May 8, 2025
Consolidated Financial Results (Japanese Accounting Standards) for the Fiscal Year Ended March 31, 2025Company name: House Foods Group Inc. Stock exchange listing: Tokyo Stock Exchange Stock code: 2810
URL: https://housefoods-group.com
Representative: Hiroshi Urakami, President
Contact: Eiki Miyake, General Manager, Public & Investors Relations Division Tel. +81-3-5211-6039
Scheduled date of ordinary shareholders’ meeting: June 25, 2025 Scheduled date of commencement of dividend payment: June 26, 2025 Scheduled date for filing of annual securities report: June 24, 2025 Supplementary documents for financial results: Yes
Financial results briefing: Yes (for analysts and institutional investors)
(Amounts of less than one million yen are rounded to the nearest million yen.)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2025 (April 1, 2024 – March 31, 2025)
Consolidated Results of Operations (Percentage figures represent the changes from the previous year)
Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent
Year ended March 31, 2025
Year ended March 31, 2024
Million yen
%
Million yen
%
Million yen
%
Million yen
%
315,418
299,600
5.3
8.9
20,004
19,470
2.7
16.7
21,388
21,085
1.4
15.2
12,493
17,580
(28.9)
28.6
(Note) Comprehensive income: 15,292 million yen (-46.0%) for the fiscal year ended March 31, 2025
28,323 million yen (77.4%) for the fiscal year ended March 31, 2024
Profit per share
Profit per share (diluted)
ROE
(Return on equity)
Ratio of ordinary profit to total assets
Ratio of operating profit to net sales
Year ended March 31, 2025
Year ended March 31, 2024
Yen
131.86
180.53
Yen
–
–
%
4.3
6.2
%
4.9
5.1
%
6.3
6.5
(Reference) Share of profit (loss) of entities accounted for using equity method:
Year ended March 31, 2025 183 million yen
Year ended March 31, 2024 75 million yen
Consolidated Financial Position
Total assets
Net assets
Equity ratio
Net assets
per
share
Million yen
Million yen
%
Yen
Year ended March 31, 2025
435,074
322,878
67.3
3,113.86
Year ended
March 31, 2024
431,836
321,609
67.7
3,016.19
(Reference) Shareholders’ equity: Year ended March 31, 2025 292,823 million yen
Year ended March 31, 2024 292,208 million yen
(Note) In the fiscal year under review, provisional accounting treatment related to business combinations was finalized. Accordingly, the figures for the previous fiscal year reflect the finalization of the provisional accounting treatment.
Consolidated Cash Flows
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Cash and cash equivalents at end of period
Year ended March 31, 2025 Year ended
March 31, 2024
Million yen
Million yen
Million yen
Million yen
26,568
25,571
(12,281)
(2,299)
(9,060)
(7,382)
88,357
80,165
Dividends
Dividend per share
Total dividends (annual)
Dividend payout ratio (consolidated)
Ratio of dividends to net assets (consolidated)
End of first quarter
End of second quarter
End of third quarter
Year-end
Annual
Year ended March 31,
2024
Year ended March 31,
2025
Yen
–
–
Yen
23.00
24.00
Yen
–
–
Yen
24.00
24.00
Yen
47.00
48.00
Million yen
4,569
4,543
%
26.0
36.4
%
1.6
1.6
Year ending March 31,
2026
(forecasts)
–
24.00
–
24.00
48.00
34.8
Consolidated Forecasts for the Fiscal Year Ending March 31, 2026 (April 1, 2025 – March 31, 2026)
(Percentage figures represent the changes from the previous year)
Net sales | Operating profit | Ordinary profit | Profit attributable to owners of parent | Profit per share | |
Year ending March 31, 2026 | Million yen % 333,000 5.6 | Million yen % 21,500 7.5 | Million yen % 22,400 4.7 | Million yen % 13,000 4.1 | Yen 137.98 |
* Notes
Significant changes in the scope of consolidation during the period: Yes New：4 companies（Company name）House Foods Group Tohoku Factory Inc.
House BEANatura GmbH etc.
Changes in accounting policies and changes or restatement of accounting estimates
Changes in accounting policies caused by revision of accounting standards: Yes
Changes in accounting policies other than (i): None
Changes in accounting estimates: None
Restatement: None
(Note) Please refer to “3. Consolidated Financial Statements and Key Notes (5) Notes to Consolidated Financial Statements (Notes Relating to Changes in Accounting Policies)” on page 17 of the Accompanying Materials for details.
Number of shares outstanding (common shares):
Number of shares outstanding at end of period (including treasury shares) Year ended March 31, 2025 98,498,416 shares
Year ended March 31, 2024 100,750,620 shares
Number of treasury shares at end of period
Year ended March 31, 2025 4,459,697 shares
Year ended March 31, 2024 3,870,800 shares
Average number of shares outstanding during the term Year ended March 31, 2025 94,748,674 shares
Year ended March 31, 2024 97,377,871 shares
(Note) Number of treasury shares at end of period includes shares in the Company held by the House Foods Group Employee Shareholding Association Trust (598,700 during the fiscal year ended March 31, 2025). In addition, treasury shares deducted when calculating the average number of shares outstanding during the term include the Company shares held by the trust (449,517 shares during the fiscal year ended March 31, 2025).
(Reference) Summary of Non-Consolidated Financial Results
Non-Consolidated Financial Results for the Fiscal Year Ended March 31, 2025 (April 1, 2024 – March 31, 2025)
1) Non-Consolidated Financial Results (Percentage figures represent the changes from the previous year)
Net sales
Operating profit
Ordinary profit
Profit
Year ended March 31, 2025 Year ended
March 31, 2024
Million yen
%
Million yen
%
Million yen
%
Million yen
%
19,213
16,506
16.4
1.4
4,790
3,135
52.8
(19.8)
5,046
3,845
31.2
(16.2)
9,044
5,533
63.5
(18.5)
Profit per share
Profit per share
(diluted)
Yen
Yen
Year ended
March 31, 2025
95.45
–
Year ended
March 31, 2024
56.82
–
(2) Non-Consolidated Financial Position
Total assets
Net assets
Equity ratio
Net assets per
share
Million yen
Million yen
%
Yen
Year ended
March 31, 2025
232,214
184,729
79.6
1,964.39
Year ended March 31, 2024
245,205
195,327
79.7
2,016.18
(Reference) Shareholders’ equity: As of March 31, 2025: 184,729 million yen
As of March 31, 2024: 195,327 million yen
These consolidated financial results are not included in the scope of audits by certified public accountants or the audit corporation.
Explanations and other special notes concerning the appropriate use of business results forecasts
- The forward-looking statements such as result forecasts included in this document are based on the information available to the Company at the time of the announcement and on certain assumptions considered reasonable, and the Company makes no representations as to their achievability. Actual results may differ materially from the forecast depending on a range of factors.
For other matters relating to the forecasts, please refer to “1. Analysis of Operating Results and Financial Position, (4) Future Outlook” on page 6 of the accompanying materials.
Accompanying Materials – Contents
Analysis of Operating Results and Financial Position 2
Analysis of Operating Results 2
Analysis of Financial Position 4
Analysis of Cash Flows 4
Future Outlook 6
Basic Policy on the Payment of Dividends and Dividends for the Fiscal Year under Review and Next Fiscal Year 7
Basic Concept concerning the Selection of Accounting Standards 8
Consolidated Financial Statements and Key Notes 9
Consolidated Balance Sheets 9
Consolidated Statements of Income and Comprehensive Income 11
Consolidated Statements of Changes in Equity 13
Consolidated Statements of Cash Flows 15
Notes to Consolidated Financial Statements 17
Notes Relating to Assumptions for the Going Concern 17
Notes Relating to Changes in Accounting Policies 17
Changes in Presentation Methods 17
Notes to Additional Information 17
Business Combination, etc 18
Notes to Segment Information 18
Notes to Per Share Information 22
Note to Significant Events after the Reporting Period 23
Other Information 24
Senior Management Changes 24
Supplementary Information 25
Business Results 25
Number of Group Companies 25
Consolidated Statements of Income 26
Consolidated Balance Sheets 30
Consolidated Statements of Cash Flows 30
Capital Investment 31
Depreciation 31
Major Management Indicators, etc 31
Reference Information 32
- Analysis of Operating Results and Financial Position
- Analysis of Operating ResultsUnder the Group’s Eighth Medium-Term Business Plan, launched in April 2024, in line with the theme “Striving to become a high quality company that provides “Healthy Life Through Foods” Striving for growth by building a global value chain”, the Group is building a value chain structure globally and laying foundations that will enable sustainable growth in the future. At the same time, the Group is implementing initiatives to improve corporate value, including introducing ROIC (return on invested capital) as a new management indicator for management that is conscious of the cost of capital.
Looking at the management environment during the fiscal year under review, uncertainty over the future increased, including the risk of economic slowdown due to advancing inflation and interest rate fluctuations in various countries, rising business costs, polarized consumption preferences, and significant fluctuations in foreign exchange rates.
In the fiscal year under review, the Spice/Seasoning/Processed Food Business led the overall increase in both sales and profit on an operating profit and ordinary profit basis due to the residual effect of price revisions in the previous year and cost reduction efforts. However, profit attributable to owners of the parent declined due to the absence of the gain on the revision of retirement benefit plans recorded in the previous fiscal year and the impairment loss on goodwill of Keystone Natural Holdings, Inc. recorded in the fourth quarter of the fiscal year under review.
As a result, the Group’s operating results were as shown below.
Year ended March 31, 2025
Amount (million yen)
Year-on-year change (%)
Net sales
315,418
105.3
Operating profit
20,004
102.7
Ordinary profit
21,388
101.4
Profit attributable to owners of parent
12,493
71.1
As a result, the management indicators regarded as important by the Company are as follows.
Year ended March 31, 2024
Year ended March 31, 2025
ROIC (Return on Invested Capital)
4.6%
4.5%
ATO (Asset Turnover)
0.72 times
0.73 times
ROS (Return on sales)
6.5%
6.3%
ROA (Return on assets)
4.7%
4.6%
ROE (Return on equity)
6.2%
4.3%
The following is an overview of results by segment (before the elimination of inter-segment transactions).
Segment
Net sales
Consolidated operating profit (Segment profit (loss))
Amount (Million yen)
Year-on-year change (%)
Amount (Million yen)
Year-on-year change (%)
Spice / Seasoning / Processed Food Business
131,402
104.1
12,816
118.3
Health Food Business
17,043
101.1
2,437
98.9
International Food Business
62,407
110.7
3,044
99.2
Restaurant Business
60,986
110.6
3,604
106.2
Other Food Related Business
54,405
98.8
1,235
64.0
Subtotal
326,242
105.3
23,136
106.7
Adjustment (elimination)
(10,824)
–
(3,132)
–
Annual
315,418
105.3
20,004
102.7
(Note) 1. Adjustment (elimination) comprises profit or loss not distributed to segments and the elimination of inter-segment transactions.
Spice / Seasoning / Processed Food BusinessIn the household use business under this segment, which is centered around House Foods Corporation, efforts have been made to achieve a recovery in sales volume following the two price revisions implemented in the previous two period. At the same time, the business worked to sustainably enhance profitability by promoting cost reduction initiatives. Sales of snacks struggled on the sales front despite price revisions to improve distribution efficiency, but sales of curry roux and retort pouch curry remained strong, resulting in an increase in net sales. Sales in the Food Service Business, which is operated by House Gaban Corporation, also expanded, mainly through sales to major food service companies. As a result, the business segment posted increases in both sales and profit, as higher raw material prices were absorbed by the effects of higher sales and price revisions.
As a result of the above, sales in the Spice/Seasoning/Processed Food Business stood at 131,402 million yen, up 4.1% year
on year, and operating profit was 12,816 million yen, up 18.3 year on year. Consequently, the ratio of operating profit to net sales was 9.8%, improving 1.2 percentage points from a year ago.
Health Food BusinessHouse Wellness Foods Corporation, which handles this segment, is focusing on further strengthening the revenue base in the domestic business and building the Functional Ingredients VC globally.
In the vitamin business, sales of Ichinichibun No Vitamin remained at the same level as the previous year due to intensified competition in the domestic jelly market, while sales of C1000 increased due to enhanced promotions and contributions from a variety of products launched in the fourth quarter of the fiscal year under review. As a result, sales in this business segment increased and operating profit remained at the same level as the previous fiscal year despite higher raw material prices.
As a result of the above, sales in the Health Food Business rose 1.1% year on year, to 17,043 million yen, and operating profit decreased 1.1%, to 2,437 million yen. As a consequence, the ratio of operating profit to net sales was 14.3%, falling
0.3 percentage points from a year earlier.
International Food Business Period covered by the consolidated financial statements: Mainly from January to December 2024In this business segment, we are focusing on strengthening the business base and resolving issues in order to achieve sustainable growth in the three key areas of the United States, China and Thailand.
In the U.S. Tofu business, sales at House Foods America Corporation grew due to channel-specific sales measures, but this was not enough to offset the decline in profitability due to struggling sales at Keystone Natural Holdings Inc., resulting in higher sales and lower profits.
In the Chinese curry business, the Household use business posted lower sales and profits as the company focused on optimizing internal and distribution inventories that had ballooned due to the COVID-19 pandemic. From 2H, the business shifted to a sales strategy based on cargo distribution in response to changes in distribution channels, and business performance is now on a recovery track. The food service business achieved gains in sales and profit through progress with development of customers, primarily restaurants. As a result of the above, overall sales and profit from the Chinese curry business decreased, but on a Japanese yen basis, sales increased while profit decreased due to foreign exchange effects. The Functional drink business, which operates in Southeast Asia, reported higher sales and profit on the back of efforts to rebuild the vitamin beverage market in Thailand and a recovery in sales of its mainstay product, C-vitt. In addition, in 2H the business focused on developing product measures to revitalize the market in the future, such as increasing the amount of vitamin C in C-vitt, launching new flavors, and launching new products in the multivitamin area.
As a result of the above, sales in the International Food Business rose 10.7% year on year, to 62,407 million yen, and operating profit decreased 0.8%, to 3,044 million yen. As a consequence, the ratio of operating profit to net sales was 4.9%, falling 0.6 percentage points from a year earlier.
Restaurant Business Periods covered by the consolidated financial statements: From March 2024 to February 2025 for Ichibanya Co., Ltd. and from January to December 2024 for overseas subsidiariesIn this business segment, we are focusing on strengthening the profitability of the existing domestic business, expanding the overseas business, and developing new business formats.
Net sales increased, reflecting various sales measures and price revisions implemented in August in the domestic business operated by Ichibanya Co., Ltd. Profits increased due to price revisions, which offset the effects of higher prices for rice and other food ingredients, as well as higher headquarter SG&A expenses, including personnel expenses and distribution costs.
As a result of the above, sales in the Restaurant Business rose 10.6% year on year, to 60,986 million yen, and operating profit increased 6.2%, to 3,604 million yen. As a consequence, the ratio of operating profit to net sales was 5.9%, falling
0.2 percentage points from a year earlier.
Other Food Related BusinessDelica Chef Corporation suffered a significant decline in sales and profit due to an increase in labor and other costs while sales of side dishes and desserts declined, and the company fell into the red.
At Vox Trading Co., Ltd., both sales and profit declined, significantly impacted by increased costs for some materials in the first half of the year.
As a result of the above, sales in Other Food Related Business decreased 1.2% year on year, to 54,405 million yen, and operating profit fell 36.0% year on year, to 1,235 million yen. As a consequence, the ratio of operating profit to net sales was 2.3%, falling 1.2 percentage points from a year earlier.
- Analysis of Financial Position
Total assets at the end of the consolidated fiscal year under review rose 3,238 million yen from the end of the previous consolidated fiscal year, to 435,074 million yen.
Current assets stood at 189,802 million yen, an increase of 18,594 million yen compared with the end of the previous consolidated fiscal year. Non-current assets were 245,272 million yen, a year-on-year decrease of 15,356 million yen.
The increase in current assets was mainly due to a 16,721 million yen increase in cash and deposits and a 1,136 million yen increase in merchandise and finished goods.
The primary factors for the decrease in non-current assets include a 2,970 million yen increase in construction in progress and 1,557 million yen increase in retirement benefit assets, offsetting a 17,346 million yen decrease in investment securities and 5,562 million yen decrease in goodwill.
Total liabilities at the end of the consolidated fiscal year under review were 112,196 million yen, an increase of 1,969 million yen compared with the end of the previous consolidated fiscal year.
Current liabilities decreased 2,657 million yen from the end of the previous consolidated fiscal year, to 63,121 million yen, and non-current liabilities were 49,075 million yen, a year-on-year increase of 4,626 million yen.
The main factor contributing to the decrease in current liabilities was a decrease in accounts payable - other of 1,910 million yen.
The increase in non-current liabilities was mainly due to a 6,356 million yen increase in long-term debt, while deferred tax liabilities decreased by 2,897 million yen.
Net assets at the end of the consolidated fiscal year under review increased 1,269 million yen from the end of the previous consolidated fiscal year to 322,878 million yen. This was due to factors such as a decrease in valuation difference on available-for-sale securities and an increase in treasury stock following introduction of the “Trust-type Employee Stock Ownership Incentive Plan (E-Ship®)”. This was offset by an increase in foreign currency translation adjustments and an increase in retained earnings due to profit attributable to owners of parent.
As a result, the equity ratio at the end of the consolidated fiscal year under review stood at 67.3%, compared with 67.7% at the end of the previous consolidated fiscal year, and net assets per share were 3,113.86 yen, compared with 3,016.19 yen at the end of the previous consolidated fiscal year.
Figures for the previous fiscal year reflect a review of the initially allocated amounts of the purchase price as a result of finalization of provisional accounting treatment related to business combinations. Please refer to “3. Consolidated Financial Statements and Key Notes (5) Notes to Consolidated Financial Statements (Business Combination, etc.)” for details.
- Analysis of Cash Flows
With respect to cash flows for the consolidated fiscal year under review, net cash provided by operating activities amounted to 26,568 million yen, net cash used in investing activities, including the purchase of plant, property and equipment and time deposits, amounted to 12,281 million yen, and net cash used in financing activities, including purchase of treasury shares and dividends paid, was 9,060 million yen. As a result, cash and cash equivalents at the end of the consolidated fiscal year under review stood at 88,357 million yen, an increase of 8,192 million yen compared with the balance at the beginning of the year.
The status and primary contributing factors for each cash flows category were as follows:
(Cash flows from operating activities)
Cash provided by operating activities during the consolidated fiscal year under review was 26,568 million yen, an increase of 997 million yen from the previous consolidated fiscal year. Key factors included 20,198 million yen in profit before income taxes and 12,940 million yen in depreciation.
The increase from the previous fiscal year was due to a decrease in trade receivables (+4,051 million yen from the previous fiscal year), a decrease in profit before income taxes (-7,078 million yen from the previous fiscal year), an increase in gain on sale of investment securities (-2,009 million yen from the previous fiscal year), and a decrease in gain on revision of retirement benefit plan (+6,988 million yen from the previous fiscal year).
(Cash flows from investing activities)
Cash used in investing activities during the consolidated fiscal year under review was 12,281 million yen, which was 9,983 million yen less than cash used in the previous consolidated fiscal year. This was chiefly owing to 13,156 million yen in the purchase of property, plant and equipment.
The primary factors for the decrease compared with the previous consolidated fiscal year were an increase in outflows due to deposits into time deposits (a year-on-year decrease of 6,586 million yen) and an increase purchase of securities(a year-on-year increase of 3,702 million yen)
(Cash flows from financing activities)
Cash used in financing activities during the consolidated fiscal year under review was 9,060 million yen, which was 1,678 million yen less than cash used in the previous consolidated fiscal year. Key factors included outflows of 8,089 million yen due to the purchase of treasury shares, dividends paid of 4,595 million yen, and proceeds from long-term borrowings of 6,657 million yen.
The decrease from the previous consolidated fiscal year was due to an increase in expenditures for the purchase of treasury stock (-6,087 million yen from the previous fiscal year), a decrease in the net increase in short-term borrowings (-1,752
million yen from the previous fiscal year), and an increase in proceeds from long-term borrowings (+6,657 million yen from the previous fiscal year).
(Million yen)
Year ended March 31, 2024
Year ended March 31, 2025
Year-on-year change
Cash flows from operating activities
25,571
26,568
997
Cash flows from investing activities
(2,299)
(12,281)
(9,983)
Cash flows from financing activities
(7,382)
(9,060)
(1,678)
Effect of exchange rate change on cash and cash equivalents
1,592
2,966
1,373
Net increase (decrease) in cash and cash equivalents
17,483
8,192
(9,290)
Cash and cash equivalents at beginning of period
62,682
80,165
17,483
Cash and cash equivalents at end of period
80,165
88,357
8,192
Cash flow indicators for the Group are as follows:
Year ended March 31,
2021
Year ended March 31,
2022
Year ended March 31,
2023
Year ended March 31,
2024
Year ended March 31,
2025
Equity ratio (%)
69.8
70.4
68.6
67.7
67.3
Equity ratio (market value basis) (%)
99.3
75.4
69.1
69.5
58.9
Cash flow/interest bearing liabilities ratio (%)
40.5
60.4
74.0
62.5
89.9
Interest coverage ratio (times)
444.8
537.6
172.4
65.5
270.5
(Notes) 1. Equity ratio: Shareholders’ equity / Total assets
Equity ratio (market value basis): Market capitalization / Total assets
Cash flow / interest bearing liabilities ratio: Interest-bearing debt / Operating cash flow Interest coverage ratio: Operating cash flow / Interest payments
- Analysis of Operating ResultsUnder the Group’s Eighth Medium-Term Business Plan, launched in April 2024, in line with the theme “Striving to become a high quality company that provides “Healthy Life Through Foods” Striving for growth by building a global value chain”, the Group is building a value chain structure globally and laying foundations that will enable sustainable growth in the future. At the same time, the Group is implementing initiatives to improve corporate value, including introducing ROIC (return on invested capital) as a new management indicator for management that is conscious of the cost of capital.
Each indicator is calculated based on consolidated financial figures.
Market capitalization is calculated by multiplying the closing share price at the end of the fiscal year with the number of outstanding shares (excluding treasury shares) as of that date.
For the purpose of calculating market capitalization, the Company’s shares held by the House Foods Group Employee Shareholding Association Trust, which is a Trust-Type Employee Shareholding Incentive Plan (E-Ship®), are included in the number of treasury shares that are deducted from the total number of issued shares at the end of the period.
Operating cash flow uses net cash provided by operating activities on the consolidated cash flow statements.
Interest-bearing debt includes all liabilities requiring the payment of interest under the liabilities section of the consolidated balance sheet. Interest payments equal the amount of interest paid on the consolidated cash flow statements.
- Future Outlook
Year ended March 31, 2025 (results) (Million yen)
Year ending March 31, 2026 (forecasts) (Million yen)
Increase/ Decrease (Million yen)
Rate of change (%)
Net sales
315,418
333,000
+17,582
+5.6
Operating profit
20,004
21,500
+1,496
+7.5
Ordinary profit
21,388
22,400
+1,012
+4.7
Profit attributable to owners of parent
12,493
13,000
+507
+4.1
By segment
Year ended March 31, 2025 (results) (Million yen)
Year ending March 31, 2026 (forecasts) (Million yen)
Increase/ Decrease (Million yen)
Rate of change (%)
Spice / Seasoning / Processed Food Business
Net sales
131,402
135,500
+4,098
+3.1
Operating profit
12,816
12,500
(316)
(2.5)
Health Food Business
Net sales
17,043
19,500
+2,457
+14.4
Operating profit
2,437
2,500
+63
+2.6
International Food Business
Net sales
62,407
67,800
+5,393
+8.6
Operating profit
3,044
4,800
+1,756
+57.7
Restaurant Business
Net sales
60,986
67,300
+6,314
+10.4
Operating profit
3,604
4,100
+496
+13.8
Other Food Related Business
Net sales
54,405
54,100
(305)
(0.6)
Operating profit
1,235
1,500
+265
+21.5
Adjustment
Net sales
(10,824)
(11,200)
(376)
–
Operating profit
(3,132)
(3,900)
(768)
–
The business environment for the fiscal year ending March 31, 2026 is expected to become even more uncertain due to the risk of economic downturn caused by fluctuations in interest rates and trade policies in various countries, along with changes in consumer behavior due to rising inflation, and higher business costs compared with the previous fiscal year mainly for raw materials.
In light of this situation, the Group will implement price revisions for some of its products and services, respond to changing customer needs, and work to improve profitability by optimizing the supply chain and strengthening cost management.
With these initiatives, for the next fiscal year the Group expects consolidated net sales of 333,000 million yen (a year-on-year increase of 5.6%), consolidated operating profit of 21,500 million yen (a year-on-year increase of 7.5%) and consolidated ordinary profit of 22,400 million yen (a year-on-year increase of 4.7%). The Group also anticipates profit attributable to owners of parent of 13,000 million yen (a year-on-year increase of 4.1%).
The forecasts above have been made based on information available on the date of publication of this document. Actual results may differ materially from the forecast depending on future conditions, etc. The Company shall make prompt disclosure if the need to revise the business results forecasts arises.
- Basic Policy on the Payment of Dividends and Dividends for the Fiscal Year under Review and Next Fiscal Year
The Group recognizes that one of the key management issues is the return of profits to shareholders and its basic policy of profit distribution is to set the total return ratio at 40% or higher, and to continuously pay an annual dividend of at least 46 yen as a stable dividend. Under the 8th Medium-term Business Plan, the Group will aim for a total return ratio of 50% or higher through share buybacks of 15 billion yen using the reduction of cross-shareholdings as a source of funds.
The Company plans to pay a year-end dividend of 24 yen per share for the fiscal year under review, for a total annual dividend of 48 yen per share, including the interim dividend of 24 yen per share. During the period, the Company repurchased 2,252 thousand shares of treasury stock at a cost of 6,000 million yen and retired the same number of shares. As a result, the total return ratio for the fiscal year under review came to 84.4%.
For the next fiscal year, the Group expects to pay an annual dividend of 48 yen (comprising interim and year-end dividends of 24 yen, respectively).
- Basic Concept concerning the Selection of Accounting Standards
To sustain comparability of consolidated financial statements between periods as well as between companies, the Group prepares consolidated financial statements under Japanese GAAP. With regard to the International Financial Reporting Standards (IFRS), we will appropriately determine the timing for the application while considering various circumstances in Japan and overseas.
- Consolidated Financial Statements and Key Notes
- Consolidated Balance Sheets
End of previous fiscal year (As of March 31, 2024)
Assets
Current assets
(Million yen)
Consolidated fiscal year under review
(As of March 31, 2025)
Cash and deposits
80,763
97,484
Notes and accounts receivable - trade
53,984
53,664
Securities
–
999
Merchandise and finished goods
18,465
19,602
Work in process
3,909
4,255
Raw materials and supplies
8,407
8,800
Other
5,754
5,070
Allowance for doubtful accounts
(74)
(72)
Total current assets
171,208
189,802
Non-current assets
Property, plant and equipment
Buildings and structures, net
38,737
39,357
Machinery, equipment and vehicles, net
23,085
24,001
Land
30,513
30,702
Lease assets, net
712
1,847
Construction in progress
5,636
8,606
Other, net
5,926
6,184
Total property, plant and equipment
104,609
110,698
Intangible assets
Goodwill
9,296
3,734
Trademark right
18,706
18,081
Software
3,564
3,699
Contract-related intangible assets
17,402
16,602
Customer-related intangible assets
4,633
4,650
Software in progress
1,083
1,211
Other
1,373
1,402
Total intangible assets
56,056
49,379
Investments and other assets
Investment securities
65,690
48,344
Long-term loans receivable
11
16
Deferred tax assets
698
1,749
Long-term time deposits
1,000
1,000
Retirement benefit asset
26,069
27,626
Distressed receivables
171
171
Long-term deposits
1,055
985
Other
6,594
6,555
Allowance for doubtful accounts
(1,325)
(1,251)
Total investments and other assets
99,963
85,195
Total non-current assets
260,628
245,272
Total assets
431,836
435,074
Liabilities
Current liabilities
End of previous fiscal year (As of March 31, 2024)
(Million yen)
Consolidated fiscal year under review
(As of March 31, 2025)
Notes and accounts payable - trade
22,032
22,261
Electronically recorded obligations - operating
2,229
1,422
Short-term borrowings
7,523
7,859
Lease liabilities
725
856
Accounts payable - other
12,547
10,637
Income taxes payable
4,183
4,506
Provision for bonuses
546
658
Provision for bonuses for directors (and other officers)
60
80
Provision for shareholder benefit program
108
236
Asset retirement obligations
19
14
Other
15,805
14,591
Total current liabilities
65,777
63,121
Non-current liabilities
Long-term borrowings
193
6,549
Lease liabilities
3,885
5,022
Long-term accounts payable - other
139
132
Deferred tax liabilities
26,255
23,358
Retirement benefit liability
7,620
7,333
Asset retirement obligations
1,150
1,228
Long-term guarantee deposits
3,668
3,588
Other
1,539
1,864
Total non-current liabilities
44,450
49,075
Total liabilities
110,227
112,196
Net assets
Shareholders’ equity
Share capital
9,948
9,948
Capital surplus
22,850
22,849
Retained earnings
231,199
232,501
Treasury shares
(11,933)
(13,008)
Total shareholders’ equity
252,064
252,290
Accumulated other comprehensive income
Valuation difference on available-for- sale securities
27,657
20,346
Deferred gains or losses on hedges
(55)
98
Foreign currency translation adjustment
9,293
16,626
Remeasurements of defined benefit plans
3,250
3,463
Total accumulated other comprehensive income
40,145
40,533
Non-controlling interests
29,400
30,055
Total net assets
321,609
322,878
Total liabilities and net assets
431,836
435,074
- Consolidated Statements of Income and Comprehensive Income
(Million yen)
Previous consolidated fiscal year Consolidated fiscal year (April 1, 2023 – March 31, 2024) under review
(April 1, 2024 – March 31, 2025)
Net sales
299,600
315,418
Cost of sales
190,644
199,508
Gross profit
108,956
115,910
Selling, general and administrative expenses
89,486
95,907
Operating profit
19,470
20,004
Non-operating income
Interest income
364
433
Dividend income
854
982
Share of profit of entities accounted for using equity
method
75
183
Rental income from buildings
884
877
Foreign exchange gains
23
–
Other
581
546
Total non-operating income
2,781
3,020
Non-operating expenses
Interest expenses
177
98
Rental expenses
712
676
Foreign exchange losses
–
463
Other
277
398
Total non-operating expenses
1,165
1,636
Ordinary profit
21,085
21,388
Extraordinary income
Gain on sale of non-current assets
7
288
Gain on sale of investment securities
2,392
4,401
Gain on sale of restaurants
35
122
Gain on revision of retirement benefit plan
6,988
–
Other
16
83
Total extraordinary income
9,437
4,894
Extraordinary losses
Loss on sale of non-current assets
20
9
Loss on retirement of non-current assets
398
249
Loss on valuation of investment securities
294
283
Loss on valuation of membership
7
0
Impairment losses
2,523
5,540
Other
4
4
Total extraordinary losses
3,247
6,084
Profit before income taxes
27,276
20,198
Income taxes - current
6,995
7,302
Income taxes - deferred
1,113
(1,408)
Total income taxes
8,109
5,894
Profit
19,167
14,305
Profit attributable to
Profit attributable to owners of parent
17,580
12,493
Profit attributable to non-controlling interests
1,587
1,811
Other comprehensive income
Previous consolidated fiscal year (April 1, 2023 – March 31, 2024)
(Million yen)
Consolidated fiscal year under review
(April 1, 2024 – March 31, 2025)
Valuation difference on available-for- sale securities
6,775
(7,273)
Deferred gains or losses on hedges
151
179
Foreign currency translation adjustment
3,934
7,795
Remeasurements of defined benefit plans, net of tax
(1,768)
238
Share of other comprehensive income of entities accounted for using equity method
63
49
Total other comprehensive income
9,156
988
Comprehensive income
28,323
15,292
Comprehensive income attributable to
Comprehensive income attributable to owners of parent
26,365
12,882
Comprehensive income attributable to non-controlling
1,958
2,411
interests
- Consolidated Statements of Changes in Equity
Previous consolidated fiscal year (April 1, 2023 – March 31, 2024)
(Million yen)
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Balance at beginning of period
9,948
22,829
218,106
(9,957)
240,925
Changes during period
Dividends of surplus
(4,487)
(4,487)
Profit attributable to owners of parent
17,580
17,580
Change in ownership interest of parent due to transactions with non-controlling interests
20
20
Purchase of treasury shares
(2,003)
(2,003)
Disposal of treasury shares
1
27
28
Cancellation of treasury shares
–
Transfer from other capital surplus to retained earnings
–
Net changes in items other than shareholders’ equity
–
Total changes during period
–
21
13,093
(1,976)
11,138
Balance at end of fiscal year under review
9,948
22,850
231,199
(11,933)
252,064
Accumulated other comprehensive income
Non-controlling interests
Total net assets
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Balance at beginning of period
20,907
(184)
5,616
5,021
31,359
29,050
301,335
Changes during period
Dividends of surplus
–
(4,487)
Profit attributable to owners of parent
–
17,580
Change in ownership interest of parent due to transactions with non-controlling interests
–
20
Purchase of treasury shares
–
(2,003)
Disposal of treasury shares
–
28
Cancellation of treasury shares
–
–
Transfer from other capital surplus to retained earnings
–
–
Net changes in items other than shareholders’ equity
6,750
130
3,677
(1,771)
8,785
350
9,135
Total changes during period
6,750
130
3,677
(1,771)
8,785
350
20,274
Balance at end of fiscal year under review
27,657
(55)
9,293
3,250
40,145
29,400
321,609
Consolidated fiscal year under review (April 1, 2024 – March 31, 2025)
(Million yen)
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Balance at beginning of period
9,948
22,850
231,199
(11,933)
252,064
Changes during period
Dividends of surplus
(4,596)
(4,596)
Profit attributable to owners of parent
12,493
12,493
Change in ownership interest of parent due to transactions with non-controlling interests
–
Purchase of treasury shares
(8,089)
(8,089)
Disposal of treasury shares
0
419
419
Cancellation of treasury shares
(6,596)
6,596
–
Transfer from other capital surplus to retained earnings
6,595
(6,595)
–
Net changes in items other than shareholders’ equity
–
Total changes during period
–
(1)
1,302
(1,074)
226
Balance at end of fiscal year under review
9,948
22,849
232,501
(13,008)
252,290
Accumulated other comprehensive income
Non-controlling interests
Total net assets
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Balance at beginning of period
27,657
(55)
9,293
3,250
40,145
29,400
321,609
Changes during period
Dividends of surplus
–
(4,596)
Profit attributable to owners of parent
–
12,493
Change in ownership interest of parent due to transactions with non-controlling interests
–
–
Purchase of treasury shares
–
(8,089)
Disposal of treasury shares
–
419
Cancellation of treasury shares
–
–
Transfer from other capital surplus to retained earnings
–
–
Net changes in items other than shareholders’ equity
(7,311)
153
7,333
213
388
654
1,042
Total changes during period
(7,311)
153
7,333
213
388
654
1,269
Balance at end of fiscal year under review
20,346
98
16,626
3,463
40,533
30,055
322,878
- Consolidated Statements of Cash Flows
Cash flows from operating activities
Previous consolidated fiscal year (April 1, 2023 – March 31, 2024)
(Million yen)
Consolidated fiscal year under review
(April 1, 2024 – March 31, 2025)
Profit before income taxes
27,276
20,198
Depreciation
12,719
12,940
Amortization of goodwill
904
1,128
Impairment losses
2,523
5,540
Share of (profit) loss of entities accounted for using equity method
(75)
(183)
Loss (gain) on valuation of investment securities
294
283
Loss on valuation of membership
7
0
Increase (decrease) in allowance for doubtful accounts
(69)
(77)
Increase (decrease) in provision for bonuses for directors (and other officers)
(1) 20
Increase (decrease) in provision for shareholder benefit program
Increase (decrease) in retirement benefit liability
9
(149)
127
206
Interest and dividend income
(1,218)
(1,415)
Interest expenses
177
98
Foreign exchange losses (gains)
420
481
Loss (gain) on sale of investment securities
(2,392)
(4,401)
Loss (gain) on sale of non-current assets
13
(279)
Loss on retirement of non-current assets
398
249
Loss (gain) on sale of restaurants
(35)
(122)
Gain on revision of retirement benefit plan
(6,988)
–
Decrease (increase) in trade receivables
(2,996)
1,055
Decrease (increase) in inventories
(2,459)
(1,348)
Increase (decrease) in trade payables
1,351
(284)
Increase (decrease) in accounts payable - bonuses
55
113
Increase (decrease) in long-term guarantee deposits
(102)
(81)
Decrease (increase) in other assets
(1,176)
(1,036)
Increase (decrease) in other liabilities
1,356
(2,032)
Subtotal
29,842
31,180
Interest and dividend income received
1,173
1,314
Interest paid
(390)
(98)
Income taxes paid
(5,053)
(5,827)
Net cash provided by (used in) operating activities
25,571
26,568
Cash flows from investing activities
Previous consolidated fiscal year (April 1, 2023 – March 31, 2024)
(Million yen)
Consolidated fiscal year under review
(April 1, 2024 – March 31, 2025)
Payments into time deposits
(2,761)
(9,346)
Proceeds from withdrawal of time deposits
4,373
899
Purchase of securities
(2,798)
(6,500)
Proceeds from sale of securities
8,798
6,500
Purchase of property, plant and equipment
(10,417)
(13,156)
Proceeds from sale of property, plant and equipment
60
425
Gain on sale of restaurants
67
182
Purchase of intangible assets
(2,255)
(1,980)
Proceeds from sale of intangible assets
18
3
Purchase of investment securities
(370)
(165)
Proceeds from sale of investment securities
5,691
11,159
Purchase of membership
(0)
(2)
Purchase of shares of subsidiaries and associates
(46)
(207)
Proceeds from divestments
1
0
Purchase of shares of subsidiaries resulting in change in scope of consolidation
(2,661) (93)
Net cash provided by (used in) investing activities (2,299) (12,281)
Cash flows from financing activities
Net increase (decrease) in short-term borrowings 1,970 218
Proceeds from share issuance to non-controlling
shareholders
227
–
Repayments of lease liabilities
(1,158)
(976)
Repayments of long-term borrowings
(84)
(479)
Proceeds from long-term borrowings
–
6,657
Purchase of treasury shares
(2,003)
(8,089)
Purchase of treasury shares of subsidiaries
(106)
(0)
Dividends paid
(4,488)
(4,595)
Dividends paid to non-controlling interests
(1,740)
(1,796)
Net cash provided by (used in) financing activities
(7,382)
(9,060)
Effect of exchange rate change on cash and cash
equivalents
1,592
2,966
Net increase (decrease) in cash and cash equivalents
17,483
8,192
Cash and cash equivalents at beginning of period
62,682
80,165
Cash and cash equivalents at end of period
80,165
88,357
- Notes to Consolidated Financial StatementsNotes Relating to Assumptions for the Going Concern
Not applicable.
Notes Relating to Changes in Accounting PoliciesApplication of Accounting Standard for Current Income Taxes, etc.
The Company has applied Accounting Standard for Current Income Taxes (Accounting Standards Board of Japan (ASBJ) Statement No. 27, October 28, 2022; hereinafter referred to as the “Revised Accounting Standard 2022”) effective from beginning of the consolidated fiscal year under review.
The amendment to categories in which current income taxes should be recorded (taxes on other comprehensive income) follows the transitional treatment prescribed in the proviso of paragraph 20-3 of the Revised Accounting Standard 2022 and the transitional treatment prescribed in the proviso (2) of paragraph 65-2 of the Implementation Guidance on Tax Effect Accounting (ASBJ Guidance No. 28, October 28, 2022; hereinafter referred to as the “Revised Implementation Guidance 2022”). This change in accounting policies has no impact on the consolidated financial statements.
For the amendment related to the revised accounting treatment for consolidated financial statements when gains or losses on sale of shares in subsidiaries resulting from transactions between consolidated companies were deferred for tax purposes, the Revised Implementation Guidance 2022 has been adopted from the beginning of the consolidated fiscal year under review. This change in accounting policy is applied retrospectively and consolidated financial statements for the previous year are after retrospective application. Note that the change in accounting policy has no impact on the consolidated financial statements for the previous fiscal year.
Changes in Presentation Methods(Notes to consolidated financial results and statements of comprehensive income)
Litigation expenses that were shown separately under non-operating expenses in the previous fiscal year are included in other in the fiscal year under review, because it has become insignificant in monetary terms. To reflect this change in presentation, the consolidated financial statements for the previous fiscal year (April 1, 2022 - March 31, 2023) have been amended.
As a result, “Litigation expenses” of 14 million yen and “Other” of 263 million yen that were presented in “Non-operating expenses” in the Consolidated Statements of Income and Comprehensive Income for the previous consolidated fiscal year were reclassified as “Other” totaling 277 million yen.
Notes to Additional Information(Transactions of delivering the Company’s own stock to employees, etc. through trusts)
From July 2024, the Company adopted the Trust-Type Employee Shareholding Incentive Plan (E-Ship®) (the “Plan”) as an incentive scheme for the Company’s employees to improve the Company’s corporate value over the medium and long term.
Overview of transactions
The Plan is an incentive plan available for all employees participating in the Employee Shareholding Association. Under the Plan, the Company will establish the House Foods Group Employee Shareholding Association Trust (the “E-Ship Trust”) at a trust bank. The E-Ship Trust will acquire the Company’s shares in advance in the number expected to be acquired by the Shareholding Association over three years after the establishment. Thereafter, the E-Ship Trust will make sales of the Company’s shares to the Shareholding Association on a continuous basis. Upon the conclusion of the trust, if there are any accumulated gains on sales of shares within the E-Ship Trust, such gains on sales of shares will be allocated as residual assets to employees who meet eligibility requirements as beneficiaries. Further, since the Company will guarantee loans undertaken by the E-Ship Trust to acquire the Company’s shares, if there is any accumulated loss on sales of shares within the E-Ship Trust due to the decline of the Company’s share price and there are any remaining loan amounts equivalent to the loss on sales of shares as of the conclusion of the Trust, the Company will repay such loans.
The Company’s shares remaining in the trust
The Company’s shares remaining in the E-Ship Trust are recorded under net assets as treasury shares at the book value in the E-Ship Trust (excluding incidental expenses). As of the end of the consolidated fiscal year under review, the book value of the Company’s shares remaining in the E-Ship Trust was 1,699 million yen and the number of such shares was 598,700 shares.
Book value of borrowings recorded due to application of the gross method At the end of the consolidated fiscal year under review: 1,690 million yen
(Application of Accounting for and Disclosure of Current Taxes Related to the Global Minimum Tax Rules)
The Accounting for and Disclosure of Current Taxes Related to the Global Minimum Tax Rules (PITF No. 46, March 22, 2024) was applied from the beginning of the consolidated fiscal year under review. The adoption of the implementation guidance has a minor impact on the consolidated financial statements.
Business Combination, etc.(Finalization of provisional accounting treatment for business combination)
In the previous fiscal year, the Company used provisional accounting treatment for the acquisition of shares of LFD JAPAN Co., Ltd. implemented by Ichibanya Co., Ltd., which is a consolidated subsidiary of the Company, on December 28, 2023. The provisional figures were finalized in the consolidated fiscal year under review.
As a result of this finalization of the provisional accounting treatment, the comparative information in the quarterly consolidated financial statements for the fiscal year under review reflects a significant review of initial allocation of the purchase price paid.
Accordingly, the provisionally determined amount of goodwill of 1,921 million yen has been revised down 458 million yen as a result of finalization of the accounting treatment, to 1,463 million yen. The decrease in goodwill reflects increases of 693 million in trade mark rights and 235 million yen in deferred tax liabilities.
Goodwill and trademark rights will both be amortized over 10 years
Notes to Segment Information[Segment Information]
Overview of Reported Segments
The reported segments of the Company are those units for which separate financial statements can be obtained among the constituent units of the Company and which are regularly examined by the Board of Directors for decisions on the allocation of management resources and for assessing business performance.
The Company’s business strategy in the domestic Spice / Seasoning / Processed Food Business and the domestic Health Food Business is to strengthen the existing fields and develop new fields. The Company will also work to create new value in the mature market, while promoting partnerships with each reported segment including the Other Food Related Business.
In the International Food Business, the Company is working to increase the speed of business expansion and improve profitability in the United States, China and ASEAN with a view to business expansion.
In the Restaurant Business, the Company will work to make Japanese-style curry more available worldwide through the operation of curry restaurants both in Japan and overseas.
In the Other Food Related Business, which includes the business engaged in exports, imports and sales of foodstuffs and the transport business, the Company is working to increase the comprehensive strength of the Group by optimizing business and pursuing the strengthened capabilities of each company.
On the basis of these strategic business areas, the Company has decided to make the five units—Spice/Seasoning/Processed Food Business, Health Food Business, International Food Business, Restaurant Business, and Other Food Related Business— its reported segments.
Basis for Calculating Sales, Profit or Loss, Assets, and Other Items by Reportable Segment
The accounting methods for reportable segments are mostly the same as the methods used in preparing the consolidated financial statements.
Reported segments’ profit is based on operating profit. Intersegment sales and transfers are based on actual market prices. Effective from the consolidated fiscal year under review, the Company has reviewed the allocation method of assets attributable to each reportable segment and to the entire company, following the introduction of ROIC (return on invested capital) from the 8th Medium-term Business Plan to promote capital cost-conscious management.
The segment information for the previous fiscal year was calculated based on the allocation method after the change.
Information on Amounts of Sales, Profit or Loss, Assets, and Other Items by Reportable Segment Previous consolidated fiscal year (April 1, 2023 – March 31, 2024)
(Million yen)
Reported segments
Other
Total
Adjustment (Note 1)
Amount on consolidated financial statements (Note 2)
Spice / Seasoning / Processed Food Business
Health Food Business
International Food Business
Restaurant Business
Other Food Related Business
Total
Net sales
Sales – outside customers
121,295
16,330
56,038
54,932
50,884
299,479
–
299,479
122
299,600
Sales and transfer –inter-segment
4,992
535
337
200
4,160
10,224
–
10,224
(10,224)
–
Total
126,287
16,865
56,375
55,132
55,045
309,703
–
309,703
(10,103)
299,600
Segment profit (loss)
10,832
2,464
3,067
3,395
1,930
21,688
–
21,688
(2,218)
19,470
Segment assets
134,364
21,292
79,797
76,189
27,164
338,806
–
338,806
93,030
431,836
Other items
Depreciation
5,008
404
3,099
3,026
619
12,156
–
12,156
564
12,719
Amortization of goodwill
–
–
798
106
–
904
–
904
–
904
Increase in property, plant and equipment, and intangible assets
6,647
675
4,218
2,431
474
14,445
–
14,445
676
15,121
(Notes) 1. The details of the adjustments listed are as follows:
Sales-outside customers are mainly real estate rental revenues recorded by the Company.
Segment profit (loss) includes a loss of 2,218 million yen of the Company and House Business Partners Corporation, etc., which is not distributed to business segments.
Segment assets include assets of 147,228 million yen of the Company and House Business Partners Corporation, etc. which were not allocated to business segments and elimination of inter-segment transactions of -54,198 million yen.
Depreciation includes depreciation of 564 million yen of the Company and House Business Partners Corporation that was not allocated to business segments.
Increase in property, plant and equipment and intangible assets includes equipment investment of 676 million yen of the Company which was not allocated to business segments.
Segment profit was adjusted with operating profit on the consolidated financial statements.
Consolidated fiscal year under review (April 1, 2024 – March 31, 2025)
(Million yen)
Reported segments
Other
Total
Adjustment (Note 1)
Amount on consolidated financial statements (Note 2)
Spice / Seasoning / Processed Food Business
Health Food Business
International Food Business
Restaurant Business
Other Food Related Business
Total
Net sales
Sales – outside customers
126,249
16,536
61,815
60,830
49,827
315,257
–
315,257
161
315,418
Sales and transfer –inter-segment
5,153
507
591
155
4,577
10,985
–
10,985
(10,985)
–
Total
131,402
17,043
62,407
60,986
54,405
326,242
–
326,242
(10,824)
315,418
Segment profit (loss)
12,816
2,437
3,044
3,604
1,235
23,136
–
23,136
(3,132)
20,004
Segment assets
138,235
21,004
86,793
77,168
26,603
349,803
–
349,803
85,271
435,074
Other items
Depreciation
4,586
433
3,667
3,038
588
12,312
–
12,312
628
12,940
Amortization of goodwill
–
–
855
273
–
1,128
–
1,128
–
1,128
Increase in property, plant and equipment, and intangible assets
5,468
1,113
2,047
4,532
570
13,731
–
13,731
1,187
14,917
(Notes) 1. The details of the adjustments listed are as follows:
Sales-outside customers are mainly real estate rental revenues recorded by the Company.
Segment profit (loss) includes a loss of 3,132 million yen of the Company and House Business Partners Corporation, etc., which is not distributed to business segments.
Segment assets include assets of 132,874 million yen of the Company and House Business Partners Corporation, etc. which were not allocated to business segments and elimination of inter-segment transactions of -47,603 million yen.
Depreciation includes depreciation of 628 million yen of the Company and House Business Partners Corporation that was not allocated to business segments.
Increase in property, plant and equipment and intangible assets includes equipment investment of 1,187 million yen of the Company which was not allocated to business segments.
Segment profit was adjusted with operating profit on the consolidated financial statements.
Segment information for the previous fiscal year is disclosed based on amounts that reflect a significant review of initial allocation of the purchase price paid due to the finalization of a provisional accounting process described in Notes to Consolidated Financial Statements “Business Combination, etc.”
[Related information]
Previous consolidated fiscal year (April 1, 2023 – March 31, 2024)
Information by Product and Service
Since similar information is described in the segment information, this information is omitted.
Information by Area
Net sales (Million yen)
Japan
East Asia
Southeast Asia
United States
Other
Total
228,178
22,048
12,489
33,522
3,364
299,600
(Note) 1. Net sales are based on the locations of customers and categorized in accordance with countries or regions.
Property, plant and equipment (Million yen)
Japan
East Asia
Southeast Asia
United States
Other
Total
69,248
7,470
1,940
25,581
369
104,609
Information by Major Customer
(Million yen)
Customer
Net sales
Related segments
KATOSANGYO Co., Ltd.
34,788
Spice / Seasoning / Processed Food Business Health Food Business
Mitsubishi Shokuhin Co., Ltd.
17,123
Spice / Seasoning / Processed Food Business Health Food Business
Consolidated fiscal year under review (April 1, 2024 – March 31, 2025)
Information by Product and Service
Since similar information is described in the segment information, this information is omitted.
Information by Area
Net sales (Million yen)
Japan
East Asia
Southeast Asia
United States
Other
Total
236,766
22,526
14,948
37,218
3,961
315,418
(Note) 1. Net sales are based on the locations of customers and categorized in accordance with countries or regions.
Property, plant and equipment (Million yen)
Japan
East Asia
Southeast Asia
United States
Other
Total
73,065
7,953
2,036
27,285
360
110,698
Information by Major Customer
(Million yen)
Customer
Net sales
Related segments
KATOSANGYO Co., Ltd.
36,293
Spice / Seasoning / Processed Food Business Health Food Business
Mitsubishi Shokuhin Co., Ltd.
17,444
Spice / Seasoning / Processed Food Business Health Food Business
[Information on impairment loss in non-current assets by reported segment] Previous consolidated fiscal year (April 1, 2023 – March 31, 2024)
(Million yen)
Reported segments
Other
Adjustment
Total
Spice / Seasoning / Processed Food Business
Health Food Business
International Food Business
Restaurant Business
Other Food Related Business
Total
Impairment losses
1,970
–
21
528
–
2,519
–
4
2,523
Consolidated fiscal year under review (April 1, 2024 – March 31, 2025)
(Million yen)
Reported segments
Other
Adjustment
Total
Spice / Seasoning / Processed Food Business
Health Food Business
International Food Business
Restaurant Business
Other Food Related Business
Total
Impairment losses
–
–
5,042
498
–
5,540
–
–
5,540
[Information on amortization of goodwill and amortized balance by reported segment] Previous consolidated fiscal year (April 1, 2023 – March 31, 2024)
(Million yen)
Reported segments
Other
Adjustment
Total
Spice / Seasoning / Processed Food Business
Health Food Business
International Food Business
Restaurant Business
Other Food Related Business
Total
Amortization in fiscal year under review
–
–
798
106
–
904
–
–
904
Balance at end of fiscal year under review
–
–
7,060
2,236
–
9,296
–
–
9,296
Consolidated fiscal year under review (April 1, 2024 – March 31, 2025)
(Million yen)
Reported segments
Other
Adjustment
Total
Spice / Seasoning / Processed Food Business
Health Food Business
International Food Business
Restaurant Business
Other Food Related Business
Total
Amortization in fiscal year under review
–
–
855
273
–
1,128
–
–
1,128
Balance at end of fiscal year under review
–
–
1,644
2,090
–
3,734
–
–
3,734
[Information on gain on bargain purchase by reported segment] Previous consolidated fiscal year (April 1, 2023 – March 31, 2024) Not applicable.
Consolidated fiscal year under review (April 1, 2024 – March 31, 2025) Not applicable.
Notes to Per Share Information(Yen)
Previous consolidated fiscal year (April 1, 2023 – March 31, 2024)
Consolidated fiscal year under review (April 1, 2024 – March 31, 2025)
Net assets per share
3,016.19
3,113.86
Profit per share
180.53
131.86
(Notes) 1. Diluted profit per share is omitted because there are no potential shares with a dilutive effect.
The basis for calculating profit per share is as follows.
Item
Previous consolidated fiscal year (April 1, 2023 – March 31, 2024)
Consolidated fiscal year under review (April 1, 2024 – March 31, 2025)
Profit attributable to owners of parent
Amount not allocable to common shareholders
Profit attributable to owners of parent available for common stock
Million yen
17,580
–
17,580
Million yen
12,493
–
12,493
Average number of shares of common stock outstanding during the term
Thousand shares
97,378
Thousand shares
94,749
The basis for calculating net assets per share is as follows.
Previous fiscal year (As of March 31, 2024)
Consolidated fiscal year under review (As of March 31, 2025)
Million yen
Million yen
Total net assets
321,609
322,878
Amount deducted from total net assets
29,400
30,055
(Of which are non-controlling interests)
(29,400)
(30,055)
Net assets at end of year available for common stock
292,208
292,823
Number of shares of common stock at end of year used for calculating net assets per share
Thousand shares
96,880
Thousand shares
94,039
The Company has introduced the “Trust-type Employee Stock Ownership Incentive Plan (E-Ship®)” from the consolidated fiscal year under review, and for the purpose of calculating net assets per share, the shares of the Company held by the House Foods Group Employee Shareholding Association Trust are included in treasury stock deducted from the total number of shares issued at the end of the period (599 thousand shares for the consolidated fiscal year under review).
In addition, treasury stock is included in the calculation of the average number of shares outstanding during the period for the purpose of calculating profit per share (450 thousand shares for the current consolidated fiscal year).
Note to Significant Events after the Reporting Period(Establishment of subsidiary in Indonesia)
At a meeting of the Board of Directors held on April 18, 2025, the Company resolved to establish a production subsidiary, PT. House Foods Indonesia (planned), to manufacture halal-certified curry roux products (for home and commercial use) in Indonesia. Note that the capital of the subsidiary will be equivalent to 10% or more of the Company’s capital , thereby qualifying it as a specified subsidiary of the Company.
Aim of establishment of the new company
House Foods Group started the curry business in Indonesia in 2016, with the launch of Halal-certified curry products for commercial use. In addition, the Group launched curry-roux products for household use in 2024, seizing the opportunity of the rising popularity of Japanese-style curry in Indonesia’s restaurant market and growth in demand for simple and convenient processed food driven by an increase in dual income and nuclear family households in cities. Through this, the Group has been moving forward with activities to further increase the popularity of Japanese-style curry in the Indonesian market.
To meet growing demand arising from this popularity in the future, the Group has now decided to establish this subsidiary and build a new manufacturing plant. The plant will manufacture curry roux products for household and commercial use and is expected to commence operation in 2027. The plant will use efficient, environmentally friendly manufacturing methods. The manufactured products will be sold not only to the Indonesian market but more widely to the global Halal market.
The Group will consider further strengthening the manufacturing structure in line with the progress of promotion activities, aiming to create a business with net sales of 10 billion yen.
Outline of new company to be established
Name
PT. House Foods Indonesia (planned)
Address
Kawasan Greenland International Industrial Center (GIIC)
Kota Deltamas, Desa Pasirranj, Kecamatan Cikarang Pusat - 17531
Representative
Takayuki Jochi
Established
End of May 2025 (planned)
Share capital
340.8 billion Indonesian Rupiah (approx. 3.23 billion yen) (1 Indonesian Rupiah =0.0095 yen)
Shareholding ratio
House Foods Group Inc. 99%, House Foods Corporation 1%
Business description
Manufacturing of curry-roux products for household use and commercial use
- Consolidated Balance Sheets
- Other Information(1) Senior Management Changes
Candidates for new Directors who are Audit & Supervisory Committee Members (effective June 25, 2025)
Miwa Yamada
Ms. Miwa Yamada is a candidate for outside director.
Retiring Directors who are Audit & Supervisory Committee Members (effective June 25, 2025)
Hiroyuki Kamano (Current Director, Member of the Audit Committee) Hiroyuki Kamano is an outside director.
- Supplementary Information
Allocation of the purchase price paid for LFD JAPAN Co., Ltd. in the acquisition of shares implemented by Ichibanya Co., Ltd., which is a consolidated subsidiary of the Company, on December 28, 2023 was completed during the fiscal year ended March 31, 2025. Accordingly, figures for the previous fiscal year and the fiscal year under review are amounts after the allocation of the purchase price.
- Business Results
Consolidated (Million yen)
FY2023
FY2024
Amount
Year-on-year change
Amount
Year-on-year change
Net sales
299,600
108.9%
315,418
105.3%
Operating profit
19,470
116.7%
20,004
102.7%
Ordinary profit
21,085
115.2%
21,388
101.4%
Profit attributable to owners of parent
17,580
128.6%
12,493
71.1%
FY2025 Forecast
Amount
Year-on-year change
333,000
105.6%
21,500
107.5%
22,400
104.7%
13,000
104.1%
–
–
Comprehensive income
28,323
177.4%
15,292
54.0%
Net sales by business segment
Net sales
Amount
Year-on-year change
Amount
Year-on-year change
Spice / Seasoning /
Processed Food Business
126,287
105.4%
131,402
104.1%
Health Food Business
16,865
102.1%
17,043
101.1%
International Food Business
56,375
115.3%
62,407
110.7%
Restaurant Business
55,132
114.0%
60,986
110.6%
Other Food Related Business
55,045
108.6%
54,405
98.8%
Adjustment
(10,103)
–
(10,824)
–
Amount
Year-on-year change
135,500
103.1%
19,500
114.4%
67,800
108.6%
67,300
110.4%
54,100
99.4%
(11,200)
–
Operating profit by business segment
Operating profit
Amount
Year-on-year change
Amount
Year-on-year change
Spice / Seasoning / Processed Food Business
10,832
136.9%
12,816
118.3%
Health Food Business
2,464
129.2%
2,437
98.9%
International Food Business
3,067
56.5%
3,044
99.2%
Restaurant Business
3,395
149.7%
3,604
106.2%
Other Food Related Business
1,930
156.4%
1,235
64.0%
Adjustment
(2,218)
–
(3,132)
–
Amount
Year-on-year change
12,500
97.5%
2,500
102.6%
4,800
157.7%
4,100
113.8%
1,500
121.5%
(3,900)
–
- Number of Group Companies
FY2023
FY2024
Consolidated subsidiaries
44
48
Japan
18
21
Overseas
26
27
Equity-method affiliate
4
5
Japan
2
2
Overseas
2
3
- Consolidated Statements of Income
Consolidated Statements of Income (Million yen)
FY2023
FY2024
Year-on-year change
Amount
Percentage
Amount
Percentage
Amount
Rate of
change
Net sales
299,600
100.0%
315,418
100.0%
15,818
5.3%
Spice / Seasoning / Processed Food Business
126,287
42.2%
131,402
41.7%
5,116
4.1%
Health Food Business
16,865
5.6%
17,043
5.4%
178
1.1%
International Food Business
56,375
18.8%
62,407
19.8%
6,032
10.7%
Restaurant Business
55,132
18.4%
60,986
19.3%
5,854
10.6%
Other Food Related Business
55,045
18.4%
54,405
17.2%
(640)
(1.2%)
Adjustment
(10,103)
(3.4%)
(10,824)
(3.4%)
(721)
–
Cost of sales
190,644
63.6%
199,508
63.3%
8,864
4.6%
Selling, general and administrative
expenses
89,486
29.9%
95,907
30.4%
6,420
7.2%
Operating profit
19,470
6.5%
20,004
6.3%
534
2.7%
Spice / Seasoning / Processed Food Business
10,832
3.6%
12,816
4.1%
1,985
18.3%
Health Food Business
2,464
0.8%
2,437
0.8%
(27)
(1.1%)
International Food Business
3,067
1.0%
3,044
1.0%
(23)
(0.8%)
Restaurant Business
3,395
1.1%
3,604
1.1%
209
6.2%
Other Food Related Business
1,930
0.6%
1,235
0.4%
(695)
(36.0%)
Adjustment
(2,218)
(0.7%)
(3,132)
(1.0%)
(914)
–
Non-operating income
2,781
0.9%
3,020
1.0%
240
8.6%
Non-operating expenses
1,165
0.4%
1,636
0.5%
471
40.4%
Ordinary profit
21,085
7.0%
21,388
6.8%
303
1.4%
Extraordinary income
9,437
3.2%
4,894
1.6%
(4,543)
(48.1%)
Extraordinary losses
3,247
1.1%
6,084
1.9%
2,837
87.4%
Profit before income taxes
27,276
9.1%
20,198
6.4%
(7,078)
(25.9%)
Income taxes
8,109
2.7%
5,894
1.9%
(2,215)
(27.3%)
Profit
19,167
6.4%
14,305
4.5%
(4,863)
(25.4%)
Profit attributable to
Profit attributable to owners of parent
17,580
5.9%
12,493
4.0%
(5,086)
(28.9%)
Profit attributable to non-controlling
interests
1,587
0.5%
1,811
0.6%
224
14.1%
Comprehensive income
28,323
9.5%
15,292
4.8%
(13,031)
(46.0%)
Major Changes in Selling, General and Administrative Expenses (Million yen)
FY2023
FY2024
Year-on-year change
Advertising expenses
7,749
8,347
598
Transportation and storage costs
13,021
13,376
355
Sales commission
120
93
(28)
Promotion expenses
3,657
3,910
253
Personnel expenses
32,204
35,074
2,870
Research and development expenses
4,625
4,776
150
Amortization of goodwill
904
1,128
224
Other
27,205
29,203
1,998
Total selling, general and administrative expenses
89,486
95,907
6,420
Non-Operating Income (Expenses) (Million yen)
FY2023
FY2024
Year-on-year change
Interest income
364
433
69
Dividend income
854
982
128
Share of profit of entities accounted for using equity method
75
183
108
Rental income from buildings
884
877
(8)
Foreign exchange gains
23
–
(23)
Other
581
546
(35)
Total non-operating income
2,781
3,020
240
Interest expenses
177
98
(79)
Rental expenses
712
676
(35)
Foreign exchange losses
–
463
463
Other
277
398
122
Total non-operating expenses
1,165
1,636
471
Extraordinary Income (Losses) (Million yen)
FY2023 | FY2024 | Year-on-year change | |
Gain on sale of non-current assets | 7 | 288 | 282 |
Gain on sale of investment securities | 2,392 | 4,401 | 2,009 |
Gain on sale of restaurants | 35 | 122 | 87 |
Gain on revision of retirement benefit plan | 6,988 | – | (6,988) |
Other | 16 | 83 | 67 |
Total extraordinary income | 9,437 | 4,894 | (4,543) |
Loss on sale of non-current assets | 20 | 9 | (11) |
Loss on retirement of non-current assets | 398 | 249 | (150) |
Loss on valuation of investment securities | 294 | 283 | (11) |
Loss on valuation of membership | 7 | 0 | (7) |
Impairment losses | 2,523 | 5,540 | 3,016 |
Other | 4 | 4 | (1) |
Total extraordinary losses | 3,247 | 6,084 | 2,837 |