Deterioration in Performance at Thai Affiliate and Decline in Equity-Method Investment Income

「Due mainly to lower royalty income and the recognition of an equity-method investment loss resulting primarily from deteriorating earnings at overseas associates, ordinary profit was ¥12,640 million, down 12.7% from the previous consolidated fiscal year.」

「In non-operating income and expenses, royalty income under licenses for the development and sales rights to fingolimod “FTY720” declined, while the Company recorded equity-method investment losses, mainly due to deteriorating results at overseas affiliates. As a result, ordinary income was ¥12,640 million, down 12.7% year on year.」

「In non-operating income and expenses, royalty income, mainly from licenses for the development and sale of fingolimod, "FTY720," declined, while sales at a Chinese associate also fell. Ordinary profit was ¥6,455 million, down 7.4% year on year.」

「In addition, improved earnings at associates in Thailand, China and Japan led to the recognition of an equity-method investment gain of ¥240 million, compared with an investment loss of ¥549 million in the previous consolidated fiscal year.」

「In addition, improved earnings at the Thai associate and higher sales of diluted beverages at domestic associates led to the recognition of an equity-method investment gain of ¥111 million, compared with an investment loss of ¥121 million in the same period of the previous year.」

「In addition, equity-method investment gains and losses were affected throughout the fiscal year by deteriorating earnings at the Thai associate due to lower production and sales volumes caused by a sugarcane shortage.」

「In non-operating income and expenses, DM Mitsui Sugar Co., Ltd. recorded ¥4,457 million in dividend income received from domestic investees and ¥971 million in royalty income under licenses for the development and sale of fingolimod, "FTY720." In addition, equity-method investment gains and losses benefited mainly from improved earnings at the Thai associate, resulting in ordinary profit of ¥7,369 million, up 704.5% year on year.」

「Although equity-method investment gains and losses were affected mainly by deteriorating earnings due to lower sales volumes at the Thai associate, ordinary profit was ¥6,187 million, up 336.9% year on year.」

「Although equity-method investment gains and losses were affected by deteriorating earnings due to lower sales and production volumes at the Thai and Chinese associates, ordinary profit was ¥5,272 million, up 457.4% year on year, and net profit for the quarter attributable to owners of the parent was ¥5,549 million, up 677.1%.」

「In equity-method investment gains and losses, ordinary profit was ¥916 million, down 74.9% year on year, due to lower sales volumes at associates affected by strict movement restrictions accompanying the spread of COVID-19 in China, as well as deteriorating earnings at the Thai associate.」

「In equity-method investment gains and losses, sales volumes at the associates declined due to strict movement restrictions accompanying the spread of COVID-19 in China, while the cost ratio at the Thai associate partially improved due to higher production volumes and other factors. Ordinary profit was ¥1,416 million, down 41.5% year on year.」

「Equity in earnings of affiliates resulted in ordinary profit of ¥945 million, down 35.8% year on year, due partly to lower sales volumes at the Chinese affiliate as a result of movement restrictions associated with the spread of COVID-19.」

「In equity-method investment gains and losses, the businesses of the Chinese associates continued to expand, including the start of Spoon-brand refined sugar production in May, while the cost ratio at the Thai associate deteriorated due to higher raw material costs. Ordinary profit was ¥3,479 million, compared with ¥3,788 million in the previous consolidated fiscal year.」

「In equity-method investment gains and losses, the businesses of the Chinese associates continued to perform well, partly due to an improved cost ratio, while earnings in the Thai business deteriorated due to higher depreciation expenses for a new plant and other factors. Ordinary profit was ¥3,648 million, compared with ¥3,460 million in the same quarter of the previous year.」

「In equity-method investment gains and losses, the businesses of the Chinese associates continued to perform well, while earnings in the Thai business also improved, resulting in ordinary profit of ¥2,420 million, compared with ¥1,727 million in the same quarter of the previous year.」

「An equity-method investment loss was recorded, mainly because the Thai associate's earnings deteriorated sharply due to a poor sugarcane harvest caused by drought.」

「Due to lower royalty income, redevelopment work at the former Nagata plant site in the real estate business, and delayed earnings recovery at the Thai associate due to a sugarcane shortage, the Group recorded lower revenue and lower profit year on year.」

「Although results improved from the same period of the previous year, the recognition of an equity-method investment loss, among other factors, resulted in ordinary income of ¥1,727 million, down 43.5% year on year, and net income attributable to owners of the parent of ¥440 million, down 73.8%.」

「Among consolidated subsidiaries, 生和糖業㈱ achieved higher revenue and profit as production increased due to favorable sugarcane growth. Meanwhile, in addition to poor performance at 北海道糖業㈱, SIS' 88 Pte Ltd posted lower revenue and profit due to the spread of COVID-19.」

「Ordinary income was ¥4,800 million, down 41.1% year on year, due to weak performance at Thai affiliates amid sluggish overseas raw sugar prices and the deferral of recognition of part of the revenue because arbitration proceedings concerning royalty income from “FTY720” remain ongoing.」

「Ordinary income fell below the previous year due to amortization of goodwill from overseas investments made since the previous year and deteriorating performance at Thai affiliates caused by weak overseas raw sugar prices.」

「Selling prices at Thai affiliates declined amid weak overseas raw sugar prices, while affiliates in Okinawa and Kagoshima were affected by lower yields due to poor weather. An equity-method investment loss of ¥87 million was recorded, resulting in ordinary income of ¥1,945 million, down 35.4% year on year.」

「At Thai affiliates, selling prices declined amid weak overseas raw sugar prices. At affiliates in Okinawa and Kagoshima, equity-method investment losses were recognized, partly due to the impact of low sugar content in raw sugarcane caused by poor weather.」

「In non-operating income and expenses, royalty income of ¥6,053 million was recorded. However, performance at Thai affiliates deteriorated amid weak overseas raw sugar prices, while affiliates in Okinawa and Kagoshima were affected by poor weather, resulting in ordinary income of ¥8,146 million, down 28.3% year on year, and net income attributable to owners of the parent of ¥5,031 million, down 30.3%.」

「In non-operating income and expenses, royalty income of ¥3,934 million was recorded. However, an equity-method investment loss of ¥485 million was recognized, mainly due to the Thai business, resulting in ordinary income of ¥4,971 million, down 38.6% year on year.」

「In non-operating income and expenses, royalty income of ¥1,808 million was recorded. However, equity-method investment income was limited to ¥41 million due to poor performance in the Thai business caused by weak raw sugar prices and lower production at domestic affiliates due to weather conditions, resulting in ordinary income of ¥3,012 million, down 32.3% year on year, and net income attributable to owners of the parent of ¥1,929 million, down 33.9%.」

「In non-operating income and expenses, an equity-method investment loss was recorded at a Thai affiliate, mainly due to deteriorating earnings caused by weak raw sugar prices. However, royalty income of ¥5,744 million was recorded, resulting in ordinary income of ¥11,362 million, up 23.6% year on year.」

「In non-operating income and expenses, royalty income of ¥1,647 million and equity-method investment income of ¥592 million were recorded, resulting in ordinary income of ¥4,450 million, up 33.9% year on year, and net income attributable to owners of the parent of ¥2,917 million, up 40.7%.」

「In non-operating income and expenses, royalty income of ¥7,505 million was recorded. However, equity-method investment income declined, mainly due to deteriorating performance at Thai affiliates affected by reduced sugarcane production caused by drought, resulting in ordinary income of ¥12,494 million, down 2.4% year on year.」

「In non-operating income and expenses, royalty income of ¥5,401 million was recorded. However, equity-method investment losses were recognized, mainly due to deteriorating performance at Thai affiliates caused by drought and other factors. Ordinary income was ¥9,196 million, down 11.4% year on year, and net income attributable to owners of the parent was ¥5,677 million, down 6.1%.」

「In non-operating income and expenses, royalty income of ¥3,560 million was recorded. However, equity-method investment income fell below the same period of the previous year, mainly due to deteriorating performance at Thai affiliates, resulting in ordinary income of ¥5,800 million, down 7.3% year on year.」