Stabilization of the three foundations and establishment of the business foundation under the Fourth Medium-Term Management Plan

「Under the previous medium-term management plan "Challenge2026," the company adopted the policy of "continuing to take on challenges and solidifying the business foundation." Based on its achievements to date, it pursued new structural reforms, including management with an awareness of the cost of capital, a review of its earnings structure, optimization of its production system and facilities, continuation of stable dividends, and investment for the future. As a result, although revenue fell short of the initial plan, ordinary profit exceeded it, and the company achieved its target net D/E ratio of 0.7 times or lower.」

「As a result of pursuing company-wide efficiency improvements and higher earnings power under the current medium-term management plan, the company achieved its target net D/E ratio of 0.80 or lower in the plan's second year, while both revenue and ordinary profit exceeded the initial plan.」

「Against this backdrop, the Group formulated and is implementing its Medium-Term Management Plan <Challenge> Phase II ≪challenge2024≫ (fiscal years ending March 2023 to March 2024). Continuing its commitment to embrace change following the previous medium-term management plan, the Group is advancing structural reform through the further selection and concentration of management resources, strengthening its earnings capacity, working to reduce its environmental impact, including greenhouse gas emissions and measures to combat global warming, and pursuing contributions to achieving the SDGs through its business activities.」

「In the first year of the Medium-Term Management Plan <Challenge> Phase II <challenge2024>, consolidated sales and profits exceeded the plan due to increased sales volumes of processed meat products accompanying the recovery in demand for eating out, as well as price revisions for food products and feed in response to soaring raw material prices and energy costs.」

「Against this backdrop, in April last year the Group launched the "Medium-Term Management Plan <Challenge> Phase II ≪challenge2024≫" (fiscal years ending March 2023 to March 2024). Continuing from the previous medium-term management plan, we aim to contribute to the achievement of the SDGs through our business activities by continuing to take on challenges without fearing change, pursuing structural reform through further selection and concentration of management resources to strengthen our earnings power, and working to reduce our environmental impact, including greenhouse gas emissions and global warming.」

「Against this backdrop, under the previous medium-term management plan, the company pursued structural reforms, including business reorganization, to establish a robust business foundation for the future and achieved its target indicators of an equity ratio of at least 30% and a net debt-to-equity ratio of no more than 1.0. However, as eating-out demand remained sluggish due to the prolonged spread of COVID-19, both revenue and ordinary profit fell below the initial plan in the second year of the plan.」

「Against this backdrop, under the previous medium-term management plan, the company worked to establish a business foundation capable of supporting sustainable growth, including by expanding production facilities and sales of functional food ingredients, in order to solidify its earnings structure. As a result, profit exceeded the plan.」

「Against this backdrop, under the “Fourth Medium-Term Management Plan” (fiscal year ending March 2019 to fiscal year ending March 2020), the company worked under the theme “Moving Forward: To the Next Stage” to stabilize its earnings, financial and management foundations and establish a business foundation capable of supporting sustainable growth.」

「Against this backdrop, under the “Fourth Medium-Term Management Plan” (fiscal year ending March 2019 to fiscal year ending March 2020), the company worked under the theme “Moving Forward: To the Next Stage” to stabilize its earnings, financial and management foundations and establish a business foundation capable of supporting sustainable growth.」

「The company designated the 2 years from the current consolidated fiscal year as a period for establishing its business foundation and launched the “Fourth Medium-Term Management Plan” (fiscal year ending March 2019 to fiscal year ending March 2020). Under the theme “Moving Forward: To the Next Stage,” it is working to establish a business foundation capable of supporting sustainable growth by stabilizing its earnings, financial and management foundations.」

「Against this backdrop, the group launched the “Fourth Medium-Term Management Plan” (fiscal year ending March 2019 to fiscal year ending March 2020), designating the 2 years from the current consolidated fiscal year as a period for establishing its business foundation. Under the theme “Moving Forward: To the Next Stage,” it is working to establish a business foundation capable of supporting sustainable growth by stabilizing its earnings, financial and management foundations.」

「Against this backdrop, the group formulated and launched the “Fourth Medium-Term Management Plan” (fiscal year ending March 2019 to fiscal year ending March 2020), designating the 2 years beginning in April of this year as a period for establishing its business foundation. Under the theme “Moving Forward: To the Next Stage,” it is working to establish a business foundation capable of supporting sustainable growth by stabilizing its earnings, financial and management foundations.」

「Against this backdrop, the Group formulated and launched its Fourth Medium-Term Management Plan (fiscal years ending March 2019 to March 2020), designating the 2 years from April this year as a period for establishing a business foundation. Under the theme “Forward: To the Next Stage,” the Group will stabilize its earnings base, financial base, and management base and work to establish a business foundation capable of supporting sustainable growth.」