野村平成消费史（一）日本下行期系列研究

Financial Data and Key Metrics - Revenue for 2022 was 6622 billion JPY, with an operating profit of 329 billion JPY, resulting in an operating margin of 5% [16] - From 1998 to 2012, revenue declined from 5945 billion JPY to 4549 billion JPY, but operating profit improved from 62 billion JPY to 162 billion JPY, with the operating margin increasing from 1% to 3.6% [16] - The company's self-operated factory capacity utilization rate increased from 48% in 2000 to 65% in 2006 [11] Business Line Data and Key Metrics - The company operates in four main segments: frozen food (42% of revenue), aquatic products (10%), livestock products (13%), and low-temperature logistics (37%) [16] - Frozen food became the main driver of performance in the 1990s, with revenue exceeding 1000 billion JPY in 1993, accounting for 26% of total revenue [16] - The company reduced SKUs by 21% for C-end products and 8% for B-end products from October 2008 to March 2009 [11] Market Data and Key Metrics - Per capita consumption of frozen food in Japan increased from less than 11 kg in 1990 to about 19 kg in 2000, with a CAGR of 5.6% [16] - From 2000 to 2012, per capita frozen food consumption grew from 19 kg to 21 kg, with a CAGR slowing to 1.1% [16] - The company's market share in the rice-based frozen food category reached first place with the launch of the "Authentic Fried Rice" product in 2001 [16] Company Strategy and Industry Competition - The company implemented structural reforms in the 1990s, including organizational restructuring, business integration, and the sale of loss-making subsidiaries [33] - The company focused on reducing SKUs, optimizing personnel, cutting excess capacity, and lowering fixed costs to improve capital efficiency [33] - The company's 2001-2003 mid-term plan aimed to reduce manufacturing costs by 5% compared to 1999 and maximize economies of scale by integrating production lines and suppliers [33] Management Commentary on Operating Environment and Future Outlook - The company faced challenges in the 1990s, including stagnant growth in the aquatic products sector, slowing frozen food growth, and internal management issues [16] - The company's performance improved in the 2000s, driven by cost-cutting measures and the success of new product launches [16] - The company's 2007-2009 mid-term plan aimed to increase the self-operated factory production ratio to over 50% and capacity utilization to 74% [11] Other Important Information - The company reduced its workforce by 41% from 2890 employees in 1993 to 1691 employees in 2003 [33] - The company closed four factories and reduced capacity by 2.1 million tons, a 10% reduction compared to March 2000 [33] - The company's 2004-2006 mid-term plan continued the strategy of increasing self-operated factory production and capacity utilization [11] Summary of Q&A Session - No specific Q&A session content was provided in the documents [1][2][3]