Yukiguni Maitake : Financial Results for Fiscal Year Ended March 2023

Yukiguni Maitake Co., Ltd.

Financial Results for

Fiscal Year Ended March 2023

May 11, 2023

Tokyo Stock Exchange,

Prime Market: 1375

AGENDA

1. Summary of Consolidated Financial Results for FYE March 2023
2. Forecast of Consolidated Financial Results for FYE March 2024
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 FYE March 2023

2

Summary of Financial Results for Fiscal Year Ending March 2023

In the current period, both revenue and Core EBITDA declined year-on-year and underperformed the forecast.

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 competing companies.
• Cost increase factors such as high crude oil prices and yen's depreciation.

• Although the market supply of maitake was increasing, we were able to control the shipment volume at the same level as the same period of the previous year and the unit sales price by a few percentage points decline by conducting effective promotions.
• Strengthening the sales for eating out and ready- made meal also led to increased sales and provided opportunities for food consumption.
• Although the sales period of "Kiwami white" (white maitake), which was launched in September 2022, was short and the effect during the period was limited, it was highly evaluated by buyers and consumers, and as a new lineup of premium mushrooms, we were able to solidify the foundation for increased sales in the future.
• Mitigated the impact of cost increases by optimizing procurement of materials, fuel, etc. and thoroughly managing manufacturing activities.

Revenue

JPY 31.0 billion

• YoY

JPY -1.4 billion （-4.4%）

• vs Forecast

Core EBITDA JPY 4.6 billion

• YoY
  JPY -2.9 billion
  （-38.4%）
• vs Forecast

3

Consolidated Statements of Income (Cumulative)

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

	FYE March 2023
(JPY million)		Actual
Revenue		31,016
Gains Arising from Changes in Fair Value		11,188
Total Income		42,204
Material Costs, Labor Costs, etc.		20,214
Gains Arising from Changes in Fair Value		11,473
Cost of Sales		31,688
Gross Profit		10,516
SG&A Expenses		8,258
Other Income		75
Other Expenses		141
Operating Profit		2,191
vs Revenue		7.1%
vs Total Income		5.2%
Profit before Tax		1,794
Profit Attributable to Owners of Parent		1,181
[Reference]
Core Operating Profit1		2,562
Core EBITDA1		4,663
Core EBITDA margin1		15.0%

FYE March 2022

	Change
Actual	Amount	%
32,444	(1,428)	(4.4%)
14,636	(3,448)	(23.6%)
47,081	(4,876)	(10.4%)
18,680	+1,533	+8.2%
15,051	(3,577)	(23.8%)
33,731	(2,043)	(6.1%)
13,349	(2,833)	(21.2%)
8,142	116	+1.4%
48	27	+57.9%
279	(137)	(49.2%)
4,975	(2,784)	(56.0%)
15.3%
10.6%
4,564	(2,769)	(60.7%)
2,989	(1,808)	(60.5%)
5,590	(3,027)	(54.2%)
7,564	(2,901)	(38.4%)
23.3%

1 Core Operating Profit ＝Operating Profit － the effect of applying IAS 41 "Agriculture" － Other income and expenses － One-time income and expenses	-	4
Core EBITDA＝Core Operating Profit + Depreciation and Amortization	Core EBITDA margin ＝ Core EBITDA / Revenue