Kewpie : Summary of Consolidated Financial Statements for the First Quarter of the Fiscal Year Ending November 30, 2023(515KB)

Summary of Consolidated Financial Statements

for the First Quarter of the Fiscal Year Ending November 30, 2023

[JAPAN GAAP]

	April 6, 2023
Listed company name:	Kewpie Corporation
Listed exchange:	Tokyo Stock Exchange
Securities code:	2809
URL:	https://www.kewpie.com/en/
Representative:	Mitsuru Takamiya,
	Representative Director, President and Chief Executive Corporate Officer
Contact:	Takumi Tomita,
	Corporate Officer in charge of Accounting and Finance

Scheduled date for filing quarterly securities report: April 14, 2023

Scheduled date for dividend payment: -

Quarterly supplementary data: Yes

Quarterly results briefing: None

(Amounts are rounded down to the nearest million yen.)

1. Consolidated business results for the first quarter of the fiscal year ending November 30, 2023 (From December 1, 2022 to February 28, 2023)

1. Consolidated operating results (Cumulative)

(Percentage figures show changes from the sameperiod of the previous year.)

	Net sales		Operating income
	Millions of yen	%	Millions of yen	%
Three months ended	107,674	7.1	1,656	(75.4)
February 28, 2023
Three months ended	100,536	6.9	6,732	6.5
February 28, 2022

(Note) Comprehensive income: Three months ended February 28, 2023 Three months ended February 28, 2022

Ordinary income	Profit attributable to
owners of parent
Millions of yen	%	Millions of yen	%
1,913	(73.2)	1,267	(71.6)
7,151	8.3	4,455	(1.5)

¥(2,195) million (-)

¥6,752 million (Increase of 10.6%)

		Earnings per share	Earnings per share
				(diluted)
			Yen			Yen
	Three months ended		9.12			-
	February 28, 2023
	Three months ended		32.05			-
	February 28, 2022
(2) Consolidated financial position
			Total assets			Net assets	Equity ratio
			Millions of yen		Millions of yen	%
	As of February 28, 2023	394,602		288,331	66.4
	As of November 30, 2022	403,384		294,623	66.4
	(Reference) Shareholders' equity:	As of February 28, 2023		¥262,135 million
			As of November 30, 2022	¥267,657 million

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2. Dividends

		Annual dividend per share
	End of 1st	End of 2nd	End of 3rd			Year-end
	quarter	quarter	quarter
	Yen
	Yen	Yen	Yen
Fiscal year 2022	-	20.00	-	27.00
Fiscal year 2023	-
Fiscal year 2023 (Forecast)		23.00	-		27.00

(Note) Revision to the most recently announced forecast of dividends: None

Total

Yen

47.00

50.00

3. Forecasts of consolidated operating results for the fiscal year ending November 30, 2023 (From December 1, 2022 to November 30, 2023)

(Percentage figures show changes from the previous year.)

		Net sales		Operating income	Ordinary income	Profit attributable to	Earnings
			owners of parent	per share
		Millions of yen		%	Millions of yen	%	Millions of yen	%	Millions of yen	%	Yen
	Year ending	440,000		2.3	14,000	(45.0)	15,800	(42.0)	8,500	(47.0)	61.15
	November 30, 2023
	(Note) Revision to the	most recently	announced	forecast of	consolidated	operating results: Yes

*Notes

1. Changes in significant subsidiaries during the three months (Changes in specified subsidiaries resulting in the change in the scope of consolidation): None
2. Application of special accounting treatments for the preparation of quarterly consolidated financial statements: None
3. Changes in accounting policies and estimates, and restatements
4. 1. Changes in accounting policies due to revision of accounting standards: Yes
   2. Changes in accounting policies due to reasons other than "a)" (above): None
   3. Changes in accounting estimates: None
   4. Restatements: None
5. Number of issued shares (common stock)
6. 1. Number of issued shares at the end of the period (including treasury stock):

February 28, 2023	141,500,000 shares
November 30, 2022	141,500,000 shares
b) Number of shares of treasury stock at the end of the period:
February 28, 2023	2,496,180 shares
November 30, 2022	2,495,894 shares

c) Average number of shares during the period (cumulative from the beginning of the fiscal year):

December 1, 2022 to February 28, 2023	139,003,985 shares
December 1, 2021 to February 28, 2022	139,004,737 shares

• The summary of quarterly consolidated financial statements is outside the scope of quarterly review procedures by certified public accountants or an audit corporation.
• Statement for an appropriate usage of the forecasts of operating results and other special notes

The forecasts and other forward looking statements contained in this summary are based on the information currently available to the Company and certain assumptions considered reasonable by the Company. Therefore, they are not guaranteed to be achieved by the Company. As a result, the forecasts of operating results may differ significantly from the actual operating results due to various factors.

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Table of contents
I. Quarterly consolidated financial statements and major notes	2
1. Quarterly Consolidated Balance Sheets	2

2. Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of

Comprehensive Income

4

(Quarterly Consolidated Statements of Income) (Three months ended February 28, 2022 and February 28, 2023).......................................................................................................................................................... 4

(Quarterly Consolidated Statements of Comprehensive Income) (Three months ended February 28, 2022

and February 28, 2023)	5
3. Notes Regarding Quarterly Consolidated Financial Statements	6
(Notes regarding assumption of a going concern)	6
(Notes regarding the significant changes in the amount of shareholders' equity)	6
(Changes in accounting policies)	6
(Segment information)	7

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1. Quarterly consolidated financial statements and major notes
   1. Quarterly Consolidated Balance Sheets

						(Millions of yen)
					Previous fiscal year	Current first quarter
					(As of November 30, 2022)	(As of February 28, 2023)
	Assets
	Current assets
	Cash and deposits	57,825	49,426
	Notes and accounts receivable - trade	59,414	57,279
	Securities	10,000	10,000
	Purchased goods and products	20,867	20,397
	Work in process	2,659	2,540
	Raw materials and supplies	13,551	14,232
	Other	3,524	6,030
	Allowances for doubtful accounts		(115)	(156)
	Total current assets	167,726	159,751
	Fixed assets
	Tangible fixed assets
	Buildings and structures	162,131	161,926
	Accumulated depreciation	(97,130)	(97,969)
	Net book value			65,001	63,957
	Machinery, equipment and vehicles	153,551	153,274
	Accumulated depreciation		(111,171)	(111,432)
	Net book value	42,379	41,841
	Land			30,529	30,464
	Lease assets	5,544	5,420
	Accumulated depreciation		(2,048)	(1,931)
	Net book value	3,496	3,489
	Construction in progress			3,446	3,679
	Other	13,223	13,192
	Accumulated depreciation		(11,027)	(11,088)
	Net book value	2,196	2,104
	Total tangible fixed assets			147,050	145,536
	Intangible fixed assets
	Goodwill	364	319
	Software	13,768	13,750
	Other		1,506	2,066
	Total intangible fixed assets	15,639	16,136
	Investments and other assets
	Investment securities	45,633	44,944
	Long-term loans receivable	850	827
	Assets for retirement benefits	18,656	18,884
	Deferred tax assets	2,749	3,289
	Other	5,198	5,352
	Allowances for doubtful accounts		(119)	(120)
	Total investments and other assets	72,969	73,177
	Total fixed assets			235,658	234,850
	Total assets		403,384	394,602

2

						(Millions of yen)
					Previous fiscal year	Current first quarter
					(As of November 30, 2022)	(As of February 28, 2023)
	Liabilities
	Current liabilities
	Notes and accounts payable - trade	33,051	30,477
	Short-term loans payable	3,058	17,964
	Accounts payable - other	17,001	13,264
	Accrued expenses	2,118	2,915
	Accrued income taxes	2,157	1,354
	Reserves for bonuses	1,487	2,757
	Reserves for directors' bonuses	74	21
	Other		6,303	7,411
	Total current liabilities	65,252	76,168
	Non-current liabilities
	Bonds	10,000	10,000
	Long-term loans payable	16,070	999
	Lease obligations	3,337	3,856
	Deferred tax liabilities	9,558	9,025
	Liabilities for retirement benefits	2,840	2,974
	Asset retirement obligations	267	268
	Other	1,434	2,979
	Total non-current liabilities			43,508	30,103
	Total liabilities	108,761	106,271
	Net assets
	Shareholders' equity
	Paid-in capital	24,104	24,104
	Capital surplus	28,634	28,638
	Earned surplus	203,515	201,030
	Treasury stock	(5,840)	(5,841)
	Total shareholders' equity			250,413	247,931
	Accumulated other comprehensive income
	Unrealized holding gains (losses) on securities	9,348	9,156
	Unrealized gains (losses) on hedges	(1)	17
	Foreign currency translation adjustments	5,911	3,064
	Accumulated adjustments for retirement benefits	1,985	1,964
	Total accumulated other comprehensive income			17,244	14,203
	Non-controlling interests	26,965	26,196
	Total net assets			294,623	288,331
	Total liabilities and net assets		403,384	394,602

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