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    2270   JP3947800003

MEGMILK SNOW BRAND CO., LTD.

(2270)
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Megmilk Snow Brand : 【Delayed】Supplementary Information Nine months ended December 31, 2020 (April 1, 2020 to December 31, 2020)

02/26/2021 | 01:02am EDT

February 9, 2021

Supplementary Information

Nine months ended December 31, 2020

(April 1, 2020 to December 31, 2020)

Table of Contents for Attachments

Front cover

Page 1

Consolidated Financial Results

  • 1. Quarterly Consolidated Statements of Income

  • 2. Quarterly Consolidated Statements of Comprehensive Income

  • 3. Quarterly Consolidated Sales and Operating Profit by Product of Each Segment

    2 2 3

  • 4. Causes of Net Changes in Consolidated Operating Profit

  • 5. Quarterly Consolidated Balance Sheets

  • 6. Quarterly Consolidated Statements of Cash Flows

4 5 5

Consolidated Financial Forecast

  • 1. Consolidated Earnings Forecast for the Fiscal Year Ending March 31, 2021

    7

  • 2. Consolidated Sales by Product of Each Segment and Operating Profit by Segment

  • 3. Causes of Net Changes in Consolidated Operating Income Forecast

7 8

Other

1.

Non-consolidated Net Sales by Business Segment

9

Earnings forecasts contained in this supplementary material are forward-looking statements and include uncertain factors. Please note that actual results may differ from forecasts due to various unknown or unpredictable factors.

This material has not been prepared to solicit investment.

This document has been translated from a part of the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail. The Company assumes no responsibility for this translation or for direct, indirect or any other forms of damages arising from the translation.

MEGMILK SNOW BRAND Co., Ltd.

Consolidated Financial Results

1. Quarterly Consolidated Statements of Income

(Unit: 100 million yen)(Amounts rounded down to the nearest 100 million yen)

Nine months ended December 31, 2019

Nine months ended December 31, 2020

Net change

Result

Vs. Sales

(%)

Result

Vs. Sales

(%)

Amount

Year-on-year change

(%)

Net sales

4,691

100.0

4,706

100.0

15

0.3

Cost of sales

Selling, general and administrative expenses

3,586 956

76.5 20.4

3,607 929

76.7 19.7

21 (27)

0.6 (2.9)

Operating profit

147

3.2

169

3.6

21

14.7

Non-operating income Non-operating expenses

23 7

0.5 0.2

22 7

0.5 0.2

(0) 0

(3.7) 4.5

Ordinary profit

164

3.5

184

3.9

20

12.5

Extraordinary income Extraordinary loss

0 19

0.0 0.4

0 18

0.0 0.4

0 (1)

247.3

(5.3)

Profit before income taxes

144

3.1

166

3.5

21

15.0

Income taxes

Profit attributable to non-controlling interests

40 1

0.9 0.0

50 0

1.1 0.0

9 (0)

23.7 (63.6)

Profit attributable to owners of parent

102

2.2

115

2.5

13

12.8

2. Quarterly Consolidated Statements of Comprehensive Income

(Unit: 100 million yen)(Amounts rounded down to the nearest 100 million yen)

Nine months ended December 31, 2019

Nine months ended December 31, 2020

Net change

Result

Result

Amount

Year-on-year change

(%)

Profit

103

115

12

11.6

Total other comprehensive income

22

36

14

67.6

Comprehensive income

125

152

26

21.4

(of which, comprehensive income attributable to non-controlling interests )

1

0

(1)

(78.8)

3. Quarterly Consolidated Sales and Operating Profit by Product of Each Segment

69 174

Butter Margarine Cheese Other

53

51

31

27

31 91

191

177

209 578

75

78

71 224

Subsidiaries and other Dairy Products

258

274

281 814

610

609

663

1,884

Milk and milk-based beverages Other beverages

219

221

215 656

105

115

96 316

Yogurt

155

150

142 449

Desserts and fresh cream Other

60

60

62 184

9

  • 8 10 28

    Subsidiaries and other Beverage and Dessert

    172

  • 192 186 551

723

Feedstuffs

89

749 87

714

2,186

80 257

Seed products

34

  • 28 17 79

Feedstuffs and Seed Other

123

89

Total [Operating profit]

1,546

115 95 1,569

98 98 1,574

337 282 4,691

Dairy Products Beverage and Dessert Feedstuffs and Seed Other

27

24

  • 35 87

    14

    21

  • 7 43

    6

    5

  • 0 10

    2

    4

  • 0 6

Total

50

55

41

147

(Notes) 1. Main types of goods traded by business segment

Dairy Products: Dairy products (cheese, butter, milk powder, etc.); margarine;

Nutrition business (functional food products, infant formula, etc.), etc. Beverage and Dessert: Beverages (milk drinks, fruit juice beverages, etc.);

yogurts; desserts; fresh cream, etc.

Feedstuffs and Seed: Cattle feed; pasture forage and crop seed; vegetable seeds; landscaping, etc. Other: Joint distribution center services; real estate leasing, etc.

  • 2. The net sales for each segment list the figures for external customers.

    Note that figures for external customers are also used in the year-on-year comparisons.

  • 3. Subsidiaries and other includes the sales by subsidiaries and the total effects from accounting for consolidation (intercompany elimination, etc.).

    Feedstuffs and Seed are on a consolidated basis

    (after intercompany elimination, etc.).

Nutrition Business of Dairy Products

(Unit: 100 million yen)(Amounts rounded down to the nearest 100 million yen)

Result for the year ended

March 31, 2020

Result for the year ending

March 31, 2021

Net change

1st 2nd 3rd Quarter Quarter QuarterTotal

1st 2nd 3rd Quarter Quarter QuarterTotal

Amount

Year-on-year change

(%)

Functional food products Powdered milk and other

12 34

13 35

  • 14 41

  • 31 101

14 31

16 32

  • 16 47

  • 34 98

6 (2)

16.7 (2.9)

Total on a consolidated basis

47

48

46

143

46

49

51

146

3

2.7

(Note) These figures are on a consolidated basis (after intercompany elimination, etc.)

4. Causes of Net Changes in Consolidated Operating Profit

Nine months ended December 31, 201914.7 billion yen

+2.3 billion yen - Decrease in fixed costs

+1.0 billion yen - Decrease in advertising and promotional costs

+700 million yen - Changes in sales unit price

+100 million yen - Decrease in raw materials costs

+300 million yen - Other

-1.2 billion yen - Decrease in profit on decrease in sales volume -1.0 billion yen - Increase in operating costs -100 million yen - Changes in product composition16.9 billion yen

Nine months ended December 31, 2020

Note:'1.2 billion yen of the 2.3 billion yen decrease in fixed costs is attributable to a revision of the method used to apportion labor costs to the third and the fourth quarters. As the costs will increase by roughly the same amount in the fourth quarter, the revision is not expected to have any impact on the full-year results.

Details of Consolidated Operating Profit by Segment

(Unit: 100 million yen)(Amounts rounded down to the nearest 100 million yen)

Factors behind changes

TotalDairy ProductsBeverage and DessertFeedstuffs and Seed

OtherChanges in sales unit priceMarginal profit

Decrease in profit on decrease in sales volume

Changes in product composition

Decrease in raw materials costs

Increase in operating costs

7

(12)

(1)

1

(10)

Other

(12)

3

3

13

(22)

(3)

5. Quarterly Consolidated Balance Sheets

Year ended March 31, 2020

Nine months ended December 31, 2020

Amount of Net change

Year ended March 31, 2020

Nine months ended December 31, 2020

Amount of Net change

Result

Result

Result

Result

(Current assets)

Cash and deposits Receivables Inventory assets Other

1,511

155

718

589

47

1,619

146

830

585

57

107

(8)

111

(4)

9

(Current liabilities)

Payables

Short-term loans payable

Other

1,203 607 181 413

1,332 636 321 374

129 28 140 (39)

(Non-current liabilities)

Bonds payable

Long-term loans payable

Net defined benefit liabilities

Other

720

100

351

100

168

710

100

321

103

184

(9)

(29)

3 15

(Non-current assets)

Property, plant and equipment

Intangible assets

Investment securities

Deferred tax assets

Other

2,192

1,710

37

348

30

66

2,326

1,785

34

402

29

73

133

75

(2)

54

(0)

7

Total liabilities

1,923

2,042

119

Shareholders' equity Non-controlling interests

1,751 29

1,872 30

121 0

Total net assets

1,780

1,902

121

Total assets

3,704

3,945

241

Total liabilities/net assets

3,704

3,945

241

6. Quarterly Consolidated Statements of Cash Flows

(Unit: 100 million yen)(Amounts rounded down to the nearest 100 million yen)

Nine months ended December 31, 2019

Nine months ended December 31, 2020

Amount of net change

Result

Result

Cash flows from operating activities

172

162

(10)

Cash flows from investing activities

(141)

(244)

(102)

Cash flows from financing activities

(62)

72

135

Effect of exchange rate on cash and cash equivalents

(0)

(0)

0

Amount of net change in cash and cash equivalents

(31)

(8)

23

Cash and cash equivalents at beginning of period

143

155

12

Increase in cash and cash equivalents from newly consolidated subsidiaries

1

(1)

Cash and cash equivalents at end of period

112

146

33

(Ref.) Free cash flow

(I + II)

31

(81)

(113)

Consolidated Financial Forecast

1. Consolidated Earnings Forecast for the Fiscal Year Ending March 31, 2021

(Unit: 100 million yen)(Amounts rounded down to the nearest 100 million yen)

Year ending March 31, 2021

Year-on-Forecast

year change

(%)

Net sales

6,200

1.1

Operating profit

190

5.6

Ordinary profit

205

4.2

Profit attributable to owners of parent

130

6.9

2. Consolidated Sales by Product of Each Segment and Operating Profit by Segment

(Unit: 100 million yen)(Amounts rounded down to the nearest 100 million yen)

Year ending March 31, 2021

Year-on-

year

change

(%)

[Net sales]

Butter

230

0.8

Margarine

120

0.7

Cheese

759

1.7

Other

298

(2.4)

Subsidiaries and other

1,230

12.9

Dairy Products

2,640

6.0

Milk and milk-based beverages

839

(1.9)

Other beverages

376

(7.1)

Yogurt

585

(1.9)

Desserts and fresh cream

246

0.9

Other

32

(14.3)

Subsidiaries and other

700

0.0

Beverage and Dessert

2,780

(2.1)

Feedstuffs

335

(1.6)

Seed products

94

(1.6)

Feedstuffs and Seed

430

(1.6)

Other

350

(4.6)

Total

6,200

1.1

[Operating profit]

Dairy Products

133

15.1

Beverage and Dessert

38

(27.3)

Feedstuffs and Seed

11

6.1

Other

8

369.4

Total

190

5.6

Forecast

  • 1. The net sales for each segment list the figures for external customers.

    Note that figures for external customers are also used in the year-on-year comparisons.

  • 2. Subsidiaries and other includes the sales by subsidiaries and the total effects from accounting for consolidation (intercompany elimination, etc.).

    Feedstuffs and Seed are on a consolidated basis (after intercompany elimination, etc.).

Nutrition Business of Dairy Products

(Unit: 100 million yen)(Amounts rounded down to the nearest 100 million yen)

Year ending March 31, 2021

Forecast

Year-on-year change

(%)

Functional food products Powdered milk and other

63 127

14.9 (2.0)

Total on a consolidated basis

190

3.0

(Note) These figures are on a consolidated basis (after intercompany elimination, etc.).

3. Causes of Net Changes in Consolidated Operating Income Forecast

Year ended March 31, 202017.9 billion yen

+600 million yen - Changes in sales unit price

+600 million yen - Decrease in advertising and promotional costs

+600 million yen - Decrease in fixed costs

+200 million yen - Decrease in raw materials costs

+1.1 billion yen - Other

-1.2 billion yen - Increase in operating costs -700 million yen - Decrease in profit on decrease in sales volume -200 million yen - Changes in product composition19.0 billion yen

Year ending March 31, 2021 (forecast)

Details of Consolidated Operating Profit by Segment

Factors behind changes

(Unit: 100 million yen)(Amounts rounded down to the nearest 100 million yen)TotalDairy ProductsBeverage and DessertFeedstuffs and Seed

OtherChanges in sales unit price

Marginal profit

Decrease in profit on decreased sales volume

Changes in product composition

Decrease in raw materials costs

Increase in operating costs

Other

6

(2)

(23)

(3)

Other

1. Non-consolidated Net Sales by Business Segment

(Unit: 100 million yen)(Amounts rounded down to the nearest 100 million yen)

Nine months ended December 31, 2019

Nine months ended December 31, 2020

Amount of net change

Result

Year-on-year change

(%)

Result

Year-on-year change

(%)

Dairy Products

Butter Margarine Cheese

1,069 174 91 578

(1.8)

2.6 (2.4) (1.1)

1,071 173 91 582

0.2 (0.5)

0.2 0.7

1 (0) 0 3

Beverage and Dessert

Milk and milk-based beverages Other beverages

Yogurt

Desserts and fresh cream

1,635

656

316

449

184

(0.0)

2.5

(5.9)

0.1

(0.0)

1,568

631

289

435

187

(4.1)

(3.7)

(8.6)

(3.0)

1.9

(66)

(24)

(27)

(13)

3

Other

15

3.3

15

2.1

0

Total

2,720

(0.7)

2,655

(2.4)

(64)

(For reference) Market share (of household consumption) for the first Nine months of fiscal year ending March 31, 2021

Intage SCI (up to 79 years old)

Consumer purchase data

Intage SRI (Total for supermarkets, convenience stores, and drugstores)

Retail store POS data

Butter:

27.7%

43.5%

Margarine:

34.8%

52.9%

Cheese:

15.5%

26.3%

Milk (Milk & composition modified milk)

5.8%

4.5%

Milk beverage:

17.1%

14.9%

Yogurt:

10.9%

11.4%

Dessert (Chilled finished products)

12.3%

15.3%

Average purchase volume per 100 people (in value Estimated retail sales volume (in value

terms)

terms)

Disclaimer

MEGMILK Snow Brand Co. Ltd. published this content on 26 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 February 2021 06:02:07 UTC.


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Sales 2021 617 B 5 623 M 5 623 M
Net income 2021 13 457 M 123 M 123 M
Net Debt 2021 - - -
P/E ratio 2021 11,1x
Yield 2021 1,81%
Capitalization 149 B 1 360 M 1 361 M
Capi. / Sales 2021 0,24x
Capi. / Sales 2022 0,24x
Nbr of Employees 5 367
Free-Float 76,4%
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Technical analysis trends MEGMILK SNOW BRAND CO., LTD.
Short TermMid-TermLong Term
TrendsNeutralNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 4
Average target price 2 565,00 JPY
Last Close Price 2 210,00 JPY
Spread / Highest target 40,3%
Spread / Average Target 16,1%
Spread / Lowest Target 4,52%
EPS Revisions
Managers and Directors
NameTitle
Keiji Nishio President & Representative Director
Takao Nakajima Managing Executive Officer & Head-Finance
Kohaku Kawasaki Managing Executive Officer, Head-R&D
Hisa Anan Independent Outside Director
Ikuo Nishikawa Independent Outside Director