Kewpie : Summary of Consolidated Financial Statements for the Second Quarter of the Fiscal Year Ending November 30, 2022

Summary of Consolidated Financial Statements

for the Second Quarter of the Fiscal Year Ending November 30, 2022

[JAPAN GAAP]

	July 7, 2022
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:	Takeshi Kitagawa,
	Senior General Manager of Management Promotion Division

Scheduled date for filing quarterly securities report: July 15, 2022

Scheduled date for dividend payment: August 8, 2022

Quarterly supplementary data: Yes

Quarterly results briefing: Yes (for corporate investors and investment analysts)

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

1. Consolidated business results for the second quarter of the fiscal year ending November 30, 2022 (From December 1, 2021 to May 31, 2022)

(1) Consolidated operating results (Cumulative)

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

		Net sales	Operating income	Ordinary income	Profit attributable to
		owners of parent
	Six months ended	Millions of yen	%	Millions of yen		%	Millions of yen	%	Millions of yen	%
	207,523	4.3	14,241		(1.8)	14,964	(1.4)	8,889	(7.6)
	May 31, 2022
	Six months ended	198,879	(24.4)	14,499		29.5	15,183	33.4	9,621	70.5
	May 31, 2021
	(Note) Comprehensive income: Six months ended May 31, 2022		¥14,223 million (Increase of 2.3%)
		Six months ended May 31, 2021		¥13,907 million (Increase of 92.3%)
		Earnings per share	Earnings per share
		(diluted)
	Six months ended		Yen			Yen
		63.95	-
	May 31, 2022
	Six months ended		67.86	-
	May 31, 2021

(Note) During the fiscal year ended November 30, 2021, the Company finalized the provisional accounting treatment for business combinations. As a result, figures for the six months ended May 31, 2021 reflect the finalization of the provisional accounting treatment.

(2) Consolidated financial position

		Total assets		Net assets	Equity ratio
		Millions of yen		Millions of yen	%
	As of May 31, 2022	381,068		279,564	66.6
	As of November 30, 2021	381,003		269,301	64.5
	(Reference) Shareholders' equity:	As of May 31, 2022		¥253,835 million
		As of November 30, 2021	¥245,640 million

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2. Dividends

		Annual dividend per share
	End of 1st	End of 2nd	End of 3rd	Year-end		Total
	quarter	quarter	quarter
	Yen	Yen	Yen	Yen		Yen
Fiscal year 2021	-	20.00	-	27.00	47.00
Fiscal year 2022	-	20.00
Fiscal year 2022 (Forecast)			-	27.00	47.00

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

3. Forecasts of consolidated operating results for the fiscal year ending November 30, 2022 (From December 1, 2021 to November 30, 2022)

(Percentage figures show changes from the previous year.)

	Net sales		Operating income	Ordinary income	Profit attributable to	Earnings
		owners of parent	per share
Year ending	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%	Yen
430,000	5.6	26,000	(7.0)	27,700	(6.7)	15,700	(12.8)	112.95
November 30, 2022

(Note) Revision to the most recently announced forecast of consolidated operating results: Yes

*Notes

1. Changes in significant subsidiaries during the six 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):

May 31, 2022	141,500,000 shares
November 30, 2021	141,500,000 shares
b) Number of shares of treasury stock at the end of the period:
May 31, 2022	2,495,661 shares
November 30, 2021	2,495,090 shares

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

December 1, 2021 to May 31, 2022	139,004,595 shares
December 1, 2020 to May 31, 2021	141,790,861 shares

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*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
l. 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) (Six months ended May 31, 2021 and May 31, 2022) ....	4

	(Quarterly Consolidated Statements of Comprehensive Income) (Six months ended May 31, 2021 and May
	31, 2022)....................................................................................................................................................	5
3.	Quarterly Consolidated Statements of Cash Flows....................................................................................	6
4.	Notes Regarding Quarterly Consolidated Financial Statements ................................................................	7
	(Notes regarding assumption of a going concern) .....................................................................................	7
	(Notes regarding the significant changes in the amount of shareholders' equity) ......................................	7
	(Changes in accounting policies) ...............................................................................................................	7
	(Business combination)..............................................................................................................................	8
	(Segment information)................................................................................................................................	8

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

					(Millions of yen)
				Previous fiscal year	Current second quarter
				(As of November 30, 2021)	(As of May 31, 2022)
	Assets
	Current assets
	Cash and deposits	58,343	52,185
	Notes and accounts receivable - trade	56,875	59,790
	Securities	10,000	10,000
	Purchased goods and products	18,277	19,502
	Work in process	1,369	904
	Raw materials and supplies	10,419	12,549
	Other	2,303	2,697
	Allowances for doubtful accounts		(137)	(105)
	Total current assets	157,451	157,525
	Fixed assets
	Tangible fixed assets
	Buildings and structures	157,939	159,311
	Accumulated depreciation	(93,161)	(94,560)
	Net book value			64,777	64,750
	Machinery, equipment and vehicles	149,308	150,188
	Accumulated depreciation		(106,897)	(108,972)
	Net book value	42,411	41,215
	Land			30,850	30,914
	Construction in progress	2,488	2,422
	Other	18,060	18,336
	Accumulated depreciation	(12,054)	(12,512)
	Net book value			6,005	5,824
	Total tangible fixed assets	146,532	145,127
	Intangible fixed assets
	Goodwill	552	455
	Other		12,751	13,914
	Total intangible fixed assets	13,303	14,370
	Investments and other assets
	Investment securities	43,629	43,053
	Assets for retirement benefits	11,128	12,028
	Other	9,078	9,082
	Allowances for doubtful accounts		(120)	(119)
	Total investments and other assets	63,715	64,044
	Total fixed assets			223,552	223,543
	Total assets		381,003	381,068

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