Subsidiary Revision of Earnings Forecasts

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 (million yen)	Operating Income (million yen)	Ordinary Income (million yen)	Net Income (million yen)	Net Income 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 (for fiscal year ended March 31,2023)	64,612	3,540	3,341	2,605	529.79

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 (July 31, 2023)	Previous period results
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 2nd quarter	End of 3rd quarter	End of Fiscal year	Total
Previous forecast ( July 31, 2023)	-	60.00 yen	-	65.00 yen	125.00 yen
Revised forecast	-	-	-	100.00 yen	200.00 yen
Current year results	-	100.00yen	-	--	--
Previous year results (for fiscal year ended March 31, 2023)	-	-	-	180.00 yen	180.00 yen

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)

 

END