Calbee : Financial Results for the 1st Half ended September, 2022 (812KB)

Consolidated Financial Statements for the

First Half of the Fiscal Year

Ending March 31, 2023

April 1, 2022 to September 30, 2022

This document has been translated from the original Japanese as a guide for non-Japanese investors. It contains forward-looking statements based on a number of assumptions and beliefs made by management in light of information currently available. Actual financial results may differ materially depending on a number of factors, including changing economic conditions, legislative and regulatory developments, delay in new product launches, and pricing and product initiatives of competitors.

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SUMMARY OF FINANCIAL STATEMENTS (consolidated)

First Half Results for the Fiscal Year Ending March 31, 2023

Calbee, Inc.	November 7, 2022
	Stock exchange listings: Prime Market of Tokyo, code number 2229
URL: https://www.calbee.co.jp/en/	Contact: Chisa Hayakawa
	Managing Executive Officer & CFO
	Telephone: [phone]

Representative: Shuji Ito, President & CEO, Representative Director

Scheduled date for submission of the first half financial report: November 10, 2022

Scheduled date for distribution of dividends: --

Availability of supplementary explanatory material for the first half results: Available

Quarterly results presentation meeting: Yes (conference call for institutional investors and analysts)

1. Consolidated results for the first six months (April 1, 2022 to September 30, 2022) of the fiscal year ending March 31, 2023

(1) Consolidated Operating Results						Millions of yen, rounded down
		Six months ended		Six months ended
		September 30, 2021		September 30, 2022
				% change		% change
Net sales ............................................................	120,440		－	133,212	10.6
...................................................Operating profit		13,302			2.2	10,246	(23.0)
.....................................................Ordinary profit		13,574			6.5	12,711	(6.4)
.................Profit attributable to owners of parent		9,178			11.6	8,311	(9.4)
Earnings per share (¥)........................................		68.68				64.37
..........................Earnings per share (diluted) (¥)		－			－

Notes: 1. The percentages shown above are a comparison with the same period in the previous fiscal year.

1. Comprehensive income: Six months ended September 30, 2022: ¥12,907 million (39.4%) Six months ended September 30, 2021: ¥9,257 million (5.3%)
2. As Calbee applied the "Accounting Standard for Revenue Recognition" (Business Accounting Standards No. 29) from the beginning of the fiscal year ended March 2022, the percentage change in net sales from the same period of the previous fiscal year is not shown. Assuming that the same accounting standard as before was applied to sales for the first half of the fiscal year ended March 2022, the percentage of change from the same period of the previous fiscal year is 4.0%, excluding the impact of the application of this accounting standard.

	(2) Consolidated Financial Position
				Millions of yen, rounded down
				As of March 31, 2022	As of September 30, 2022
Total assets ........................................................		236,598	246,171
	..........................................................Net assets			183,458	190,585
	.................Shareholders' equity/total assets (%)			74.1	73.4
	Shareholders' equity: As of September 30, 2022: ¥180,745 million
	As of March 31, 2022: ¥175,379 million
	2) Dividends
					Yen
				FY ended	FY ending
				March 31, 2022	March 31, 2023 (forecast)
Interim period per share .....................................	0.00	0.00
Year-end dividend per share ..............................	52.00	52.00
Annual dividend per share..................................	52.00	52.00

Note: Changes from the most recently announced dividend forecast: None

3) Consolidated forecasts for the fiscal year ending March 31, 2023(April 1, 2022 to March 31, 2023)

Millions of yen

		% change
Net sales ............................................................	274,000	11.6
...................................................Operating profit	22,000	(12.5)
.....................................................Ordinary profit	25,000	(7.2)
.................Profit attributable to owners of parent	15,500	(14.1)
Earnings per share (¥)........................................	120.03

Notes: 1. The percentages shown above are a comparison with the same period in the previous fiscal year. 2. Changes from the most recently announced results forecast: Yes

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Notes

1. Transfers of important subsidiaries during the period (transfers of specified subsidiaries resulting in changes in the scope of consolidation): None
2. Use of special accounting procedures: None
3. Changes in accounting policy, changes in accounting estimates, and restatements:
4. 1. Changes in accounting policies following revisions of accounting standards: None
   2. Changes in accounting policies other than 1: None
   3. Changes in accounting estimates: None
   4. Restatements: None
5. Number of outstanding shares (common stock)

		As of March 31, 2022:	As of September 30, 2022:
1.	Number of outstanding shares	133,929,800 shares	133,929,800 shares
	(including treasury shares)
2.	Number of treasury shares	4,808,426 shares	4,794,416 shares
		Six months to September 30,	Six months to September 30,
		2021:	2022:
3.	Average number of shares during the period	133,649,299 shares	129,126,339 shares

Note: Regarding Calbee stock held in trust as treasury stock within shareholders' equity, the number of treasury shares includes 249,165 of these shares as of September 30, 2022 and 263,265 of these shares as of March 31, 2022, and the average number of shares excludes 258,257 treasury shares in the six months to September 30, 2022, and 279,574 treasury shares in the six months to September 30, 2021.

Financial Statements are not subject to audit by a certified public accountant or audit firm Appropriate use of financial forecasts and other items

1. Forecasts, etc., recorded in this document include forward-looking statements that are based on management's estimates, assumptions and projections at the time of publication. A number of factors could cause actual results to differ materially from expectations. For details of forecasts, please see Page 9, 1. Operating results (3) Consolidated forecasts for the fiscal year ending March 31, 2023.
2. The earnings per share forecast for the fiscal year ending March 31, 2023 is calculated using 129,130,849 shares as the expected average number of shares for the period.
3. Calbee, Inc. has scheduled a financial results conference for institutional investors and analysts for November 7, 2022. An audio recording of the conference will be made available on our Japanese website after the conference.

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Contents

1. Operating results ……………………………………………………………………………………….…... 5
2. 1. Summary of business performance………………………………………………………………………. 5
   2. Analysis of financial position………………………………………………………………………………. 8
   3. Consolidated forecasts…………………………………………………………………………………….. 9
3. Consolidated financial statements and key notes……………………………………………….…. 10
4. 1. Consolidated balance sheets……………………………………………………………………………... 10
   2. Consolidated statements of income and comprehensive income…………………………………….. 12
   3. Consolidated statements of cash flows………………………………………………………………….. 14

(4) Notes to consolidated financial statements………………………………………………………………	16
Notes related to going concern assumption…………………………………………………………….	16
Notes on occurrence of significant changes to shareholders' equity…………………………………	16
Subsequent events……………………………………………………..................................................	16

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1. Operating results

(1) Summary of business performance

(All comparisons are with the same period of the previous fiscal year, unless stated otherwise.)

Net sales during the six-month period under review were ¥133,212 million (up 10.6%) due to growth in both domestic and overseas business on higher demand as well as price revisions implemented in response to accelerating cost inflation. Sales in the domestic business were ¥97,782 million (up 4.6%): gift snack items and convenience store sales grew in line with recovery in domestic travel demand and the lifting of COVID restrictions, despite a significant impact from having restrained sales promotion activities on last year's shortage of Hokkaido-grown potatoes. Sales in the overseas business were ¥35,429 million (up 31.3%) due to growth in sales of snack foods in North America, Greater China, the United Kingdom, Indonesia and other regions.

Operating profit was ¥10,246 million (down 23.0%), and operating margin was 7.7%, a decrease of

3.4 percentage points as contributions from increased sales could not offset the negative impact of rising raw material costs (cooking oils, imported potatoes, packaging, etc.) and energy costs. Ordinary profit was ¥12,711 million (down 6.4%) on the recognition of foreign exchange gains accompanying the ongoing depreciation of the yen. Profit attributable to owners of parent was ¥8,311 million (down 9.4%).

Results by business are as follows.

Millions of yen, rounded down

		H1 FY ended	H1 FY ending
		March 31, 2022	March 31, 2023
		Amount	Amount	Growth (%)
Domestic production and sale of	93,449	97,782	＋4.6
snack and other foods business
	Domestic snack foods	87,674	90,051	＋2.7
	Domestic cereals	13,163	13,432	＋2.0
	Domestic, others	4,896	5,619	＋14.8
	Deduction of rebates, etc.	(12,284)	(11,320)	－
Overseas production and sale of	26,991	35,429	＋31.3
snack and other foods business
Total, production and sale of snack	120,440	133,212	＋10.6
and other foods business

• Sales of "Domestic snack foods", "Domestic cereals" and "Domestic, others" are before deduction of rebates, etc.

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