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Report for the First Nine Months of the 47th Term From May 1, 2018 to January 31, 2019 Securities Code: 2910 To our shareholders Takashi Furutsuka, Representative Director and President Today, as people’s lifestyles diversify due to changes to the social in daily meals. We are also working to strengthen our lineup of structure, including the increases in single-person households packaged products to meet the needs for individual-dining so and dual-career households, there is a growing demand for the that customers can enjoy combinations of salads, fried foods simplification of meals and for instant foods, and the scale of and other dishes in accordance with their preferred style of the home-meal replacement market is continuing to expand meals. as a result. Under these circumstances, during the third quarter During this fiscal year we have focused on broadening the of the 47th year, the Company presented kits of ingredients range of products using cooked vegetables, and we proposed that can be finished at home by arranging them on plates, warm salads that can be heated and eaten at home during the enabling us to offer products that maintain their freshness and winter months based on seasonal themes, and disseminated delicious flavors with a shelf life of one to two days longer than information conveying the delicious flavors and ease of conventional products sold by weight or in packs, in addition eating vegetables brought out by cooking. Salads made to the salads and hors d’oeuvres for which we accept advance with cooked vegetables are also purchased in combination orders for Christmas, the year-end, and New Year. As a result with existing salads as a product with a different appeal than of efforts to improve customer convenience by accepting those salads made with raw vegetables, and we believe that advance orders from an earlier stage than the preceding term, these are growing as a new product category. By leveraging and by expanding the advance booking service on our website the technology that we have cultivated through continuous and by phone that we had offered for our RF1 brand to the pursuit of improvements in the flavor, freshness and quality Itohan and Yugo brands, we were able to achieve an increase in of vegetables since the completion of the Shizuoka factory 2 8 advance orders. However, competition is becoming increasingly years ago, we will actively develop salads and dishes taking severe due to the expanding options for consumers, including advantage of respective ingredient characteristics of fresh raw strengthened sales of delicatessen by convenience stores, food vegetables and cooked vegetables in the future. supermarkets, drug stores and others. In addition, the business This month we started construction of the fourth building of the environment remains severe as the number of customers Shizuoka factory. As the “culmination of the Shizuoka factory,” visiting department stores and other commercial facilities we have established a system enabling the production of highly declines due to the rapid diffusion of online shopping for competitive products that maximize the delicious flavor of apparel and other products, while labor costs and distribution vegetables. We plan to complete the building by the end of costs are rising against a backdrop of labor shortages and May 2020 as a factory that will improve production capacity difficulties in securing human resources. As a result, we were with the aim of entering new markets and undertake the role unable to secure the same level of sales and operating income of resolving the issue regarding the growing severity of labor as the previous fiscal year. shortages. At the fourth building, we have built a production We believe that dealing with the decline in the number of line that embodies our research efforts, including heating customers visiting stores is a major issue and, in order to resolve methods that bring out the flavor and sweetness of vegetables this, we are broadening the range of products that meet diverse as well as new and novel vegetable cutting methods which we needs by reviewing the content of our salad products and have focused on at the Vegetable Laboratory established last introducing high-price products with luxurious features for year, whereby we strive to raise the quality of “manufacturing.” celebrative occasions and products that are affordable for use At the same time, we aim to pursue further mechanization and automation with a view to improving our production efficiency through labor savings in transportation and inspection works as well as create a structure to reduce the burden of labor so that employees find it easy to continue working. We also intend to convey the concept of valuing the environment, and will further promote the use of renewable energy by renewing the wind power-generation system that we have installed within the grounds of the existing Shizuoka factory and by introducing new solar power generation facilities. Going forward, we will meet customers’ expectations by further enhancing cooking techniques of vegetables as “The Mirai Salad Company” and by offering high-quality product proposals that provide customers with a sense of enjoyment with their meals. We look forward to the continued support, patronage and cooperation of all our shareholders. April 2019 As “The Mirai Salad Company,” Rock Field has pursued the potential of SOZAI (Delicatessen) through salads and worked on creating new value in the form of food and health. However, the business environment remains severe and sales and profits decreased due to the intensifying competition resulting from strengthened sales of delicatessen by convenience Financial Highlights stores, food supermarkets and the like, as well a decline in customers at department stores and other commercial facilities. Net income Operating Net sales million yen million yen attributable million yen 38,823 income 1,944 to owners of 1,419 （Year-on-year decrease of 0.9％） （Year-on-year decrease of 18.0％） the parent （Year-on-year decrease of 10.9％） (Millions of yen) ■■ First nine months ■ Full year (Millions of yen) ■■ First nine months ■ Full year (Millions of yen) ■■ First nine months ■ Full year 60,000 4,000 3,000 48,877 49,935 50,720 51,536 3,020 3,117 3,000 2,084 2,086 38,514 39,159 38,823 40,000 37,028 37,807 2,548 2,425 2,371 2,000 1,621 1,676 1,593 1,976 1,931 1,944 1,419 2,000 1,235 1,491 1,185 20,000 1,000 855 1,000 0 0 0 The 43rd The 44th The 45th The 46th The 47th The 43rd The 44th The 45th The 46th The 47th The 43rd The 44th The 45th The 46th The 47th year year year year year year year year year year year year year year year （FY 2014）（FY 2015）（FY 2016）（FY 2017）（FY 2018） （FY 2014）（FY 2015）（FY 2016）（FY 2017）（FY 2018） （FY 2014）（FY 2015）（FY 2016）（FY 2017）（FY 2018） Net Sales by Brand for the First Nine Months of the 47th Term (Consolidated) 150 62 31 stores stores stores RF1 Green gourmet Itohan Net 25,055 million yen Net 6,538million yen Net 2,708 million yen sales sales sales （Year-on-year decrease of 2.8%） （Year-on-year increase of 5.5%） （Year-on-year increase of 0.3%） Scallop and grilled asparagus salad with salt butter sauce Large shrimps with sweet chili sauce Wasabina leaves mixed with black sesame Based on the concept of “Let’s start being We provided a selection of products centered Based on the theme “proposals for combination healthy, beginning with salad. Salad First,” on the RF1 brand salads and strengthened purchases based on health awareness,” we we advocated warm salads that can be sales of the Itohan brand and Yugo brand proposed a product using wasabi leaves and cooked and enjoyed at home based on the salads and dishes. In addition, as the result of scallops, which are rich in the calcium and themes of “Happiness with warm meal on a the change of brand category that started in magnesium that form the basis for creating a cold day” and “Love your vegetables on the 43rd term, 264 million yen in net sales strong and healthy body. January 31.” were transferred from RF1 to Green gourmet. 37 26 10 stores stores stores Kobe Croquettes VEGETERIA Yugo Net 2,178million yen Net 1,113million yen Net 872million yen sales sales sales （Year-on-year decrease of 0.3%） （Year-on-year decrease of 3.2%） （Year-on-year decrease of 4.7%） Soft and chewy radish cake Creamy sukiyaki beef croquette Peach and strawberry with a gentle, sweet flavor We broadened the range of products using With the theme of “Tasty winter, happy mind With the theme of “Joyful dining with salad,” we lotus roots sourced from Tokushima & healthy body” we broadened the lineup of conducted sales promotions for combination Prefecture, a seasonal ingredient, and juices containing vitamins A and C that are purchases, presented our noodle and hot-pot dishes conducted sales promotions for “Manpuku recommended for strengthening the immune in winter season using dim sum and jellied soups, and Croquettes” providing the taste of popular system in winter season, and proposed daily broadened our lineup of products that accentuate the meat dishes such as sukiyaki and roast beef. vegetable habits to supplement nutrients that sweetness of snow carrots by using the three cooking tend to be lacking. methods of “salting, baking, and frying.” A History of Challenges and Change [ Reform period ] Special Feature The conversion to“daily SOZAI,” paving the way to the next era HISTORY The collapse of the “bubble” economy in the 1990s led to a change in people’s values towards goods and also had an New brand, RF1 impact on corporate activities and consumer spending trends.

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