Kewpie : Summary of Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending November 30, 2024

Published October 3, 2024 at 6:28 a.m. UTC

Source: MarketScreener

Summary of Consolidated Financial Statements

for the Third Quarter of the Fiscal Year Ending November 30, 2024

[JAPAN GAAP]

	October 3, 2024
Listed company name:	Kewpie Corporation
Listed exchange:	Tokyo Stock Exchange
Securities code:	2809
URL:	https://www.kewpie.com/en/
Representative:	Mitsuru Takamiya,
	Representative Director, President and Chief Executive Corporate Officer
Contact:	Takumi Tomita,
	Corporate Officer in charge of Accounting and Finance

Scheduled date for dividend payment: -

Supplementary data: Yes

Results briefing: None

(Amounts are rounded down to the nearest million yen.)

1. Consolidated business results for the third quarter of the fiscal year ending November 30, 2024 (From December 1, 2023 to August 31, 2024)

Consolidated operating results (Cumulative)

(Percentage figures show changes from the sameperiod of the previous year.)

	Net sales	Operating income

	Millions of yen	%	Millions of yen	%
Nine months ended	360,911	7.4	29,815	123.5
August 31, 2024

Nine months ended	335,897	5.6	13,341	(37.7)
August 31, 2023

(Note) Comprehensive income: Nine months ended August 31, 2024
	Nine months ended August 31, 2023

Ordinary income	Profit attributable to
owners of parent

Millions of yen	%	Millions of yen	%
32,182	113.4	19,756	78.3
15,083	(34.3)	11,081	(23.8)

¥27,335 million (Increase of 79.8%) ¥15,207 million (Decrease of 39.5%)

		Earnings per share	Earnings per share
				(diluted)

			Yen			Yen
	Nine months ended		142.13			-
	August 31, 2024

	Nine months ended		79.72			-
	August 31, 2023

(2) Consolidated financial position
			Total assets			Net assets	Equity ratio
			Millions of yen		Millions of yen	%
	As of August 31, 2024	456,381		328,629	65.6
	As of November 30, 2023	426,006		311,303	66.2
	(Reference) Shareholders' equity:	As of August 31, 2024		¥299,197 million
			As of November 30, 2023	¥281,884 million

2. Dividends

		Annual dividend per share
	End of 1st	End of 2nd	End of 3rd		Year-end
	quarter	quarter	quarter
	Yen
	Yen	Yen	Yen
Fiscal year 2023	-	23.00	-	27.00
Fiscal year 2024	-	23.00	-
Fiscal year 2024 (Forecast)						31.00

(Note) Revision to the most recently announced forecast of dividends: None

Total

Yen

50.00

54.00

3. Forecasts of consolidated operating results for the fiscal year ending November 30, 2024 (From December 1, 2023 to November 30, 2024)

(Percentage figures show changes from the previous year.)

	Net sales		Operating income	Ordinary income	Profit attributable to	Earnings
		owners of parent	per share

	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%	Yen
Year ending	486,000	6.8	34,000	72.6	36,100	76.2	20,700	57.1	148.92
November 30, 2024

(Note) Revision to the most recently announced forecast of consolidated operating results: None

*Notes

Significant changes in the scope of consolidation during the nine months: None
Application of special accounting treatments for the preparation of quarterly consolidated financial statements: None
Changes in accounting policies and estimates, and restatements
1. Changes in accounting policies due to revision of accounting standards: None
2. Changes in accounting policies due to reasons other than "a)" (above): None
3. Changes in accounting estimates: None
4. Restatements: None
Number of issued shares (common stock)
1. Number of issued shares at the end of the period (including treasury stock):

August 31, 2024	141,500,000 shares
November 30, 2023	141,500,000 shares
b) Number of shares of treasury stock at the end of the period:
August 31, 2024	2,498,140 shares
November 30, 2023	2,496,958 shares

c) Average number of shares during the period (cumulative from the beginning of the fiscal year):

December 1, 2023 to August 31, 2024	139,002,547 shares
December 1, 2022 to August 31, 2023	139,003,619 shares

Review of the Japanese-language originals of the attached quarterly consolidated financial statements by certified public accountants or an audit corporation: None
Statement for an appropriate usage of the forecasts of operating results and other special notes

The forecasts and other forward-looking statements contained in this summary are based on the information currently available to the Company and certain assumptions considered reasonable by the Company. Therefore, they are not guaranteed to be achieved by the Company. As a result, the forecasts of operating results may differ significantly from the actual operating results due to various factors.

Table of contents
I. Quarterly consolidated financial statements and major notes	2
1. Quarterly Consolidated Balance Sheets	2

2. Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of

Comprehensive Income	4
(Quarterly Consolidated Statements of Income) (Nine months ended August 31, 2023 and
August 31, 2024)	4
(Quarterly Consolidated Statements of Comprehensive Income) (Nine months ended August
31, 2023 and August 31, 2024)	5
3. Notes Regarding Quarterly Consolidated Financial Statements	6
(Notes regarding assumption of a going concern)	6
(Notes regarding the significant changes in the amount of shareholders' equity)	6
(Notes regarding quarterly consolidated statements of cash flows)	6
(Notes regarding segment information)	7
(Significant subsequent events)	9

Quarterly consolidated financial statements and major notes
1. Quarterly Consolidated Balance Sheets

				(Millions of yen)
			Previous fiscal year	Current third quarter
			(As of November 30, 2023)	(As of August 31, 2024)
Assets
Current assets
Cash and deposits	66,610	79,045
Notes and accounts receivable - trade	64,515	73,262
Securities	2,000	7,500
Purchased goods and products	27,939	25,292
Work in process	2,064	1,634
Raw materials and supplies	13,990	13,105
Other	5,329	4,822
Allowances for doubtful accounts	(370)	(522)
Total current assets		182,080	204,141
Fixed assets
Tangible fixed assets
Buildings and structures	159,074	159,646
Accumulated depreciation	(97,560)	(100,116)
Net book value		61,514	59,529
Machinery, equipment and vehicles	152,809	153,840
Accumulated depreciation	(111,556)	(114,806)
Net book value		41,252	39,033
Land		30,762	29,495
Construction in progress	7,093	13,684
Other	19,074	19,080
Accumulated depreciation	(13,497)	(13,803)
Net book value		5,576	5,276
Total tangible fixed assets		146,199	147,019
Intangible fixed assets
Goodwill	182	45
Other		15,625	19,455
Total intangible fixed assets	15,807	19,501
Investments and other assets
Investment securities	48,975	51,469
Assets for retirement benefits	25,630	26,661
Other	7,404	7,678
Allowances for doubtful accounts	(91)	(90)
Total investments and other assets		81,918	85,719
Total fixed assets		243,926	252,240
Total assets			426,006	456,381

	(Millions of yen)
Previous fiscal year	Current third quarter
(As of November 30, 2023)	(As of August 31, 2024)

Liabilities

Current liabilities

Notes and accounts payable - trade

Short-term loans payable

Accrued income taxes

Reserves for bonuses

Other reserves

Other

Total current liabilities

Non-current liabilities

Bonds

Long-term loans payable

Liabilities for retirement benefits

Asset retirement obligations

Other

Total non-current liabilities

Total liabilities

Net assets

Shareholders' equity

Paid-in capital

Capital surplus

Earned surplus

Treasury stock

Total shareholders' equity

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

33,414	43,321
17,200	2,151
2,330	7,178
1,650	5,956
71	57
26,705	31,437
81,372	90,102
10,000	10,000
784	5,570
2,107	2,161
275	273
20,162	19,644
33,330	37,649
114,702	127,752
24,104	24,104
28,638	28,640
209,740	222,546
(5,842)	(5,846)
256,639	269,445
11,939	13,197
(2)	(12)
7,037	10,513
6,269	6,053

Total accumulated other comprehensive income	25,244	29,751
Non-controlling interests	29,419	29,432
Total net assets	311,303	328,629
Total liabilities and net assets		426,006	456,381

2. Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income

(Quarterly Consolidated Statements of Income)

(Nine months ended August 31, 2023 and August 31, 2024)

			(Millions of yen)
		Previous third quarter	Current third quarter
		(Cumulative)	(Cumulative)
		(From December 1, 2022	(From December 1, 2023
		to August 31, 2023)	to August 31, 2024)
Net sales	335,897	360,911
Cost of sales	247,107	249,341
Gross profit	88,789	111,569
Selling, general and administrative expenses	75,448	81,754
Operating income	13,341	29,815
Non-operating income
Interest income	364	525
Dividends income	454	538
Equity in earnings of affiliates	689	1,238
Other	1,170	741
Total non-operating income	2,679	3,044
Non-operating expenses
Interest expenses	303	215
Provision of allowances for doubtful accounts	148	148
Other	485	313
Total non-operating expenses	937	676
Ordinary income	15,083	32,182
Extraordinary gains
Gains on sales of shares of subsidiaries and associates	2,968	145
Gains on sales of fixed assets	8	53
Other	937	14
Total extraordinary gains	3,914	213
Extraordinary losses
Impairment losses	1,404	467
Losses on disposal of fixed assets	429	396
Losses on valuation of shares of subsidiaries and associates	99	300
Other	111	194
Total extraordinary losses	2,045	1,358
Profit before income taxes	16,952	31,038
Income taxes	4,291	9,096
Profit	12,660	21,941
Profit attributable to non-controlling interests	1,579	2,184
Profit attributable to owners of parent		11,081	19,756

(Quarterly Consolidated Statements of Comprehensive Income) (Nine months ended August 31, 2023 and August 31, 2024)

				(Millions of yen)
		Previous third quarter		Current third quarter
		(Cumulative)		(Cumulative)
		(From December 1, 2022		(From December 1, 2023
		to August 31, 2023)		to August 31, 2024)
Profit	12,660	21,941
Other comprehensive income
Unrealized holding gains (losses) on securities	2,197	1,180
Unrealized gains (losses) on hedges	53	(10)
Foreign currency translation adjustments	241	4,268
Adjustments for retirement benefits	(82)	(220)
Share of other comprehensive income of entities accounted for	137		175
using equity method

Total other comprehensive income		2,546	5,393
Comprehensive income	15,207	27,335
(Breakdown)
Comprehensive income attributable to owners of parent	13,521	24,264
Comprehensive income attributable to non-controlling interests	1,686	3,070

3. Notes Regarding Quarterly Consolidated Financial Statements(Notes regarding assumption of a going concern)

Not applicable.

(Notes regarding the significant changes in the amount of shareholders' equity) Not applicable.

(Notes regarding quarterly consolidated statements of cash flows)

Quarterly consolidated statements of cash flows for the nine months ended August 31, 2024 has not been prepared. Depreciation and amortization (including amortization related to intangible fixed assets that exclude goodwill) and amortization of goodwill for the nine months ended August 31, 2023 and 2024 are as follows:

		(Millions of yen)
	Previous third quarter	Current third quarter
	(Cumulative)	(Cumulative)
	(From December 1, 2022	(From December 1, 2023
	to August 31, 2023)	to August 31, 2024)
Depreciation and amortization	12,572	13,102
Amortization of goodwill	136	136

(Notes regarding segment information) [Segment information]

Previous third quarter (Cumulative from December 1, 2022 to August 31, 2023)
1. Information on amounts of net sales and profit or loss by reporting segment and information on disaggregation of revenue

									(Millions of yen)
									Amount reported
	Retail	Food		Fruit	Fine	Common		Adjust-	on the quarterly
			consolidated
	Overseas	Total	ments
	Market	Service	Solutions	Chemicals	Business	statements of
			(Note 1)
								income

									(Note 2)
Net sales
Revenue from
contracts with	132,308	122,038	55,372	13,132	8,420	4,625	335,897	-	335,897
customers
Other revenue	-	-	-	-	-	-	-	-	-
Net sales to
outside	132,308	122,038	55,372	13,132	8,420	4,625	335,897	-	335,897
customers
Intersegment
net sales or	684	3,483	1,080	229	275	8,722	14,476	(14,476)	-
transfers
Total	132,993	125,522	56,452	13,361	8,696	13,347	350,373	(14,476)	335,897
Segment profit	7,327	2,396	7,015	417	555	893	18,605	(5,263)	13,341

(Notes) 1. "Adjustments" of ¥(5,263) million in "Segment profit" includes company-wide expenses unallocated to the respective reporting segments. The company-wide expenses mainly consist of expenditures pertaining to general and administrative expenses not attributable to particular reporting segments.

2. "Segment profit" is adjusted to report "Operating income" in the quarterly consolidated statements of income.

2. Information on impairment losses of fixed assets or goodwill, etc. by reporting segment (Significant impairment losses of fixed assets)

(Millions of yen)

	Retail	Food	Overseas	Fruit	Fine	Common	Total	Adjust-	Total
	Market	Service	Solutions	Chemicals	Business	ments

Impairment	153	1,060	81	-	-	109	1,404	-	1,404
losses

(Significant changes in amount of goodwill) Not applicable.

(Significant gains on negative goodwill) Not applicable.

Current third quarter (Cumulative from December 1, 2023 to August 31, 2024)
1. Information on amounts of net sales and profit or loss by reporting segment and information on disaggregation of revenue

									(Millions of yen)
									Amount reported
	Retail	Food		Fruit	Fine	Common		Adjust-	on the quarterly
			consolidated
	Overseas	Total	ments
	Market	Service	Solutions	Chemicals	Business	statements of
			(Note 1)
								income

									(Note 2)
Net sales
Revenue from
contracts with	140,597	125,772	67,864	13,191	8,595	4,890	360,911	-	360,911
customers
Other revenue	-	-	-	-	-	-	-	-	-
Net sales to
outside	140,597	125,772	67,864	13,191	8,595	4,890	360,911	-	360,911
customers
Intersegment
net sales or	607	3,279	-	232	285	8,555	12,960	(12,960)	-
transfers
Total	141,204	129,052	67,864	13,424	8,880	13,446	373,872	(12,960)	360,911
Segment profit	12,634	9,909	11,085	275	344	971	35,221	(5,405)	29,815

(Notes) 1. "Adjustments" of ¥(5,405) million in "Segment profit" includes company-wide expenses unallocated to the respective reporting segments. The company-wide expenses mainly consist of expenditures pertaining to general and administrative expenses not attributable to particular reporting segments.

2. "Segment profit" is adjusted to report "Operating income" in the quarterly consolidated statements of income.

2. Information on impairment losses of fixed assets or goodwill, etc. by reporting segment (Significant impairment losses of fixed assets)

Not applicable.

(Significant changes in amount of goodwill) Not applicable.

(Significant gains on negative goodwill) Not applicable.