Download - An Introduction to Megmilk Snow Brand Group
Copyright ©MEGMILK SNOW BRAND Co.,Ltd. All Rights Reserved. 1
An Introduction to Megmilk Snow Brand Group
J u l y 2 0 2 1
Copyright ©MEGMILK SNOW BRAND Co.,Ltd. All Rights Reserved. 2
Table of Contents
– Group Corporate Philosophy
– Company Profile
– Founders and History
– Business Domains
–– For the Realization of a Sustainable Society
– – Financial Data
Copyright ©MEGMILK SNOW BRAND Co.,Ltd. All Rights Reserved.
By pursuing this threefold mission while endowing milk with new value, Megmilk Snow Brand Group aims to continually contribute to a flourishing society.
Group Corporate Ph i losophy
3
Focus on
consumers
Contribute
to dairy
farming
production
Put our
hearts into
milk
Corporate Slogan
Make the Future with Milk
Copyright ©MEGMILK SNOW BRAND Co.,Ltd. All Rights Reserved.
Company Prof i le
Corporate Logo
Trade name MEGMILK SNOW BRAND Co., Ltd.
Establishment date October 1, 2009
Head office location(Registered head office)
5-1 Yotsuya-Honshio-cho, Shinjuku-ku, Tokyo(1-1, Naebocho 6-chome, Higashi-ku, Sapporo City, Hokkaido)
Capital 20 billion yen
Number of employees(consolidated) 5,669 (as of March 31, 2021)
Stock exchange listing Tokyo Stock Exchange, Sapporo Securities Exchange
Representative Director and President Keiji Nishio
4
Company Profile
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Founders
5
Torizo
Kurosawa
Zenshichi
Sato
Healthy land, healthy peopleSound land begets healthy food, and healthy food forms healthy people
Sentaro
Utsunomiya
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History
6
First in Japan to begin mass productionof cheese
From around 1928, we began research, trial manufacturing and trial sales of cheese, and in 1932 we built a cheese plant and began production. As soon as the product went on sale in 1934, it became so popular that it was regularly out of stock, and in no time at all the plant became the first large-scale cheese production facility in Japan.
Opening up the future of milk throughour research
Our Research Department was established in 1933. It was engaged in research into processing technology, milk components and lactic acid bacteria. Later, we opened our Sapporo Research Laboratory, Technical Research Laboratory (now the Milk Science Research Institute in Saitama Prefecture) and Cheese Research Laboratory (Yamanashi Prefecture), allowing us to engage in full-scale research projects.
Our history began with Hokkaido butter
We began manufacturing butter as soon as we were founded. We launched a modernized factory in 1926 and sold only the best quality product as “Snow Brand Hokkaido Butter”, gaining the trust of our customers.
Copyright ©MEGMILK SNOW BRAND Co.,Ltd. All Rights Reserved.
History
Zenrakuren Cooperative
History of MEGMILK SNOW BRAND Co., Ltd.
April 2011
Merger
October 2009
Management integration
January 2003
Business spin-off Dairy Products Business
Beverages and Desserts Business
Founded in 1925
2000
Snow Brand Milk Products Co., Ltd.food contamination incident
2002Snow Brand Food Co., Ltd. fraudulent beef labeling incident
1972Zenkoku Nohkyo Milk Whole Sales Co., Ltd. (“Zen-Noh”) establishedZen-Noh Chokuhan Co., Ltd. established
1954Zenrakuren Cooperative established
1996Japan Milk Net Co., Ltd. established
1948National Federation of Agricultural Sales Cooperative Associations and National Federation of Agricultural Purchasing Cooperative Associations established
MEGMILK SNOW BRAND Co., Ltd.
MEGMILK SNOW BRAND Co., Ltd.
Nippon Milk Community Co., Ltd.Snow Brand Milk Products Co., Ltd.
Hokkaido Cooperative Creamery Association
Japan Milk Net Co., Ltd. established
Zen-Noh
Zen-NohChokuhan
7
Snow Brand Milk Products Co., Ltd.
Nippon Milk Community Co., Ltd.Snow Brand Milk Products Co., Ltd.
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Business
Butter, margarine, cheese (domestic and overseas), other dairy products, etc.
Milk and milk beverages, yogurt, fruit juice and vegetable juice, soft drinks, desserts, etc.
Infant formula (domestic and overseas), functional foods, supplements, functional ingredients, etc.
Feedstuffs, seeds (forage grass and crops, vegetables),landscape gardening, cattle fattening, etc.
Group Companies
MEGMILK SNOW BRAND Co., Ltd.KOHNAN OILS AND FATS MFG CO., LTD.Yatsugatake Milk Co., Ltd. SI SYSTEM CorporationCHESCO LTD.Snow Brand Australia Pty. Ltd. Udder Delights Australia Pty LtdPT. Megmilk Snow Brand Indonesia CRESCO CorporationNichiraku Machinery Co. Ltd., and others
MEGMILK SNOW BRAND Co., Ltd.Michinoku Milk Co., Ltd. Yatsugatake Milk Co., Ltd. Ibaraku Co., Ltd. SI SYSTEM CorporationMitsuwa Distribution Industry Co., Ltd.Chokuhan Haisou Co., Ltd.Greenservice Co., Ltd. CRESCO Corporation, and others
Bean Stalk Snow Co., Ltd. MEGMILK SNOW BRAND Co., Ltd.Snow Brand Taiwan Co., Ltd.Snow Brand Hong Kong Co., Ltd.Snow Brand Trading (Shanghai) Co., Ltd. Snow Brand Australia Pty. Ltd. EN Otsuka Pharmaceutical Co., Ltd. Amino Up Co., Ltd. Belle Neige Direct Co., LTD., and others
Snow Brand Seed Co., Ltd. Snow Brand Seed USA, Inc. Doto Feed CorporationRoyal Farm, Ltd.RF Penkel Farm Co., Ltd.RF Aomori Farm Co., Ltd., and others
Bus iness Domains
Business Segments and Profile
8
YBS Co., Ltd., Snow Brand Parlor Co., Ltd., Snow Brand KODOMO-NO-KUNI Ranch
Dairy Products
Beverages and Desserts
NutritionFeedstuffs andSeed Products
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Dairy Products Bus iness
9
We began manufacturing and
selling butter in 1925, and deliver
unchanging flavor and new value in
our butter products.
Butter
We began manufacturing and
selling cheese in 1934, and have
also been manufacturing and
selling cheese in Indonesia since
2013.
Processed CheeseOur mainstay natural cheese
products are the YUKIJIRUSHI
HOKKAIDO 100 series of camembert
cheese , and Sakeru Cheese (string
cheese) made from 100% fresh milk
produced in Hokkaido.
Natural Cheese
We sell rich-tasting, melt-in-the-
mouth margarine products that
leverage our expertise in
manufacturing dairy products,
including in Southeast Asia.
Margarine
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Cheese
Dairy Products Bus iness
10
Market Share (FYE3/2021) Household consumption based on nationwide monetary value
Butter
44%1st
Margarine
52%
26%
Skim milk
51%
1st
1st 1st
Source: Intage SRI
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Dairy Products Bus iness
11
Net Sales and Growth Rates of Cheese
*Market: Intage SCI
100%102% 103%
107%
113%
117%
123% 122% 123%
126%
100% 101%103%
109%
112%
118%
122%123%
139%
100%
105%
110%
115%
120%
125%
130%
135%
140%
145%
0
10
20
30
40
50
60
70
FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020
(Billion yen) Household use Cheese
The Company
Cheese Market
100%
Net Sales
Growth rateCompared to FY2011)
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Dairy Products Bus iness
12
Business Locations and Group Companies
Snow Brand Australia Pty. Ltd.
PT. Megmilk Snow Brand Indonesia(MSBI)
MEGMILK SNOW BRAND Co., Ltd. Head Office and Plants
MEGMILK SNOW BRAND Co., Ltd. Research Laboratory
MEGMILK SNOW BRAND Co., Ltd. Subsidiaries and Affiliates
Horonobe Plant
Sapporo Research Laboratory
KOHNAN OILS AND FATS MFG. CO., LTD.
Yatsugatake Milk Co., Ltd.
Cheese Research Laboratory
Ami Plant
CHESCO Ltd.
Milk Science Research Institute
Okoppe Plant
Nakashibetsu PlantBetsukai Plant
Isobunnai Plant
Taiki Plant
MEGMILK SNOW BRAND Co., Ltd. (Head Office)
Udder Delights Australia Pty Ltd
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Dairy Products Bus iness
Research and Development
Megmilk Snow BrandMilk Science Research InstituteSapporo Research LaboratoryCheese Research Laboratory
These research laboratories play core roles in all of our research and development work as a comprehensive manufacturer of dairy products. We are engaged in a wide range of research projects across multiple areas relating to dairy products, including the taste and texture of dairy products, research into cheese and butter, and traditional methods of producing natural cheese. The results of our research are practically used to produce new and exciting products.
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6Pcheese
Sakeru Cheese
Dairy Products Bus iness
TV Advertisements
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Beverages and Desserts Bus iness
15
Megmilk Snow Brand milk, which
is made using a method that
retains the delicious flavor,
functional milk beverages with
fortified calcium, and more.
Milk and Milk Beverages
Dole® fruit juice beverages,
NOKYO vegetable juice
beverages, and more.
Fruit Juice and Other Beverages
Puddings, jelly, and other
products that show our
dedication to texture, flavor of
milk, and more.
Desserts
megumi series, featuring
Lactobacillus gasseri SP strain which
remains live in human intestines for
extended periods of time, and more.
Yogurt
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Milk Milk Beverages
Yogurt Desserts
Beverages and Desserts Bus iness
16
4% 15%
11% 15%
3rd 2nd
3rd 1st
Market Share (FYE3/2021) Household consumption based on nationwide monetary value Source: Intage SRI
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Beverages and Desserts Bus iness
Net Sales and Growth Rates of Yogurt
*Market: Intage SCI
100%
112%
121%124%
145%
149% 149%
157%159%
154%
100%
110%
117% 118%
130%
138%136% 135%
133%
140%
100%
110%
120%
130%
140%
150%
160%
170%
0
10
20
30
40
50
60
70
FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020
(Billion yen) Household use Yogurt
The Company
Yogurt Market
Net Sales
Growth rate(Compared to FY2011)
17
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Beverages and Desserts Bus iness
18
Business Locations and Group Companies
MEGMILK SNOW BRAND Co., Ltd. Head Office and Plants
MEGMILK SNOW BRAND Co., Ltd. Research Laboratory
MEGMILK SNOW BRAND Co., Ltd. Subsidiaries and Affiliates
Michinoku Milk Co., Ltd.
Kyoto Plant Noda Plant
Ebina Plant
MEGMILK SNOW BRAND Co. Ltd.(Head Office)
Sapporo Plant
Kyoto Plant Ikegami Branch Plant
Ibaraku Co., Ltd.
Sapporo Research Laboratory
Kawagoe PlantMilk Science Research Institute
Fukuoka Plant
Kobe Plant
Toyohashi Plant
Yatsugatake Milk Co., Ltd.Luna Bussan
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Beverages and Desserts Bus iness
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Research and Development
Megmilk Snow BrandMilk Science Research InstituteSapporo Research Laboratory
These research laboratories play core roles in all of our research and development work as a comprehensive manufacturer of dairy products. We are engaged in a wide range of research projects across multiple areas relating to beverages and desserts, including health-related functions of lactic acid bacteria and trace components of milk, processing technology, and packaging and containers. The results of our research are practically used to produce new and exciting products.
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Beverages and Desserts Bus iness
20
TV Advertisements
Gasseri SP Strain Drink Yogurt
MBP Drink
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Nutr i t ion Bus iness
21
Taking advantage of our
research into breast milk for
over fifty years, we provide
mainly powdered milk giving you
confidence in child raising.
Powdered Milk
We offer a lineup of
supplements and functional
foods made from functional
materials such as MBP, which
is found in milk.
Functional Foods
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Nutr i t ion Bus iness
Business Locations and Group Companies
22
Bean Stalk Snow Co., Ltd. Head Office and PlantsEN Otsuka Pharmaceutical Co., Ltd.Head Office and PlantsMegmilk Snow Brand Research LaboratoryMegmilk Snow Brand Group Subsidiaries and Affiliates
Sapporo Research Laboratory
Bean Stalk Snow Co., Ltd. (Head Office)
Milk Science Research Institute
Snow Brand Australia Pty. Ltd.
Amino Up Co., Ltd. Bean Stalk Snow Co., Ltd. (Gunma Plant)
EN Otsuka Pharmaceutical Co., Ltd. (Tokyo Head Office)
Belle Neige Direct Co., Ltd.EN Otsuka Pharmaceutical Co., Ltd.
(Kitakami Plant)
EN Otsuka Pharmaceutical Co., Ltd. (Head Office, Hanamaki Plant, Research & Development Laboratory
Snow Brand Trading(Shanghai) Co., Ltd.
Snow Brand Taiwan Co., Ltd.
Snow Marketing Sdn. Bhd.
Snow Brand Hong Kong Co., Ltd.
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Nutr i t ion Bus iness
23
Research and Development
Megmilk Snow Brand Co., Ltd.Milk Science Research InstituteSapporo Research Laboratory
As core players in all of our research and development work as a comprehensive manufacturer of dairy products, these institutes are engaged in a wide range of research projects across multiple areas relating to health-related functions of lactic acid bacteria and trace components of milk, as well as powdered milk. The results of our research are practically used to produce new and exciting products.
Bean Stalk Snow Co., Ltd.Product Development DepartmentPromoting mainly research into the components found in breast milk and their actions, and development of infant formula close to breast milk.
En Otsuka Pharmaceutical Co., Ltd.Research and Development LaboratoryEN Otsuka Pharmaceutical’s Research and Development Laboratory, which was jointly established with the Otsuka Group, is pursuing scientific investigation and verification of nutrition and advancing with the development of reliable and superior products in order to contribute to medical and nursing care.
Amino Up Co., Ltd.R&D DivisionEngaged in research that includes searching for new biologically active substances, determining the structure of active ingredients, and clarifying the mechanism of action.
Megmilk Snow Brand’s Sapporo Research Laboratory
Bean Stalk Snow’s Product Development DepartmentMegmilk Snow Brand’s Milk Science Research Institute
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Feedstuf fs and Seed Products Bus iness
Integrated service from the
introduction of calves to be
raised as beef cattle to
fattening, shipping of fattened
cattle, and sale of carcasses.
Livestock Fattening
Seeds for pasture, forage
crops, vegetables, and green
manure crops, and flower
seedlings, etc.
Seeds
Construction and maintenance
of parks, trees along streets,
and gardens, rooftop
gardening, and turf works at
sports facilities.
Landscaping
Supplying compound feed for
dairy and beef cattle to match
conditions in each region from
dedicated production lines for
cattle feed.
Feedstuffs
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Feedstuf fs and Seed Products Bus iness
25
Business Locations and Group Companies
Head Office and Plants
Research Institute and Research Station
Subsidiaries and AffiliatesSnow Brand Seed USA, Inc.
TACS Shibecha
Michinoku ShiryoCo., Ltd.
Ishinomaki Shiryo Co., Ltd.
Doto Feed Corporation
Royal Farm, Ltd.
Snow Brand Seed Co., Ltd. (Head Office)
Technical Research Institute
Hokkaido Research Station
Tomakomai Plant
Snow Brand Seed Co., Ltd.(Tokyo Headquarters)
Miyazaki Research Station
Kajima Plant
Chiba Research Station
Seed center
Chiba Seed center Kumamoto Seed center
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Feedstuf fs and Seed Products Bus iness
26
Research and Development
Snow Brand Seed Co., LtdResearch Institute(Hokkaido)Built in June 2017
Snow Brand Seed Co., LtdResearch Stations(Hokkaido, Chiba, Miyazaki)Promoting the production of original
varieties and improved varieties of
pasture and forage crops, vegetables,
green manure crops,
flowers, and
turf and plants.
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For the realization of a sustainable society
SDG stands for Sustainable Development Goals. These are international goals for the realization of a sustainable society adopted at the September 2015 UN Summit and aim to resolve social issues such as poverty, starvation, and gender inequality. Embracing the goal of ending starvation and malnutrition by 2030 and pursuing a sustainable future, the SDGs consist of 17 goals and 169 targets.
27
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For the realization of a sustainable society
28
CSR Domain CSR Material Issues
Food andHealth
Milk for contributions to food and health
DairyFarming
Contributing to sustainabledairy farming
Environment Reducing environmental load
People andSociety
Realization of a diverse and motivating workplace
Contributing to local community
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EEstablish and promote new KPI for environmental issues
SPromote health and productivity management, and utilization of diverse human resources
GStrengthen independence and objectivity of Board of Directors, and increase Board accountability
Environment
Social
Governance
For the Realization of a Sustainable Society
29
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Established new reduction goals for water usage volumeBy FY2030, reduce by 9% relative to FY2013
Wastewater treatment facility at Isobunnai Plant
Establish and promote new KPI for environmental issues
Status of CO2 reduction efforts
FY2020 resulted in 21.1% reduction relative to FY2013
(KPI is 30% reduction relative to FY2013 by FY2030)
Freezer at Nakashibetsu Plant
For the Realization of a Sustainable Society (Environment)
30
(As of April 2021)
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Promote health and productivity management, and utilization of diverse human resources
Establishing work environment for diverse human resources
FY2020 Efforts to acquire and maintain recognition as an Excellent Enterprise for Health and Productivity ManagementAchieved certification in FY2020 Aim for continued certification
KPI is to achieve 10% or more women in management positions by FY2025
For the Realization of a Sustainable Society (Society)
31
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Strengthen independence and objectivity of Board of Directors, and increase Board accountability
Nomination Advisory Committee
Draft succession plan, draft management development plan
Establish 60-40 as the compensation ratio for basic compensation to performance-linked compensation for non-auditor directors. Of performance-linked compensation, make 25% stock-based compensation.
Compensation Advisory Committee
Validate decision guidelines and procedures Expand on performance-linked compensation
For the Realization of a Sustainable Society (Governance)
32
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Financia l Data
Net sales Operating profit/Operating profit to net sales
(Million yen)(Million yen)
FYE3/2018
FYE3/2019
FYE3/2020
FYE3/2021
FYE3/2022
(FCST)Operating profit 19,363 17,230 17,998 19,780 20,500Operating profit to net
sales 3.2% 2.9% 2.9% 3.2% 3.6%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
0
10,000
20,000
30,000Operating profit Operating profit to net sales
30
*As net sales for the year ending March 31, 2022 (FY2021) are expected to decrease significantly due to the change in accounting standards (revenue recognition standards) and cannot be compared with the results for the year ended March 31, 2021 (FY2020).
FYE3/2018
FYE3/2019
FYE3/2020
FYE3/2021
FYE3/2022
(FCST)Net sales 596,158 603,378 613,405 615,186 570,000
500,000
550,000
600,000
*
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Financia l Data
Ordinary profit Profit attributable to owners of parent/Return on sales
(Million yen)(Million yen)
FYE3/2018
FYE3/2019
FYE3/2020
FYE3/2021
FYE3/2022
(FCST)Profit attributable
to owners of parent 13,386 10,754 12,165 14,913 12,500
Return on sales 2.2% 1.8% 2.0% 2.4% 2.2%
0.0%
1.0%
2.0%
3.0%
4.0%
0
10,000
20,000Profit attributableto owners of parent
Return on sales
FYE3/2018
FYE3/2019
FYE3/2020
FYE3/2021
FYE3/2022
(FCST)Ordinary
profit 20,996 19,014 19,600 21,662 21,500
0
10,000
20,000
31
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Financia l Data
Sales by segment(Million yen)
Operating profit by segment(Million yen)
Daily Products , 262,337 ,
43%Beverages and
Desserts, 274,487 ,
44%
Feedstuffs and Seed
Products , 43,349 , 7%
Other, 35,012 ,
6%
Daily Products , 13,675 ,
68%
Beverages and
Desserts, 4,143 , 21%
Feedstuffs and Seed Products ,
1,123 ,6%
Other, 1,056 ,
5%
FYE3/2021FYE3/2021
32
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Financia l Data
FYE3/2018 FYE3/2019 FYE3/2020 FYE3/2021
Total assets (million yen) 351,240 359,445 370,434 398,654
Equity (million yen) 155,021 166,295 175,112 195,213
Equity ratio 44.1% 46.3% 47.3% 49.0%
Return on equity (ROE) 9.0% 6.7% 7.1% 8.1%
Return on assets 3.8% 3.0% 3.3% 3.7%
Profit per share-basic (yen) 197.36 158.64 179.71 220.64
Net asset per share (yen) 2,286.11 2,456.35 2,586.86 2,890.65
Cash flows from operating activities (million yen) 22,817 21,938 24,322 26,567
Cash flows from investing activities (million yen) (11,799) (14,248) (16,629) (27,076)
Cash flows from financing activities (million yen) (12,904) (7,396) (6,651) 6,771
33
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Financia l Data
FYE3/2018 FYE3/2019 FYE3/2020 FYE3/2021
Capital expenditures (million yen) 15,915 14,448 24,388 26,631
Depreciation and amortization (million yen) 15,157 15,901 16,157 15,917
R&D expenses (million yen) 4,330 4,382 4,297 4,255
Dividend per share (yen) 40 40 40 40
Payout ratio 20.3% 25.2% 22.3% 18.1%
*Intage SRI, based on nationwide monetary value
Market Share by Product Category (Household-use Products)FYE3/2020 FYE3/2021
Butter 49.7% 44.1%
Margarine 53.7% 52.6%
Cheese 27.6% 26.2%
FYE3/2020 FYE3/2021
Milk 5.7% 4.5%
Milk beverages 16.1% 15.0%
Yogurt 12.3% 11.5%
Desserts 13.9% 15.2%
* Intage SRI, based on nationwide monetary volume
34
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Make the Future with Milk.
This document has been translated from a part of the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail. The Company assumes no responsibility for this translation or for direct, indirect or any other forms of damages arising from the translation.