Megmilk Snow Brand : 【Delayed】Supplementary Information Year Ended March 31, 2021 (April 1, 2020 to March 31, 2021)

Supplementary Information Year Ended March 31, 2021 (April 1, 2020 to March 31, 2021)

Table of Contents for Attachments

Front cover		Page
1.	Consolidated Statements of Income (Result/Forecast)	1
2.	Consolidated Sales and Operating Profit by Product of Each Segment (Result/Forecast)	2
3.	Comparisons with Consolidated Earnings Forecast for the Fiscal Year Ended March 31, 2021	3
4.	Causes of Net Changes in Consolidated Operating Profit (Result/Forecast)	4
5.	Consolidated Balance Sheets (Result)	5
6.	Consolidated Statements of Cash Flows (Result)	5
7.	Other Management Indicators (Result/Forecast)	6
8.	Financial Performance Data from FY2016 to FY2020	7

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.

1. Consolidated Statements of Income (Result/Forecast)

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

						Result for the year ended March 31, 2021 (FY2020)						【Forecast】 Year ending March 31, 2022 (FY2021)
		1st quarter-end			2nd quarter-end			3rd quarter-end			4th quarter-end		2nd quarter-end		Full year
				(cumulative)			(cumulative)			(cumulative)		(cumulative)
			Net change			Net change			Net change			Net change		Net change		Net change
	FY	FY	FY	FY	FY	FY	FY	FY		*1			*1
									Amount		Amount
	2019	2020			2019	2020			2019	2020			2019	2020
	Amount	YOY	Amount	YOY	Amount	YOY	Amount	YOY		Amount		YOY		Amount		YOY
			(%)			(%)			(%)			(%)			(%)			(%)
Net sales	1,546	1,562	16	1.0	3,116	3,140	24	0.8	4,691	4,706	15	0.3	6,134	6,151	17	0.3	2,880	39		1.3	5,700	143		2.3
Cost of sales	1,172	1,201	29	2.5	2,375	2,413	37	1.6	3,586	3,607	21	0.6	4,702	4,725	23	0.5
Vs. Sales (%)	75.8	76.8			76.2	76.8			76.5	76.7			76.7	76.8
Selling, general and	324	311	(12)	(3.9)	634	616	(18)	(2.9)	956	929	(27)	(2.9)	1,251	1,228	(23)	(1.9)
administrative expenses
Vs. Sales (%)	21.0	19.9			20.4	19.6			20.4	19.7			20.4	20.0
Operating profit	50	50	(0)	(0.8)	106	110	4	4.2	147	169	21	14.7	179	197	17	9.9	108	(2)		(2.6)	205	7		3.6
Vs. Sales (%)	3.3	3.2			3.4	3.5			3.2	3.6			2.9	3.2			3.8				3.6
Non-operating income	10	6	(3)	(31.9)	15	14	(0)	(5.4)	23	22	(0)	(3.7)	28	30	2	7.2
Non-operating expenses	1	2	0	26.6	4	5	1	25.1	7	7	0	4.5	11	11	0	0.3
Ordinary profit	58	54	(4)	(7.1)	117	119	2	2.1	164	184	20	12.5	196	216	19	10.1	114	(5)		(4.8)	215	(1)		(0.8)
Vs. Sales (%)	3.8	3.5			3.8	3.8			3.5	3.9			3.2	3.5			4.0				3.8
Extraordinary income	0	0	(0)	(71.1)	0	0	(0)	(0.7)	0	0	0	247.3	1	31	30	2,822.9
Extraordinary loss	5	7	2	45.9	8	14	6	76.8	19	18	(1)	(5.3)	29	36	7	26.0
Profit before income taxes	54	47	(6)	(12.1)	108	104	(4)	(3.7)	144	166	21	15.0	168	211	42	25.3
Vs. Sales (%)	3.5	3.0			3.5	3.3			3.1	3.5			2.8	3.4
Income taxes	14	15	0	5.7	30	33	2	8.4	40	50	9	23.7	45	61	15	34.5
Profit (loss) attributable to non-	1	0	(0)	(84.3)	1	(0)	(1)	(117.6)	1	0	(0)	(63.6)	1	0	(0)	(48.5)
controlling interests
Profit attributable to owners of	38	31	(6)	(16.9)	77	71	(5)	(6.6)	102	115	13	12.8	121	149	27	22.6	68	(3)		(5.5)	125	(24)		(16.2)
parent
Vs. Sales (%)	2.5	2.0			2.5	2.3			2.2	2.5			2.0	2.4			2.4				2.2

(Note) As net sales for the year ending March 31, 2022 (FY2021) are expected to decrease significantly due to the change in accounting standard (revenue recognition standard) and cannot be compared with the results for the year ended March 31, 2021 (FY2020), the figures for "net change" of net sales under 【"Forecast】 Year ending March 31, 2022 (FY2021)"are provided as reference figures calculated using the same accounting standards for FY2020 and FY2021.

1

2. Consolidated Sales and Operating Profit by Product of Each Segment (Result/Forecast)

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

								Result for the year ended March 31, 2021 (FY2020)						【Forecast】 Year ending March 31, 2022 (FY2021)
			1st quarter-end				2nd quarter-end				3rd quarter-end			4th quarter-end		2nd quarter-end		Full year
						(cumulative)				(cumulative)			(cumulative)		(cumulative)
				Net change				Net change				Net change			Net change		Net change		Net change
		FY	FY	FY		FY	FY		FY	FY	FY	Amount	*4		Amount	*4
		2019	2020			2019		2020			2019		2020			2019	2020
		Amount	YOY		Amount	YOY		Amount	YOY	Amount	YOY		Amount		YOY		Amount		YOY
				(%)				(%)				(%)			(%)			(%)			(%)
[Net sales]
	Butter	53	57	3	6.5	104		106	1	1.1	174		173	(0)	(0.5)	228	226	(2)	(1.0)	105	3		3.2	229	14		6.5
	Margarine	31	33	2	6.5	59		60	1	2.2	91		91	0	0.2	120	117	(2)	(2.1)	46	(1)		(1.7)	93	2		2.2
	Cheese	191	193	1	0.8	369		376	7	1.9	578		582	3	0.7	746	747	0	0.1	282	0		0.2	581	24		3.2
	Other	75	78	3	4.5	153		145	(7)	(4.9)	224		223	(1)	(0.7)	305	302	(3)	(1.0)	107	0		0.4	207	(2)		(1.0)
	Subsidiaries and other	258	295	36	14.1	533		609	76	14.3	814		920	106	13.1	1,089	1,229	139	12.8	628	1		0.3	1,287	9		0.8
	Dairy Products	610	657	47	7.7	1,220		1,298	78	6.4	1,884		1,992	108	5.7	2,490	2,623	132	5.3	1,170	5		0.4	2,400	48		1.8
	Milk and milk-based beverages	219	205	(14)	(6.5)	441		425	(15)	(3.6)	656		631	(24)	(3.7)	855	826	(28)	(3.4)	409	24		5.7	791	41		5.0
	Other beverages	105	97	(8)	(7.6)	220		201	(18)	(8.4)	316		289	(27)	(8.6)	404	371	(33)	(8.2)	172	3		1.6	310	(0)		(0.1)
	Yogurt	155	150	(5)	(3.5)	306		296	(9)	(3.2)	449		435	(13)	(3.0)	596	578	(17)	(3.0)	261	14		4.9	509	26		4.6
	Desserts and fresh cream	60	62	1	2.9	121		123	2	1.9	184		187	3	1.9	244	248	4	1.9	106	1		1.6	214	2		1.1
	Other	9	6	(2)	(29.6)	18		15	(3)	(18.3)	28		23	(5)	(17.9)	37	31	(6)	(16.6)	18	3		22.7	38	6		21.3
	Subsidiaries and other	172	174	1	0.8	365		372	7	2.0	551		546	(5)	(0.9)	700	687	(12)	(1.8)	341	(26)		(7.2)	675	(3)		(0.5)
	Beverage and Dessert	723	695	(27)	(3.8)	1,472		1,434	(38)	(2.6)	2,186		2,115	(71)	(3.3)	2,839	2,744	(94)	(3.3)	1,310	20		1.5	2,540	73		2.7
	Feedstuffs	89	83	(5)	(6.6)	176		165	(11)	(6.6)	257		253	(3)	(1.5)	340	341	1	0.3	162	7		4.5	322	(0)		(0.2)
	Seed products	34	34	0	2.0	62		60	(1)	(2.4)	79		75	(4)	(5.4)	96	91	(4)	(4.8)	58	0		0.3	88	(0)		(0.3)
	Feedstuffs and Seed	123	118	(5)	(4.3)	238		225	(13)	(5.5)	337		329	(8)	(2.4)	437	433	(3)	(0.8)	220	7		3.1	410	(1)		(0.4)
	Other	89	90	1	1.8	184		181	(2)	(1.4)	282		269	(13)	(4.7)	366	350	(16)	(4.5)	180	6		3.5	350	23		6.7
	Total	1,546	1,562	16	1.0	3,116		3,140	24	0.8	4,691		4,706	15	0.3	6,134	6,151	17	0.3	2,880	39		1.3	5,700	143		2.3
[Operating profit]
	Dairy Products	27	32	4	17.9	52		65	13	26.1	87		112	25	28.8	115	136	21	18.3	57	(8)		(13.2)	129	(7)		(5.7)
	Beverage and Dessert	14	8	(5)	(40.0)	35		27	(7)	(22.3)	43		37	(5)	(13.7)	52	41	(10)	(20.8)	35	7		26.6	55	13		32.7
	Feedstuffs and Seed	6	7	0	11.8	11		12	0	8.6	10		11	0	2.7	10	11	0	8.4	11	(1)		(11.2)	10	(1)		(11.0)
	Other	2	2	0	17.6	7		6	(0)	(8.5)	6		10	4	69.3	1	10	8	519.6	5	(1)		(23.0)	11	0		4.2
	Total	50	50	(0)	(0.8)	106		110	4	4.2	147		169	21	14.7	179	197	17	9.9	108	(2)		(2.6)	205	7		3.6
(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.

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.).

4. As net sales for the year ending March 31, 2022 (FY2021) are expected to decrease significantly due to the change in accounting standards (revenue recognition standards) and cannot be compared

with the results for the year ended March 31, 2021 (FY2020), the figures for "net change" of net sales under 【" Forecast】 Year ending March 31, 2022 (FY2021)" are provided as reference figures calculated using the same accounting standards for FY2020 and FY2021.

2

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, 2021 (FY2020)						【Forecast】 Year ending March 31, 2022 (FY2021)
			1st quarter-end			2nd quarter-end			3rd quarter-end			4th quarter-end		2nd quarter-end		Full year
					(cumulative)			(cumulative)			(cumulative)		(cumulative)
				Net change			Net change			Net change			Net change		Net change		Net change
		FY	FY	FY	FY	FY	FY	FY	FY	Amount	*2		Amount	*2
		2019	2020			2019	2020			2019	2020			2019	2020
		Amount	YOY	Amount	YOY	Amount	YOY	Amount	YOY		Amount		YOY		Amount		YOY
				(%)			(%)			(%)			(%)			(%)			(%)
[Net sales]
	Functional food products	12	14	1	13.6	26	31	4	18.5	41	47	6	16.7	54	64	9	17.6	28	1		4.1	58	1		1.6
	Powdered milk and other	34	31	(3)	(8.9)	69	64	(5)	(8.4)	101	98	(2)	(2.9)	129	127	(2)	(1.7)	52	0		0.1	105	1		1.0
	Total on a consolidated basis	47	46	(1)	(2.8)	96	95	(0)	(1.0)	143	146	3	2.7	184	191	7	4.1	80	1		1.4	163	2		1.2

(Notes) 1.These figures are on a consolidated basis (after intercompany elimination, etc.)

2. As net sales for the year ending March 31, 2022 (FY2021) are expected to decrease significantly due to the change in accounting standards (revenue recognition standards) and cannot be compared

with the results for the year ended March 31, 2021 (FY2020), the figures for "net change" of net sales under 【" Forecast】 Year ending March 31, 2022 (FY2021)" are provided as reference figures calculated using the same accounting standards for FY2020 and FY2021.

3. Comparisons with Consolidated Earnings Forecast for the Fiscal Year Ended March 31, 2021

	Result for the year ended March 31, 2021 (FY2020)	Net change
		Vs. Sales		Vs. Sales		Actual vs.
	Forecast	Result	Amount	Forecast
	(%)	(%)
				(%)
Net sales	6,200	100.0	6,151	100.0	(48)	(0.8)
Operating profit	190	3.1	197	3.2	7	4.1
Ordinary profit	205	3.3	216	3.5	11	5.7
Profit attributable to owners of	130	2.1	149	2.4	19	14.7
parent

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4. Causes of Net Changes in Consolidated Operating Profit (Result/Forecast)

Result	Forecast
Year ended March 31, 2020	Year ended March 31, 2021

17.9 billion yen

+1.1 billion yen - Decrease in advertising and promotional costs

+1.0 billion yen - Decrease in fixed costs

+1.0 billion yen - Changes in sales unit price

+100 million yen - Decrease in raw materials costs

+100 million yen - Changes in product composition

+1.2 billion yen - Other

-1.8 billion yen - Decrease in profit on decrease in sales volume -1.0 billion yen - Increase in operating costs

19.7 billion yen

Year ended March 31, 2021

Details of Consolidated Operating Profit by Segment

19.7 billion yen

+4.3 billion yen - Increase in profit on increase in sales volumes

+2.5 billion yen - Changes in product composition +1.3 billion yen - Changes in sales unit price

-3.4 billion yen - Increase in fixed costs

-3.3 billion yen - Increase in advertising and promotional costs -500 million yen - Increase in raw materials costs

-200 million yen - Other

20.5 billion yen

Year ending March 31, 2022 (forecast)

			Factors behind changes for the year ended March
		FY2019		31, 2021, full year (FY2020)
	Factors behind changes	full year		Dairy	Beverage	Feed-
			Total	and	stuffs	Other
			Products
				Dessert	and Seed
【Marginal profit】
	Changes in sales unit	74	10	(1)	11	0	0
	price
	Decrease in profit on decrease	(18)	(18)	16	(25)	(3)	(5)
	in sales volume
	Changes in product	1	1	0	1	0	0
	composition
	Decrease in raw materials	(21)	1	1	0	0	0
	costs
	Increase in operating	(18)	(10)	2	(12)	0	0
	costs
	Other	(12)	12	1	0	0	12
	Subtotal	6	(4)	19	(25)	(3)	7
【Fixed costs and others】
	Decrease in advertising	15	11	(1)	12	0	0
	and promotional costs
	Decrease in fixed costs	(12)	10	3	3	3	1
	Other	(2)	-	-	-	-	-
	Subtotal	1	21	2	15	3	1
	Total	7	17	21	(10)	0	8

Quarterly change (cumulative)

1Q 2Q 3Q 4Q

1	4	7	10
(2)	(6)	(12)	(18)
(3)	(3)	(1)	1
1	2	1	1
(5)	(7)	(10)	(10)
(3)	(4)	3	12
(11)	(14)	(12)	(4)
6	9	10	11
5	9	23	10
-	-	-	-
11	18	33	21
(0)	4	21	17

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

【Forecast】 Factors behind changes for the year

ending March 31, 2022 (FY2021), full year

Factors behind changes		Dairy	Beverage	Feed-
	Total	and	stuffs	Other
	Products
		Dessert	and Seed
【Marginal profit】
Changes in sales unit	13	1	10	1	1
price
Increase in profit on increase in	43	24	17	0	2
sales volumes
Changes in product	25	2	23	0	0
composition
Increase in raw materials costs	(5)	(1)	(4)	0	0
Increase in operating	0	(1)	1	0	0
costs
Other	(2)	(2)	0	0	0
Subtotal	74	23	47	1	3
【Fixed costs and others】
Increase in advertising and	(33)	(12)	(22)	0	0
promotional costs
Increase in fixed costs	(34)	(18)	(12)	(2)	(3)
Other	-	-	-	-	-
Subtotal	(67)	(30)	(34)	(2)	(3)
Total	7	(7)	13	(1)	0

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