Kewpie : Summary of Consolidated Financial Statements for the Second Quarter of the Fiscal Year Ending November 30, 2023(552KB)

Summary of Consolidated Financial Statements

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

[JAPAN GAAP]

	July 5, 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: July 14, 2023

Scheduled date for dividend payment: August 7, 2023

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, 2023 (From December 1, 2022 to May 31, 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	%
	Six months ended	220,382		6.2	6,846	(51.9)
	May 31, 2023
	Six months ended	207,523		4.3	14,241	(1.8)
	May 31, 2022
	(Note) Comprehensive income: Six months ended May 31, 2023
		Six months ended May 31, 2022

Ordinary income	Profit attributable to
owners of parent
Millions of yen	%	Millions of yen	%
7,552	(49.5)	4,797	(46.0)
14,964	(1.4)	8,889	(7.6)

¥3,943 million (Decrease of 72.3%) ¥14,223 million (Increase of 2.3%)

		Earnings per share		Earnings per share
					(diluted)
			Yen				Yen
	Six months ended		34.51				-
	May 31, 2023
	Six months ended		63.95				-
	May 31, 2022
(2) Consolidated financial position
			Total assets			Net assets	Equity ratio
			Millions of yen		Millions of yen	%
	As of May 31, 2023	406,889		295,193	65.7
	As of November 30, 2022	403,384		294,623	66.4
	(Reference) Shareholders' equity:	As of May 31, 2023			¥267,441 million
			As of November 30, 2022	¥267,657 million

i

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	-	23.00
Fiscal year 2023 (Forecast)			-		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	447,000		3.9	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 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, 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:
May 31, 2023	2,496,630 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 May 31, 2023	139,003,747 shares
December 1, 2021 to May 31, 2022	139,004,595 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.

ii

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) (Six months ended May 31, 2022 and May 31, 2023) ....	4

	(Quarterly Consolidated Statements of Comprehensive Income) (Six months ended May 31, 2022 and May
	31, 2023)	5
3.	Quarterly Consolidated Statements of Cash Flows	6
4.	Notes Regarding Quarterly Consolidated Financial Statements	8
	(Notes regarding assumption of a going concern)	8
	(Notes regarding the significant changes in the amount of shareholders' equity)	8
	(Changes in accounting policies)	8
	(Segment information)	9

1

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, 2022)	(As of May 31, 2023)
Assets
Current assets
Cash and deposits	57,825	54,056
Notes and accounts receivable - trade	59,414	60,525
Securities	10,000	10,000
Purchased goods and products	20,867	24,752
Work in process	2,659	2,262
Raw materials and supplies	13,551	14,790
Other	3,524	4,153
Allowances for doubtful accounts	(115)	(238)
Total current assets		167,726	170,302
Fixed assets
Tangible fixed assets
Buildings and structures	162,131	162,712
Accumulated depreciation	(97,130)	(99,231)
Net book value		65,001	63,481
Machinery, equipment and vehicles	153,551	154,034
Accumulated depreciation	(111,171)	(112,301)
Net book value		42,379	41,733
Land		30,529	30,488
Construction in progress	3,446	3,449
Other	18,768	18,754
Accumulated depreciation	(13,075)	(13,315)
Net book value		5,693	5,439
Total tangible fixed assets		147,050	144,590
Intangible fixed assets
Goodwill	364	273
Other		15,274	15,985
Total intangible fixed assets	15,639	16,259
Investments and other assets
Investment securities	45,633	47,768
Assets for retirement benefits	18,656	19,104
Other	8,798	8,959
Allowances for doubtful accounts	(119)	(94)
Total investments and other assets		72,969	75,737
Total fixed assets		235,658	236,587
Total assets			403,384	406,889

2

(Millions of yen)

Liabilities

Current liabilities

Notes and accounts payable - trade

Short-term loans payable

Accrued income taxes

Reserves

Other

Total current liabilities

Non-current liabilities

Bonds

Long-term loans payable

Liabilities for retirement benefits

Asset retirement obligations

Other

Total non-current liabilities

Total liabilities

Net assets

Shareholders' equity

Paid-in capital

Capital surplus

Earned surplus

Treasury stock

Total shareholders' equity

Accumulated other comprehensive income Unrealized holding gains (losses) on securities Unrealized gains (losses) on hedges Foreign currency translation adjustments Accumulated adjustments for retirement benefits

Total accumulated other comprehensive income

Non-controlling interests

Total net assets

Total liabilities and net assets

3

Previous fiscal year	Current second quarter
(As of November 30, 2022)	(As of May 31, 2023)
33,051	35,913
3,058	17,966
2,157	2,554
1,643	2,577
25,342	21,608
65,252	80,620
10,000	10,000
16,070	927
2,840	2,992
267	269
14,330	16,886
43,508	31,076
108,761	111,696
24,104	24,104
28,634	28,635
203,515	204,560
(5,840)	(5,842)
250,413	251,457
9,348	10,232
(1)	52
5,911	3,757
1,985	1,941
17,244	15,984
26,965	27,751
294,623	295,193
403,384	406,889