Kikkoman info201203 e

302 views

Published on

Published in: News & Politics, Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
302
On SlideShare
0
From Embeds
0
Number of Embeds
3
Actions
Shares
0
Downloads
3
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Kikkoman info201203 e

  1. 1. Kikkoman CorporationBusiness Performance Presentation for the Year Ended March 31, 2012 Presentation Material April 27, 2012
  2. 2. ・The information in this presentation is based on Kikkomans best knowledge at the time it was prepared. ・This presentation does not constitute a promise or guarantee that the p p g company will achieve its numerical targets or necessarily implement the strategies outlined. 1Today’s Agenda Overview of Medium-Term Management Plan from Fiscal 2013 to Fiscal 2015 Mitsuo Someya President and CEO Performance in Fiscal 2012 and Forecast for Fiscal 2013 Koichi Yamazaki Director, Executive Corporate Officer and CFO 2
  3. 3. Overview of Medium-Term f Management Plan from Fiscal 2013 to Fiscal 2015 Mitsuo Someya President and CEOTopics for This PresentationConsolidated Targets for Fiscal 2015Global Vision 2020Key Management Issues and Measures in the Medium-Term Management Plan • Overseas, JapanFinancial Strategy gyFulfilling Our Social Responsibilities 4
  4. 4. Consolidated Targets for Fiscal 2015 350 320.0 50 300 283.2 40 250 on) on) 200 30 23.0 23 0 (billio (billio 150 20 17.8 100 10 50 0 0 Actual Results for Fiscal 2012 Targets for Fiscal 2015 Operating O ti Income Ratio 6.3% 7.2% ROA 4.8% 7.0% Exchange (¥/US$) 79.30 (¥/US$) 78.00 Rate (¥/EUR) 110.17 (¥/EUR) 100.00 5(Reference) Background to the Previous Revision of Targets350 320.0 291.0 30 (Unit: billions of yen) 18.4 2.6300 25 1.2 1.9 2.1250 150.0 20 Net 133.0 Operating200 Sales 15.6 Income 15150 13.2 10100 172.0 160.0 5 50 9.2 6.0 0 (2.0) (2.0) 0 (0.2) Current Medium-Term Management Forecasts for Fiscal 2013 Current Medium-Term Forecasts for Fiscal 2013 Plan for Fiscal 2013 Management Plan for Fiscal 2013-50 50 (5) Japan Overseas Japan Overseas Head Office and Other Translation difference Head Office and Other Translation difference Japan: Stagnation in prospective growth fields Japan: Japan: Sales target shortfalls + increased raw Japan: Overseas: Performances excluding foreign Overseas: material costs, pension costs, etc. exchange impacts were on target Overseas: The strong yen continued to weigh Overseas: * Exchange Rate Assumptions on earnings in the wholesaling business Current medium-term management plan: ¥90/US$, ¥125/EUR New medium-term management plan : ¥78/US$, ¥100/EUR 6
  5. 5. Global Vision 2020 Goals Make Kikkoman soy sauce a truly global seasoning Be a company that supports healthy lifestyles through food Be a company whose existence is meaningful to the global society Basic Strategy Organization / Structure Global Soy Sauce Strategy Global HR Strategy Global Strategy for Oriental Food Wholesale Del Monte Business Strategy Global Financial Strategy Health-Related Business Strategy Soy Milk Business Strategy Global R&D Strategy Sources of corporate value Overseas soy sauce R&D and technological Corporate Social business model Global network capabilities Brand Strength Responsibility 7Global Vision 2020 Development Globally, and by Business Segment Global Soy Sauce Strategy Global Strategy for Oriental Food Wholesale Del Monte Business Strategy gy Health-Related Business Strategy Soy Milk Business Strategy HR strategy Global Financial Strategy R&D Strategy 8
  6. 6. Key Management Issues in the Medium-Term Management Plan Overseas: Maintain growth Japan: Increase earnings p p g power 9Medium-Term Targets by Segment Comparison Fiscal Fiscal (Unit: billions of yen) 2015 2012 Change Change excluding Increase/ Target Actual translation Decrease difference Japan Total Net Sales 170.3 157.0 13.3 13.3 Operating Income 8.0 5.3 2.7 2.7 Foods-Manufacturing and sales Net Sales 160.1 147.9 12.2 12.2 Operating Income 6.3 3.6 2.7 2.7 Others Net Sales 22.0 20.5 1.5 1.5 Operating Income 1.7 1.7 0.0 0.0 Overseas Total Net Sales 152.5 128.3 24.2 27.6 Operating Income 15.4 12.2 3.2 3.6 North America Net Sales 109.9 96.6 13.3 15.3 Operating Income 9.5 8.1 1.4 1.6 Europe Net Sales 16.5 13.0 3.5 4.6 Operating Income 2.4 1.8 0.6 0.7 Asia & Oceania Net Sales 20.2 15.8 4.4 4.8 Operating Income 2.1 1.4 0.7 0.8 Eliminations and Corporate Net Sales (2.8) (2.1) (0.7) (0.7) Operating Income (0.4) 0.3 (0.7) (0.7) Consolidated Total Net Sales 320.0 283.2 36.8 40.5 Operating Income 23.0 17.8 5.2 5.6 *Exchange Rate ¥ 78.00/US$ ¥ 79.30/US$ ¥100.00/EUR ¥110.17/EUR 10
  7. 7. Overseas Soy Sauce Business: Grow More Europe Asia & Oceania North America Maintain double- Accelerate growth Maintain stable growth 30 digit growth 30 30 27.3 25 25 25 24.4 20 20 20 Net Sales Net Sales Net Sales (billions of yen) (billions of yen) (billions of yen) 15 15 15 10 10 10 8.0 6.1 4.7 .7 5 5 3.7 37 5 0 0 0 Fiscal 2012 Fiscal 2015 Fiscal 2012 Fiscal 2015 Fiscal 2012 Fiscal 2015 *Exchange Rate Fiscal 2012 ¥ 79.30/US$ ¥ 110.17/EUR Fiscal 2015 ¥ 78.00/US$ ¥ 100.00/EUR 11North American Soy Sauce Business:Maintain Stable Growth North AmericaConduct new productdevelopment for brandexpansion and enhancingnon-price competitiveness i titi Develop new recipes and new markets for soy sauce, mainly in collaboration with the Culinary CIA San Antonio Campus Institute of America (CIA) Maintain M i i growth b d l i new h by developing customers while cultivating the existing customer base further 12
  8. 8. Europe Soy Sauce Business:Maintain Double-Digit GrowthEurope Promote the “+K” concept for furthering brand penetration Cultivate markets in Russia and central and eastern The Netherlands Plant Europe further Maintain double-digit growth through th cultivation of th h the lti ti f existing markets and area expansion Main Sales Bases 13Asia & Oceania Soy Sauce Business:Accelerate Growth Asia & Oceania Philippines ・Small-volume containers ・In-store product sampling Thailand Introduce high-quality variants of seasonings used in local cuisines to penetrate the household market Thailand, Vietnam Philippines Singapore Si Brand Penetration and Volume Growth ・ Approach convenience store chains ・ Focus on the foodservice-use sector Singapore, Indonesia 14
  9. 9. China and Newly Developed Markets China Population 1.3 billion India Brazil Population Population 1.2 billion 0.2 billion ⇒1 billion ⇒0.1 billion people people 15Oriental Foods Wholesale Business: Develop Bases Furtherand Maintain High Growth Current Bases (Unit: billions of yen) 120 10 9 100 8 7 80 6 60 5 104.5 4 40 87.6 3 5.2 52 20 2 4.1 1 0 0 2011 2014 2011 2014 *Exchange Rate Fiscal 2012 ¥ 79.30/US$ ¥ 110.17/EUR Fiscal 2015 ¥ 78.00/US$ ¥ 100.00/EUR 16
  10. 10. Japan:Increase Earnings Power 1. Shift to High-Profit Businesses and Products 2. Strengthen the Profit Structure 170.3 180 157.0 157 0 10.0% 160 140 8.0% 120 Operating Income Ratio 4.7% 6.0% 100 80 Operating Income Ratio 3.4% 4.0% 60 40 2.0% 20 0 0.0% Fiscal2012 Fiscal2015 Net sales Operating (billions of yen) Soy Sauce Food Products Income Ratio Beverages Sake and Wine Others Operating Income Ratio 17Japan:Increase Earnings Power 1. Shift to High-Profit Businesses and Products Soy Sauce:Accelerate the shift to premium soy sauces Food Products:Induce growth and strengthen profitability in the category of handy seasoning mixes for easy-to-prepare dishes s: G Grow the soy milk b i h ilk business and expand Del Monte b d dD lM beverages Sake and Wine:Accelerate the shift to quality-oriented wines Others:Grow the biochemical and chemical products business 18
  11. 11. Japan:Increase Earnings Power 2. Strengthen the Profit Structure Structural S l Structural Reform S lR f Back Office Sections B k-Offi S i Back- Improvement of of Nippon Del Monte of the Group Kikkoman Food Corporation Products Company Increase Earnings Power • Variable costs • Toward the •Headcount • Distribution costs realization of reduction through • Labor costs results systems integration and other means 19Japan:Increase Earnings Power [Factors behind change in profit ] Profit increase attributable to growth Accelerate the shift to premium soy sauces Induce growth and strengthen profitability in the category of handy seasoning mixes for easy-to-prepare dishes easy-to- Factors Grow the soy milk business and expand Del Monte beveragesimproving Accelerate the shift to quality-oriented wines quality-profitability Grow the biochemical and chemical products business Profit increase attributable to business measures Structural Improvement of Kikkoman Food Products Company Structural Reform of Nippon Del Monte Corporation Integration of back-office operations within the Group back- Factors Raw material cost impact: Soybeans, wheat, fuel oil weighing Enhanced advertising and promotion, etc. on (Positive management)p fprofitability y 20
  12. 12. Financial StrategyInvestments for the Future and Returns to Shareholders Cash flows from operating activities Approx. ¥70 billion Fiscal 2013 ~ 2015 Cash flows Capital Investment Returns to Shareholders■ Investment in growth fields ■Consolidated payout ratio of (soy milk, handy seasoning mixes at least 30% for easy-to-prepare dishes, etc.) ■Flexible share buybacks Approx. ¥37 billion Fiscal 2013 ~ 2015 21Financial StrategyEnhanced Financial SoundnessCapital Composition■ ¥100 billi ceiling on i billion ili interest-bearing debt b i d b■ Debt-to-equity ratio of around 50% (Both under normal circumstances)Asset Reduction ROA■ Reduction of inventory and accounts Fiscal 2012 4.8% receivable-trade■ Improvement of capital investment efficiency■ Reduction of assets-other Fiscal 2015 7.0% 22
  13. 13. Fulfilling Our Social Responsibilities :For Perpetual Corporate Growth Environmental policies • Strive for corporate activities in harmony with the natural environment • Endeavor to protect the Earth’s environment and build a recycling-oriented society li i t d i t Nutrition Education Activities • Fulfill our responsibilities as a food-related company • Implement various programs based on dietetic systems Kikkoman Gene al Hospital ikkoman General ospital • Enhance clinical functions as a core regional hospital • Begin clinical examinations from August 2012 23 Performance i Fiscal 2012 and f in i l d Forecast for Fiscal 2013 Koichi Yamazaki Director, Executive Corporate Officer and CFO
  14. 14. Topics for This PresentationPerformance in Fiscal 2012Forecast for Fiscal 2013 25Performance in Fiscal 2012Consolidated (Compared with the previously announced forecast revision)Revision announced February 3, 2012 Fiscal 2012 Fiscal 2012 Change (Unit: billions of yen) Increase / % Actual Forecast Decrease Net S ales 283.2 280.0 3.2 101.2   Japan 157.0 155.5 1.5 101.0   Overseas 128.3 126.7 1.6 101.3 Operating Income 17.8 17.2 0.6 103.3   Japan 5.3 5.0 0.3 106.1   Overseas 12.2 12.1 0.1 100.8 Ordinary income 15.2 5. 14.6 .6 0.6 104.4 0 . Income before income taxes and minority 15.4 14.6 0.8 105.7 interests Net Income 9.0 8.6 0.4 104.5 Exchange Rate( /US $) 79.3 78.2 1.1 ( /EUR) 110.2 108.0 2.2 26
  15. 15. Performance in Fiscal 2012Consolidated (Compared with Fiscal 2011) (Unit: billions of yen) Breakdown of change The Effect Change Fiscal 2012 Fiscal 2011 Translation Impact of of Actual Increase / % % Actual Actual Difference Disaster S tructural Difference Decrease ReformsNet S ales 283.2 283.5 (0.2) 99.9 (8.2) 1.1 (5.5) 12.4 104.5  Japan 157.0 159.5 (2.5) 98.4 1.1 (5.5) 1.9 101.2  Overseas 128.3 126.0 2.3 101.9 (8.2) 10.5 108.4Operating Income 17.8 19.2 (1.4) 92.5 (0.9) (0.2) (0.4) 98.1  Japan 5.3 7.2 (1.9) 74.0 (0.2) (1.7) 76.8  Overseas 12.2 11.9 0.3 102.7 (0.8) 1.1 109.5Ordinary income 15.2 15 2 16.8 16 8 (1.5) (1 5) 91.0 91 0 (0.8) (0 8) 0.1 01 (0.8) (0 8) 95.2 95 2Income before incometaxes and minority 15.4 13.4 2.0 114.8 (0.8) 1.7 1.0 107.5interestsNet Income 9.0 7.8 1.2 115.6 (0.5) 1.2 0.6 107.3Exchange Rate( /US $) 79.3 85.8 (6.5) ( /EUR) 110.2 113.6 (3.4) 27Performance in Fiscal 2012Net Sales(Compared with Fiscal 2011) (Unit: billions of yen) Breakdown of change Change The Effect of Translation Impact of Actual Fiscal 2012 Fiscal 2011 Increase / % S tructural % Difference Disaster Difference Decrease Reforms Japan S oy S auce 46.4 47.2 (0.8) 98.4 0.3 (1.0) 97.8 Food Products 56.4 56.3 0.0 100.0 0.5 (0.7) 0.2 100.3 Beverages g 33.0 34.4 (1.4) 95.8 0.2 (4.0) 2.3 107.6 Sake and Wine 12.3 12.7 (0.4) 96.8 0.2 (0.9) 0.3 102.7 Eliminations (0.1) (0.2) 0.0 0.0 Foods-Manufacturing and sales 147.9 150.5 (2.6) 98.3 1.1 (5.5) 1.8 101.3 Others 20.5 19.6 0.9 104.4 0.9 104.4 Eliminations (11.4) (10.6) (0.8) (0.8) Total 157.0 159.5 (2.5) 98.4 1.1 (5.5) 1.9 101.2 Overseas North America 96.6 96.0 0.6 100.6 (7.9) 8.5 108.8 Europe 13.0 12.3 0.7 105.4 (0.4) 1.1 109.0 Asia & Oceania 15.8 14.4 1.4 109.7 (0.2) 1.6 111.2 Others 24.2 24.0 0.2 100.7 0.2 100.7 Eliminations (21.2) (20.7) (0.5) 0.4 (0.8) Total 128.3 126.0 2.3 101.9 (8.2) 10.5 108.4 Kikkoman(Holding Company) 11.7 11.6 0.2 101.3 0.2 101.3 Eliminations (13.8) (13.7) (0.2) (0.2) Consolidated Total 283.2 283.5 (0.2) 99.9 (8.2) 1.1 (5.5) 12.4 104.5 Exchange Rate( /US $) 79.3 85.8 (6.5) ( /EUR) 110.2 113.6 (3.4) 28
  16. 16. Performance in Fiscal 2012 -Japan- Net Sales(Compared with Fiscal 2011) (Unit: billions of yen) Breakdown of change Change The Effect of Impact of Actual Fiscal 2012 Fiscal 2011 Increase / % S tructural % Disaster Difference Decrease Reforms Japan S oy S auce 46.4 47.2 (0.8) 98.4 0.3 (1.0) 97.8 Food Products 56.4 56.3 0.0 100.0 0.5 (0.7) 0.2 100.3 Beverages 33.0 34.4 ( ) (1.4) 95.8 0.2 ( ) (4.0) 2.3 107.6 Sake and Wine 12.3 12.7 (0.4) 96.8 0.2 (0.9) 0.3 102.7 Eliminations (0.1) (0.2) 0.0 0.0 Foods-Manufacturing and sales 147.9 150.5 (2.6) 98.3 1.1 (5.5) 1.8 101.3 Others 20.5 19.6 0.9 104.4 0.9 104.4 Eliminations (11.4) (10.6) (0.8) (0.8) Total 157.0 159.5 (2.5) 98.4 1.1 (5.5) 1.9 101.2 [Major reasons for actual change] ・ Soy sauce Substantial increase in sales of the Itsudemo Shinsen series. Sales as a whole declined, however, due to lackluster sales in the foodservice-use sector and of mainstay container sizes in the home-use sector. ・Food Products Tsuyu and tare sales rose, while sales of handy seasoning mixes increased more than 20%. Sales as a whole increased only modestly, however, as sales of tomato ketchup for foodservice- use declined due to impact of the March 11 earthquake ・Beverages Sales of Del Monte beverages increased substantially throughout the year. Sales of soy milk beverages increased year on year after recovering steadily in the second half ・Others Sales rose in the biochemical and chemical products business and the logistics business 29 Performance in Fiscal 2012 -Overseas- (Unit: billions of yen) Net Sales(Compared with Fiscal 2011) Breakdown of change Change Translation Actual Fiscal 2012 Fiscal 2011 Increase / % % Difference Difference Decrease Overseas North America 96.6 96.0 0.6 100.6 8.5 108.8 (7.9) Foods-Manufacturing and sales 31.3 32.4 (1.1) 96.6 1.6 104.9 (2.7) Foods-Wholesale 69.4 67.9 1.5 102.2 7.1 110.4 (5.6) Europe p 13.0 12.3 0.7 105.4 1.1 109.0 (0.4) Foods-Manufacturing and sales 6.1 5.7 0.4 107.0 0.6 110.3 (0.2) Foods-Wholesale 7.7 7.4 0.3 104.5 0.6 108.2 (0.3) Asia & Oceania 15.8 14.4 1.4 109.7 1.6 111.2 (0.2) Foods-Manufacturing and sales 8.3 7.7 0.7 108.6 1.0 113.1 (0.3) Foods-Wholesale 7.7 6.9 0.8 110.9 0.6 109.1 0.1 Others 24.2 24.0 0.2 100.7 0.2 100.7 Eliminations (21.2) (20.7) (0.5) 0.4 (0.8) Total 128.3 126.0 101.9 2.3 (8.2) 10.5 108.4 Exchange Rate( /US $) 79.3 85.8 (6.5) YoY Change in Overseas ( /EUR) 110.2 113.6 (3.4) Soy Sauce Sales Volume (%) 1st half 2nd half[Major reasons for actual change] Full year Apr.-Sep. Oct.-Mar.・ Business performance was favorable for all business segments North America 101 104 99 in all regions Europe 114 118 111・ Sales increased on a local currency basis Asia & Oceania 114 111 116・ Soy sauce Sales volumes rose as planned for the most part year on year・ Foods-Wholesale Sales rose amid the expanding popularity of Japanese food, while damage from harmful rumors of alleged radioactive contamination regarding produce from Japan was minimal 30
  17. 17. Performance in Fiscal 2012 Operating Income(Compared with Fiscal 2011) (Unit: billions of yen) Breakdown of change Change Translation Impact of Actual Fiscal 2012 Fiscal 2011 Increase / % % Difference Disaster Difference Decrease Foods-Manufacturing Japan 3.6 5.7 (2.1) 63.6 (0.2) (1.9) 67.1 and sales Others 1.7 1.5 0.2 113.6 0.2 113.6 Total 5.3 7.2 (1.9) 74.0 (0.2) (1.7) 76.8 Overseas North America 8.1 8.1 (0.0) 99.8 (0.7) 0.7 108.7 Europe 1.8 1.5 0.2 115.1 (0.1) 0.3 118.8 Asia & Oceania 1.4 1.2 0.2 118.3 (0.0) 0.2 119.6 Others 1.0 1.0 (0.1) 91.3 (0.1) 91.3 Total 12.2 11.9 0.3 102.7 (0.8) 1.1 109.5 Kikkoman(Holding Company) 3.6 3.5 0.1 102.2 0.1 102.2 Eliminations (3.3) (3.4) 0.0 (0.1) 0.1 Consolidated Total 17.8 19.2 (1.4) 92.5 (0.9) (0.2) (0.4) 98.1 Exchange Rate( /US $) 79.3 85.8 (6.5) ( /EUR) 110.2 113.6 (3.4) 31 Change in Operating Income -Japan- Major reasons for changes in operating income Japan (¥ 1.9 billion) (Unit: billions of yen) 2011.3 2011 3 7.2 72 Impact of diffence in net sales 0.4 Increase in cost of raw materials, etc (1.0) Impact of depreciation costs (0.6) Impact of pension costs (0.5) Impact of disaster, etc. (0.2)Impact of SG&A expenses 0.2 Others (0.2) 2012.3 5.3 32
  18. 18. Change in Operating Income -Overseas- Major reasons for changes in operating income Overseas + ¥ 0.3 billion (Unit: billions of yen) 2011.3 11.9 Impact of increased sales 2.1 Impact of soy-sauce price hikes 0.7Increase in cost of raw materials, etc. (0.7) Impact of SG&A expenses (0.9) Others (0.0)Translation difference (0.8) 2012.3 12.2 33 Change in Consolidated Balance Sheets (Unit: billions of yen)   a. Total Asset= 331.4 (Compared with 2011.3) +32.5   b. Translation Difference (1.6) Actual Difference( a.- b. ) +34.2 Assets +34.2 Liabilities and net assets +34.2 Current assets C t t +25.4 +25 4 Liabilities Li biliti +28.1 +28 1 Cash and deposits (1.9) Interest bearing debt +29.4 Notes and accounts Trade notes and accounts payable, receivable-trade +3.5 other accounts payable +0.1 Short-term investment securities +20.0 Income taxes payable (1.0) Inventories +3.6 Other (0.3) Other +0.2 Non-current assets +8.7 Net assets +6.0 Property, plant and equipment +3.4 Retained earnings +6.4 Intangible assets (0.9) (0 9) Valuation difference on available-for-sale securities +0.8 08 Investments and other assets +6.2 Foreign currency translation adjustments (0.6) Minority interests (0.3) Other (0.3) 34
  19. 19. Consolidated Cash Flows (Unit: billions of yen) Net CF( a. + b. + c. + d. ) = +17.0 a. Cash flows from operating activities b. Cash flows from investing activities +16.4 (24.6) Income before income taxes 2 Proceeds from sales of property, and minority interests +15.4 plant and equipment +2.2 Depreciation and amortization p +12.6 2 Purchase of property, plant p p y, p Income taxes (6.2) plant and equipment (19.2) Inventories (3.5) Purchase of investment securities (6.9) Other (1.9) Other (0.7) a. +2’   Free Cash Flows (0.6) b. -2’   Cash Flows from Investing Activities       (Excluding Purchase of Property, Plant and Equipment ) (7.6) c. c Cash flows from financing activities d. d Effect of exchange rate (0.5) (0 5) +25.8 Proceeds from issuance of bonds +29.8 Loans payable (0.8) Cash dividends paid and etc. (3.2) 35Forecast for Fiscal 2013 Assumptions made for full-year forecasts Exchange rates ¥78/US$, ¥100/EUR Cost increase in raw materials Consolidated total ¥700 million (Japan ¥500 million, Overseas ¥200 million) [Underlying assumptions] Chicago soybean futures, $13 to $14/bushel Wheat, $6.5/bushel Crude oil, around $115/barrel Impact of the shortage and price increase of electricity This will be absorbed as much as possible by thorough production planning and energy conservation 36
  20. 20. Forecast for Fiscal 2013【Full year】 Consolidated (Compared with Fiscal 2012 Actual) (Unit: billions of yen) Breakdown of change Change Fiscal 2013 Fiscal 2012 Translation Actual Increase / % % Forecast Actual Difference Difference Decrease Net S ales 291.0 283.2 7.8 102.7 ( ) (3.7) 11.5 104.1   Japan 160.0 157.0 3.0 101.9 3.0 101.9   Overseas 133.0 128.3 4.7 103.6 (3.7) 8.4 106.5 Operating Income 19.0 17.8 1.2 107.0 (0.4) 1.6 109.0   Japan 6.0 5.3 0.7 113.1 0.7 113.1   Overseas 13.2 12.2 1.0 108.3 (0.4) 1.4 111.2 Ordinary income 16.7 15.2 1.5 109.6 (0.4) 1.8 111.9 Income before income taxes and minority 16.7 15.4 1.3 108.2 (0.4) 1.6 110.5 interests Net Income 10.0 9.0 1.0 111.3 (0.2) 1.3 113.9 Exchange Rate( /US $) 78.0 79.3 (1.3) ( /EUR) 100.0 110.2 (10.2) 37Forecast for Fiscal 2013【Full year】 Net Sales(Compared with Fiscal 2012) (Unit: billions of yen) Breakdown of change Change Fiscal 2013 Fiscal 2012 Increase / % Translation Actual Forecast Actual % Decrease Difference Difference Japan S oy S auce 46.4 46.4 (0.0) 100.0 (0.0) 100.0 Food Products 57.5 56.4 1.1 102.0 1.1 102.0 Beverages 34.5 33.0 1.5 104.6 1.5 104.6 Sake and Wine 12.4 12.3 0.1 101.0 0.1 101.0 Eliminations (0.2) (0.1) (0.1) (0.1) Foods-Manufacturing and sales 150.6 147.9 2.7 101.8 2.7 101.8 Others 20.5 20.5 (0.0) 100.0 (0.0) 100.0 Eliminations (11.1) (11.4) 0.3 0.3 Total 160.0 157.0 3.0 101.9 3.0 101.9 Overseas North America 97.5 96.6 0.9 101.0 (2.1) 3.0 103.1 Europe 13.6 13.0 0.6 104.8 (1.2) 1.8 113.9 Asia & Oceania 16.7 15.8 0.9 105.6 (0.5) 1.4 108.9 Others 25.2 24.2 1.0 104.3 1.0 104.3 Eliminations (20.0) (21.2) 1.2 0.0 1.1 Total 133.0 128.3 4.7 103.6 (3.7) 8.4 106.5 Kikkoman(Holding Company) 12.3 11.7 0.6 104.9 0.6 104.9 Eliminations (14.3) (13.8) (0.5) (0.5) Consolidated Total 291.0 283.2 7.8 102.7 (3.7) 11.5 104.1 Exchange Rate( /US $) 78.0 79.3 (1.3) ( /EUR) 100.0 110.2 (10.2) 38
  21. 21. Forecast for Fiscal 2013 -Japan-【Full year】 Net Sales(Compared with Fiscal 2012) (Unit: billions of yen) Change Fiscal 2013 Fiscal 2012 Increase / % Forecast Actual Decrease Japan S oy S auce 46.4 46.4 (0.0) 100.0 Food Products 57.5 56.4 1.1 102.0 Beverages 34.5 33.0 1.5 104.6 Sake and Wine 12.4 12.3 0.1 101.0 Eliminations (0.2) (0.1) (0.1) Foods-Manufacturing and sales 150.6 147.9 2.7 101.8 Others 20.5 20.5 (0.0) 100.0 Eliminations (11.1) (11.4) 0.3 Total 160.0 157.0 3.0 101.9[Major reasons for the forecast change]・Soy sauce S Continued i C ti d increase in shipment volume forecast for the It d i hi t l f t f th Itsudemo Shi Shinsen series. i Sales should be flat as a whole, however, due in part to market contraction.・Foods Products Continued growth forecast in tsuyu and tare sales. Further expansion planned for the handy seasoning mix business.・Beverages Sales of soy milk beverages are forecast to move back onto a high growth trajectory. Sales of Del Monte beverages are forecast at the same level as Fiscal 2012 39Forecast for Fiscal 2013 -Overseas-【Full year】 Net Sales(Compared with Fiscal 2012) (Unit: billions of yen) Breakdown of change Fiscal Fiscal Change Translation Actual 2013 2012 Increase / % % Difference Difference Forecast Actual Decrease Overseas North America 97.5 96.6 0.9 101.0 (2.1) 3.0 103.1 Foods-Manufacturing and sales 32.3 31.3 1.0 103.2 (0.6) 1.5 104.9 Foods-Wholesale 69.4 69.4 ( ) (0.0) 100.0 ( ) (1.5) 1.4 102.1 Europe 13.6 13.0 0.6 104.8 (1.2) 1.8 113.9 Foods-Manufacturing and sales 6.5 6.1 0.3 105.6 (0.6) 0.9 115.0 Foods-Wholesale 8.2 7.7 0.4 105.5 (0.7) 1.1 113.9 Asia & Oceania 16.7 15.8 0.9 105.6 (0.5) 1.4 108.9 Foods-Manufacturing and sales 8.8 8.3 0.4 105.2 (0.2) 0.6 107.5 Foods-Wholesale 8.2 7.7 0.5 106.2 (0.4) 0.8 110.9 Others 25.2 24.2 1.0 104.3 1.0 104.3 Eliminations (20.0) (21.2) 1.2 0.0 1.1 Total 133.0 128.3 4.7 103.6 (3.7) 8.4 106.5 Exchange Rate( /US $) 78.0 79.3 (1.3) ( /EUR) 100.0 100 0 110.2 110 2 (10.2) (10 2) Forecasted YoY Change in Overseas g Soy Sauce Sales Volume (%) 1st half 2nd half[Major reasons for the forecast Full year Apr.-Sep. Oct.-Mar. change on a local currency basis] Forecast Forecast Forecast・Sales are forecast to increase in all business North America 103 101 106 segments in all regions Europe 112 112 113 Asia & Oceania 108 109 107 40
  22. 22. Forecast for Fiscal 2013 【Full year】 Operating Income(Compared with Fiscal 2012) Change Breakdown of change Fiscal 2013 Fiscal 2012 Increase / % Translation Actual Forecast Actual Decrease Difference Difference % Foods-Manufacturing Japan 4.7 3.6 1.1 130.2 1.1 130.2 and sales Others 1.3 1.7 (0.4) 78.6 (0.4) 78.6 Total 6.0 5.3 0.7 113.1 0.7 113.1 Overseas North America 8.6 8.1 0.5 106.8 (0.2) 0.7 108.7 Europe 1.9 1.8 0.1 108.3 (0.1) 0.3 116.5 Asia & Oceania 1.7 1.4 0.2 115.9 (0.1) 0.3 120.4 Others 1.1 1.0 0.1 110.1 0.1 110.1 Total 13.2 12.2 1.0 108.3 (0.4) 1.4 111.2 Kikkoman(Holding Company) 3.4 3.6 (0.2) 94.6 (0.2) 94.6 Eliminations (3.6) (3.3) (0.3) (0.3) Consolidated Total 19.0 17.8 1.2 107.0 (0.4) 1.6 109.0 Exchange Rate( /US $) 78.0 79.3 (1.3) ( /EUR) 100.0 110.2 (10.2) 41 Breakdown of Forecasted Change in Operating Income -Japan- Major Reasons for Forecasted Change in Operating Income Japan + ¥ 0.7 billion (Unit: billions of yen) 2012.3 5.3 Impact of diffence in net sales 0.9Increase in cost of raw materials, etc (0.5)Impact of depreciation costs 0.4 Impact of pensonnel costs 0.1 Impact of SG&A expenses (0.3) (0 3) Others 0.1 2013.3 6.0 42
  23. 23. Breakdown of Forecasted Change in Operating Income -Overseas- Major Reasons for Forecasted Change in Operating Income Overseas + ¥ 1.0 billion (Unit: billions of yen) 2012.3 12.2 Impact of increased sales 2.0 Impact of soy-sauce price hikes 0.3Increase in cost of raw materials, etc. (0.2) Impact of SG&A expenses (0.7) Others (0.0)Translation difference (0.4) 2013.3 13.2 43 44

×