Kikkoman : Business Performance Presentation for the Nine-Month Period Ended December 31, 2021

Supplementary Schedules

Consolidated Financial Results

for Q3 Fiscal 2022

Nine-month period ended December 31, 2021

IFRS

Kikkoman Corporation

Index

		page
I. Major consolidated performance indicators	1
II. Business performance
1.	Exchange rates	2
2.	Consolidated segment information	3
3.	Consolidated segment information in Japan	4
4.	Consolidated segment information overseas	5
5.	Other income (expenses) and finance income (costs)	6
6.	Consolidated statement of financial position	7

• Forecasts throughout this document were based on the economic environment as of the time they were prepared. Kikkoman therefore wishes to caution readers that actual results may differ materially from forecasts due to a number of unpredictable factors.

I. Major consolidated performance indicators

Consolidated Results		2020.9	2021.9	2020.3	2021.3	2022.3
		H1	H1	Actual	Actual	Forecast
Revenue	millions of yen	212,892	248,681	439,627	439,411	493,800
YoY Change	%	-	16.8	-	(0.0)	12.4
Business profit	millions of yen	21,950	27,634	38,041	42,650	49,700
(Business profit ratio)	%	10.3	11.1	8.7	9.7	10.1
YoY Change	%	-	25.9	-	12.1	16.5
Operating profit	millions of yen	22,159	27,086	34,903	41,672	48,200
(Operating profit ratio)	%	10.4	10.9	7.9	9.5	9.8
YoY change	%	-	22.2	-	19.4	15.7
Profit before income taxes	millions of yen	22,790	29,651	37,814	43,194	51,300
(Profit before income tax ratio)	%	10.7	11.9	8.6	9.8	10.4
YoY change	%	-	30.1	-	14.2	18.8
Profit for the period/year attributable to	millions of yen	16,278	21,367	26,827	31,159	36,400
owners of the parent
(Ratio of profit for the period/year attributable	%	7.6	8.6	6.1	7.1	7.4
to owners of the parent to revenue)
YoY change	%	-	31.3	-	16.1	16.8
Comprehensive income for the period/year	millions of yen	14,508	24,398	16,018	43,919	-
attributable to owners of the parent
Basic earnings per share	yen	84.79	111.41	139.74	162.31	189.87
Diluted earnings per share	yen	-	-	-	-	-
Cash dividends per share	yen	-	-	42.00	45.00	45.00
Dividend payout ratio (consolidated)	%	-	-	30.1	27.7	23.7
Total equity	millions of yen	287,854	330,583	277,543	313,514	-
Equity attributable to owners of the parent	millions of yen	282,698	324,846	272,258	308,130	-
Equity attributable to owners of the parent per	yen	-	-	1,418.20	1,605.08	-
share
millions of yen
Total assets	402,218	453,940	398,698	438,508	-
Equity attributable to owners of the parent to	%	70.3	71.6	68.3	70.3	-
total assets
%	15.1	13.8	16.9	14.6	-
D/E ratio
Ratio of dividend to equity attributable to	%	-	-	3.0	3.0	-
owners of the parent (consolidated)
%	5.9	6.8	10.0	10.7	-
ROE attributable to owners of the parent
Ratio of profit before income taxes to total	%	5.7	6.6	9.6	10.3	-
Share price at end of period	yen	5,820	9,090	4,605	6,590	-
PER	times	-	-	33.0	40.6	-
Cash flows from operating activities	millions of yen	27,592	21,461	41,958	57,167	-
Cash flows from investing activities	millions of yen	(9,486)	(11,661)	(28,777)	(16,886)	-
Cash flows from financing activities	millions of yen	(8,352)	(9,719)	(11,400)	(15,420)	-
Cash and cash equivalents at end of period	millions of yen	37,645	55,849	28,103	55,678	-
Free cash flows	millions of yen	18,393	10,204	16,050	40,393	-
Free cash flows per share	yen	95.81	53.21	83.60	210.41	-
Interest-bearing debt	millions of yen	42,774	44,797	45,925	44,943	-
Capital expenditures	millions of yen	7,822	11,853	29,103	20,946	23,000
Depreciation and amortization	millions of yen	9,617	9,867	18,287	19,371	19,800
R&D costs	millions of yen	2,219	2,332	4,406	4,758	-
Net financial income (loss)	millions of yen	119	318	511	196	-
Average term exchange rate	yen/US$	106.68	110.18	109.10	106.17	109.95
Number of employees	people	7,620	7,700	7,376	7,645	-
Average number of temporary workers	people	-	-	775	646	-
Shares issued and outstanding at end of	thousand	191,973	191,617	191,974	191,971	-
period

(Notes) 1. Revenue does not include consumption and other taxes.

1. Free cash flows = Cash flows from operating activities
2. • Cash used for the acquisition of property, plant and equipment and intangible assets
   • Cash provided from the sale of property, plant and equipment and intangible assets
3. Interest-bearingdebt refers to all liabilities on the consolidated statement of financial position on which interest is paid.
4. Net financial income = Interest and dividend income - Interest expense
5. Equity attributable to owners of the parent = Total equity - Share acquisition rights - Non-controlling interest
6. D/E ratio = Interest-bearing debt/Equity attributable to owners of the parent
7. Shares issued and outstanding at end of period is computed, excluding treasury stock.
8. Business profit = Revenue - Cost of sales - Selling, general and administrative expenses
9. Consolidated performance indicators of the annual and six-month periods of the most recent years are indicated.

- Sup.1 -

1. Business performance
   1. Exchange rates

[Exchange Rates]

	Current year actual	Previous year actual	Change increase (decrease)
	Period	End of	Period	End of	Period	%	End of	%
	average	period	average	period
	average	period
	(21.4-21.12)	(21.12)	(20.4-20.12)	(20.12)
US$	111.38	115.02	105.87	110.71	5.51	105.2	4.31	103.9
EURO	130.85	130.51	122.30	129.80	8.55	107.0	0.71	100.5
S$	82.72	85.15	76.86	82.27	5.86	107.6	2.88	103.5
A$	82.86	83.42	73.88	84.36	8.98	112.2	(0.94)	98.9

- Sup.2 -

2. Consolidated segment information

Revenue					Millions of yen
					Change		Change
			2021.12	2020.12		excluding
			increase	%	%
			Actual	Actual	translation
			(decrease)
						difference
Japan		Soy Sauce	33,082	33,187	(104)	99.7	(104)	99.7
		Food Products	42,246	40,876	1,369	103.4	1,369	103.4
		Portion accounted for by	26,225	25,585	640	102.5	640	102.5
		soy sauce derivative products
		Beverages	34,238	34,438	(200)	99.4	(200)	99.4
		Portion accounted for by	25,187	25,137	49	100.2	49	100.2
		soy milk beverages
		Liquor and Wine	7,026	6,853	172	102.5	172	102.5
		Eliminations	(133)	(127)	(5)	-	(5)	-
		Foods-Manufacturing and Sales	116,461	115,229	1,231	101.1	1,231	101.1
	Others	16,179	15,980	198	101.2	198	101.2
	Eliminations	(9,364)	(9,371)	6	-	6	-
		Total	123,275	121,838	1,436	101.2	1,436	101.2
Overseas		Soy Sauce	71,824	60,805	11,019	118.1	7,050	111.6
		Del Monte	4,514	4,177	337	108.1	108	102.6
		Other Foods	9,439	9,094	345	103.8	(113)	98.8
		Foods-Manufacturing and Sales	85,778	74,076	11,702	115.8	7,045	109.5
	Foods-Wholesale	190,741	143,313	47,428	133.1	36,299	125.3
	Eliminations	(11,596)	(9,436)	(2,160)	-	(1,585)	-
		Total	264,923	207,953	56,969	127.4	41,759	120.1
Kikkoman (Holding Company)	13,289	12,918	371	102.9	371	102.9
Eliminations	(16,628)	(16,183)	(444)	-	(444)	-
Consolidated Total	384,860	326,527	58,332	117.9	43,122	113.2
Business profit
					Change		Change
			2021.12	2020.12		excluding
			increase	%	%
			Actual	Actual	translation
			(decrease)
						difference
Japan	Foods-Manufacturing and Sales	11,178	10,531	647	106.2	647	106.2
	Others	1,449	1,466	(16)	98.9	(16)	98.9
		Total	12,655	12,019	636	105.3	636	105.3
Overseas	Foods-Manufacturing and Sales	18,296	15,562	2,733	117.6	1,808	111.6
	Foods-Wholesale	13,868	7,776	6,092	178.3	5,313	168.3
		Total	32,153	23,314	8,839	137.9	7,141	130.6
Kikkoman (Holding Company)	3,975	3,963	11	100.3	11	100.3
Eliminations	(4,518)	(4,599)	80	-	(56)	-
		Consolidated Total	44,266	34,697	9,568	127.6	7,733	122.3
Operating profit	43,184	34,906	8,277	123.7	6,631	119.0
Profit before income taxes	46,511	36,069	10,441	128.9	8,801	124.4
Profit for the period attributable to owners of the	33,354	25,921	7,432	128.7	6,212	124.0
parent

- Sup.3 -