伊藤ハム米久ホールディングス（2296） – Supplementary Explanation to Financial Results Year Ended March 31, 2022

May 09, 2022Supplementary Explanation to Financial ResultsItoham Yonekyu Holdings Inc.Year Ended March 31, 20221) Summary of Financial ResultsReference applying revenue recognition(Our estimated value)*Previous yearpublished figuresActual 2021% of SalesActual 2020% of SalesChangeActual 2021 % of Sales(Million Yen, %)(Million Yen, %)SalesGross ProfitS, G & A ExpensesOperating IncomeNon-operating IncomeNon-operating ExpensesNon-controlling Gain/LossNet Non-operating Gain/LossOrdinary IncomeExtra-ordinary GainExtra-ordinary LossNet Extra-ordinary Gain/LossIncome Before TaxesNet Income854,374131,904107,29224,6114,023-644 6053,98428,5961,128-1,510 -382 28,21319,118811,540130,476106,45824,0182,841-900 1,0402,98227,0003,490-1,377 2,11329,11320,20415.412.62.93.33.32.242,8341,4278345931,181255-434 1,0021,595-2,361 -133 -2,495 -899 -1,085 16.113.13.03.33.62.55.31.10.82.55.9-3.1 -5.4 842,675139,979115,96124,0182,841-900 1,0402,98227,0003,490-1,377 2,11329,11320,20416.613.82.93.23.52.4(Million Yen)+2,900+48724,611- 350- 3330167+500シナジー効果+200その他- 161- 4,550- 150- 1,150-150+3,15024,018- 10028,00027,00026,00025,00024,00023,00022,00021,00020,00019,00018,000Sales volumeMarch 31, 2022Fiscal Year Ending Rawmaterial / UtilityLogistics cost impactCost ReductionOthersSales volumeGross profit / SG&A Logistics cost impactOverseas OperationLivestock ProductionPrevious Year OP Income　Processed Foods Division-1,311 Meat Division+1,417Current Year OP IncomeOthersOther/AdjustmentsOthers+487(Note) From the beginning of the fiscal year, the “Accounting Standard for Revenue Recognition” (Corporate Accounting Standard No. 29) has been applied to the business forecast for the current fiscal year.In the fiscal year ending March 2021, the Company’s estimated values after the application of the relevant accounting standards are used for comparison with the current fiscal year.2) Segment Information(1) Operating Segment Information(Million Yen, %)After applying revenue recognition(Our estimated value)Actual 2021Actual 2020Change*Previous yearpublished figuresActual 2020OP Margin% of SalesSalesOP Margin% of SalesSalesOP MarginSalesOP Margin% of Sales302,30911,0863.7547,84314,8602.74,221-1,335 854,37424,6112.9299,36412,3974.1508,12313,4432.64,052-1,822 811,54024,0183.02,945-1,311 -0.4 39,7191,4170.1169487593-0.1 42,8341.0-10.6 7.810.55.32.5307,04112,3974.0531,58113,4432.54,052-1,822 842,67524,0182.9Processed Foods Division(Million Yen)Meat DivisionChange-100 3,150-4,550 -150 500-161 -1,311 Sales volumeGross profit / SG & A Logistics cost impactOverseas OperationLivestock ProductionOthersTotal(Million Yen)Change200-1,150 -150 2,900-350 -33 1,417Processed Foods DivisionSalesMeat DivisionOthers/AdjustmentsConsolidatedOperating Income FactorsSales volumeFiscal Year Ending March 31, 2022Raw material / UtilityLogistics cost impactCost ReductionOthersTotal(2) Sales by Market　North AmericaJapan　Asia　Oceania　Europe　OthersOverseas Sales TotalAll TotalOverseas Sales (%)(Million Yen)After applying revenue recognition(Our estimated value)Actual 2021Actual 2020Change745,897725,18339,28229,02125,90312,0252,243108,476854,37412.728,06522,75322,07410,7972,66686,356811,54010.620,71411,2166,2683,8291,228-422 22,12042,8342.1(Million Yen)*Previous yearpublished figuresActual 2020756,31828,06522,75322,07410,7972,66686,356842,67510.2(Note) From the beginning of the fiscal year, the “Accounting Standard for Revenue Recognition” (Corporate Accounting Standard No. 29) has been applied to the business forecast for the current fiscal year.In the fiscal year ending March 2021, the Company’s estimated values after the application of the relevant accounting standards are used for comparison with the current fiscal year.After applying revenue recognition(Our estimated value)(Million Yen, %)*Previous yearpublished figuresActual 2021Actual 2020ChangeImpact of fluctuations inforeign exchange ratesrelated to ANZCOActual 2020173,877149,525509,99120,980854,374172,649145,298477,27716,314811,5401,2274,22732,7134,66642,83430397710,6811,50613,469SG & A ExpensesAfter applying revenue recognition(Our estimated value)(Million Yen, %)Actual 2021Actual 2020Change*Previous yearpublished figuresActual 2020177,618148,006500,73516,314842,67535,83944,4366,8913,8341,99422,965115,961Fiscal Year Ending March 31, 2022Actual 2021Actual 2020Change(Million Yen, %)3) Financial DataSalesHam/SausageProcessed FoodsMeatOthersTotalLabor ExpensesLogistics ExpensesAdvertisementPackingDepreciationOther ExpensesTotalNon-controlling interestsFinancingsubsidyOthersTotal0.72.96.928.65.3-1.3 1.82.2-0.5 -12.3 4.20.8-41.8 583.351.198.833.6*Major G/L( Non-controlling interests)Actual 2021Actual 2020ChangeIPC (USA)Kyushu Extract(JPN)ABC (THA)Extra-ordinary Gain/LossGain on sales of investment securitiesInsurance incomeOthersTotalActual 2021Actual 2020Change(Million Yen, %)-95.5 -464 3,003-425 2,113518-2,869 -144 -2,495 (Note) From the beginning of the fiscal year, the “Accounting Standard for Revenue Recognition”(Corporate Accounting Standard No. 29) has been applied to the business forecast for the current fiscal year.In the fiscal year ending March 2021, the Company’s estimated values after the application of the relevant accounting standards are used for comparison with the current fiscal year.35,36644,6234,4833,8141,74817,256107,29235,83943,8454,3853,8341,99416,559106,458-473 77998-19 -245 697834-434 1396356621,002160-99 -517 1,040241,2446712,9821,1018-317 6051641,8801,3343,9841,262-90 -835 53134-570 -382 4) Forecast of Business Results and DividendsBusiness Results ForecastSalesOperating IncomeNon-operating G/LOrdinary IncomeExtra-ordinary G/LIncome Before TaxesNet Income(Million Yen)2022/5/9First HalfSecond HalfYearF’cast 2022ChangeF’cast 2022ChangeF’cast 2022Change422,00011,5001,50013,000-120 12,8808,5004,237-2,980 -560 -3,540 -468 -4,009 -3,311 443,0006,388865,0009,5001,50011,000-1,380 9,6206,500-631 -424 -1,056 -650 -1,705 -808 21,0003,00024,000-1,500 22,50015,00010,626-3,611 -984 -4,596 -1,119 -5,714 -4,119 Dividends ForecastsActual 2021 Forecast 2022End of YearEPS F’castPayout RatioYen23.0024.00Yen65.3451.39％35.246.7Operating Segment Information ForecastFiscal Year Ending March 31, 2023Processed Foods DivisionSalesMeat Division269,0001,590281,000First HalfSecond HalfYearF’cast 2022ChangeF’cast 2022ChangeF’cast 2022Change(Million Yen, %)151,0003,5002.39,0003.32,000-1,000 422,00011,5002.72,743-3,010 -2.1 3990.1-95 -369 4,238-2,980 -0.7 160,0004,0002.56,0002.12,000-500 9,5002.15,948-576 -0.5 566-259 -0.1 -126 204-631 -0.2 311,0007,5002.4550,00015,0002.74,000-1,500 21,0002.48,691-3,586 -1.3 2,1571400.0-221 -165 10,626-3,611 -0.5 443,0006,388865,000OP Margin% of SalesSalesOP Margin% of SalesSalesOP MarginSalesOP Margin% of SalesOthers/AdjustmentsConsolidatedOperating Income Variance (forecast)(Million Yen)+5,50024,611- 80032,00030,00028,00026,00024,00022,00020,00018,000- 8,000- 300+14+100- 200- 1,200- 60- 16521,000+1,500+0Sales volumeSales volumeIncomePrevious Year OP OthersGross profit / SG&A Rawmaterial / UtilityLogistics cost impactGross profit / SG&A Logistics cost impactOverseas OperationLivestock ProductionOthersOther/AdjustmentsIncomeCurrent Year OP Processed Foods Division Meat Division-3,586 +140Others-165 Consolidation-3,611 Operating Income Variance (First Half)(Million Yen)+2,50014,480- 40018,00016,00014,00012,00010,0008,000- 4,900- 200- 10- 100- 300- 100+1,500- 600- 111,500- 369Sales volumeGross profit / SG&A Rawmaterial / UtilityLogistics cost impactOthersSales volumeGross profit / SG&A Logistics cost impactOverseas OperationLivestock ProductionOthersOther/AdjustmentsCurrent Year OP Income Processed Foods Division Meat Division-3,010 +399Others-369 Consolidation-2,980 (Million Yen)-400-3,100-100+24100400-10009,500204-600-59Sales volumeGross profit / SG&A Rawmaterial / UtilityLogistics cost impactOthersSales volumeGross profit / SG&A Logistics cost impactOverseas OperationLivestock ProductionOthersOther/AdjustmentsCurrent Year OP Income Processed Foods Division Meat Division-576 -259 Others＋ 204Operating Income Variance (Second Half)+3,00011,00010,13115,00013,0009,0007,0005,000Previous Year OP IncomePrevious Year OP IncomeConsolidation-631 その他・調整