NH Foods : Brief Statement of Accounts for the Year Ended March 31, 2017

(Translation)

May 9, 2017

BRIEF STATEMENT OF ACCOUNTS FOR THE YEAR ENDED MARCH 31, 2017

(Based on the accounting principles generally accepted in the United States) (Consolidated)

Name of listed company: NH Foods Ltd.

Listing exchange: Tokyo Stock Exchange

Code number: 2282

URL: http://www.nipponham.co.jp/en/

Representative: Juichi Suezawa

President and Representative Director

Further inquiries: Yoshitaka Hasegawa

Executive Officer, General Manager of Accounting & Finance Department, Corporate Management Division

TEL: [phone]

Scheduled date of the Ordinary General Meeting of Shareholders: June 28, 2017 Scheduled date of payment of dividends: June 5, 2017

Scheduled date of filing of securities report: June 29, 2017

Preparation of supplementary information on statement of accounts: Yes

Holding of results briefing: Yes (results briefing for institutional investors and analysts)

(Figures are indicated by counting fractions of 1/2 or more of a million yen as one and discarding the rest)

1. Consolidated business results for the year ended March 31, 2017 (April 1, 2016 through March 31, 2017):

2. Consolidated operating results:

   (The percentages indicate the rates of increase (decrease) from the previous fiscal year.)

   Income from

   Net sales Operating income

   continuing operations before income taxes and equity in earnings (losses) of associated companies

   Net income attributable to NH Foods Ltd.

   (millions of yen) (%) (millions of yen) (%) (millions of yen) (%) (millions of yen) (%)

   Year ended March 31, 2017 1,202,293 (2.2) 53,802 9.3 49,112 39.1 35,004 60.7

   Year ended March 31, 2016 1,229,324 2.4 49,207 3.0 35,309 (19.4) 21,779 (29.9)

   (Note) Comprehensive income attributable to NH Foods Ltd.:

   Year ended March 31, 2017:	¥38,524 million	217.4%
   Year ended March 31, 2016:	¥12,138 million	(69.8%)

   Earning per share attributable to NH Foods Ltd. shareholders (basic)	Earning per share attributable to NH Foods Ltd. shareholders (diluted)	Ratio of net income attributable to total NH Foods Ltd. to shareholders' equity	Ratio of income from continuing operations before income taxes and equity in earnings of associated companies to total assets	Ratio of operating income to net sales
   (yen)	(yen)	(%)	(%)	(%)
   Year ended March 31, 2017	171.74	161.27	9.2	7.0	4.5
   Year ended March 31, 2016	106.92	100.44	6.1	5.3	4.0

   (For reference) Equity in earnings (losses) of associated companies:

   Year ended March 31, 2017: ¥485 million Year ended March 31, 2016: (¥207 million)

   (Note) 1. Operating income is calculated by deducting cost of goods sold and selling, general and administrative expenses from net sales in accordance with the Japanese accounting practices.

   2. Operations which were discontinued in the second quarter of the year ended March 31, 2017 are presented herein by partially reclassifying the numbers of the year ended March 31, 2016, in accordance with Accounting Standards Codification ("ASC") 205 "Presentation of Financial Statements."

3. Consolidated financial position:

   Total assets	Total equity	Total NH Foods Ltd. shareholders' equity	NH Foods Ltd. shareholders' equity ratio	Total NH Foods Ltd. shareholders' equity per share
   (millions of yen)	(millions of yen)	(millions of yen)	(%)	(yen)
   Year ended March 31, 2017	720,276	408,356	404,126	56.1	1,916.47
   Year ended March 31, 2016	682,855	361,360	356,353	52.2	1,749.36

4. Consolidated cash flows:

5. Cash flows from operating activities	Cash flows from investing activities	Cash flows from financing activities	Cash and cash equivalents at end of the year
   (millions of yen)	(millions of yen)	(millions of yen)	(millions of yen)
   Year ended March 31, 2017	65,254	(38,271)	(11,439)	82,639
   Year ended March 31, 2016	52,535	(49,139)	8,182	67,321

6. State of dividends:

   Annual dividend per share (yen)					Total Dividends (Annual)	Dividend payout ratio (consolidated)	Ratio of dividends to shareholders' equity (consolidated)
   First quarter -end	Second quarter -end	Third quarter -end	Year-end	Total
   					(millions of yen)	(%)	(%)
   Year ended March 31, 2016	-	-	-	33.00	33.00	6,722	30.9	1.9
   Year ended March 31, 2017	-	-	-	52.00	52.00	10,965	30.3	2.8
   Year ending March 31, 2018 (forecast)	-	-	-	53.00	53.00	30.2

7. Forecast of consolidated business results for the year ending March 31, 2018 (April 1, 2017 through March 31, 2018):

8. (The percentages indicate the rates of increase (decrease)

   from the previous fiscal year in respect of the whole-year period, and from the second quarter (cumulative) of the previous fiscal year in respect of the second quarter (cumulative), respectively.)

   Net sales Operating income

   Income from continuing operations before income taxes and equity in earnings (losses) of associated companies

   Net income attributable to NH Foods Ltd.

   Earnings

   per share attributable to NH Foods Ltd. shareholders (basic)

   Second quarter

   (millions of

   yen) (%)

   (millions of

   yen) (%)

   (millions of

   yen) (%)

   (millions of

   yen) (%) (yen)

   (cumulative) 610,000 2.9 25,500 8.8 23,000 5.2 17,500 18.7 82.99

   Whole-year period 1,250,000 4.0 56,000 4.1 51,000 3.8 37,000 5.7 175.46

   * Notes:

9. Changes in significant subsidiaries (changes in specific subsidiaries involving a change in the scope of consolidation) during the year: None

10. Changes in accounting policies:

11. Changes associated with changes in accounting standards: None

12. Other changes: None

    (For more information, please refer to "7. Important Matters Forming the Basis for Preparing Consolidated Financial Statements" on pages 30 to 31.)

13. Number of shares issued (shares of common stock):

14. Number of shares issued (including shares of treasury stock) as of the end of the fiscal year:

    Year ended March 31, 2017: 210,895,298 shares

    Year ended March 31, 2016: 204,000,000 shares

15. Number of shares of treasury stock as of the end of the fiscal year: Year ended March 31, 2017: 25,901 shares

    Year ended March 31, 2016: 295,049 shares

16. Average number of shares outstanding during the fiscal year: Year ended March 31, 2017: 203,823,551 shares Year ended March 31, 2016: 203,701,292 shares