Nisshin Seifun : Supplementary Materials of Fiscal Year Ended of March 31,2024

Supplementary Materials

Fiscal Year Ended March 31, 2024

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 [FY2024 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 15, 2024

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

		FY2021	FY2022		FY2023	FY2024
Net sales *1	(Billions of yen)	679.5	679.7		798.7	858.2
Operating profit *1	(Billions of yen)	27.2	29.4		32.8	47.8
Operating profit ratio	(%)	4.0	4.3		4.1	5.6
Ordinary profit *1	(Billions of yen)	29.9	32.6		33.1	50.0
Ordinary profit ratio	(%)	4.4	4.8		4.1	5.8
Profit (loss) attributable to owners of parent *1	(Billions of yen)	19.0	17.5		(10.4)	31.7
Profit attributable to owners of parent ratio	(%)	2.8	2.6		(1.3)	3.7
*1 The Company applied the "Accounting Standard for Revenue Recognition" (ASBJ No. 29) from the start of FY2022.
Overseas sales	(Billions of yen)	155.6	185.9		261.7	268.2
Overseas sales ratio	(%)	22.9	27.3		32.8	31.3
Overseas operating profit	(Billions of yen)	3.0	3.9		9.8	15.5
Overseas operating profit ratio	(%)	10.9	13.2		29.8	32.5
Capital expenditures (construction base)	(Billions of yen)	16.4	18.2		19.9	31.0
Depreciation and amortization	(Billions of yen)	22.3	23.1		22.8	23.0
Operating profit before amortization of goodwill,	(Billions of yen)	35.4	38.3		39.0	51.0
others *2
Amortization of goodwill, others *2	(Billions of yen)	8.2	8.8		6.2	3.2

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

FY2025

Forecast

850.0

48.0

5.6

50.0

5.9

33.0

3.9

265.6

31.2

16.9

35.2

45.0

24.0

50.8

2.8

Total assets	(Billions of yen)	687.4	723.1	713.9	826.7
Equity capital	(Billions of yen)	433.1	449.2	423.8	500.3
Equity ratio	(%)	63.0	62.1	59.4	60.5
Total net assets	(Billions of yen)	444.8	460.6	438.5	516.4
Net cash provided by (used in) operating activities	(Billions of yen)	49.5	41.8	23.4	73.2
Net cash provided by (used in) investing activities	(Billions of yen)	(17.1)	(15.5)	0.5	(30.9)
Net cash provided by (used in) financing activities	(Billions of yen)	(31.3)	(17.9)	(10.6)	(19.5)
Cash and cash equivalents at end of period	(Billions of yen)	59.2	68.7	83.0	107.7

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－

－

－

－

－

－

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Net assets per share *3	(Yen)	1,456.37	1,510.35	1,425.24	1,682.11
Earnings per share *3	(Yen)	63.95	58.88	(34.91)	106.74
Return on equity (ROE)	(%)	4.6	4.0	(2.4)	6.9
Net income to net sales ratio	(%)	2.8	2.6	(1.3)	3.7
Average total asset turnover	(Times)	1.0	1.0	1.1	1.1
Leverage		1.6	1.6	1.7	1.7
Dividend per share	(Yen)	37.0	39.0	40.0	45.0
Total dividends	(Billions of yen)	11.0	11.6	11.9	13.4
Payout ratio	(%)	57.9	66.2	-	42.2
Total Shareholder Return (TSR) *4	(%)	75.6	71.5	67.0	90.3
(Benchmark: TOPIX, incl. dividends)	(%)	(128.6)	(131.2)	(138.8)	(196.2)
Share price at end of period	(Yen)	1,850	1,706	1,551	2,100
Total market value of shares	(Billions of yen)	550.1	507.4	461.2	624.4

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110.95

6.6

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－

50.0

－

45.1

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*3 In the calculation of earnings per share or net assets per share, the Company's shares held by The Master Trust Bank of Japan, Ltd. as trust assets for the stock compensation plan are included in the treasury stock to be deducted in the calculation of the number of shares.

*4 Total shareholder returns as of March 31st for the five fiscal years since the fiscal year ended March 31, 2019.

1

1. Consolidated Statements of Income

1. Currency Exchange Rates (Average rate during the period)

			(Yen)
	FY2023	FY2024	FY2025
	Forecast
USD	134.8	143.6	150.0
CAD	102.4	106.4	110.0
AUD	92.8	94.6	100.0
NZD	84.5	87.6	90.0
THB	3.8	4.1	4.2
INR	1.7	1.8	1.7

2. Consolidated Statements of Income

(Billions of yen)

FY2023	FY2024 Difference	YoY
	from	Special note
	previous	Change
	year

	Net sales	798.7	858.2	59.6	107.5%
	Cost of sales	638.1	674.1	36.1
		Gross profit	160.6	184.1	23.5	114.6%
	Selling, general and administrative expenses
		Selling expenses	46.1	49.2	3.1
		Personnel expenses	40.0	44.1	4.1
		Non-personnel expenses	41.7	43.1	1.3
		Total	127.8	136.3	8.6
		Operating profit	32.8	47.8	15.0	145.6%
営 Non-operating income (losses)
		Net financial income	(0.1)	(0.5)	(0.4)
		Equity in earnings (losses) of affiliates	(0.3)	1.8	2.1
		Other	0.7	0.9	0.3
		Total	0.2	2.2	2.0
		Ordinary profit	33.1	50.0	16.9	151.3%
特 Extraordinary income (losses)
		Gain on sales of investment securities	24.4	0.4	(24.0)	(FY23) Australia flour milling
		Impairment loss	(55.7)	(1.3)	54.4	business
		(FY24) Yeast and biotechnology
		Expenses related to change of the company				business
		(0.3)	-	0.3	(FY23) Nisshin Seifun Welna Inc.
		name
		Other	(0.6)	(0.3)	0.3
		Total	(32.2)	(1.1)	31.0
		Profit before income taxes	0.9	48.9	48.0	-
	Total income taxes	10.3	16.0	5.6
	Profit attributable to non-controlling interests	0.9	1.1	0.2
		Profit (loss) attributable to owners of parent	(10.4)	31.7	42.1	-

FY2025

Forecast Difference

from YoY previous Change

year

850.0	(8.2)	99.0%

48.0 0.2 100.4%

(0.6)

(0.1)

1.5 (0.3)

1.1 0.2

2.0 (0.2)

50.0 0.0 100.0%

33.0	1.3	104.0%

2

3. Net Sales and Operating Profit by Segment [FY2024 Performance] Net Sales [FY2024 Performance]

(Billions of yen)

		FY2023		FY2024		Difference	[Impact of		YoY
		Composition	Composition	from	currency
			ratio		ratio	previous	exchange rate		Change
						year	fluctuations]
	Domestic	181.5	22.7%	219.7	25.6%	38.3			121.1%
Flour Milling	Overseas	238.3	29.8%	238.5	27.8%	0.2	[10.2]		100.1%
	Total	419.8	52.6%	458.2	53.4%	38.4			109.2%
	Domestic	171.0	21.4%	180.4	21.0%	9.4			105.5%
Processed Food	Overseas	17.0	2.1%	20.7	2.4%	3.7	[0.7]		121.9%
	Total	188.0	23.5%	201.1	23.4%	13.1			107.0%
Prepared Dishes	Domestic	147.5	18.5%	153.6	17.9%	6.1			104.1%
Overseas	-	-	-	-	-	-		-
and Other Prepared
Foods	Total	147.5	18.5%	153.6	17.9%	6.1			104.1%
	Domestic	37.0	4.6%	36.4	4.2%	(0.7)			98.2%
Others	Overseas	6.4	0.8%	9.0	1.0%	2.6	[0.1]		141.1%
	Total	43.4	5.4%	45.4	5.3%	2.0			104.5%
	Domestic	537.0	67.2%	590.0	68.7%	53.0			109.9%
Total	Overseas	261.7	32.8%	268.2	31.3%	6.5	[11.0]		102.5%
	Total	798.7	100%	858.2	100%	59.6			107.5%

 Analysis of Net Sales Difference from Previous Year		(Billions of yen)
			 Domestic wheat flour shipments (0.0% YoY)
	Flour Milling	+38.4	・Flour price revisions accompanying revised wheat prices, others	+0.6
			(Incl. effect of new consolidation)	+36.2
			 Bran prices	+1.4
			 Overseas sales	+0.2
	Processed Food	+13.1	 Processed Food sales	+9.1
			Household-use flour sales	+0.3
			Prepared mix product sales	+2.3
			Pasta-related sales	+2.0
			Frozen food sales	+3.3
			Overseas processed food sales	+1.5
			Other	(0.3)
			 Oriental Yeast sales	+3.7
			 Nisshin Pharma sales	+0.3
	Prepared Dishes and Other Prepared Foods	+6.1	 Prepared dishes and other prepared foods sales	+6.1
	Others	+2.0	 NBC Meshtec sales	+2.8
			 Facility construction sales, others (Nisshin Engineering, others)	(0.8)
	Total	+59.6

3

Operating Profit [FY2024 Performance]

							(Billions of yen)
		FY2023	Composition	FY2024	Composition	Difference	[Impact of	YoY
		from	currency
			ratio		ratio	previous	exchange	Change
				rate
						year
						fluctuations]
	Domestic	8.0	24.5%	14.7	30.7%	6.6		182.4%
Flour Milling	Overseas	9.6	29.2%	13.9	29.1%	4.3	[0.7]	145.1%
	Total	17.6	53.7%	28.6	59.8%	11.0		162.2%
	Domestic	6.5	19.7%	8.1	16.9%	1.6		124.2%
Processed Food	Overseas	(0.4)	(1.4)%	0.3	0.6%	0.7	[0.0]	-
	Total	6.0	18.4%	8.4	17.5%	2.3		138.4%
Prepared Dishes	Domestic	3.3	10.0%	5.4	11.3%	2.1		164.3%
Overseas	-	-	-	-	-	-	-
and Other Prepared
Foods	Total	3.3	10.0%	5.4	11.3%	2.1		164.3%
	Domestic	5.1	15.5%	4.1	8.5%	(1.0)		79.8%
Others	Overseas	0.7	2.0%	1.4	2.8%	0.7	[0.0]	204.3%
	Total	5.7	17.5%	5.4	11.3%	(0.3)		94.1%
	Domestic	0.1	0.4%	0.1	0.1%	(0.1)		-
Adjustments	Overseas	-	-	-	-	-	-	-
	Total	0.1	0.4%	0.1	0.1%	(0.1)		-
	Domestic	23.0	70.2%	32.2	67.5%	9.2		139.9%
Total	Overseas	9.8	29.8%	15.5	32.5%	5.8	[0.7]	158.8%
	Total	32.8	100%	47.8	100%	15.0		145.6%

Amortization of goodwill, others (After deduction from above)

	FY2023	FY2024
	Difference from
			previous year
Flour Milling	4.5	1.6	(2.9)
Processed Food	0.1	0.0	(0.0)
Prepared Dishes and Other Prepared Foods	1.6	1.6	-
Total	6.2	3.2	(3.0)

• Analysis of Net Sales Difference from Previous Year

				(Billions of yen)
	Flour Milling	+11.0	 Domestic wheat flour shipment volume	+0.1
			 Sales expansion costs	+1.1
			 Bran prices	+1.4
			 Cost related, others	+4.1
			(Incl. effect of new consolidation)
			 Overseas operating profit	+4.3
	Processed Food	+2.3	 Shipment volume	(0.4)
			 Sales expansion costs	+0.8
			 Cost related, others	+1.2
			 Overseas operating profit	+0.7
			(incl. Oriental Yeast, Nisshin Pharma exports)
	Prepared Dishes and Other Prepared Foods	+2.1	 Sales	+1.5
			 Cost related, others	+0.6
	Others	(0.3)	 Sales	+0.8
			 Cost related, others	(1.1)
	Adjustments	(0.1)	 Intersegment transaction eliminations	(0.1)
	Total	+15.0

4

4. Net Sales and Operating Profit by Segment [Performance Forecast]

Net Sales [Performance Forecast]

(Billions of yen)

		FY2024		FY2025		Difference	[Impact of	YoY
		Composition	Forecast	Composition	from	currency
			ratio		ratio	previous	exchange rate	Change
						year	fluctuations]
	Domestic	219.7	25.6%	210.0	24.7%	(9.7)		95.6%
Flour Milling	Overseas	238.5	27.8%	231.0	27.2%	(7.5)	[4.8]	96.9%
	Total	458.2	53.4%	441.0	51.9%	(17.2)		96.2%
	Domestic	180.4	21.0%	185.4	21.8%	5.0		102.8%
Processed Food	Overseas	20.7	2.4%	24.6	2.9%	3.9	[0.2]	118.7%
	Total	201.1	23.4%	210.0	24.7%	8.9		104.4%
Prepared Dishes	Domestic	153.6	17.9%	154.0	18.1%	0.4		100.3%
Overseas	-	-	-	-	-	-	-
and Other
Prepared Foods	Total	153.6	17.9%	154.0	18.1%	0.4		100.3%
	Domestic	36.4	4.2%	35.0	4.1%	(1.4)		96.2%
Others	Overseas	9.0	1.0%	10.0	1.2%	1.0	[0.1]	111.0%
	Total	45.4	5.3%	45.0	5.3%	(0.4)		99.2%
	Domestic	590.0	68.7%	584.4	68.8%	(5.6)		99.0%
Total	Overseas	268.2	31.3%	265.6	31.2%	(2.6)	[5.0]	99.0%
	Total	858.2	100%	850.0	100%	(8.2)		99.0%

 Analysis of Net Sales Difference from Previous Year		(Billions of yen)
	Flour Milling	(17.2)	 Domestic wheat flour shipments (0.0% YoY)	+0.0
			・Flour price revisions accompanying revised wheat prices, others	(9.7)
			 Bran prices	+0.0
			 Overseas sales	(7.5)
	Processed Food	+8.9	 Domestic processed food sales	+1.6
			 Overseas processed food sales	+1.8
			 Oriental Yeast sales	+4.5
			 Nisshin Pharma sales	+1.0
	Prepared Dishes and Other Prepared Foods	+0.4	 Prepared dishes and other prepared foods sales	+0.4
	Others	(0.4)	 NBC Meshtec sales	+1.5
			 Facility construction sales, others (Nisshin Engineering, others)	(1.9)
	Total	(8.2)

5

Operating Profit [Performance Forecast]

(Billions of yen)

		FY2024		FY2025		Difference	[Impact of	YoY
		Composition	Forecast	Composition	from	currency
			ratio		ratio	previous	exchange rate	Change
						year	fluctuations]
	Domestic	14.7	30.7%	11.9	24.8%	(2.8)		81.1%
Flour Milling	Overseas	13.9	29.1%	14.1	29.4%	0.2	[0.1]	101.5%
	Total	28.6	59.8%	26.0	54.2%	(2.6)		91.0%
	Domestic	8.1	16.9%	9.3	19.4%	1.2		115.5%
Processed Food	Overseas	0.3	0.6%	1.5	3.1%	1.2	[0.0]	496.4%
	Total	8.4	17.5%	10.8	22.5%	2.4		129.2%
Prepared Dishes	Domestic	5.4	11.3%	5.5	11.5%	0.1		101.9%
Overseas	-	-	-	-	-	-	-
and Other Prepared
Foods	Total	5.4	11.3%	5.5	11.5%	0.1		101.9%
	Domestic	4.1	8.5%	4.3	9.0%	0.2		106.0%
Others	Overseas	1.4	2.8%	1.3	2.7%	(0.1)	[(0.0)]	96.1%
	Total	5.4	11.3%	5.6	11.7%	0.2		103.5%
	Domestic	0.1	0.1%	0.1	0.2%	0.0		-
Adjustments	Overseas	-	-	-	-	-	-	-
	Total	0.1	0.1%	0.1	0.2%	0.0		-
	Domestic	32.2	67.5%	31.1	64.8%	(1.1)		96.4%
Total	Overseas	15.5	32.5%	16.9	35.2%	1.4	[0.1]	108.7%
	Total	47.8	100%	48.0	100%	0.2		100.4%

Amortization of goodwill, others (After deduction from above)

	FY2024	FY2025	Difference from
	Forecast
			previous year
Flour Milling	1.6	1.2	(0.4)
Processed Food	0.0	-	(0.0)
Prepared Dishes and Other Prepared Foods	1.6	1.6	-
Total	3.2	2.8	(0.4)

• Analysis of Operating Profit Difference from Previous Year

				(Billions of yen)
	Flour Milling	(2.6)	 Domestic wheat flour shipment volume	+0.0
			 Sales expansion costs	(0.4)
			 Bran prices	+0.0
			 Cost related, others	(2.4)
			 Overseas operating profit	+0.2
	Processed Food	+2.4	 Shipment volume	+1.1
			 Sales expansion costs	+0.1
			 Cost related, others	+0.0
			 Overseas operating profit	+1.2
			(incl. Oriental Yeast, Nisshin Pharma exports)
	Prepared Dishes and Other Prepared Foods	+0.1	 Sales	+0.1
			 Cost related, others	+0.0
	Others	+0.2	 Sales	+0.1
			 Cost related, others	+0.1
	Adjustments	+0.0	 Intersegment transaction eliminations	+0.0
	Total	+0.2

6

III. Consolidated Balance Sheets

(Billions of yen)

	As of	As of	Difference from	Details of YoY difference
	March 31, 2023	March 31, 2024	previous year
Cash and deposits	83.0	109.5	26.5
Notes and accounts receivable - trade, and	107.9	114.5	6.6
contract assets
Inventories	128.8	124.9	(3.9)
Other	10.4	16.2	5.8
Current assets	330.1	365.1	35.0
Buildings and structures, net	71.1	72.1	1.0
Machinery, equipment and vehicles, net	60.2	66.5	6.3
Land	52.6	53.4	0.8
Other, net	33.5	43.8	10.3
Property, plant and equipment	217.5	235.8	18.3
Goodwill	7.5	6.2	(1.3)
Other	16.2	15.4	(0.8)
Intangible assets	23.7	21.6	(2.1)
Investment securities	124.7	185.4	60.8	Increase due to change in market
value, etc.
Other	18.0	18.8	0.8
Investments and other assets	142.6	204.3	61.6
Non-current assets	383.8	461.6	77.8
Total assets	713.9	826.7	112.8
Notes and accounts payable - trade	74.6	76.2	1.6
Short-term loans payable	14.4	15.1	0.7
Other	61.3	72.3	10.9
Current liabilities	150.3	163.6	13.3
Bonds / Long-term loans payable	33.4	32.0	(1.4)
Lease obligations	37.3	39.9	2.6
Deferred tax liabilities	22.1	42.7	20.6
Other	32.3	32.1	(0.2)
Non-current liabilities	125.1	146.7	21.6
Total liabilities	275.4	310.3	34.9
Shareholders' equity	344.0	363.4	19.3	Profit 31.7, dividends (12.5)
Valuation difference on available-for-sale	52.0	93.5	41.5	Increase due to change in market
securities	value, etc.
Foreign currency translation adjustment	28.4	43.6	15.3	Increase due to depreciation of
the yen
Other	14.1	15.8	1.8
Total net assets	438.5	516.4	77.9
Total liabilities and net assets	713.9	826.7	112.8

7

IV. Consolidated Statements of Cash Flows

			(Billions of yen)
			Difference
	FY2023	FY2024	from previous
			year
Profit before income taxes	0.9	48.9	48.0
Depreciation and amortization / Amortization of goodwill	26.7	24.3	(2.4)
Impairment loss	55.7	1.3	(54.4)
Loss (gain) on sales of investment securities	(24.4)	(0.4)	24.0
Change in working capital	(22.5)	6.2	28.7
Income taxes paid	(13.9)	(19.7)	(5.8)
Other, net	0.9	12.7	11.8
Cash flows from operating activities	23.4	73.2	49.8
Purchase of property, plant, and equipment and intangible assets	(18.7)	(29.2)	(10.5)
Proceeds from sales of investment securities	29.1	1.5	(27.6)
Purchase of shares of subsidiaries resulting in change in scope of consolidation	(11.5)	(0.9)	10.6
Other, net	1.5	(2.3)	(3.8)
Cash flows from investing activities	0.5	(30.9)	(31.4)
Proceeds from/repayment of loans payable	5.6	(2.1)	(7.7)
Cash dividends paid	(11.6)	(12.5)	(0.9)
Other, net	(4.7)	(4.9)	(0.3)
Cash flows from financing activities	(10.6)	(19.5)	(8.9)
Effect of exchange rate changes on cash and cash equivalents	1.0	2.0	1.0
Net increase (decrease) in cash and cash equivalents	14.2	24.7	10.5

Cash and cash equivalents

at beginning of period at end of period

68.7

83.0

83.0

107.7

14.2

24.7

8