Nissin Foods : (I) UNAUDITED CONSOLIDATED FINANCIAL INFORMATION OF THE COMPANY FOR THE THREE MONTHS ENDED 31 MARCH 2021 AND (II) INSIDE INFORMATION - UNAUDITED FINANCIAL RESULTS OF THE CONTROLLING SHAREHOLDER, NISSIN FOODS HOLDINGS CO., LTD. FOR THE FISCAL YEAR ENDED 31 MARCH 2021

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

Nissin Foods Company Limited

日 清 食 品 有 限 公 司

(Incorporated in Hong Kong with limited liability)

(Stock code: 1475)

1. UNAUDITED CONSOLIDATED FINANCIAL INFORMATION OF THE COMPANY

FOR THE THREE MONTHS ENDED 31 MARCH 2021

AND

1. INSIDE INFORMATION - UNAUDITED FINANCIAL RESULTS OF THE CONTROLLING SHAREHOLDER, NISSIN FOODS HOLDINGS CO., LTD.
   FOR THE FISCAL YEAR ENDED 31 MARCH 2021

The Board of the Company is pleased to announce that on 11 May 2021, it has resolved to approve the unaudited consolidated financial information of the Group for the three months ended 31 March 2021. The publication of the aforesaid financial information, which is set out in Section (I) of this announcement, is made in the pursuit of the Appendix 14 of the Listing Rules.

On the same day (around 12:15 p.m. Hong Kong time), the Company's controlling shareholder, Nissin Japan, which is listed on the Tokyo Stock Exchange, Inc. in Japan and beneficially owns approximately 70.05% of the total issued shares of the Company as at the date of this announcement, published its unaudited financial results for the fiscal year ended 31 March 2021 (i.e. Nissin Japan Financial Results). Such results contain certain financial information relating to Nissin Japan's performance for its China segment, which comprises the financial performance of the Group for the same period. Pursuant to Rule 13.09(2) of the Listing Rules and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong), the Company would like to disclose in Section (II) of this announcement the China segment information being extracted from the announcement of Nissin Japan in respect of Nissin Japan Financial Results.

Shareholders of the Company and potential investors are advised not to place undue reliance on the contents of Nissin Japan's FY Disclosures and to exercise caution when dealing in the securities of the Company.

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1. UNAUDITED CONSOLIDATED FINANCIAL INFORMATION OF THE COMPANY FOR THE THREE MONTHS ENDED 31 MARCH 2021

In the pursuit of the Appendix 14 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules"), the board of directors (the "Board") of Nissin Foods Company Limited (the "Company") is pleased to announce that on 11 May 2021, it has resolved to approve the unaudited consolidated financial information of the Company and its subsidiaries (the "Group") for the three months ended 31 March 2021 (the "Period") as follows:

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS

FOR THE THREE MONTHS ENDED 31 MARCH 2021

		Three months ended 31 March
		2021		2020
		HK$'000	HK$'000
	NOTES	(unaudited)	(unaudited)
Revenue		964,475		884,564
Cost of sales		(654,529)	(600,341)
Gross profit		309,946		284,223
Other income		11,861		12,643
Selling and distribution costs		(116,034)	(100,062)
Administrative expenses		(66,974)	(52,605)
Finance costs		(29)	(45)
Other expenses		(7,423)	(5,811)
Other gains and losses		3,291		(852)
Profit before taxation		134,638		137,491
Income tax expense	3	(30,203)	(30,029)
Profit for the Period		104,435		107,462
Profit for the Period attributable to:
Owners of the Company		93,195		98,966
Non-controlling interests		11,240		8,496
		104,435		107,462
Earnings per share
- Basic and diluted (HK cents)	4	8.7		9.2

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CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 31 MARCH 2021

	31 March			31 December
	2021	2020
	HK$'000			HK$'000
	(unaudited)			(audited)
Non-current Assets
Property, plant and equipment	1,511,105	1,515,848
Right-of-use assets	163,116	165,265
Goodwill	64,418	64,520
Intangible assets	46,432	48,219
Interest in an associate	116	116
Financial assets at fair value through profit or loss	34,432	32,828
Deferred tax assets	33,942	33,523
Loan receivable	1,231	1,368
Deposits paid for acquisition of property, plant and equipment	30,616	23,288
Rental deposits	2,307	2,307
	1,887,715	1,887,282
Current Assets
Inventories	323,729	363,144
Trade receivables	491,559	508,545
Other receivables, prepayments and deposits	83,120	92,877
Loan receivable	547	547
Amount due from ultimate holding company	3,658	3,766
Amounts due from fellow subsidiaries	21,198	15,640
Financial assets at fair value through profit or loss	197,750	197,069
Time deposits with maturity over three months	120,615	507,758
Bank balances and cash	2,078,173	1,607,247
	3,320,349	3,296,593

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	31 March			31 December
	2021	2020
	HK$'000			HK$'000
	(unaudited)			(audited)
Current Liabilities
Trade payables	208,906	234,540
Other payables and accruals	703,518	742,962
Amount due to ultimate holding company	35,553	36,712
Amounts due to fellow subsidiaries	5,964	3,715
Lease liabilities	8,048	7,278
Tax liabilities	57,637	39,713
Deferred income	410	411
	1,020,036	1,065,331
Net Current Assets	2,300,313	2,231,262
Total Assets less Current Liabilities	4,188,028	4,118,544
Capital and Reserves
Share capital	2,941,441	2,941,441
Reserves	1,033,315	954,238
Equity attributable to owners of the Company	3,974,756	3,895,679
Non-controlling interests	137,114	147,504
Total Equity	4,111,870	4,043,183
Non-current Liabilities
Deferred tax liabilities	45,255	46,311
Lease liabilities	8,646	9,396
Deferred income	22,257	19,654
	76,158	75,361
	4,188,028	4,118,544

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NOTES:

1. GENERAL
   The Company is a public limited company incorporated in Hong Kong and its shares are listed on The Stock Exchange of Hong Kong Limited. Its immediate and ultimate holding company is Nissin Foods Holdings Co., Ltd. ("Nissin Japan"), a company incorporated in Japan with its shares listed on the Tokyo Stock Exchange, Inc..
   The addresses of the registered office and principal place of business of the Company are 21-23 Dai Shing Street, Tai Po Industrial Estate, Tai Po, New Territories, Hong Kong, and 11-13 Dai Shun Street, Tai Po Industrial Estate, Tai Po, New Territories, Hong Kong, respectively.
   The Company and its subsidiaries (collectively referred to as the "Group") is principally engaged in the manufacturing and sales of noodles, retort foods, frozen foods, beverage products, snacks and vegetable products, and provision of research and publicity services.
   The unaudited consolidated financial information are presented in Hong Kong Dollar ("HK$"), which is also the functional currency of the Company.
2. BASIC OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES
   The financial information relating to the year ended 31 December 2020 that is included in this unaudited consolidated financial information as comparative information does not constitute the Company's statutory annual consolidated financial statements for that year but is derived from those financial statements. Further information relating to these statutory financial statements required to be disclosed in accordance with section 436 of the Hong Kong Companies Ordinance is set out below.
   The Company has delivered the consolidated financial statements for the year ended 31 December 2020 to the Registrar of Companies as required by section 662(3) of, and Part 3 of Schedule 6 to, the Hong Kong Companies Ordinance. The Company's auditor has reported on the consolidated financial statements for the year ended 31 December 2020.
   The auditor's report was unqualified; did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying its report, and did not contain a statement under sections 406(2), 407(2) or (3) of the Hong Kong Companies Ordinance.
   The unaudited condensed consolidated financial information have been prepared on the historical cost basis except for certain financial instruments which are measured at fair value, as appropriate.
   Other than changes in accounting policies resulting from application of amendments to Hong Kong Financial Reporting Standards ("HKFRSs") and the application of accounting policies in relation to intangible assets, the accounting policies and methods of computation used in the condensed consolidated financial information for the three months ended 31 March 2021 are the same as those presented in the Group's annual financial statements for the year ended 31 December 2020.
3. TAXATION
   Hong Kong Profits Tax was calculated at 16.5% of the estimated assessable profits for both periods.
   The People's Republic of China ("PRC") Enterprise Income Tax represents the income tax in the PRC which is calculated at 25% on the taxable income of the PRC Subsidiaries for both periods.

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