Meiji Holdings Co., Ltd. · TSE:2269

Meiji — Q3 FY2021 Earnings Presentation

23 slides from Meiji's earnings presentation, Feb 9, 2022

  1. Slide 1: Financial Results for the Q1-Q3 of FYE March 2022 (FY2021)

    Financial Results for the Q1-Q3 of FYE March 2022 (FY2021) (From April 1, 2021 to December 31, 2021) February 9, 2022 * Revenue recognition accounting standards are applied from the beginning of Q1 of FY2021. In this material, the figures for FY2020 is shown as before the standards, and the figures

  2. Slide 2: Summary for Q1-Q3 of FY2021 Consolidated Results

    Summary for Q1-Q3 of FY2021 Consolidated Results (JPY bn) FY2020 FY2021 FY2021 Q1-Q3 Q1-Q3 vs. FY2021 Plan YoY Change Results Results Plan (Rev. on Feb. 9) -14.5% Net sales 900.7 769.9 -130.7 76.3% 1,009.0 +1.4% (Reference: Net sales) 759.3* 769.9 +10.5 ― ― -5.1% Operating profit 83.2 79.0 -4.2 87.8

  3. Slide 3: Food: Summary for the Q1-Q3 of FY2021

    Food: Summary for the Q1-Q3 of FY2021 (JPY bn) FY2020 FY2021 FY2021 Q1-Q3 Q1-Q3 vs. FY2021 Plan YoY Change Results Results Plan (Rev. on Feb. 9) -17.4% Net sales 758.4 626.3 -132.0 76.0% 823.6 -0.0% (Reference: Net sales) 626.4* 626.3 -0.1 ― ― -8.9% Operating profit 67.7 61.7 -6.0 82.3% 75.0 YoY Cha

  4. Slide 4: Food: Analysis of Operating Profit by Business for Q1-Q3 of FY2021

    Food: Analysis of Operating Profit by Business for Q1-Q3 of FY2021 (JPY bn) Food Chocolate Frozen Other/ Yogurt & Drinking Segment Nutrition & B to B dessert & Overseas domestic Cheese milk subsidiaries Total gummy ready meal Q1-Q3 Operating Profit – FY2020 67.7 36.3 13.9 8.0 -0.8 1.4 3.5 1.2 4.0 Du

  5. Slide 5: Food: Q1-Q3 FY2021 Results by Business

    Food: Q1-Q3 FY2021 Results by Business  Yogurt and Cheese Business (JPY bn) FY2021 vs. FY2020 Net sales vs. FY2020 vs. FY2020 Q1-Q3 Q1-Q3 YoY Change H1 Results Q3 Results Results* YoY Change Results -7.9% Functional yogurt -12.4% -12.0% -12.3% Net sales 182.5 -15.7 -26.7% Yogurt -4.4% -0.1% -3.0% O

  6. Slide 6: Food: Efforts to Restore Growth for Functional Yogurt

    Food: Efforts to Restore Growth for Functional Yogurt Sales of Functional yogurt Seasonal Core customers remain stable (JPY bn) demand not Struggling to attract new customers Weighted in H2 included due to seasonal 60 demand  R-1 • Launch TV commercials promoting In H1, recovered the importance of

  7. Slide 7: Food: Q1-Q3 FY2021 Results by Business

    Food: Q1-Q3 FY2021 Results by Business  Nutrition  Chocolate and Gummy (JPY bn) FY2021 (JPY bn) FY2021 Q1-Q3 Results* YoY Change Q1-Q3 Results* YoY Change +8.0% +3.1% Net sales 96.5 Net sales 85.8 +7.1 +2.6 +20.2% +18.8% Operating profit 16.7 Operating profit 9.5 +2.8 +1.5 * Before applying revenu

  8. Slide 8: Food: Q1-Q3 FY2021 Results by Business

    Food: Q1-Q3 FY2021 Results by Business  Overseas Business Topics in Overseas Business (JPY bn) FY2021 Q1-Q3 Results* YoY Change Consolidate sales function to +11.8% Meiji (China) Investment Co., Ltd. Net sales 40.8 +4.3 ・In January 2022, the sales functions of ― the subsidiaries in China were Opera

  9. Slide 9: Pharmaceutical: Summary for the Q1-Q3 FY2021

    Pharmaceutical: Summary for the Q1-Q3 FY2021 (JPY bn) FY2020 FY2021 FY2021 Q1-Q3 Q1-Q3 vs. FY2021 Plan Results Results YoY Change Plan (Rev. on Feb. 9) +0.7% Net sales 143.4 144.4 +0.9 77.3% 186.8 +7.7% (Reference: Net sales) 134.0* 144.4 +10.3 ― ― +16.8% Operating profit 15.7 18.3 +2.6 ― 16.5 YoY C

  10. Slide 10: Pharmaceutical: Q1-Q3 FY2021 Results by Business

    Pharmaceutical: Q1-Q3 FY2021 Results by Business  Domestic Ethical Pharmaceuticals  Overseas Ethical Pharmaceuticals (JPY bn) FY2021 (JPY bn) FY2021 Q1-Q3 Q1-Q3 Results* YoY Change Results* YoY Change +7.7% +1.6% Net sales 71.7 +5.1 Net sales 29.3 +0.4 +33.3% +4.8% Operating profit 3.1 +0.7 Operat

  11. Slide 11: Pharmaceutical: Q1-Q3 FY2021 Results by Business

    Pharmaceutical: Q1-Q3 FY2021 Results by Business  Human Vaccines Topics in Pharmaceutical Segment (JPY bn) FY2021 Q1-Q3 Transfer of Agricultural Chemicaｌ Results* YoY Change Business +8.6% ・Completed transfer to Mitsui Chemicals Agro, Net sales 39.6 +3.1 Inc. in January 4, 2022 +17.6% ・Plan to reco

  12. Slide 12: Full-year Outlook – (Reference)

    Full-year Outlook – FY2021 (JPY bn) (Reference) FY2021 FY2021 FY2021 FY2021 Full-year Q1-Q3 YoY Q4 Plan YoY Full-year Plan YoY Results Change (Rev. on Feb. 9) Change (Rev. on Feb. 9) Change Plan (As of Nov. 9) -14.5% -17.9% -15.3% Net sales 769.9 -130.7 239.0 -51.9 1,009.0 -182.7 1,014.0 Consolidate

  13. Slide 13: Full-year Outlook – FY2021

    Full-year Outlook – FY2021 (JPY bn) FY2021 FY2020 FY2021 Plan Results (Rev. on Feb. 9) YoY Change Plan (Rev. on Nov 9) -15.3% Net sales 1,191.7 1,009.0 -182.7 1,014.0 +0.2% (Reference: Net sales) 1,007.1* 1,009.0 +1.8 1,014.0 -15.1% Operating profit 106.0 90.0 -16.0 100.0 Op. profit margin 8.9% 8.9%

  14. Slide 14: Appendix

    Appendix 13 © Meiji Holdings Co., Ltd. All rights reserved.

  15. Slide 15: Consolidated Financial Results for Q1-Q3 FY2021

    Consolidated Financial Results for Q1-Q3 FY2021 (JPY bn) FY2021 Q1-Q3 Results YoY Change Main factors for the change -14.5% Net sales 769.9 -130.7 Refer page 1, 2 and 8 for detail -5.1% Operating profit 79.0 -4.2 Refer page 1, 2 and 8 for detail +65.3% Non-operating profit 5.7 +2.2 - Share of profit

  16. Slide 16: Analysis of Operating Profit for Q1-Q3 FY2021

    Analysis of Operating Profit for Q1-Q3 FY2021 (JPY bn) Consolidated Food Pharma Other Q1-Q3 Results - FY2020 83.2 67.7 15.7 -0.2 Due to increased/decreased sales +1.7 -4.8 +6.5 ― Impact of drug price revision -3.7 ― -3.7 ― Changes in cost of goods sold -1.7 *1 -2.2 +0.5 ― Changes in other SG&A expen

  17. Slide 17: Financial Position as of December 2021

    Financial Position as of December 2021 (JPY bn) Results as of Dec. 2021 Change Main Factors for Change +16.0% - Notes and accounts receivable-trade (+36.3) Current assets 494.1 +68.0 - Cash and deposits (+22.6) +4.1% - Construction in progress (+21.4) Non-current assets 667.3 +26.4 - Machinery and e

  18. Slide 18: Consolidated Cash Flows for Q1-Q3 FY2021

    Consolidated Cash Flows for Q1-Q3 FY2021 (JPY bn) FY2021 Q1-Q3 YoY Main Factors for Change Results Change - Increase in trade payables (+10.6) Cash flows from - Increase in contract liability (+10.2) 75.0 +10.8 operating activities - Profit before income taxes (+5.3) - Income taxes paid (-17.5) - Pu

  19. Slide 19: Analysis of Operating Profit – FY2021

    Analysis of Operating Profit – FY2021 (JPY bn) Consolidated Food Pharma Other FY 2020 Results 106.0 87.4 19.1 -0.5 Due to increased/decreased sales -2.2 -7.8 +5.6 ― Impact of drug price revision -4.8 ― -4.8 ― Changes in costs of goods sold -2.8 *1 -3.7 +0.9 ― Changes in other SG&A expenses -2.1 *2 +

  20. Slide 20: Food: Analysis of Op. Profit by Business – FY2021

    Food: Analysis of Op. Profit by Business – FY2021 (JPY bn) Food Chocolate Frozen Other/ Yogurt & Drinking Segment Nutrition & B to B dessert & Overseas domestic Cheese milk subsidiaries Total gummy ready meal Full-year Operating Profit – FY2020 87.4 47.6 17.7 11.7 -1.2 1.7 3.6 1.2 4.8 Due to increas

  21. Slide 21: Food: Sales by Main Products for Q1-Q3 FY2021

    Food: Sales by Main Products for Q1-Q3 FY2021 (JPY bn) FY2021 FY2020 FY2021 Q1-Q3 Q1-Q3 Full-year YoY vs. H1 Results Results plan Change Plan (Rev. on Feb. 9) Yogurt 64.3 62.4 -3.0% 76.0% 82.0 Functional yogurt 84.1 73.8 -12.3% 75.4% 97.8 Cheese 23.9 22.5 -5.5% 76.6% 29.4 Chocolate 69.2 69.6 +0.6% 7

  22. Slide 22: Market Prices of Main Raw Materials Imported

    Market Prices of Main Raw Materials Imported (USD/MT) Nonfat Dry Milk (USD/MT) Cheese 5,000 6,000 5,000 4,000 4,000 3,000 3,000 2,000 2,000 1,000 1,000 0 0 (GBP/MT) Cocoa beans (USD/ｌｂ) Sugar 2,500 25 2,000 20 1,500 15 1,000 10 500 5 0 0 21 © Meiji Holdings Co., Ltd. All rights reserved. (Source) Bl

  23. Slide 23:  Information in this material is not intended to solicit sale or purchase of

     Information in this material is not intended to solicit sale or purchase of shares in Meiji Holdings. The final decision relating to investments should be made based on the judgment of users themselves.  Business forecasts and other forward-looking statements are based on information available at

Meiji Holdings — Q3 FY2021 Earnings Presentation on 6ix