Preventing Global Warming - Kikkoman · 【FY2015】 In FY2015, the total CO2 emissions
Kikkoman info201203 e
-
Upload
audiologiks -
Category
News & Politics
-
view
155 -
download
2
Transcript of Kikkoman info201203 e
Kikkoman Corporation Business Performance Presentation for the
Year Ended March 31, 2012
Presentation Material
April 27, 2012
・The information in this presentation is based on Kikkoman's best knowledge at the time it was prepared.
・This presentation does not constitute a promise or guarantee that the p p gcompany will achieve its numerical targets or necessarily implement the strategies outlined.
1
Overview of Medium-Term Management Plan from Fiscal 2013 to Fiscal 2015
Mitsuo Someya
Today’s AgendaToday’s Agenda
President and CEO
Performance in Fiscal 2012 and
Forecast for Fiscal 2013Koichi Yamazaki
Director, Executive Corporate Officer and CFO
2
Overview of Medium-Term fManagement Plan
from Fiscal 2013 to Fiscal 2015
Mitsuo SomeyaMitsuo Someya
President and CEO
Consolidated Targets for Fiscal 2015
Global Vision 2020
Topics for This PresentationTopics for This Presentation
Key Management Issues and Measures in the Medium-Term Management Plan
• Overseas, Japan
Financial Strategygy
Fulfilling Our Social Responsibilities
4
Consolidated Targets for Fiscal 2015Consolidated Targets for Fiscal 2015
283.2 320.0
200
250
300
350
on)
23 0 30
40
50
on)
Targets for Fiscal 2015O ti
Actual Results for Fiscal 2012
0
50
100
150
(bi
llio
17.8 23.0
0
10
20
(bi
llio
ROAROA
Operating Income Ratio
7.2%
7.0%
6.3%
(¥/US$) 78.00(¥/EUR) 100.00
ExchangeRateRate
4.8%
(¥/US$) 79.30(¥/EUR) 110.17
5
150.0 133.0
18.4
200
250
300
350
(Reference) Background to the Previous Revision of Targets(Reference) Background to the Previous Revision of Targets
15.6
1.2 2.1
20
25
30 320.0320.0 291.0291.02.62.6
1.91.9
NetNetSalesSales
(Unit: billions of yen)
OperatingOperatingIncomeIncome
172.0 160.0
(2.0) (2.0)
-50
0
50
100
150
Current Medium-Term Management Plan for Fiscal 2013
Forecasts for Fiscal 2013
9.2 6.0
13.2
(0.2)
(5)
0
5
10
15
Current Medium-Term Management Plan for Fiscal 2013
Forecasts for Fiscal 2013
IncomeIncome
6
50
Japan Overseas Head Office and Other Translation difference(5)
Japan OverseasHead Office and Other Translation difference
JapanJapan:: Stagnation in prospective growth fields JapanJapan:: Sales target shortfalls + increased rawmaterial costs, pension costs, etc.
* Exchange Rate AssumptionsCurrent medium-term management plan: ¥90/US$, ¥125/EUR New medium-term management plan : ¥78/US$, ¥100/EUR
OverseasOverseas:: Performances excluding foreign exchange impacts were on target OverseasOverseas:: The strong yen continued to weigh
on earnings in the wholesaling business
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
Global Vision 2020Global Vision 2020
Basic Strategy Organization / StructureGlobal Soy Sauce Strategy
Del Monte Business Strategy
Soy Milk Business Strategy
Global HR Strategy
Global Financial Strategy
Global R&D Strategy
Global Strategy for Oriental Food Wholesale
Health-Related Business Strategy
Sources of corporate valueOverseas soy sauce
business modelGlobal network R&D and technological
capabilities Brand StrengthCorporate Social
Responsibility
7
Global Vision 2020 Development Globally, and by Business SegmentGlobal Vision 2020 Development Globally, and by Business Segment
Global Soy Sauce Strategy
Global Strategy for Oriental Food Wholesale
Del Monte Business Strategy
HR strategyGlobal Financial Strategy
gy
Health-Related Business Strategy
Soy Milk Business Strategy
8
Global Financial StrategyR&D Strategy
Key Management Issues in the Medium-Term Management PlanKey Management Issues in the Medium-Term Management Plan
Overseas: Maintain growth
Japan: Increase earnings powerp g p
9
Medium-Term Targets by SegmentMedium-Term Targets by Segment
Fiscal2015
Target
Fiscal2012
Actual
Comparison
Change Increase/Decrease
Change excluding
translationdifference
Japan Total Net Sales 170.3 157.0 13.3 13.3Operating Income 8.0 5.3 2.7 2.7
Foods-Manufacturing and sales Net Sales 160.1 147.9 12.2 12.2
(Unit: billions of yen)
Operating Income 6.3 3.6 2.7 2.7Others 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 3.6North America Net Sales 109.9 96.6 13.3 15.3
Operating Income 9.5 8.1 1.4 1.6Europe Net Sales 16.5 13.0 3.5 4.6
Operating Income 2.4 1.8 0.6 0.7Asia & Oceania Net Sales 20.2 15.8 4.4 4.8
10
Operating Income 2.1 1.4 0.7 0.8Eliminations 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 40.5Operating Income 23.0 17.8 5.2 5.6
*Exchange Rate ¥ 78.00/US$ ¥ 79.30/US$¥100.00/EUR ¥110.17/EUR
Europe Asia & Oceania North America
Overseas Soy Sauce Business: Grow MoreOverseas Soy Sauce Business: Grow More
25
30
Maintain double-digit growth
25
30
Accelerate growth
24.4
27.3
25
30
Maintain stable growth
6.1 8.0
10
15
20
3 74.7
10
15
20
5
10
15
20Net SalesNet Sales
(billions of yen)(billions of yen)Net SalesNet Sales
(billions of yen)(billions of yen)Net SalesNet Sales
(billions of yen)(billions of yen)
11
0
5
Fiscal 2012 Fiscal 2015
3.7 .7
0
5
Fiscal 2012 Fiscal 20150
5
Fiscal 2012 Fiscal 2015
*Exchange Rate Fiscal 2012 ¥ 79.30/US$ ¥ 110.17/EURFiscal 2015 ¥ 78.00/US$ ¥ 100.00/EUR
North America
Conduct new product development for brand expansion and enhancing
i titi
North American Soy Sauce Business:Maintain Stable GrowthNorth American Soy Sauce Business:Maintain Stable Growth
non-price competitiveness
Develop new recipes and new markets for soy sauce, mainly in collaboration with the Culinary Institute of America (CIA)
M i i h b d l i
CIA San Antonio Campus
Maintain growth by developing new customers while cultivating the existing customer base further
12
Europe
Promote the “+K” concept for furthering brand penetration
Europe Soy Sauce Business:Maintain Double-Digit GrowthEurope Soy Sauce Business:Maintain Double-Digit Growth
furthering brand penetration
Cultivate markets in Russia and central and eastern Europe further
Maintain double-digit growth th h th lti ti f
The NetherlandsPlant
The NetherlandsPlant
through the cultivation of existing markets and area expansion
13
Main Sales Bases
Asia & Oceania Philippines
・Small-volume containers
・In-store product sampling
Asia & Oceania Soy Sauce Business:Accelerate GrowthAsia & Oceania Soy Sauce Business:Accelerate Growth
ThailandIntroduce high-quality variants of seasonings used in local cuisines to penetrate the household market
Si
Thailand, Vietnam
Philippines
SingaporeBrand Penetration and Volume Growth・・ Approach convenience store chains・・ Focus on the foodservice-use sector
14
Singapore, Indonesia
ChinaPopulation1.3 billion
China and Newly Developed MarketsChina and Newly Developed Markets
IndiaPopulation1.2 billion
BrazilPopulation0.2 billion
15
⇒1 billionpeople
⇒0.1 billionpeople
Oriental Foods Wholesale Business: Develop Bases Further and Maintain High GrowthOriental Foods Wholesale Business: Develop Bases Further and Maintain High Growth
Current Bases
(Unit: billions of yen)
87.6 104.5
40
60
80
100
120
5 23
4
5
6
7
8
9
10(Unit: billions of yen)
16
0
20
2011 2014
4.1 5.2
0
1
2
2011 2014
*Exchange Rate Fiscal 2012 ¥ 79.30/US$ ¥ 110.17/EURFiscal 2015 ¥ 78.00/US$ ¥ 100.00/EUR
Japan:Increase Earnings PowerJapan:Increase Earnings Power
1. Shift to High-Profit Businesses and Products1. Shift to High-Profit Businesses and Products
2. Strengthen the Profit Structure2. Strengthen the Profit Structure
10.0%180170.3
157 0
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
020406080
100120140160180 157.0
Operating Income Ratio 3.4%
Operating Income Ratio 4.7%
17
Fiscal2012 Fiscal2015
Soy Sauce Food ProductsBeverages Sake and WineOthers Operating Income Ratio
Net sales(billions of yen)
Operating Income Ratio
Soy Soy SauceSauce::Accelerate the shift to premium soy saucesFood ProductsFood Products::Induce growth and strengthen profitability in the
category of handy seasoning mixes for easy-to-prepare dishes
G h ilk b i d d D l M b
Japan:Increase Earnings PowerJapan:Increase Earnings Power
1. Shift to High-Profit Businesses and Products1. Shift to High-Profit Businesses and Products
OthersOthers::Grow the biochemical and chemical products business
ss::Grow the soy milk business and expand Del Monte beverages
Sake Sake and Wineand Wine::Accelerate the shift to quality-oriented wines
18
S lS l S l R fS l R f B kB k Offi S iOffi S i
Japan:Increase Earnings PowerJapan:Increase Earnings Power
2. Strengthen the Profit Structure2. Strengthen the Profit Structure
Structural Structural Improvement of Improvement of Kikkoman Food Kikkoman Food Products CompanyProducts Company
•• Variable costsVariable costs
Structural Reform Structural Reform of Nippon Del Monte of Nippon Del Monte CorporationCorporation
• Toward the
BackBack--Office Sections Office Sections of the Groupof the Group
••Headcount Headcount
Increase Earnings Power
19
•• Distribution costsDistribution costs•• Labor costsLabor costs
realization of results
reduction through reduction through systems integration systems integration and other meansand other means
Profit increase attributable to growthProfit increase attributable to growthAccelerate the shift to premium soy sauces Accelerate the shift to premium soy sauces Induce growth and strengthen profitability in the categoryInduce growth and strengthen profitability in the category
of handy seasoning mixes for easyof handy seasoning mixes for easy--toto--prepare dishesprepare dishesGrow the soy milk business and expand Del Monte beveragesGrow the soy milk business and expand Del Monte beveragesFactors Factors
Japan:Increase Earnings Power [Factors behind change in profit ]Japan:Increase Earnings Power [Factors behind change in profit ]
Accelerate the shift to qualityAccelerate the shift to quality--oriented winesoriented winesGrow the biochemical and chemical products businessGrow the biochemical and chemical products business
Profit increase attributable to business measuresProfit increase attributable to business measuresStructural Improvement of Kikkoman Food Products CompanyStructural Improvement of Kikkoman Food Products CompanyStructural Reform of Nippon Del Monte CorporationStructural Reform of Nippon Del Monte CorporationIntegration of backIntegration of back--office operations within the Groupoffice operations within the Group
improving improving profitabilityprofitability
FactorsFactors
20
Raw material cost impact: Soybeans, wheat, fuel oilRaw material cost impact: Soybeans, wheat, fuel oilEnhanced advertising and promotion, etc. Enhanced advertising and promotion, etc.
(Positive management)(Positive management)p f yp f y
Factors Factors weighing weighing
on on profitabilityprofitability
Cash flows from Cash flows from operating activitiesoperating activities
Financial StrategyFinancial Strategy
Investments for the Future and Returns to Shareholders
Approx. ¥70 billionFiscal 2013 ~ 2015
Capital Investment Returns to Shareholders
Cash flows
Fiscal 2013 ~ 2015
Capital Investment Returns to Shareholders
■ Investment in growth fields (soy milk, handy seasoning mixes for easy-to-prepare dishes, etc.)
Approx. ¥37 billionFiscal 2013 ~ 2015
■Consolidated payout ratio of at least 30%
■Flexible share buybacks
21
Capital Composition
■ ¥100 billi ili i b i d b
Enhanced Financial Soundness
Financial StrategyFinancial Strategy
Asset Reduction
■ Reduction of inventory and accounts
■ ¥100 billion ceiling on interest-bearing debt■ Debt-to-equity ratio of around 50%
(Both under normal circumstances)
Fiscal 2012 4.8%
ROAROA
receivable-trade■ Improvement of capital investment efficiency■ Reduction of assets-other
22
Fiscal 2015 7.0%
Environmental policies• Strive for corporate activities in harmony with the natural
environment • Endeavor to protect the Earth’s environment and build a
li i t d i t
Fulfilling Our Social Responsibilities :For Perpetual Corporate GrowthFulfilling Our Social Responsibilities :For Perpetual Corporate Growth
recycling-oriented society
Nutrition Education Activities• Fulfill our responsibilities as a food-related company• Implement various programs based on dietetic systems
Kikkoman General Hospital
23
ikkoman Gene al ospital• Enhance clinical functions as a core regional hospital• Begin clinical examinations from August 2012
f i i l d
Koichi Yamazaki
Performance in Fiscal 2012 and Forecast for Fiscal 2013
Koichi YamazakiDirector, Executive Corporate Officer and CFO
Topics for This PresentationTopics for This Presentation
Performance in Fiscal 2012
Forecast for Fiscal 2013Forecast for Fiscal 2013
25
Fiscal 2012Actual
Fiscal 2012Forecast
ChangeIncrease /Decrease
%
Net Sales 283.2 280.0 3.2 101.2
Performance in Fiscal 2012 Consolidated (Compared with the previously announced forecast revision)Performance in Fiscal 2012 Consolidated (Compared with the previously announced forecast revision)
Revision announced February 3, 2012(Unit: billions of yen)
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 14.6 0.6 104.45. .6 0.6 0 .Income before incometaxes and minorityinterests
15.4 14.6 0.8 105.7
Net Income 9.0 8.6 0.4 104.5Exchange Rate(\/US$) 79.3 78.2 1.1
(\/EUR) 110.2 108.0 2.2
26
Breakdown of change
Fiscal 2012Actual
Fiscal 2011Actual
ChangeIncrease /Decrease
%TranslationDifference
Impact ofDisaster
The Effectof
StructuralReforms
ActualDifference %
(Unit: billions of yen)
Performance in Fiscal 2012 Consolidated (Compared with Fiscal 2011)Performance in Fiscal 2012 Consolidated (Compared with Fiscal 2011)
Net Sales 283.2 283.5 (0.2) 99.9 (8.2) 1.1 (5.5) 12.4 104.5
Japan 157.0 159.5 (2.5) 98.4 1.1 (5.5) 1.9 101.2
Overseas 128.3 126.0 2.3 101.9 (8.2) 10.5 108.4
Operating Income 17.8 19.2 (1.4) 92.5 (0.9) (0.2) (0.4) 98.1
Japan 5.3 7.2 (1.9) 74.0 (0.2) (1.7) 76.8
Overseas 12.2 11.9 0.3 102.7 (0.8) 1.1 109.5
Ordinary income 15 2 16 8 (1 5) 91 0 (0 8) 0 1 (0 8) 95 2
27
Ordinary income 15.2 16.8 (1.5) 91.0 (0.8) 0.1 (0.8) 95.2Income before incometaxes and minorityinterests
15.4 13.4 2.0 114.8 (0.8) 1.7 1.0 107.5
Net Income 9.0 7.8 1.2 115.6 (0.5) 1.2 0.6 107.3Exchange Rate(\ /US$) 79.3 85.8 (6.5)
(\/EUR) 110.2 113.6 (3.4)
Performance in Fiscal 2012Performance in Fiscal 2012Net Sales(Compared with Fiscal 2011) (Unit: billions of yen)
Breakdown of change
Fiscal 2012 Fiscal 2011Change
Increase /Decrease
%TranslationDifference
Impact ofDisaster
The Effect ofStructural
Reforms
ActualDifference %
Japan Soy Sauce 46.4 47.2 (0.8) 98.4 0.3 (1.0) 97.8Food Products 56.4 56.3 0.0 100.0 0.5 (0.7) 0.2 100.3Beverages 33.0 34.4 (1.4) 95.8 0.2 (4.0) 2.3 107.6g 33.0 34.4 (1.4) 95.8 0.2 (4.0) 2.3 107.6Sake and Wine 12.3 12.7 (0.4) 96.8 0.2 (0.9) 0.3 102.7Eliminations (0.1) (0.2) 0.0 0.0
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 0.9 104.4Eliminations (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) 8.5 108.8Europe 13.0 12.3 0.7 105.4 (0.4) 1.1 109.0Asia & Oceania 15.8 14.4 1.4 109.7 (0.2) 1.6 111.2Others 24.2 24.0 0.2 100.7 0.2 100.7
Foods-Manufacturingand sales
28
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 0.2 101.3Eliminations (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)
Performance in Fiscal 2012 -Japan-Performance in Fiscal 2012 -Japan-Net Sales(Compared with Fiscal 2011) (Unit: billions of yen)
Breakdown of change
Fiscal 2012 Fiscal 2011Change
Increase /Decrease
%Impact ofDisaster
The Effect ofStructuralReforms
ActualDifference
%
Japan Soy Sauce 46.4 47.2 (0.8) 98.4 0.3 (1.0) 97.8Food Products 56.4 56.3 0.0 100.0 0.5 (0.7) 0.2 100.3Beverages 33.0 34.4 (1.4) 95.8 0.2 (4.0) 2.3 107.6
[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
( ) ( )Sake and Wine 12.3 12.7 (0.4) 96.8 0.2 (0.9) 0.3 102.7Eliminations (0.1) (0.2) 0.0 0.0
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 0.9 104.4Eliminations (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
Foods-Manufacturingand sales
29
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 thelogistics business
Performance in Fiscal 2012 -Overseas-Performance in Fiscal 2012 -Overseas-Net Sales(Compared with Fiscal 2011)
(Unit: billions of yen) Breakdown of change
Fiscal 2012 Fiscal 2011Change
Increase /Decrease
%TranslationDifference
ActualDifference
%
Overseas North America 96.6 96.0 0.6 100.6 (7.9) 8.5 108.8 Foods-Manufacturing and sales 31.3 32.4 (1.1) 96.6 (2.7) 1.6 104.9 Foods-Wholesale 69.4 67.9 1.5 102.2 (5.6) 7.1 110.4Europe 13.0 12.3 0.7 105.4 (0.4) 1.1 109.0
1st half 2nd half
YoY Change in OverseasSoy Sauce Sales Volume (%)
p 13.0 12.3 0.7 105.4 (0.4) 1.1 109.0 Foods-Manufacturing and sales 6.1 5.7 0.4 107.0 (0.2) 0.6 110.3 Foods-Wholesale 7.7 7.4 0.3 104.5 (0.3) 0.6 108.2Asia & Oceania 15.8 14.4 1.4 109.7 (0.2) 1.6 111.2 Foods-Manufacturing and sales 8.3 7.7 0.7 108.6 (0.3) 1.0 113.1 Foods-Wholesale 7.7 6.9 0.8 110.9 0.1 0.6 109.1Others 24.2 24.0 0.2 100.7 0.2 100.7Eliminations (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
Exchange Rate(\ /US$) 79.3 85.8 (6.5)(\ /EUR) 110.2 113.6 (3.4)
30
[Major reasons for actual change]・ Business performance was favorable for all business segments
in all regions・ Sales increased on a local currency basis・ 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
Full year1st half
Apr.-Sep.2nd half
Oct.-Mar.North America 101 104 99Europe 114 118 111Asia & Oceania 114 111 116
Operating Income(Compared with Fiscal 2011)Breakdown of change
Fiscal 2012 Fiscal 2011Change
Increase /Decrease
%TranslationDifference
Impact ofDisaster
ActualDifference %
Performance in Fiscal 2012 Performance in Fiscal 2012
(Unit: billions of yen)
Japan 3.6 5.7 (2.1) 63.6 (0.2) (1.9) 67.1
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
Foods-Manufacturingand sales
31
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) 98.1Exchange Rate(\ /US$) 79.3 85.8 (6.5)
(\/EUR) 110.2 113.6 (3.4)
2011 3 7 2
Change in Operating Income -Japan-Change in Operating Income -Japan-
Japan(¥ 1.9 billion) (Unit: billions of yen)
Major reasons for changes in operating income
Impact of disaster, etc.
Impact of pension costs
Impact of depreciation costs
Increase in cost of raw materials, etc
Impact of diffence in net sales
2011.3
(0.2)
(0.5)
(0.6)
(1.0)
0.4
7.2
2012.3
Others
Impact of SG&A expenses
5.3
(0.2)
0.2
32
2011.3 11.9
Change in Operating Income -Overseas-Change in Operating Income -Overseas-
Overseas+ ¥ 0.3 billion (Unit: billions of yen)
Major reasons for changes in operating income
Others
Impact of SG&A expenses
Increase in cost of raw materials, etc.
Impact of soy-sauce price hikes
Impact of increased sales
(0.0)
(0.9)
(0.7)
0.7
2.1
2012.3
Translation difference
12.2
(0.8)
(0.0)
33
Change in Consolidated Balance SheetsChange 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 C t t +25 4 Li biliti +28 1Current assets +25.4 Liabilities +28.1
Cash and deposits (1.9) Interest bearing debt +29.4 Notes and accounts Trade notes and accounts payable,receivable-trade other accounts payableShort-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
(0 9) 0 8
+3.5 +0.1
34
Intangible assets (0.9) Valuation difference on available-for-sale securities +0.8 Investments and other assets +6.2 Foreign currency translation adjustments (0.6)
Minority interests (0.3) Other (0.3)
Consolidated Cash FlowsConsolidated Cash Flows
Net CF( a. + b. + c. + d. ) = +17.0 (Unit: billions of yen)
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 +12.6 2' Purchase of property, plantp p p y, pIncome 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 Cash flows from financing activities d Effect of exchange rate (0 5)
35
c. Cash flows from financing activities d. Effect of exchange rate (0.5)
+25.8
Proceeds from issuance of bonds +29.8
Loans payable (0.8)
Cash dividends paid and etc. (3.2)
Forecast for Fiscal 2013 Assumptions made for full-year forecastsForecast for Fiscal 2013 Assumptions made for full-year forecasts
Exchange rates¥78/US$, ¥100/EUR
Cost increase in raw materialsConsolidated total ¥700 million (Japan ¥500 million, Overseas ¥200 million)
[Underlying assumptions]Chicago soybean futures, $13 to $14/bushelWheat, $6.5/bushelCrude oil, around $115/barrel
36
Impact of the shortage and price increase ofelectricity
This will be absorbed as much as possible by thorough production planning and energy conservation
Forecast for Fiscal 2013Forecast for Fiscal 2013【Full year】 Consolidated (Compared with Fiscal 2012 Actual) (Unit: billions of yen)
Breakdown of change
Fiscal 2013Forecast
Fiscal 2012Actual
ChangeIncrease /Decrease
%TranslationDifference
ActualDifference %
Net Sales 291.0 283.2 7.8 102.7 (3.7) 11.5 104.1( )
Japan 160.0 157.0 3.0 101.9 3.0 101.9
Overseas 133.0 128.3 4.7 103.6 (3.7) 8.4 106.5
Operating Income 19.0 17.8 1.2 107.0 (0.4) 1.6 109.0
Japan 6.0 5.3 0.7 113.1 0.7 113.1
Overseas 13.2 12.2 1.0 108.3 (0.4) 1.4 111.2
Ordinary income 16.7 15.2 1.5 109.6 (0.4) 1.8 111.9
37
Income before incometaxes and minorityinterests
16.7 15.4 1.3 108.2 (0.4) 1.6 110.5
Net Income 10.0 9.0 1.0 111.3 (0.2) 1.3 113.9Exchange Rate(\/US$) 78.0 79.3 (1.3)
(\/EUR) 100.0 110.2 (10.2)
Forecast for Fiscal 2013Forecast for Fiscal 2013【Full year】 Net Sales(Compared with Fiscal 2012) (Unit: billions of yen)
Breakdown of change
TranslationDifference
ActualDifference %
Japan Soy Sauce 46.4 46.4 (0.0) 100.0 (0.0) 100.0Food Products 57.5 56.4 1.1 102.0 1.1 102.0Beverages 34.5 33.0 1.5 104.6 1.5 104.6
Fiscal 2013Forecast
Fiscal 2012Actual
ChangeIncrease /Decrease
%
Sake and Wine 12.4 12.3 0.1 101.0 0.1 101.0Eliminations (0.2) (0.1) (0.1) (0.1)
150.6 147.9 2.7 101.8 2.7 101.8
Others 20.5 20.5 (0.0) 100.0 (0.0) 100.0Eliminations (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) 3.0 103.1Europe 13.6 13.0 0.6 104.8 (1.2) 1.8 113.9Asia & Oceania 16.7 15.8 0.9 105.6 (0.5) 1.4 108.9Others 25.2 24.2 1.0 104.3 1.0 104.3
Foods-Manufacturingand sales
38
Eliminations (20.0) (21.2) 1.2 0.0 1.1Total 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 0.6 104.9Eliminations (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)
Forecast for Fiscal 2013 -Japan-Forecast for Fiscal 2013 -Japan-【Full year】 Net Sales(Compared with Fiscal 2012) (Unit: billions of yen)
Japan Soy Sauce 46.4 46.4 (0.0) 100.0Food Products 57.5 56.4 1.1 102.0
Fiscal 2013Forecast
Fiscal 2012Actual
ChangeIncrease /Decrease
%
[Major reasons for the forecast change]S C ti d i i hi t l f t f th It d Shi i
Beverages 34.5 33.0 1.5 104.6Sake and Wine 12.4 12.3 0.1 101.0Eliminations (0.2) (0.1) (0.1)
150.6 147.9 2.7 101.8
Others 20.5 20.5 (0.0) 100.0Eliminations (11.1) (11.4) 0.3
Total 160.0 157.0 3.0 101.9
Foods-Manufacturingand sales
39
・Soy sauce Continued increase in shipment volume forecast for the Itsudemo Shinsen series.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
Forecast for Fiscal 2013 -Overseas-Forecast for Fiscal 2013 -Overseas-【Full year】 Net Sales(Compared with Fiscal 2012) (Unit: billions of yen)
Breakdown of change
Fiscal2013
Forecast
Fiscal2012
Actual
ChangeIncrease /Decrease
%TranslationDifference
ActualDifference
%
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
Forecasted YoY Change in Overseas
( ) ( )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) 1.1 113.9Asia & 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) 0.8 110.9Others 25.2 24.2 1.0 104.3 1.0 104.3Eliminations (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 0 110 2 (10 2)
40
[Major reasons for the forecast change on a local currency basis]
・Sales are forecast to increase in all businesssegments in all regions
Full yearForecast
1st halfApr.-Sep.Forecast
2nd halfOct.-Mar.Forecast
North America 103 101 106Europe 112 112 113Asia & Oceania 108 109 107
gSoy Sauce Sales Volume (%)
(\/EUR) 100.0 110.2 (10.2)
Forecast for Fiscal 2013 Forecast for Fiscal 2013 【Full year】 Operating Income(Compared with Fiscal 2012)
Breakdown of change
TranslationDifference
ActualDifference %
Japan 4.7 3.6 1.1 130.2 1.1 130.2
Fiscal 2013Forecast
Fiscal 2012Actual
ChangeIncrease /Decrease
%
Foods-Manufacturingand 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
41
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)
2012.3 5.3
Breakdown of Forecasted Change in Operating Income -Japan-Breakdown of Forecasted Change in Operating Income -Japan-Major Reasons for Forecasted Change in Operating Income
Japan+ ¥ 0.7 billion (Unit: billions of yen)
Impact of SG&A
Impact of pensonnel costs
Impact of depreciation costs
Increase in cost of raw materials, etc
Impact of diffence in net sales
(0 3)
0.1
0.4
(0.5)
0.9
2013.3
Others
expenses
6.0
0.1
(0.3)
42
2012.3 12.2
Breakdown of Forecasted Change in Operating Income -Overseas-Breakdown of Forecasted Change in Operating Income -Overseas-Major Reasons for Forecasted Change in Operating Income
Overseas+ ¥ 1.0 billion (Unit: billions of yen)
Others
Impact of SG&A expenses
Increase in cost of raw materials, etc.
Impact of soy-sauce price hikes
Impact of increased sales
(0.0)
(0.7)
(0.2)
0.3
2.0
2013.3
Translation difference
13.2
(0.4)
43
44