Nissin Foods : Summary of Consolidated Financial Statements for the Three Months Ended June 30,2022

August 4, 2022

Summary of Consolidated Financial Statements

for the Three Months Ended June 30, 2022

	[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, Executive Officer and CFO
Scheduled date of filing of Quarterly Securities Report: August 4, 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 Three Months of the FY 3/2023 (April 1, 2022-June 30, 2022)

(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
Three Months of										parent
	(¥ million)	(%)	(¥ million)	(%)	(¥ million)	(%)	(¥ million)	(%)	(¥ million)	(%)
FY 3/2023		149,263	+12.7	13,426	+1.3	13,256	+0.1	13,991	(0.1)	7,530	(4.6)
FY 3/2022		132,457	+9.9	13,248	(22.9)	13,248	(24.1)	14,003	(22.1)	7,894	(34.7)
			Basic earnings		Diluted earnings
Three Months of			per share		per share
			(¥)			(¥)
FY 3/2023				73.83			73.40
FY 3/2022				76.02			75.58

* 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)	(%)
June 30, 2022	685,850	451,601	414,444	60.4
March 31, 2022	683,423	444,590	407,660	59.6

2. Details of Dividends

		Cash dividend per share
	End of 1st quarter	End of 2nd quarter	End of 3rd quarter		Year-end	Total
	(¥)	(¥)	(¥)		(¥)	(¥)
FY 3/2022	－	70.00	－		60.00	130.00
FY 3/2023	－
FY 3/2023 (Forecast)		65.00	－		65.00	130.00

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

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 3/2023 (April 1, 2022-March 31, 2023)

(% 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 3/2023	595,000	+4.4	52,000	+4.9	47,000	+0.8	31,000	(12.5)	303
~ 49,500	~ +6.2	~ 33,000	~ (6.8)	~ 322

Note: Modifications to the forecast published most recently: None

Forecasts of consolidated financial results for the FY 3/2023 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 Three months of FY 3/2023 (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:

	Three months of FY 3/2023	104,222,300 shares
	FY 3/2022	104,222,300 shares
2)	Number of treasury shares as of the end of:
	Three months of FY 3/2023	2,519,767 shares
	FY 3/2022	1,786,406 shares
3)	Average number of shares during the period:
	Three months of FY 3/2023	101,990,723 shares
	Three months of FY 3/2022	103,848,240 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 Three Months Results

1. Qualitative Information Concerning Consolidated Business Results
   The Group is working to achieve the Group's vision and sustainable growth as themes of growth strategy: 1) Strengthen Cash

Generation Capabilities of Existing Businesses, 2) EARTH FOOD CHALLENGE 2030 and 3) Pursue New Businesses, based on the "Mid- to Long-Term Growth Strategy 2030."

				(Millions of yen)
	Three months of FY 3/2022	Three months of FY 3/2023	Year on year
	Amount		%
Revenue	132,457	149,263	16,805		12.7
Core operating profit of	13,248	13,426	177		1.3
existing businesses
Operating profit	13,248	13,256	8		0.1
Profit before tax	14,003	13,991	(11)		(0.1)
Profit attributable to owners of	7,894	7,530	(364)		(4.6)
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)
	Three months of FY 3/2022	Three months of FY 3/2023	Year on year
	Amount		%
Revenue	132,457	141,087	8,630		6.5%
Core operating profit of	13,248	12,887	(360)		(2.7%)
existing businesses
Note: The figures in FY 3/2023 are converted into yen at the exchange rate for the same period in FY 3/2022

The following is an overview of performance by reportable segment.

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 SEKAI NO CUP NOODLE series, whose new commercial message started from April 2022 became a hot topic, contributed greatly to sales. In addition, the CUP NOODLE KARAMEN which featured a rich and tasty hot soup and roasted chili pepper, and the SAIKYO DONBEI, which was released in March 2022 with a focus on "everything is the main role," continued to perform strongly, as a result, sales of cup-type noodles increased year-on-year. In bag-type noodles, sales decreased year-on-year due to temporary decline in sales volume mainly caused by the price revision in June 2022, although the NISSIN KORE ZETTAI UMAIYATSU! series continued to perform well. In terms of profit, it increased year-on-year due to sales increase effect, despite the rise in raw material prices etc.

Consequently, revenue was ¥ 47,791 million (+2.6%), core operating profit (Note 1) was ¥ 7,679 million (+10.0%) and operating profit was ¥ 7,714 million (+10.0%) in this reportable segment.

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1. MYOJO FOODS

Sales of cup-type noodles increased year-on-year as sales of the MYOJO BUBUKA ABURASOBA increased due to the revamp, launch of the MYOJO BUBUKA ABURASOBA GACHIBUTO, which featured the thickest noodles in MYOJO FOODS history, and so. In addition, new brand of the MYOJO KOIZE! IPPEICHAN BIG contributed to sales.

Meanwhile, sales of bag-type noodles decreased year-on-year due to temporary decline in sales volume mainly caused by the price revision in June 2022, although sales of the MYOJO OKINAWASOBA increased, which was released nationwide as limited-edition in order to support the reconstruction of Shurijo Castle.

In terms of profit, it decreased year-on-year mainly due to the rise in raw material prices and energy cost, in spite of decrease in advertising expense, sales expense and so.

Consequently, revenue was ¥ 9,257 million (-1.6%), core operating profit (Note 1) was ¥ 875 million (-12.2%) and operating profit was ¥ 889 million (-11.2%) in this reportable segment.

1. Chilled and frozen foods and beverages

In the chilled foods business, sales of chilled noodles increased due to continued extremely hot days. However, sales decreased year-on-year due to sales volume decline caused by market environment changes and the price revision implemented in March 2022. In terms of profit, it decreased year-on-year due to declined sales volume and increased advertising expense.

In the frozen foods business, sales increased year-on-year due to steady performance of the REITO NISSIN HONMEN series in ramen products and the REITO NISSIN SPA OH PREMIUM series in pasta products. In terms profit, it decreased year-on-year due to increased cost of goods sold ratio.

In the beverage business, sales of NISSIN YORK decreased year-on-year mainly due to increased selling expense, although the PILKUL 400 performed well, in addition, new value-added products such as the HIZA ACTIVE were launched and contributed to sales. In terms of profit, it slightly decreased year-on-year due to sales decrease.

Consequently, revenue was ¥ 20,354 million (+0.7%), core operating profit (Note 1) was ¥ 1,006 million (-18.1%) and operating profit was ¥ 1,023 million (-22.7%) in this reportable segment.

1. Confectionery

In the confectionery business, sales and profit of NISSIN CISCO decreased year-on-year mainly due to sluggish sales of cereal products although the COCONUT SABLE series performed steadily. Sales and profit of BonChi increased year-on- year due to strong sales of mainstay products such as the BONCHI AGE and the PEANUT AGE. In addition, sales and profit of KOIKE-YA increased due to the contribution of price revisions implemented in 2022 sequentially as well as increased sales of the KOIKE-YA The series, revamped SUCORN and so.

Consequently, revenue was ¥ 17,561 million (+2.9%), core operating profit (Note 1) was ¥ 797 million (-21.5%) and operating profit was ¥ 791 million (-26.0%) in this reportable segment.

1. The Americas

The Americas are working to enhance the proposal and promote the introduction of premium products for creating new demand, in addition to improving the profitability of existing products.

In terms of sales, sales strategies in each country have been steadily implemented, while price revisions considering inflation, the rise in raw material prices etc., implemented and trying to get the revisions accepted. In Brazil, continued strong performance of mainstay products such as the NISSIN LAMEN and the CUP NOODLES contributed to sales increase since proactive sales and marketing measures worked together. In the United States, premium products with cleared differential advantages performed well while the demand for instant noodles remained high. As a result, sales as a whole reportable segment increased year-on-year.

In terms of profit, it increased year-on-year due to increased sales volume of premium products and sales increase effect by higher prices per unit due to price revisions, despite the rise in major raw materials, distribution cost and personnel expense. Consequently, revenue was ¥ 29,899 million (+47.9%), core operating profit (Note 1) was ¥ 1,259 million (+7.2%) and operating profit was ¥ 1,274 million (+7.1%) in this reportable segment.

Excluding the impact of currency translation, revenue was ¥ 24,568 million (+21.5%) and core operating profit was ¥ 961 million (-18.1%). (Note 2)

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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. In addition, its sales volume has continued to increase after implementing its revamp in June 2021. Revenue increased year-on- year due to increased sales volume of the main products such as CUP NOODLES brand in mainland China and Hong Kong, even after the implementation of the price revisions. Profit also increased year-on-year with the effect of the price revisions and increased sales volume offsetting the surge in raw material costs. Furthermore, the appreciation of the local currency against the Japanese Yen also had more positive impacts on revenue and profit.

Consequently, revenue was ¥ 15,494 million (+26.5%), core operating profit (Note 1) was ¥ 1,532 million (+38.4%) and operating profit was ¥ 1,891 million (+76.1%) in this reportable segment.

Excluding the impact of currency translation, revenue was ¥ 13,347 million (+9.0%) and core operating profit was ¥ 1,322 million (+19.4%). (Note 2)

Revenue in "Others," which includes business segments not included in reportable segments such as domestic other business, Europe and Asia was ¥ 8,904 million (+32.5%), core operating profit (Note 1) was ¥ 1,914 million (-9.1%) and operating profit was ¥ 1,875 million (-11.0%).

Excluding the impact of currency translation, revenue was ¥ 8,207 million (+22.1%) and core operating profit was ¥ 1,884 million (-10.6%). (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 3/2023 are converted into yen at the exchange rate for the same period in FY 3/2022

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 3/2023 remain unchanged from the forecasts that were announced on May 13, 2022.

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