Notice Regarding First-Half Consolidated Results and Difference from Previous Forecast, and Revision of Full-Year Forecasts

Note: This document has been translated from 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.

November 10, 2021

Press Release

Company Name: MORINAGA & CO., LTD.

Representative: Eijiro Ota, Representative Director, President

(Code: 2201; First Section of Tokyo Stock Exchange)

Contact: Ayako Kunichika,

Executive Officer, General Manager,

Corporate Communications Division

(TEL: [phone])

Notice Regarding First-Half Consolidated Results and Difference from Previous Forecast,

and Revision of Full-Year Forecasts

MORINAGA & CO., LTD. (the "Company") today announced that differences have arisen between the forecast figures for the first half of the fiscal year ending March 31, 2022 (April 1, 2021 through September 30, 2021) announced on May 13, 2021, and the first-half results, as explained below.

In light of the consolidated results for the first half, the Company has revised the full-year consolidated results forecast for the fiscal year ending March 31, 2022 (April 1, 2021 through March 31, 2022).

1. Differences between consolidated results forecast figures and results for first half of the fiscal year ending March 31, 2022 (April 1, 2021 through September 30, 2021)

											Profit
		Net sales			Operating			Ordinary			attributable to			Net income
				income			income			owners of			per share
											parent
Previously announced		Million yen		Million yen		Million yen		Million yen		Yen
forecast (A)	91,000	11,300	11,700	7,900	157.06
Revised forecast (B)	93,422	13,188	13,700	9,544	189.75
Change (B - A)	2,422	1,888	2,000	1,644
Percentage change	2.7%	16.7%	17.1%	20.8%
(Ref.) Consolidated results of
the first half of the previous	84,937	11,548	11,979	8,320	165.42
fiscal year (ended March 31,
2021)

(Note) The Company has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020), etc. from the beginning of the first quarter of the fiscal year ending March 31, 2022. The results for the first half of the fiscal year ended March 31, 2021, are the figures after retroactive application of said accounting standard.

2. Revision of full-year consolidated results forecast for fiscal year ending March 31, 2022 (April 1, 2021 through March 31, 2022)

											Profit
		Net sales			Operating			Ordinary			attributable to			Net income
				income			income			owners of			per share
											parent
Previously announced		Million yen		Million yen		Million yen		Million yen		Yen
forecast (A)	175,000	17,000	17,400	11,700	232.61
Revised forecast (B)	179,200	18,000	18,500	12,800	254.48
Change (B - A)	4,200	1,000	1,100	1,100
Percentage change	2.4%	5.9%	6.3%	9.4%
(Ref.) Consolidated results of
the previous fiscal year	168,240	19,176	19,782	13,416	266.73
(ended March 31, 2021)

(Note) The Company has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020), etc. from the beginning of the first quarter of the fiscal year ending March 31, 2022. The results for the fiscal year ended March 31, 2021, are the figures after retroactive application of said accounting standard.

3. Reasons for differences and revisions

Consolidated results for the first half ended September 30, 2021, exceeded the previously announced forecast figures, with profits at each stage up due to higher-than-expected net sales for the Health Products segment and other factors.

In light of the consolidated results for the first half, the Company has revised the full-year consolidated results forecast for the fiscal year ending March 31, 2022, as outlined above.

*The results forecast in this release has been prepared based on information available as of the date of this release. Actual results may differ from the forecast due to various factors.