REG - Mitsubishi Corp. - Subsidiary Revision of Earnings Forecasts

Nihon Shokuhin Kako CoAnnouncement

31/10/2023 08:15

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RNS Number : 8355R  Mitsubishi Corporation  31 October 2023

Translation of report filed with the Tokyo Stock Exchange on October 31, 2023

 

Notice Regarding Revision of Forecast for Non-Consolidated Results for

Fiscal Year Ending March 31, 2024 for Nihon Shokuhin Kako Co., Ltd.

 

Mitsubishi Corporation (MC) today announced that its consolidated subsidiary
Nihon Shokuhin Kako Co., Ltd. (Nihon Shokuhin) has provided information
regarding the revision of its forecast for non-consolidated results for the
fiscal year ending March 31, 2024.

 

The current situation is expected to have a negligible impact on MC's
consolidated performance.

 

Please see the attached documents from Nihon Shokuhin for details.

 

 

 

 

 

Translation of report filed with the Tokyo Stock Exchange on October 31, 2023

 

Notice Regarding Revised Forecast for Non-Consolidated Results

for Fiscal Year Ending March 31, 2024

 

This notice serves to provide information on a revision of Nihon Shokuhin Kako
Co., Ltd. (Nihon Shokuhin)'s non-consolidated results forecast for the fiscal
year ending March 31, 2024.

 

Details are as follows.

 

1.    Differences between Nihon Shokuhin's forecast for the fiscal year
ending March 31, 2024 that was announced on April 28, 2023 and its revised
forecast that was announced today

(for period beginning on April 1, 2023 and ending on March 31, 2024)

 　                                       Net Sales       Operating Income  Ordinary Income  Net Income      Net Income

(million yen)
(million yen)
(million yen)
(million yen)
Per Share

                                                                                                             (yen)
 Previous forecast (A)                   66,000          1,800             2,000            1,700           345.63
 Revised forecast (B)                    66,500          3,000             3,300            2,700           548.95
 Difference (B-A)                        500             1,200             1,300            1,000           -
 Difference (%)                          0.8             66.7              65.0             58.8            -
 Actual results                          64,612          3,540             3,341            2,605           529.79

(for fiscal year ended March 31,2023)

 

Reasons for Revisions:

-     Sales volume is expected to be much higher than expected, thanks
largely to strong sales of saccharified products for beverages, demand for
which increased due to the hot summer and resumption of economic activity.

-     Sales are expected to decrease due to lower grain prices, Improving
production efficiency and reducing various costs.

-     Based on the above, the full-year forecast for Sales, Operating
income, Ordinary profit and Net income are expected to exceed the previous
forecast.

 

2.    Dividend of surplus (interim dividend) and Revision for Dividend
Forecast

(1) Dividend of surplus (interim dividend)

                        Determined Amount   Previous forecast  Previous period results

                                            (July 31, 2023)
 Reference date         September 30, 2023  Same as left       -
 Dividend per share     100.00yen           60.00 yen          -
 Total dividend amount  491(million yen)    -                  -
 Effective date         December 5, 2023    -                  -
 Dividend source        surplus             -                  -

 

(2) Revision for Dividend Forecast

 　                                        Annual Dividend
                                          End of 1st quarter  End of 2(nd) quarter  End of 3(rd) quarter  End of Fiscal year  Total
 Previous forecast                        -                   60.00 yen             -                     65.00 yen           125.00 yen

 ( July 31, 2023)
 Revised forecast                         -                   -                     -                     100.00 yen          200.00 yen
 Current year results                     -                   100.00yen             -                     --                  --
 Previous year results                    -                   -                     -                     180.00 yen          180.00 yen

(for fiscal year ended March 31, 2023)

 

Reason for Revisions:

-        The year-end dividend has been revised to 200.00 yen per share
in accordance with the aforementioned revision of the company's full-year
earnings forecast.

 

* The above forecasts are based on information currently available, but actual
results may vary due to future circumstances.

 

 

 (End)

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