Mitsui DM Sugar Holdings Co., Ltd.

2109

JP3890400009

Food Processing

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-17 am EDT			5-day change	1st Jan Change
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Feb. 06	Mitsui DM Sugar Holdings Co., Ltd. Provides Dividend Guidance for the Fiscal Year Ending March 31, 2024	CI
2023	Mitsui Dm Sugar Holdings Co., Ltd. Announces Dividend Guidance for the Fiscal Year Ending March 31, 2024	CI

Mitsui Sugar : Summary of Consolidated Financial Results For the Year Ended March 31, 2020

May 27, 2020 at 09:13 pm EDT

Summary of Consolidated Financial Results

For the Year Ended March 31, 2020 (Based on Japanese GAAP)

								May 15, 2020
Company name:	Mitsui Sugar Co., Ltd.			Stock exchange listings:	Tokyo
Stock code:	2109				https://www.mitsui-sugar.co.jp/
Company representative:	Daisuke Saiga	President and Chief Executive Officer
Contact person in charge:	Hideaki Batori	Executive Managing Officer,
			General Manager, Group Strategy	Division
						TEL. 81-3-3663-3111
Planned date for ordinary general meeting of shareholders:			June 23, 2020
Planned date to start dividend payment:				June 24, 2020
Planned date for submission of annual securities report:			June 23, 2020
Preparation of supplementary material for financial statements:		Yes
Briefing session for financial statements:			No
				(Amounts are rounded down to the nearest one million yen.)
1. Consolidated Financial Results for the Year Ended March 31, 2020 (from April 1, 2019 to March 31, 2020)
	(1) Consolidated Results of Operations				(Percentages are year-over-year changes.)
		Net sales	Operating income	Ordinary income	Profit attributable to
			owners of parent

		Million yen	%	Million yen	%	Million yen	%	Million yen	%
	Year ended March 31, 2020	113,854	8.1	4,848	29.5	4,982	(51.7)	2,422	(64.7)
	Year ended March 31, 2019	105,274	(0.0)	3,742	(41.1)	10,314	(24.2)	6,862	(17.5)

(Note) Comprehensive income
Year ended March 31, 2020: 1,830 million yen (-73.5%) Year ended March 31, 2019: 6,902 million yen (-25.9%)

	Earnings per	Diluted earnings	Return on equity	Return on assets	Operating margin
	share	per share

	Yen	Yen	%	%	%
Year ended March 31, 2020	93.27	－	2.9	3.5	4.3
Year ended March 31, 2019	257.00	－	8.2	7.6	3.6

(Reference) Equity in earnings (losses) of affiliates	Year ended March 31, 2020: (931 million yen)
		Year ended March 31, 2019: (574 million yen)
(2) Consolidated Financial Position
	Total assets		Net assets		Capital adequacy ratio	Net assets per share
	Million yen	Million yen	%	Yen
As of March 31, 2020	141,705	92,395	58.4	3,218.77
As of March 31, 2019	139,867	95,063	61.1	3,201.11
(Reference) Equity capital	As of March 31, 2020:	82,727 million yen	As of March 31, 2019: 85,475 million yen
(3) Consolidated Cash Flow
	Net cash provided by		Net cash provided by		Net cash provided by	Cash and cash
	(used in) operating		(used in) investing		(used in) financing	equivalents
	activities		activities		activities	at period end
	Million yen	Million yen	Million yen	Million yen
Year ended March 31, 2020	11,167	(7,146)	(3,425)	15,414
Year ended March 31, 2019	12,081	(20,652)	(1,050)	14,825

2. Cash Dividends

		Annual dividend		Total	Dividend	Dividend on
	End of 1Q End of 2Q End of 3Q	Year end	Total	dividends	payout ratio	equity
	(Total)	(Consolidated)	(Consolidated)

	Yen	Yen	Yen	Yen	Yen	Million yen	%	%
Year ended March 31, 2019	-	55.00	-	55.00	110.00	2,937	42.8	3.5
Year ended March 31, 2020	-	25.00	-	25.00	50.00	1,285	53.6	1.6
Year ending March 31, 2021 (forecast)	-	25.00	-	25.00	50.00		53.5

(Note) The year-end cash dividend for the fiscal year ended March 31, 2020 comprises an ordinary dividend of ¥10.00 and a commemorative dividend of ¥15.00.

3. Consolidated Business Forecasts for the Year Ending March 31, 2021 (from April 1, 2020 to March 31, 2021)

(Percentages are year-over-year changes.)

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

	Million yen		%	Million yen		%	Million yen	%	Million yen	%	Yen
Full year	115,000		1.0	4,800		(1.0)	4,800	(3.7)	2,400	(0.9)	93.38

*Notes

Significant changes in subsidiaries during period
(Changes in specified subsidiaries resulting in changes of scope of consolidation): None
Changes in accounting policy and accounting estimates and restatement
1. Changes in accounting policy due to any revision of accounting standards: None

(ii)	Changes in accounting policy other than i) above:	None
(iii)	Changes in accounting estimates:		None
(iv)	Restatement:		None
(3) Number of outstanding shares (common shares)
(i)	Number of outstanding shares at period	As of	28,333,480	As of	28,333,480
	end (including treasury shares)	March 31, 2020	shares	March 31, 2019	shares
(ii)	Number of treasury shares at period end	As of	2,631,827	As of	1,631,540
		March 31, 2020	Shares	March 31, 2019	Shares
(iii) Average number of shares during period	Year ended	25,973,526	Year ended	26,702,257
		March 31, 2020	shares	March 31, 2019	shares

(Reference) Overview of Financial Results on a Non-consolidated Basis
1. Financial Results on a Non-consolidated Basis for the Year Ended March 31, 2020 (from April 1, 2019 to March 31, 2020)
	(1) Non-consolidated Results for Operations								(Percentages are year-over-year changes.)
		Net sales	Operating income			Ordinary income		Net income
		Million yen		%	Million yen		%			Million yen	%		Million yen	%
	Year ended March 31, 2020	59,157		(3.3)	4,055		42.9		6,038	(40.4)	4,455		(39.2)
	Year ended March 31, 2019	61,168		(3.6)	2,837		(36.9)		10,127	(20.0)	7,326		(14.7)

		Net income per share	Diluted net income
		per share

				Yen			Yen
	Year ended March 31, 2020		171.53			-
	Year ended March 31, 2019		274.40			-
	(2) Financial Position on a Non-consolidated Basis
		Total assets	Net assets			Capital adequacy ratio		Net assets per share
		Million yen			Million yen			%				Yen
	As of March 31, 2020		97,955			72,960			74.5		2,838.75
	As of March 31, 2019		95,561			73,167			76.6		2,740.17
	(Reference) Equity capital	As of March 31, 2020:	72,960 million yen	As of March 31, 2019: 73,167 million yen

2. Business Forecasts on a Non-consolidated Basis for the Year Ending March 31, 2021 (from April 1, 2020 to March 31, 2021) (Percentages are year-over-year changes.)

	Net sales		Ordinary income	Net income	Net income
		per share

	Million yen		%	Million yen	%	Million yen	%	Yen
Full year	58,000		(2.0)	4,500	(25.5)	3,100	(30.4)	120.61

The kessan tanshin document is outside the scope of audit procedures conducted by certified public accountants and the independent auditor.
Explanation on appropriate use of business forecasts, and other special notes
Business forecasts and other forward-looking statements contained in this report and supplementary materials are based on information currently available to the Company and on certain assumptions deemed as rational, and are not intended to guarantee the achievements by the Company. Actual results may greatly differ due to various factors. For preconditions for business forecasts and notes in using such forecasts, please see "(1) Analysis of operating results, 2) Future outlook" in "1. Operating Results and Other" on page 3 of the appendix.

Appendix

1. Operating Results and Other.............................................................................................................................................................	2
(1)	Analysis of operating results .......................................................................................................................................................	2
(2)	Analysis of financial position ......................................................................................................................................................	4
(3)	Fundamental policy for profit allocation and dividends for fiscal 2019 and 2020.......................................................................	5
2. Corporate Group..................................................................................................................................................................................	6
3. Basic Stance on Selection of Accounting Standards............................................................................................................................	6
4. Consolidated Financial Statements and Important Notes ....................................................................................................................	7
(1)	Consolidated balance sheets ........................................................................................................................................................	7
(2)	Consolidated statements of income and consolidated statements of comprehensive income ......................................................	9
	(Consolidated statements of income)...........................................................................................................................................	9
	(Consolidated statements of comprehensive income)................................................................................................................	10
(3)	Consolidated statements of changes in net assets ......................................................................................................................	11
(4)	Consolidated statements of cash flows ......................................................................................................................................	13
(5)	Notes on consolidated financial statements ...............................................................................................................................	15
	(Notes on assumptions of a going concern)...............................................................................................................................	15
	(Important matters concerning preparation of consolidated financial statements).....................................................................	15
	(Consolidated balance sheets) ...................................................................................................................................................	17
	(Consolidated statements of income).........................................................................................................................................	18
	(Consolidated statements of changes in net assets) ...................................................................................................................	18
	(Consolidated statements of cash flows) ...................................................................................................................................	20
	(Segment information, etc.).......................................................................................................................................................	22
	(Per-share information) .............................................................................................................................................................	26
	(Important subsequent events)...................................................................................................................................................	26
5. Non-consolidated Financial Statements and Important Notes .........................................................................................................	27
(1)	Balance sheets ...........................................................................................................................................................................	27
(2)	Statements of income ................................................................................................................................................................	29
(3)	Statements of changes in net assets ...........................................................................................................................................	30
(4)	Notes on non-consolidated financial statements........................................................................................................................	32
	(Notes on assumptions of a going concern)...............................................................................................................................	32
	(Important subsequent events)...................................................................................................................................................	32
6. Other................................................................................................................................................................................................	32
(1)	Transfer of officers ....................................................................................................................................................................	32
(2)	Other..........................................................................................................................................................................................	32

1. Operating Results and Other

Analysis of operating results 1) Overview of fiscal 2019

In fiscal 2019, ended March 31, 2020, the Japanese economy continued to recover at a moderate pace, supported by improving employment and income conditions in the first half of the fiscal year. However, in the second half of the fiscal year, natural disasters and the hike to consumption tax weighed on consumer spending and there were concerns about a negative impact on the economy from the widening COVID-19 outbreak.

Against that backdrop, the Mitsui Sugar Group focused on strengthening the earnings capabilities of existing businesses while remaining fully committed to its primary responsibility to society - the stable supply of safe and reliable sugar products and other food ingredients. In addition, the Company worked to reinforce its business base in both Japan and overseas. Specifically, in December 2019, the Company established a new joint venture called HANY SUGAR to manufacture and sell small home-use sugar packets and various types of processed sugar in China as part of ongoing efforts to tap into growth in overseas markets using sites in Asia.

At a meeting of the Board of Directors on March 25, 2020, the Company approved a number of moves aimed at further strengthening the Group's sugar business in Japan: (1) start discussions with Dai-Nippon Meiji Sugar Co., Ltd. regarding a business integration with an effective date of April 1, 2021, and (2) open discussions with Dai-Nippon Meiji Sugar and Nippon Beet Sugar Manufacturing Co., Ltd. about a capital and business alliance with an effective date to be determined separately. For more details about the board resolutions, please refer to the press release published on March 25, 2020: "Notice Regarding Commencement of Talks for Business Integration between Mitsui Sugar Co., Ltd. and Dai-Nippon Meiji Sugar Co., Ltd. and Capital and Business Alliance between Mitsui Sugar Co., Ltd., Dai-Nippon Meiji Sugar Co., Ltd. and Nippon Beet Sugar Manufacturing Co., Ltd."

(Sugar Business)

In the overseas crude sugar market, which affects raw material prices in the Sugar Business, the sugar price started the fiscal year at the 12 cents per pound level, before falling to around 10 cents at one point amid growing expectations that supply-demand conditions would ease worldwide. Amid a string of forecasts pointing to a drop in output in key producing countries in the coming fiscal year, the price subsequently rebounded, reaching the 13 cents per pound level at the end of December 2019. However, after reaching the high-15 cent level in February 2020, the sugar price fell back sharply to end the fiscal year at 10 cents per pound amid a downturn in macroeconomic conditions due to a slowdown in the global economy caused by the COVID-19 outbreak, which combined to create a range of factors that indirectly impacted the supply-demand environment for sugar. Meanwhile, in Japan, retail prices for refined white sugar trended at around 187-188 yen per kg during the fiscal year.

In sales activities, sales volume overall declined year on year, reflecting weak shipments to users in the beverage sector amid an unseasonably cold rainy season and wet summer, and delays to production at a factory in the fourth quarter of the fiscal year. Amid a downward trend in sales of home-use 1kg sugar packs, the Company expanded its range of resealable small sugar packets designed for better storage and worked to establish the packaging as the market standard by targeting volume retailers in the Tokyo Metropolitan area.

On the cost front, the Group faced higher fixed costs, reflecting rising logistics costs due to worker shortages and an increase in depreciation and amortization related to investment in new equipment and facilities to ensure stable operations. However, efforts to procure crude sugar at appropriate prices led to an improvement in raw material costs, supporting an increase in operating income compared with the previous fiscal year.

Overseas, the Group established a new joint venture in China called HANY SUGAR, which is preparing to start operations in autumn 2020, drawing on the Group's domestic expertise in small home-use sugar packets and the processing of various types of sugar.

In consolidated subsidiaries, production volume declined at Showa Sugar Co., Ltd. amid poor weather, and profits declined at Hokkaido Sugar Co., Ltd. due to a drop in sales prices and sales volume. However, SIS' 88 Pte Ltd, which became a consolidated subsidiary at the end of the third quarter in the previous fiscal year, performed well on the whole throughout the fiscal year, contributing to profits.

As a result, net sales of the Sugar Business amounted to 92,145 million yen and operating income was 3,240 million yen.

Sugar market status during period

Domestic market price (listed in Nippon Keizai Shimbun, per kilogram of a large bag of superfine sugar, Tokyo) Fiscal year ended March 31, 2020: 187-188 yen

Overseas crude sugar price (NY sugar current delivery, per pound)

Opening price: 12.53 cents, highest price: 15.90 cents, lowest price: 10.42 cents, closing price: 10.42 cents

(Food Science Business)

In the Food Science Business, sales of palatinose and palachinit were slightly weak, but operating income increased year on year

due to an improvement in the profit margin for palatinose. Growing use of sugar cane extract for sanitation applications also contributed to higher sales and profits year on year. In July 2019, the Group's slow calorie sugar, which contains palatinose, received approval as a Food with Functional Claim for its ability to limit increases in blood sugar levels after meals. To coincide with the labelling approval, the Food Science Business ran a high-profile marketing campaign to raise consumer awareness about the product's functionality.

In consolidated subsidiaries, sales and profits from TAISHO TECHNOS CO., LTD. increased due to higher sales and an improvement in the cost ratio following the start of operations at a new plant. Nutri Co., Ltd. also reported higher sales and profits, due mainly to sales growth at a liquid food business acquired during the fiscal year under review.

As a result, net sales in the Food Science Business amounted to 19,766 million yen, while operating income was 679 million yen.

(Real Estate Business)

The Real Estate Business booked a full-year contribution from the leasing of a logistics center in Okayama City, which was leased out in November 2018. However, net sales of 1,942 million yen and operating income of 928 million yen were both flat year on year.

As a result of the above, net sales in fiscal 2019 increased 8.1% year on year to 113,854 million yen and operating income rose 29.5% to 4,848 million yen.

In non-operating income and expenses, the Group booked royalty income of 1,340 million yen based on a development and marketing rights agreement for fingolimod (FTY720). However, due to an ongoing arbitration process between Novartis Pharma AG and Mitsubishi Tanabe Pharma Corporation, which is the joint holder of the fingolimod patent with the Company, the Group continues to exclude the recognition of profits related to the portion of royalty income subject to the arbitration process by Novartis Pharma AG, which is challenging the enforceability of certain provisions under the agreement.

In addition, the Group recorded share of loss of entities accounted for using equity method, mainly reflecting a decline in sales prices and sales volume at affiliates in Thailand amid weakness in the overseas crude sugar market. As a result, ordinary income declined 51.7% year on year to 4,982 million yen and profit attributable to owners of parent fell 64.7% to 2,422 million yen, which also reflected an extraordinary loss of 234 million yen as environmental expenses related to the accidental leak of heavy fuel oil at Hokkaido Sugar Co., Ltd.

Given the current characteristics of the Group's financial position, which has seen a large increase in depreciation costs for goodwill and other items related to the acquisition of businesses and assets to drive future growth, the Company is focusing on EBITDA (*1) in conjunction with other profit measures to provide a clearer picture of the Group's cash generation capabilities. In the fiscal year under review, EBITDA was 11,132 million yen, showing that the Group's business activities remain in a healthy state. For more details, please refer to (2) Analysis of financial position 2) Cash flow.

*1 Simplified calculations for consolidated depreciation and amortization and other items added to consolidated operating income.

2) Future outlook

For fiscal 2020, ending March 31, 2021, we see the risk of a rapid deterioration in consumer activity due to the COVID-19 outbreak worldwide, which has led to calls in Japan for people to stay home and restrict their activities, in addition to a severe drop in inbound demand. The impact of the outbreak looks increasingly serious and prolonged for the global economy, not only Japan, which needs to be taken into account in the Group's business activities. Although declining demand in Japan and overseas is a risk for the Group's operating performance in fiscal 2020, sugar is one of the key food ingredients for everyday life. As such, although the Group is unlikely to avoid any impact in the first half of the fiscal year, we expect the impact to moderate somewhat over the full fiscal year.

Against that backdrop, the Company will work closely with Group companies to continue strengthening existing businesses and expand businesses in growth fields while remaining fully committed to its primary responsibility to society - the stable supply of safe and reliable sugar products and other food ingredients.

Business forecasts for fiscal 2020 and issues to work on at each segment are as follows:

Net sales	115,000 million yen	(up 1.0% year on year)
Operating income	4,800 million yen	(down 1.0% year on year)
Ordinary income	4,800 million yen	(down 3.7% year on year)
Profit attributable to	2,400 million yen	(down 0.9% year on year)
owners of parent

(Sugar Business)

In the domestic Sugar Business, we will continue to invest to ensure stable supplies, while also introducing automation and labor- saving approaches in response to structural changes in Japanese society, such as the declining population. We will also pursue optimization across all areas of our supply chain, from production and sales through to logistics, to address driver shortages and

increased workloads in the logistics sector, where there are limits on the use of labor-saving approaches. In sales, we will launch competitive products using the SPOON brand and roll out marketing activities that address changes in market needs from the perspective of customers.

In the overseas Sugar Business, we aim to reinforce competitiveness using SIS'88 Pte Ltd in Singapore as our strategic base in Asia. In China, we will build a sugar product supply chain serving both the B to B market for food product companies and the B to C market for households by coordinating strategy with our two local Group companies - COFCO Sugar Liaoning Co., Ltd. and HANY SUGAR. We will also continue to implement our strategy in Thailand, including the completion and startup of a new plant in November 2020 by a local affiliate, which has been pushing forward the project for several years.

(Food Science Business)

In the Food Science Business, we aim to increase earnings capabilities by stepping up cooperation between Group companies and by using M&A and other external resources, targeting fields that extend healthy life expectancy, improve performance during exercise and combine health and flavor.

(Real Estate Business)

In the Real Estate Business, we aim to continue generating stable cash flow using assets in the real estate portfolio, and further improve asset efficiency and increase earnings capabilities by developing real estate owned by the Company in Minami Ward in Okayama City and Nagata Ward in Kobe City.

(Other)

The Company disclosed on March 25, 2020 that it plans to start discussions with Dai-Nippon Meiji Sugar Co., Ltd. regarding a possible business integration, and with Nippon Beet Sugar Manufacturing Co., Ltd. regarding a possible capital and business alliance. Amid the increasingly challenging operating environment, the three parties will discuss ways of combining their extensive management expertise in production technology, quality and cost control, logistics and raw material procurement, built up over many years in the domestic sugar sector, creating a more stable supply framework in Japan, and strengthening international competitiveness to support future growth.

Analysis of financial position
1. Assets, liabilities and net assets

As of March 31, 2020, total assets were 141,705 million yen, an increase of 1,837 million yen compared with the end of the previous fiscal year.

This mainly reflected increases of 3,161 million yen for merchandise and finished goods, 493 million yen for raw materials and supplies, and 773 million yen for machinery, equipment and vehicles, versus declines of 581 million yen for notes and accounts receivable - trade, 748 million yen for goodwill, and 1,373 million yen for investment securities.

Liabilities totaled 49,309 million yen, an increase of 4,504 million yen compared with the end of the previous fiscal year. The main items were increases of 11,033 million yen for loans payable and 5,854 million yen for other non-current liabilities, versus declines of 10,000 million yen for current portion of bonds and 1,117 million yen for deferred tax liabilities.

Total net assets decreased 2,667 million yen from the end of the previous fiscal year to 92,395 million yen. This was mainly due to profit attributable to owners of parent of 2,422 million yen, dividends from surplus of 2,111 million yen and purchase of treasury shares of 2,305 million yen.

2) Cash flow

Cash and cash equivalents (hereinafter called "funds") as of March 31, 2020 increased 588 million yen from the end of the previous fiscal year to 15,414 million yen. This was because cash from operating activities increased by 11,167 million yen while cash flow from investing and financial activities decreased by 10,571 million yen.

Changes in cash flow for fiscal 2019 and their reasons are as follows.

(Cash flow from operating activities)

The funds acquired from operating activities amounted to 11,167 million yen (fiscal 2018: increase by 12,081 million yen).

This mainly reflected cash provided by income before income taxes of 4,678 million yen and depreciation and amortization of 5,191 million yen, versus cash used of 3,119 million yen for income taxes paid.

(Cash flow from investing activities)

Investing activities caused funds to decrease in the amount of 7,146 million yen (fiscal 2018: decrease by 20,652 million yen). This mainly reflected cash used of 6,919 million yen for the purchase of property, plant and equipment related to plant facilities.

(Cash flow from financing activities)

Financing activities caused funds to decrease in the amount of 3,425 million yen (fiscal 2018: decrease by 1,050 million yen).

This mainly reflected cash provided of 11,032 million yen from net increase in loans payable, versus cash used of 10,000 million yen for redemption of bonds, 2,305 million yen for purchase of treasury shares, and 2,106 million yen for cash dividends paid.

(Reference) Changes in cash-flow-related indices

	FY2017		FY2018		FY2019

Capital adequacy ratio (%)		62.4		61.1	58.4

Market-price-based capital adequacy ratio (%)		83.2		52.0	37.7

Debt redemption period (years)		1.1		1.6	1.8

Interest coverage ratio (times)		211.76		162.60	128.42
Capital adequacy ratio: Equity capital ÷ Total assets

Market-price-based capital adequacy ratio: Value of shares ÷ Total assets

Debt redemption period: Interest-bearing debt ÷ Cash flow

Interest coverage ratio: Cash flow ÷ Interest payment

Notes:

1. Data on a consolidated basis is used for calculation.
2. Value of shares is calculated based on the number of outstanding shares excluding treasury shares.
3. Cash flow used is operating cash flow.
4. Interest-bearingdebt includes all the debts recorded in the consolidated balance sheets for which the Company pays interest.
Fundamental policy for profit allocation and dividends for fiscal 2019 and 2020

The Company has used royalty income, which has contributed significantly to earnings over the last few years, to acquire businesses and assets to drive future growth. However, due to factors such as depreciation of goodwill and other assets, sufficient returns on those investments are likely to take some time to materialize. However, looking at the Company's current and projected financial position, cash flow generation remains strong, which is likely to support a further increase in capital.

Given those factors, the Company's basic policy is to pay stable and continuous dividends to shareholders, while taking into account the need to replenish retained earnings to support future business growth and reinforce the business base. Using a combination of cash dividends and a flexible capital policy, the Company will target a total shareholder return ratio of 50% while also considering current business conditions.

For fiscal 2019, we plan to pay an ordinary dividend of 35 yen per share, supplemented by a commemorative dividend of 15 yen per share to mark the 60th anniversary of the SPOON brand, resulting in a full-year dividend of 50 yen per share (year-end dividend 25 yen). The Company also purchased 1,000,000 shares of treasury shares during the fiscal year.

For fiscal 2020, we plan to pay a full-year dividend of 50 yen per share, comprising an interim dividend of 25 yen and a year- end dividend of 25 yen.

2. Corporate Group

In fiscal 2019, there were no major changes in the operations of the Group (the Company and its affiliates).

3. Basic Stance on Selection of Accounting Standards

The Mitsui Sugar Group plans to continue using Japanese accounting standards for the time being, as they facilitate comparison with previous consolidated financial statements and the earnings of other companies. However, the Group intends to respond appropriately to the adoption of International Financial Reporting Standards (IFRS) based on developments in Japan and overseas.

4. Consolidated Financial Statements and Important Notes

(1) Consolidated balance sheets

							(Million yen)
				FY2018			FY2019
			(As of March 31, 2019)	(As of March 31, 2020)
Assets
Current assets
Cash and deposits					15,232			15,520
Notes and accounts receivable-trade	*4	9,861	*4	9,280
Lease investment assets			345			352
Merchandise and finished goods			19,473			22,634
Work in process			1,835			1,342
Raw materials and supplies			4,454			4,947

Other			2,662			3,084
Allowance for doubtful accounts					(5)			(5)

Total current assets			53,859			57,156
Non-current assets
Property, plant and equipment
Buildings and structures	2, 5	40,579	2, 5	40,418
Accumulated depreciation		(25,199)		(25,170)
Buildings and structures, net			15,380			15,248
Machinery, equipment and vehicles		2, 5	83,270		2, 5	85,801
Accumulated depreciation	(65,215)	(66,973)
Machinery, equipment and vehicles, net			18,054			18,827
Tools, furniture and fixtures			2,601			2,711
Accumulated depreciation					(2,088)			(2,189)
Tools, furniture and fixtures, net			513			521
Land				*2 18,436		*2	18,148
Leased assets			912			915

Accumulated depreciation			(492)			(587)
Leased assets, net			420			327
Construction in progress			459			788
Total property, plant and equipment			53,265			53,862
Intangible assets
Goodwill					5,388			4,639
Other			3,282			3,017
Total intangible assets			8,670			7,657
Investments and other assets
Investment securities	*1	12,786	*1	11,413
Investments in capital of subsidiaries and associates		*1	2,128		*1	2,191
Long-term loans receivable			23			20
Net defined benefit asset					501			210
Deferred tax assets			1,008			1,881

Lease investment assets					6,912			6,560
Other			768			805

Allowance for doubtful accounts			(58)			(53)
Total investments and other assets			24,071			23,028
Total non-current assets			86,008			84,548
Total assets		139,867	141,705

(Million yen)

			FY2018		FY2019
		(As of March 31, 2019)	(As of March 31, 2020)

Liabilities

Current liabilities
Notes and accounts payable - trade			*4	9,408	*4	8,044

Short-term loans payable			4,850		6,103
Current portion of bonds			10,000		－

Current portion of long-term loans payable	*2	1,120	*2	2,120

Lease obligations			97		99

Accrued expenses			3,799		4,035

Income taxes payable			1,411		2,424

Provision for directors' bonuses			52		36
Asset retirement obligations			108		28

Other			4,588		3,618

Total current liabilities				35,437		26,510

Non-current liabilities

Long-term loans payable			2,550		11,330

Lease obligations			351		253
Deferred tax liabilities			1,589		471

Provision for directors' retirement benefits			268		223

Net defined benefit liability			2,812		2,893

Asset retirement obligations			305		282

Other			1,489		7,343

Total non-current liabilities			9,366		22,799

Total liabilities			44,804		49,309

Net assets
Shareholders' equity

Capital stock			7,083		7,083

Capital surplus			1,291		1,291

Retained earnings			79,157		79,469

Treasury shares			(2,910)		(5,215)

Total shareholders' equity			84,622		82,628

Accumulated other comprehensive income

Valuation difference on available-for-sale securities			735		483

Deferred gains or losses on hedges			36		(197)

Foreign currency translation adjustment			(99)		(63)
Remeasurements of defined benefit plans			180		(123)

Total accumulated other comprehensive income			853		99

Non-controlling interests			9,587		9,668

Total net assets			95,063		92,395

Total liabilities and net assets		139,867		141,705

Consolidated statements of income and consolidated statements of comprehensive income (Consolidated statements of income)

						(Million yen)
			FY2018			FY2019
			(From April 1, 2018 to		(From April 1, 2019 to
			March 31, 2019)		March 31, 2020)
Net sales	105,274	113,854
Cost of sales			81,289		87,842
Gross profit			23,985		26,011
Selling, general and administrative expenses
Sales commission		1,621		1,577
Distribution expenses		5,042		5,144
Salaries and bonuses	*1	3,860	*1	4,253
Provision for directors' bonuses					52			36
Retirement benefit expenses		*1	162		*1	212
Other		*1	9,502	*1	9,937
Total selling, general and administrative expenses			20,242		21,162
Operating income			3,742		4,848
Non-operating income
Interest income					5			1
Dividends income			62			101
Royalty income		7,467		1,344
Miscellaneous income					240			276
Total non-operating income			7,775		1,723
Non-operating expenses
Interest expenses			74			86
Loss on retirement of non-current assets					61			76
Share of loss of entities accounted for using equity method			574			931
Facilities removal expenses			250			312
Miscellaneous loss					243			181
Total non-operating expenses			1,204		1,589
Ordinary income			10,314		4,982
Extraordinary income
Gain on disposal of non-current assets			－			11
Gain on sales of investment securities			73			209
Subsidy income					70			379
Insurance claim income		*2	211		*2	266
Gain on change in equity			88			－
Total extraordinary income					443			867
Extraordinary losses
Loss on retirement of non-current assets					－		*3	359
Loss on reduction of non-current assets			80			328
Loss on valuation of investment securities			－			249
Loss on disaster				*2	207			－
Environmental expenses				－			234
Total extraordinary losses				288		1,171
Income before income taxes			10,468		4,678
Income taxes-current			3,374		3,849
Income taxes-deferred			(233)		(1,771)
Total income taxes			3,140		2,077
Profit				7,328		2,600
Profit attributable to non-controlling interests				465			177
Profit attributable to owners of parent			6,862		2,422

(Consolidated statements of comprehensive income)

		(Million yen)
	FY2018	FY2019
	(From April 1, 2018 to	(From April 1, 2019 to
	March 31, 2019)	March 31, 2020)
Profit	7,328	2,600
Other comprehensive income

Valuation difference on available-for-sale securities Deferred gains or losses on hedges

Foreign currency translation adjustment Remeasurements of defined benefit plans

Share of other comprehensive income of entities accounted for using equity method

(174)		(247)
52	141

(126)	(120)
(98)	(340)

(79)	(203)

Total other comprehensive income	(425)	(769)
Comprehensive income	6,902	1,830
Comprehensive income attributable to:
Owners of parent	6,493	1,668
Non-controlling interests	408	162

Consolidated statements of changes in net assets FY2018 (From April 1, 2018 to March 31, 2019)

(Million yen)

							Shareholders' equity

	Common stock		Capital surplus		Retained earnings			Treasury shares		Total shareholders'
							equity

Balance at the beginning of		7,083		1,291		75,366			(2,907)			80,833
period

Change of items during the
period
Dividends from surplus								(3,070)						(3,070)

Profit attributable to owners								6,862						6,862
of parent

Purchase of treasury shares														(2)	(2)

Disposal of treasury shares						0								0	0

Net changes of items other
than shareholders' equity
Total change of items during			－		0		3,791			(2)			3,789
the period

Balance at the end of the period		7,083		1,291		79,157			(2,910)			84,622


				Accumulated other comprehensive income

	Valuation			Deferred	Foreign		Remeasure-				Total	Non-	Total net
	difference on						accumulated	controlling
			gains or	currency		ments of			assets
	available-							other	interests
			losses on	translation		defined
	for-sale					comprehensive
			hedges	adjustments		benefit plans
	securities							income

Balance at the beginning of	896				－	347		263			1,507		7,530	89,871
period

Change of items during the
period
Dividends from surplus															(3,070)

Profit attributable to owners															6,862
of parent

Purchase of treasury shares															(2)

Disposal of treasury shares															0

Net changes of items other	(161)			36	(447)		(82)			(654)		2,056	1,402
than shareholders' equity

Total change of items during	(161)			36	(447)		(82)			(654)		2,056	5,191
the period

Balance at the end of the period	735			36	(99)		180			853		9,587	95,063

FY2019 (From April 1, 2019 to March 31, 2020)

(Million yen)

							Shareholders' equity

	Common stock		Capital surplus		Retained earnings			Treasury shares		Total shareholders'
							equity

Balance at the beginning of		7,083		1,291		79,157			(2,910)			84,622
period

Change of items during the
period
Dividends from surplus								(2,111)						(2,111)

Profit attributable to owners								2,422						2,422
of parent

Purchase of treasury shares														(2,305)	(2,305)

Purchase of shares of						(583)									(583)
consolidated subsidiaries

Sales of shares of						583									583
consolidated subsidiaries

Net changes of items other
than shareholders' equity
Total change of items during			－		－		311			(2,305)			(1,993)
the period

Balance at the end of the period		7,083		1,291		79,469			(5,215)			82,628


				Accumulated other comprehensive income

	Valuation			Deferred	Foreign		Remeasure-				Total	Non-	Total net
	difference on						accumulated	controlling
			gains or	currency		ments of			assets
	available-							other	interests
			losses on	translation		defined
	for-sale					comprehensive
			hedges	adjustments		benefit plans
	securities							income

Balance at the beginning of	735			36	(99)		180			853		9,587	95,063
period

Change of items during the
period
Dividends from surplus															(2,111)

Profit attributable to owners															2,422
of parent

Purchase of treasury shares															(2,305)

Purchase of shares of															(583)
consolidated subsidiaries

Sales of shares of															583
consolidated subsidiaries

Net changes of items other	(252)			(234)	35		(303)			(754)		80	(673)
than shareholders' equity

Total change of items during	(252)			(234)	35		(303)			(754)		80	(2,667)
the period

Balance at the end of the period	483			(197)	(63)		(123)			99		9,668	92,395

(4) Consolidated statements of cash flows

								(Million yen)
					FY2018		FY2019
			(From April 1, 2018 to	(From April 1, 2019 to
					March 31, 2019)		March 31, 2020)
Net cash provided by (used in) operating activities

Income before income taxes				10,468	4,678

Depreciation and amortization					4,660			5,191

Loss on disaster	207			－

Loss (gain) on disposal of non-current assets					(9)			(16)

Loss on retirement of non-current assets	61	436
Loss (gain) on valuation of investment securities					－			254

Loss (gain) on sales of investment securities	(73)	(209)
Share of loss (profit) of entities accounted for using equity					574			931
method

Loss (gain) on change in equity	(88)			－
Amortization of goodwill					416			746

Increase (decrease) in allowance for doubtful accounts	(2)	(4)

Increase (decrease) in provision for directors' bonuses					(18)			(16)

Increase (decrease) in net defined benefit liability	(177)	(116)

Interest and dividends income					(67)			(102)

Interest expenses				74		86

Subsidy income					(70)			(379)

Insurance claim income	(211)	(266)
Loss on reduction of non-current assets					80			328

Decrease (increase) in notes and accounts receivable-trade	641	555

Decrease (increase) in inventories					253			(3,187)

Increase (decrease) in notes and accounts payable-trade				429		(1,243)

Increase (decrease) in accrued consumption taxes					(1,035)			243

Other, net	834	5,935
Subtotal					16,949			13,847

Interest and dividends income received	67	102

Proceeds from subsidy income					70			379

Proceeds from insurance income	211	266
Payments for retirement of non-current assets					－			(159)

Interest expenses paid	(73)	(94)
Payments associated with disaster loss					(103)			(54)

Income taxes paid	(5,041)	(3,119)

Net cash provided by (used in) operating activities					12,081			11,167

							(Million yen)
				FY2018			FY2019
			(From April 1, 2018 to	(From April 1, 2019 to
				March 31, 2019)		March 31, 2020)
Net cash provided by (used in) investing activities

Proceeds from withdrawal of time deposits			200	300

Purchase of property, plant and equipment			(8,170)			(6,919)

Proceeds from sales of property, plant and equipment			13	313
Purchase of investment securities			(2,833)			(283)

Proceeds from sales of investment securities			94	254
Payments for investments in capital of subsidiaries and					(2,193)		(548)
associates

Payments for acquisition of businesses			(643)	(50)

Purchase of intangible assets			(13)			(106)

Purchase of shares of subsidiaries resulting in change in	*2	(7,044)			－
scope of consolidation

Other, net			(62)			(107)

Net cash provided by (used in) investing activities			(20,652)	(7,146)

Net cash provided by (used in) financing activities

Increase in short-term loans payable			9,200	10,684

Decrease in short-term loans payable					(7,550)		(9,432)

Proceeds from long-term loans payable			1,600		11,500

Repayment of long-term loans payable			(1,134)			(1,720)

Redemption of bonds			－	(10,000)

Purchase of treasury shares			(2)			(2,305)

Cash dividends paid			(3,063)	(2,106)
Cash dividends paid to non-controlling shareholders			(1)			(79)

Payments from changes in ownership interests in
subsidiaries that do not result in change in scope of			－	(1,091)
consolidation
Proceeds from changes in ownership interests in subsidiaries			－			1,221
that do not result in change in scope of consolidation

Other, net				(98)	(96)
Net cash provided by (used in) financing activities			(1,050)			(3,425)

Effect of exchange rate change on cash and cash equivalents			(14)	(7)

Net increase (decrease) in cash and cash equivalents			(9,636)			588

Cash and cash equivalents at beginning of period				24,462	14,825
Cash and cash equivalents at end of period			*1 14,825			*1 15,414

Notes on consolidated financial statements (Notes on assumptions of a going concern)
None
(Important matters concerning preparation of consolidated financial statements)
1. Matters concerning scope of consolidation
I. Number and names of consolidated subsidiaries

Number of consolidated subsidiaries: 8 Names of consolidated subsidiaries:

Hokkaido Sugar Co., Ltd., Spoon Sugar Co., Ltd., Showa Sugar Co., Ltd., Hiranoya Corporation, SIS'88 Pte Ltd, Asian Blending Pte Ltd, TAISHO TECHNOS CO., LTD., and Nutri Co., Ltd.

Names, etc. of unconsolidated subsidiaries Names of unconsolidated subsidiaries
Hokuseki Co., Ltd., others

Reasons for exclusion from the scope of consolidation

All of these unconsolidated subsidiaries are small in size, and the total assets, net sales, net income (comparable to equity interest), retained earnings (comparable to equity interest) all do not have a significant impact on the consolidated financial statements.

2. Matters concerning application of equity method

Number of equity method affiliates and names of major companies Number of equity method affiliates: 9
Names of major equity method affiliates:

Nansei Togyo Co., Ltd., The Kumphawapi Sugar Co., Ltd., Kaset Phol Sugar Ltd. and COFCO Sugar Liaoning Co., Ltd.

In the fiscal year under review, the Company made new investments in HANY SUGAR, making it an entity accounted for using the equity method.

Name, etc. of unconsolidated subsidiaries and affiliates that are not accounted for by the equity method

Names of major companies

Unconsolidated subsidiaries: Hokuseki Co., Ltd., others

Affiliates:	Ryutou Incorporation, Shin Chutoh Sangyo Co., Ltd., Seitokogyo-Kaikan Co., Ltd.
	and Murakami Shouten Co., Ltd.

Reason for not applying the equity method

The influence that unconsolidated subsidiaries and affiliates which are out of the scope of equity method accounting have on consolidated financial statements is minimal, and their overall significance is low even if they are excluded from the scope of application of equity method, considering the amount of net income or loss (comparable to equity interest) and retained earnings (comparable to equity interest). Therefore, they are excluded from the scope of equity method accounting.

Matters concerning fiscal year of consolidated subsidiaries
The financial closing date of consolidated subsidiaries agrees with the consolidated financial closing date with the exception of Showa Sugar Co., Ltd. (June 30), SIS'88 Pte Ltd (December 31) and Asian Blending Pte Ltd (December 31). In the fiscal year under review, SIS'88 Pte Ltd and Asian Blending Pte Ltd changed their fiscal year-end from September 30 to December 31. To prepare the consolidated financial statements, financial statements based on closing dates are used for SIS' 88 Pte Ltd and Asian Blending Pte Ltd, while provisional financial results based on the fiscal year-end of December 31 are used for Showa Sugar Co., Ltd. However, we make adjustments necessary for consolidation regarding important transactions executed with Showa Sugar Co., Ltd., SIS'88 Pte Ltd and Asian Blending Pte Ltd between January 1 and the consolidated closing date.
Matters concerning accounting standard
I. Evaluation standard and evaluation method of important assets
1. Securities Available-for-sale securities
  Securities with market value

Market value method based on market prices as of the closing date. (Valuation difference is reported as a component of shareholders' equity, and cost of securities sold is calculated by the moving-average method.)

Securities without market value

Cost method based on the moving-average method

Derivatives
Market value method in principle

1. Inventories
  Evaluated by the cost method based on the gross average method
  Amounts in the balance sheets are calculated by devaluating book values based on a decrease in profitability.
Method of depreciation of important depreciable assets

1. Property, plant and equipment (excluding leased assets)
  The Company and its consolidated subsidiaries mainly use the straight-line method. Useful life of major categories is as follows:
  Buildings and structures 15-47 years
  Machinery, equipment and vehicles 4-10 years
2. Leased assets
  Lease period is used as useful life, and the straight-line method is used with zero residual value.
Standard to record important allowance and provision
1. Allowance for doubtful accounts
  In preparation for bad debt, for general accounts receivable, a loan loss ratio is taken into account while for certain receivables such as doubtful accounts receivable, collectability of each receivable is considered in recording the estimated uncollectible amount.
2. Provision for directors' bonuses
  In preparation for the payment of directors' bonuses, a provision thereof is recorded based on the estimated amount of payment in this fiscal year.
3. Provision for directors' retirement benefits
  In preparation for the payment of directors' retirement benefits, some consolidated subsidiaries post 100% of the necessary amount to be paid at the end of the fiscal year in accordance with internal rules.

IV. Accounting treatment of retirement benefits

In preparation for the payment of employee retirement benefits, an amount is booked based on the projected amount of retirement benefit liabilities and pension assets as of the end of the fiscal year.

When calculating retirement benefit liabilities, the benefit formula method is used to allocate expected benefit payments to the period until this fiscal year end.

Past service cost is expensed by the straight-line method over a certain period (five years) up to a ceiling of employees' average remaining service period at the time of accrual.

Actuarial difference is first prorated by the straight-line method over a certain period (10 years) up to a ceiling of employees' average remaining service period in each fiscal year at the time of accrual, and the prorated amount is expensed from the fiscal year after the year of accrual.

Some consolidated subsidiaries use the compendium method.

Standard to record important income and expenses

Standard to record income from finance lease transactions

Net sales and cost of sales are recorded when a lease fee is received.

VI. Standard to convert important foreign-currency-denominated assets and liabilities into local currency

Foreign currency receivable and payable is converted into yen based on the spot exchange rate as of the consolidated closing date, and translation is recorded as income or expenses.

Assets and liabilities of foreign subsidiaries and other overseas entities are converted into yen based on the spot exchange rate as of the consolidated closing date, while income and expenses are converted into yen based on the average exchange rate during the fiscal year. Differences in translation are booked under foreign currency translation adjustment and non- controlling interests in the net assets section.

VII. Method of important hedge accounting

Method of hedge accounting
Deferred hedge accounting is adopted. The designation method is applied for foreign exchange contracts which meet the requirements.
Hedging instruments, hedged items and hedging policy

(Hedging instruments)	(Hedged items)
Foreign exchange forwards	Foreign-currency-denominated forecasted transaction and foreign currency receivable
	and payable
Commodity swap	Commodity forecasted transaction
(Hedging policy)

Foreign exchange forwards are used to hedge the foreign currency risk within the range required based on the sales plan for export and import transactions.

Commodity swaps are used to hedge the commodity price fluctuation risk within the range required based on the sales plan.

(iii) Method to evaluate effectiveness of hedging

We assume that the effectiveness of hedging is secured with respect to foreign exchange forwards since they are used for a single currency and single amount and for commodity swaps as they are transacted for a single product and single period.

VIII. Method and period of goodwill amortization

Goodwill is amortized using the straight-line method over a period of 5 to 15 years. However, immaterial goodwill is amortized in its entirety in the fiscal year of recognition.

IX. Scope of funds in the consolidated statements of cash flows

Funds consist of cash on hand, deposits cashable anytime and short-term investments (to be redeemed within three months from the date of acquisition) that are easily realizable and have limited risk of changes in value.

Other important matters for preparation of consolidated financial statements Accounting for consumption taxes
Consumption taxes are recorded net of tax.

(Consolidated balance sheets)

*1. Item concerning unconsolidated subsidiaries and the affiliates is as follows.

	FY2018		FY2019
	(As of March 31, 2019)		(As of March 31, 2020)

Investment securities (shares)	9,805 million yen		9,065		million yen
Investments in capital of subsidiaries and	2,128 million yen		2,191		million yen
associates

*2. Collateral assets and secured liabilities
Assets pledged as collateral are as follows.

	FY2018		FY2019
	(As of March 31, 2019)		(As of March 31, 2020)
Buildings and structures	2,489 million yen	( 2,489 million yen )	- million yen	( - million yen	)
Machinery, equipment and vehicles	4,724	( 4,724	)	-	( -	)
Land	730	(	730	)	-	( -	)
Total	7,944	( 7,944	)	-	( -	)
Secured liabilities are as follows.

	FY2018		FY2019
	(As of March 31, 2019)		(As of March 31, 2020)

Current portion of long-term loans payable	500 million yen	(	500 million yen)	- million yen	(	- million yen	)

Total	500	(	500	)	-	(	-	)

Of the above, the figures in parentheses represent loans secured by the plant foundation and the respective amount of liability.

*3. Guarantee obligation

Joint guaranty for loans from financial institutions of a company other than consolidated subsidiaries is as follows.

	FY2018	FY2019
	(As of March 31, 2019)	(As of March 31, 2020)
Kaset Phol Sugar Ltd.	3,027 million yen	6,729	million yen
Hokuee Co., Ltd.	13	13

Total	3,040	6,742

*4. Notes maturing on the final day of the consolidated fiscal year

Notes reaching maturity on the balance sheet date of the consolidated fiscal year are settled in the Company's accounts on the clearance date. As the balance sheet date for the fiscal year ended March 31, 2019 was a holiday for financial institutions, the following notes maturing on the balance sheet date of the consolidated fiscal year were included in the balance as of the end of the fiscal year ended March 31, 2019.

	FY2018	FY2019
	(As of March 31, 2019)	(As of March 31, 2020)

Notes receivable - trade	106 million yen	- million yen
Notes payable - trade	60	-

*5. Reduction entry of property, plant and equipment and intangible assets

With the receipt of sugar production promotion subsidy by our consolidated subsidiaries, reduction entries made that are deducted from the acquisition prices are as follows.

	FY2018	FY2019
	(As of March 31, 2019)	(As of March 31, 2020)

Buildings and structures	89 million yen	89 million yen
Machinery, equipment and vehicles	2,165	2,493

(Consolidated statements of income)

*1. Research and development expenses included in selling, general and administrative expenses

FY2018	FY2019
(From April 1, 2018 to March 31, 2019)	(From April 1, 2019 to March 31, 2020)

1,092 million yen	1,093 million yen
*2. Insurance claim income and loss on disaster
FY2018 (From April 1, 2018 to March 31, 2019)

The Company booked disaster-related costs arising from Typhoon Jebi and the Hokkaido Eastern Iburi earthquake. Insurance claim income for the damage totaled 211 million yen, which was booked as extraordinary income.

FY2019 (From April 1, 2019 to March 31, 2020)

The Company booked extraordinary income of 266 million yen for insurance claim income related to Typhoon Jebi in 2018.

*3. Loss on retirement of non-current assets FY2019 (From April 1, 2019 to March 31, 2020)

Expenses related to the removal of production facilities at the former Okayama Plant and the former Nagata Plant.

(Consolidated statements of changes in net assets) FY2018 (From April 1, 2018 to March 31, 2019)

1. Matters concerning type and total number of outstanding shares and treasury shares

	Number of shares at	Number of increased	Number of	Number of shares at
	the beginning of	shares during	decreased shares	the end of FY2018
	FY2018	FY2018	during FY2018
	(Thousand shares)	(Thousand shares)	(Thousand shares)	(Thousand shares)
Outstanding shares
Common shares	28,333	-	-	28,333
Total	28,333	-	-	28,333

Treasury shares

Common shares	1,630	0	0	1,631

Total	1,630	0	0	1,631
Notes:

0 thousand shares of increase in common shares of treasury shares are as a result of acquisition of fractional shares (+ 0 thousand shares).
0 thousand shares of decrease in common shares of treasury shares are as a result of the request of purchase for fractional shares (- 0 thousand shares).
2. Matters concerning cash dividends
1. Dividends paid

Total dividends

Dividend per share

(Resolution)

Type of shares

paid

Base date

Effective date

(Million yen)

(Yen)

Ordinary general meeting

Common

of shareholders held on

1,602

60.0

March 31, 2018

June 27, 2018

June 26, 2018

Board of directors'

Common

meeting held on October

1,468

55.0

September 30, 2018

December 3, 2018

31, 2018

(2) Dividends whose base date is in fiscal 2018 and whose effective date falls on fiscal 2019

(Resolution)

Type of

Total dividends

Dividend

Dividend per

paid

Base date

Effective date

resource

(Million yen)

(Yen)

Ordinary general

meeting of

Common

1,468

Retained

55.0

March 31, 2019

June 26, 2019

shareholders held

earnings

on June 25, 2019

FY2019 (From April 1, 2019 to March 31, 2020)

1. Matters concerning type and total number of outstanding shares and treasury shares

	Number of shares at	Number of increased	Number of	Number of shares at
	the beginning of	shares during	decreased shares	the end of FY2019
	FY2019	FY2019	during FY2019
	(Thousand shares)	(Thousand shares)	(Thousand shares)	(Thousand shares)
Outstanding shares

Common shares	28,333	-	-	28,333

Total	28,333	-	-	28,333
Treasury shares
Common shares	1,631	1,000	-	2,631

Total	1,631	1,000	-	2,631

Note: The increase of 1,000 thousand common shares (treasury shares) reflects the acquisition of 1,000 thousand treasury shares in accordance with a resolution of the Board of Directors and the acquisition of 0 thousand fractional shares.

2. Matters concerning cash dividends

Dividends paid

Total dividends

Dividend per share

(Resolution)

Type of shares

paid

Base date

Effective date

(Million yen)

(Yen)

Ordinary general meeting

Common

of shareholders held on

1,468

55.0

March 31, 2019

June 26, 2019

June 25, 2019

Board of directors'

Common

meeting held on October

642

25.0

September 30, 2019

December 6, 2019

31, 2019

(2) Dividends whose base date is in fiscal 2019 and whose effective date falls on fiscal 2020

Type of

Total dividends

Dividend

Dividend per

(Resolution)

paid

Base date

Effective date

resource

(Million yen)

(Yen)

Ordinary general

meeting of

Common

642

Retained

25.0

March 31, 2020

June 24, 2020

shareholders held

earnings

on June 23, 2020

3. Significant changes in amounts of shareholders' equity

The Company completed a share buyback on September 25, 2019, in accordance with a resolution approved by the Board of Directors on May 14, 2019.

The increase of 1,000 thousand shares and 2,304 million yen due to the acquisition is included in the consolidated financial statements for the fiscal year under review. Due to the acquisition, treasury shares increased by 2,305 million yen during the fiscal year, resulting in treasury shares of 5,215 million yen as of March 31, 2020.

(Consolidated statements of cash flows)

*1. Relationship between ending balance of cash and cash equivalents and its amount in the consolidated balance sheets

	FY2018	FY2019
	(From April 1, 2018 to March 31, 2019)	(From April 1, 2019 to March 31, 2020)
Cash and deposits	15,232 million yen	15,520 million yen
Time deposit whose deposit term exceeds	(406)	(106)
three months

Cash and cash equivalents	14,825	15,414

*2. Breakdown of major assets and liabilities at companies that became consolidated subsidiaries during the fiscal year ended March 31, 2019 through the purchase of shares

Major constituents of assets and liabilities of SIS' 88 Pte Ltd and Asian Blending Pte Ltd when they were newly consolidated through the purchase of shares, and the relationship between the stock acquisition price and payment (net) for the purchase are as follows.

Current assets	5,129	million yen
Non-current assets	3,826
Goodwill	4,030
Current liabilities	(2,964)
Non-current liabilities	(492)
Foreign currency translation adjustment	99
Non-controlling interests	(1,649)
Stock acquisition price	7,979
Cash and cash equivalents of newly consolidated subsidiaries	(934)
Net: Purchase of shares of subsidiaries resulting in change in scope of
7,044
consolidation

(Segment information, etc.) [Segment information]

1. Overview of reportable segments

Reportable segments of the Company are structural units of the Company whose separate financial information is available, and which are subject to regular review by the Board of Directors to evaluate a decision on allocation of management resources and financial results.

The Company and its consolidated subsidiaries are engaged in manufacturing and sales of sugar and food ingredients and lease of real estate. Organizations are established based on these products and services.

Therefore, reportable segments of the Company are the "Sugar Business," "Food Science Business" and "Real Estate Business."

The Sugar Business manufactures and sells raw sugar, processed sugar and sugar-related products. The Food Science Business manufactures and sells naturally-derived sweeteners, food colorings, flavorings, sugar cane extract, agar, bio-based products, nutritional care supplements and nutritional products for patients with dysphagia. The Real Estate Business mainly leases land, retail premises and offices.

2. Calculation method of net sales, income/loss, assets, liabilities and other items of each reportable segment

Accounting of reportable business segments is basically the same as those described in the "Important matters concerning preparation of consolidated financial statements."

Income of reportable segments is on an operating-income basis. Intersegment sales and transfer is based on the current market price.

3. Information on amounts of net sales, income/loss, assets, liabilities and other items by each reportable segment FY2018 (From April 1, 2018 to March 31, 2019)

							(Million yen)
			Reportable Segment			Amount
							recorded in
			Food
		Sugar	Real Estate		Adjustments	consolidated
		Business	Science	Business	Total		financial
			Business				statements
	Net sales
	Net sales to third-party	84,117	19,200	1,956	105,274	－	105,274
	customers

	Intersegment net sales and	58	131	43	232	(232)	－
	transfer

	Total	84,176	19,331	1,999	105,507	(232)	105,274
	Segment profit	2,350	471	921	3,742	－	3,742

	Segment assets	89,612	17,360	19,731	126,704	13,162	139,867

	Other items
	Depreciation and	3,915	506	237	4,659	1	4,660
	amortization

	Increase of property, plant
	and equipment and	5,068	1,277	230	6,576	132	6,708
	intangible assets
Notes:

Some adjustments were made between segment profit and operating income recorded in consolidated statements of income.
Adjustments of segment assets of 13,162 million yen indicate assets of the entire Company not allocated to each reportable segment. They consist of invested assets using surplus fund (cash and deposits), long-term investment fund (investment securities) and assets concerning the administration department.
Net sales and segment assets of the Sugar Business reportable segment include 3,419 million yen and 12,780 million yen, respectively, as a result of the consolidation of SIS'88 Pte Ltd and its consolidated subsidiary Asian Blending Pte Ltd during the fiscal year.

FY2019 (From April 1, 2019 to March 31, 2020)

							(Million yen)
			Reportable Segment			Amount
							recorded in
			Food
		Sugar	Real Estate		Adjustments	consolidated
		Business	Science	Business	Total		financial
			Business				statements
	Net sales
	Net sales to third-party	92,145	19,766	1,942	113,854	－	113,854
	customers

	Intersegment net sales and	42	138	67	248	(248)	－
	transfer

	Total	92,188	19,904	2,009	114,102	(248)	113,854

	Segment profit	3,240	679	928	4,848	－	4,848

	Segment assets	91,581	17,374	19,006	127,962	13,742	141,705

	Other items
	Depreciation and	4,380	573	236	5,190	1	5,191
	amortization

	Increase of property, plant
	and equipment and	5,614	483	69	6,167	111	6,278
	intangible assets
Notes:

Some adjustments were made between segment profit and operating income recorded in consolidated statements of income.
Adjustments of segment assets of 13,742 million yen indicate assets of the entire Company not allocated to each reportable segment. They consist of invested assets using surplus fund (cash and deposits), long-term investment fund (investment securities) and assets concerning the administration department.

[Related information]

FY2018 (From April 1, 2018 to March 31, 2019)

Information by each product and service
Description is omitted since it is explained in the segment information section.
Information by each region
1. Net sales
  Description is omitted since net sales to third party customers outside Japan account for less than 10% of the consolidated net sales.
2. Property, plant and equipment
  Description is omitted since property, plant and equipment located outside Japan accounts for less than 10% of the property, plant and equipment on the consolidated balance sheets.
Information by major customer

		(Million yen)
Name of customer	Net sales	Relevant segment
Mitsui & Co., Ltd.	49,578	Sugar Business and Food Science Business

Sojitz Corporation	10,359	Sugar Business

FY2019 (From April 1, 2019 to March 31, 2020)

Information by each product and service
Description is omitted since it is explained in the segment information section.
Information by each region
1. Net sales
  Description is omitted since net sales to third party customers outside Japan account for less than 10% of the consolidated net sales.
2. Property, plant and equipment
  Description is omitted since property, plant and equipment located outside Japan accounts for less than 10% of the property, plant and equipment on the consolidated balance sheets.
Information by major customer

		(Million yen)
Name of customer	Net sales	Relevant segment

Mitsui & Co., Ltd.	49,041	Sugar Business and Food Science Business

Sojitz Corporation	10,209	Sugar Business

[Information on impairment loss on non-current assets by each reportable segment] FY2018 (From April 1, 2018 to March 31, 2019)

None

FY2019 (From April 1, 2019 to March 31, 2020)

None

[Information on amortization of goodwill and unamortized balance of goodwill by each reportable segment] FY2018 (From April 1, 2018 to March 31, 2019)

						(Million yen)
		Reportable segment		Corporate	Amount recorded
					in consolidated
	Sugar	Food Science	Real Estate		and
	Total	financial
	eliminations
	Business	Business	Business		statements
Amortization during	67	348	-	416	-	416
the period

Balance at the end of	3,872	1,515	-	5,388	-	5,388
current period

FY2019 (From April 1, 2019 to March 31, 2020)

							(Million yen)
			Reportable segment		Corporate	Amount recorded
						in consolidated
		Sugar	Food Science	Real Estate		and
		Total	financial
		eliminations
		Business	Business	Business		statements

	Amortization during	259	487	-	746	-	746
	the period

	Balance at the end of	3,561	1,077	-	4,639	-	4,639
	current period

[Information on gain on negative goodwill by each reportable segment]
FY2018 (From April 1, 2018 to March 31, 2019)
	None
FY2019 (From April 1, 2019 to March 31, 2020)
	None

(Per-share information)

	FY2018		FY2019
(From April 1, 2018 to March 31, 2019)	(From April 1, 2019 to March 31, 2020)
Net assets per share	3,201.11 yen	Net assets per share	3,218.77 yen
Earnings per share	257.00 yen	Earnings per share	93.27 yen
Diluted earnings per share is not mentioned since dilutive shares	Diluted earnings per share is not mentioned since dilutive shares
do not exist.		do not exist.

Note: The basis of calculation of net assets per share and earnings per share is as follows.

	FY2018	FY2019
	(As of March 31, 2019)	(As of March 31, 2020)

Total of net assets section (million yen)	95,063	92,395

Amount deducted from total of net assets	9,587	9,668
section (million yen)

(Of the above, non-controlling	(9,587)	(9,668)
interests (million yen))

Net assets attributable to common shares	85,475	82,727
at period end (million yen)

Number of common shares at period end
used in calculating net assets per share	26,701,940	25,701,653
(shares)

	FY2018	FY2019
	(From April 1, 2018 to March 31, 2019)	(From April 1, 2019 to March 31, 2020)

Profit attributable to owners of parent	6,862	2,422
(million yen)

Amount not attributable to common	－	－
shareholders

Profit attributable to owners of parent
attributable to common shares (million	6,862	2,422
yen)
Average number of shares outstanding	26,702,257	25,973,526
(shares)

(Important subsequent events)
None

5. Non-consolidated Financial Statements and Important Notes

(1) Balance sheets

					(Million yen)
				FY2018	FY2019
				(As of March 31, 2019)	(As of March 31, 2020)
Assets
Current assets
Cash and deposits				10,535	10,669
Accounts receivable - trade	2,395	2,353
Lease investment assets			345	352
Merchandise and finished goods	3,864	3,459
Goods in transit			76	95
Work in process	1,330	1,125
Raw materials and supplies				1,180	2,966
Raw materials in transit	1,417		－
Prepaid expenses			172	52
Short-term loans receivable from subsidiaries and associates	2,800	4,400
Current portion of long-term loans receivable from				200	200
subsidiaries and associates

Other	63	402
Total current assets				24,382	26,076
Non-current assets
Property, plant and equipment
Buildings	7,893	7,781
Structures			934	899
Machinery and equipment	11,093	11,429
Vehicles			5	5
Tools, furniture and fixtures	338	324
Land			17,182	16,893
Leased assets	367	291
Construction in progress			135	412
Total property, plant and equipment	37,951	38,038
Intangible assets			415	262
Investments and other assets
Investment securities			2,517	1,892
Shares of subsidiaries and associates	19,829	20,289
Investments in capital				17	15
Investments in capital of subsidiaries and associates	2,193	2,741
Long-term loans receivable from subsidiaries and				800	600
associates

Long-term prepaid expenses	23	0
Prepaid pension cost			242	338
Deferred tax assets		－	861
Lease investment assets			6,912	6,560
Other		294		296
Allowance for doubtful accounts			(17)	(17)
Total investments and other assets	32,812	33,578
Total non-current assets			71,179	71,879
Total assets		95,561	97,955

				(Million yen)
			FY2018	FY2019
			(As of March 31, 2019)	(As of March 31, 2020)
Liabilities
Current liabilities
Accounts payable - trade	3,204	1,756
Current portion of bonds	10,000	－
Current portion of long-term loans payable			200	950
Lease obligations	81	82
Accounts payable - other	931	651
Accrued expenses	2,228	2,065
Income taxes payable			1,043	2,013
Advances received	71	72
Deposits received	171	168
Provision for directors' bonuses			44	24
Asset retirement obligations	107	27
Other		940	342
Total current liabilities		19,023	8,155
Non-current liabilities
Long-term loans payable	150	8,600
Lease obligations	318	235
Deferred tax liabilities			775	－
Provision for retirement benefits	697	736
Asset retirement obligations	127	105
Long-term suspense receipt	－	5,931
Other			1,301	1,230
Total non-current liabilities		3,370	16,839
Total liabilities		22,393	24,995
Net assets
Shareholders' equity
Capital stock	7,083	7,083
Capital surplus
Legal capital surplus			1,177	1,177
Other capital surplus		0	0
Total capital surplus		1,178	1,178
Retained earnings
Legal retained earnings	1,033	1,033
Other retained earnings
Reserve for price fluctuation			200	200
Reserve for advanced depreciation of non-current assets	3,380	3,320
General reserve	22,680	22,680
Retained earnings brought forward			39,841	42,245
Total retained earnings		67,135	69,479
Treasury shares		(2,910)	(5,215)
Total shareholders' equity		72,486	72,525
Valuation and translation adjustments
Valuation difference on available-for-sale securities	681	429
Deferred gains or losses on hedges			－	5
Total valuation and translation adjustments	681	435
Total net assets			73,167	72,960
Total liabilities and net assets		95,561	97,955

(2) Statements of income

			(Million yen)
		FY2018	FY2019
		(From April 1, 2018 to	(From April 1, 2019 to
		March 31, 2019)	March 31, 2020)
Net sales	61,168	59,157
Cost of sales	47,878	44,516

Gross profit		13,289	14,641
Selling, general and administrative expenses		10,452	10,585
Operating income		2,837	4,055

Non-operating income

Interest and dividend income

Interest on securities

Royalty income

Other

Total non-operating income

Non-operating expenses

Interest expenses

Interest on bonds

Loss on retirement of non-current assets Facilities removal expenses Environmental expenses

Other

Total non-operating expenses Ordinary income Extraordinary income

Gain on disposal of non-current assets

169821

0－

7,466	1,341
93	196

7,730	2,359

7	18
27	18
45	49
186	142

110－

63	146
439	376

10,127	6,038

－	11

Gain on sales of investment securities	72		209
Gain on sales of shares of subsidiaries and associates	－		426

Insurance claim income		177		255
Total extraordinary income		249		902

Extraordinary losses
Loss on retirement of non-current assets	－	359

Loss on valuation of investment securities		－		236
Loss on disaster	148		－

Total extraordinary losses		148		596
Income before income taxes		10,228		6,345

Income taxes - current		2,976		3,427
Income taxes - deferred	(75)	(1,537)
Total income taxes		2,901		1,890
Net income	7,326		4,455

(3)Statements of changes in net assets

FY2018 (From April 1, 2018 to March 31, 2019)

(Million yen)

				Shareholders' equity

			Capital surplus			Retained earnings

						Other retained earning

	Capital stock	Legal capital	Other capital	Total capital	Legal retained		Reserve for
		Reserve for	advanced
		surplus	surplus	surplus	earnings
		depreciation	General reserve
						price fluctuation
						of non-

							current assets
Balance at the beginning of current	7,083	1,177	0	1,178	1,033	200	3,442	22,680
period

Changes of items during the period

Reversal of reserve for advanced							(61)
depreciation of non-current assets

Dividends from surplus

Net income

Purchase of treasury shares

Disposal of treasury shares			0	0

Net changes of items other than
shareholders' equity
Total changes of items during the	－	－	0	0	－	－	(61)	－
period

Balance at the end of current period	7,083	1,177	0	1,178	1,033	200	3,380	22,680


		Shareholders' equity		Valuation and translation adjustments

	Retained earnings

	Other retained			Total	Valuation	Deferred gains	Total valuation	Total net assets
	earnings		Treasury shares	difference on
	Total retained	shareholders'	or losses on	and translation
	Retained	available-for-
		equity	hedges	adjustments
	earnings	earnings		sale securities

	brought
	forward
Balance at the beginning of current	35,524	62,879	(2,907)	68,232	810	－	810	69,043
period

Changes of items during the period

Reversal of reserve for advanced	61	－		－				－
depreciation of non-current assets

Dividends from surplus	(3,070)	(3,070)		(3,070)				(3,070)

Net income	7,326	7,326		7,326				7,326

Purchase of treasury shares			(2)	(2)				(2)

Disposal of treasury shares			0	0				0

Net changes of items other than					(129)	－	(129)	(129)
shareholders' equity

Total changes of items during the	4,317	4,256	(2)	4,253	(129)	－	(129)	4,124
period

Balance at the end of current period	39,841	67,135	(2,910)	72,486	681	－	681	73,167

FY2019 (From April 1, 2019 to March 31, 2020)

(Million yen)

				Shareholders' equity

			Capital surplus			Retained earnings

						Other retained earning

	Capital stock	Legal capital	Other capital	Total capital	Legal retained		Reserve for
		Reserve for	advanced
		surplus	surplus	surplus	earnings	General reserve
		depreciation
						price fluctuation
						of non-

							current assets
Balance at the beginning of current	7,083	1,177	0	1,178	1,033	200	3,380	22,680
period

Changes of items during the period

Reversal of reserve for advanced							(60)
depreciation of non-current assets

Dividends from surplus

Net income

Purchase of treasury shares

Net changes of items other than
shareholders' equity
Total changes of items during the	－	－	－	－	－	－	(60)	－
period

Balance at the end of current period	7,083	1,177	0	1,178	1,033	200	3,320	22,680


		Shareholders' equity		Valuation and translation adjustments

	Retained earnings

	Other retained			Total	Valuation	Deferred gains	Total valuation	Total net assets
	earnings		Treasury shares	difference on
	Total retained	shareholders'	or losses on	and translation
	Retained	available-for-
		equity	hedges	adjustments
	earnings	earnings		sale securities

	brought
	forward
Balance at the beginning of current	39,841	67,135	(2,910)	72,486	681	－	681	73,167
period

Changes of items during the period

Reversal of reserve for advanced	60	－		－				－
depreciation of non-current assets


Dividends from surplus	(2,111)	(2,111)		(2,111)				(2,111)

Net income	4,455	4,455		4,455				4,455

Purchase of treasury shares			(2,305)	(2,305)				(2,305)

Net changes of items other than					(251)	5	(246)	(246)
shareholders' equity


Total changes of items during the	2,404	2,344	(2,305)	38	(251)	5	(246)	(207)
period

Balance at the end of current period	42,245	69,479	(5,215)	72,525	429	5	435	72,960

Notes on non-consolidated financial statements (Notes on assumptions of a going concern)
None

(Important subsequent events) None

6. Other

Transfer of officers
1. Transfer of representative directors (resolution to be submitted to Ordinary General Meeting of Shareholders on June 23, 2020)
  Candidates for new representative director

Name	New position	Current position

Junichi Nomura	Representative Director, Executive Vice	Director, Executive Vice President,
	President, General Manager of Sugar	General Manager of Sugar Production
	Production Group	Group
Taku Morimoto	Representative Director, Executive Vice	Advisor, Mitsui & Co., Ltd.
	President

For more details, please refer to the press release published on May 15, 2020, "Change in Representative Directors and Directors."

2) Transfer of other directors

New director candidates (resolution to be submitted to Ordinary General Meeting of Shareholders on June 23, 2020)

Name	New position	Current position
Takuya Tsuda	Director, Executive Managing Officer,	Executive Managing Officer, General
	General Manager of Sugar Business	Manager of Sugar Business

Takaaki Kakudo	Director (Outside Director)	Deputy General Manager of Food
		Business Unit, Mitsui & Co., Ltd.

Retiring directors (effective June 23, 2020)

Name	New position	Current position
Yutaro Tako	Advisor	Director, Senior Executive Managing
		Officer

Miki Yoshikawa	Retiring	Director (Outside Director)

(2) Other

None

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Mitsui Sugar Co. Ltd. published this content on 28 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 May 2020 01:12:05 UTC

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Company Profile

Mitsui DM Sugar Holdings Co Ltd, formerly Mitsui Sugar Co Ltd, is a Japan-based company mainly engaged in the manufacture and sale of raw sugar, refined sugar and sugar-related products. The Company operates in three business segments. The Sugar segment is engaged in the manufacture and sale of raw sugar, refined sugar and sugar-related products. The Food Science segment is engaged in the manufacture and sale of natural sweeteners, pigments, flavors, sugarcane extract, agar, bio products, nutritional therapy foods, and foods for swallowing disorders. The Real Estate segment is engaged in the leasing of land, stores and offices, as well as the provision of solar power generation business.

Sector

Food Processing

Calendar

2024-08-01 - Q1 2024 Earnings Release (Projected)

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Sugar & Artificial Sweeteners

Mitsui DM Sugar Holdings Co., Ltd.

Equities

2109

JP3890400009

Food Processing

Mitsui Sugar : Summary of Consolidated Financial Results For the Year Ended March 31, 2020

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Sector Sugar & Artificial Sweeteners