F ir st Half of the F isc al Ye ar E nding F e br uar y 2016 (1H F Y2/ 16) R e sults Br ie fing As a fo o d inno va to r, we ha ndle a ll a spe c ts o f fo o d pro duc tio n a nd pio ne e r the e vo lutio n o f fo o d WARABE YA NI CHI YO CO., L T D. (2918) Oc to b e r 7, 2015
Ove r vie w of F inanc ial R e sults for 1H F Y2/ 16 and F ull-ye ar F or e c ast for F Y2/ 16 (Consolidate d Basis) 2
Consolidate d financ ial r e sults for 1H F Y2/ 16 (Millio ns o f ye n) 1H F Y2/ 15 1H F Y2/ 16 Vs Yo Y F o re c a st F o re c a st Re sults R e sults a t b e g inning o f F Y a t b e g inning o f F Y 103,407 110,000 5,023 -1,569 108,430 Ne t sale s (100.0) (100.0) <4.9> <-1.4> (100.0) 2,744 3,000 -358 -613 2,386 Ope r ating inc ome (2.7) (2.7) <-13.0> <-20.4> (2.2) 3,019 3,150 -341 -472 2,677 Or dinar y inc ome (2.9) (2.9) <-11.3> <-15.0> (2.5) 1,776 2,100 113 -209 1,890 Ne t inc ome (1.7) (1.9) <6.4> <-10.0> (1.7) 100.88 119.22 6.59 -11.75 107.47 E PS (Ye n) *F ig ure s in ( ) sho w sa le s ra tio , a nd fig ure s in < > sho w c ha ng e (%). E stima te s fo r 1H F Y2/ 16 a nno unc e d o n April 8, 2015. 3
F or e c ast and diffe r e nc e fac tor s (Millio ns o f ye n) 1H F Y2/ 16 [Diffe re nc e fa c to rs] Vs. F o o d Pro duc ts Busine ss -1,380 F o re c a st F o re c a st R e sults a t b e g inning F o o d I ng re die nts, L o g istic s, Othe r o f F Y Busine sse s -180 110,000 108,430 -1,569 Ne t sale s (100.0) (100.0) <-1.4> [Diffe re nc e fa c to rs] (Millio ns o f ye n) F o o d Pro duc ts Busine ss -770 1H F Y2/ 16 Of whic h, inc re a se in pe rso nne l e xpe nse s Vs. F o re c a st (E xisting pla nts) -500 F o re c a st R e sults a t b e g inning Of whic h, inc o me fro m ne w pla nts -220 o f F Y Of whic h, o the rs -50 3,000 2,386 -613 Ope r ating inc ome (2.7) (2.2) <-20.4> F o o d I ng re die nts, L o g istic s, Othe r Busine sse s +150 *F ig ure s in ( ) sho w sa le s ra tio , a nd fig ure s in < > sho w c ha ng e (%). E stima te s fo r 1H F Y2/ 16 a nno unc e d o n April 8, 2015. 4
Consolidate d ne t sale s by se gme nt (YoY) (Millio ns o f ye n) * F ig ure s in < > sho w c ha ng e (%). F ood Produc ts Busine ss F ood Ingr e dients Busine ss L ogistic s Busine ss Othe r Business 1H 1H Cha ng e Cha ng e fa c to rs F Y2/ 15 F Y2/ 16 (Millions 108,430 of ye n) 103,407 4,442 5,023 T otal ne t 4,099 103,407 108,430 7,029 <4.9> sale s 6,403 90,000 13,042 12,728 I nc re a se d de live ry po int F o o d 3,742 sto re s a nd inc re a se d sa le s 80,174 83,917 Pro duc ts <4.7> g ro wth fo r ric e b a lls a nd c hille d b o xe d me a ls I nc re a se d sa le s o f 60,000 F o o d 313 pro c e sse d ma rine 12,728 13,042 I ng re die nts <2.5> pro duc ts a nd pro c e sse d c hic ke n pro duc ts 83,917 80,174 Gro wth in tra nsa c tio n 625 vo lume in jo int distrib utio n L o g istic s 6,403 7,029 30,000 <9.8> b usine ss supplying Se ve n- E le ve n Sa le s o f F o o d 342 Ma nufa c turing Othe r 4,099 4,442 <8.3> E q uipme nt Busine ss re ma ine d so lid 0 1H F Y2/ 15 1H F Y2/ 16 5
Consolidate d ope r ating inc ome by se gme nt (YoY) * F ig ure s in < > sho w c ha ng e (%). (Millio ns o f ye n) 1H F Y2/ 15 Cha ng e 1H F Y2/ 16 -358 T otal ope r ating 2,744 2,386 (Millions of inc ome <-13.0> ye n) 2,744 -418 465 2,386 F o o d Pro duc ts 2,027 1,609 <-20.6> 189 550 105 168 F o o d I ng re die nts 168 274 2,000 87 <62.8> 274 -101 L o g istic s 189 87 <-53.6> 85 2,027 Othe r 465 550 1,609 <18.3> I nte r-se g me nt -29 -106 -135 tra nsa c tio ns <–> (50) 1H F Y2/ 15 1H F Y2/ 16 (Millio ns o f ye n) I mpro ve me nt in o pe ra ting lo ss a t K a g a wa Pla nt +300 Ope ra ting I mpro ve me nt in o pe ra ting lo ss I nc o me fro m a t Ura wa Pla nt +50 thre e ne w Sta rt-up lo sse s a t I wa te Pla nt -700 pla nts do wn ¥350 millio n Yo Y F o o d Pro duc ts Sa le s g ro wth +100 Busine ss Pe rso nne l e xpe nse s -500 Ope ra ting De c line in utilitie s c o sts +150 inc o me fro m e xisting pla nts De c line in de pre c ia tio n a nd a mo rtiza tio n +100 do wn ¥70 millio n Yo Y De c line in o the r c o sts +80 F o o d I ng re die nts, L o g istic s a nd Othe r Busine sse s / I nte r-se g me nt tra nsa c tio ns +60 Ne gative impac t on pr ofits -1,200 Positive impac t on pr ofits +840 T otal YoY: appr ox. -360 6
Non-ope r ating inc ome / e xpe nse s and e xtr aor dinar y inc ome / losse s in 1H F Y2/ 16 (Millio ns o f ye n) 1H F Y2/ 15 1H F Y2/ 16 Cha ng e 2,744 -358 2,386 Ope r ating inc ome (2.7) <-13.0> (2.2) 444 443 -0 Non-ope r ating <-0.1> (0.4) (0.4) inc ome 169 -16 153 Non-ope r ating (0.2) <-9.9> (0.1) e xpe nse s 3,019 -341 2,677 Or dinar y inc ome (2.9) <-11.3> (2.5) – – – E xtr aor dinar y < – > ( – ) ( – ) Bre a kdo wn o f ma in c ha ng e s inc ome – 132 132 E xtr aor dinar y I mpa irme nt lo ss 132 < – > ( – ) ( 0.1 ) losse s 3,019 -473 2,545 Inc ome be for e (2.9) <-15.7> (2.3) inc ome taxe s 1,242 -587 654 Cur r e nt inc ome (1.2) <-47.3> (0.6) taxe s 1,776 113 1,890 Ne t inc ome (1.7) <6.4> (1.7) *F ig ure s in ( ) sho w sa le s ra tio , a nd fig ure s in < > sho w c ha ng e (%). 7
Consolidate d balanc e she e ts at e nd-1H F Y2/ 16 (Millio ns o f ye n) (Millio ns o f ye n) E nd-1H [L iabilitie s and E nd-1H E nd-F Y2/ 15 Cha ng e [Asse ts] E nd-F Y2/ 15 Cha ng e F Y2/ 16 ne t asse ts] F Y2/ 16 Cur r e nt 4,946 26,053 31,000 4,397 32,607 37,005 Cur r e nt asse ts liabilitie s L ong-te r m 2,460 9,853 12,314 3,872 44,509 liabilitie s 48,382 F ixe d asse ts [Inte r e sting- (8,971) (2,083) (11,054) be ar ing de bt] [T angible fixe d (3,456) (39,537) (42,994) asse ts] 7,407 35,906 43,314 T otal liabilitie s (63) (580) [Intangible asse ts] (644) 862 41,210 42,072 T otal ne t asse ts [Inve stme nts (352) (4,391) (4,743) [Common and othe r asse ts] – (8,049) (8,049) stoc k] T otal liabilitie s 8,270 77,117 85,387 T otal asse ts 8,270 77,117 85,387 and ne t asse ts T o ta l a sse ts a s o f e nd-1H F Y2/ 16: a ppro x. ¥8.2 b illio n inc re a se T o ta l lia b ilitie s/ ne t a sse ts a s o f e nd-1H F Y2/ 16: a ppro x. ¥8.2 b illio n inc re a se I I nc re a se in c urre nt lia b ilitie s (no te s a nd a c c o unts pa ya b le , e tc .): nc re a se in c urre nt a sse ts (no te s a nd a c c o unts re c e iva b le - tra de , e tc .): a ppro x. ¥4.9 b illio n a ppro x. ¥4.3 b illio n I I nc re a se in lo ng -te rm lia bilitie s: a ppro x. ¥2.4 b illio n nc re a se in fixe d a sse ts: a ppro x. ¥3.8 b illio n I nc re a se in ne t a sse ts (re ta ine d e a rning s, o the r c o mpre he nsive inc o me , e tc .) : a ppro x. ¥0.8 b illio n 8
Consolidate d state me nts of c ash flows for 1H F Y2/ 16 (Millio ns o f ye n) 1H F Y2/ 15 Cha ng e 1H F Y2/ 16 I nc o me b e fo re inc o me ta xe s 3,019 2,545 De pre c ia tio n a nd a mo rtiza tio n 2,147 2,269 De c re a se (inc re a se ) in no te s a nd a c c o unts -5,212 -5,438 re c e iva b le - tra de De c re a se (inc re a se ) in inve nto rie s 860 723 I nc re a se (de c re a se ) in no te s a nd a c c o unts pa ya b le 3,745 2,025 - tra de I nc re a se (de c re a se ) in a c c o unts pa ya b le - o the r 2,675 525 Othe r 799 1,454 Sub to ta l 8,035 4,104 I nc o me ta xe s pa id -929 -996 Othe r 147 253 7,252 -3,891 Cash flows fr om ope r ating ac tivitie s 3,361 Purc ha se o f ta ng ib le fixe d a sse ts -1,499 -1,722 Othe r 81 248 -1,417 -56 Cash flows fr om inve sting ac tivitie s -1,474 -1,922 -367 Cash flows fr om financ ing ac tivitie s -2,290 Ne t inc r e ase (de c r e ase ) in c ash and c ash 3,898 -4,297 -398 e quivale nts Cash and c ash e quivale nts at the e nd of pe r iod 10,610 8,447 -2,162 9
Consolidate d financ ial for e c ast for F Y2/ 16 (YoY) (Millio ns o f ye n) F Y2/ 16 F Y2/ 15 Cha ng e R e vise d Re sults for e c ast 201,680 9,819 211,500 Ne t sale s (100.0) <4.9> (100.0) 4,137 -1,236 Ope r ating 2,900 (2.1) <-29.9> inc ome (1.4) 4,502 -1,302 Or dinar y 3,200 (2.2) <-28.9> inc ome (1.5) 2,775 -725 2,050 Ne t inc ome (1.4) <-26.1> (1.0) 157.55 -41.04 E PS (Ye n) 116.51 *F ig ure s in ( ) sho w sa le s ra tio , a nd fig ure s in < > sho w c ha ng e (%). 10
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