We would like to thank our shareholders and investors for their continued support of the Group. My name is Koji Yamamoto, and I was appointed President and Representative Director as of January 1, 2023.

Nissin Sugar Co., Ltd. and ITOCHU Sugar Co., Ltd. integrated their operations as of January 1, 2023, and established a new group structure with WELLNEO SUGAR Co., Ltd. as the holding company.

In the environment surrounding the sugar industry in Japan, there is a growing need to respond flexibly to changes in the business environment as well as to further strengthen the business base and improve management efficiency. At the same time, there are increasing uncertainties, such as the population decline, the emergence of sugar substitutes due to low sweetness and low-calorie preferences, and the recent dramatic increase in raw material and energy costs.

In this environment, WELLNEO SUGAR will consolidate the management resources and expertise of Nissin Sugar and ITOCHU Sugar to promote and deepen efficient group management. Moreover, we aim to expand in scale by improving profitability and broadening our foundation in the Sugar business, centered on sugar refining, and by using the cash generated to invest proactively in the Food & Wellness business, which is a new growth domain.

In the Sugar business, we will give top priority to fulfilling our responsibility to society by providing consumers with a stable supply of safe, reliable sugar, which is a daily necessity. As we do so, we aim to improve business results by generating synergies through business integration at an early stage for greater management efficiency that increases profitability and further reinforces our foundation.

In the Food & Wellness business, we will make full use of the assets and knowledge of both companies in the areas of food and health to provide a wide array of functional ingredients, step up R&D capabilities and marketing, and make proactive investments. By providing a field for building up health, we aim to be the acknowledged leader in food and health, centered on sugar.

In October 2024, WELLNEO SUGAR plans to conduct an absorption-type merger of Nissin Sugar Co., Ltd. and ITOCHU Sugar Co., Ltd. By transitioning from a holding company system to a single corporation, we will build a strong collaborative framework with the aim of further improving corporate value. Going forward, to live up to the trust and expectations of all of our stakeholders, we will continue to conduct our business operations fairly and transparently, and all of our Group executives and employees will do their best to achieve sustainable growth and further improve our corporate value. We humbly ask for your continuing support.

June 2023
Koji Yamamoto, President