Fuji Oil : Q4/FY2023 Supplemental IR Information (1.54MB)

FUJI OIL HOLDINGS INC.

Financial Results Supplement Material

FY2023 FYE March 2024

4Q

Page Item

1Cover

• 0-1： Note / Exchange Rate

• 1-1： FY2023 4Q Consolidated Financial Results (3 months)

• 1-2： FY2023 4Q Consolidated Financial Results

• 2-1： Major Indicators

• 3-1： FY2024 Consolidated Financial Forecast

• 3-2： FY2024 Consolidated Financial Forecast (by Business, Area)

1

0-1：Note / Exchange Rate

Note

Change in accounting period for certain subsidiaries

At the end of FY2022, we made the following changes to the accounting period of our subsidiaries. We changed the accounting period of INDUSTRIAL FOOD SERVICES PTY LIMITED from the end of December to the end of March. We also changed the accounting period for Blommer Chocolate Manufacturing (Shanghai) Co., Ltd. from the end of January to the end of March.

As the effect on consolidated accounting is immaterial, we have made no revisions to YOY comparisons or other figures.

Company	Country	Business	Area	FY2022 Fiscal Period	Fiscal Period from FY2023
INDUSTRIAL FOOD	Australia	Industrial	SE Asia	Jan. 2022 - Mar. 2023	Apr. 2023 - Mar. 2024
SERVICES PTY LIMITED	Chocolate	(15 months)	(12 months)
Blommer Chocolate		Industrial		Feb. 2022 - Mar. 2023	Apr. 2023 - Mar. 2024
Manufacturing (Shanghai)	China	China
Chocolate	(14 months)	(12 months)
Co., Ltd.

The recording of extraordinary loss for Blommer and change in accounting period for Blommer

We recorded the extraordinary losses of 10.1 billion yen (71 million US$), consisting of impairment loss* of

6.4 billion yen on goodwill and impairment loss of 3.7 billion yen on tangible assets of Blommer in the third quater of FY2023.

* Impairment loss on goodwill indicated in these materials refers to the additional amortization cost of goodwill due to impairment accounting for subsidiary shares in accordance with the provisions of Section 32 of the Practical Guidelines on Accounting Standards for Capital Consolidation Procedures in Preparing Consolidated Financial Statements (The Japanese Institute of Certified Public Accountants, Accounting Practice Committee Statement No. 7, October 28, 2022).

From FY2024, we will change the Blommer accounting period to the end of March. Previously, Blommer's profit and loss statement from February to January of the next year was consolidated. From FY2024, Blommer's profit and loss statement from April to March of the next year is consolidated.

Main exchange rate

・P/L：Average rate , B/S：Current rate

	FY2022	FY2023	YOY	FY2024
	End	End	Change	Rate of change	Plan
P/L	135.47	144.62	+9.15	+6.8%	145.00
＄
B/S	133.53	151.41	+17.88	+13.4%	－
P/L	26.28	29.31	+3.03	+11.5%	29.50
BRL
B/S	26.29	30.31	+4.02	+15.3%	－
P/L	140.97	156.80	+15.83	+11.2%	156.00
€
B/S	145.72	163.24	+17.52	+12.0%	－
P/L	19.75	20.14	+0.39	+2.0%	20.00
RMB
B/S	19.42	20.83	+1.41	+7.3%	－

- FY2023 Blommer ($) : P/L 141.91, B/S 148.19

2

1-1: FY2023 4Q Consolidated Financial Results (3 months)

●Summary	Net sales : 142.5 billion yen, YOY +1.8 billion yen
	Operating profit : 5.3 billion yen, YOY +3.2 billion yen

●Net sales: Net sales increased thanks to higher sales prices to reflect higher raw material prices and the effect of yen depreciation on Industrial Chocolate Business despite decreased sales due to the transfer of fixed assets of Fuji Oil New Orleans on Vegetable Oils and Fats Business.

●Operating profit: Operating profit increased thanks to improved profitability in the Americas and Southeast Asia on Vegetable Oils and Fats Business, decreased temporary costs in the U.S. on Industrial Chocolate Business, and increased sales volume in Brazil on Industrial Chocolate Business.

	Vegetable
	Oils and Fats
	Industrial Chocolate
Net sales	Emulsified and Fermented
Ingredients
	Soy-based
	Ingredients

FY2022	FY2023	YOY
4Q	4Q
49.8	45.7	(4.1)
61.1	66.7	+5.6
21.4	22.0	+0.6
8.5	8.3	(0.3)

(Unit:JPY billion）

Factors of change (YOY)

Net sales decreased due to lower sales by the transfer of fixed assets of Fuji Oil New Orleans.

Net sales increased thanks to higher sales prices to reflect higher raw material prices, increased sales volume in Brazil, and the effect of yen depreciation.

Net sales increased thanks to increased sales volume in Japan and the effect of yen depreciation.

Net sales decreased due to lower sales volume in Japan.

	Total
	Vegetable
	Oils and Fats
	Industrial Chocolate
Operating	Emulsified and Fermented
Ingredients
profit
	Soy-based
	Ingredients
	Group administrative
	expenses
	Total

Operating margin

Ordinary profit

Profit attributable to owners of parent

*Figures are rounded to the nearest JPY billion.

140.7	142.5	+1.8
1.8	3.7	+1.9
0.9	2.1	+1.2
0.6	0.8	+0.2
(0.1)	(0.2)	(0.2)
(1.0)	(1.0)	(0.1)
2.2	5.3	+3.2
1.5%	3.7%	+2.2pt
1.3	5.2	+3.8
1.1	1.6	+0.5

Operating profit increased thanks to improved profitability in the Americas and Southeast Asia, and the transfer of fixed assets of Fuji Oil New Orleans, which recorded operating losses in the previous fiscal year.

Operating profit increased thanks to decreased temporary costs in the U.S. and increased sales volume in Brazil although sales volume continued to decline in the U.S.

Operating profit increased thanks to higher sales volume of whipping cream in Japan and improved profitability in China.

Operating profit decreased due to increased depreciation cost for a new plant in Europe.

Profit increased thanks to increased operating profit despite the increase of expenses related to the closure of Blommer Chicago plant on Industrial Chocolate Business.

3

1-2: FY2023 Consolidated Financial Results

●Summary	Net sales : 564.1 billion yen, YOY +6.7 billion yen
	Operating profit : 18.2 billion yen, YOY +7.3 billion yen

●Net sales: Net sales increased thanks to higher sales prices to reflect higher raw material prices and the effect of yen depreciation on Industrial Chocolate Business despite declined sales prices to reflect stable prices for palm oil, our main raw material, and decreased sales due to the transfer of fixed assets of Fuji Oil New Orleans on Vegetable Oils and Fats Business.

●Operating profit: Operating profit increased thanks to improved profitability in Japan, the Americas, and Europe on Vegetable Oils and Fats Business despite decreased sales volume against stagnant demand in the confectionery market and increased fixed cost in the U.S. on Industrial Chocolate Business.

	Vegetable
	Oils and Fats
	Industrial Chocolate
Net sales	Emulsified and Fermented
Ingredients
	Soy-based
	Ingredients

FY2022 FY2023 YOY

203.4 185.4 (18.1)

228.5 253.4 +24.9

91.2 89.9 (1.3)

34.3 35.5 +1.2

(Unit:JPY billion）

Factors of change (YOY)

Net sales decreased due to declined sales prices to reflect stable prices for palm oil, our main raw material, and lower sales by the transfer of fixed assets of Fuji Oil New Orleans.

Net sales increased thanks to higher sales prices to reflect higher raw material prices, increased sales volume in Brazil and Europe, and the effect of yen depreciation.

Net sales decreased due to lower sales volume and declined sales prices to reflect falling raw material prices in Southeast Asia and China.

Net sales increased thanks to higher sales prices to reflect higher raw material prices due to the effect of yen depreciation.

	Total
	Vegetable
	Oils and Fats
	Industrial Chocolate
Operating	Emulsified and Fermented
Ingredients
profit
	Soy-based
	Ingredients
	Group administrative
	expenses
	Total

Operating margin

Ordinary profit

Profit attributable to owners of parent

*Figures are rounded to the nearest JPY billion.

557.4	564.1	+6.7
7.0	15.4	+8.4
5.0	1.8	(3.1)
1.5	3.8	+2.3
1.3	1.0	(0.2)
(3.8)	(3.9)	(0.1)
10.9	18.2	+7.3
2.0%	3.2%	+1.3pt
9.7	16.8	+7.1
6.1	6.5	+0.4

Operating profit increased thanks to improved profitability to reflect stable raw material prices in Japan, the Americas, and Europe, and the transfer of fixed assets of Fuji Oil New Orleans, which recorded operating losses in the previous fiscal year.

Operating profit decreased due to lower sales volume against stagnant demand in the confectionery market and worsening of profitability caused by soaring raw material prices and increased fixed cost in the U.S., despite increases in sales volume in Brazil and Europe.

Operating profit increased thanks to higher sales volume of whipping cream in Japan and improved profitability in China.

Operating profit decreased due to increased depreciation cost for a new plant in Europe.

Profit increased thanks to extraordinary income from the transfer of fixed assets of Fuji Oil New Orleans on Vegetable Oils and Fats Business as well as improved profitability mainly on Vegetable Oils and Fats Business despite extraordinary loss for Blommer on Industrial Chocolate Business.

4

2-1:Major Indicators

Primary Item

PL related

BS related

Item

Operating profit

Operating profit growth rate

EBITDA

Capital Expenditures

Depreciation

ROA

ROE

Net profit margin

Total asset turnover

Financial leverage

ROIC

Total assets

Interest-bearing debt

Net interest-bearing debt

Net operating capital

Equity ratio

Debt ratio

Unit

Note

JPY billion

％

JPY billion

JPY billion For tangible fixed assets

JPY billion Depreciation for tangible fixed assets

Ordinary profit

• / Average total assets at beginning and end of period Net profit margin × Total asset turnover
• × Financial leverage
• Net profit / Net sales

Times Net sales / Total assets at beginning and end of period

Times Total assets / Equity

Operating profit × (1-corporate tax rate)

• / (Interest-bearing debt + Equity)

JPY billion

JPY billion

JPY billion

JPY billion

％

％

FY2021	FY2022		FY2023（Total Results)
1Q	2Q	3Q	4Q
15.0	10.9	3.6	8.8	12.9	18.2
(16.2%)	(27.1%)	＋51.0%	＋73.7%	＋47.0%	＋66.5%
32.4	31.2	8.6	18.9	34.7	45.3
17.3	21.5	3.6	7.0	11.1	15.1
12.7	14.6	3.6	7.2	11.0＊²	14.9
3.7%	2.2%	2.7%	3.4%	3.3%	3.6%
6.6%	3.1%	17.0%	11.4%	3.1%	3.0%
2.7%	1.1%	6.9%	4.6%	1.2%	1.2%
1.12	1.26	1.09	1.12	1.18	1.20
2.2	2.3	2.2	2.2	2.2	2.0
3.1%	2.0%	2.5%	3.0%	3.2%	3.5%
416.6	468.8	496.1	503.4	483.0	470.2
148.8	168.4	175.2	169.1	156.4	130.3
132.8	149.4	135.5	140.9	129.1	102.8
80.5	81.9	117.3	123.5	119.7	89.9
44.7%	43.3%	45.2%	46.2%	46.0%	49.4%
121.9%	127.1%	116.3%	111.6%	112.2%	97.3%

FY2024	Capital expenditures
Forecast
20.0	FY	Major expenditures	JPY billion
+9.8%	2023	Japan	Capital expenditures , etc.	5.1
-	Total	Americas Capital expenditures for Blommer, etc.	3.7
-		Americas Construction of Harald's No.2 plant, etc.	1.4
-		Total		15.1
3.4%

4.4%

1.7%

1.27

2.1

3.8%

470.0

138.5 Dividend history

123.5 Dividend Policy

• ・Payout ratio 30% to 40%

48.7%	・Stable, consistent dividends
95.8%	Dividend per share	(Unit：JPY)

CF related

Goodwill (in a broad sense)

Amortization of goodwill

Goodwill (in a broad sense) / Net assets ratio

D/E ratio

Net D/E ratio

Cash flows from operating activities

Cash flows from investing activities

Free cash flows

Cash flows from financing activities

CCC

JPY billion

JPY billion

％

Times

Times

JPY billion

JPY billion

JPY billion

JPY billion

Day

Goodwill (in a broad sense) refers to goodwill as well as trademark rights and other intangible fixed assets.

Interest-bearing debt / Equity

Net interest-bearing debt (interest-bearing debt - cash and deposits) / equity capital

49.9	55.2	57.8	58.4	52.5	51.7＊³
2.2	2.6	0.7	1.3	2.1	2.6
26%	26%	25%	24%	22%	21%
0.80	0.83	0.78	0.73	0.70	0.56
0.73	0.80	0.70	0.71	0.69	0.54
3.5	7.6	(2.1)	(1.6)	19.5	48.2
(18.8)	(16.5)	19.8	16.4	11.9	8.8
(15.3)	(8.9)	17.7	14.8	31.4	57.0
9.4	9.8	1.0	(6.9)	(23.5)	(50.0)
115	104	122	117	103	102

-	FY	1st half	2nd half	total	Payout ratio
-	2016	22	22	44	31.2%
-	2017	23	25	48	30.0%
0.61	2018	25	25	50	37.1%
-	2019	27	29	56	29.4%
31.0	2020	26	26	52	40.6%
(30.0)	2021	26	26	52	38.9%
1.0	2022	26	26	52	73.0%
(14.5)	2023	26	26	52	68.6%
Forecast
97	2024	26	26	52	44.8%
Forecast

*1 If the previous year's figure has changed, the retroactively corrected figure is shown.

*2 ROA, ROE and ROIC for 1Q, 2Q and 3Q FY2023 are annualized figures for reference.

*3 Excluding impairment loss of 6.4 billion yen on goodwill for Blommer.

5

3-1: FY2024 Consolidated Financial Forecast

●Summary	Net sales : 600.0 billion yen, YOY +35.9 billion yen
	Operating profit : 20.0 billion yen, YOY +1.8 billion yen

	Vegetable
	Oils and Fats
	Industrial Chocolate
Net sales	Emulsified and Fermented
Ingredients
	Soy-based
	Ingredients
	Total
	Vegetable
	Oils and Fats
	Industrial Chocolate
Operating	Emulsified and Fermented
Ingredients
profit

●Net sales: Planning on an increase in net sales thanks to sales prices revision appropriately to reflect higher raw material prices such as cocoa and an increase in fixed costs and the expansion on Emulsified and Fermented Ingredients Business despite lower sales volume in Blommer due to the closure of Chicago plant.

●Operating profit: Planning on an increase in operating profit thanks to the improvement in Blommer on Industrial Chocolate Business despite a decrease in operating profit on Vegetable Oils and Fats Business due to sales prices revision appropriately to reflect stable raw material prices.

			(Unit:JPY billion)
FY2023	FY2024	YOY	Factors of change (YOY)
Results	Forecast
185.4	187.4	+2.0	Planning on an increase in net sales thanks to higher sales prices to reflect an increase in fixed costs despite stable raw material prices.
253.4	280.5	+27.1	Planning on an increase in net sales thanks to higher sales prices to reflect higher raw material prices despite lower sales volume in
Blommer due to the closure of Chicago plant.
89.9	95.0	+5.1	Planning on an increase in net sales mainly by expanding sales in China.
35.5	37.1	+1.6	Planning on an increase in net sales thanks by expanding sales of soy protein ingredients in Japan.
564.1	600.0	+35.9
15.4	12.3	(3.1)	Planning on a decrease in sales price revision appropriately to reflect stable raw material prices.
1.8	7.4	+5.6	Planning on an increase in operating profit mainly by the reduction of fixed costs in Blommer.
3.8	3.5	(0.3)	Planning on a decrease in operating profit in Japan despite improvement in Southeast Asia and China.

Soy-based

Ingredients

Group administrative expenses

Total

Operating margin

Ordinary profit

Profit attributable to owners of parent

*Figures are rounded to the nearest JPY billion.

1.0	1.4	+0.3	Planning on an increase in operating profit by expanding sales in Japan.
(3.9)	(4.6)	(0.7)	Planning on an increase in labor costs and group-wide fixed costs.
18.2	20.0	+1.8
3.2%	3.3%	+0.1pt
16.8	16.0	(0.8)	Planning on a decrease in ordinary profit due to higher interest expenses.
6.5	10.0	+3.5	Planning on an increase in profit thanks to an increase in operating profit as well as the reduction of temporary costs in the previous year.

*From FY2024, we will change the Blommer accounting period to the end of March. Previously, Blommer's profit and loss statement from February to January of the next year was consolidated. From FY2024, Blommer's profit and loss statement from April to March of the next year is consolidated.

6

3-2： FY2024 Consolidated Financial Forecast (by Business, Area)

Net Sales													(Unit: JPY million）
	FY		Japan		Americas	SE Asia	China	Europe	Consolidated
			Total
				YOY		YOY		YOY		YOY		YOY		YOY
Vegetable	2024	Forecast	59,000	+1,987	60,900	(2,114)	26,000	(485)	3,600	+281	37,900	+2,380	187,400	+2,049
2023	Results	57,012	+579	63,014	(16,203)	26,485	(4,372)	3,318	(56)	35,519	+1,954	185,350	(18,097)
Oils and Fats
2022	Results	56,432	-	79,217	-	30,858	-	3,374	-	33,564	-	203,448	-
Industrial	2024	Forecast	49,400	+3,093	185,000	+14,824	26,600	+7,025	9,400	+1,523	10,100	+624	280,500	+27,091
2023	Results	46,306	+4,057	170,175	+16,851	19,574	+1,406	7,876	+409	9,475	+2,171	253,408	+24,895
Chocolate
2022	Results	42,248	-	153,324	-	18,168	-	7,467	-	7,304	-	228,513	-
Emulsified and	2024 Forecast	59,700	+682	-	-	14,900	+460	20,400	+4,001	-	-	95,000	+5,144
Fermented	2023 Results	59,017	+1,319	-	-	14,439	(1,632)	16,398	(997)	-	-	89,855	(1,309)
Ingredients	2022 Results	57,697	-	-	-	16,071	-	17,395	-	-	-	91,164	-
Soy-based	2024	Forecast	36,000	+1,298	-	-	-	-	900	+129	200	+200	37,100	+1,627
2023	Results	34,701	+1,452	-	-	-	-	770	(265)	0	+0	35,472	+1,188
Ingredients
2022	Results	33,248	-	-	-	-	-	1,035	-	-	-	34,284	-
Net Sales	2024	Forecast	204,100	+7,062	245,900	+12,709	67,500	+7,000	34,300	+5,936	48,200	+3,204	600,000	+35,912
2023	Results	197,037	+7,409	233,190	+648	60,499	(4,598)	28,363	(909)	44,995	+4,126	564,087	+6,676
Total
2022	Results	189,627	-	232,542	-	65,097	-	29,273	-	40,869	-	557,410	-

* Net sales above is sales to outside customers.

Operating Profit

	FY		Japan		Americas	SE Asia	China	Europe	Consolidated	Group administrative	Consolidated
			adjustment	expenses	Total
				YOY		YOY		YOY		YOY		YOY		YOY		YOY		YOY
Vegetable	2024	Forecast	4,907	(919)	2,824	(1,482)	2,526	+377	(3)	(8)	2,021	(1,060)	27	(46)	-	-	12,302	(3,138)
2023	Results	5,825	+1,875	4,306	+5,244	2,148	(811)	4	+192	3,081	+1,698	73	+218	-	-	15,439	+8,418
Oils and Fats
2022	Results	3,950	-	(938)	-	2,959	-	(187)	-	1,383	-	(145)	-	-	-	7,021	-
Industrial	2024	Forecast	5,355	(906)	144	+6,808	1,512	+210	17	(204)	370	(307)	27	(17)	-	-	7,426	+5,585
2023	Results	6,261	+632	(6,664)	(4,639)	1,301	+419	221	+182	676	+301	44	(29)	-	-	1,840	(3,132)
Chocolate
2022	Results	5,629	-	(2,025)	-	882	-	38	-	375	-	73	-	-	-	4,973	-
Emulsified and	2024 Forecast	2,808	(723)	-	-	30	+337	658	+84	-	-	32	+37	-	-	3,528	(266)
Fermented	2023 Results	3,531	+1,368	-	-	(306)	+125	574	+760	-	-	(5)	+49	-	-	3,793	+2,302
Ingredients	2022 Results	2,163	-	-	-	(432)	-	(185)	-	-	-	(54)	-	-	-	1,490	-
Soy-based	2024	Forecast	1,612	+56	-	-	-	-	386	+110	(676)	+209	38	(56)	-	-	1,359	+319
2023	Results	1,555	+209	-	-	-	-	275	(9)	(884)	(508)	94	+71	-	-	1,040	(237)
Ingredients
2022	Results	1,346	-	-	-	-	-	284	-	(376)	-	22	-	-	-	1,277	-
Consolidated	2024	Forecast	-	(127)	-	+13	-	(22)	-	+6	-	(57)	-	+177	-	-	-	(10)
2023	Results	127	(30)	(13)	(5)	22	+75	(6)	(23)	57	+190	(177)	(166)	-	-	10	+40
Adjustment
2022	Results	158	-	(8)	-	(52)	-	16	-	(133)	-	(10)	-	-	-	(30)	-
Group	2024 Forecast	-	-	-	-	-	-	-	-	-	-	-	-	(4,615)	(704)	(4,615)	(704)
Administrative	2023 Results	-	-	-	-	-	-	-	-	-	-	-	-	(3,910)	(118)	(3,910)	(118)
Expenses	2022 Results	-	-	-	-	-	-	-	-	-	-	-	-	(3,792)	-	(3,792)	-
Operating Profit	2024	Forecast	14,681	(2,620)	2,968	+5,339	4,068	+901	1,059	(10)	1,715	(1,215)	124	+95	(4,615)	(704)	20,000	+1,787
2023	Results	17,301	+4,053	(2,371)	+600	3,166	(190)	1,069	+1,102	2,930	+1,682	28	+143	(3,910)	(118)	18,213	+7,273
Total
2022	Results	13,247	-	(2,972)	-	3,356	-	(33)	-	1,248	-	(114)	-	(3,792)	-	10,940	-

7

FUJI OIL HOLDINGS INC.

IR Supplement Material

FY2023 FYE March 2024

4Q

Page Item

• Cover

• FY2023 4Q Pick out：Market and sales trends in each area

1. IR Supplement (1)：Sales volumes of major product categories (YOY)
2. IR Supplement (2)：Main raw material market price（~ the end of Apr. 2024）
3. IR Supplement (3)：Topics / Pick out

8

FY2023 4Q Pick out:Market and sales trends in each area

Area 4Q（Jan. - Mar. 2024）Market and sales trends

	Industrial Chocolate
	-Sales were firm for souvenir, ice cream, and covenience stores market.
	Emulsified and Fermented Ingredients
Japan	-Sales of whipping cream were firm for confectionery in convenience stores and food service chains.
	Soy-based Ingredients
	-Among soy protein ingredients, sales volume of low-margin granulated soy protein decreased, and textured soy protein recoverd for home-meal replacement
	products.
	-Sales volume of soy protein foods for home delivery continued to decrease.
	Vegetable Oils and Fats
	-Sales of vegetable fats for chocolate increased thanks to capturing new demand for confectionery distribution.
America	Industrial Chocolate (4Q: Nov. 2023 - Jan. 2024）
	-Consumption in the chocolate confectionery market continued to weaken as a result of inflation.

Brazil

SE Asia

China

Europe

Industrial Chocolate

-Sales for Easter increased YOY, contributed by Harald's No.2 factory, which started operation in April 2023.

Industrial Chocolate

-Sales were firm for bakeries in Australia although sales for events such as Valentine's Day declined YOY in Indonesia.

Emulsified and Fermented Ingredients

-Sales volume is on a gradual recovery trend thanks to expansion for new customers despite the impact of economic downturn.

Industrial Chocolate

-Demand was firm for gift market.

9

97% 108% 120% 114% 104%

IR Supplement (1):Sales volumes of major product categories (YOY)

			FY2021							FY2022							FY2023
Business	Area	Product	１Q	２Q	1st			2nd		１Q	２Q	1st			2nd		１Q	２Q	1st			2nd
			3Q	4Q	Total	3Q	4Q	Total	3Q	4Q
			half	half	half	half	half	half
	Japan		96%	102%	99%	102%	98%	100%	100%	111%	106%	108%	91%	98%	94%	100%	92%	91%	91%	102%	107%	104%
	Americas		89%	112%	99%	100%	102%	101%	100%	113%	94%	103%	100%	77%	87%	96%	82%	91%	86%	116%	126%	121%
Vegetable	SE Asia	Vegetable fats for	93%	98%	95%	96%	103%	99%	97%	107%	105%	106%	84%	88%	86%	95%	91%	87%	89%	102%	109%	105%
	chocolate
Oils and Fats
	(CBS,CBR,CBS)
	China	72%	77%	75%	54%	63%	57%	66%	-*³	-*³	-*³	-*³	-*³	-*³	-*³	-*³	-*³	-*³	-*³	-*³	-*³
	Europe		180%	153%	164%	135%	104%	118%	137%	109%	70%	88%	69%	80%	75%	81%	84%	124%	102%	122%	111%	116%
	Total		101%	110%	106%	102%	101%	102%	103%	108%	93%	100%	86%	85%	85%	92%	88%	96%	92%	108%	114%	111%
	Japan		114%	106%	110%	104%	97%	101%	105%	98%	96%	97%	93%	95%	94%	96%	97%	101%	99%	101%	101%	101%
	Americas		218%	123%	147%	102%	121%	111%	123%	112%	105%	108%	100%	102%	101%	104%	118%	110%	113%	109%	116%	113%
	(Brazil)
	SE Asia		117%	110%	113%	106%	106%	106%	109%	105%	109%	107%	103%	112%	108%	107%	107%	109%	108%	110%	94%	102%
Industrial	China	Chocolate	115%	83%	95%	106%	77%	93%	94%	77%	103%	91%	87%	110%	97%	94%	112%	76%	89%	98%	141%	115%
Chocolate		(Including cocoa
	Europe	products)	152%	125%	137%	152%	129%	139%	138%	120%	129%	125%	114%	111%	112%	118%	119%	106%	112%	107%	114%	111%
	Total		133%	112%	120%	106%	108%	107%	113%	104%	105%	104%	98%	103%	100%	102%	108%	104%	106%	106%	108%	107%
	(excluding

Blommer）

Total

FY2023 Q4 Key point

98% Sales for confectionery distribution recovered.

102% Sales volume for confectionery distribution increased.

97% Sales increased year-on-year, as it has been a year since sales to confectionery distribution declined.

-*³

109% Sales for confectionery distribution were firm.

101%

100% Sales for souvenir, ice cream, and convenience stores market increased.

113% Sales for Easter were firm.

105% Sales volume decreased due to lower sales for events such as Valentine's Day YOY.

101% Sales increased thanks to spot demand.

111% Sales to souvenir market were strong.

106%

Blommer	106%	108%	107%	96%	98%	96%	101%	95%	92%	94%	87%	94%	90%	92%	84%	89%	86%	94%	88%	91%	88% Sales decreased due to weak consumption.
Total	116%	110%	113%	100%	103%	102%	107%	99%	98%	98%	93%	98%	96%	97%	95%	96%	96%	100%	99%	100%	98%
(including

Blommer)

		Whipping cream	119%	108%	113%	104%	102%	103%	108%	97%	106%	101%	104%	105%	104%	103%	108%	107%	107%	110%	108%	109%
	Japan
		Margarine /	102%	98%	100%	98%	91%	94%	97%	104%	106%	105%	101%	104%	103%	104%	100%	99%	99%	96%	99%	98%
		Shortening
Emulsified
and	SE Asia	Whipping cream	157%	72%	105%	79%	124%	97%	101%	84%	134%	105%	86%	94%	90%	98%	89%	74%	81%	126%	89%	106%
Fermented
Ingredients
		Margarine /	118%	94%	105%	121%	117%	119%	112%	124%	80%	102%	73%	83%	77%	89%	73%	118%	90%	93%	99%	96%
		Shortening

China

108%

99%

93%

93%

Sales for food services and convenience stores increased.

Sales for bakeries and confectionery distribution remain at the same level as the previous year.

Sales for bakeries decreased.

Sales remain at the same level as the previous year due to expansion to new customers despite lower sales to existing cuntomers by economic downtown.

		Filling	144%	111%	126%	123%	115%	119%	122%	88%	92%	90%	87%
		Soy protein	106%	103%	104%	102%	102%	102%	103%	96%	98%	97%	95%
		ingredients
Soy-based	Japan	Soy protein foods	107%	96%	102%	100%	99%	99%	100%	105%	96%	101%	95%
Ingredients
		Functional	103%	99%	101%	99%	99%	99%	100%	87%	110%
		ingredients

*1: If the previous year's figure has changed due to a revision of the product category definition, etc., the retroactively corrected figure is shown.

*2: For companies that changed fiscal year end in FY2022Q4, comparison is made with the same month of the previous year.

*3: Vegetable fats for chocolate in China are not disclosed due to low volume.

87%	87%	88%	94%	94%	94%	104%	99%	101%	98%	Sales remain at the same level as the previous year due to expansion to new
										customers despite lower sales to existing cuntomers by economic downtown.
92%	93%	95%	100%	97%	98%	104%	98%	101%	100%	Sales volume of low-margin granulated soy protein decreased, and textured soy
										protein recoverd for home-meal replacement products.
94%	95%	98%	97%	91%	94%	92%	87%	90%	92%	Sales decreased in home delivery demand and school lunch.
			84%	86%	85%	95%	79%	86%	86%	Sales decreased due to the rebound of the previous year.

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