Interim report
Page 1
DISCLAIMER: This document has been translated from a part of the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail. May 12, 2025 Consolidated Financial Results for the Fiscal Year Ended March 31, 2025 (Under Japanese GAAP) Company name: MATSUYA FOODS HOLDINGS CO., LTD. Listing: Tokyo Stock Exchange Securities code: 9887 URL: http://www.matsuyafoods-holdings.co.jp Representative: Kazutoshi Kawarabuki, President and Representative Director Inquiries: Youichi Nakamura, Director Telephone: +81-422-38-1121 Scheduled date of annual general meeting of shareholders: June 26, 2025 Scheduled date to commence dividend payments: June 27, 2025 Scheduled date to file annual securities report: June 25, 2025 Preparation of supplementary material on financial results: Yes Holding of financial results briefing: Yes (for analysts) (Yen amounts are rounded down to millions, unless otherwise noted.) 1. Consolidated financial results for the fiscal year ended March 31, 2025 (from April 1, 2024 to March 31, 2025) (1) Consolidated operating results (Percentages indicate year-on-year changes.) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Fiscal year ended Millions of yen % Millions of yen % Millions of yen % Millions of yen % March 31, 2025 154,223 20.9 4,406 (17.2) 5,149 (13.9) 2,185 (25.0) March 31, 2024 127,611 19.7 5,322 262.5 5,978 52.7 2,915 132.3 Note: Comprehensive income For the fiscal year ended March 31, 2025: ¥2,200 million [(29.2)%] For the fiscal year ended March 31, 2024: ¥3,106 million [150.9%] Basic earnings per share Diluted earnings per share Return on equity Ratio of ordinary profit to total assets Ratio of operating profit to net sales Fiscal year ended Yen Yen % % % March 31, 2025 114.67 - 4.9 5.3 2.9 March 31, 2024 152.94 - 6.8 7.0 4.2 (2) Consolidated financial position Total assets Net assets Equity-to-asset ratio Net assets per share As of Millions of yen Millions of yen % Yen March 31, 2025 104,155 45,615 43.8 2,392.83 March 31, 2024 91,120 43,873 48.1 2,301.46 Reference: Equity As of March 31, 2025: ¥45,615 million As of March 31, 2024: ¥43,873 million (3) Consolidated cash flows Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Cash and cash equivalents at end of period Fiscal year ended Millions of yen Millions of yen Millions of yen Millions of yen March 31, 2025 8,322 (17,739) 7,143 13,767 March 31, 2024 13,236 (11,888) 2,741 16,020 2. Cash dividends Annual dividends per share Total cash dividends (Total) Payout ratio (Consolidated) Ratio of dividends to net assets (Consolidated) First quarter- end Second quarter- end Third quarter- end Fiscal year-end Total Yen Yen Yen Yen Yen Millions of yen % % Fiscal year ended March 31, 2024 - 12.00 - 12.00 24.00 457 15.7 1.1 Fiscal year ended March 31, 2025 - 12.00 - 12.00 24.00 457 20.9 1.0 Fiscal year ending March 31, 2026 (Forecast) 12.00 12.00 24.00 41.6
Page 2
3. Forecast of consolidated financial results for the fiscal year ending March 31, 2025 (from April 1, 2024 to March 31, 2025) (Percentages indicate year-on-year changes.) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Basic earnings per share Millions of yen % Millions of yen % Millions of yen % Millions of yen % Yen Six months ending September 30, 2025 82,350 13.8 500 (73.5) 800 (63.8) 200 (74.5) 10.49 Fiscal year ending March 31, 2026 171,300 11.1 2,400 (45.5) 3,200 (37.9) 1,100 (49.7) 57.70
Page 3
* Notes (1) Significant changes in the scope of consolidation during the period: None Newly included: 0 company () Excluded: 0 company () (2) Changes in accounting policies, changes in accounting estimates, and restatement (i) Changes in accounting policies due to revisions to accounting standards and other regulations: None (ii) Changes in accounting policies due to other reasons: None (iii) Changes in accounting estimates: None (iv) Restatement: None (3) Number of issued shares (common shares) (i) Total number of issued shares at the end of the period (including treasury shares) As of March 31, 2025 19,063,968 shares As of March 31, 2024 19,063,968 shares (ii) Number of treasury shares at the end of the period As of March 31, 2025 625 shares As of March 31, 2024 435 shares (iii) Average number of shares outstanding during the period Fiscal year ended March 31, 2025 19,063,428 shares Fiscal year ended March 31, 2024 19,063,616 shares * Financial results reports are exempt from audit conducted by certified public accountants or an audit firm. * Proper use of earnings forecasts, and other special matters (Cautions on forward-looking statements, etc.) The forward-looking statements, including forecasts of financial results, contained in these materials are based on information currently available to the Company and on certain assumptions deemed to be reasonable. However, the Company makes no guarantee that these forecasts will be achieved. Actual financial results, etc. may differ substantially due to various factors. For the conditions on which earnings forecasts are predicated and precautions for using earnings forecasts, please refer to P3 "1. Summary of Operating Results (4) Future Outlook" in this section. (Method of accessing supplementary material on financial results) Supplementary financial results materials are scheduled to be released on the Company's website on May 12, 2025. http://www.matsuyafoods-holdings.co.jp
Page 4
Consolidated balance sheet (Thousands of yen) As of March 31, 2024 As of March 31, 2025 Assets Current assets Cash and deposits 19,120,428 16,867,291 Notes and accounts receivable - trade, and contract assets 4,517,253 5,211,784 Merchandise and finished goods 1,373,299 1,653,380 Raw materials and supplies 4,815,812 7,803,251 Other 2,340,816 2,432,663 Total current assets 32,167,609 33,968,372 Non-current assets Property, plant and equipment Buildings and structures 56,405,379 65,656,257 Accumulated depreciation (34,088,465) (36,175,801) Buildings and structures, net 22,316,914 29,480,456 Machinery, equipment and vehicles 8,533,757 9,287,466 Accumulated depreciation (6,301,636) (6,737,296) Machinery, equipment and vehicles, net 2,232,120 2,550,170 Tools, furniture and fixtures 12,160,386 14,141,665 Accumulated depreciation (8,851,867) (9,680,416) Tools, furniture and fixtures, net 3,308,519 4,461,249 Land 9,344,473 9,344,473 Leased assets 3,925,420 4,052,946 Accumulated depreciation (1,458,061) (1,687,204) Leased assets, net 2,467,359 2,365,742 Other 732,373 1,021,511 Accumulated depreciation (192,717) (314,616) Other, net 539,655 706,894 Construction in progress 349,121 437,058 Total property, plant and equipment 40,558,163 49,346,045 Intangible assets Software 379,228 437,334 Other 110,118 78,845 Total intangible assets 489,346 516,180 Investments and other assets Investment securities 91,301 102,940 Leasehold and guarantee deposits 12,177,859 13,244,947 Long-term prepaid expenses 389,817 524,474 Deposits for stores in preparation 689,909 735,158 Deferred tax assets 3,676,626 3,625,314 Investment property 398,473 357,630 Accumulated depreciation (297,758) (270,380) Investment property, net 100,714 87,250 Other 789,098 2,014,517 Allowance for doubtful accounts (9,650) (10,166) Total investments and other assets 17,905,677 20,324,436 Total non-current assets 58,953,187 70,186,662 Total assets 91,120,797 104,155,034
Page 5
(Thousands of yen) As of March 31, 2024 As of March 31, 2025 Liabilities Current liabilities Accounts payable - trade 2,775,744 4,414,896 Current portion of long-term borrowings 5,596,116 7,354,524 Accounts payable - other 6,757,413 7,610,299 Lease liabilities 776,867 922,746 Income taxes payable 1,567,640 1,487,392 Provision for bonuses 1,306,865 1,380,540 Other 3,193,849 2,828,602 Total current liabilities 21,974,496 25,999,001 Non-current liabilities Long-term borrowings 17,708,058 24,664,903 Provision for retirement benefits for directors (and other officers) 567,800 567,800 Lease liabilities 2,510,214 2,428,675 Asset retirement obligations 4,341,955 4,730,724 Deferred tax liabilities 2,038 2,359 Other 142,252 146,180 Total non-current liabilities 25,272,318 32,540,643 Total liabilities 47,246,815 58,539,645 Net assets Shareholders' equity Share capital 6,655,932 6,655,932 Capital surplus 6,976,404 6,976,404 Retained earnings 30,148,225 31,876,698 Treasury shares (1,430) (2,638) Total shareholders' equity 43,779,131 45,506,396 Accumulated other comprehensive income Valuation difference on available-for-sale securities 1,935 1,587 Foreign currency translation adjustment 92,914 107,405 Total accumulated other comprehensive income 94,850 108,992 Total net assets 43,873,981 45,615,389 Total liabilities and net assets 91,120,797 104,155,034
Page 6
Consolidated statement of income (Thousands of yen) Fiscal year ended March 31, 2024 Fiscal year ended March 31, 2025 Net sales 127,611,491 154,223,084 Cost of sales 43,611,731 55,635,595 Gross profit 83,999,759 98,587,489 Selling, general and administrative expenses 78,676,996 94,180,764 Operating profit 5,322,763 4,406,724 Non-operating income Interest income 20,960 40,444 Dividend income 1,878 1,887 Rental income 198,732 198,838 Sponsorship money income 53,666 58,534 Outsourcing service income 284,875 565,837 Other 486,159 384,829 Total non-operating income 1,046,273 1,250,371 Non-operating expenses Interest expenses 112,612 199,925 Rental expenses 195,507 193,834 Other 82,170 114,272 Total non-operating expenses 390,290 508,032 Ordinary profit 5,978,746 5,149,064 Extraordinary income Gain on sale of non-current assets 6,911 197 Gain on receipt of donated non-current assets 10,124 - Insurance claim income - 68,676 Compensation for expropriation 128,633 41,003 Other 257 - Total extraordinary income 145,926 109,877 Extraordinary losses Loss on sale of non-current assets 40,692 4,968 Loss on retirement of non-current assets 15,794 14,838 Loss on store closings 11,740 328 Impairment losses 1,238,781 854,445 Loss on reversal of foreign currency translation adjustment 133,179 - Other 17,333 74,912 Total extraordinary losses 1,457,522 949,492 Profit before income taxes 4,667,151 4,309,449 Income taxes - current 1,941,445 2,071,576 Income taxes - deferred (189,806) 51,876 Total income taxes 1,751,639 2,123,452 Profit 2,915,512 2,185,996 Profit attributable to owners of parent 2,915,512 2,185,996
Page 7
Consolidated statement of comprehensive income (Thousands of yen) Fiscal year ended March 31, 2024 Fiscal year ended March 31, 2025 Profit 2,915,512 2,185,996 Other comprehensive income Valuation difference on available-for-sale securities 811 (348) Foreign currency translation adjustment 190,060 14,490 Total other comprehensive income 190,872 14,142 Comprehensive income 3,106,384 2,200,139 Comprehensive income attributable to Comprehensive income attributable to owners of parent 3,106,384 2,200,139 Comprehensive income attributable to non-controlling interests - -
Page 8
Consolidated statement of changes in equity Fiscal year ended March 31, 2024 (Thousands of yen) Shareholders' equity Accumulated other comprehensive income Total net assets Share capital Capital surplus Retained earnings Treasury shares Total shareholders' equity V aluation difference on available-for-sale securities Foreign currency translation adjustment Total accumulated other comprehensive income Balance at beginning of period 6,655,932 6,976,341 27,867,606 (726) 41,499,153 1,123 (97,145) (96,021) 41,403,131 Dividends of surplus (457,527) (457,527) (457,527) Profit (loss) attributable to owners of parent 2,915,512 2,915,512 2,915,512 Purchase of treasury shares (782) (782) (782) Disposal of treasury shares 63 77 141 141 Change in scope of consolidation (177,365) (177,365) (177,365) Net changes in items other than shareholders' equity 811 190,060 190,872 190,872 Total changes during period - 63 2,280,619 (704) 2,279,978 811 190,060 190,872 2,470,850 Balance at end of period 6,655,932 6,976,404 30,148,225 (1,430) 43,779,131 1,935 92,914 94,850 43,873,981 Consolidated statement of changes in equity Fiscal year ended March 31, 2025 (Thousands of yen) Shareholders' equity Accumulated other comprehensive income Total net assets Share capital Capital surplus Retained earnings Treasury shares Total shareholders' equity V aluation difference on available-for-sale securities Foreign currency translation adjustment Total accumulated other comprehensive income Balance at beginning of period 6,655,932 6,976,404 30,148,225 (1,430) 43,779,131 1,935 92,914 94,850 43,873,981 Dividends of surplus (457,523) (457,523) (457,523) Profit (loss) attributable to owners of parent 2,185,996 2,185,996 2,185,996 Purchase of treasury shares (1,208) (1,208) (1,208) Disposal of treasury shares Change in scope of consolidation Net changes in items other than shareholders' equity (348) 14,490 14,142 14,142 Total changes during period - - 1,728,472 (1,208) 1,727,264 (348) 14,490 14,142 1,741,407 Balance at end of period 6,655,932 6,976,404 31,876,698 (2,638) 45,506,396 1,587 107,405 108,992 45,615,389
Page 9
Consolidated statement of cash flows (Thousands of yen) Fiscal year ended March 31, 2024 Fiscal year ended March 31, 2025 Cash flows from operating activities Profit before income taxes 4,667,151 4,309,449 Depreciation and amortization 4,543,653 5,653,106 Impairment losses 1,238,781 854,445 Increase (decrease) in provision for bonuses (857) 72,789 Interest and dividend income (22,838) (42,331) Interest expenses 112,612 199,925 Loss (gain) on sale and retirement of property, plant and equipment (79,057) (21,394) Loss on store closings 11,740 328 Transfer adjust exrenses from construction in progress and deposits for stores in preparation 1,793,093 2,314,323 Decrease (increase) in trade receivables (1,349,060) (691,929) Decrease (increase) in inventories 1,388,805 (3,573,323) Increase (decrease) in trade payables 441,577 1,635,498 Increase (decrease) in accrued consumption taxes (158,629) (637,350) Decrease (increase) in consumption taxes refund receivable (28,758) 28,758 Other, net 1,785,378 413,643 Subtotal 14,343,591 10,515,941 Income taxes paid (1,107,488) (2,193,344) Net cash provided by (used in) operating activities 13,236,102 8,322,597 Cash flows from investing activities Purchase of property,plant,equipment and the increase of construction in progress (9,157,816) (14,354,111) Proceeds from sales of property,plant and equipment and expropriation 269,614 41,556 Expenses from the increase of lease,guarantee deposits,and deposits for stores in preparation (1,594,448) (2,077,137) Proceeds from collection of lease,guarantee deposits,and deposits for stores in preparation 68,066 148,341 Interest and dividends received 7,176 21,087 Purchase of shares of subsidiaries and associates (322,531) (1,225,914) Other, net (1,158,732) (293,713) Net cash provided by (used in) investing activities (11,888,671) (17,739,892) Cash flows from financing activities Proceeds from short-term borrowings 6,500,000 11,000,000 Repayments of short-term borrowings (6,525,766) (11,000,000) Proceeds from long-term borrowings 8,500,000 14,500,000 Repayments of long-term borrowings (4,503,351) (5,784,747) Repayments of lease liabilities (661,582) (919,168) Proceeds from sale of treasury shares 141 - Purchase of treasury shares (782) (1,208) Interest paid (109,753) (193,586) Dividends paid (457,527) (457,523) Net cash provided by (used in) financing activities 2,741,378 7,143,766 Effect of exchange rate change on cash and cash equivalents 5,999 20,392 Net increase (decrease) in cash and cash equivalents 4,094,808 (2,253,136) Cash and cash equivalents at beginning of period 11,779,375 16,020,428 Increase (decrease) in cash and cash equivalents resulting from change in scope of consolidation 146,243 - Cash and cash equivalents at end of period 16,020,428 13,767,291
Page 10
(Notes on segment information, etc.) Segment Information I. the previous fiscal year (April 1, 2023 to March 31, 2024) The Group's description is omitted because it is a single segment of the food and beverage business. II. the current fiscal year (April 1, 2024 to March 31, 2025) The Group's description is omitted because it is a single segment of the food and beverage business. Related Information The previous fiscal year (April 1, 2023 to March 31, 2024) 1. Product and Service Information This statement is omitted because sales to external customers in the food and beverage business exceed 90% of sales in the co nsolidated statements of income. 2. Regional Information (1) Net sales Since sales to external customers in Japan exceed 90% of sales in the consolidated statements of income, the description is o mitted. (2) Property, plant and equipment The amount of property, plant and equipment located in Japan exceeds 90% of the property, plant and equipment on the consolidated balance sheet, so the description is omitted. 3. Information per main customer Not applicable. The current fiscal year (April 1, 2024 to March 31, 2025) 1. Product and Service Information This statement is omitted because sales to external customers in the food and beverage business exceed 90% of sales in the co nsolidated statements of income. 2. Regional Information (1) Net sales Since sales to external customers in Japan exceed 90% of sales in the consolidated statements of income, the description is o mitted. (2) Property, plant and equipment The amount of property, plant and equipment located in Japan exceeds 90% of the property, plant and equipment on the consolid ated balance sheet, so the description is omitted. 3. Information per main customer Not applicable. Information on impairment losses on fixed assets by reporting segment The previous fiscal year (April 1, 2023 to March 31, 2024) The Group's description is omitted because it is a single segment of the food and beverage business. The current fiscal year (April 1, 2024 to March 31, 2025) The Group's description is omitted because it is a single segment of the food and beverage business. Information on amortization and unamortized balances of goodwill by reporting segment The previous fiscal year (April 1, 2023 to March 31, 2024) Not applicable. The current fiscal year (April 1, 2024 to March 31, 2025) Not applicable. Information on Negative Goodwill Accrual Gains by Reporting Segment The previous fiscal year (April 1, 2023 to March 31, 2024) Not applicable. The current fiscal year (April 1, 2024 to March 31, 2025) Not applicable.