Consolidated Financial Results for the Year Ended March, 2022

Results by Business Segments and Balance Sheet

May 26, 2022

Copyright ©2022 Maruha Nichiro Corporation

1. Consolidated Statement of Income

(JPY in Billions)

Mar/22

Mar/21

Change

Net Sales

866.7

809.1

57.7

Cost of Sales

746.2

700.5

45.7

Gross profit

120.5

108.5

12.0

Expense

96.7

92.4

4.3

Operating Income

23.8

16.2

7.6

Non-operating Revenues

6.0

4.3

1.7

Non-operating Expenses

2.3

2.4

-0.1

Ordinary Income

27.6

18.1

9.5

Extraordinary Income

2.2

0.2

2.0

Extraordinary Loss

2.2

7.8

-5.6

Income before Tax

27.5

10.5

17.0

Taxes

7.2

1.6

5.6

Profit attributable to non-controlling interests

3.4

3.1

0.3

Profit attributable to owners of parent

16.9

5.8

11.1

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2

2. Results vs. Forecast by Business Segments/Units

(JPY in Billions)

Net Sales

Operating Income

Segment

Unit

(After applying revenue recognition)

Mar/22

Mar/21

Change

Full year

4Q/Fyf

Mar/22

Mar/21

Change

Full year

4Q/Fyf

Forecast

Forecast

Fishery Business

31.5

30.3

1.2

29.0

109%

0.3

0.7

-0.4

1.1

27%

Marine Products

Aquaculture Business

14.6

12.7

1.9

13.3

110%

0.0

-2.3

2.3

-1.4

-

Marine Products Trading

159.8

152.1

7.7

147.8

108%

4.0

3.3

0.7

3.2

125%

Business

Marine Products Wholesaling

188.9

168.2

20.7

174.4

108%

0.9

-0.2

1.1

0.5

180%

Overseas Business

147.9

134.5

13.4

134.6

110%

8.7

3.3

5.4

4.9

178%

Segment Sub Total

542.7

497.8

44.9

499.1

109%

13.8

4.7

9.1

8.3

166%

Consumer Frozen Foods Business

52.9

51.2

1.7

50.6

105%

1.5

2.1

-0.5

1.9

79%

Processed Foods

Consumer Processed Foods Business

33.2

33.7

-0.5

35.8

93%

2.1

2.5

-0.4

2.4

88%

Institutional Foods Business

120.7

110.9

9.8

119.0

101%

2.1

1.0

1.0

2.2

95%

Business

Meat and Products Business

71.1

69.0

2.1

68.8

103%

0.7

0.2

0.5

1.0

70%

Foods & Fine Chemicals

18.1

17.5

0.6

18.0

101%

1.5

1.8

-0.3

1.9

79%

Segment Sub Total

296.0

282.1

13.8

292.2

101%

7.8

7.5

0.3

9.4

83%

Logistics

Logistics

14.6

15.6

-1.0

16.5

88%

1.1

2.1

-1.0

1.8

61%

Others

13.4

13.5

-0.1

12.2

110%

0.7

1.2

-0.6

0.5

140%

Common Cost

-

-

-

-

-

0.3

0.6

-0.2

0.0

-

Total

866.7

809.1

57.7

820.0

106%

23.8

16.2

7.6

20.0

119%

Copyright ©2022 Maruha Nichiro Corporation

3

3. Net Sales / Operating Income by Business Segment

The "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020) has been applied from the first quarter of this current fiscal year.

As the said accounting standards are applied retrospectively, comparisons and analysis with the same period of the previous FY and the previous consolidated FY

are made based on figures after the retroactive application of the accounting standards.

4

Copyright ©2022 Maruha Nichiro Corporation

4-1. Marine Products Business

(JPY in Billions)

Net Sales

(After applying revenue

Operating Income

Segment

Unit

recognition)

Mar/22

Mar/21

Change

Mar/22

Mar/21

Change

Fishery Business

31.5

30.3

1.2

0.3

0.7

-0.4

Marine Products

Aquaculture Business

14.6

12.7

1.9

0.0

-2.3

2.3

Marine Products Trading

159.8

152.1

7.7

4.0

3.3

0.7

Business

Marine Products Wholesaling

188.9

168.2

20.7

0.9

-0.2

1.1

Overseas Business

147.9

134.5

13.4

8.7

3.3

5.4

Segment Sub Total

542.7

497.8

44.9

13.8

4.7

9.1

【Business Overview】

Fishery Business：Net sales increased due to increased sales of horse mackerel etc. in New Zealand, however, operating income decreased due to a decrease in sales as a result of low carry-over stock of Patagonian toothfish, a highly profitable product in Australia.

Aquaculture Business：Net sales increased due to higher sales volume and improved selling prices of tuna, mainly to major wholesalers, GMS and SM, as well as higher yellowtail market prices. Further, lower costs of tuna resulted in a significant improvement in operating income.

Marine Products Trading：As a result of securing products through various purchasing routes and expanding sales to GMS, SM, home delivery services, medical institutions and elderly care facilities, unit sales prices of fish have increased, resulting in higher net sales and operating income.

Marine Products Wholesaling：Net sales and operating income increased due to sales expansion to mass retailers utilizing in-house processing functions, higher unit sales prices of frozen products, and improved profit margins.

Overseas Business：N. America: Decrease in net sales and increase in op. income due to withdrawal from the salmon business in North America and increase in sales price of Alaska Pollack products / Europe: Significant increase in net sales and op. income due to additional investment in our European sales company and increase in sales / Asia: Overall net sales and op. income increased due to higher sales from the acquisition of a processing and sales company in Vietnam and higher pet food sales in Thailand, in addition to lower raw material prices.

5

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Maruha Nichiro Corp. published this content on 26 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 May 2022 04:15:12 UTC.