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Consumer Non-Durables

Morinaga Milk Industry Co., Ltd.

Business Summary

Morinaga Milk Industry Co., Ltd. engages in the production and distribution of dairy products. Its operations are carried out through the following segments: Food Products and Others. The Food Products segment engages in the production and sale of milk, dairy-based beverages, yogurt, desserts, condensed milk, powdered milk, butter, cheese, ice cream, non-dairy beverages (juice, tea, coffee), and clinical liquid diets. The Others segment provides the real estate leasing services. It also engages in the manufacture and sale of animal feeds; design and construction of plant equipment. The company was founded on September 1, 1917 and is headquartered in Tokyo, Japan.

Financial Highlights

Mar 2021 JPYUSD
Revenue583,550M5,502.20M
Gross Profit190,072M1,792.16M
Operating income28,868M272.19M
Income before tax25,998M245.13M
Net income18,742M176.71M
EBITDA49,368M465.48M
Diluted EPS378.013.56
Dividends Per Share700.66
Total Assets452,763M4,097.40M
Total liabilities250,842M2,270.06M
Total equity199,557M1,805.94M
Operating cash flow38,544M363.42M
Currency in JPYCurrency in USD

Historical Data

 Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021
Revenue 592,617M 592,087M 583,582M 590,892M 583,550M
Gross Profit 193,331M 189,948M 185,245M 189,354M 190,072M
Operating income 21,100M 21,685M 22,332M 25,359M 28,868M
Income before tax 19,153M 23,470M 20,230M 26,506M 25,998M
Net income 13,202M 15,781M 14,018M 18,657M 18,742M
EBITDA 38,876M 39,337M 40,357M 43,932M 49,368M
Diluted EPS 266.25 318.26 282.69 376.35 378.01
Dividends Per Share 45 50 55 60 70
Total Assets 385,366M 414,823M 432,256M 436,061M 452,763M
Total liabilities 242,517M 255,716M 263,086M 252,916M 250,842M
Total equity 142,236M 157,755M 167,636M 181,487M 199,557M
Operating cash flow 37,349M 25,110M 18,506M 29,209M 38,544M
 Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021
Revenue 5,472.62M 5,342.18M 5,262.48M 5,434.70M 5,502.20M
Gross Profit 1,785.34M 1,713.83M 1,670.45M 1,741.57M 1,792.16M
Operating income 194.85M 195.65M 201.38M 233.23M 272.19M
Income before tax 176.87M 211.76M 182.42M 243.78M 245.13M
Net income 121.91M 142.38M 126.40M 171.59M 176.71M
EBITDA 359.00M 354.92M 363.92M 404.06M 465.48M
Diluted EPS 2.45 2.87 2.54 3.46 3.56
Dividends Per Share 0.41 0.45 0.49 0.55 0.66
Total Assets 3,458.36M 3,900.54M 3,905.28M 4,039.28M 4,097.40M
Total liabilities 2,176.40M 2,404.47M 2,376.88M 2,342.79M 2,270.06M
Total equity 1,276.46M 1,483.35M 1,514.53M 1,681.13M 1,805.94M
Operating cash flow 344.90M 226.55M 166.87M 268.64M 363.42M

Valuation Measures

Mar 2021
PER15.36
ROA4.21%
ROE9.83%
Operating margin4.94%
Profit margin3.21%

Key executives

  • President & Representative Director: Yoichi Ohnuki
  • Manager-Finance & Accounting Group: Yuichiro Kasahara
  • Representative Director, VP & Head-Research: Teiichiro Okawa
  • Auditor: Mitsumasa Saito
  • Director & Managing Executive Officer: Yasuhiko Yanagida

Shareholders

  • Morinaga & Co., Ltd. (10.5%)
  • Nomura Asset Management Co., Ltd. (4.9%)
  • Mitsubishi UFJ Financial Group, Inc. (4.6%)
  • Asset Management One Co., Ltd. (3.8%)
  • Sumitomo Mitsui Financial Group, Inc. (3.0%)
  • Sumitomo Mitsui Banking Pension Fund (2.6%)
  • Mizuho Financial Group, Inc. (2.4%)
  • Sumitomo Mitsui DS Asset Management Co., Ltd. (2.0%)
  • Morinaga & Co. Pension Fund (2.0%)
  • Morinaga Milk Industry Employee Stock Ownership Plan (1.9%)

Contact Details

Related Companies

  • Morinaga Milk Industry Restricted Stock Compensation Plan
  • Elovi Vietnam JSC
  • Harbin Morinaga Milk Ltd.
  • Morinaga Milk Holland BV
  • Morinaga Milk Industry (Shanghai) Co. Ltd.
  • Morinaga Milk Industry Pension Fund
  • M&M Puropatei Huandeingu Corp.
  • Morinaga Nutritional Foods Deutschland GmbH
  • Taiwan Morinaga Nutritional Foods, Inc.
  • MK Cheese Co., Ltd.
  • Daily Foods KK
  • Okinawa Morinaga Nyugyo KK
  • Morinaga Engineering Co. Ltd.
  • Yokohama Milk Industry Co. Ltd.
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  • Morinyu Foods KK
  • Morinaga Rakunohambai, Inc.
  • Kumamoto Milk Industry Co. Ltd.
  • Towa Techno KK
  • Toyo Hakkonyu KK
  • Clinico Co., Ltd.
  • Morinaga Gunma Nyuseihin Hambai KK
  • Daily Service KK
  • Morinyu Sunworld Co. Ltd.
  • Toyo Milk Industry Co. Ltd.
  • Osidori Trading Co. Ltd.
  • Napoli ICE Cream Co. Ltd.
  • Tokyo Dairy Co. Ltd.
  • Tohoku Morinaga Nyugyo KK

Competitors

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