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Company Profi le

CEO Message

Helping people across the world stay healthy through the utilization of sustainable marine resources

President & CEO,

Nippon Suisan Kaisha, Ltd.

June 2019

Driven by our Founding Principles, namely, “A tap

water system is exactly what marine products should

be like in production and distribution,” Nissui has

continued to create diverse value through a variety of

resources, the most notable which are marine

resources.

The history of Nissui began with a single fishing

trawler in 1911. In the more than 100 years that have

passed, Nissui has faced numerous challenges,

including the shrinking of business during World War II

a n d t h e p o s t w a r r e c o n s t r u c t i o n , a n d t h e

establishment of 200-mile Exclusive Economic Zones,

and in response has – through its own efforts – been

able to change and evolve, a process which continues

to this day.

In April 2018, Nissui had launched its new Mid-Term

Business Plan MVIP+2020,and made good process in

the first year.

This Plan is based on the Basic Management Policy,

which holds that, “We will champion the sustainable

utilization of marine resources and the preservation of

the earth environment, continue to create diverse

value from resources, including marine resources, and

provide indiv idual consumers with safe and

high-quality products, thus helping them to maintain a

fit and healthy lifestyle,” as well as “helping individual

consumers around the world to stay healthy by eating

seafood from sustainable resources using unique

technologies developed by Nissui” in accordance with

the Declaration on Action of CSR set forth in 2016.

One of our objectives is to increase corporate value by

helping to resolve social issues through business

activities, and at the same time achieving revenue and

income goals, and this new business plan is one way

we hope to attain that objective.We undertook an

action to solve marine environment and plastic issue in

2019 in addition to sustainability of marine resources,

food loss, health and human resource development

issues.

Nissui, whose business relies on the bounty of nature,

will continue championing the sustainable utilization

of marine resources and the preservation of the

natural environment of the earth, and will continue to

create diverse value while coping with changes to the

social environment and to lifestyles.

Thus, we will always strive to grow into a better

company than we were yesterday. We sincerely

appreciate your continued understanding and support.

Nissui’s “Today”

0203

05

CEO Message

Our Founding Principles/Basic Management

Policy/Declaration on Action of CSR

Global Links/Local Link

Nissui’s “Future”

07Mid-Term Business Plan MVIP+ 2020

Nissui’s “Financial Data”

31

Nissui’s “Business”

11131517

Marine Products Business

Food Products Business

Fine Chemicals Business

General Distribution,

Marine-related and Engineering Businesses

181921

Quality Assurance

Research and Development

Sustainability

Nissui’s

“Initiatives Supporting Growth”

2425272829

Corporate Governance

Company Profile and History/Executive Team

Organization

Office Locations

Domestic Group Companies/

Overseas Group Companies

Nissui’s “Management Structure”

Contents

Akiyo Matono

01 02NISSUI Company Prof i le 2019NISSUI Company Prof i le 2019

Quality Assurance Code

Code of Ethics

Environment Code

Our Founding Principles/Basic Manage

Founding Principles

Basic Management Pol icy

Declaration on Action of CSR

A tap water system is exactly what marine productsshould be like in production and distribution.

We work hard to reduce environmental burdens and preserve the natural environment and biodiversity.

We recognize that our business is relied on the bounty of the earth and the sea, and work hard to utilize resources in a sustainable manner.

For the environment

We operate in a transparent manner and improve disclosure of information.

We try to enhance corporate value and continue a proper distribution of profit to the shareholders through stable business growth.

For the shareholders

We work hard to develop local society and cultivate next generation through the knowledge and the technology of the Nissui Group.

We respect diverse cultures and customs in the world and try to contribute to keeping the local society alive with the development of our business.

For society

We maintain fair and clean business relationship with all of our business partners.

We try to build mutual trusting relationship with business partners and seek a sustainable society with them.

For the business partners

We act in accordance with the norms of the society with sound ethics and aim to build a socially trusted company.

We respect diverse values and individualities, and achieve growth through teamwork by learning from others.

For the employees

We provide safe and secure high-quality products which are valuable for the customers.

We utilize bounty of the sea and provide the delights of foods and the rich and healthy lives through the innovation.

For the customers

Founder

Ichiro TamuraA person of merit

Kosuke Kunishi

NISSUI’sgenes

Innovation Global

Hands-onapproachMission

Embrace the vision of

entrepreneurs and

engage in various

innovations.

Create a global value

network of resources

including marine

resources.

Focus on R&D and

marketing, and aim to

create value and functions

from the viewpoint

of ordinary

citizens.

Utilize the resources

of the earth and the sea

in a sustainable and

effective way and

respect the

environment. Customer-Orientation

Fulfill our corporate

social responsibility

and enhance our

brand value.

Based on the “Founding Principles” that have been handed down since its foundation, Nissui

creates diverse values from resources, including marine resources, with the “Basic Management

Policy” and the “Declaration on Action of CSR” as the cornerstones.

We will champion the sustainable utilization of marine resources and the preservation of the earth environment, continue to create diverse values from resources, including marine resources, and provide individual consumers with safe and high-quality products thus helping them to maintain a fit and healthy lifestyle.

The Nissui Group will appreciate the earth and the sea, and create diverse values from five genes (mission, innovation, hands-on approach, global, and value the customers) inherited since its foundation and try to solve social issues through business activities.

ment Policy/Declaration on Action of CSR

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NISSUI Company Prof i le 2019NISSUI Company Prof i le 2019

Oceania

Fishery, processing

and sales of

marine products

Fishery, processing

and sales of

marine products

South America

Global Links/Local Links

Nissu i ’sBus iness Mode l

Example

The Nissui Group has expanded its business bases throughout

the world. These bases mutually cooperated to become the

“Global Links” that bring marine resources to the tables of

consumers around the world. Furthermore, Nissui added to its

business model the concept of “Local Links” that connect the

various functions of each region. The synergy generated in each

process from resources to products has made it possible for

Nissui to supply high value-added products and develop

businesses that are not limited to foods but go beyond the

existing framework into areas such as feed, chemicals and

pharmaceuticals.

Global Links

Trawl fishing Purchasing, import and

sales of marine products

Local Links

A group company

UniSea, Inc. collects

Alaska pollock captured

by U.S. fishery operators

U.S. fishing boats berthing

at the port in Dutch Harbor

The Alaska pollock is

processed into surimi or

fillets at the Dutch

Harbor Plant of UniSea,

Inc. and shipped to the

group companies and

markets in Japan and

around the world.

The Dutch Harbor Plant of

UniSea, Inc.

The surimi is

processed into

crab flavored stick

and other Surimi-based

products in each

country.

Nissui Hachioji General Plant

White-meat fish (Alaska pollock from the Bering Sea)

Marine

Products Business〔〕 Marine

Products Business〔〕

Marine

Products Business〔〕 Marine


Import and export of oils

and fats for feed use

Marine

Products Business〔〕Fish aquaculture

Marine


North America

Sales of frozen foods

Purchasing, processing and


Production and sales of frozen foods

Food Products Business〔〕 Food


Marine Products Business〔〕

Marine products purchasing,

import and sales


Food Products Business〔〕Marine

Products Business〔〕Fishery/ marine products

processing

NAL Perú

Europe

Production

and sales of foods


import and sales

Purchasing, import and


Food Products Business〔〕 Marine



Sales of fresh fish and

production and sales of

processed marine products


Marine products purchasing and sales


Asia

Japan

Production of processed

marine products

Marine


Production and sales of

agricultural frozen foods

Food

Products Business〔〕Functional materials

production and sales

Fine

Chemicals Business 〔〕

Marine products and

frozen food production

Food


Production and

sales of foods


import and export

Fish aquaculture/production

and sales of marine products

Food Products Business〔〕 Marine



Manufacture and sales of

pharmaceuticals

Fine Chemicals Business〔〕

Production and

sales of foods

Marine Products Business〔〕 Production and sales

of frozen foods

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Nissui upheld the vision of “promoting management based on CSR” in its Mid-Term Business Plan “MVIP 2017”

(FY2015 - FY2017) and declared in the Declaration on Action of CSR formulated in 2016 its commitment to

increasing corporate value by helping to resolve social issues through business activities.

The new Mid-Term Business Plan “MVIP+ 2020” (FY2018 - FY2020) follows “MVIP 2017” and further promotes

management based on CSR. Under the new Plan, Nissui strives to achieve growth and increase corporate value

by helping to resolve social issues through business activities and at the same time achieving revenue and

income goals.

Nissui strives to increase our corporate value by our efforts to address social issues through our business activities.

Efforts to address social issues -Three priority issues to SDGs-Aiming to become a manufacturer that creates value by leveraging unique technologiesHelping people across the world stay healthy through the utilization of sustainable marine resources

Key strategies

Promotion of onshore aquaculture,

development of new fish species

and expansion into overseas markets

Sophistication of fish aquaculture

Sophistication

of EPA extraction

technology

Promotion of

pharmaceutical raw

materials in

overseas markets

Expansion of

overseas businesses

(marine products/foods)Strengthening of

processing and

production functions

Diversity/active

participation

by females

Sustainable access

to resources

CSR

procurement

Acquisition of MSC/ASC

certifications

Health-oriented

products Responses to changing lifestyles

Health and productivity

management/work style reform

Marin

e e

nviro

nm

ent a

nd re

sourc

es Li

fest

yle

changes

and p

opula

tion s

tructu

re

Materiality

Preserve the

bountiful sea and

promote the sustainable

utilization of marine

resources and

their procurement

Contribute to a

healthy lifestyle

with food safety

and security

Aim to be

a company where

diverse human

resources play

an important role

to address

social issues

2030

2020

MVIP2017

MVIP+2020New value

Effo

rts to

ad

dre

ss s

ocia

l issu

es

(C

SR

)

Research and development

Quality assurance/CSR

Strengthen the fusion

and linkage in the boundary

of the three businesses

Responses to changing lifestyles

Expansion into overseas markets

Efforts toward the next stage

Strengthening of technological capabilities

and the management foundation

Promote the sustainable utilization and procurement of marine resources

Structural shifts to businesses that respond to changing lifestyles

Basic concepts

1

3

4

Accelerate overseas operations5

Further strengthen R&D, leading to the sustainability of marine resources6

2

MVIP+2020Make Value through Innovative Plan Most Valuable Impressive Player

(priority issues)

LIFE BELOW

WATER

GOOD HEALTH

AND WELLBEING

GENDER

EQUALITY

DECENT WORK

AND ECONOMIC

GROWTH

CLIMATE

ACTION

ZERO

HUNGER

RESPONSIBLE

CONSUMPTION

AND PRODUCTION

We will make value through innovation. We hope that each of us will become a valued existence for

society and company, for whom people will feel sympathy.

Fine ChemicalsBusiness

FoodProductsBusiness

MarineProductsBusiness

Increase pharmaceutical raw materials and foods that contribute to health by utilizing the functions of marine resources and other material

7Promote health and productivity management through work style reform, health promotion support measures, etc.

8 Enhance corporate governance

Consider reducing animal and plant residue, and extending the best-before date with the aim of maximizing the utilization of resources and minimizing food product losses

07 08

Mid-Term Business Plan MVIP+2020

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● Promotion of

pharmaceutical

raw materials in

overseas markets

● Structural shifts to businesses that respond to the lifestyle needs of consurmers including

　　convenience, ready-to-eat foods and health.

● Strengthening of the domestic

chilled foods business

● Achieving manpower saving and

higher productivity through IoT/AI

● Maintaining freshness through

increased processing at site

● Sophistication of processing

technologies

Creation of new value under “MVIP+2020”

Responses to changing lifestyles Efforts toward stepping up to the next stageStrengthening of technological capabilities

and the management foundation

● Expansion of the Marine Products Business

and the Food Products Business

● Expansion of the


Expansion into overseas markets

● Enhancement of

production functions in Asia

● Increased handling of

agricultural frozen foods

● The five-factory

system of

Cité Marine

S.A.S.

MSC-labeled

products

MSC-labeled

products

EPA productsEPA products

Thaw-at-room-temperature

frozen vegetables


frozen vegetables


marine foods without bones


marine foods without bones

Ovenable

prepared

foods

Ovenable

prepared

foods

Microwave

cooking

Microwave

cooking

Precooked

foods using

vegetables

Precooked

foods using

vegetables

● Strengthening and

reorganization of processing and

production functions in response

to structural shifts of businesses

● Further expansion in Europe

● Focus on Asia

An existing shrimp farm of

Seafarms Group Ltd.

A young common octopus

● Overseas expansion of aquaculture

business and taking on the challenge of

developing new fish species

● Building of a logistics system linked

to the businesses

● Research on novel functional lipids

● Consideration on the aquaculture business overseas other than South America

● Conditioning of logistics infrastructure for chilled marine products and surimi-based products

● Cost cutting and improvement of logistics quality

● Enhancement of corporate governance

● Nomination and Compensation Committee (as of June 27, 2018)

● A stock option plan (as of June 27, 2018)

● Commercialization of new fish species and onshore aquaculture (shrimp, mackerel and cherry salmon)

● Promotion of research on complete aquaculture of common octopus

* Foreign exchange rates used for the calculation: 110 JPY/USD; 135 JPY/EUR

* ROA = {“Net income” + “Interest expenses” x (1 - Effective tax rate)} / {(“Total assets” at the end of the previous fiscal year + “Total assets” at the end of the current fiscal year) + 2}

キャッシュフロー

Investment

in growing

fields

(including M&As)

Capital

adequacy

Shareholder

return

Investment plan

Targeted figures (KPIs)

Financial strategies

Actual results for FY2018

Ordinary income

712.1 billion yen 756.0 billion yenNet sales

Operating income

Net income

ROA

(Reference) ROE

Annual plan for FY2020

21.6 billion yen 29.0 billion yen



3.5 % 4.5 %

10.8 % 12.0 %

Marine ProductsBusiness

By cash flow from operating activities and cash and deposits,

Cash flow the generation of

120.0 billion yen is targeted.90.0 billion yen

Investment of 90.0 billion yen is to be made

mainly in growth drivers in three years, among

which 10.0 billion yen in investment is expected

to be made in M&As, etc.

Equity capital is to be increased to around 200.0

billion yen to improve the ability to respond to risks

The target dividend payout ratio during the period

covered by the Mid-Term Business Plan is 15 to

20% and the future target is 30% or higher.

Total amount of investment

57.0 billion yen

Depreciation andamortization

23.0 billion yen

M&As

10.0 billion yen

Food ProductsBusiness

36.0billion yen

Fine ChemicalsBusiness

6.0billion yen

15.0 billion yen

General Distribution,

Marine-related

and other businesses


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Mid-Term Business Plan MVIP+2020

Seiji Takahashi

Board Member,

Managing Executive Officer

Consolidated net sales

289.9

Aquaculture

42.3billion yen

Processing/Trade

166.4billion yen

Fishery

18.8billion yen

billion yen

5.1%

44.7%

11.4%

38.8%10.2

2

4

0

8

10

12

14

6

0

50

100

150

200

300

250

350

Sealord

(New Zealand)

EMDEPES

(Chile)

Nissui engages in fishries based in countries

such as Chile and New Zealand. In Japan,

Nissui engages in offshore trawling.

Kyowa Suisan

Processing/Sales

Nordic Seafood

(Denmark)

UniSea

(U.S.)

In North America, Nissui processes Alaska Pollock and

other white-meat fish, and produces and sells frozen

prepared marine foods while in Europe, Nissui procures

and sells marine products. In Japan, Nissui sells fresh

and frozen fish and produces and sells highly-processed

marine foods.

Today, the supply of aquaculture products is indispensable amid growing global demand for marine

products, and the production volume of aquaculture has been strong in Japan as well. Nissui works

on the aquaculture business in Japan and overseas.

The focus of our efforts has been on the domestic aquaculture business since the establishment

of Kurose Suisan Co., Ltd., which engages in Buri Yellowtail aquaculture, in 2004. In addition to the

use of natural seedlings, Nissui has worked to achieve complete farming cycle, which has now

expanded to cover the farming of Buri Yellowtail, Coho Salmon and Tuna. Nissui draws on the outcomes of its unique research

and development in individual processes that include everything from the hatching of seedlings, fostering, feeding and health

management during the course of fostering to processing, and thereby stably supplies safe, reliable and delicious farmed fish.

Through collaboration of the worldwide Global Links and the Local Links of each region, Nissui’s

Marine Products Business delivers safe, reliable and delicious marine products to markets in

Japan and around the world by building a supply chain that covers everything from access to

marine resources to the delivery of products to the tables of consumers, while drawing on the

strengths of each our functions of fishery, aquaculture, processing and sales. We have improved

our technology for making the most of marine products and our product development capability

under the concept of “complete utilization of marine products,” which has been passed down

since our foundation. We create new value with a diverse range of products that includes not

only fresh and frozen fish, but also processed marine foods, fish meal, fish oil, formula feed for

use in aquaculture and other products.

We are creating new value of marine resources by building a global supply chain of marine products that covers everything from fishery, aquaculture and production to processing and sales.

Marine Products Business

● Sales Ratio in Marine Products Business

* Amounts of less than ¥100 million are omitted.

● Sales and Operating Income in Marine Products Business

FY2016

* The ratios are calculated using the net sales figures before consolidated adjustments.


* Consolidated net sales are stated with the figures after consolidated adjustments

(after the elimination of net sales from inter-group transactions).

Fishery

Alaska Pollock, frozen

and processed into minced

form for ease of cooking

AquacultureNissui engages in Salmon/Trout aquaculture in

Chile. In Japan, Nissui engages in aquacultures of

Buri Yellowtail and Coho Salmon, as well as Tuna

and the production and sales of formula feed for

use in aquaculture.

7.9

FY2017 FY2018

283.8

11.0

Nissui by the numbers

30,000Morethan tonsAnnual sales volume ofsalmon and trout

Netsales

Operatingincome

Operating income

265.8


Efforts toward the aquaculture business

Salmones Antártica

(Chile)

Yumigahama SuisanKurose Suisan

(FY2018)

billionyen[ ] billion

yen[ ]

289.9Non-consolidated

144.4billion yen

Seinan Suisan・

Kaneko Sangyo

10.2

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We aim to create new value through the provision of tasty and convenient processed foods that accurately capture the changing lifestyles of society and consumers.

Operating income

Shingo Hamada

Representative Board Member,

Senior Managing Executive Officer

Nissui’s Food Products Business engages in the production and sales of frozen prepared

foods for households and food service, shelf-stable foods, and fish sausage and surimi-based

products in Japan. The business continues to grow based on Nissui’s unique products that

draw on our strengths in processing and production technologies and our capabilities to

procure the raw materials of Group companies in Japan and overseas.

With “Gorton's,” a renowned brand of frozen prepared marine foods for household use in the

U.S., and “Cité Marine,” a leading French company of chilled products in the Group, Nissui is

pushing forward with business expansion into overseas markets.


FY2016

304.4

FY2017

● Sales Ratio in Food Products Business● Sales and Operating Income in Food Products Business (FY2018)

Non-consolidated

238.1billion yen

* The ratios are calculated using the net sales figures before consolidated adjustments.


* Consolidated net sales are stated with the figures after consolidated adjustments

(after the elimination of net sales from inter-group transactions).

18.9%

29.2%

52.0%

Overseas

Activities of the Food Products Business

Japan

11.112.9

FY2018

342.3325.2

11.9

In the Food Products Business including frozen

prepared foods and chilled foods, Nissui develops

new products for the Japanese and overseas

markets in response to various types of changes in

the ways of consumption to create new markets.

2

4

0

8

10

12

14

6

0

50

100

150

200

300

250

350

100Morethan million

Yaki-onigiri (grilled rice balls)

sold

Nissui by the numbers

Opening up of

new marketsTastiness

HealthEasy and convenientto cook

[For retail in Japan] [For food service in Japan]

Frozen prepared foods

for retail


for retailChilled Processing


for food service

Shelf-stable

foods

Gorton's Cité MarineKing & Prince

Seafood

Food Products Business


Netsales

Operatingincome


yen[ ]


342.3billion yen

Processing

133.7billion yen

Chilled

86.5billion yen

Fish sausages/

surimi-based products

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EPA

Supply chain for EPA



Hokkaido Fine Chemicals

Transported in

domestic tankers

Nissui Kashima

No.1 Plant and

Kashima No.2 PlantPeru

Chile*1 HACCP: Hazard Analysis and Critical Control Point*2 GMP: Good Manufacturing Practice; the standards for the manufacturing and quality control of pharmaceuticals and quasi-pharmaceutical products

EPA, the existence and efficacy of which have come to be known as a result of epidemiological

research on Inuit people in the 1970s in Denmark, is an omega-3 essential fatty acid that is

contained in fishes like sardines and such. It is difficult for the human to EPA in body and thus

it needs to be ingested as food.

The approved efficacy of EPA includes the mitigation of heart disease risks, the reduction of the

serum triglyceride level and an anti-inflammatory effect.

Nissui Tsukuba Plant

At EU/HACCP*¹ and GMP*²- certified factories,

and using technologies developed by Nissui,

the oil is processed into high-purity oil, fish

tastes and smells are removed, and any dioxins

or other pollutants are removed.

Kashima No.2 Plant, commenced operation in January 2018. It is a plant that specializes

in the production of EPA for pharmaceuticals and provides the world’s highest level of

quality and productivity through quality and manufacturing control based on the cGMP*

standards. These standards are indispensable for the supply of pharmaceuticals to

overseas markets in preparation for the global expansion of the EPA pharmaceuticals

markets in the future. The plant also aims to extract EPA at a higher rate from raw fish oil

to enable the production of high-purity EPA, even from raw fish oil with lower EPA

content. It also gives consideration to the reduction of the burden on the environment in

ways such as the use of highly-efficient heat sources and the use of thermal energy

generated in the process.

*cGMP: current Good Manufacturing Practice; the latest standards for the manufacturing and quality control of pharmaceuticals and quasi-pharmaceutical products

Bringing EPA to the world

● Sales and Operating Income in Fine Chemicals BusinessOperating income

1.5

3.0

0

6.0

7.5

9.0

4.5

0

5

10

15

20

25

30

FY2016

25.7

FY2017

25.8

3.9

2.5

FY2018

26.5

2.6

We have been refining unique technologies to stably supply andfurther sophisticate chemical products derived from marine resourceswith a focus on eicosapentaenoic acid (EPA) which is an omega-3essential fatty acid that is rich in fishes like sardines and such.

Yoichi Sekiguchi

Board Member,


Nissui has been working on the research, production and commercialization of EPA for about

40 years since its participation in epidemiological research conducted in Japan in the 1980s.

Joint research with pharmaceutical company has resulted in the approval of EPA as a drug for

arteriosclerosis obliterans in 1990 and hyperlipidemia in 1994. Nissui has worked

concurrently on the establishment of advanced purification technology to realize such drugs,

and produces and supplies EPA as raw materials of pharmaceuticals.

On the other hand, Nissui develops and provides foods for specified health use, foods with

function claims, supplements and other general foods that contain EPA in order to allow

everyone to utilize the diverse functions that EPA has in maintaining health in their daily life.

Nissui is also handling DHA, N-acetyl glucosamine and orange roughy oil.

billionyen[ ]billion

yen[ ]

Netsales

Operatingincome


Raw fish oil procured

overseas is stored

temporarily in dedicated fish

oil tanks set up in Japan.

Sardine oil is imported

from Peru and other

countries.

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Oosaka-Maishima Logistics Center

Quality Assurance

Nissui provides an “integrated-temperature logistics service” that covers everything from customs to storage and transportation with cold/refrigerated storage facilities located nationwide.

Nissui covers a wide range of businesses including ship building and repairs, vessel operation and training of the crew.

The Marine-related Business is engaged in the building and repairing of

ships, and commissioned management and operation of marine survey and

deep-sea research vessels and vehicles by utilizing its human resources

and marine-related technologies acquired over the years. Support for

“Team KUROSHIO” that is taking on the challenge for the international

competition “Shell Ocean Discovery XPRIZE” was also provided in the

business. The Engineering Business is engaged in the planning, design

and production of plant and equipment machines in the food

processing-related segment, and the planning, design and construction of

marine products processing and food plants and cold storage facilities.

Marine survival training facility based on

global standards “Nippon Survival Training

Center” (Nissui Marine Industries)

Contributing to marine survey and research by leveraging

the vessel operation and management knowledge

accumulated over the years (Nippon Marine Enterprises)

Nissui Logistics Corporation, a Group company that engages in Nissui’s

General Distribution Business, handles a broad range of temperature zones

that encompass -50 degrees centigrade to ordinary temperature and has

built, for cold storage facilities in particular, a network that connects major

domestic cities located in port and harbor areas. It also works on

contracted operations for customs, distribution and processing and

vicarious execution of order placement

and receiving and transportation and

delivery at a frozen temperature zone.

The company completed construction of

the “Oosaka-Maishima Logistics Center”

in the North Port of Osaka Bay in 2016.

General Distribution

Marine-related and Engineering Businesses

Nissui is engaged in various initiatives for delivering safe and reliable foods

Microbe inspections for the products of each Group

company are conducted at an “Excellent Lab” set up in

each plant using the manual common to the Group.

Certification of inspectors and the management of

inspection accuracy are also performed to maintain

and improve the inspection techniques.

In order to ensure the safety of its products, Nissui

centrally manages information on raw materials through the

receipt of specification certificates from suppliers

confirming the raw materials’ provenance and compliance

with standards, any pesticides or drugs used therein, etc.

For overseas products, Nissui conducts inspections at

production plants for pesticides, antibiotics and other

substances contained in the raw materials before importing.

In addition, Nissui performs not only statutory inspections,

but also voluntary inspections at the time of import/export

to ensure thorough checks on quality and safety.

A certification system for production plants has been

established and the management status of production

plants is evaluated both from tangible and intangible

aspects under the in-house standards developed with

HACCP* at the core. Plants are audited periodically even

after certification and continuous efforts are made to

improve the status of quality assurance.

The Nissui Group has been

working to obtain FSSC 22000

international certification for its

food safety management system

at its directly-operated plants

and Group companies.

* International food sanitation control methods set forth by the Codex

Alimentarius Commission

Quality Assurance Code

We value the “delicious taste and “freshness” of ingredients and provide individual

consumers with safe and high-quality products that will satisfy their expectations,

thereby contributing to the development of healthy and rich dietary life.

To gain consumer confidence and empathy, every member of Nissui’s staff will

fulfill his or her responsibility to maintain product quality and will make every

effort to further increase consumer satisfaction.

Centrally managing information

on raw materials

and a rigorous inspection system“Excellent Lab” activities

Certification of production plants

and establishing audit systems

Efforts to obtain

FSSC 22000 certification

PhilosophyPhoto courtesy of JAMSTEC

General Distribution, Marine-related and Engineering Businesses



1.5

3.0

0

6.0

7.5

4.5

0

5

10

15

20

25

FY2016

15.9

FY2017 FY2018

16.3

1.7 1.9

16.6

1.9

● Sales and Operating Income in General Distribution Business

Operating income

Operating income


yen[ ]

Netsales

Operatingincome

Photo courtesy of JAMSTEC

● Sales and Operating Income in Marine-related and Engineering Businesses


0

1.5

3.0

4.5

6.0

7.5

9.0

10.5

0

5

10

15

20

25

30

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FY2016 FY2017

25.923.8

FY2018

36.6

Netsales

Operatingincome


yen[ ]

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Research and DevelopmentWe will continue to create new value from marine resources with our superior science technology.

With the aim of establishing a unique aquaculture business, Nissui engages in

research under the broad themes indispensable for the aquaculture business such

as artificial seedlings and breeding, hatching and fostering, the development of

formula feed, feeding technologies, research on and measures for fish health

management and processing technology. In addition, Nissui supports the

advancement of the aquaculture business from the research and development

aspect in collaboration with the worksites of Group companies.

● Research and development that support

the advancement of the aquaculture business

While thawed raw live bait such as frozen mackerel is

generally used in growing Bluefin Tuna, the method for

storing such bait and its environmental burden on the

surrounding ocean areas have become issues. In order

to solve such issues, Nissui investigated the feeding

behavior of Bluefin Tuna and developed “T-sage,” a

highly nutritious formula feed matching the Bluefin

Tuna’s feeding preferences. As a result of such

efforts, the amount of feed necessary for the growth

of the Bluefin Tuna has been reduced to about 1/3

compared to the previous feed, and the environmental

burden on fish farms has also been reduced.

Development of formula feed for Bluefin Tuna

Oita Marine Biological Technology Center, Central Research Laboratory

Nissui has developed a pickling technology which

leaves the tissue texture and taste that are inherent in

shrimp unchanged and at the same time prevents

shrinkage at the time of heating. This technology is

broadly applied to “SHRIMP PRO” shrimp for food

service and other frozen prepared foods of Nissui.

Pickling technology that makes full use of

the genuine taste and texture of shrimp

Nissui has developed a technology to enhance aroma

whereby the “savory aroma of a freshly-made dish” is

recreated for processed foods. Generally speaking, the

aroma of processed foods is significantly weakened during

the period from production to the time when consumers eat

the dish. Nissui’s unique technology to enhance aroma

curtails the alteration of aroma by the time of consumption

to the minimum and is applied to products for which a aroma

in particular is the decisive factor of the tastiness.

Technology to recreate the “aroma of a freshly-made dish”

for processed foods

In recent years, demand for omega-3 fatty acids is growing worldwide and it is necessary to use limited marine resources efficiently. Nissui is pushing

forward with research to advance its unique purification technology to supply high-value-added fish oil stably, while at the same time working to reduce

losses during processes ranging from extraction to purification and develop technologies to utilize untapped fish species. By applying these

technologies, Nissui is now in the process of research and development of functional lipids other than EPA.

● Research and development related to functional lipids

The Central Research Laboratory, which forms

the core of Nissui Group’s R&D functions is

engaged in research in the aquaculture, fine

chemicals and marine food product fields. The

research results are reflected in the production

and product development sites, contributing to

the establishment of advantages for Nissui as a

manufacturer.

The Products Research & Development Department

is engaged in the development of new and renewed

processed food products. It develops new

processing technologies and further refines its

unique technologies cultivated over many

years, while at the same time carries out

planning, investigation and trial production in

designing products that keenly respond to the

changes of consumers and markets, and

supports the introduction of such products to

production lines.

The Technology Development Department is

the cornerstone of the production technology

divisions, and develops and applies new

technologies to improve productivity and

enhance the other functions of the plants,

improve and advance production technologies

and provide technical education. It covers the

production facilities of the Food Products,

Marine Products and Fine Chemicals Businesses.

Central Research Laboratory

Products Research & Development Department

Technology Development Department

Formula feed for bluefin tuna T-sage®

Research examples

Fried chickenGrilled rice balls

19 NISSUI Company Prof i le 2019NISSUI Company Prof i le 2019 20

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Materiality

Materiality Materiality Materiality

● Nissui promotes the sustainable utilization of resources by minimizing the impact on the

marine environment and marine resources from the business.

● The significance of aquaculture is considerable in terms of the sustainability of marine

resources; thus, the Nissui Group advancement of the aquaculture business.

● Nissui carries out research and assessment of ensuring the sustainability of the marine

resources that cover the fish species handled by the Nissui Group, with an eye toward

ensuring the sustainability of all such fish species by 2030.

● Nissui formulated the “Nissui Group Basic Procurement Policy” in 2017 and aims to build a system

for procuring raw materials and products in collaboration with suppliers and partners based on

our basic approaches to procurement, namely “Compliance,” “Awareness of Environmental

Preservation,” “Respect for Human Rights,” and “Collaboration with Suppliers and Partners.”

● To address the problem of marine plastics, the Marine Environment and Plastics Subcommittee

was established. Nissui commences the promotion of 3R activities (Reduce, Reuse and Recycle)

of plastics and the study of the use of alternative materials, enlightenment activities for

employees.

Sustainability ofmarine resources

Marine Environment and Plastics

Socialissue

CSR procurement

Materiality

● Employee Health Declaration

Nissui formulated the “Employee Health Declaration” in 2017, positioning the maintenance

and promotion of the health of its employees as a top-priority management issue and has

worked on numerous measures ever since.

● Efforts toward diversity and personnel development

Nissui aims to achieve the ratio of female employees of 30% on a non-consolidated basis

and boost the number of females in managerial positions.

Diversity

and personnel

development

Socialissue

Socialissue

Sustainability

Sustainable utilization of marine products from the bountiful sea is the critical mission of the Nissui Group.

We at the Nissui Group are engaged in businesses that utilize various resources that include marine products

that are the bounty of the earth and the sea. The CSR Committee has been put in place to realize sustainable

business activities based on the Declaration on Action of CSR, and the Nissui Group addresses social issues

under the system.

The Declaration on Action of CSR formulated in 2016 stipulates six stakeholders and Nissui’s actions to be taken for

each. In working on social issues through the business, Nissui had carried out a questionnaire survey for the

representative corporations and organizations of the six stakeholders and thereby identified social issues to be

addressed preferentially and set the materiality (priority issues) based on the result.

Preserve the bountiful sea and promote the sustainable utilization of marine resources and their procurement

Contribute to a healthy lifestyle with food safety and reliability

Aim to be a company where diverse

human resources play an important role to address social issues

Marine environmentand Plastics

Sustainabilityof marine resources

CSR procurement

Food loss and waste

Quality

Health, R&D and innovation

Preserve the bountiful sea and promote the sustainable utilization of marine resources and their procurement

Aim to be a company where diverse human resources play an important role to address

Materiality

● Nissui works to reduce waste in all food chain processes.● Nissui promotes the reduction and recycling of waste generated during the course of its

business activities for the purpose of making the effective use of limited resources to the

maximum extent possible.● Nissui works to extend the best-before date of products and make a shift to displaying

month and year.

● Nissui works to ensure food safety and reliability by obtaining FSSC 22000 international

certification for its food safety management system.Quality

● Nissui engages in research on the health benefits of functional lipids such as EPA and DHA,

unsaturated fatty acids contained in oil of fishes like sardine, and develops and sells various

products based on the results. Nissui contributes to a healthy lifestyle through technologies

that make use of the bounty of the sea and innovation.

Health, R&D and innovation

Contribute to a healthy lifestylewith food safety and reliability

Social issues to be addressed

Materiality that reflects the opinions of stakeholders

Nomination and Compensation Committee

The CSR Committee is an organization chaired by the President & CEO and consists of all Executive Officers as its

members. Under the Committee are task forces that address topics such as ethics and the environment, as well as task

forces for which the purpose is to promote concrete activities with respect to set materiality.

System to promote sustainability

General Shareholders' Meeting

Board of Directors

Audit & Supervisory Board

President & CEO

Executive Committee

Risk Management Committee

Quality Assurance Committee

CSR CommitteeSubcommittees

for eachpriority issue

Environment Subcommittee

Ethics Subcommittee

Food Loss and Waste Subcommittee

Marine Environment and Plastics Subcommittee

Diversity and Personnel Development Subcommittee

Resource Sustainability and Procurement Subcommittee

Diversity Personneldevelopment

LIFE BELOW

WATER

GOOD HEALTH

AND WELLBEING

GENDER

EQUALITY

DECENT WORK

AND ECONOMIC

GROWTH

CLIMATE

ACTION

RESPONSIBLE

CONSUMPTION

AND PRODUCTION

Social issue

Social issue

Food loss and waste

Social issue

Social issue

ZERO

HUNGER

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Basic approach to corporate governanceNissui upholds “to behave with integrity as a company and an individual” as one of its Policies toward Society in the

Code of Ethics. Directors who have been entrusted by the shareholders with the management of Nissui strive to improve

the functions of the Board of Directors, the decision-making body relating to the business execution of Nissui, and to

ensure flexible decision making and the transparency of management. Auditors ensure their independence, while at the

same time improve and reinforce the auditing functions over the execution of duties by the Directors.

Diagram: System of Corporate Governance

Auditor

of

Accounts

Corporate Lawyer

General Shareholders' Meeting

Audit & Supervisory

Board

Appointment,

Dismissal

Appointment,

Dismissal

Appointment,

Dismissal

Appointment,

Dismissal

Appointment,

Dismissal

Report

Internal

Audit

Accounting Audit

President & CEO

CSR Committee

Risk ManagementCommittee

Quality AssuranceCommittee

Executive Committee

Divisions and Business Locations of the Company

Subsidiaries and Affiliates

Board of Directors


Internal Audit Office

Recommend

Internal Audit

Addressing social issues

The Executive Officer system has

been instituted on June 25, 2009,

with the objective of further

strengthening the system for the

execution of business and carrying

out even more flexible and efficient

business operations. The Executive

Committee consists of 18 members

including five Executive Officers who

are concurrently serving as Board

2

Nissui instituted the Nomination and

Compensation Committee on June 27, 2018

as a voluntary advisory body to the Board of

Directors with the objective of improving

the supervisory function of the Board of

Directors and strengthening the corporate

governance system by deliberating the

nomination and compensation of Board

Members and Executive Officers. The


consists of Representative Board Members

and Outside Board Members and is chaired

by an Outside Board Member.

3

Nissui has entered into an agreement

with and undergoes accounting audit by

Ernst & Young ShinNihon LLC pursuant

to the Companies Act and the Financial

Instruments and Exchange Act.

5

Board Members’ terms are set to be one

year with the objective of improving

transparency and strengthening the

management supervisory function, and

Outside Board Members independent of

management executives are appointed.

The Board of Directors currently consists

of seven Board Members including two

Outside Board Members, and decides on

important matters and supervises the

execution of business.

1

Nissui is a company with Audit & Supervisory Board and appoints persons with

knowledge in determining the appropriateness of corporate activities in general as

Audit $ Supervisory Board Members. The Audit & Supervisory Board is instituted where

Outside Audit & Supervisory Board Members independent of management executives

are appointed. Audit & Supervisory Board Members consist of four members including

three Outside Audit & Supervisory Board Members.

4

Board of Directors,

Board Members

Executive Committee,

Executive Officers

Nomination and

Compensation Committee

Audit & Supervisory Board, Audit & Supervisory Board Member Accounting audit

Corporate Governance

Biodiversity PreservationThe Survey of Procured Marine Resources Sustainability

Nissui prescribes the preservation of biodiversity in the

“Policies in the Environment Code” and engages in

activities for that purpose in the fields of forests, rivers

and the sea.Tottori Prefecture is the home of the Nissui

Group companies Yumigahama Suisan co., Ltd., which is

engaged in the aquaculture and processing of

Sakaiminato Salmon and Kyowa Suisan Co., Ltd., a fishery

company. Nissui is conducting environmental

conservation activities to preserve the 5,933 hectares

of forest on Mt. Senjozan (Kotoura-cho, Yamagawa

Tottori Prefecture) as “The forest that protects spring

water nurturing fish and the sea.

For the Nissui Group, it is essential to gain an understanding

of resource condition status quo of the marine products all

the Nissui Group handled in order to monitor mid and

long-term business risks and opportunities and conducted a

survey among all the group companies including Nissui in

2016.According to the survey, 88% of seafood species the

Nissui Group handled were categorized as “Healthy”, while

37% of this category were approved by marine related

eco-label certification. The Nissui Group will undertake the

survey on a regular basis, is aiming to achieve the goal that

"sustainability of all of the seafood the Nissui Group procures

are confirmed until 2030".

Worried51,018t（3%）

unknown130,345t（9％） Certified product

37%

No worries1,333,301t（88%）

Natural fish1,514,665t

Nissui recognizes the maintenance and promotion of

health as a management issue and announced the

Employee Health Declaration on 2017. Nissui was

recognized for creating a better working environment

under the concept of health and productivity

management which promoted better health using a

seafood-based diet. On 2019, Nissui became the first in

the fishery, agriculture and forestry industry to be

chosen for the “2019 Health & Productivity Stock

Selection,” sponsored jointly by the Japan’s Ministry of

Economy, Trade and Industry and the Tokyo Stock

Exchange.

Chosen for the “2019 Health & Productivity Stock Selection”

Since FY2008, Nissui has been collaborating with Second

Harvest Japan, an NPO that1 provides food to people in

need. In FY2018, Nissui donated about 9.4 tons of

frozen prepared foods with the help of Nissui Logistics

Corporation and Housenreizou Co., Ltd

Donations to Second Harvest Japan

Photo by Natsuki Yasuda / studio AFTERMODE

Social contribution activities

In order to have elementary school students interested in sea

and fish, Nissui has sponsored the “Umi to Sakana

Competition” Independent Research and Artwork Contest

since 1982, which receives nearly 30,000 submissions each

year.

“Umi to Sakana Competition” Independent Research and Artwork Contest

　

A scene of food delivery

37th award ceremony Creative department

Nippon Suisan Kaisha,Ltd.award

Another scene of food delivery;


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Nishi-Shimbashi Square, 1-3-1, Nishi-shimbashi,

Minato-ku, Tokyo 105-8676 Japan

Founded　1911

Established　1943

Capital　30,685million yen

Number of Shares Authorized　1,000,000,000

Number of Shares Issued　312,430,277

Number of Shareholders　49,499

Number of Employees　1,203 (Non-consolidated)

(As of March 31, 2019)

（As of June 26, 2019）

Standing Audit & Supervisory Board Member

Executive Officer

Audit & Supervisory Board Member



Company Profile

Executive Team

History

Sep. 1919The Division reorganized into a

corporation under the name of

Kyodo Gyogyo.

May. 1911

Founder

Ichiro Tamura

Kosuke Kunishi, on orders from

Ichiro Tamura, completed the

construction of a trawler in England

and navigated it back to Japan.

Ichiro Tamura established the

Tamura Steamship Fishery Division

in Shimonoseki.

A person of merit

Kosuke Kunishi

Aug. 2014The Head Office was relocated

to Nishi-shimbashi, Minato-ku,

Tokyo.

May. 2017Completed the

“Kashima Pharmaceutical Plant”

Oct. 2001Acquired Gorton's, Inc.

Apr. 2011Completed the “Tokyo

Innovation Center.”

Jan. 2001Acquired a stake in Sealord

Group, Ltd.

Established Kurose Suisan Co,

Ltd. and entered the domestic

Buri Yellowtail aquaculture and

processing businesses.

Jan. 2004

Representative

Board Member,

President & CEO

(Chief Executive Officer)

Akiyo Matono

Representative

Board Member,

Senior Managing

Executive Officer

Shingo Hamada

Board Member,

Managing

Executive Officer

CFO (Chief Financial Officer)

Shinya

Yamamoto

Board Member,

Managing

Executive Officer

Yoichi

Sekiguchi

Board Member

Keisuke

Yokoo

Board Member,

Managing

Executive Officer

Seiji

Takahashi

Board Member

Kazuo

Ohki

1910

Mar.1943Nippon Kaiyo Gyogyo Tosei was

established in accordance with the

Fishery Control Ordinance. The cold

storage, freezing, processing and

sales divisions were separated and

transferred to Teikoku Suisan Tosei

(presently Nichirei Corp.).

Aug.1945Suffered serious damage due to World

War II and started recovery efforts.

1940 1980Commenced epidemiological

research on EPA with the Chiba

University School of Medicine.

Dec.1988Acquired Salmones Antártica S.A.

Sep.1988Launched Yaki-onigiri (grilled rice

balls), frozen

prepared foods

for household

use.

1980

2000

2010

Dec.1993The Oita Marine Biological

Technology Center of the Central

Research Laboratory was completed.

1990

Oct.1997The unified corporate brand

mark was adopted.

Apr.1959The Five-Year Reformation Plan

started.

May.1952The first NISSUI's mother ship-type

salmon and trout fleet began

fishing after the end of World War

Oct.1952Full-scale production of tuna

sausage started.

1950

Feb.1967Started full-scale offshore

production of surimi.

1960Mar.1937Joined the Nissan Zaibatsu and the

company name changed to Nippon

Suisan.

1930

Feb.1920Hayatomo Fishery Research Group, the

first private fishery research

organization in Japan, was established.

Dec.1929The base of fishery moved from

Shimonoseki to Tobata.

1920

Nov.1927The diesel engine trawler

Kushiro-Maru was completed.

9,065(Non-consolidated)

Hiroyuki Hamano

Yuji Kobayashi


Hisami Sakai

Executive Officer

Munehiro Ise

Executive Officer

Koji Umeda

Executive Officer

Kouichi Oda

Executive Officer

Tomoyuki Maebashi

Executive Officer

Shinya Yamashita

Executive Officer

Kazuhiro Matsushima

Executive Officer

Hideyo Okumura

Executive Officer

Tetsuya Shindo

Executive Officer

Tetsuhiro Kuroda

Executive Officer

Masahide Asai

Executive Officer

Teru Tanaka

Shino Hirose

Motohide Ozawa

Toshinari Iyoda


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● Hachioji General Plant ● Kashima Fine Chemicals

General Plant

■ Head Office

Organization chart Office Locations

As of June 26, 2019

(ICT=Information and Communication Technology)(CSR=Corporate Social Responsibility)

General Shareholders' MeetingAudit & Supervisory Board

Staff of Audit & Supervisory Board Members

Internal Audit Department


Product Research & Development Department

Technology Development Department

International Sales and Business Development Department

Marketing Planning Department

Supply Chain Management Department

Marine Business Strategy Department

Aquaculture Business Promotion Department

Corporate Strategic Planning & IR Department

CSR Department

ICT Department

General Affairs Department

Legal Department

Human Resources Department

Finance and Accounting Department

Quality Assurance Department

Food Safety Research Department

Customer Services Center

Board of Directors

President & CEO

Executive Committee


Business Support Group

Corporate Administration Group【R&D Group】

Quality Assurance Group

【Sales Group】

Group Companies

【Production Group】

Hachioji-shi, Tokyo

Himeji-shi, Hyogo

●Order Sections


Oita Marine Biological

Technology Center

Hachioji-shi, Tokyo

Saiki-shi, Oita

Minato-ku, Tokyo■ Head Office

●Research and

Development

Sendai Branch

Nagoya Branch

・ Hokuriku Office

Osaka Branch

Chushikoku Branch

・ Shikoku Office

Fukuoka Branch

Sendai-shi, Miyagi

Nagoya-shi, Aichi

Kanazawa-shi, Ishikawa

Osaka-shi, Osaka

Hiroshima-shi, Hiroshima

Takamatsu-shi, Kagawa

Fukuoka-shi, Fukuoka

●Branches

Tsukuba Plant Tsukuba-shi, Ibaraki

Kamisu-shi, Ibaraki

Kamisu-shi, Ibaraki

Funabashi-shi, Chiba

Hachioji-shi, Tokyo

Anjo-shi, Aichi

Himeji-shi, Hyogo

Kita-Kyushu-shi, Fukuoka

●Plants

CSR Committee

Risk Management Committee

Quality Assurance Committee

Food Products Production Promotion Department

Hachioji General Plant

Consumer Products Department

Food Service Products Department

Shelf-stable Foods Department

Convenience Store Sales and Production Department

Sourcing Procuement Develppment Department

Himeji General Plant

Fine Chemicals Operations Department

Food Function R&D Center

Consumer Products Sales Department for Tokyo Metropolitan Area

Foodstuff Sales Department 1

Foodstuff Sales Department 2

Specific Channels Marketing Department

Sendai Branch

Nagoya Branch

Chushikoku Branch

Fukuoka Branch

National Account Sales Division

Foodstuff Sales Department

Consumer Products Sales Department

Osaka Branch

Fine Chemicals General Plant

【【【】

【Food Products Business Group】 Fine Chemicals Business Group【】Fisheries

Business Group【】

】】

Fisheries Business Department 1




Tokyo Food

Order Section

Himeji Food

Order Section

Kashima No.1

Fine Chemicals

General Plant

“Kashima Fat and

Oil Plant”

Kashima No.2

Fine Chemicals

General Plant

“Kashima

Pharmaceutical Plant”

Funabashi Food

Processing Plant

Hachioji General Plant

Anjo Plant

Himeji General Plant

Tobata Plant


Products Research &

Development Department

Technology Development

Department

27 28

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● Nippon Cookery Co., Ltd.

● Hachikan Co., Ltd.

● Yumigahama

Suisan Co., Ltd.

● Kurose Suisan Co., Ltd.

● UniSea, Inc. (Dutch Harbor Plant)

● Cité Marine S.A.S.

● Nissui (Thailand) Co., Ltd

● Salmones Antártica S.A.

● Empresa de Desarrollo

Pesquero de Chile S.A.

● King & Prince

Seafood Corp

Overseas Group Companies

Hakodate-shi, Hokkaido

Functional lipids(EPA, DHA, etc.) production and sales

Hokkaido Fine Chemicals Co., Ltd.

Wakkanai-shi, Hokkaido

Marine products production and sales/import and export/cold storage managemen

Wakkanai Tobu Co., Ltd.

Kushiro-shi, Hokkaido

Marine products

production and salesSasaya Shoten Co., Ltd.

Sapporo-shi, Hokkaido

Cold storage management/marine products production and sales/food sales

Hokkaido Nissui Co., Ltd.

● Hokkaido Area

Kahoku-cho, Nishimurayama-gun, Yamagata

Food production and salesMogami Foods Co., Ltd.

Hachinohe-shi, Aomori

Food production and salesHachikan Co., Ltd.

● Tohoku Area

● Kanto/Koshinetsu Area

Delmar Co., Ltd. Chuo-ku, Tokyo Food production and sales

Nippon Cookery Co., Ltd. Shinagawa-ku, Tokyo Food production and sales

Nippon Marine Enterprises, Ltd.

Yokosuka-shi, Kanagawa

Management and operation of mother ship of deep-sea research submarine, and research ship of human activities at deep sea

Yokohama Trading Corporation

Yokohama-shi, Kanagawa

Marine products purchasing, import and export

Tokyosuisanunyu Corporaition

Ota-ku, TokyoAgency of warehousing to and shipping from cold storage

Sankyo Suisan Co., Ltd.Shizuoka-shi, Shizuoka

Marine products and other wholesale

Nissui Logistics Corporation

Minato-ku, Tokyo Cold storage management/freight transportation

Chilldy Co., Ltd. Hachioji-shi, Tokyo Food production and sales

Nissui

Engineering Co., Ltd.Minato-ku, Tokyo

Construction design/consulting for production technology

Nissui Pharmaceutical Co., Ltd

Taito-ku, TokyoMedical products production and sales

Nissui Pharma

Medical Sales Co., Ltd.Taito-ku, Tokyo

OTC drugs, quasi drugs,cosmetics and health foods sales and production

Suisan Ryutsu Co., Ltd. Koto-ku, Tokyo Marine products retail support

Hohsui Corporation Koto-ku, TokyoCold storage management/ Marine products production sales

Yamatsu Suisan Co., Ltd. Niigata-shi, NiigataMarine products and food wholesale

● Chubu/Kansai Area

Daisui Co., Ltd. Marine products and low temperature food wholesale

Osaka-shi, Osaka

K-Teion Foods Co., Ltd. General food wholesaleItami-shi, Hyogo

Hokuriku Fresh Foods Co., Ltd.

Food production and salesToyama-shi, Toyama

Tomiso Co., Ltd. Food production and salesMizunami-shi, Gifu

Carry Net Co., Ltd. Transportation/freight transportation

Nagoya-shi, Aichi

● Chugoku/Shikoku Area

Kaneko Shokuhin Co., Ltd.

Food production and salesMitoyo-shi, Kagawa

Yumigahama Suisan Co., Ltd.

Fish aquaculture/marine products and food production and sales

Sakaiminato-shi, Tottori

Kyowa Suisan Co., Ltd.Sakaiminato-shi, Tottori

Fishery

Hiroshimasuisan Co., Ltd.Marine products and low temperature food wholesale

Hiroshima-shi, Hiroshima

Kunihiro Inc. Food production and salesOnomichi-shi, Hiroshima

Kitakyushu Nissui Co., Ltd.

● Kyushu Area

Food production and sales

Kaneko Sangyo Co., Ltd.

Fish Aaquaculture/marine products and food production and sales/cold storage management

Karatsu-shi, Saga

Seinan Suisan Co., Ltd.Fish aquaculture/marine products sales

Setouchi-cho, Oshima-gun, Kagoshima

Kurose Suisan Co., Ltd.Marine products productionand sales/fish aquaculture

Kushima-shi, Miyazaki

Satsuma Suisan Co., Ltd. Fish AaquacultureKanoya-shi, Kagoshima

Nagasaki Shipyard Co., Ltd

ShipbuildingNagasaki-shi, Nagasaki

Rinkai kenkyu, Ltd. Research supportSaeki-shi, Oita

Nippo Shokuhin Kogyo Co., Ltd.

Food production/cold storage management

Kumamoto-shi, Kumamoto

FARMCHOICE Co., Ltd.Formula feed production and sales /farmed fish sales

Imari-shi, Saga

Hakata Marukita Suisan Co., Ltd.

Marine products production and sales

Fukuoka-shi, Fukuoka

Live Fish Carrier Kaisha,Ltd..

Transportation of natural fish, farmed seedlings and farmed fish


Nissui Marine Industries Co., Ltd.

Contractor for offshore engineering, human resources development, and operation and management of vessels



FranceFrozen and chilled food production and salesCité Marine S.A.S.

FranceProcessed marine products productionCap Océan S.A.S..

FranceProcessed marine products production

Halieutis Fish & Co.S.A.S

France Frozen and chilled food production and sales

MITI.

FranceBusiness related to regenerative medicine

Nissui Pharma Solution.S.A.S

DenmarkMarine products purchasing and salesJ.P. Klausen & Co. A/S

DenmarkMarine products purchasing, import and salesNordic Seafood A/S

SpainMarine products purchasing, import and sales

Europacífico Alimentos Del Mar SL

United KingdomFresh fish and processed marine products productionand sales

Caistor Seafoods Ltd.

United KingdomFresh fish and processed marine products production and sales

Flatfish Ltd.

The Netherlands European holding companyNippon Suisan (Europe), B.V.

● Europe

U.S.A. Marine products purchasing, import and salesF.W. Bryce, Inc.

U.S.A. Fishery/ marine products processingGlacier Fish Company, LLC

U.S.A. Frozen food production and salesKing & Prince Seafood Corp.

U.S.A. Frozen food salesBluewater Seafoods, Inc.

U.S.A. Frozen food production and salesGorton's, Inc.

U.S.A. Marine products purchasing, processing and salesUniSea, Inc.

U.S.A. Marine products purchasing, export and salesNippon Suisan (U.S.A.), Inc.

● North America

BrazilMarine products purchasing, import and sales

Nordsee Comercial Importadora Y Exportadora, Ltda.

PeruImport and export of oils and fats for feed use

Nippon Suisan America Latina Perú, S.A.

Chile Fish aquacultureSalmones Antártica S.A. (S.A.)

Chile FisheryEmpresa de Desarrollo Pesquero de Chile S.A.

ChileInvestment, management and import and export

Nippon Suisan America Latina S.A. (N.A.L.)

● South America

● Asia/Oceania

New ZealandSealord Group, Ltd. Fishery/marine products processing and sales

AustraliaAustralian Longline Pty Ltd.

Fishery/marine products processing and sales

ThailandTN Fine Chemicals Co., Ltd.

Functional materials production and sales

Nissui (Thailand) Co., Ltd. Processed marine products production

Thailand

ThailandThai Delmar Company Limited

Frozen food production

SingaporeNippon Suisan (Singapore) Pte, Ltd.

Marine products purchasing, export and sales

VietnamNIGICO Co., Ltd.Marine products and frozen food production

TaiwanTai Mei Food Industrial Corp.

Agricultural frozen foods production and sales

ChinaQingdao Nissui Food Research and Development Co., Ltd.

Quality control and development of overseas productions in Asia

(as of July 2018)

Domestic Group Companies


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Nissui’s Financial Data

Overview of FY2018

Net Sales

FY2018Results

Increase/DecreaseAmount/Percentage

(Unit: billion yen)

712.1

289.9

342.3

26.5

16.6

36.6

34.8

6.1

17.0

0.6

0.3

10.6

105.1%

102.2%

105.2%

102.5%

101.8%

141.1%

Marine Products

Food Products

Fine Chemicals


Other

Operating Profit 21.6

10.2

11.9

2.6

1.9

1.1

(6.2)

(1.5)

(0.7)

(1.0)

0

0

(0.1)

0.1

93.3%

93.4%

92.2%

102.7%

103.1%

89.9%

97.0%

Marine Products

Food Products

Fine Chemicals


Other

Common Costs

Profit Attributable to Owners of Parent 15.3 (1.8) 89.2%

EPS (Net Income per Share) 49.41 yen −−

FY2017Results

677.2

283.8

325.2

25.8

16.3

25.9

23.2

11.0

12.9

2.5

1.9

1.2

(6.4)

17.2

55.33 yen

Ordinary Profit 25.3 0.7 103.2%24.5

Cash and Cash Equivalent at End of Term 16.1 −24.3

FY2018Results

Sales-profitratio (%)

Increase/Decrease

%

(Unit: billion yen)

712.1

138.7

117.0

21.6

5.5

1.8

25.3

1.1

1.8

24.6

6.1

2.1

16.3

0.9

15.3

34.8

(1.2)

0.2

(1.5)

1.9

(0.3）

0.7

(4.1)

(1.8)

(1.5)

(1.7)

2.1

(1.9)

(0）

(1.8)

19.5

3.0

3.6

3.5

2.2

5.1

(0.9)

(6.7)

3.2

(5.8)

(10.8)

FY2017Results

Sales-profitratio (%)

677.2

139.9

116.7

23.2

3.6

2.2

24.5

5.3

3.7

26.1

7.9

(0)

18.2

0.9

17.2

20.7

3.4

3.6

3.9

2.5

Net Sales

Gross Profit

　SGA Expenses

Operating Profit

　Non-operating Income

　Non-operating Expenses

Ordinary Profit

　Extraordinary Incom

　Extraordinary Expenses

Income Before Taxes

　Income Taxes - Current

　Income Taxes - Deferred

Net Profit

　Profit attributable to non-controlling interests

　Profit attributable to owners of parent

FY2018Results

Increase/Decrease

(Unit: billion yen)

24.6

18.5

(8.3)

(8.0)

(1.9)

24.6

(22.9)

6.1

(16.8)

(11.9)

0.1

(4.2)

(15.9)

(1.5)

0.5

(2.5)

(1.7)

1.7

(3.6)

4.8

(0)

4.7

(10.7)

3.1

(0.1)

(7.8)

(13.7)

4.0

6.4

4.7

(0.8)

(2.6)

4.7

(10.9)

(2.4)

(1.8)

8.6

(5.5)Current

Assets

(4.3)

Breakdown of Increase/Decrease

Long-term Loans Payable

Notes and Accounts

Payable - Trade

Short-term Loans Payable

Other

Property,

Plant and Equipment

Intangible Assets

Investments

and Other Assets

Cash and deposits

Notes and Accounts

Receivable - Trade

Inventory

FY2017Results

26.1

18.0

(5.8)

(6.3)

(3.6)

28.3

(27.8)

6.2

(21.5)

(1.1)

(2.9)

(4.0)

(8.1)

Income Before Income Taxes

Depreciation and Amortization

Working Capital

Income Taxes Paid

Other

Net Cash Provided by Operating Activities

Investment on (Purchase of) Plant and Equipment

Other

Net Cash Provided by Investment Activities

Increase (Decrease) in Short-term Loans Payable

Increase (Decrease) in Long-term Loans Payable

Other

Net Cash Provided by Financial Activities

Ratio of Shareholder's Equity

Current

Assets

Mar. 2018 28.6％

247.6(5.5)

Non-current

Assets

230.31.2

Total Assets

477.9(4.3)

Current

Liabilities

202.6（10.1）

Non-current

Liabilities

109.0(3.2)

Net Assets

166.19.0

Inc. Total

Shareholder's Equity

146.3　8.6 Mar. 2019 30.6％

Shareholder’s equity

Assets

Liabilities (13.3)

Non-

current

Assets

Current

Liabilities

Non-

current

Liabilities

Net

Assets

1.2

(10.1)

(3.2)

9.0

(Unit: billion yen)

The Italic and bold figures mean increase/decrease, compared to 4Q of FY2017.

Ratio of Shareholder's

Equity: 30.6%

Consolidated Balance Sheet (Y-on-Y)

Consolidated Income Statement (Y-on-Y)Consolidated Cash Flow Statement (Y-on-Y)

*Since we have changed the way of converting to Yen from using spot exchange rate as of accounting closing date to average exchange rate

during the period regarding income and cost of overseas subsidiaries, comparison between current fiscal year and previous year is conducted

by using figures recalculated retrospectively.


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Nissui’s Financial Data

Key Performance Indicators

Consolidated operating Profit

*ROA = {Net income + Interest expense × (1 - Effective tax rate)} /

{(Total assets at the end of the previous fiscal year + Total assets at the end of this fiscal year) / 2}

(Unit: billion yen)

Consolidated Net Sales

Consolidated

Operating Profit

637.1 billion yen

19.4 billion yen

FY2015Results

638.4 billion yen

18.1 billion yen

FY2014Results

635.9 billion yen

22.6 billion yen

FY2016Results

677.2 billion yen

23.2 billion yen

FY2017Results

712.1 billion yen

21.6 billion yen

FY2018Results

Ordinary Profit

Net Profit

ROA*

ROE

20.6 billion yen

　

3.1 %　

13.3 %　

FY2016Results

21.3 billion yen

　

2.8 %　

13.2 %　

FY2015Results

24.8 billion yen

　

3.5 %　

13.2 %　

FY2017Results

24.5 billion yen

　

4.0 %　

13.3 %　

FY2018Results

25.3 billion yen

3.5 %　

10.8 %　

FY2019Results

638.4 637.1

FY2015FY2014 FY2016 FY2017

635.9

FY2018

FY2015FY2014 FY2016 FY2017 FY2018

712.1


677.2700

600

500

(Unit: billion yen)

20.6

FY2015

21.3

FY2014 FY2016 FY2017 FY2018

25.3

Ordinary Profit

(Unit: billion yen)

12.3 14.2

FY2015

10.5

FY2014 FY2016 FY2017

17.2

FY2018

15.3

Net Profit

30

25

20

15

10

5

0

30

25

20

15

10

5

0

(Unit: %)

2.83.1

FY2015FY2014 FY2016 FY2017

3.54.0

FY2018

3.5

ROA*

4.5

4.0

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0

(Unit: %)

13.3

FY2015

13.2

FY2014 FY2016 FY2017 FY2018

10.8

ROE

13.313.214.0

12.0

10.0

8.0

6.0

4.0

2.0

0

(Unit: billion yen)

18.1

23.2

19.4

22.6 21.625

20

15

10

5

0

0

12.3 billion yen 14.2 billion yen 17.2 billion yen 15.3 billion yen10.5 billion yen

24.524.8


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September 2019

http://www.nissui.co.jp/english/

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