Financial Results for Fiscal Year Ended March, 2025 [PDF: 507KB](Open in a separate window)

Consolidated Financial Statements for the Fiscal Year Ended March 31, 2025

April 1, 2024 to March 31, 2025

SUMMARY OF FINANCIAL STATEMENTS (consolidated)

Full Year Results for the Fiscal Year Ended March 31, 2025

1. Consolidated results for the fiscal year ended March 31, 2025(April 1, 2024 to March 31, 2025)

   1. Consolidated Operating Results Millions of yen, rounded down

      	FY ended March 31, 2024		FY ended March 31, 2025
      		% change		% change
      Net sales ...............................................................	303,027	8.5	322,564	6.4
      Operating profit ................................................	27,304	22.8	29,066	6.5
      Ordinary profit ..................................................	31,155	32.8	29,844	(4.2)
      Profit attributable to owners of parent ..............	19,886	34.6	20,874	5.0
      Earnings per share (¥)......................................	159.22		167.11
      Earnings per share (diluted) (¥) .......................	-		-
      Return on equity (%)	10.9		10.5
      Ordinary profit to total assets ratio (%)	11.7		9.8
      Operating profit to sales ratio (%)	9.0		9.0

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

      1. Comprehensive income: FY ended March 31, 2025: ¥20,599million (down 21.9%)

         FY ended March 31, 2024: ¥26,373 million (up 46.9%)

      2. Share of profit (loss) of entities accounted for using equity method: FY ended March 31, 2025: ¥16 million

         FY ended March 31, 2024: ¥17 million

   2. Consolidated Financial Position Millions of yen, rounded down

      	As of March 31, 2024	As of March 31, 2025
      Total assets..........................................................	292,158	319,169
      Net assets ...........................................................	201,086	215,067
      Shareholders' equity/total assets (%)..................	65.6	64.3
      Net assets per share (¥).......................................	1,535.49	1,642.27

      Shareholders' equity: As of March 31, 2025: ¥205,180 million

      As of March 31, 2024: ¥191,751 million

   3. Consolidated Cash Flows Millions of yen, rounded down

   	FY ended March 31, 2024	FY ended March 31, 2025
   Cash flows from operating activities	24,350	39,100
   Cash flows from investing activities	(35,307)	(28,604)
   Cash flows from financing activities	16,850	2,541
   Cash and cash equivalents at end of period	37,718	51,019

2. Dividends Yen

   	FY ended March 31, 2024	FY ended March 31, 2025	FY ending March 31, 2026 (forecast)
   Interim period per share .....................................	0.00	0.00	0.00
   Year-end dividend per share................................	56.0	58.0	60.0
   Annual dividend per share ...................................	56.0	58.0	60.0
   Total dividend amount (millions of yen)…………	7,009	7,259	-
   Dividend payout ratio (consolidated) (%)………	35.2	34.7	36.6
   Net assets to dividends ratio (consolidated) (%)	3.8	3.7	-

   Note: Total dividend amounts for FYs ended March 31, 2024 and March 31, 2025 include dividends of ¥16 million and ¥13 million, respectively, for Calbee shares held in trust

3. Consolidated forecasts for the fiscal year ending March 31, 2026 (April 1, 2025 to March 31, 2026)

Millions of yen

Notes

1. Transfers of important subsidiaries during the period (transfers of specified subsidiaries resulting in changes in the scope of consolidation): None Excluded companies: None

2. Changes in accounting policy, changes in accounting estimates, and restatements:

   1. Changes in accounting policies following revisions of accounting standards: Yes

   2. Changes in accounting policies other than 1: None

   3. Changes in accounting estimates: None

   4. Restatements: None

3. Number of outstanding shares (common stock)

Note: Regarding Calbee stock held in trust as treasury stock within shareholders' equity, the number of treasury shares includes 230,245 of these shares as of March 31, 2025 and 288,055 of these shares as of March 31, 2024, and the average number of shares excludes 249,242 treasury shares during the year to March 31, 2025, and 267,811 treasury shares during the year to March 31, 2024.

1. Non-consolidated operating results Millions of yen, rounded down

   	FY ended March 31, 2024	FY ended March 31, 2025
   	% change		% change
   Net sales	204,346	9.5	220,614	8.0
   Operating profit	23,117	28.8	24,864	7.6
   Ordinary profit	27,008	33.1	25,187	(6.7)
   Net profit	23,613	69.9	19,104	(19.1)
   Earnings per share (¥)	189.06		152.94
   Earnings per share (diluted) (¥)	-		-

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

2. Non-consolidated financial position Millions of yen, rounded down

   	As of March 31, 2024	As of March 31, 2025
   Total assets	256,719	281,132
   Net assets	179,347	191,453
   Shareholders' equity/total assets (%) Net assets per share (¥)	69.9 1,436.17	68.1 1,532.40

   ‌Shareholders' equity: As of March 31, 2025: ¥191,453 million, As of March 31, 2024: ¥179,347 million

   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 further information on assumptions used in forecasts, please see Page 9 Overview of Operating Results (4) Consolidated forecasts.

   2. The earnings per share forecast for the fiscal year ending March 31, 2026 is calculated using 124,936,984 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 May 12, 2025. A video recording of the conference will be made available on our Japanese website after the conference.

1. Overview of operating results
   1. Overview of business performance

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

      During the fiscal year under review, the global economy continued to face uncertainties due to ongoing geopolitical risk resulting from conflicts and international disputes, as well as changes in monetary policy and administrations in various countries, but showed signs of a gradual recovery in the second half of the year, due in part to the calming of inflation in Europe and the United States and the Chinese economic downturn having been arrested. The Japanese economy has been on a recovery track due to an increase in corporate capital investment, a gradual recovery in personal consumption, and an increase in inbound tourism demand due to an increase in tourists from abroad, amid a continuing rise in prices. Furthermore, with regard to the social issues around our Group, as competition for resources intensifies on environmental changes such as global warming, there is a strong demand for greater consideration of environmental impact and human rights in the supply chain. Amid this business environment, Calbee Group has advanced a business restructuring aimed at achieving the next stage of growth based on our Vision for 2030 and Growth Strategy.

      In our domestic core businesses, we implemented balanced product development in line with changing consumer needs, strengthened fan marketing, and utilized DX to advance data-driven profit improvement initiatives. In January 2025, the Setouchi Hiroshima Factory began operations as a state-of-the-art mother factory with excellent green performance, higher productivity, and an improved working environment. In our overseas businesses, we are strengthening our regional portfolio structure by employing human resources with the expertise we have developed in Japan and proactively allocating other resources such as capital and facilities to growth areas, which is helping to build a foundation for sustainable growth. Additionally, in the new business area of food and health, we worked to increase awareness of Body Granola, a personal food program. And in collaboration with the Shiretoko Shari Agricultural Cooperative, to ensure a stable supply of potatoes, we have also decided to fully enter the frozen food agribusiness, which is a type of agribusiness.

      To further promote sustainability management, Calbee Group is identifying materiality and engaging in actions related to climate change, conservation of biodiversity, and respect for human rights. With the aim of disclosing TNFD for the fiscal year ending March 2026, we have grasped the dependencies and impacts at the interface between our business and nature and clarified risks and opportunities over the past year. In addition, to improve agricultural sustainability, we will make efforts to reduce the use of phosphate fertilizer through appropriate fertilization in potato cultivation, contributing to preserve natural capital and mitigate climate change. As part of our efforts to reduce GHG emissions, we interviewed contract potato producers and worked with Japan's Ministry of Agriculture, Forestry and Fisheries to improve visibility, which is a key point in encouraging emissions reductions. Regarding Scope 1 and 2 GHG emissions, we will complete the calculation of emissions in 2024 at all overseas facilities and accelerate our reduction efforts across the Group.

      Consolidated net sales for the fiscal year under review were 322,564 million (up 6.4%). In the domestic business, revenue increased on the effect of price and content revisions, as well as improved brand value through continued marketing, steady demand gained through sales activities, and increased demand for gift snack items. In the overseas business, sales rose due to sales growth in Europe, the US, Indonesia and other regions, despite continued sluggish performance in Greater China.

      Operating profit was ¥29,066 million (up 6.5%), and operating margin was 9.0%, on par with that of the previous fiscal year. In the domestic business, raw material prices continued to rise throughout the fiscal year, but this was offset by price and content revisions, and profit rose on higher sales volume. Ordinary profit was ¥29,844 million (down 4.2%) due to the recording of foreign exchange losses in non-operating expenses. Profit attributable to owners of parent was ¥20,874 million (up 5.0%) on factors including the application of tax benefits.

      Results by business are as follows.

      Millions of yen, rounded down

      		FY ended March 31, 2024	FY ended March 31, 2025
      		Amount	Amount	Growth (%)
      Domestic production and sale of snack and other foods business		229,887	243,202	+5.8
      	Domestic snack foods	214,642	225,398	+5.0
      	Domestic cereals	26,194	29,417	+12.3
      	Domestic, others	15,565	16,869	+8.4
      	Deduction of rebates, etc.	(26,515)	(28,483)	-
      Overseas production and sale of snack and other foods business		73,140	79,362	+8.5
      Total, production and sale of snack and other foods business		303,027	322,564	+6.4

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

      Production and sale of snack and other foods business

      Sales in the production and sale of snack and other foods business increased on growth in both the domestic and overseas businesses.

      Domestic production and sale of snack and other foods business

      ・Domestic snack foods:

      Domestic snack foods sales increased.

      Sales by product are as follows.

      Millions of yen, rounded down

      	FY ended March 31, 2024	FY ended March 31, 2025
      	Amount	Amount	Growth (%)
      Potato Chips	98,274	102,818	+4.6
      JagaRico	45,353	48,282	+6.5
      Other snacks	71,014	74,297	+4.6
      Total, domestic snack foods	214,642	225,398	+5.0

      * Net sales by product are before deduction of rebates, etc.

      • Sales of Potato Chips increased amid a sufficient Hokkaido potato harvest in 2024, driven primarily by sales of regular items such as Usu-Shio-Aji and Kataage Potato. The renewal of existing items Potato Chips The Atsugiri and Super Thin Potato, as sub-brands also contributed to higher sales.

      • Strong demand for JagaRico continued, especially for regular items. Even having expanded production capacity in 2023, we maintained a high utilization rate, resulting in higher sales.

      • As for other snacks, sales of Crisp, a fabricated potato chips that is a renewal of an existing product, grew. In addition, sales of gift snack items such as Jaga Pokkuru continued to rise due to an increase in domestic and international tourists. Sales of flour-based and corn/bean-based snacks were also strong overall.

        ・Domestic cereals:

        Sales of domestic cereals were ¥29,417 million (up 12.3%) due to various collaborative products with other companies, strengthened sales activities in conjunction with marketing activities and by growth in the cereal market.

        ・Domestic, others:

        Sales in other domestic businesses were ¥16,869 million (up 8.4%) due to growth in the sweet potato business and Body Granola, a personal food program that focuses on the intestinal microbiome.

        Overseas production and sale of snack and other foods business

        Sales increased in the overseas production and sale of snack and other foods business.

        Sales by region are as follows.

        Millions of yen, rounded down

        	FY ended March 31, 2024	FY ended March 31, 2025
        	Amount	Amount	Growth (%)	Growth on local currency basis (%)
        Europe/Americas	36,485	42,639	+16.9	+10.1
        North America	23,473	28,308	+20.6	+14.2
        Asia/Oceania	45,968	47,576	+3.5	(0.1)
        Greater China	18,568	17,075	(8.0)	(12.5)
        Deduction of rebates, etc.	(9,313)	(10,853)	-	-
        Total, overseas production and sale of snack and other foods business	73,140	79,362	+8.5	+3.5

        * Europe/Americas: North America and United Kingdom, etc.

        ** Asia/Oceania: Greater China, Indonesia, South Korea, Thailand, Singapore, Australia, etc.

        *** Greater China: China and Hong Kong

        **** Net sales by region are before deduction of rebates, etc.

        • In Europe/Americas, both North America and the UK saw growth. In North America, sales increased on expanded distribution of flagship bean-based snack Harvest Snaps and brands of Japanese origin. For brands of Japanese origin, this was due in part to the expanded product lineup, such as Takoyaki Ball, and localization of products. In the UK, sales rose due to expanded sales of Seabrook brand products at national retail chains.

        • In Asia/Oceania, sales grew in all regions except Greater China, where e-commerce channel sales remained sluggish due to the continued impact of the economic downturn and tightening customs regulations, resulting in lower sales. However, sales to retail stores, our focus segment, rose on higher sales of Jagabee produced locally on a contract basis, snack foods imported from surrounding factories, and Frugra exported from Japan. Sales grew in all other regions, particularly in Indonesia, where we expanded production capacity.

   2. Overview of financial position

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

      Total assets as of March 31, 2025 increased by ¥27,010 million to ¥319,169 million, mainly due to an increase in property, plant and equipment, primarily due to construction of the Setouchi Hiroshima Factory.

      Liabilities increased by ¥13,028 million to ¥104,101 million on an increase in long-term borrowings. Net assets increased by ¥13,981 million to ¥215,067 million due to an increase in retained earnings. As a result, the shareholders' equity ratio was 64.3%, down 1.3 percentage points.

   3. Overview of cash flow

      Cash and cash equivalents as of March 31, 2025 were ¥51,019 million, an increase of ¥13,300 million.

      Cash flows from operating activities

      Operating activities resulted in a net cash inflow of ¥39,100 million, an increase of ¥14,749 million. This was mainly due to an increase in trade receivables on a delay in receipt of payments as the last day of the previous fiscal year was a bank holiday.

      Cash flows from investing activities

      Investing activities resulted in a net cash outflow of ¥28,604 million, a decrease of ¥6,702 million, mainly due to an increase in proceeds from withdrawal of time deposits.

      Cash flows from financing activities

      Financing activities resulted in a net cash inflow of ¥2,541 million, a decrease of ¥14,308 million, mainly due to a net decrease in long-term borrowing.

      Information pertaining to financial resources and capital liquidity

      • Developments in capital requirements

      Calbee Group's capital requirements for operating activities include expenditures for costs related to manufacturing, such as raw materials, labor and production expenses, and for sales activities, such as selling, labor, distribution, etc. Expenditures for investing activities are primarily for capital investment and growth investment and expenditures for financing activities are primarily for capital requirements related to the payment of dividends by the parent company. In response to these capital requirements, based on the "Change 2025" growth strategy, we plan to allocate cash flows from operating activities to be generated over the three-year period from the fiscal year ended March 31, 2024 to the fiscal year ending March 31, 2026, cash on hand, and borrowings.

      Details of capital requirements

      Growth investment: Capital investment for growing domestic and overseas business, investment in new areas, M&A for strengthening overseas bases, etc.

      Efficiency investment: Support for ESG, capital investment in areas including automation/labor-saving, to raise productivity

      Shareholder returns: Aim for total return ratio over 50% and DOE 4% on a consolidated basis

      The status of cash outlays as of the end of the fiscal year under review is as follows.

      Millions of yen, rounded down

      	3-year plan	FY ended March 31, 2024	FY ended March 31, 2025	2-year cumulative total	Progress (%)
      Growth investment	80,000	10,779	7,420	18,200	22.8
      Efficiency investment	60,000	22,118	22,350	44,468	74.1
      Shareholder returns	25,000	6,504	7,005	13,509	54.0
      Total	165,000	39,402	36,776	76,178	46.2

      ・Fund-raising methods

      In principle, Calbee Group raises funds by using borrowings from financial institutions in addition to cash provided by operating activities. We and our domestic consolidated subsidiaries have introduced a cash management system (CMS) to centrally manage funds within the Group, thereby centrally managing surplus funds, securing liquidity and improving funding efficiency. In addition, Calbee has entered into overdraft agreements with several financial institutions with the aim of further supplementing our liquidity, and we recognize that we have sufficient liquidity to fund our business operations.

   4. Consolidated forecasts

      Under our 2030 vision "Next Calbee & Beyond," Calbee Group has set forth the "Change 2025" growth strategy (from the fiscal year ended March 2024 to the fiscal year ending March 2026), positioning this as a period of structural transformation. We will continue to work to establish a foundation for future growth.

      In the fiscal year ending March 31, 2026, while there are signs of an economic recovery in Japan, such as continued wage increases, there is concern about risks such as rising raw material costs due to inflation and growing consumer frugality. In addition, overseas, there is still a strong sense of uncertainty about the outlook for the political and economic environment surrounding Japan, with continued geopolitical risks from international conflicts and disputes and the global impact of US tariff policies, and it is expected that there will be an even greater need to prepare for major changes in the business environment and respond flexibly.

      Under these circumstances, we will continue to conduct price and content revisions in response to rising costs, while striving to increase sales volume by leveraging effective brand strategy that emphasizes Calbee's unique competitive advantages and the enhanced supply capacity that will result from the start of operations at the Setouchi Hiroshima Factory. Furthermore, we will work to strengthen profitability by leveraging DX to optimize the supply chain in order to achieve growth beyond the fiscal year ending March 2027. We will continue to expand the overseas business, primarily in North America, by making investments to promote growth while responding flexibly to changes in the business environment in each region.

      Also, we will strengthen our foundation for sustainable growth through the promotion of sustainability management by investing in human resources and solutions to social and environmental issues from a medium- to long-term perspective as the foundation that supports our business.

      As a result, consolidated net sales for the year ending March 31, 2026 are forecast to be ¥345,000 million (up 7.0%), operating profit to be ¥29,800 million (up 2.5%), and profit attributable to owners of parent to be ¥20,500 million (down 1.8%).

      The main exchange rates used as basis for this forecast are 1USD=¥152, 1RMB=¥21.1.

2. ‌Basic policy for profit distribution and dividends for the fiscal years ended March 31, 2025 and March 31, 2026

   Calbee recognizes the distribution of profits to our shareholders as a top management priority. The cash flows generated over the three-year period from the fiscal year ended March 31, 2024 to the fiscal year ending March 31, 2026 will be allocated to growth investments, efficiency investments, and shareholder returns after utilizing cash on hand and borrowings. For shareholder returns, we aim to stably increase dividends with a total return ratio of 50% or more and DOE of 4%.

   We plan to pay a fiscal year-end dividend of ¥58 per share, for a consolidated dividend payout ratio of 34.7%. This will be discussed at the 76th Annual General Meeting of Shareholders to be held on June 25, 2025.

   For the fiscal year ending March 31, 2026, we plan to pay an annual dividend of ¥60 per share, for a consolidated dividend payout ratio of 36.6%.

   As prescribed by Article 454, Paragraph 5 of the Companies Act, the Articles of Incorporation stipulate that Calbee is able to pay interim dividends. However, Calbee will pay dividends once per annum upon review of certain factors including the annual results.

3. ‌Basic approach to selection of accounting standards

   With the aims of enhancing management of the business and enabling international comparison of financial information in capital markets through the unification of accounting standards, Calbee is considering the adoption of International Financial Reporting Standards (IFRS).

4. ‌Consolidated financial statements and key notes
   1. Consolidated balance sheets

      Millions of yen, rounded down
      As of March 31, 2024		As of March 31, 2025
      Assets
      Current assets
      Cash and deposits	44,295	56,755
      Notes receivable - trade	922	888
      Accounts receivable	53,196	40,730
      Inventories	22,208	25,136
      Other	7,309	10,449
      Allowance for doubtful accounts	(78)	(122)
      Total current assets	127,853	133,837
      Non-current assets
      Property, plant and equipment
      Buildings and structures	86,754	120,971
      Accumulated depreciation	(48,084)	(50,685)
      Buildings and structures, net	38,670	70,285
      Machinery, equipment and vehicles	131,794	148,936
      Accumulated depreciation	(95,294)	(99,887)
      Machinery, equipment and vehicles, net	36,500	49,049
      Land	16,265	16,226
      Leased assets	980	1,007
      Accumulated depreciation	(446)	(410)
      Leased assets, net	534	596
      Construction in progress	29,851	7,194
      Other	7,020	8,063
      Accumulated depreciation	(5,185)	(5,633)
      Other, net	1,835	2,429
      Total property, plant and equipment	123,657	145,782
      Intangible assets
      Goodwill	22,650	20,548
      Other	2,620	3,659
      Total intangible assets	25,271	24,207
      Investments and other assets
      Investment securities	3,183	3,263
      Deferred tax assets	5,408	5,064
      Retirement benefit asset	4,505	5,202
      Other	2,280	1,810
      Allowance for doubtful accounts	(1)	(1)
      Total investments and other assets	15,376	15,340
      Total non-current assets	164,305	185,331
      Total assets	292,158	319,169

      Millions of yen, rounded down
      As of March 31, 2024		As of March 31, 2025
      Liabilities
      Current liabilities
      Notes and accounts payable - trade	12,535	13,358
      Short-term borrowings	1,433	883
      Lease obligations	169	203
      Accounts payable - other	11,736	13,588
      Accrued expenses	13,537	16,118
      Income taxes payable	6,743	3,829
      Provision for bonuses	6,606	6,456
      Provision for bonuses for directors (and other officers)	116	153
      Provision for share-based remuneration	98	105
      Other	1,498	1,008
      Total current liabilities	54,475	55,705
      Non-current liabilities
      Long-term borrowings	25,000	35,000
      Lease obligations	433	468
      Deferred tax liabilities	1,854	1,903
      Provision for retirement benefits for directors (and other officers)	100	98
      Provision for share-based remuneration for directors (and other officers)	280	297
      Retirement benefit liability	8,017	8,853
      Asset retirement obligations	755	1,545
      Other	155	229
      Total non-current liabilities	36,596	48,396
      Total liabilities	91,072	104,101
      Net assets
      Shareholders' equity
      Share capital	12,046	12,046
      Capital surplus	2,514	2,514
      Retained earnings	191,706	205,571
      Treasury shares	(24,972)	(24,783)
      Total shareholders' equity	181,293	195,348
      Accumulated other comprehensive income
      Valuation difference on available-for-sales securities	796	616
      Foreign currency translation adjustment	9,751	9,372
      Remeasurements of defined benefit plans	(89)	(158)
      Total accumulated other comprehensive income	10,457	9,831
      Non-controlling interests	9,335	9,887
      Total net assets	201,086	215,067
      Total liabilities and net assets	292,158	319,169

   2. Consolidated statements of income and comprehensive income Consolidated statements of income

      Millions of yen, rounded down
      April 1, 2023 to March 31, 2024		April 1, 2024 to March 31, 2025
      Net sales	303,027	322,564
      Cost of sales	201,068	212,686
      Gross profit	101,959	109,878
      Selling, general and administrative expenses	74,654	80,812
      Operating profit	27,304	29,066
      Non-operating income
      Interest income	445	494
      Dividend income	43	43
      Share of profit of entities accounted for using equity method	17	16
      Foreign exchange gains	3,509	-
      Gain on investments in investment partnerships	28	515
      Other	331	414
      Total non-operating income	4,376	1,484
      Non-operating expenses
      Interest expenses	250	357
      Foreign exchange losses	-	203
      Depreciation	146	72
      Commission for syndicated loans	52	1
      Other	75	71
      Total non-operating expenses	525	705
      Ordinary profit	31,155	29,844
      Extraordinary income
      Gain on sale of non-current assets	7	2
      Gain on liquidation of subsidiaries	88	-
      Gain on sales of investment securities	75	150
      Subsidies income	78	65
      Other	-	0
      Total extraordinary income	250	219
      Extraordinary losses
      Loss on sale of non-current assets	236	4
      Loss on retirement of non-current assets	372	437
      Impairment loss	377	17
      Loss on disposal of inventory	124	76
      Loss on valuation of investment securities	71	125
      Other	19	4
      Total extraordinary losses	1,201	666
      Profit before income taxes	30,204	29,397
      Income taxes - current	10,128	7,384
      Income taxes - deferred	(389)	507
      Total income taxes	9,739	7,892
      Profit	20,465	21,505
      Profit attributable to non-controlling interests	579	631
      Profit attributable to owners of parent	19,886	20,874

      Consolidated statements of comprehensive income

      Millions of yen, rounded down
      April 1, 2023 to March 31, 2024		April 1, 2024 to March 31, 2025
      Profit	20,465	21,505
      Other comprehensive income
      Valuation difference on available-for-sale securities	307	(179)
      Foreign currency translation adjustment	5,357	(658)
      Remeasurements of defined benefit plans, net of tax	243	(68)
      Total other comprehensive income	5,907	(906)
      Comprehensive income	26,373	20,599
      Comprehensive income attributable to:
      Owners of parent	24,961	20,248
      Non-controlling interests	1,411	350

   3. Consolidated statements of changes in shareholders' equity

      ‌April 1, 2023 to March 31, 2024

      Millions of yen, rounded down

      	Shareholders' equity
      	Share capital	Capital surplus	Retained earnings	Treasury shares	Total shareholders' equity
      Balance at beginning of current period	12,046	3,242	178,329	(24,886)	168,730
      Changes of items during period
      Dividends of surplus			(6,508)		(6,508)
      Profit attributable to owners of parent			19,886		19,886
      Purchase of treasury shares				(240)	(240)
      Disposal of treasury shares				154	154
      Purchase of shares of consolidated subsidiaries		(728)			(728)
      Net change of items other than shareholders' equity
      Total changes of items during period	-	(728)	13,377	(85)	12,563
      Balance at end of current period	12,046	2,514	191,706	(24,972)	181,293

      	Accumulated other comprehensive income				Non-controlling interests	Total net assets
      	Valuation difference on available-for-sale securities	Foreign currency translation adjustment	Remeasurements of defined benefit plans	Total accumulated other comprehensive income
      Balance at beginning of current period	488	5,225	(332)	5,381	8,574	182,686
      Changes of items during period
      Dividends of surplus						(6,508)
      Profit attributable to owners of parent						19,886
      Purchase of treasury shares						(240)
      Disposal of treasury shares						154
      Purchase of shares of consolidated subsidiaries						(728)
      Net change of items other than shareholders' equity	307	4,525	243	5,075	760	5,836
      Total changes of items during period	307	4,525	243	5,075	760	18,399
      Balance at end of current period	796	9,751	(89)	10,457	9,335	201,086

      ‌April 1, 2024 to March 31, 2025

      Millions of yen, rounded down

      	Shareholders' equity
      	Share capital	Capital surplus	Retained earnings	Treasury shares	Total shareholders' equity
      Balance at beginning of current period	12,046	2,514	191,706	(24,972)	181,293
      Changes of items during period
      Dividends of surplus			(7,009)		(7,009)
      Profit attributable to owners of parent			20,874		20,874
      Purchase of treasury shares				(0)	(0)
      Disposal of treasury shares				189	189
      Purchase of shares of consolidated subsidiaries					-
      Net change of items other than shareholders' equity
      Total changes of items during period	-	-	13,865	189	14,054
      Balance at end of current period	12,046	2,514	205,571	(24,783)	195,348

      	Accumulated other comprehensive income				Non-controlling interests	Total net assets
      	Valuation difference on available-for-sale securities	Foreign currency translation adjustment	Remeasurements of defined benefit plans	Total accumulated other comprehensive income
      Balance at beginning of current period	796	9,751	(89)	10,457	9,335	201,086
      Changes of items during period
      Dividends of surplus						(7,009)
      Profit attributable to owners of parent						20,874
      Purchase of treasury shares						(0)
      Disposal of treasury shares						189
      Purchase of shares of consolidated subsidiaries						-
      Net change of items other than shareholders' equity	(179)	(378)	(68)	(625)	552	(73)
      Total changes of items during period	(179)	(378)	(68)	(625)	552	13,981
      Balance at end of current period	616	9,372	(158)	9,831	9,887	215,067

   4. ‌Consolidated statements of cash flows

      Millions of yen, rounded down
      April 1, 2023 to March 31, 2024		April 1, 2024 to March 31, 2025
      Cash flows from operating activities
      Profit before income taxes	30,204	29,397
      Depreciation	10,594	12,144
      Impairment Loss	377	17
      Amortization of goodwill	2,081	2,152
      Increase (decrease) in allowance for doubtful accounts	(43)	46
      Increase (decrease) in provision for bonuses	1,185	(151)
      Increase (decrease) in provision for bonuses for directors (and other officers)	11	40
      Increase (decrease) in provision for share awards	95	99
      Increase (decrease) in provision for share awards for directors	103	113
      Increase (decrease) in retirement benefit liability	(17)	423
      Decrease (increase) in retirement benefit asset	(260)	(355)
      Increase (decrease) in provision for retirement benefits for directors (and other officers)	(223)	(1)
      Interest and dividend income	(488)	(538)
      Interest expenses	250	357
      Foreign exchange losses (gains)	(2,854)	925
      Loss(gain) on liquidation of subsidiaries	(88)	-
      Subsidies income	(78)	(65)
      Gain on investments in investment partnerships(gains)	(28)	(515)
      Loss on abandonment of inventories	124	76
      Share of loss (profit) of entities accounted for using equity method	(17)	(16)
      Loss (gain) on sale of investment securities	(75)	(150)
      Loss (gain) on valuation of investment securities	71	125
      Loss (gain) on sale of non-current assets	228	1
      Loss on retirement of non-current assets	372	437
      Decrease (increase) in trade receivables	(15,768)	12,181
      Decrease (increase) in inventories	1,824	(3,102)
      Increase (decrease) in trade payables	(1,571)	940
      Increase (decrease) in accounts payable - other	3,401	(465)
      Other, net	1,419	(5,161)
      Subtotal	30,830	48,959
      Interest and dividend received	485	537
      Interest paid	(210)	(335)
      Income taxes paid	(6,754)	(10,060)
      Net cash provided by (used in) operating activities	24,350	39,100

      Millions of yen, rounded down
      April 1, 2023 to March 31, 2024		April 1, 2024 to March 31, 2025
      Cash flows from investing activities
      Purchase of property, plant and equipment	(30,591)	(28,106)
      Proceeds from sale of property, plant and equipment	140	10
      Purchase of intangible assets	(595)	(1,407)
      Purchase of investment securities	(246)	(260)
      Proceeds from sale of investment securities	226	353
      Proceeds from collection of loans receivable	-	100
      Payments into time deposits	(11,996)	(22,221)
      Proceeds from withdrawal of time deposits	7,676	22,991
      Payments for guarantee deposits	(33)	(352)
      Proceeds from refund of guarantee deposits	17	109
      Proceeds from subsidy income	78	65
      Proceeds from distributions from investment partnerships	-	109
      Other, net	18	3
      Net cash provided by (used in) investing activities	(35,307)	(28,604)
      Cash flows from financing activities
      Net increase (decrease) in short-term borrowings	41	(504)
      Proceeds from long-term borrowings	25,000	10,000
      Purchase of treasury shares	(240)	(0)
      Proceeds from share issuance to non-controlling shareholders	279	286
      Dividends paid	(6,504)	(7,005)
      Dividends paid to non-controlling interests	(96)	(85)
      Repayments of lease obligations	(159)	(150)
      Purchase of shares of subsidiaries not resulting in change in scope of consolidation	(1,470)	-
      Net cash provided by (used in) financing activities	16,850	2,541
      Effect of exchange rate change on cash and cash equivalents	1,533	263
      Net increase (decrease) in cash and cash equivalents	7,426	13,300
      Cash and cash equivalents at beginning of period	30,292	37,718
      Cash and cash equivalents at end of period	37,718	51,019

   5. Notes to consolidated financial statements Notes related to going concern assumption

No applicable items

(Application of "Accounting Standard for Current Income Taxes", etc.)

We have applied the "Accounting Standards for Corporate Taxes, Local Resident Taxes, Enterprise Taxes, etc." (ASBJ Statement No. 27, October 28, 2022; "2022 Revised Accounting Standards") and other standards from the beginning of this first quarter consolidated accounting period.

Regarding the amendment to the classification of corporate taxes, etc. (taxation on other comprehensive income), we are following the transitional treatment set forth in the proviso of Paragraph 20-3 of the 2022 Revised Accounting Standards and the transitional treatment set forth in the proviso of Paragraph 65-2

(2) of the "Guidelines for the Implementation of Accounting Standards for Tax Effect Accounting" (ASBJ Guidance No. 28, October 28, 2022; "2022 Revised Implementation Guidelines"). There are no impacts of this change in accounting policy on the consolidated financial statements.

In addition, the 2022 Revised Implementation Guidelines for the treatment of profits and losses on sales of subsidiary shares between consolidated companies that are deferred for tax purposes have been applied from the beginning of this first quarter consolidated accounting period. This change in accounting policy has been applied retroactively to the consolidated financial statements for the same quarter of the previous fiscal year and the full previous fiscal year. There are no impacts of this change in accounting policy on the consolidated financial statements for the same quarter of the previous fiscal year and the full fiscal year.

(Application of "Practical Solution on the Accounting for and Disclosure of Current Taxes Related to Global Minimum Tax Rules")

We have applied the "Practical Solution on the Accounting for and Disclosure of Current Taxes Related to the Global Minimum Tax Rules" (ASBJ PITF No. 46, March 22, 2024) from the beginning of the fiscal year.

The Company has only one segment, "Production and sale of snacks and other foods", and consequently does not disclose information for operating segments.

Notes: 1) Earnings per share (diluted) is not stated because there are no dilutive shares.

1. Net assets per share were calculated based on the following:

   	FY ended March 31, 2024	FY ended March 31, 2025
   Total net assets on consolidated balance sheet (¥ million)	201,086	215,067
   Amount attributable to common stock (¥ million)	191,751	205,180
   Main differences (¥ million) Non-controlling interests	9,335	9,887
   Number of shares of common stock outstanding (shares)	133,929,800	133,929,800
   Number of shares of common stock as treasury stock (shares)	9,050,500	8,992,816
   Number of common shares used for calculating net assets per share (shares)	124,879,300	124,936,984

2. Earnings per share were calculated based on the following:

   	FY ended March 31, 2024	FY ended March 31, 2025
   Profit attributable to owners of parent (consolidated) (¥ million)	19,886	20,874

   Profit attributable to owners of parent attributable to common stock (¥ million)	19,886	20,874
   Amount not belonging to common shareholders (¥ million)	-	-
   Average number of shares during the period (shares)	124,899,573	124,918,029

3. The Company's own stock in the trust recorded as treasury shares under shareholders' equity includes treasury shares excluded from the average number of shares during the period used for calculating earnings per share and treasury shares excluded from the number of shares outstanding at the end of the fiscal year used for calculating net assets per share.

During the previous consolidated fiscal year, 267,811 treasury shares, and during the current consolidated fiscal year 249,242 treasury shares, were excluded from the average number of shares during the period used for calculating earnings per share and 288,055 treasury shares at the end of the previous fiscal year and 230,245 treasury shares at the end of the current fiscal year were excluded from the number of shares outstanding used for calculating net assets per share.

No applicable items.