MORINAGA MILK INDUSTRY CO., LTD. Morinaga Milk Industry Co., Ltd. Supplementary Materials for the First Quarter Fiscal Year Ending March 31, 2023
Supplementary Materials for
the First Quarter
Fiscal Year Ending March 31, 2023
(Disclaimer)
・The Group has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29) and related guidance from the beginning of the fiscal year ended March 31, 2022. ・During the fiscal year ended March 31, 2022, the accounting treatment for business combinations that had been applied provisionally was finalized,
and this is reflected in the figures of Balance sheets relating to the fiscal year ended March 31, 2021.
・This document contains projections of performance and other projections that were made based on information currently available and certain assumptions judged to be reasonable. The actual results may differ from the forecasts, due to various factors. This document is not prepared for the purpose of soliciting investment.
１．Consolidated Financial results summery | ・・・P.2 | （１）Consolidated financial results and data （２）Exchange rate （３）Other |
２．Net Sales & Operating Profit by Business Field | ・・・P.4 | （１）Sales （２）Operating profit |
（３）Net Sales by Product Field in Nutrition and Healthcare Foods business and Core Dairy Foods business | ||
（Non-consolited, Except for CLINICO Co., Ltd. and MILEI GmbH） | ||
（４）Market shares of major categories | ||
３．Factors of changes in operating profit | ・・・P.5 | |
４．Consolidated Financial Statements | ・・・P.6 | （１）Statements of income （２）Balance sheets （３）Cash flows summery |
５．Subsidiaries | ・・・P.8 | |
６．Business sites | ・・・P.9 | |
７．Stock information | ・・・P.10 | （１）Shares outstanding （２）Distribution ownership among sharesholders （３）Major Shareholders |
（４）Stock price information |
August 9, 2022
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Morinaga Milk Industry Co., Ltd. Supplementary Materials for the First Quarter Fiscal Year Ending March 31, 2023 | ||||||||||||
１．Consolidated Financial results summery | ||||||||||||
（１）Consolidated financial results and data | （Millions of yen） | |||||||||||
2022/3 | 2023/3 | |||||||||||
1Q | 2Q | 3Q | Full year | 2Q E | YOY | 3Q | YOY | Full year E | YOY | |||
Net sales | 128,195 | 261,346 | 388,418 | 503,354 | 130,300 | 1.6% | 270,000 | 3.3% | 520,000 | 3.3% | ||
Cost of sales | 95,237 | 194,137 | 291,288 | 381,077 | 100,324 | |||||||
5.3% | ||||||||||||
（％ of sales） | 74.3% | 74.3% | 75.0% | 75.7% | 77.0% | - | - | |||||
Gross profit | 32,957 | 67,208 | 97,130 | 122,277 | 29,975 | |||||||
-9.0% | ||||||||||||
Selling, general and administrative expenses | 23,103 | 46,478 | 69,516 | 92,484 | 23,686 | |||||||
2.5% | ||||||||||||
（％ of sales） | 18.0% | 17.8% | 17.9% | 18.4% | 18.2% | - | - | |||||
Sales promotion/advatise | 4,183 | 7,672 | 11,809 | 15,542 | 4,136 | |||||||
-1.1% | ||||||||||||
Haulage expenses・Warehousing expenses | 6,634 | 14,003 | 20,279 | 25,813 | 6,717 | 1.3% | ||||||
Employees' salaries and bonuses | 6,582 | 13,206 | 19,694 | 26,444 | 6,634 | 0.8% | ||||||
R&D | 1,156 | 2,353 | 3,536 | 5,091 | 1,244 | 7.7% | ||||||
Operating profit | 9,854 | 20,730 | 27,613 | 29,792 | 6,289 | 17,000 | -18.0% | 25,000 | -16.1% | |||
-36.2% | ||||||||||||
（％ of sales） | 7.7% | 7.9% | 7.1% | 5.9% | 4.8% | - | 6.3% | - | - | 4.8% | - | |
Ordinary profit | 10,309 | 21,471 | 28,594 | 31,127 | 7,044 | 17,700 | -17.6% | 25,900 | -16.8% | |||
-31.7% | ||||||||||||
（％ of sales） | 8.0% | 8.2% | 7.4% | 6.2% | 5.4% | - | 6.6% | - | - | 5.0% | - | |
Profit attributable to owners of parent ※1 | 9,264 | 17,242 | 21,339 | 33,782 | 2,942 | -68.2% | 10,700 | -37.9% | 15,800 | -53.2% | ||
（％ of sales） | 7.2% | 6.6% | 5.5% | 6.7% | 2.3% | - | 4.0% | - | - | 3.0% | - | |
EPS（yen） | 187.19 | 348.37 | 431.12 | 687.45 | 65.09 | 236.70 | 349.52 | |||||
BPS（yen） | 4,146.46 | 4,331.01 | 4,396.91 | 4,554.84 | 4,585.74 | |||||||
Capital investment（Millions of yen）※2 | 8,139 | 17,988 | 20,900 | |||||||||
Depreciation and amortization（Millions of yen）※2 | 9,905 | 19,934 | 20,600 | |||||||||
Interest-bearing debt（Millions of yen）※3 | 92,975 | 91,281 | 89,672 | 87,042 | 95,678 | |||||||
Equity ratio（％） | 45.2 | 46.4 | 46.2 | 44.9 | 44.6 | |||||||
Debt/Equity ratio ※4 | 0.45 | 0.43 | 0.41 | 0.42 | 0.46 | |||||||
Dividend per share（yen） | 80.00 | 90.00 | ||||||||||
Dividend payout ratio（％） | 11.6 | 25.7 | ||||||||||
ROE（％） | 4.6 | 8.3 | 10.2 | 16.7 | 1.4 | 7.5 | ||||||
ROA（％） | 2.2 | 4.5 | 6.0 | 6.5 | 1.4 |
※4 Profit attributable to owners of parent (Quartly net profit attributable to owners of parent)
※5 Capital investment, Depreciation and amortization :for only tangible fixed assets, accrual basis ※6 Interest-bearingdebt :Long-term loan payable＋Short-term loan payable＋Bonds payable＋CP ※7 Debt/Equity ratio :Interest-bearing debt divided by Shareholders' equity
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Morinaga Milk Industry Co., Ltd. Supplementary Materials for the First Quarter Fiscal Year Ending March 31, 2023
（２）Exchange rate
2022/3 | |||||||||||||
1Q | 2Q | 3Q | Full year | 1Q | YOY | 2Q | YOY | 3Q | YOY | Full year E | YOY | ||
USD/Yen | 110.5 | 110.8 | 112.1 | 113.4 | 130.7 | 125.0 | |||||||
EUR/Yen | 133.4 | 132.4 | 132.1 | 132.0 | 139.7 | 130.0 | |||||||
Australian dollar/Yen | 86.3 | 84.6 | 84.7 | 85.1 | 94.7 | 85.0 | |||||||
・The average exchange rate during the period |
（３）Other
2022/3 | |||||||||||
1Q | 2Q | 3Q | Full year | 1Q | YOY | 2Q | YOY | 3Q | YOY | Full year | YOY |
Number of employees | 6,973 | 6,839 | |||||||||
Male | 5,167 | 5,091 | |||||||||
Female | 1,806 | 1,748 | |||||||||
Number of employees(parent) | 3,416 | 3,349 | |||||||||
Male | 2,724 | 2,681 | |||||||||
Female | 692 | 668 | |||||||||
Collected milk volume(parent)（Thousand tons） | 356 | 711 | |||||||||
Hokkaido | 252 | 506 | |||||||||
Other | 104 | 205 | |||||||||
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Morinaga Milk Industry Co., Ltd. Supplementary Materials for the First Quarter Fiscal Year Ending March 31, 2023
２．Net Sales & Operating Profit by Business Field （１）Sales
2022/3 | ||||||||||
1Q | 2Q | 3Q | Full year | 1Q | YOY | 2Q E | YOY | 3Q | ||
Nutrition and Healthcare Foods business * | 31,535 | 61,928 | 93,847 | 123,076 | 31,273 | -0.8% | 64,400 | 4.0% | ||
Core Dairy Foods business * | 48,516 | 100,341 | 143,563 | 181,207 | 44,867 | -7.5% | 101,500 | 1.2% | ||
B-to-B business | 19,771 | 39,902 | 62,330 | 82,149 | 22,788 | 15.3% | 43,400 | 8.8% | ||
Other/Eliminated | 18,283 | 38,236 | 56,145 | 73,060 | 17,757 | -2.9% | 37,700 | -1.4% | ||
Total | 128,195 | 261,346 | 388,418 | 503,354 | 130,300 | 1.6% | 270,000 | 3.3% | ||
（２）Operating profit | ||||||||||
1Q | 2Q | 3Q | Full year | 1Q | YOY | 2Q E | YOY | 3Q | ||
Nutrition and Healthcare Foods business * | 2,938 | 5,761 | 8,039 | 9,102 | 1,850 | -1,088 | 4,700 | -1,061 | ||
(% of sales) | 9.3% | 9.3% | 8.6% | 7.4% | 5.9% | - | 7.3% | - | ||
Core Dairy Foods business * | 4,173 | 9,766 | 11,624 | 10,762 | ||||||
(% of sales) | ||||||||||
B-to-B business ** | 857 | 1,574 | 2,638 | 2,648 | ||||||
(% of sales) | 4.3% | 3.9% | 4.2% | 3.2% | 2.4% | - | 2.6% | - | ||
Global business ** | 1,829 | 3,204 | 5,009 | 6,283 | 1,625 | -204 | 2,700 | -504 | ||
(% of sales) | 18.1% | 15.3% | 15.4% | 14.3% | 11.9% | - | 11.7% | - | ||
Other/Eliminated ** | 57 | 426 | 303 | 998 | ||||||
(% of sales) | 0.3% | 1.1% | 0.5% | 1.4% | 2.0% | - | 0.9% | - | ||
Total | 9,854 | 20,730 | 27,613 | 29,792 | ||||||
(% of sales) | 7.7% | 7.9% | 7.1% | 5.9% | 4.8% | - | 6.3% | - |
* Replaced the results of B-to-C business and Wellness business in FYE March 2022 with the business field of Nutrition and Healthcare Foods business and Core Dairy Foods business.
** FYE March 2022 actual results of B-to-B Business, Global Business and Other/Eliminated are adjusted to reflect the revised business segments under the new Medium-term Business Plan.
（Millions of yen） | ||
YOY | Full year E | YOY |
129,000 | 4.8% | |
184,000 | 1.5% | |
87,000 | 5.9% | |
73,600 | 0.7% | |
520,000 | 3.3% | |
（Millions of yen） | ||
YOY | Full year E | YOY |
7,900 | -1,202 | |
- | 6.1% | - |
- | 2.4% | - |
5,300 | -983 | |
- | 11.4% | - |
- | 1.0% | - |
- | 4.8% | - |
（３）Net Sales by Product Field in Nutrition and Healthcare Foods business and Core Dairy Foods business
（Non-consolited, Except for CLINICO Co., Ltd. and MILEI GmbH ） | （Billions of yen） | ||||||||||||
Nutrition and Healthcare Foods business | 1Q | 2Q | 3Q | Full year | 2Q E | YOY | 3Q | YOY | Full year E | YOY | |||
Yogurt | 13.9 | 27.3 | 40.3 | 53.1 | 13.7 | -1% | 29.0 | 6% | 57.2 | 8% | |||
Commercial milk (home deliveries, etc.) * | 4.9 | 9.7 | 14.7 | 19.2 | 4.8 | -2% | 9.7 | 0% | 19.3 | 1% | |||
Nutritional food products | 3.2 | 6.6 | 9.9 | 12.9 | 3.2 | -1% | 6.6 | 0% | 13.0 | 1% | |||
CLINICO Co., Ltd. | 6.0 | 12.2 | 19.1 | 24.6 | 6.2 | 3% | 12.5 | 3% | 25.1 | 2% | |||
Core Dairy Foods business | |||||||||||||
Beverages ** | 14.9 | 30.5 | 43.6 | 54.6 | 13.3 | -11% | 31.0 | 2% | 55.8 | 2% | |||
Ice cream | 11.7 | 25.5 | 33.9 | 39.8 | 11.4 | -2% | 26.8 | 5% | 42.8 | 7% | |||
Cheese | 6.7 | 13.2 | 20.1 | 26.0 | 5.9 | -12% | 14.0 | 6% | 27.4 | 5% | |||
Milk ** | 11.6 | 23.4 | 34.3 | 44.8 | 11.0 | -5% | 23.0 | -2% | 43.9 | -2% | |||
Chilled desserts | 2.1 | 4.2 | 6.0 | 7.9 | 1.8 | -12% | 4.1 | -2% | 7.8 | -2% | |||
MILEI GmbH（Billions of yen） | 7.2 | 14.5 | 21.9 | 29.8 | 9.6 | 34% | |||||||
MILEI GmbH（Millions of euros） | 55 | 110 | 168 | 229 | 70 | 27% | |||||||
* FYE March 2022 actual results of Commercial milk | deliveries, etc.) is | to reflect | revised | ||||||||||
** Adjusted the results of FYE March 2022 to those after transfer to transfer products between Beverages and Milk. | |||||||||||||
（４）Market shares of major categories | |||||||||||||
2020/3 | 2021/3 | 2022/3 | Rank | ||||||||||
Chilled cup-type coffee | 42% | 42% | 42% | 1 | |||||||||
Chilled tea | 73% | 66% | 62% | 1 | |||||||||
Yogurt | 10% | 11% | 13% | 2 | |||||||||
Cheese | 11% | 11% | 11% | 3 | Note: Shares of home-use products by monetary amount | ||||||||
Chilled desserts | 15% | 15% | 14% | 4 | Source: INTAGE Inc.'s SRI+ (share of sales amounts in Apr. 2019-Mar. 2020 , Apr. 2020-Mar. 2021 and Apr. 2021-Mar. 2022) |
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Morinaga Milk Industry Co., Ltd. Supplementary Materials for the First Quarter Fiscal Year Ending March 31, 2023 | |
３． Factors of changes in operating profit | |
・1Q of FYE March 31, 2023 | ・Forecast of FYE March 31, 2023 |
・Histrical Date | (Billions of yen) | ||||||||||||||
Factors | 1Q | 2Q | 3Q | Full year | 1Q | 2Q | 3Q | Full year | 1Q | 2Q | 3Q | Full year | 1Q | Full year E | |
Change in selling unit prices | +1.5 | +3.1 | +4.5 | +6.0 | +0.1 | +0.3 | +0.5 | +0.6 | ±0.0 | ±0.0 | ±0.0 | ＋0.2 | +1.5 | ＋3.2 | ＋5.8 |
Sales volume | +0.1 | -0.5 | -0.6 | -0.2 | -1.0 | -1.9 | -1.6 | -2.0 | +1.4 | +2.8 | ＋3.2 | ＋4.6 | +0.2 | ＋2.0 | ＋3.5 |
Product mix | ±0.0 | +1.2 | +2.2 | +2.4 | +1.4 | +2.8 | +3.5 | +5.4 | +1.9 | +2.0 | ＋2.5 | ＋1.5 | -1.6 | ＋1.8 | ＋5.0 |
Operation cost ※1 | -0.5 | -1.5 | -2.5 | -3.6 | +0.1 | ±0.0 | -0.5 | -0.3 | -0.7 | -1.5 | -2.6 | -3.5 | -0.5 | -2.0 | -3.6 |
Sales promotion expenses | +0.3 | +0.2 | -0.2 | ±0.0 | +0.1 | +0.6 | +0.8 | +1.2 | ±0.0 | +0.9 | ＋1.3 | ＋1.4 | +0.1 | -0.6 | -0.5 |
Raw material milk prices | -0.3 | -0.7 | -1.0 | -1.3 | ±0.0 | ±0.0 | ±0.0 | ±0.0 | ±0.0 | ±0.0 | ±0.0 | ±0.0 | ±0.0 | ±0.0 | ±0.0 |
Raw material and energy prices | -0.5 | -0.6 | -0.1 | +0.4 | +0.2 | +0.6 | +1.0 | +1.1 | +0.1 | -0.1 | -1.0 | -2.9 | -3.3 | -8.0 | -14.2 |
Fixed cost of production (depreciation) | -0.1 | -0.1 | -0.3 | -0.7 | -0.6 | -1.2 | -1.8 | -2.2 | -0.2 | -0.3 | -0.3 | -0.3 | ±0.0 | -0.1 | -0.7 |
Sales from real estate business | ±0.0 | ±0.0 | ±0.0 | ±0.0 | -0.1 | -0.2 | -0.3 | -0.3 | ±0.0 | ±0.0 | ±0.0 | -0.1 | ±0.0 | ±0.0 | -0.1 |
Total | +0.5 | +1.1 | +2.0 | +3.0 | +0.2 | +1.0 | +1.6 | +3.5 | +2.5 | +3.8 | ＋3.1 | ＋0.9 | -3.6 | -3.7 | -4.8 |
Operating profit, net | 7.1 | 16.0 | 22.9 | 25.4 | 7.3 | 16.9 | 24.5 | 28.9 | 9.9 | 20.7 | 27.6 | 29.8 | 6.3 | 17.0 | 25.0 |
※1 The figures are the sum of Rationalization and Operation cost in Rising costs (in the above graph).
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Morinaga Milk Industry Co. Ltd. published this content on 09 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 August 2022 05:55:03 UTC.
