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FY2020 sales of JPY 905.2 billion (USD 8.4 billion, EUR 7.5 billion), down 17.3 percent from a year ago

Maruha Nichiro Announces Consolidated Financial Results by Business Segments

Click on the flag for more information about Japan JAPAN
Tuesday, June 02, 2020, 05:00 (GMT + 9)

Maruha Nichiro Corporation is a Japanese seafood company, beginning its operation in 1880, when its founder, Ikujiro Nakabe, began a fish sale business in Osaka. The company is the largest of its kind in Japan, with Nippon Suisan Kaisha and Kyokuyo Co., Ltd. as its main competitors.

Maruha Nichiro has subsidiaries in Japan, New Zealand, Australia, the United States, across Europe, Asia and South America and it is listed on the Tokyo Stock Exchange and is a constituent of the Nikkei 225 stock index.

Maruha Nichiro Income Comparative Statement

Fisheries & Aquaculture Segment

■Business Overview

Net Sales increased due to increase of skipjack catch and farmed bluefin tuna harvest. Operating Income, however, decreased due to the cost hike of farmed bluefin tuna and low skipjack prices

Trading Segment

■Business Overview

  • Marine Products Trading: Net Sales remained at approx. the same level as the previous year due to solid sales to GMS, SM and food service. Operating Income, however, decreased due to the downfall in the imported bluefin tuna market and stagnant sales of luxury items exported to China.
  • Marine Products Wholesaling: Both Net Sales and Operating Income decreased due to reduced sales of fresh fish, lackluster price and sluggish demand of marine products.
  • Meat & Products Trading: Despite the decrease in sales of chicken and processed product, Net sales and Operating Income increased due to sales of beef and improved margin of pork.

Overseas Business Segment

■Business Overview

  • Overseas Business: Net Sales decreased due to sales impacted by strong Thai Bhat currency and declined export of pelagic fish from JPN. Operating Income, however, increased due to buoyant fishing results in NZL and expansion of production lines in the pet food operation in Thailand.
  • North America Operations: Both Net Sales and Operating Income decreased as a result of the decline in profits of local subsidiaries due to intensified competition of catching North American raw salmon, decline in market prices for salmon, decline in market prices and sales of crab, and reduction in Pacific cod quota

Processed Foods Segment

■Business Overview

  • Consumer Frozen Foods Business: Both Net Sales and Operating Income increased due to sales of our main products, noodles

and rice.

  • Consumer Processed Foods Business: Net Sales decreased due to the slowing down of canned mackerel and slump in sales of jello due to bad weather. Operating Income, however, increased due to sales of our main canned products.
  • Institutional Foods Business: Both Net Sales and Operating Income increased due to improvements in productivity processes of nursing care food, items for CVS, etc.
  • Foods & Fine Chemicals: Both Net Sales and Operating Income increased due to solid sales of DHA & EPA products and freeze-dried products

Logistics Segment

■Business Overview

Net Sales remained unchanged due to strong demand in metropolitan areas. Operating Income, however, increased due to reduced depreciation expense, despite cost hike of power and labor

Consolidated Balance Sheet

Total assets(7.7 BY increased): Increase in cash and deposits and increase in tangible fixed assets associated with capital investment.

Total liabilities(0.9 BY decreased): Total of interest-bearing debt was 261.7 BY, a decrease of 1.7 BY from the previous year

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