日本水産（1332） – Consolidated Financial Report for 3Q of FY2021

February 4, 2022 Consolidated Financial Report for the 3rd Quarter of the Fiscal Year 2021 (April 1, 2021, through December 31, 2021) Qualification: This is directly translated into English for readers’ convenience, and all financial results conform with the accounting principles generally accepted in Japan. Company: Nippon Suisan Kaisha, Ltd. Listed on Tokyo Stock Exchange with the register code 1332 https://www.nissui.co.jp/english/index.html (Amounts less than one million yen are omitted) 1. Consolidated Financial Data of 3rd Quarter of FY2021(1) Consolidated Financial Results (For Nine months ended December 31, 2021)(Each percentage shows changes year-on-year) Net SalesOperating profitOrdinary profit3rd Quarter of FY2021Million yen525,279%12.7Million yen24,652%63.7Million yen29,330%56.0Profit attributable toowners of parentMillion yen16,601%25.93rd Quarter of FY2020466,283-15,064-18,800-13,190-(Note) Comprehensive income 3rd Quarter of FY2021 21,446 Million yen (41.3%) 3rd Quarter of FY2020 15,178 Million yen (-%) Earnings per shareYen53.3542.39Diluted income pershareYen–3rd Quarter of FY20213rdQuarter of FY2020(Note) Nissui has adopted the “Accounting Standard for Revenue Recognition” (ASBJ Statement No.29, March 31, 2020), etc., from the first quarter of the current consolidated fiscal year. Accordingly, all figures for the third quarter of the fiscal year ended March 31, 2021, have been retroactively adopted to the above accounting standards; thus, we do not describe the difference in percentage between the previous fiscal year and the year before. (2) Consolidated Financial Position of 3rd Quarter3rd Quarter of FY2021FY2020Total assetsMillion yen519,898475,468Net assetsMillion yen204,735187,779Equity ratio%35.835.6 Ref.): Total shareholders’ equity As of December 31, 2021, 186,125 million yen (Note) Nissui has adopted the “Accounting Standard for Revenue Recognition” (ASBJ Statement No 29, March 31, 2020), etc., from the first quarter of the current consolidated fiscal year. Accordingly, the figures for the third quarter of the fiscal year ended March 31, 2021, have been retroactively adopted to the above accounting standards. As of March 31, 2021, 169,427 million yen 2. DividendDividend per shareFY2020FY2021FY2021(forecast)1st QuarterYen–2nd QuarterYen4.006.003rd QuarterYen–4th QuarterYenFiscal YearYen5.505.009.5011.00(Note) Revision to dividend forecast during the current quarter: None 13. Consolidated Forecast for FY2021(April 1, 2021, through March 31, 2022) Net SalesOperating profitOridnary profitFY2021Million yen690,000%12.2Million yen27,000%50.0Million yen33,000%45.6(Each percentage shows changes year-on-year) Profit attributable toowners of parent%25.1Million yen18,000Earnings pershareyen57.84 (Note) Revision during the current quarter to the consolidated forecast for FY2021: Yes (Note) Nissui has adopted the “Accounting Standard for Revenue Recognition” (ASBJ Statement No.29, March 31, 2020), etc., from the first quarter of the current consolidated fiscal year. Accordingly, the percentage change from the previous year has retroactively adopted the above accounting standards. * Notes 1) Changes in the scope of consolidation due to transfer of significant subsidiaries during the term: None 2) Adoption of accounting treatment unique to the preparation of quarterly consolidated financial statement: None 3) Changes in accounting policy, Changes in accounting estimate, and restatement: Changes in accounting policy associated with the revision of the accounting standard, etc.: Yes Changes in accounting policy other than those stated above: None Changes in accounting estimate: None Restatement: None i. ii. iii. iv. i. ii. iii. 4) Number of issued shares (Common stock) Number of issued shares at the end of the term (Including treasury stock) Number of treasury stock at the end of the term The average number of shares during the term (For the current consolidated first quarter) 3Q of FY2021 3Q of FY20213Q of FY2021312,430,277 FY20201,192,575 FY2020311,196,285 3Q of FY2020312,430,2771,296,387311,140,270(Note) Nissui has introduced the “Board Benefit Trust (BBT)” as its performance-linked stock-based compensation plan since FY2018, and its own shares remaining in the Trust is included as treasury shares. The number of treasury stocks at the end of the term was 223,600, and the average number of shares during the term was 266,748. * The summary of financial results is not subject to audits. *Explanation on the proper use of the forecasts and other noteworthy items This report’s performance forecasts are based on available information, and certain premises thought to be reasonable. Accordingly, the results may change substantially due to various factors. For conditions from which the premises for the forecasts were derived and the other noteworthy items relating to the use of the forecasts, please refer to “(3) Explanation on Consolidated Financial Forecasts” on page 6 of Qualitative information for the third quarter of the fiscal year ending March 31, 2022. *Supplemental Documents for the 3rd Quarter of FY2021 was disclosed on TD-net (Timely Disclosure network) on the same day. 21. Qualitative information for the third quarter of the fiscal year ending March 31, 2022 (1) Explanation on consolidated financial results Nissui has adopted the “Accounting Standard for Revenue Recognition” (ASBJ Statement No.29, March 31, 2020), etc., from the first quarter of the current consolidated fiscal year and compared and analyzed the same period of the previous year and the previous fiscal year, which had been adopted the accounting standard retroactively. During the third quarter of the consolidated fiscal year under review, the Japanese economy witnessed corporate earnings improve, mainly in the manufacturing industry, thanks to the various economic policies launched by the Japanese Government. Also, personal consumption was recovering since the emergency declaration, and pre-emergency measures were lifted on September 30, 2021. In terms of the global economy during the period subject to consolidated accounting from January to September, consumer spending and capital investment increased after the restriction on going out, etc., were gradually lifted in the background of vaccination spread. Meanwhile, the number of people infected with COVID-19 was rising in the United States and Europe at the same time. While economic activities are recovering in Japan and overseas, we cannot see the end of the novel coronavirus because of the outbreak of mutant viruses. Also, the situation is still unclear as there is confusion in logistics caused by container shortage and rising shipping costs, along with hiking raw material prices and labor costs. The Company and its corporate group showed improvement in the aquaculture business inside and outside Japan. Sales of marine products improved following the recovery of economic activity. On the other hand, the Japanese fishery and Alaskan pollock processing business struggled. The sales for household and foodservice in the food products business stayed firm in Europe and the USA. Under these circumstances, the consolidated financial results through the third quarter of the consolidated fiscal year under review were as follows: net sales were 525,279 million yen, up 58,995 million yen year-on-year; operating profit was 24,652 million yen, up 9,588 million yen year-on-year; ordinary profit was 29,330 million yen, up 10,529 million yen year-on-year. Regarding extraordinary profit or loss, there were indications of impairment on non-current assets of UniSea, Inc., one of the consolidated companies of Nissui, in the United States. As a result of evaluating the collectability of the fixed assets by estimating future cash flows considering the current business environment, we posted 5,002 million yen as the impairment loss for the 3rd Quarter of the fiscal year ending March 31, 2022. Thus, the profit attributable to the owners of the parent company was 16,601 million yen, up 3,411 million yen year-on-year. (For the details, please refer to” Notice concerning recording of extraordinary loss (impairment loss)” disclosed today.) We once again discuss our medium-to-long-term vision and strategies to realize our vision in the current fiscal year and make steady efforts to strengthen the constitution for the upcoming mid-to-long-term management plan. Specifically, we will position it as “time to solidify the foundation for overcoming weak points, developing strengths, and regrowing,” and rebuild our domestic aquaculture business and chilled business immediately in addition to the launch of sales of pure EPA active pharmaceutical ingredients for overseas market. Also, we will expand and strengthen products that are delicious and contribute to health that responds to the changes in lifestyles and needs, such as restrictions on going out and increasing work from home on a global scale. As for our measures against COVID-19, we will continue to implement workstyles for employees to realize the 3Cs, namely avoiding “closed spaces,” “crowded places,” and “close-contact settings,” by combining “working from home“and ”web meetings,” etc., to prevent the spread of infection. We are committed to continuing with measures to prevent infection, ensuring our business partner’s and employees’ safety, and thereby fulfilling our responsibilities to produce and supply food. 3Net SalesOperating ProfitOrdinary Profit 3Q of FY20213Q of FY2020Difference525,279466,28358,995112.7%Percentage difference (%) The summary by segment is as follows. Marine ProductsFood ProductsFine ChemicalsGeneral DistributionOther (Note)Common CostsTotal217,934250,14324,37812,16120,661-24,92822,8215,381(728)6,592-24,65215,0649,588163.7%112.9%110.0%128.3%94.3%146.9%-% (Unit: million yen) Profit attributable toowners of parent16,60113,1903,411125.9% 29,33018,80010,529156.0%11,28113,4403,0381,797811(5,716)24,6526,0292,4871,098(11)266(283)9,588214.8%122.7%156.6%99.4%148.9%105.2%163.7% Net SalesIncrease/Decrease(Y-on-Y)Y-on-YOperating ProfitIncrease/Decrease(Y-on-Y)Y-on-Y(Unit: million yen) 525,27958,995112.7%(Note) “Other” refers to Engineering (planning, design, construction of plants and equipment) business, Ship Operation Business, etc. (1) Marine Products Business The Marine Products segment is engaged in the fishery, aquaculture, and seafood processing and trading businesses. We recorded 217,934 million yen (up 24,928 million yen year-on-year) in the sales and operating profit of 11,281 million yen (up 6,029 million yen year-on-year) in the Marine Products Business. Fishery Business: Revenue decreased, but income increased year on year. ・In Japan, both revenue and income decreased as the catch of skipjack and buri yellowtail were poor. Income increased in South America as the countermeasure costs for coronavirus decreased compared to the last year. Aquaculture Business: Both revenue and income increased year-on-year. [Japan] ・The sales price of buri yellowtail and Coho salmon were steady. Also, the cost reduction in tuna farming, which struggled last year, effect the result. As a result, both revenue and income increased. [South America] ・Both sales and profit increased thanks to the increasing sales volume of salmon/trout. Seafood Processing and Trading Business: Both revenue and income increased year-on-year. [Japan] ・Revenue and income increased as the fish price rose since the sales price of main species such as salmon/trout increased. 4[ North America] ・Revenue and income increased as the sales were steady following the recovery of economic activities. However, the production volume of fillet and pollock roe declined due to the epidemic of COVID-19 at pollock processing factories in Alaska, USA. In addition, there was an increase in cost for countermeasures for coronavirus than expected. [Europe] ・Both revenue and income increased as the sales were firm after economic activities improved. (2) Food Products Business The Food Products segment is engaged in the food processing and chilled foods businesses. We recorded 250,143 million yen (up 22,821 million yen year-on-year) in sales and operating profit of 13,440 million yen (up 2,487 million yen year-on-year). Processed Foods Business: Both revenue and income increased year-on-year. [Japan] ・Revenue increased but income decreased due to rising material costs such as surimi while sales were steady. [North America and Europe] ・Revenue and income grew as sales for foodservice expanded as the demand for dining out improved, whereas sales for household use stayed healthy. Chilled Foods Business: Both revenue and income increased year-on-year. ・Income increased as the sales of chilled lunch boxes (Note1) and rice balls for convenience stores improved. Also, there was a cost reduction effect. (3) Fine Chemicals Business The Fine Chemicals segment is engaged in manufacturing and selling pharmaceutical raw materials, functional raw materials (Note2), functional foods (Note 3), diagnostic medicines, and test drugs. We recorded 24,378 million yen (up 5,381 million yen year-on-year) in sales and operating profit of 3,038 million yen (up 1,098 million yen year-on-year) in the Fine Chemicals Business. [Pharmaceutical Raw Materials, Functional Raw Materials and Functional Foods] ・Revenue and income increased thanks to the strong mail-order sales of functional foods. [Clinical Diagnostic and Test Drug] ・Revenue and income increased as PCR testing agents for the COVID-19 and culture media for overseas sold well. (4) General Distribution Business The General Distribution segment is engaged in the cold storage, transportation, and customs clearing businesses. We recorded 12,161 million yen (down 728 million yen year-on-year) in sales and operating profit of 1,797 million yen (down 11 million yen year-on-year) in the General Distribution Business. ・Revenue decreased due to the partial business transfer. 5 (Note 1) Products that can reduce food loss can be sold for a more extended period and kept fresh than lunch boxes for ordinary temperature by distributing and selling in a refrigerated state (around five centigrade). (Note 2) EPA, DHA, and others, mainly used as ingredients of health supplements and infant formula (Note 3) Supplements such as “Sesame soy milk” functional food and “i-mark S,” food for specified health uses (FOSHU), mainly for online business (2) Explanation on the consolidated financial position State of assets, liabilities, and net assets (Unit: million yen) FY20203Q of FY2021Increase/DecreaseCurrent Assets(Inventories)Non-current AssetsTotal AssetsCurrent LiabilitiesNon-current LiabilitiesTotal LiabilitiesTotal Net Assets231,808129,081243,660475,468153,711133,977287,689187,779276,897138,878243,000519,898183,208131,954315,162204,73545,0889,797(659)44,42929,496(2,023)27,47316,956 Assets Total assets increased by 44,429 million yen compared to the end of the previous consolidated fiscal year to 519,898 million yen (up 9.3%). Current assets increased by 45,088 million yen to 276,897 million yen (up 19.5%). The main reason for this was notes and accounts receivable increased by 31,769 million yen, and inventory increased by 9,797 million yen because of increased sales. Non-current assets decreased by 659 million yen to 243,000 million yen (down 0.3%). Liabilities Total liabilities increased by 27,473 million yen compared to the end of the previous consolidated fiscal year to 315,162 million yen (up 9.5%). Current liabilities increased by 29,496 million yen to 183,208 million yen (up 19.2%), mainly because of an increase in short-term borrowings by 20,250 million yen due to increased demand for working capital and so on. Non-current liabilities decreased by 2,023 million yen to 131,954 million yen (down 1.5%). The main reason was a decrease in long-term borrowings by 4,987 million yen by payback. Net Assets Total net assets increased by 16,956 million yen compared to the end of the previous consolidated fiscal year to 204,735 million yen (up 9.0%), mainly due to posting profit attributable to owners of the parent of 16,601 million yen, payment of dividends of surplus by 3,583 million yen, and an increase in foreign currency translation adjustment by 4,961 million yen due to weak yen. (3) Explanation on Consolidated Financial Forecasts We have revised the financial forecasts for the fiscal year ending March 31, 2022, announced on November 5, 2021. For details, please refer to the” Notice concerning revision (upward revision) of full-year earnings forecast“ announced today (February 4, 2022). 62. 3rd Quarter Consolidated Financial Statements(1) Consolidated Balance SheetFY20203rd Quarter of FY2021As of Mar. 31 ,2021As of Dec. 31, 2021Million yenAssetsCurrent assetsCash and depositsNotes and accounts receivable-tradeSecuritiesMerchandise and finished goodsWork in processRaw materials and suppliesOtherAllowance for doubtful accountsTotal current assetsNon-current assetsProperty, plant and equipmentBuildings and structures, netOther, netTotal property, plant and equipmentIntangible assetsGoodwillOtherTotal intangible assetsInvestments and other assetsInvestment securitiesShares of subsidiaries and associatesLong-term loans receivableRetirement benefit assetDeferred tax assetsOtherAllowance for doubtful accountsTotal investments and other assetsTotal non-current assetsTotal assets10,98676,042(cid:15915)68,22126,05034,80916,035(338)231,80861,07286,355147,4284529,3399,79138,07634,5661,4382292,33114,369(4,573)86,440243,660475,46814,315107,8122673,20027,91537,76216,274(409)276,89759,03184,461143,49370310,62111,32536,28637,9511,0612922,66214,770(4,842)88,182243,000519,898Consolidated7Consolidated Balance SheetLiabilitiesCurrent liabilitiesNotes and accounts payable-tradeShort-term borrowingsIncome taxes payableAccrued expensesProvisionsOtherTotal current liabilitiesNon-current liabilitiesLong-term borrowingsProvisionsRetirement benefit liabilityOtherTotal non-current liabilitiesTotal liabilitiesNet assetsShareholders’ equityShare capitalCapital surplusRetained earningsTreasury sharesTotal shareholders’ equityAccumulated other comprehensive incomeValuation difference on available-for-sale securitiesDeferred gains or losses on hedgesForeign currency translation adjustmentRemeasurements of defined benefit plansTotal accumulated other comprehensive incomeNon-controlling interestsTotal net assetsTotal liabilities and net assetsFY20203rd Quarter of FY2021As of Mar. 31 ,2021As of Dec. 31, 2021Million yen41,70468,5774,20722,8843,47912,857153,711112,23012110,42811,197133,977287,68930,68521,658107,781(476)159,64813,88192(1,056)(3,139)9,77818,352187,779475,46850,30988,8283,75229,3631,6499,305183,208107,2426510,73713,908131,954315,16230,68521,156120,799(414)172,22712,5928483,905(3,447)13,89818,610204,735519,898Consolidated8Gain on sale of investment securitiesShare of profit of entities accounted for using equity method(2) Consolidated Income StatementsNet salesCost of salesGross profitSelling, general and administrative expensesOperating profitNon-operating incomeInterest incomeDividend incomeForeign exchange gainsSubsidy incomeMiscellaneous incomeTotal non-operating incomeNon-operating expensesInterest expensesForeign exchange lossesLoss on sale of investment securitiesMiscellaneous expensesTotal non-operating expensesOrdinary profitExtraordinary incomeGain on sale of non-current assetsGain on sale of investment securitiesInsurance claim incomeGain on change in equityTotal extraordinary incomeExtraordinary lossesLoss on disposal of non-current assetsImpairment lossesLoss on sale of investment securitiesLoss on valuation of investment securitiesLoss on disasterLoss related to disasterTotal extraordinary lossesProfit before income taxesIncome taxes-currentIncome taxes-deferredTotal income taxesProfitProfit attributable to non-controlling interestsProfit attributable to owners of parent3rd Quarter of FY20203rd Quarter of FY2021(Nine months ended Dec. 31, 2020)(Nine months ended Dec. 31, 2021)466,283392,52473,75858,69415,06416537498362,6071,0125854,8811,031(cid:15915)21111,14518,8003531,895(cid:15915)(cid:15915)2,249266(cid:15915)377772(cid:15915)1,11919,9314,9571,3326,29013,64145013,190Million yen525,279438,40986,86962,21624,652129423(cid:15915)(cid:15915)2,7032,2143405,8108649701691,13329,330793411,025581,5043535,077(cid:15915)(cid:15915)669186,11824,7156,2501,0687,31817,39779516,601Consolidated9Consolidated Statements of comprehensive incomeProfitOther comprehensive incomeValuation difference on available-for-sale securitiesDeferred gains or losses on hedgesForeign currency translation adjustmentRemeasurements of defined benefit plans, net of taxShare of other comprehensive income of entities accounted for using equity methodTotal other comprehensive incomeComprehensive income(Breakdown)Comprehensive income attributable to owners of parentComprehensive income attributable to non-controlling interests3rd Quarter of FY20203rd Quarter of FY2021(Nine months ended Dec, 31, 2020)(Nine months ended Dec. 31, 2021)13,6413,242(396)(1,602)334(40)1,53715,17814,394783Million yen17,397(1,220)6364,383(306)5554,04821,44620,721724Consolidated10 (3) Notice concerning the consolidated financial statements (Notes on Going Concern) Not applicable. (Notes Regarding Significant Changes in the Amount of Shareholder’s Equity) Not applicable. (Changes of accounting policy) (Application of accounting standards for revenue recognition) Nissui applied “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020), etc., from the beginning of the first quarter of the consolidated accounting period. When control of a promised good or service is transferred to the customer, revenue is recognized at the amount expected to be received in exchange for the good or service. As a result, the consideration paid to customers, such as rebates, which were previously recorded in selling, general and administrative expenses, is deducted from sales. In Material supplied for a fee, in the past, the transaction volume related to this transaction was recognized as revenue, and the disappearance of raw materials, etc., provided for a fee was identified. However, if the transaction is obliged to buy back, the revenue and the disappearance of raw materials provided for a fee are not recognized. In addition, in some transactions, the total amount of consideration received from customers was recognized as revenue in the past, but for transactions for which the role of the group is an agent, revenue is recognized as a net amount obtained by deducting the purchase amount of the product from the amount received from the customer. Changes in the accounting policy are applied retroactively in principle, and for the previous quarter and the last consolidated fiscal year, the quarterly consolidated financial statements and consolidated financial statements after retroactive application are used. As a result, net sales for the third quarter of the previous fiscal year decreased by 30,916 million yen, and operating profit, ordinary profit, and net income before tax increased by 4 million yen, respectively, compared to before the retroactive application. In addition, the balance of retained earnings at the beginning of the previous fiscal year decreased by 85 million yen since the cumulative impact was reflected in the net assets at the beginning of the last fiscal year. (Application of accounting standards for market value calculation) “Accounting Standard for Market Value Calculation” (ASBJ Statement No. 30, July 4, 2019), etc., was applied from the beginning of the first quarter of this consolidated accounting period. Following Paragraph 19 of the Accounting Standard for Market Value Calculation and the transitional treatment stipulated in Paragraph 44-2 of “Accounting Standard for Financial Instruments” (Corporate Accounting Standard No. 10, July 4, 2019), the new accounting policy stipulated by the market value accounting standards, etc. will be applied in the future. There is no impact on the quarterly consolidated financial statements. 11(Segment Information, etc.) 1. 3rd Quarter of the previous Fiscal Year (April 1, 2020 -December 31, 2020) 1. Information of net sales and profit (loss) by reportable segment (Unit: Million yen) Information by business segmentsMarineProductsFoodProductsFineChemicalsGeneralDistributionTotalOther(Note1)TotalAdjustement(Note 2)Consolidated(Note.3)Sales(Note) 1 (1) Sales to third parties193,005227,32218,99712,889452,21414,068466,283-466,283(2) Inter-segment sales and transfers10,9991,3972257,44920,0701,56721,638(21,638)-Total204,005228,71919,22220,339472,28515,636487,992(21,638)466,283Segment income (loss)5,25110,9521,9391,80819,95254420,497(5,433)15,064 The “Other” segment includes the building/repairing ships, engineering, and other businesses not included in the reportable segments. The (5,433) million yen segment income adjustment comprises 49 million yen in inter-segment transactions and (5,482) million yen in corporate expenses not allocated to the segments. Corporate expenses include mainly selling, general and administrative expenses not allocated to the segments. Segment income is adjusted to reflect operating profit as recorded in the quarterly consolidated income statement. 2 3 2 Information regarding impairment loss on non-current assets and goodwill by reportable segment (Significant impairment loss on non-current assets) Not applicable. (Significant changes in the amount of goodwill) Not applicable. (Significant gain on negative goodwill) Not applicable. 12 2. 3rd Quarter of the current Fiscal Year (April 1, 2021 -December 31, 2021) 1. Information of net sales and profit (loss) by reportable segment (Unit: Million yen) Information by business segmentsMarineProductsFoodProductsFineChemicalsGeneralDistributionTotalOther(Note1)TotalAdjustement(Note 2)Consolidated(Note.3)Sales(Note) 1 (1) Sales to third parties217,934250,14324,37812,161504,61820,661525,279-525,279(2) Inter-segment sales and transfers10,4969962718,09519,8601,48921,350(21,350)Total228,431251,14024,65020,256524,47822,151546,629(21,350)525,279Segment income (loss)11,28113,4403,0381,79729,55881130,369(5,716)24,652- The “Other” segment includes the building/repairing ships, engineering, and other businesses not included in the reportable segments. The (5,716) million yen segment income adjustment comprises (40) million yen in inter-segment transactions and (5,675) million yen in corporate expenses not allocated to the segments. Corporate expenses include mainly selling, general and administrative expenses not allocated to the segments. Segment income is adjusted to reflect operating profit as recorded in the quarterly consolidated income statement. 2 3 2. Information regarding impairment loss on non-current assets and goodwill by reportable segment (Significant impairment loss on non-current assets) We posted impairment loss on non-current assets in Marine Products Segment business, and the amount for the 3rd Quarter of FY2021 was 5,002 million yen. (Significant changes in the amount of goodwill) Not applicable. (Significant gain on negative goodwill) Not applicable. 3. Explanation of the change of reporting segment As described in Changes of accounting policy, Nissui has adopted the “Accounting Standard for Revenue Recognition, etc.” from the first quarter of the current consolidated fiscal year and a new accounting standard for income recognition. Following the accounting treatment method change, measuring the profit or loss of the business segment has also been changed. Since the change of accounting policies has been retroactively adopted, the segment information for the previous year’s third quarter was retroactively applied. As a result, compared with the figures before adjustment, sales amount to the external customers are up 4 million yen in the general distribution business, and down 9,053 million yen in the marine products business, 21,633 million yen in the food products business, 234 million yen in the fine chemical business. Segment income is up 34 million yen in the food products business, 22 million yen in the fine chemical business, down 51 million yen in the marine products business, and 0 million yen in the general distribution business. 13