Annual Report
2022
December 1, 2021 to November 30, 2022
Kewpie Corporation
The information contained in this report is derived from Kewpie Corporationʹs (the ʺCompanyʺ) Annual Securities Report in Japanese filed with the Commissioner of the Financial Services Agency on February 24, 2023 in accordance with the Financial Instruments and Exchange Law, and has been translated into English for the convenience of readers outside Japan.
Document Title: | Annual Securities Report |
Corporate Name: | KEWPIE KABUSHIKI-KAISHA |
English Corporate Name: | Kewpie Corporation |
Name and Title of Representative: | Mitsuru Takamiya |
Representative Director | |
President and Chief Executive Corporate Officer | |
Location of Head Office: | 4-13, Shibuya 1-chome,Shibuya-ku, |
Tokyo 150-0002, Japan | |
Contact: | Takeshi Kitagawa |
Corporate Officer | |
Senior General Manager of Management Promotion Division | |
Telephone: | +81-3-3486-3331 |
Table of Contents
I. | Page | |||
Outline of the Company | 1 | |||
1. | Principal Management Indexes | 1 | ||
2. | Nature of Business | 3 | ||
3. | Outline of Associated Companies | 5 | ||
4. | Employees | 9 | ||
II. | Business Operations | 10 | ||
1. | Management Policy, Business Environment, Tasks Ahead, Etc | 10 | ||
2. | Operational Risks | 15 | ||
3. | Management Analysis of Financial Position, Operating Results and Cash Flows | 22 | ||
4. | Material Contracts | 28 | ||
5. | Research and Development | 28 | ||
III. | Facilities and Equipment | 32 | ||
1. | Investments in Facilities and Equipment | 32 | ||
2. | Principal Facilities and Equipment | 33 | ||
IV. | The Company | 36 | ||
1. | Shares | 36 | ||
(1) Number of authorized and issued shares | 36 | |||
(2) | Stock acquisition rights | 36 | ||
(3) | Exercise of bonds with stock acquisition rights containing a clause for exercise price | |||
revision | 36 | |||
(4) | Principal shareholders | 37 | ||
2. | Acquisition of the Company's Treasury Stock | 38 | ||
3. | Dividend Policy | 39 | ||
4. | Corporate Governance | 40 | ||
V. | Financial Information | 76 | ||
Consolidated Financial Statements | 77 | |||
(1) | Consolidated financial statements | 77 | ||
(2) | Other | 132 | ||
Independent Auditors' Audit Report and Internal Control Audit Report | 133 | |||
VI. | Stock Information of Reporting Company | 137 |
Outline of the Company | 1 |
- Outline of the Company
1. Principal Management Indexes
- Consolidated principal management indexes for the five years ended November 30, 2022
Period ended | Nov. 2018 | Nov. 2019 | Nov. 2020 | Nov. 2021 | Nov. 2022 | |
Net sales | (millions of yen) | 573,525 | 545,723 | 531,103 | 407,039 | 430,304 |
Ordinary income | (millions of yen) | 34,349 | 33,275 | 28,989 | 29,698 | 27,249 |
Profit attributable to owners of parent | 18,320 | 18,698 | 11,591 | 18,014 | 16,033 | |
(millions of yen) | ||||||
Comprehensive income | (millions of yen) | 17,786 | 17,646 | 14,347 | 24,546 | 32,635 |
Total net assets | (millions of yen) | 266,100 | 276,753 | 287,356 | 269,301 | 294,623 |
Total assets | (millions of yen) | 419,736 | 444,309 | 454,276 | 381,003 | 403,384 |
Net assets per share | (yen) | 1,582.27 | 1,646.73 | 1,676.05 | 1,767.14 | 1,925.54 |
Earnings per share | (yen) | 124.85 | 130.72 | 81.04 | 128.17 | 115.34 |
Earnings per share - diluted | (yen) | - | - | - | - | - |
Equity ratio | (%) | 53.9 | 53.0 | 52.8 | 64.5 | 66.4 |
Return on equity | (%) | 8.1 | 8.1 | 4.9 | 7.4 | 6.2 |
Price earnings ratio | (times) | 22.1 | 18.6 | 26.8 | 18.0 | 21.2 |
Cash flows from operating activities | 41,778 | 43,916 | 34,955 | 38,533 | 27,199 | |
(millions of yen) | ||||||
Cash flows from investing activities | (20,199) | (29,720) | (26,039) | (20,277) | (15,947) | |
(millions of yen) | ||||||
Cash flows from financing activities | (15,293) | (4,602) | 5 | (18,701) | (16,812) | |
(millions of yen) | ||||||
Cash and cash equivalents at the end of the fiscal | 47,970 | 56,777 | 65,777 | 66,703 | 65,335 | |
year | (millions of yen) | |||||
Number of regular full-time employees, | 14,808 | 15,452 | 16,003 | 10,719 | 10,696 | |
and average number of temporary employees | ||||||
[9,843] | [9,404] | [9,268] | [5,166] | [5,089] | ||
in brackets | ||||||
(Notes) 1. Earnings per share - diluted is not presented because of no issue of potential shares. |
- The Company has adopted the ʺPartial Amendments to Accounting Standard for Tax Effect Accountingʺ (ASBJ Statement No. 28, February 16, 2018) and relevant guidance effective as of the beginning of the fiscal year ended November 30, 2019. Accordingly, the principal management indexes pertaining to the fiscal year ended November 30, 2018 have been retroactively adjusted to reflect the adoption of said accounting standard and relevant guidance.
- In the fiscal year ended November 30, 2021, the Company finalized the provisional accounting treatment for business combinations. Accordingly, the principal management indexes pertaining to the fiscal year ended November 30, 2020 have been retroactively adjusted to reflect the finalization of the provisional accounting treatment.
- In the fiscal year ended November 30, 2021, K.R.S. Corporation (ʺKRSʺ) and its subsidiaries have changed from being consolidated subsidiaries to being affiliated companies accounted for by the equity method, as the Company sold part of the shares of KRS.
2 Outline of the Company
- Non-consolidatedprincipal management indexes for the five years ended November 30, 2022
Period ended | Nov. 2018 | Nov. 2019 | Nov. 2020 | Nov. 2021 | Nov. 2022 | ||
Net sales | (millions of yen) | 203,449 | 192,881 | 176,734 | 178,513 | 184,084 | |
Ordinary income | (millions of yen) | 16,400 | 17,245 | 16,214 | 15,518 | 15,110 | |
Profit | (millions of yen) | 11,586 | 12,453 | 9,794 | 11,009 | 12,644 | |
Paid-in capital | (millions of yen) | 24,104 | 24,104 | 24,104 | 24,104 | 24,104 | |
Total number of issued shares | 150,000,000 | 150,000,000 | 150,000,000 | 141,500,000 | 141,500,000 | ||
Total net assets | (millions of yen) | 147,756 | 153,101 | 156,326 | 151,519 | 158,264 | |
Total assets | (millions of yen) | 252,009 | 259,373 | 250,929 | 254,560 | 252,832 | |
Net assets per share | (yen) | 1,032.95 | 1,070.33 | 1,092.88 | 1,090.03 | 1,138.56 | |
Annual dividends per share, and interim | 38.0 | 45.0 | 40.0 | 47.0 | 47.0 | ||
dividends per share in brackets | (yen) | [19.0] | [20.0] | [20.0] | [20.0] | [20.0] | |
Earnings per share | (yen) | 78.96 | 87.06 | 68.47 | 78.33 | 90.96 | |
Earnings per share - diluted | (yen) | - | - | - | - | - | |
Equity ratio | (%) | 58.6 | 59.0 | 62.3 | 59.5 | 62.6 | |
Return on equity | (%) | 7.7 | 8.3 | 6.3 | 7.2 | 8.2 | |
Price earnings ratio | (times) | 34.9 | 27.9 | 31.8 | 29.5 | 26.9 | |
Dividend payout ratio | (%) | 48.1 | 51.7 | 58.4 | 60.0 | 51.7 | |
Number of regular full-time employees, | 2,508 | 2,447 | 2,426 | 2,394 | 2,408 | ||
and average number of temporary employees | |||||||
[774] | [738] | [569] | [537] | [538] | |||
in brackets | |||||||
Total shareholder return | 96.8 | 87.2 | 79.6 | 85.9 | 92.3 | ||
(Comparative index: Dividend-included | |||||||
[95.1] | [99.4] | [105.1] | [118.0] | [124.8] | |||
TOPIX) | (%) | ||||||
Highest stock price | (yen) | 3,145 | 2,782 | 2,496 | 2,813 | 2,558 | |
Lowest stock price | (yen) | 2,435 | 2,303 | 1,783 | 2,123 | 2,083 | |
(Notes) 1. Earnings per share - diluted is not presented because of no issue of potential shares.
- The Company has adopted the ʺPartial Amendments to Accounting Standard for Tax Effect Accountingʺ (ASBJ Statement No. 28, February 16, 2018) and relevant guidance effective as of the beginning of the fiscal year ended November 30, 2019. Accordingly, the principal management indexes pertaining to the fiscal year ended November 30, 2018 have been retroactively adjusted to reflect the adoption of said accounting standard and relevant guidance.
- The highest and lowest stock prices are those of the Prime Market of the Tokyo Stock Exchange from April 4, 2022, and of the First Section of the Tokyo Stock Exchange before that date.
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Disclaimer
Kewpie Corporation published this content on 28 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2023 01:06:09 UTC.