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Financial results presentation2264MORINAGA MILK INDUSTRY CO.,LTD.Food

Supplementary Financial Results Materials for the First Quarter of the Fiscal Year Ending March 2027

In the first quarter of the fiscal year ending March 2027, net sales and operating profit exceeded the year-earlier levels, while net income attributable to owners of the parent declined. The full-year forecasts for operating profit, ordinary profit and net income have been revised upward from the previous forecasts, although the revised operating profit forecast is below the previous fiscal year's actual result.

Worth reading
87Important
Scored from 4 of 6 sections
Direction
Mixed performance
Direction inferred from the company’s description.
Scale
1142
Millions of yen (year-on-year increase in operating profit)
Wording
Avoiding a definitive answer
How definitive the wording is.

Contents of this document

Supplementary materials to the earnings reportFirst quarter of the fiscal year ending March 202711 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥147,099 million+2.4%
Operating profit¥9,977 million+12.9%
Ordinary income¥10,607 million+11.3%
Net income¥6,678 million -3.4%net income attributable to owners of the parent
Selling, general and administrative expenses¥26,166 million
Operating profit margin
Rate6.8%
Results for the three months of the current quarter
Net Sales¥147,099 million
Operating profit¥9,977 million
Ordinary income¥10,607 million
Profit attributable to owners of the parent¥6,678 million
Full-year earnings forecast
Net Sales
¥580,000 million
Operating profit
¥34,000 million
Ordinary income
¥35,000 million
Profit attributable to owners of the parent
¥21,000 million
EPS
¥65.06
Capital expenditures
¥49,100 million
Depreciation and amortization
¥26,300 million
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • Unit price variance38 Hundreds of millions of yen
    DirectionIncreased
  • Sales volume-12 Hundreds of millions of yen
    DirectionDecreased
  • Product mix (PM) and other factors16 Hundreds of millions of yen
    DirectionIncreased
  • Manufacturing expenses-3 Hundreds of millions of yen
    DirectionDecreased
  • Logistics Costs-6 Hundreds of millions of yen
    DirectionDecreased
  • Administrative expenses and other costs1 Hundreds of millions of yen
    DirectionIncreased
  • Sales promotion expense efficiency-1 Hundreds of millions of yen
    DirectionDecreased
  • Raw milk prices-8 Hundreds of millions of yen
    DirectionDecreased
  • Raw Material and Energy Prices-26 Hundreds of millions of yen
    DirectionDecreased
  • Manufacturing fixed costs (depreciation)-5 Hundreds of millions of yen
    DirectionDecreased
  • Changes in overseas subsidiaries17 Hundreds of millions of yen
    DirectionIncreased
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
US dollars
Before revision¥155
After revision¥160
Euro
Before revision¥180
After revision¥185
Australian dollar
Before revision¥105
After revision¥105
New initiatives
  • DetailsThe Information Systems Center was reorganized as a head-office department under the name Digital Management Promotion Department
    TimingApril 2026
Key KPIsA metric the company considers important as a management benchmark.
  • EPS¥20.69
  • BPS¥857.35
  • Interest-Bearing Debt¥132,768 million
  • Equity ratio48.3 %
  • DER0.48 times
  • Net debt-to-equity ratio0.34 times
  • ROE2.4 %
  • ROA1.8 %
  • Milk collected329 thousand tonnes
  • Market Share
    Year on year against the same period last yearDisclosed by category
Segment results
  • Growth Areas
    Net Sales¥34,413 million (YoY +7.2%)
    Operating profit¥4,254 million
  • Core businesses
    Net Sales¥91,085 million (YoY +1.0%)
    Operating profit¥5,026 million
  • Developing and other businesses
    Net Sales¥21,601 million (YoY +1.0%)
    Operating profit¥697 million
Financial targets
ROE
Actual results2.4 %
ROIC
Full-year outlook5.5 %
Equity ratio
Actual results48.3 %
DER
Actual results0.48 times
Market Size / Share
  • CategoryChilled cup coffee
    Share37 %
    Ranking1 %
  • CategoryChilled tea beverages
    Share52 %
    Ranking1 %
  • CategoryIce cream
    Share11 %
    Ranking3 %
  • CategoryYogurt
    Share11 %
    Ranking2 %
  • CategoryCheese
    Share10 %
    Ranking4 %
  • CategoryChilled desserts
    Share13 %
    Ranking4 %
Number of employees
Number of Employees7,527 at the end of the second quarter of the fiscal year ending March 2026; 7,345 at the end of the fiscal year ending March 2026
Capital expenditures
¥49,100 million
Annual Dividend
Annual dividend per share¥25
Interim¥12
End of period¥12
Payout ratio
Rate38.4 %
Contents of this document
ItemDetails
Document typeSupplementary materials to the earnings report
Fiscal Period CoveredFirst quarter of the fiscal year ending March 2027
Net Sales¥147,099 million (YoY +2.4%)
Operating profit¥9,977 million (YoY +12.9%)
Ordinary income¥10,607 million (YoY +11.3%)
Net income¥6,678 million (net income attributable to owners of the parent) (YoY -3.4%)
Operating profit marginRate 6.8% / Year-on-year change (points) Not disclosed
Selling, general and administrative expenses¥26,166 million
Results for the three months of the current quarterNet Sales ¥147,099 million / Operating profit ¥9,977 million / Ordinary income ¥10,607 million / Profit attributable to owners of the parent ¥6,678 million
Full-year earnings forecastNet Sales ¥580,000 million / Operating profit ¥34,000 million / Ordinary income ¥35,000 million / Profit attributable to owners of the parent ¥21,000 million / EPS ¥65.06 / Capital expenditures ¥49,100 million / Depreciation and amortization ¥26,300 million
Segment resultsSegment Growth Areas / Net Sales ¥34,413 million (YoY +7.2%) / Operating profit ¥4,254 million, Segment Core businesses / Net Sales ¥91,085 million (YoY +1.0%) / Operating profit ¥5,026 million, Segment Developing and other businesses / Net Sales ¥21,601 million (YoY +1.0%) / Operating profit ¥697 million
Breakdown of Factors Affecting the ChangeFactors Unit price variance / Amount 38 Hundreds of millions of yen / Direction Increased, Factors Sales volume / Amount -12 Hundreds of millions of yen / Direction Decreased, Factors Product mix (PM) and other factors / Amount 16 Hundreds of millions of yen / Direction Increased, Factors Manufacturing expenses / Amount -3 Hundreds of millions of yen / Direction Decreased, Factors Logistics Costs / Amount -6 Hundreds of millions of yen / Direction Decreased, Factors Administrative expenses and other costs / Amount 1 Hundreds of millions of yen / Direction Increased, Factors Sales promotion expense efficiency / Amount -1 Hundreds of millions of yen / Direction Decreased, Factors Raw milk prices / Amount -8 Hundreds of millions of yen / Direction Decreased, Factors Raw Material and Energy Prices / Amount -26 Hundreds of millions of yen / Direction Decreased, Factors Manufacturing fixed costs (depreciation) / Amount -5 Hundreds of millions of yen / Direction Decreased, Factors Changes in overseas subsidiaries / Amount 17 Hundreds of millions of yen / Direction Increased
Key KPIsIndicator name EPS / Value ¥20.69 / Year on year against the same period last year Not disclosed, Indicator name BPS / Value ¥857.35 / Year on year against the same period last year Not disclosed, Indicator name Interest-Bearing Debt / Value ¥132,768 million / Year on year against the same period last year Not disclosed, Indicator name Equity ratio / Value 48.3 % / Year on year against the same period last year Not disclosed, Indicator name DER / Value 0.48 times / Year on year against the same period last year Not disclosed, Indicator name Net debt-to-equity ratio / Value 0.34 times / Year on year against the same period last year Not disclosed, Indicator name ROE / Value 2.4 % / Year on year against the same period last year Not disclosed, Indicator name ROA / Value 1.8 % / Year on year against the same period last year Not disclosed, Indicator name Milk collected / Value 329 thousand tonnes / Year on year against the same period last year Not disclosed, Indicator name Market Share / Value Not disclosed / Year on year against the same period last year Disclosed by category
Number of employeesNumber of Employees 7,527 at the end of the second quarter of the fiscal year ending March 2026; 7,345 at the end of the fiscal year ending March 2026 / Changes during the period and hiring plan Not disclosed
Assumptions Underlying the Business OutlookUS dollars Before revision ¥155 / After revision ¥160 / Euro Before revision ¥180 / After revision ¥185 / Australian dollar Before revision ¥105 / After revision ¥105
Financial targetsROE Actual results 2.4 % / Target Not disclosed / ROIC Actual results Not disclosed / Full-year outlook 5.5 % / Equity ratio Actual results 48.3 % / Target Not disclosed / DER Actual results 0.48 times / Target Not disclosed
Annual DividendAnnual dividend per share ¥25 / Interim ¥12 / End of period ¥12
Payout ratioRate 38.4 %
Capital expenditures¥49,100 million
Market Size / ShareCategory Chilled cup coffee / Share 37 % / Ranking 1 %, Category Chilled tea beverages / Share 52 % / Ranking 1 %, Category Ice cream / Share 11 % / Ranking 3 %, Category Yogurt / Share 11 % / Ranking 2 %, Category Cheese / Share 10 % / Ranking 4 %, Category Chilled desserts / Share 13 % / Ranking 4 %
New initiativesDetails The Information Systems Center was reorganized as a head-office department under the name Digital Management Promotion Department / Timing April 2026
Items this document does not state (10)
Gross Profit MarginProgress against full-year forecastSelf-assessment against the planUnit price and quantity metricsNumber of stores and locationsRisk amount incorporated into the outlookMedium-term management plan targetsAcquisition of treasury sharesOrders received and order backlogKey points of the Q&A

These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.

The reasons the company gives

The company's own explanation, not something inferred from the numbers.

Factors increasing operating profit included the sales price variance of ¥3.8 billion, product mix and other factors of ¥1.6 billion, and changes in overseas subsidiaries of ¥1.7 billion. These were offset by decreases in sales volume of ¥1.2 billion, raw material and energy prices of ¥2.6 billion, and logistics costs of ¥600 million, among other factors.

How to read this page

This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.
Supplementary Financial Results Materials for the First Quarter of the Fiscal Year Ending March 2027 | MORINAGA MILK INDUSTRY CO.,LTD. (2264) timely disclosure | Komori