4) Consolidated forecasts……………………………………………………………………………………...	10
2.	Basic policy for profit distribution and dividends for fiscal year to March 2023 and 2024	10
3.	Basic approach to selection of accounting standards	10
4.	Consolidated financial statements and key notes	11
	(1) Consolidated balance sheets…...………………………………………………………………………….	11
	(2) Consolidated statements of income and comprehensive income………………………………………	13
	(3) Consolidated statements of changes in shareholders' equity………………………………………...... 15
	(4) Consolidated statements of cash flows……………………………………………………………………	17
	(5) Notes to consolidated financial statements………………………………………………………………. 19
	Notes related to going concern assumption…………………………………………………………….. 19
	Changes in accounting policy…………………………………………………………………………….. 19
	Segment information and other……………………………………………………………………………	19
	Per share information………………………………………………………………………………………. 19
	Subsequent events…………………………………………………………………………………………. 19

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