Maruha Nichiro Corporation

1333

JP3876600002

Fishing & Farming

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-06-03 am EDT			5-day change	1st Jan Change
3,288 ^JPY	+0.61%		+0.80%	+18.44%

May. 31	AZ-COM MARUWA Holdings Inc. terminated the offer to acquire a 99% stake in Chilled & Frozen Logistics Holdings Co., Ltd.	CI
Mar. 25	Maruha Nichiro Corporation agreed to acquire a 9.9% stake in Kibun Foods Inc. for ¥2.8 billion	CI

Maruha Nichiro : Supplementary Materials of Financial Results for the 2nd Quarter of the Fiscal Year Ending March, 2024

November 06, 2023 at 01:13 am EST

Supplementary Materials

Consolidated Financial Results for the 2nd Quarter of the Fiscal Year Ending March 2024 (April 2023-September 2023)

November 6, 2023

Maruha Nichiro Corporation （TSE：1333）

Table of Contents

■ Business Overview for the 2Q of the FY Ending March 2024

P.3 ～ 11

■ Full Year Forecast and Future Measures

P.12 ～ 18

■ Appendix

P.19 ～ 26

Business Overview for the 2nd Quarter of the FY Ending March 2024

(JPY in Billions)

Business Overview for the 2Q of the FY Ending March 2024

2nd Quarter Financial Highlights

Net sales continued to reach the highest level in the previous year due to high fish prices and the price revision of processed foods implemented in the previous year.

Processed foods contributed to higher operating income.

	Year on year	Full year forecast

Sept/23	Sept/22
	Change	%	2Q/Fyf

Net Sales	507.4	485.2	22.1	+4.6%	980.0	51.8%

Operating Income	16.8	15.9	0.8	+5.2%	27.0	62.1%

Ordinary Income	20.9	21.2	-0.3	-1.4%	27.0	77.5%

Profit attributable to owners of parent	10.9	13.1	-2.2	-17.0%	18.5	58.9%

			Net Sales			Operating Income
250.9	256.4			7.7	9.1

232.6	252.6	295.8	239.4			11.0
		7.9	8.1

								2.6


１Q			２Q	３Q	４Q	１Q	２Q		３Q	４Q
			March/23	March/24			March/23		March/24	4

Business Overview for the 2Q of the FY Ending March 2024

Key Points of 2nd Quarter Financial Results

Although there was a decrease in operating income YoY in the Marine Products Biz Segment, units other than Fishery Biz Unit exceeded the plan.

Operating income decreased due to lower catch volume and higher fuel costs as a result of reduced operations of vessels in the Fishery Biz Unit.

（Fishery Biz Unit operating income: -0.6 billion JPY, -0.2 billion JPY YoY)

Sluggish market prices and sales delays for Alaska Pollock biz (North America) of the Overseas Biz Unit.

Decline in sales volume following inventory adjustments of users (customers) in North America led to decrease in operating income in pet food biz (Thailand).

(Overseas Biz Unit operating income: 4.4 billion JPY, -2.1 billion JPY YoY)

Operating Income in the Processed Foods Business Segment and Foodstuff Distribution Business Segment increased significantly.

Price revisions implemented since the previous FY have been widely accepted, and we have been

successful in improving operational efficiency and productivity by reviewing and reducing the number of products. (Total operating income of the two segments: 7.2 billion yen, +3.2 billion JPY YoY)

Business Overview for the 2Q of the FY Ending March 2024

Factors of Increase/Decrease in Operating Income

Increase Decrease Total

Decrease in

Cost

Adjusted

Sluggish

Price

Cost

Steady sales

Price

Demand for

catch

increase

inventory to

market for

revisions

increase

to food

revisions

storage

volume due

due to

accommod-

Alaska

contributed

due to lower

service,

due to rising

remained

to reduced

higher feed

ate declining

pollock and

to op.

sales

nursing care,

meat

high esp. in

operation of

costs, etc.

domestic

sales delays

income.

volume and

lunch

market

metropolitan

fishing

consumpti-on

in N.America,

higher raw

services &

prices,

areas.

vessels and

of certain fish

along with

material

CVS.

strong sales

Electricity

a surge in

species.

weak sales

prices.

Improved biz

of imported

and other

fuel costs.

for pet food

efficiency and

Meat.

costs

business in

productivity

reflected in

N. America

through price

prices.

(Thailand).

hikes and

SKU

reduction, etc.

Business Overview for the 2Q of the FY Ending March 2024

Marine Products Business Segment (1/2)

Op. income decreased by 29% due to inventory adjustments in some fish species and the impact of

customers' inventory adjustments in the pet food business.

								(JPY in Billions)
		Net Sales			Operating Income
Unit	Sept/23	Sept/22		YoY	Sept/23	Sept/22		YoY
	Change		Change
			％			％

Fishery Business	18.3	16.8	1.5	+9.0%	-0.6	-0.4	-0.2	-

Aquaculture Business	8.0	8.0	0.0	+0.5%	1.0	1.1	-0.1	-7.1%

Marine Products Trading	145.7	144.4	1.3	+0.9%	3.2	4.0	-0.8	-20.8%

Overseas Business	116.7	106.1	10.6	+10.0%	4.4	6.5	-2.1	-32.8%

Segment Total	288.7	275.3	13.4	+4.9%	8.0	11.3	-3.3	-29.2%

Net Sales

141.5 147.2

128.8 146.5 183.0 140.2

１Q			２Q	３Q	４Q
	Operating Income
3.8	4.2	8.2
5.3	6.0	1.9


１Q			２Q	３Q	４Q
			March/23	March/24

Fishery Biz While sales of major fish species, including Patagonian toothfish were strong, resulting in increased net sales, operating income decreased due to reduced catch quantities caused by decreased fishing vessel operation and surge in fuel costs.
Aquaculture Biz Net sales remained at the same level as the previous year due to an increase in sales volume of yellowtail and amberjack and continued high sales prices of the fish species handled. Op. income decreased due to higher cost of sales caused by soaring feed costs, etc.

Business Overview for the 2Q of the FY Ending March 2024

Marine Products Business Segment (2/2)

Op. income decreased by 29% due to inventory adjustments in some fish species and the impact of

customers' inventory adjustments in the pet food business.

								(JPY in Billions)
		Net Sales			Operating Income
Unit	Sept/23	Sept/22		YoY	Sept/23	Sept/22		YoY
	Change		Change
			％			％

Fishery Business	18.3	16.8	1.5	+9.0%	-0.6	-0.4	-0.2	-

Aquaculture Business	8.0	8.0	0.0	+0.5%	1.0	1.1	-0.1	-7.1%

Marine Products Trading	145.7	144.4	1.3	+0.9%	3.2	4.0	-0.8	-20.8%

Overseas Business	116.7	106.1	10.6	+10.0%	4.4	6.5	-2.1	-32.8%

Segment Total	288.7	275.3	13.4	+4.9%	8.0	11.3	-3.3	-29.2%

Net Sales

141.5 147.2

128.8 146.5 183.0 140.2

１Q ２Q ３Q ４Q

Operating Income

3.8 4.2

5.3	6.0	8.2	1.9


１Q		２Q		３Q	４Q
		March/23		March/24

Marine Products Trading Net sales were on the same level as the previous year due to continued high market prices for marine products in general. On the other hand, inventory was adjusted to cope with declining consumption of some fish species in Japan, resulting in lower op. income.
Overseas Biz ＜N. America＞ Although supply increased due in part to increased Alaska pollock resources, market prices remained sluggish and sales were delayed, resulting in high net sales and decrease in operating income. ＜Europe＞ Net sales and operating income increased due to steady growth of subsidiaries in the previous fiscal year. ＜Asia＞Net sales and operating income decreased due to weak sales in the

pet food biz due to inventory adjustments of users in N. America.

Business Overview for the 2Q of the FY Ending March 2024

Processed Foods Business Segment

Overall op. income increased by 32% due to the penetration of price revisions in the Processed Foods Biz Unit.

(JPY in Billions)	Net Sales

		Net Sales			Operating Income			25.6	26.1
Unit				YoY			YoY			26.8	28.2	27.0	24.6
Sept/23	Sept/22		Sept/23	Sept/22
	Change	％	Change	％
						１Q			２Q		３Q	４Q

Processed Foods Business	48.1	51.0	-2.9	-5.7%	2.7	1.6	1.0	+63.2%			Operating Income
										1.6	1.6
Fine Chemicals	3.7	4.0	-0.4	-8.8%	0.5	0.8	-0.3	-32.1%

											1.2
Segment Total	51.8	55.0	-3.2	-5.9%	3.2	2.4	0.8	+32.1%		1.2	0.6	0.1


										１Q			２Q	３Q	４Q
													March/23	March/24

Processed Foods Biz While net sales decreased due to consumers' economizing food purchases, op. income increased because of price revisions, despite the impact of raw materials and yen depreciation.
Fine Chemicals Decrease in net sales and op. income due to lower sales volume caused by changes in use of the Food with Functional Claims system and higher raw material prices resulting from the anchovy fishing ban in Peru.

Business Overview for the 2Q of the FY Ending March 2024

Foodstuff Distribution Business Unit

In addition to price revisions, operational efficiency and productivity improvements were successful, resulting

in an overall profit increase of 158%.

								(JPY in Billions)
		Net Sales			Operating Income
Unit	Sept/23	Sept/22		YoY	Sept/23	Sept/22		YoY
	Change		Change
			％			％

Foodstuff Distribution Business	108.4	104.3	4.1	+4.0%	3.2	1.2	2.0	+174.2%

Meat and Products Business	48.8	41.8	6.9	+16.6%	0.8	0.4	0.4	+108.6%

Segment Total	157.2	146.1	11.1	+7.6%	4.0	1.6	2.5	+157.6%

Net Sales

79.0	78.1
72.7	73.4	81.1	70.2


１Q	２Q	３Q	４Q

Operating Income

2.2 1.9

1.3	0.3	1.5	0.1

１Q		２Q		３Q	４Q
		March/23		March/24

Foodstuff Distribution Biz Steady sales to food service, nursing care food, home delivery, lunch services and CVS. In addition to the penetration of price revisions implemented in the previous FY, efforts to improve operational efficiency and productivity by reducing the number of products and other measures resulted in higher net sales and op. income.
Meat and Products Biz Both net sales and op. income increased due to price revisions for meat products in line with higher overall meat market prices and steady sales of imported meat.

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Maruha Nichiro Corp. published this content on 06 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 November 2023 06:12:54 UTC.

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Company Profile

Maruha Nichiro Corporation is a Japan-based company principally engaged in the fishing, aquaculture, food manufacture, processing and sale business. The Company operates in five business segments. Fishery & Aquaculture segment is involved in fishery business, aquaculture business and the procurement of fishery resources. Trading segment is involved in the procurement and sale of marine products and livestock products. Overseas segment is involved in the sale of marine products and processed foods, as well as the producing and sale of surimi. Processing segment is involved in the manufacture and sale of frozen foods, canned foods, fish sausages, chikuwa, desserts, seasonings, freeze-dried products, and chemical products. Logistics segment stores and transports frozen products. The Company is also involved in the feed storage, shipping, real estate business, as well as the manufacture and sale of furs and pet foods.

Sector

Fishing & Farming

Calendar

2024-08-04 - Q1 2024 Earnings Release (Projected)

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Other Fishing & Farming

Maruha Nichiro Corporation

Equities

1333

JP3876600002

Fishing & Farming

Maruha Nichiro : Supplementary Materials of Financial Results for the 2nd Quarter of the Fiscal Year Ending March, 2024

Latest news about Maruha Nichiro Corporation

Chart Maruha Nichiro Corporation

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Sector Other Fishing & Farming