Medium-Term Plan

Medium-Term Management Plan (Fiscal 2019-2021)


Considering the mounting instability in the global economy, we expect fluctuations in exchange rates, raw material prices, and energy costs to continue. In Japan, we anticipate the diversification of consumption patterns brought about by changes in family composition and lifestyles, while various costs continue to rise amid labor shortages.
Under the new business plan, while accurately gauging the changes in the operating environment, we aim to realize sustainable profit growth and the creation of new value that supports a good dietary life and health, underpinned by capital expenditures to drive growth and strengthen the business foundation especially in the processed foods and logistics businesses.

General Strategy

(1)Raise profitability in Japan by strengthening the management foundation and transforming the business structure.

(2)Accelerate the expansion of scale in overseas operations.

(3)Reinforce efforts to develop new businesses, conduct R&D, and reform businesses in order to ensure longer-term growth.

(4)Help communities deal with issues they face and make communities more sustainable through our businesses.

(5)Focus more intently on work style reform and utilization of diverse personnel.

Fiscal 2021 Group Targets

Net sales

657.0 billion yen


Overseas sales

102.2 billion yen

Operating profit

35.0 billion yen


22.0 billion yen


57.6 billion yen

Capital expenditures

(3-year cumulative)

100.8 billion yen

    * EBITDA = Operating profit + Depreciation expense (including lease, excluding goodwill)

Financial Strategy

Capital from operating cash flow and asset liquidation will be used for investments to maintain and enhance enterprise value, and for shareholder returns through dividends and stock buy-backs.

The basic policy for shareholder returns is to maintain a stable dividend based on the consolidated dividend on equity (DOE) ratio, and to conduct flexible stock buy-backs in consideration of capital efficiency and the market environment.


  Maintain a return on equity (ROE) ratio of 10% or higher.

  Provide a dividend with a target DOE of 3.0%.

Strategies for Operating Companies

  (1)Processed Foods (Nichirei Foods Group)

Raise profitability by focusing resources on the mainstay categories of chicken and rice products.

Create new mainstay categories and differentiate from competitors by bolstering efforts in R&D and technological development.

Expand business operations overseas, concentrating mainly on North  America.

(2)Marine Products, Meat and Poultry Products (Nichirei Fresh Group)

Build an earnings structure that is more resilient to market price  fluctuations by increasing the number of processed products handled (marine products business).

Increase profits by enhancing in-house production functions and strengthening sales of differentiated products (meat and poultry products business).

(3)Logistics (Nichirei Logistics Group)

Increase profits by maximizing the utilization of principal storage facilities in major urban areas, and of transport functions in regional areas.

Absorb various cost increases by promoting the digitalization of warehouse operations and initiatives to save energy and labor, and through the receipt of proper prices.

Expand the scale of overseas operations especially in Europe.

(4)Biosciences (Nichirei Biosciences)

Develop next-generation diagnostic drugs and devices and build the foundation of overseas operations.

Fiscal 2021 Sales and Operating Profit by Segment


Net sales

Operating profit

Processed Foods



Marine Products



Meat and Poultry Products






Real Estate












(Billions of yen)