Summary of Financial Results for Second Quarter of FY2022

Consolidated Financial Results for the Six Months Ended September 30, 2021

(Prepared pursuant to Japanese GAAP)

	November 9, 2021
Company name:	MEGMILK SNOW BRAND Co., Ltd.
Stock exchange listing:	Tokyo Stock Exchange (First Section), Sapporo Securities Exchange
Stock code:	2270
URL:	https://www.meg-snow.com/english
Representative:	Keiji Nishio, Representative Director and President
Contact:	Fumi Hatamoto, General Manager, Public Relations & Investor
	Relations Department
Phone:	[phone]
	(Amounts rounded down to the nearest million yen)

1. Consolidated Results for the First Six Months of the Fiscal Year Ending March 31, 2022 (April 1, 2021 - September 30, 2021)

(1) Consolidated Operating Results				(Percentages indicate year-on-year changes)
	Net sales	Operating profit	Ordinary profit	Profit attributable to
	owners of parent
Six months ended	millions of yen	%	millions of yen	%	millions of yen	%	millions of yen	%
286,904	－	12,210	10.1	13,277	10.8	8,575	19.2
September 30, 2021
Six months ended	314,035	0.8	11,088	4.2	11,980	2.1	7,193	(6.6)
September 30, 2020
Note: Comprehensive income: Six months ended September 30, 2021 : 8,355 million yen (-12.5%)
	Six months ended September 30, 2020 : 9,545 million yen (16.3%)
	Profit		Profit
	per share - basic	per share - diluted
Six months ended		yen		yen
	126.99		－
September 30, 2021
Six months ended		106.34		－
September 30, 2020

Note: The Company has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020), etc. effective from the beginning of the first quarter of the fiscal year ending March 31, 2022. As a result, the Company has omitted year-on-year change in net sales for the first half of the previous fiscal

year, as this was prior to application of the above accounting standard.

Assuming, however, that the above accounting standard, etc. had been applied effective from the first quarter of the fiscal year ended March 31, 2021, the year-on year change would be 1.4%.

(2) Consolidated Financial Position

	Total assets	Net assets	Equity ratio	Net asset
	per share
	millions of yen	millions of yen	%	yen
September 30, 2021	405,389	202,759	49.4	2,962.87
March 31, 2021	398,650	198,255	49.0	2,890.65
For reference:

Equity: September 30, 2021: 200,096 million yen

March 31, 2021: 195,213 million yen

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2. Dividends

		Cash dividends per share
Record date or period	End-Q1	End-Q2	End-Q3		Year-end	Total
	yen	yen	yen		yen	yen
Year ended March 31, 2021	－	－	－		40.00	40.00
Year ending March 31, 2022	－	－
Year ending March 31, 2022			－		50.00	50.00
(forecast)
Note: Revisions from the latest release of dividend forecasts: None

3. Forecast of Consolidated Results for the Fiscal Year Ending March 31, 2022 (April 1, 2021 - March 31, 2022)

(Percentages indicate year-on-year changes)

	Net sales		Operating profit		Ordinary profit	Profit attributable to	Profit per
			owners of parent	share
	millions of yen		%	millions of yen		%	millions of yen	%	millions of yen	%	yen
Full Year	570,000		2.8	20,500		3.6	21,500	(0.8)	12,500	(16.2)	185.09

Note 1: Revisions from the latest release of earnings forecasts: None

Note 2: As the Company has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020), etc. effective from the beginning of the first quarter of the fiscal year ending March 31, 2022, the said accounting standard, etc. have been applied to the figures in the abovementioned consolidated forecasts. Note that year-on-year change is calculated assuming that the above accounting standard, etc. were applied effective from the fiscal year ended March 31, 2021.

Notes

1. Material reclassifications of subsidiaries during the period: None
2. Accounting methods specific to quarterly consolidated financial statements: None
3. Changes in accounting policy, changes in accounting estimates, and retrospective restatement

1. Changes in accordance with amendments to accounting standards, etc.: Yes
2. Changes other than noted in 1) above: None
3. Changes in accounting estimates: None
4. Retrospective restatement: None

1. Common stock issued

1) Issued shares as of period-end (including treasury stock)

	September 30, 2021	70,751,855 shares
	March 31, 2021	70,751,855 shares
2) Treasury stock as of period-end
	September 30, 2021	3,217,100 shares
	March 31, 2021	3,219,054 shares
3) Average number of shares (during the respective period)
	Six months ended September 30, 2021	67,533,293 shares
	Six months ended September 30, 2020	67,647,671 shares

*This summary of financial statements is not subject to audit by certified public accountant and auditing firm.

*Appropriate Use of Earnings Forecasts and Other Important Information (Earnings Forecasts)

Business forecasts contained in this report are based on the assumptions of management in the light of information available as of the release of this report. MEGMILK SNOW BRAND makes no assurances as to the actual results, which may differ from forecasts due to various factors such as changes in the business environment.

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