Results Briefing November 2, 2011 Results Briefing November 2, 2011 Bolstering the Revenue Base Toward the Final Year of Bolstering the Revenue Base Toward the Final Year of the Medium- -Term Management Plan Term Management Plan the Medium Summary of Consolidated Results for the First Half of the Fiscal Year Year Summary of Consolidated Results for the First Half of the Fiscal Ending March 31, 2012 2012 and Full and Full- -Year Forecasts Year Forecasts Ending March 31, (Stock code: 2871) (Stock code: 2871) Nichirei Corporation Nichirei Corporation Tel: (+81- -3) 3248 3) 3248- -2235 2235 Tel: (+81 E- -mail: mail: tanakah@nichirei.co.jp tanakah@nichirei.co.jp E URL: http://www.nichirei.co.jp/english/ir www.nichirei.co.jp/english/ir/index.html /index.html URL: http://
Table of Contents Summary of Consolidated Results Logistics Results of the First Half 1 Results for the First Half and Full-Year Forecasts 9 Full-Year Forecasts 2 Aiming to Increase TC Operations by Expanding the 10 Processed Foods Temperature Range Results for the First Half and Full-Year Forecasts: Net Sales 3 Cargo Booking Increasing at Higashi-Ogishima; Construction of 11 No. 2 Building to Start in Response to Strong Demand Results for the First Half and Full-Year Forecasts: Operating Income 4 Food Logistics Performing Well Despite Worsening Economic 12 An Increase in Costs Will Be Limited and Will Be Offset by a Sales 5 Circumstances in Europe Increase and Productivity Improvement. Sales and Production of Processed Chicken Products On a Par with 6 Initial Forecast Reference Materials Enhancing Sourcing of Acerola Raw Materials in Vietnam and 7 Reference Data 13-18 Marketing of Processed Foods in China Marine Products & Meat and Poultry Reducing Inventory in Changing Markets; Maintaining Revenue by 8 Expanding Sales of Processed Products Notes 1) Figures shown in the graphs and charts in this presentation, unless otherwise specified, have been rounded to the unit indicated. Certain figures have also been rounded up or down. 2) “Initial forecast” is the forecast announced on May 10, 2011. “E” or “forecast” is the forecast announced on November 1, 2011. “P” is the medium-term management plan announced on May 11, 2010.
Summary of Consolidated Results: Results of the First Half Unit: 100 million yen (amounts less than 100 million yen are rounded off, some fractional amounts have been adjusted) Q2 (Cumulative) 1. Net sales: Net sales rose 3% year on year with a Change from Change from strong performance in the Processed Foods and FY11/3 Q1-Q2 initial forecast Logistics segments. Actual Initial Amount Ratio Change forecast 2. Operating income: Operating income fell ¥0.6 Processed Foods 869 61 8% 820 49 billion year on year, reflecting the renewal of rental 327 -18 -5% 307 20 Marine Products building contracts but exceeded the initial forecast as 376 -8 -2% 381 -5 Meat and Poultry Products much as ¥2.9 billion due to better-than-expected 46 7% 730 18 Logistics 748 results in Processed Foods and Logistics segments. 26 -9 -26% 25 1 Real Estate Other 29 -2 -5% 30 -1 3. Recurring income and net income: Net income -109 3 - -115 6 Adjustment declined ¥0.9 billion from a year ago, chiefly Total Net Sales 2,266 74 3% 2,178 88 attributable to a loss on devaluation of investment 26 1 3% 7 19 Processed Foods securities. Marine Products 4 -3 -39% 2 2 3 3 579% 3 0 4. Other: Meat and Poultry Products (1) Acquisition of treasury stock 37 -2 -6% 32 5 Logistics Of 15 million shares, the target of the medium -7 -35% 11 1 Real Estate 12 term management plan, 10.64 million shares have 2 0 10% 0 2 Other been acquired as of October 31, 2011. - Adjustment 0 2 - -1 1 (2) Bonds issued Total Operating Income 83 -6 -7% 54 29 Bonds worth 20 billion yen were issued for long- Recurring Income 78 -8 -9% 47 31 term stabilization funds. Net Income 42 -9 -18% 27 15 EPS 14 yen -3 yen -16% 9 yen 5 yen Impacts of the Tohoku-Kanto Earthquake Initial forecast (annual) Actual results for H1 Comparison with prospects for impacts of the disaster Net Sales Operating Income Net Sales Operating Income Marine Products ¥-3.9 billion ¥-0.1 billion ¥-0.5 billion No impact Declines in demand in the aftermath of the disaster were smaller than expected. Meat and Poultry No impact The recovery in chicken meat production in the Tohoku region was fast, and the impact was smaller ¥-1.6 billion ¥-0.1 billion No impact Products than expected. Logistics ¥-2.5 billion ¥-0.3 billion ¥-1.2 billion ¥-0.2 billion The recovery was fast, and the impact was smaller than expected. Total ¥-8.0 billion ¥-0.5 billion ¥-1.7 billion ¥-0.2 billion 1 No impacts of the Tohoku-Kanto Earthquake are expected in the second half.
Summary of Consolidated Results: Full-Year Forecasts Unit: 100 million yen (amounts less than 100 million yen are rounded off, some fractional amounts have been adjusted) Total (Q3 and Q4) Full year Change from Change from Change from Change from FY11/3 FY11/3 Q3-4 initial forecast initial forecast Forecast Forecast Initial Initial Amount Ratio Change Amount Ratio Change forecast forecast 871 60 7% 820 51 1,740 121 7% 1,640 100 Processed Foods Marine Products 328 5 1% 344 -16 655 -13 -2% 651 4 359 -39 -10% 378 -19 735 -48 -6% 759 -24 Meat and Poultry Products 752 60 9% 756 -4 1,500 106 8% 1,486 14 Logistics -6 -20% 26 -1 -15 -23% 51 0 Real Estate 25 51 31 -1 -2% 33 -2 60 -2 -4% 63 -3 Other Adjustment -112 -10 - -113 1 -221 -6 - -228 7 Total Net Sales 2,254 68 3% 2,244 10 4,520 142 3% 4,422 98 Processed Foods 24 3 15% 29 -5 50 4 8% 36 14 2 3 - 4 -2 6 0 1% 6 0 Marine Products 3 -1 -19% 4 -1 6 2 55% 7 -1 Meat and Poultry Products 2 7% 38 -2 0 0% 70 3 Logistics 36 73 9 -8 -48% 10 -1 21 -15 -41% 21 0 Real Estate - Other 2 0 -14% 2 0 4 0 -4% 2 2 0 0 - -1 1 0 2 - -2 2 Adjustment Total Operating Income 77 -1 -1% 86 -9 160 -7 -4% 140 20 Recurring Income 71 -4 -6% 79 -8 149 -12 -8% 126 23 Net Income 39 50 - 43 -4 81 41 100% 70 11 ROE 7% 4% 6% 1% EPS 27 yen 14 yen 107% 23 yen 4 yen 1. Net sales: Net sales are expected to rise 3% year on year in the full year as Processed Foods and Logistics are set to continue to perform well in the second half. 2. Operating income: Operating income is expected to exceed the year-ago level in Processed Foods and Logistics in the second half. However, we forecast that full-year operating income will decline ¥0.7 billion year on year, reflecting a fall in Real Estate. 3. Recurring income and net income: We expect that net income will increase a significant ¥4.1 billion year on year in the full year, chiefly due to the absence of extraordinary losses (including a loss on the change of retirement benefit scheme) posted in the previous fiscal year. 2
Processed Foods
Recommend
More recommend
