Yukiguni Maitake : Financial Results for 3rd Quarter of Fiscal Year Ending March 2023

Yukiguni Maitake Co., Ltd.

Financial Results for 3rd Quarter of

Fiscal Year Ending March 2023

February 9, 2023

Tokyo Stock Exchange,

Prime Market: 1375

AGENDA

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

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Summary of Consolidated Financial Results for 3Q of FYE March 2023

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Summary of Financial Results for 3rd Quarter of Fiscal Year Ending March 2023

Although revenue and Core EBITDA declined year-on-year in the cumulative third quarter, in the next fiscal year, we will gradually resume in-store tasting sales, strengthen the provision of multifaced eating opportunities including eating-out and ready-to-made meals, and promote strategic development that utilizes the comprehensive strengths of premium mushrooms.

External Environment		Our Response

Summary

• Inflation has risen consumers' awareness of the need to protect their household budgets, leading to an increased preference for commodities with an emphasis on quantity.
• Demand remained unstable due to severe temperature fluctuations during the peak fall season.
• Continued restrictions on promotions such as in-store tasting due to COVID-19.
• 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.

• Various promotions including TV commercials in the Kanto and Kansai areas; month to date shipment weights in October and December reached record highs.
• Strengthened the sales for food service and home meal, leading to increased sales and opportunities for food consumption.
• 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. Since sales started in September, the effect in the quarter was limited.
• Curbed rising costs by optimizing procurement of materials, fuel, etc., and thoroughly managing manufacturing activities.

Revenue

JPY 23.0 billion

• YoY

JPY -1.1 billion

（-4.8%）

• vs Forecast

Core EBITDA JPY 3.8 billion

• YoY

JPY -2.1 billion （-35.9%）

• vs Forecast

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Consolidated Statements of Income (3rd Quarter)

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

3Q FYE		3Q FYE
	March 2022
March 2023
		Change

(JPY million)	Actual
Revenue	23,057
Gains Arising from Changes in Fair Value	9,398
Total Income	32,455
Material Costs, Labor Costs, etc.	14,782
Gains Arising from Changes in Fair Value	8,707
Cost of Sales	23,489
Gross Profit	8,966
SG&A Expenses	6,036
Other Income	56
Other Expenses	94
Operating Profit	2,892
vs Revenue	12.5%
vs Total Income	8.9%
Profit before Tax	2,597
Profit Attributable to Owners of Parent	1,732
[Reference]
Core Operating Profit1	2,322
Core EBITDA1	3,885
Core EBITDA margin1	16.9%

Actual	Amount	%
24,224	(1,166)	(4.8%)
12,234	(2,836)	(23.2%)
36,458	(4,002)	(11.0%)
13,705	+1,076	+7.9%
11,253	(2,546)	(22.6%)
24,959	(1,469)	(5.9%)
11,499	(2,532)	(22.0%)
6,024	11	+0.2%
34	21	+62.1%
58	36	+62.1%
5,451	(2,558)	(46.9%)
22.5%
15.0%
5,139	(2,541)	(49.5%)
3,386	(1,654)	(48.9%)
4,595	(2,272)	(49.5%)
6,064	(2,179)	(35.9%)
25.0%

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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