Nisshin Seifun : Supplementary Materials of Fiscal Year Ended of March 31,2023

Disclaimer: This document is a translation of the Japanese original. The Japanese original has been disclosed in Japan in accordance with Japanese accounting standards and the Financial Instruments and Exchange Act. This document does not contain or constitute any guarantee and the Company will not compensate any losses and/or damage stemming from actions taken based on this document. In the case that there is any discrepancy between the Japanese original and this document, the Japanese original is assumed to be correct.

I. Consolidated Performance Highlights …………… P. 1

II. Consolidated Statements of Income …………… P. 2-6

1. Currency Exchange Rates
2. Consolidated Statements of Income
3. Net Sales and Operating Profit by Segment [FY2023 Performance]
4. Net Sales and Operating Profit by Segment [Performance Forecast]

III. Consolidated Balance Sheets

……………… P. 7

IV.	Consolidated Statements of Cash Flows ………… P. 8

May 10, 2023

Nisshin Seifun Group Inc.

The statements contained in this document are based on various assumptions and do not constitute any guarantee or definite promise that projections of future performance or related business policies will actually be realized.

I. Consolidated Performance Highlights

		FY2020	FY2021	FY2022	FY2023
Net sales *1	(Billions of yen)	712.2	679.5	679.7	798.7
Operating profit *1	(Billions of yen)	28.9	27.2	29.4	32.8
Operating profit ratio	(%)	4.1	4.0	4.3	4.1
Ordinary profit *1	(Billions of yen)	31.4	29.9	32.6	33.1
Ordinary profit ratio	(%)	4.4	4.4	4.8	4.1
Profit (loss) attributable to owners of parent *1	(Billions of yen)	22.4	19.0	17.5	(10.4)
Profit attributable to owners of parent ratio	(%)	3.1	2.8	2.6	(1.3)

*1 The Company applied the "Accounting Standard for Revenue Recognition" (ASBJ No. 29) from the start of FY2022.

FY2024

Forecast

820.0

39.0

4.8

39.5

4.8

26.0

3.2

Overseas sales	(Billions of yen)	166.2	155.6	185.9	261.7
Overseas sales ratio	(%)	23.3	22.9	27.3	32.8
Overseas operating profit	(Billions of yen)	3.9	3.0	3.9	9.8
Overseas operating profit ratio	(%)	13.4	10.9	13.2	29.8
Capital expenditures (construction base)	(Billions of yen)	21.8	16.4	18.2	19.9
Depreciation and amortization	(Billions of yen)	21.2	22.3	23.1	22.8
Operating profit before amortization of goodwill,	(Billions of yen)	37.2	35.4	38.3	39.0
others *2
Amortization of goodwill, others *2	(Billions of yen)	8.4	8.2	8.8	6.2

*2 "Amortization of goodwill, others" refers to amortization of goodwill and intangible assets (customer-related assets).

237.1

28.9

11.3

29.0

26.0

24.0

42.1

3.1

Total assets	(Billions of yen)	666.2	687.4	723.1	713.9
Equity capital	(Billions of yen)	395.0	433.1	449.2	423.8
Equity ratio	(%)	59.3	63.0	62.1	59.4
Total net assets	(Billions of yen)	409.0	444.8	460.6	438.5
Net cash provided by (used in) operating activities	(Billions of yen)	38.4	49.5	41.8	23.4
Net cash provided by (used in) investing activities	(Billions of yen)	(96.8)	(17.1)	(15.5)	0.5
Net cash provided by (used in) financing activities	(Billions of yen)	8.3	(31.3)	(17.9)	(10.6)
Cash and cash equivalents at end of period	(Billions of yen)	56.6	59.2	68.7	83.0

-

-

-

-

-

-

-

-

Net assets per share *3	(Yen)	1,328.71	1,456.37	1,510.35	1,425.24
Earnings per share *3	(Yen)	75.40	63.95	58.88	(34.91)
Return on equity (ROE)	(%)	5.6	4.6	4.0	(2.4)
Net income to net sales ratio	(%)	3.1	2.8	2.6	(1.3)
Average total asset turnover	(Times)	1.1	1.0	1.0	1.1
Leverage		1.6	1.6	1.6	1.7
Dividend per share	(Yen)	34.0	37.0	39.0	40.0
Total dividends	(Billions of yen)	10.1	11.0	11.6	11.9
Payout ratio	(%)	45.1	57.9	66.2	-
Total Shareholder Return TSR *4	(%)	88.6	92.6	87.6	82.2
(Benchmark: TOPIX, incl. dividends)	(%)	[86.0]	[122.2]	[124.6]	[131.8]
Share price at end of period	(Yen)	1,802	1,850	1,706	1,551
Total market value of shares	(Billions of yen)	535.7	550.1	507.4	461.2

-

87.43

6.0

-

-

-

41.0

-

46.9

-

-

-

-

*3 When calculating earnings per share and net assets per share, Company shares held by The Master Trust Bank of Japan, Ltd. as trust assets for the stock-based remuneration plan are included in the treasury shares excluded from calculation of the number of shares of common stock.

*4 Total shareholder returns as of March 31st for the five fiscal years since the fiscal year ended March 31, 2018.

1. Consolidated Statements of Income
   1. Currency Exchange Rates Average rate during the period

			(Yen)
FY2022	FY2022	FY2023	FY2024
Forecast
USD	111.7	134.8	131.0
CAD	89.0	102.4	96.0
AUD	82.6	92.8	88.0
NZD	77.8	84.5	82.0
THB	3.4	3.8	3.8
INR	1.5	1.7	1.6

2. Consolidated Statements of Income

(Billions of yen)

FY2022	FY2023 Difference
	from	YoY
	previous	Change
	year

Net sales	679.7	798.7	118.9	117.5%
Cost of sales	531.7	638.1	106.4
	Gross profit	148.1	160.6	12.5	108.5%
Selling, general and administrative expenses
	Selling expenses	40.1	46.1	6.0
	Personnel expenses	37.6	40.0	2.4
	Non-personnel expenses	41.0	41.7	0.7
	Total	118.6	127.8	9.1
	Operating profit	29.4	32.8	3.4	111.6%
Non-operating income (losses)
	Net financial income	0.2	(0.1)	(0.3)
	Equity in earnings (losses) of affiliates	2.1	(0.3)	(2.4)
	Other	0.9	0.7	(0.2)
	Total	3.2	0.2	(3.0)
	Ordinary profit	32.6	33.1	0.4	101.3%
Extraordinary income (losses)
	Gain on sales of investment securities	1.6	24.4	22.7	Sale of shares held for cross-
	shareholding purposes
					(FY22) New Zealand
	Impairment loss	(2.4)	(55.7)	(53.3)	flourmilling business
	(FY23) Australia flourmilling
					business
	Expenses related to change of the	(0.3)	(0.3)	0.1	(FY22, FY23) Nisshin Seifun
	company name	Welna Inc.
	Other	(0.7)	(0.6)	0.1
	Total	(1.9)	(32.2)	(30.3)
	Profit before income taxes	30.8	0.9	(29.9)	2.9%
Total income taxes	12.0	10.3	(1.7)
Profit attributable to non-controlling interests	1.3	0.9	(0.3)
	Profit (loss) attributable to owners of parent	17.5	(10.4)	(27.9)	-

FY2024	Difference
Forecast	YoY
	from
	previous	Change
	year
820.0	21.3	102.7%
39.0	6.2	118.8%
(0.8)	(0.7)
0.6	0.9
0.7	0.1
0.5	0.3
39.5	6.4	119.5%
26.0	36.4	-

3. Net Sales and Operating Profit by Segment [FY2023 Performance] Net Sales [FY2023 Performance]

(Billions of yen)

		FY2022			FY2023		Difference	[Impact of	YoY
			Composition	Composition	from	currency
				ratio		ratio	previous	exchange rate	Change
							year	fluctuations]
	Domestic	149.9		22.1%	181.5	22.7%	31.5		121.0%
Flour Milling	Overseas	163.6		24.1%	238.3	29.8%	74.7	[33.2]	145.7%
	Total	313.5		46.1%	419.8	52.6%	106.3		133.9%
	Domestic	166.1		24.4%	171.0	21.4%	4.9		103.0%
Processed Food	Overseas	16.9		2.5%	17.0	2.1%	0.1	[1.8]	100.5%
	Total	183.0		26.9%	188.0	23.5%	5.0		102.7%
Prepared Dishes and	Domestic	138.4		20.4%	147.5	18.5%	9.1		106.6%
Other Prepared	Overseas		-	-	-	-	-	-	-
Foods
Total	138.4		20.4%	147.5	18.5%	9.1		106.6%
	Domestic	39.5		5.8%	37.0	4.6%	(2.4)		93.8%
Others	Overseas	5.4		0.8%	6.4	0.8%	1.0	[0.4]	118.4%
	Total	44.9		6.6%	43.4	5.4%	(1.4)		96.8%
	Domestic	493.8		72.7%	537.0	67.2%	43.1		108.7%
Total	Overseas	185.9		27.3%	261.7	32.8%	75.8	[35.4]	140.8%
	Total	679.7		100%	798.7	100%	118.9		117.5%

Analysis of Net Sales Difference from Previous Year

………… (Billions of yen)

	Flour Milling	+106.3	Domestic wheat flour shipments (down 1.4% YoY)	(2.2)
			Flour price revisions accompanying revised wheat prices, others	+32.0
			Bran prices	+1.8
			Overseas sales	+74.7
	Processed Food	+5.0	Processed Food sales	+5.8
			Household-use flour sales	(0.8)
			Prepared mix product sales	+0.9
			Pasta-related sales	+2.0
			Frozen food sales	+1.2
			Overseas processed food sales	+1.7
			Other	+0.8
			Oriental Yeast sales	+2.3
			Nisshin Pharma sales	(3.1)
	Prepared Dishes and Other Prepared Foods	+9.1	Prepared dishes and other prepared foods sales	+9.1
	Others	(1.4)	NBC Meshtec sales	+0.5
			Facility construction sales, others (Nisshin Engineering, others)	(1.9)
	Total	+118.9

Operating Profit [FY2023 Performance]

(Billions of yen)

		FY2022			FY2023		Difference	[Impact of	YoY
			Composition	Composition	from	currency
				ratio		ratio	previous	exchange rate	Change
							year	fluctuations]
	Domestic	7.8		26.5%	8.0	24.5%	0.3		103.2%
Flour Milling	Overseas	0.8		2.7%	9.6	29.2%	8.8	[1.7]	-
	Total	8.6		29.2%	17.6	53.7%	9.0		205.2%
	Domestic	9.8		33.4%	6.5	19.7%	(3.3)		66.0%
Processed Food	Overseas	2.6		8.8%	(0.4)	(1.4)%	(3.0)	[(0.1)]	-
	Total	12.4		42.2%	6.0	18.4%	(6.4)		48.6%
Prepared Dishes	Domestic	3.1		10.7%	3.3	10.0%	0.1		104.5%
and Other	Overseas		-	-	-	-	-	-	-
Prepared Foods
Total	3.1		10.7%	3.3	10.0%	0.1		104.5%
	Domestic	4.7		15.8%	5.1	15.5%	0.4		109.1%
Others	Overseas	0.5		1.7%	0.7	2.0%	0.2	[0.0]	132.1%
	Total	5.2		17.5%	5.7	17.5%	0.6		111.4%
	Domestic	0.1		0.4%	0.1	0.4%	0.0		-
Adjustments	Overseas		-	-	-	-	-	-	-
	Total	0.1		0.4%	0.1	0.4%	0.0		-
	Domestic	25.6		86.8%	23.0	70.2%	(2.5)		90.2%
Total	Overseas	3.9		13.2%	9.8	29.8%	5.9	[1.6]	252.5%
	Total	29.4		100%	32.8	100%	3.4		111.6%

Amortization of goodwill, others(After deduction from above)

	FY2022	FY2023
	Difference from
			previous year
Flour Milling	7.2	4.5	(2.7)
Processed Food	0.1	0.1	-
Prepared Dishes and Other Prepared Foods	1.6	1.6	-
Total	8.8	6.2	(2.7)

Analysis of Operating Profit Difference from Previous Year

(Billions of yen)

	Flour Milling	+9.0	Domestic wheat flour shipment volume	(0.4)
			Sales expansion costs	(0.2)
			Bran prices	+1.8
			Cost related, others	(1.0)
								+8.8
	Processed Food	(6.4)	Shipment volume	(1.4)
			Sales expansion costs	(0.7)
			Cost related, others	(1.3)
			(incl. Oriental Yeast, Nisshin Pharma exports)	(3.0)
	Prepared Dishes and Other Prepared Foods	+0.1	Sales	+1.7
			Cost related, others	(1.6)
	Others	+0.6	Sales	+0.1
			Cost related, others	+0.5
	Adjustments	+0.0	Intersegment transaction eliminations	+0.0
	Total	+3.4