Kewpie: Notice relating to the revision of consolidated operating results and year-end dividend forecasts for the fiscal year ended November 30, 2021

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(Translation)

December 27, 2021

Dear sirs:

Company Name:

Kewpie Company

Representing:

Osamu Chonan,

Representative Director,

President and CEO

Corporate agent

(Code No. 2809; the first section of the Tokyo Stock Exchange)

Contact person:

Takeshi Kitagawa,

Senior Managing Director of

Management Promotion Department

(TEL: 03-3486-3331)

Notice relating to the revision of the forecasts for consolidated operating results and the end-of-year dividend for the financial year ended November 30, 2021

It is hereby notified that Kewpie Corporation (the “Company”), in light of recent trends in its operating results, has revised the forecast consolidated operating results for the year ended November 30, 2021 , which was announced at the time of the publication of its financial statements as of July 6, 2021.

In addition, during the Board of Directors meeting on December 27, 2021, the Company decided to revise the year-end dividend forecast announced on January 7, 2021, as follows.

The description

1. Revision of consolidated operating income forecasts:

For the year ended November 30, 2021 (December 1, 2020 to November 30, 2021):

Profit

Net sales

Operating

Ordinary

attributable

Earnings

Income

Income

to the owners

per share

of the parent

(million yen)

(million yen)

(million yen)

(million yen)

(yen)

Previous forecasts (A)

410,000

27,000

28,600

15,400

109.57

Revised forecasts (B)

407,000

27,900

29,600

18,000

128.06

Amount of increase or decrease

(3000)

900

1000

2,600

(BA)

Rate of increase or decrease

(0.7)%

3.3%

3.5%

16.9%

– 1 –

(For reference)

531 103

28,303

28,989

11 591

81.04

Previous results (for exercise

fiscal year ended November 30, 2020)

Reasons for the revision:

During the consolidated financial year ended November 30, 2021, the Group’s outlook remained uncertain due to the restrictions on economic activities caused by the spread of infection with the new coronavirus and the impact of the surge in international prices of cereals, but we have revised our forecast of our consolidated operating results for the year as described above, as profit attributable to owners of the parent company is expected to exceed previously announced guidance due to a increase in operating income, as well as reduction of impairment losses and an increase in capital gains from the sale of investment securities.

(Note) The forecast consolidated operating results described above are based on information currently available to the Company, and actual results may differ due to various factors.

For the fiscal year ended November 30, 2021, the Company has finalized the provisional accounting treatment for business combinations, and the previous earnings figures (for the fiscal year ended November 30, 2020) reflect the finalization of the provisional accounting treatment.

2. Revision of the dividend forecast:

Annual dividend

End of

End of

End of

2nd

End of the year

Total

1st trimester

3rd trimester

trimester

(yen)

(yen)

(yen)

(yen)

(yen)

Previous forecasts

20.00

25.00

45.00

(Announced January 7

2021)

Revised forecasts

27.00

47.00

Results of the exercise

20.00

ended November 30, 2021

Previous results (for exercise

20.00

20.00

40.00

fiscal year ended November 30

2020)

Reasons for the revision:

The year-end dividend forecast for the fiscal year ended November 30, 2021 was – 2 –

revised to 27 yen per share, an increase of 2 yen from the previous forecast, in line with the revised forecast of operating results as described above.

Accordingly, with the interim dividend of 20 yen per share already paid, the annual dividend is expected to be 47 yen per share.

The Company maintains a basic policy of providing returns to its shareholders with an absolute priority on dividend payments, and provides returns to its shareholders based on the policy set out in each medium term business plan. While aiming to maintain stable dividend distributions, the Company also reviews options for redeeming and withdrawing its own shares as necessary, taking into account factors such as stock price trends and financial conditions.

By determining dividends as part of the medium-term business plan to 2024, assuming the annual dividend per share would be 45 yen or more, the Company aims to set targets for a dividend payout ratio of 35% or more and a cumulative total return ratio over four years of 50% or more.

(Note) The dividend forecasts described above are based on information currently available to the Company, and actual results may differ due to various factors.

– TO FINISH –

– 3 –

Warning

Kewpie Company published this content on December 27, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on December 27, 2021 06:06:16 AM UTC.

Public now 2021

All the news of KEWPIE CORPORATION
Sales 2021 410B
3,584 million
3,584 million
Net income 2021 15,988 million
140 million
140 million
Net cash position 2021 6,457 million
56.4 million
56.4 million
PER 2021 ratio 21.4x
Yield 2021 1.84%
Capitalization 320B
2,797 million
2,794 million
VE / Sales 2021 0.76x
VE / Sales 2022 0.71x
Number of employees 16,003
Free float 65.7%

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Average consensus HOLD
Number of analysts 8
Last closing price

JPY 2,451.00

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JPY 2,721.25

Spread / Average target 11.0%
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