Nissin Foods : Summary of Consolidated Financial Statements for the Nine Months Ended December 31, 2021

February 3, 2022

Summary of Consolidated Financial Statements for the Nine Months Ended December 31, 2021

	[Prepared under IFRS, UNAUDITED]
NISSIN FOODS HOLDINGS CO., LTD.
Stock code:	2897
Stock exchange listing:	Tokyo
URL:	https://www.nissin.com/jp/
	https://www.nissin.com/en_jp/
Phone:	[phone]
Representative:	Koki Ando, Representative Director, President and CEO
Contact:	Takashi Yano, CFO
Scheduled date of filing of Quarterly Securities Report: February 3, 2022 (in Japanese)
Scheduled date of dividend payment:	－
Preparation of supplementary documents:	Yes
Holding of financial results meeting:	Yes (for institutional investors and analysts) (in Japanese)
		(All amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for the Nine Months of the FY 3/2022 (April 1, 2021-December 31, 2021)

(1) Consolidated Operating Results

(% figures represent year-on-year changes)

				Core operating profit						Profit attributable
		Revenue	Operating profit	Profit before tax	to owners of the
		of existing businesses
Nine Months of									parent
(¥ million)	(%)	(¥ million)	(%)	(¥ million)	(%)	(¥ million)	(%)	(¥ million)	(%)
FY 3/2022	424,795	+13.6	43,501	(5.0)	42,588	(14.8)	44,622	(12.0)	30,747	(15.3)
FY 3/2021	373,859	+7.4	45,791	30.0	49,966	+40.6	50,679	+37.1	36,281	+41.5
		Basic earnings		Diluted earnings
Nine Months of			per share		per share
			(¥)			(¥)
FY 3/2022				297.80			296.10
FY 3/2021				348.28			346.29

* Core operating profit of existing businesses

Core operating profit of existing businesses is disclosed from the FY 3/2022

Core operating profit of existing businesses＝operating profit - profit or loss of new businesses - other income and expenses as non-recurring income and expenses

(2) Consolidated Financial Position

	Total assets	Total equity	Equity attributable to	Equity attributable to owners
	owners of the parent	of the parent to total assets
As of
(¥ million)	(¥ million)	(¥ million)	(%)
December 31, 2021	670,531	426,818	391,180	58.3
March 31, 2021	663,530	421,435	384,016	57.9

2. Details of Dividends

		Cash dividend per share
	End of 1st quarter	End of 2nd quarter	End of 3rd quarter		Year-end	Total
	(¥)	(¥)	(¥)		(¥)	(¥)
FY 3/2021	－	55.00	－		65.00	120.00
FY 3/2022	－	70.00	－
FY 3/2022 (Forecast)					60.00	130.00

Note: Modifications to the dividend forecast published most recently: None

Year-end dividend of ¥ 65.00 for the FY 3/2021 includes a commemorative dividend of ¥ 10.00 for market capitalization of 1 trillion yen, in addition to ordinary dividend of ¥ 55.00

End of 2nd quarter dividend of ¥ 70.00 for the FY 3/2022 includes a commemorative dividend of ¥ 10.00 for 50th anniversary of the release of CUP NOODLE, in addition to ordinary dividend of ¥ 60.00

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3. Forecasts of Consolidated Financial Results for the FY 3/2022 (April 1, 2021-March 31, 2022)

(% figures represent changes from the previous year)

			Core operating profit			Profit		Basic
	Revenue		Operating profit	attributable to	earnings
		of existing businesses
					owners of the parent	per share
	(¥ million)	(%)	(¥ million)	(%)	(¥ million)	(%)	(¥ million)	(%)	(¥)
FY 3/2022	540,000	+6.7	47,000	－	42,500	(23.5)	31,000	(24.1)	298
~ 44,500	~ (19.9)	~ 33,000	~ (19.2)	~ 317

Note: Modifications to the forecast published most recently: None

Forecasts of consolidated financial results for the FY 3/2022 are disclosed with certain range, in order to actively invest in new businesses within 5 ~ 10% of core operating profit of existing businesses

Notes:

1. Changes in principal subsidiaries during the Nine months of FY 3/2022 (changes in specified subsidiaries that resulted in changes in scope of consolidation): None
   -Newly consolidated: None
   -Excluded from consolidation: None
2. Changes in significant accounting policy and changes in accounting estimates:
3. 1. Changes in accounting policies required by IFRS: None
   2. Changes in accounting policies other than 1): None
   3. Changes in accounting estimates: None
4. Number of shares outstanding (common stock)
5. 1. Number of shares outstanding (including treasury shares) as of the end of:

	Nine months of FY 3/2022	105,700,000 shares
	FY 3/2021	105,700,000 shares
2)	Number of treasury shares as of the end of:
	Nine months of FY 3/2022	2,953,951 shares
	FY 3/2021	1,528,236 shares
3)	Average number of shares during the period:
	Nine months of FY 3/2022	103,247,669 shares
	Nine months of FY 3/2021	104,171,629 shares

• This summary of quarterly consolidated financial statements is outside the scope of review by certified public accountants or audit firms.
• Notes for proper use of forecasts and other remarks

Disclaimer regarding appropriate use of forecasts:

Forecasts contain forward-looking statements based on estimates made as of the day of release of these materials. Actual results may differ materially depending on a number of factors including but not limited to potential risks and uncertainties. Please refer to page 5 for "(3) Explanation Concerning Consolidated Forecasts" for the conditions of assumptions for the forecast and cautions to use forecast.

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1. Qualitative Information Concerning Nine Months Results

1. Qualitative Information Concerning Consolidated Business Results
   Based on the "Mid- to Long-Term Growth Strategy 2030", the Group is working for achieving the Group's vision and sustainable

growth: 1) Strengthen Cash Generation Capabilities of Existing Businesses, 2) EARTH FOOD CHALLENGE 2030 and 3) Pursue New Businesses.

				(Millions of yen)
	Nine months of FY 3/2021	Nine months of FY 3/2022	Year on year
	Amount		%
Revenue	373,859	424,795	50,936		13.6
Core operating profit of	45,791	43,501	(2,289)		(5.0)
existing businesses
Operating profit	49,966	42,588	(7,378)		(14.8)
Profit before tax	50,679	44,622	(6,057)		(12.0)
Profit attributable to owners of	36,281	30,747	(5,533)		(15.3)
the parent

Note: The Group aims to adopt core operating profit of existing businesses in order to measure the real growth of existing businesses that form the basis for investment in businesses growth by separating the profit or loss from new businesses planned to be invested aggressively and continuously upfront after the FY 3/2022, from the standpoint of mid- to long-term growth strategy. Core operating profit of existing businesses ＝operating profit - profit or loss of new businesses - other income and expenses as non-recurring income and expenses

				(Millions of yen)
	Nine months of FY 3/2021	Nine months of FY 3/2022	Year on year
	Amount		%
Revenue	373,859	417,119	43,260		11.6
Core operating profit of	45,791	42,900	(2,890)		(6.3)
existing businesses
Note: The figures in FY 3/2022 are converted into yen at the exchange rate for the same period in FY 3/2021

The following is an overview of performance by reportable segment.

In the current fiscal year, the Group has changed the method of presenting the Chilled and frozen foods and beverages segment, combined the chilled and frozen food businesses and beverages businesses which was included in confectionery and beverages segment, and the Confectionery segment.

Accordingly, the following amount for the previous fiscal year reflected these changes in reportable segments.

1. NISSIN FOOD PRODUCTS

NISSIN FOOD PRODUCTS achieved year-on-year growth in sales due to an increase in sales of cup-type noodles. In cup- type noodles, The CUP NOODLE SUPER GATTAI series, a product commemorating the 50th year anniversary of the launch of the CUP NOODLE, which was released in September 2021 with the concept of combining the existing flavors, contributed significantly to sales. The CUP NOODLE PRO series with high protein content and low sugar content while maintaining good taste, and the CUP NOODLE KARAMEN which featured a rich and tasty hot soup and roasted chili pepper, continued to be strong and contributed to sales. Also, the NISSIN NO DONBEI and the NISSIN YAKISOBA U.F.O. collaborated with "KIMETSU NO YAIBA" which is a popular animation supported by a wide range of people, and their collaboration products launched in October 2021 made a significant contribution to sales. The NISSIN NO DONBEI TOZAI DASHI KURABE which was launched in November 2021 as a limited-time product contributed significantly to sales as well. Consequently, sales of cup-type noodles increased year-on-year. In bag-type noodles, although the NISSIN RAOH series increased, sales decreased year-on-year. Sales of cup rice products increased year-on-year due to strong performance of the NISSIN OSHA MESHI series launched in September 2021, which is rice soup with the almost same amount of one rice ball in warm soup filled with the taste of ingredients and the contribution of continued strong performance of the NISSIN CURRY MESHI

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series. In terms of profit, although sales increase contributed to profit, it decreased year-on-year due to an increase in depreciation and amortization expenses associated with capital expenditures , a rise in raw material prices and so on. Consequently, revenue was ¥ 158,146 million (+2.1%), core operating profit (Note 1) was ¥ 26,170 million (-1.7%) and operating profit was ¥ 26,259 million (-1.2%) in this reportable segment.

1. MYOJO FOODS

MYOJO FOODS achieved year-on-year growth in sales of bag-type noodles due to strong growth in the MYOJO CHARUMERA which is the mainstay brand, because of strong performance of the MIYAZAKI KARAMEN and the MOYASHI GA CHOZETSU UMAI MAZESOBA. Also, the MYOJO MEGAMI contributed to sales. Sales of cup-type noodles remained at the same level as the previous year due to continuous steady increase of the MYOJO CHUKA ZANMAI, reflecting the good performance of SURATANMEN, and steady sales of the MYOJO IPPEICHAN YOMISE NO YAKISOBA. In terms of profit, although there was an increase in sales and a decrease in general and administrative expenses, it decreased year-on-year due to an increase in raw material prices, depreciation and amortization expenses, advertising expenses and so on.

Consequently, revenue was ¥ 28,257 million (+0.8%), core operating profit (Note 1) was ¥ 2,332 million (-22.9%) and operating profit was ¥ 2,357 million (-23.5%) in this reportable segment.

1. Chilled and frozen foods and beverages

At chilled foods business, sales and profit increased year-on-year mainly due to steady increases of the GYORETSU NO DEKIRU MISE NO RAMEN which is the mainstay products of NISSIN CHILLED FOODS, and also the MAZEMEN NO TATSUJIN and the YUMEITEN series.

At frozen foods business, sales and profit increased year-on-year due to steady increases of NISSIN FROZEN FOODS' mainstay products such as the REITO NISSIN CHUKA SHIRUNASHITANTANMEN OMORI, the REITO NISSIN HONMEN series, the REITO NISSIN MAZEMENTEI series and the REITO NISSIN MOCHITTO NAMA PASTA series. At beverage business, sales decreased year-on-year due to sluggish sales at convenience stores due to COVID-19, although NISSIN YORK's mainstay brand PILKUL launched the PILKUL 400 which increased the number of lactic acid bacteria from 15billion to 40billon performed well. In terms of profit, it decreased year-on-year due to an increase in expenses such as advertisement expenses.

Consequently, revenue was ¥ 61,222 million (+4.5%), core operating profit (Note 1) was ¥ 3,452 million (+2.0%) and operating profit was ¥ 3,645 million (-1.9%) in this reportable segment.

1. Confectionery

In the confectionery business, the GOROTTO GRANOLA of NISSIN CISCO maintaining strong trend and the good performance of the mainstay products of BonChi such as the KAISEN AGESEN series contributed to sales, despite the reaction to increased demand following the declaration of the state of emergency in April 2020.

KOIKE-YA promotes high value-added management by launching the KOIKEYA The series, a product commemorating the 60th year anniversary of the launch of its potato chips business.

Consequently, sales and profit increased year-on-year, in addition, reflecting the nine-months performance of KOIKE-YA which became a consolidated subsidiary in December 2020 (compared to 1 month in the same period of the previous fiscal year).

Consequently, revenue was ¥ 52,025 million (+106.8%), core operating profit (Note 1) was ¥ 3,037 million (+12.3%) and operating profit was ¥ 3,105 million (+15.2%) in this reportable segment.

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1. The Americas

The Americas are working to enhance the proposal of premium products aimed at creating new demand, enhancing the profitability of existing products.

The Americas achieved year-on-year growth in sales. As for sales in Brazil, in addition to an increase in demand for home meals due to the spread of COVID-19, we implemented proactive sales and marketing measures and increased further the frontage and depth of sales. The NISSIN LAMEN which is the mainstay product and the CUP NOODLES continuously performed well and contributed to sales. In the United States, while the demand for instant noodles remained high, premium products performed well and contributed to sales. Meanwhile profits decreased year-on-year mainly due to continuous surge in major raw material prices and distribution costs, despite increased sales volume of mainstay products and premium products and an increase in unit sales price due to price revision.

Consequently, revenue was ¥ 63,831 million (+19.8%), core operating profit (Note 1) was ¥ 2,595 million (-34.5%) and operating profit was ¥ 2,631 million (-34.0%) in this reportable segment.

Excluding the impact of currency translation, revenue was ¥ 60,428 million (+13.4%) and core operating profit was ¥ 2,442 million (-38.4%). (Note 2)

1. China

In China, as the market for high value-added products is expanding in mainland China, the Group (NISSIN FOODS CO.,LTD. and its subsidiaries) has taken steps to expand its geographical sales areas and strengthen its CUP NOODLES brand. Despite negative repercussions after increased demand from the COVID-19 outbreak in the same period of last year, the increase in sales volume of the CUP NOODLES brands in mainland China and the currency translation effect by local currencies appreciation against Japanese Yen contributed to the increase in revenue. In terms of profits, it increased year-on- year as surge in raw material prices were absorbed by cost reductions and increased sales volume in mainland China. Consequently, revenue was ¥ 40,021 million (+13.3%), core operating profit (Note 1) was ¥ 4,321 million (+10.5%) and operating profit was ¥ 4,158 million (+3.5%) in this reportable segment.

Excluding the impact of currency translation, revenue was ¥ 36,753 million (+4.0%) and core operating profit was ¥ 3,948 million (+1.0%). (Note 2)

Revenue in "Others," which includes business segments not included in reportable segments such as domestic other business, Europe and Asia was ¥ 21,291 million (+14.8%), core operating profit (Note 1) was ¥ 5,654 million (-4.4%) and operating profit was ¥ 5,715 million (-3.1%).

Excluding the impact of currency translation, revenue was ¥ 20,286 million (+9.4%) and core operating profit was ¥ 5,579 million (-5.7%). (Note 2)

Note 1 : Core operating profit = operating profit - other income and expenses as non-recurring income and expenses

Note 2 : The figures in FY 3/2022 are converted into yen at the exchange rate for the same period in FY 3/2021

1. Analysis of Financial Position
   Note: Refer to pages from 6 to 7 for further information.
2. Explanation Concerning Consolidated Forecasts
   The full-year forecasts of the consolidated financial results for the FY 3/2022 remain unchanged from the forecasts that were

announced on May 11, 2021.

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