Meiji Holdings Co., Ltd. · TSE:2269
Meiji — Q1 FY2021 Earnings Presentation
18 slides from Meiji's earnings presentation, Aug 12, 2021
Slide 1: Financial Results for the Q1 of FYE March 2022 (FY2021)
Financial Results for the Q1 of FYE March 2022 (FY2021) (From April 1, 2021 to June 30, 2021) August 12, 2021 * 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 for FY20
Slide 2: Summary for Q1 FY2021 Consolidated Results
Summary for Q1 FY2021 Consolidated Results (JPY bn) FY2020 FY2021 FY2021 Q1 Results Q1 Results YoY Change vs. H1 Plan H1 Plan -16.1% Net sales 281.1 235.9 -45.2 46.7% 505.0 -0.7% (Reference: Net sales) 237.6* 235.9 -1.7 ― ― -19.6% Operating profit 23.1 18.6 -4.5 36.5% 51.0 Op. profit margin 8.2% 7.9
Slide 3: Food: Summary – Q1 FY2021
Food：Summary – Q1 FY2021 (JPY bn) FY2020 FY2021 FY2021 Q1 Results Q1 Results YoY Change vs. H1 Plan H1 Plan -18.2% Net sales 244.4 199.8 -44.5 48.8% 409.8 -1.3% (Reference: Net sales) 202.4* 199.8 -2.5 ― ― -17.5% Operating profit 23.5 19.4 -4.1 45.3% 42.9 YoY Change in Operating Profit (JPY bn) Q1 R
Slide 4: Food: Analysis of Operating Profit
Food：Analysis of Operating Profit – Q1 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 Operating Profit – FY2020 23.5 15.5 4.1 1.5 -0.7 -0.0 1.5 0.2 1.3 Due to increased/decreased
Slide 5: Food: Q1 FY2021 Results by business
Food: Q1 FY2021 Results by business Yogurt & cheese (JPY bn) vs. FY2020 vs. FY2019 FY2021 Net sales Q1 Results Q1 Results Q1 Results* YoY Change Functional -11.0% -16.8% -2.2% Net sales 62.1 yogurt -7.7 -35.2% Yogurt -5.9% -2.5% Operating profit 10.0 -5.4 Cheese -4.9% +0.1% Market size • Yogurt:
Slide 6: Food: Q1 FY2021 Results by business
Food: Q1 FY2021 Results by business Nutrition Chocolate & gummy (JPY bn) (JPY bn) FY2021 FY2021 Q1 Results* YoY Change Q1 Results* YoY Change +10.1% +4.2% Net sales 30.5 +2.8 Net sales 25.0 +1.0 +18.1% +33.2% Operating profit 4.8 +0.7 Operating profit 2.1 +0.5 Market size Market size • Sport
Slide 7: Food: Q1 FY2021 Results by business
Food: Q1 FY2021 Results by business Drinking milk B to B (JPY bn) (JPY bn) FY2021 FY2021 Q1 Results* YoY Change Q1 Results* YoY Change -8.7% +20.7% Net sales 21.7 -2.0 Net sales 16.5 +2.8 ― ― Operating profit -0.0 +0.6 Operating profit 0.3 +0.4 Market size Net sales and operating profit reco
Slide 8: Pharmaceutical: Summary – Q1 FY2021
Pharmaceutical: Summary – Q1 FY2021 (JPY bn) FY2020 FY2021 FY2021 Q1 Results Q1 Results YoY Change vs. H1 Plan H1 Plan -2.3% Net sales 37.1 36.2 -0.8 38.0% 95.5 +1.8% (Reference: Net sales) 35.5* 36.2 +0.6 ― ― ― Operating profit -0.3 -0.6 -0.2 ― 8.5 YoY Change in Operating Profit (JPY bn) Q1 Results
Slide 9: Pharmaceutical: Summary
Pharmaceutical: Summary – Q1 FY2021 Domestic ethical pharmaceuticals Overseas ethical pharmaceuticals (JPY bn) (JPY bn) FY2021 FY2021 Q1 Results* YoY Change Q1 Results* YoY Change -0.8% +1.9% Net sales 18.2 -0.1 Net sales 10.5 +0.1 ― -88.0% Operating profit -0.7 +0.4 Operating profit 0.1 -1.0
Slide 10: Pharmaceutical: Summary
Pharmaceutical: Summary – Q1 FY2021 Human vaccines Events After the Reporting Period (JPY bn) FY2021 Activities for selection and concentration Q1 Results* YoY Change Concluded license agreement with Intas -2.1% Pharmaceuticals Ltd., India, on DMB-3115 Net sales 4.7 -0.1 (announced on July 21)
Slide 11: Outlook for FY2021 (No revisions)
Outlook for FY2021 (No revisions) (JPY bn) FY2020 Results FY2021 Plan H1 Full-year H1 YoY Change Full-year YoY Change -13.7% -14.1% Net sales 584.9 1,191.7 505.0 -79.9 1,024.0 -167.7 +2.4% +1.7% (Reference: Net sales) 493.3* 1,007.1* 505.0 +11.6 1,024.0 +16.8 +1.2% +1.4% Operating profit 50.4 106.0
Slide 12: Points to consider after Q1 FY2021
Points to consider after Q1 FY2021 Business environment in Food segment and our strategies Weak recovery: Consumption expenditures did not return to FY2019 level yet Raw material cost is increasing – May become a risk for performance Short term: Unfavorable performance due to favorable resul
Slide 13: Appendix
Appendix 12 © Meiji Holdings Co., Ltd. All rights reserved.
Slide 14: Financial Position as of June 2021
Financial Position as of June 2021 (JPY bn) Results as of Jun. 2021 Change Main Factors for Change - Cash and deposits (+30.7) - Merchandise and finished goods (+4.4) +6.6% Current assets 453.9 +27.9 - Raw materials and supplies (+2.1) - Notes and accounts receivable-trade (-12.5) +0.4% - Deferred t
Slide 15: Consolidated Cash Flows
Consolidated Cash Flows – Q1 FY2021 (JPY bn) FY2021 Q1 Results YoY Change Main Factors for Change - Decrease in accrued expenses (-13.9) - Income taxes paid (-9.9) Cash flows from operating 4.2 -7.7 - Profit before income taxes (-3.1) activities - Increase in refund liability (+14.3) - Increase in t
Slide 16: Food: Sales by Main Products
Food: Sales by Main Products – Q1 FY2021 (JPY bn) FY2020 FY2021 FY2021 Q1 Results Q1 Results vs. Full-year H1 Plan YoY Change Plan Yogurt 22.5 21.2 -5.9% 49.6% 42.7 Functional yogurt 30.4 25.3 -16.8% 45.8% 55.2 Cheese 7.9 7.5 -4.9% 49.2% 15.2 Chocolate 19.3 19.8 +2.8% 48.6% 40.7 Infant formula and e
Slide 17: Market Prices of Main Raw Materials Imported
Market Prices of Main Raw Materials Imported (USD/MT) Nonfat Dry Milk (USD/MT) Cheese 3,000 7,000 6,000 2,500 5,000 2,000 4,000 1,500 3,000 1,000 2,000 (GBP/MT) Cocoa beans (USD/ｌｂ) Sugar 2,500 25 2,000 20 1,500 15 1,000 10 500 5 16 © Meiji Holdings Co., Ltd. All rights reserved. （Source）Bloomberg
Slide 18: 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. Business forecasts and other forward-looking statements are based on information available at the time of the release of this presentation and reasonable assumptions made by the Company. Actual