Calbee : Financial Results for the 1st Quarter ended June, 2023 (333KB)

Consolidated Financial Statements for the

First Quarter of the Fiscal Year

Ending March 31, 2024

April 1, 2023 to June 30, 2023

This document has been translated from the original Japanese as a guide for non-Japanese investors. It contains forward-looking statements based on a number of assumptions and beliefs made by management in light of information currently available. Actual financial results may differ materially depending on a number of factors, including changing economic conditions, legislative and regulatory developments, delay in new product launches, and pricing and product initiatives of competitors.

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	SUMMARY OF FINANCIAL STATEMENTS (consolidated)
Calbee, Inc.	First Quarter Results for the Fiscal Year Ending March 31, 2024
August 3, 2023

Stock exchange listings: Prime Market of Tokyo, code number 2229

URL: https://www.calbee.co.jp/en/Contact: Kazuhiro Tanabe Executive Officer & CFO Telephone: [phone]

Representative: Makoto Ehara, President & CEO, Representative Director

Scheduled date for submission of the first quarter financial report: August 10, 2023

Scheduled date for distribution of dividends: --

Availability of supplementary explanatory material for the first quarter results: Available

Quarterly results presentation meeting: Yes (conference call for institutional investors and analysts)

1. Consolidated results for the first three months (April 1, 2023 to June 30, 2023) of the fiscal year ending March 31, 2024

(1) Consolidated Operating Results				Millions of yen, rounded down
	Three months ended	Three months ended
	June 30, 2022		June 30, 2023
			% change			% change
............................................................Net sales	65,323		9.1	73,156		12.0
Operating profit	5,363		(22.7)	7,244		35.1
Ordinary profit	6,955		(1.1)	9,444		35.8
Profit attributable to owners of parent	4,553		(8.1)	6,252		37.3
Earnings per share (¥)	35.26			50.05
Earnings per share (diluted) (¥)	－		－

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

2. Comprehensive income: Three months ended June 30, 2023: ¥9,999 million (26.9%) Three months ended June 30, 2022: ¥7,882 million (56.1%)

(2) Consolidated Financial Position		Millions of yen, rounded down
		As of March 31, 2023	As of June 30, 2023
Total assets	239,095	250,596
Net assets	182,686	186,470
Shareholders' equity/total assets (%)	72.8	70.6
Shareholders' equity: As of June 30, 2023: ¥176,891 million
As of March 31, 2023: ¥174,112 million
2) Dividends
			Yen
		FY ended	FY ending
		March 31, 2023	March 31, 2024 (forecast)
Interim period per share	0.00	0.00
Year-end dividend per share	52.00	54.00
Annual dividend per share	52.00	54.00

Note: Changes from the most recently announced dividend forecast: None

3) Consolidated forecasts for the fiscal year ending March 31, 2024 (April 1, 2023 to March 31, 2024)

Millions of yen

Net sales	293,000
Operating profit	24,000
Ordinary profit	23,500
Profit attributable to owners of parent	15,000
Earnings per share (¥)	120.07

% change

4.9

7.9

0.2

1.5

Notes: 1. The percentages shown above are a comparison with the same period in the previous fiscal year. 2. Changes from the most recently announced results forecast: None

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Notes

1. Transfers of important subsidiaries during the period (transfers of specified subsidiaries resulting in changes in the scope of consolidation): Yes

New companies: None Excluded companies: 1 (Calbee North America, LLC)

1. Use of special accounting procedures: None
2. Changes in accounting policy, changes in accounting estimates, and restatements:
3. 1. Changes in accounting policies following revisions of accounting standards: None
   2. Changes in accounting policies other than 1: None
   3. Changes in accounting estimates: None
   4. Restatements: None
4. Number of outstanding shares (common stock)

		As of March 31, 2023:	As of June 30, 2023:
1.	Number of outstanding shares	133,929,800 shares	133,929,800 shares
	(including treasury shares)
2.	Number of treasury shares	9,005,241 shares	8,998,256 shares
		Three months to June 30,	Three months to June 30,
		2022:	2023:
3.	Average number of shares during the period	129,121,355 shares	124,926,999 shares

Note: Regarding Calbee stock held in trust as treasury stock within shareholders' equity, the number of treasury shares includes 235,845 of these shares as of June 30, 2023 and 242,865 of these shares as of March 31, 2023, and the average number of shares excludes 240,396 treasury shares in the three months to June 30, 2023, and 263,265 treasury shares in the three months to June 30, 2022.

Financial Statements are not subject to audit by a certified public accountant or audit firm

Appropriate use of financial forecasts and other items

1. Forecasts, etc., recorded in this document include forward-looking statements that are based on management's estimates, assumptions and projections at the time of publication. A number of factors could cause actual results to differ materially from expectations. For details of forecasts, please see Page 8, 1. Operating results (3) Consolidated forecasts for the fiscal year ending March 31, 2024.
2. The earnings per share forecast for the fiscal year ending March 31, 2024 is calculated using 124,930,414 shares as the expected average number of shares for the period.
3. Calbee, Inc. has scheduled a financial results conference for institutional investors and analysts for August 3, 2023. An audio recording of the conference will be made available on our Japanese website after the conference.

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Contents

1. Operating results ……………………………………………………………………………………….…... 5

1. Summary of business performance………………………………………………………………………. 5
2. Analysis of financial position………………………………………………………………………………. 7
3. Consolidated forecasts…………………………………………………………………………………….. 8

2. Consolidated financial statements and key notes……………………………………………….…. 9

1. Consolidated balance sheets……………………………………………………………………………... 9
2. Consolidated statements of income and comprehensive income…………………………………….. 11
3. Consolidated statements of cash flows………………………………………………………………….. 13

(4) Notes to consolidated financial statements………………………………………………………………	15
Notes related to going concern assumption…………………………………………………………….	15
Notes on occurrence of significant changes to shareholders' equity…………………………………	15
Subsequent events……………………………………………………	15

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1. Operating results

(1) Summary of business performance

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

Net sales for the first quarter of the current fiscal year totaled ¥73,156 million (up 12%), driven by contributions from the domestic business. Sales in the domestic business were ¥55,201 million (up 14.4%). This was due to the effect of price and content revisions, as well as growth in gift snack items and highly portable products such as snack cups on an increase in people flows. The lack of the prior year's sales adjustments from the potato shortage in the first half of last year also contributed to the increase in sales. Sales in the overseas business were ¥17,955 million (up 5.1%) due to factors including the consolidation of Greenday Global Co., Ltd. (which manufactures and sells snacks) in Thailand from July of the previous year, the effect of price and content revisions, and sales expansion of snack foods on the recovery in people flows and expansion of distribution.

Operating profit was ¥7,244 million (up 35.1%), and operating margin was 9.9%, an increase of 1.7 percentage points. Higher sales volume and the effect of price and content revisions absorbed ongoing cost increases in raw materials and energy costs, resulting in an increase in profit. Ordinary profit was ¥9,444 million (up 35.8%), influenced by the recording of foreign exchange gains, and profit attributable to owners of parent was ¥6,252 million (up 37.3%).

Results by business are as follows.

Millions of yen, rounded down

		Q1 FY ended	Q1 FY ending
		March 31, 2023	March 31, 2024
		Amount	Amount	Growth (%)
Domestic production and sale of snack	48,233	55,201	＋14.4
and other foods business
	Domestic snack foods	43,972	51,146	＋16.3
	Domestic cereals	6,648	6,655	＋0.1
	Domestic, others	2,865	3,262	＋13.9
	Deduction of rebates, etc.	(5,253)	(5,862)	－
Overseas production and sale of snack	17,090	17,955	＋5.1
and other foods business
Total, production and sale of snack and	65,323	73,156	＋12.0
other foods business

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

Production and sale of snack and other foods business

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

Domestic production and sale of snack and other foods business

・Domestic snack foods:

Domestic snack foods sales increased. Sales by product are as follows.

Millions of yen, rounded down

	Q1 FY ended	Q1 FY ending
	March 31, 2023	March 31, 2024
	Amount	Amount	Growth (%)
Potato Chips	19,440	22,920	＋17.9
Jagarico	9,536	10,489	＋10.0
Other snacks	14,995	17,736	＋18.3
Total, domestic snack foods	43,972	51,146	＋16.3

• Net sales by product are before deduction of rebates, etc.
• The category "Snack food products with new value / other snacks" was renamed "Other snacks" from the current period.

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