Yukiguni Maitake : Financial Results for 2nd Quarter of Fiscal Year Ended March 2023

Yukiguni Maitake Co., Ltd.

Financial Results for 2nd Quarter of

Fiscal Year Ended March 2023

November 10, 2022

Tokyo Stock Exchange,

Prime Market: 1375

AGENDA

1. Summary of Consolidated Financial Results for 2Q of FYE March 2023
2. Forecast of Consolidated Financial Results for FYE March 2023
3. Medium- Term Business Plan for FYE March 31, 2022 to FYE March 31, 2026
4. Reference Materials

(Caution concerning forward-looking statements)

The forward-looking statements, such as forecasts of financial results, included in this document are based on information available to the management as of the date of the document and certain assumptions that the management considers reasonable. The Company does not promise that forecasts will be achieved. Actual results may differ significantly due to a range of factors.

1

	１	Summary of Consolidated Financial Results for 2Q of
	FYE March 2023

2

Summary of Financial Results for 2nd Quarter of Fiscal Year Ending March 2023

In the six months of the current fiscal year, revenue and core EBITDA declined from the same period of the previous fiscal year.

External Environment

• COVID-19deregulation led to increased demand for food service and retail industry remained weak.
• Rising temperatures caused consumers to continue avoidance of foods that require cooking.
• The supply-demand balance in the market remained distorted due to oversupply caused by increased production by other companies.
• Cost increase factors such as high crude oil prices and yen's depreciation.

Our Response

• Succeeded in mass production of the world's first white maitake "Kiwami White".
  Introduced it to the market to strengthen the Kiwami brand and to promote the Company's PR activities which were well received. But sales started in September, so the effect in the quarter was limited.
• Conducted cross-MD to match the outdoor boom and stimulate consumer purchasing during the non-demand season.
• Curbed rising costs by optimizing procurement of materials, fuel, etc., and thoroughly managing manufacturing activities.
• Toward the third quarter of the busiest season, using Kiwami white, tried to expand the range of cooking usage focusing on restaurant and ready-to-eat meal service menu, attract new users by increasing consumer touchpoints and expand existing users' access to Western food.

Summary

vs Forecast

• Revenue
  JPY 12.7 billion

Belowour Forecast

YoY -JPY 1.0 billion

（-7.7%）

• Core EBITDA JPY 1.2 billion

Belowour Forecast

YoY -JPY 1.2 billion

（-50.8%）

3

2Q FYE

March 2022

Consolidated Statements of Income (2nd Quarter)

In the six months of the current fiscal year, both total income and profits decreased compared to the same period of the previous fiscal year.

2Q FYE

March 2023

Change

(JPY million)	Actual
Revenue	12,757
Gains Arising from Changes in Fair Value	4,755
Total Income	17,513
Material Costs, Labor Costs, etc.	9,045
Gains Arising from Changes in Fair Value	3,959
Cost of Sales	13,004
Gross Profit	4,508
SG&A Expenses	3,668
Other Income	32
Other Expenses	57
Operating Profit	814
vs Revenue	6.4%
vs Total Income	4.7%
Profit before Tax	620
Profit Attributable to Owners of Parent	431
[Reference]
Core Operating Profit *1	197
Core EBITDA *1	1,218
Core EBITDA margin*1	9.6%

Actual	Amount	%
13,816	(1,058)	(7.7%)
6,688	(1,932)	(28.9%)
20,504	(2,991)	(14.6%)
8,755	+290	+3.3%
5,422	(1,463)	(27.0%)
14,177	(1,172)	(8.3%)
6,327	(1,818)	(28.7%)
3,760	(91)	(2.4%)
21	+11	+53.1%
37	+20	+55.3%
2,551	(1,736)	(68.1%)
18.5%
12.4%
2,341	(1,720)	(73.5%)
1,521	(1,089)	(71.6%)
1,510	(1,312)	(86.9%)
2,479	(1,260)	(50.8%)
17.9%

*1 Core Operating Profit ＝Operating Profit － the effect of applying IAS 41 "Agriculture" － Other income and expenses － One-time income and expenses	-
Core EBITDA＝Core Operating Profit + Depreciation and Amortization	Core EBITDA margin ＝ Core EBITDA / Revenue

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