Securities Code: 2874

YOKOREI Integrated Report 2023
Fiscal Year Ended September 30, 2023

Corporate Philosophy

At a Glance

Since our founding, Yokorei has acted upon the policy that“companies are social institutions and profits are a measure of their service”

Net Sales (FY9/23)

Operating Income (FY9/23)

Profit Attributable to Owners of
Parent (FY9/23)

133.8 billion yen

3.78 billion yen

2.83 billion yen

EBITDA (FY9/23)

Composition of Sales (FY9/23)

Domestic Network

and we aim to be a company that is loved by our customers and our region.
— Yokorei was launched with the goal of being a company that benefits society.

Food Sales
Business

10.3 billion yen— We position profits as a measure of our service to society

Sales
Breakdown

76.2%

Refrigerated Warehousing Business Number of logistics center and sorting spots (as of September 2023)

50 bases

Refrigerated
Warehousing
Business(5 customs clearance bases)

23.8%— For us, “service” means fulfilling our social responsibilities by incorporating

Food Sales Business

25 bases“customer satisfaction,” “activities that contribute to local communities,” and “environmental
conservation activities” into all of our business activities.
Our mission is to become ever more meaningful as a company that can contribute to social development both in Japan and overseas through our business activities.

Contents
1
2
4
6
8
10
12
16

At a Glance
Yokorei Growth Trajectory
Message from the President
Yokorei Value Creation Process
Changes in the Business Environment,
Risks & Opportunities
Materiality
Overview of the New Medium-Term
Management Plan (Phase II)
Financial Strategy

18
20

24

Financial and Non-Financial
Highlights
Business Activities
20 / R efrigerated Warehousing
Business
22 / F ood Sales BusinessCorporate Governance
26 / D irectors, Audit & Supervisory
Board Members, Corporate
Officers
28 / Message from an Outside Director

29
30
36
38
39
40
41
42

Compliance and Risk Management
Environmental and Social Initiatives
Main Consolidated Financial
Indicators
Non-Financial Data
External Recognition, Attestation of
Validity
Share Trends by Business
Stock Information
Corporate Data

Refrigerated Warehousing Business

Food Sales BusinessYokorei and its network of overseas
subsidiaries provide refrigerated andfrozen warehousing for marine,
agricultural and ­livestock products,
along with related businesses.

Yokorei and its subsidiaries in Japanand overseas provide processing,sales, and import/export services formarine, agricultural, and livestock
products.

Industry-Leading Storage Capacity and Rate of Adoption of
Natural Refrigerants

Product Procurement Capabilities to Meet Diverse Needs

Proactive capital investment is an integral part of Yokorei’s growth strategy. We
currently have over 1.0 million tonnes of storage capacity worldwide and a rate ofadoption for natural refrigerants of 69%. This extensive storage capacity allows us
to maintain our position as an industry leader, and supports stable growth.

Refrigerated Warehouse
Storage Capacity(Thousand tons)

1,200

Storage Capacity
Approx 88%
Increase

Yokorei Capacity (HCFCs)
Yokorei Capacity (Natural Refrigerants)

Second Place in JapaneseIndustry in terms of Storage
Capacity(2000-2023)

The Yokorei Group’s Principal Overseas Network
Proportion of
Natural Refrigerant
Use

69%

800

One of Yokorei’s strengths is the procurement capabilities provided by its extensive trading network, allowing us to respond accurately to product needs in Japan and overseas. We import products from around the world, mainly Northern
Europe and Southeast Asia, as well as North America, South America, and Australia. We also procure domestic products from across Japan, mainly through oursales offices in producing regions, and supply them to our trading partners in Japan and overseas.

SalmonImportCrab

Mackerel

SalmonCrab
Flatfish

Pork

Mackerel

Shrimp

Crab

Pork

Atka
mackerel
Beef400

ExportChicken

Scallop Eel
Chicken

Pork

About this report0This report has been prepared to help our stakeholders better understand our medium- to long-term growth strategy. In line with this goal, this reportpresents information on financial factors, including financial performance and corporate strategy, as well as non-financial factors, such as information on
governance reforms, environmental and social matters, in an integrated fashion.
In preparing this report, we have made reference to the Global Reporting Initiative (GRI) standard and international reporting frameworks, including
those provided by the IFRS Foundation.
Editorial Policy YOKOREI Integrated Report 2023 was compiled as a financial and non-financial information report for Yokorei Co., Ltd. The report is focused on activities in FY2023 (from October 1, 2022

2005

2010

2015

2020

2021

2022

2023

SalmonNote: Yokorei capacity figures include those of overseas consolidated subsidiaries.
* Effective from the fiscal year ended September 30, 2021, the non-consolidated subsidiary PAX
FREEZER Co., Ltd. is excluded from the scope of calculation.

75th Anniversary

to September 30, 2023) and some reports from after October 2023 are included. Moreover, department and job titles of related parties are those at the time of the activity. We also provide
comprehensive and detailed information for our stakeholders to better understand our company on our website (https://www.yokorei.co.jp/en/).

On May 13, 2023, Yokorei celebrated its 75th anniversary. In order toDisclaimer This report contains statements about Yokorei and Yokorei Group Companies’ future plans, strategies, performance forecasts, and outlooks. These are projections based on our beliefs and as-

express our gratitude for all the support we have received, and to

sumptions using the information currently available to the Company at the time of compilation.

Chicken

Beef

make our business widely known, we created our first traffic
advertisement, which was displayed in train stations and inside
trains. Through various opportunities, we will continue tocommunicate our efforts to contribute to local communities
Yokorei adopted a new corporate identity (CI)in January 2024.

through food in accordance with our corporate philosophy that“companies are social institutions and profits are a measure of theirservice.”
Yokorei’s 75th Anniversary poster displayed in Tokyo Station, Yokohama Station,
Minatomirai Station, and other train stations

YOKOREI Integrated Report 2023

1

2023

2013 Dec.

2018

Wang Noi 2nd Logistics Center
completed (Thai Yokorei).

Yokorei Growth Trajectory
2008 Jul.

Tokachi 2nd Logistics
Center completed.

For more than 75 years since its founding in 1948, Yokorei has remained true
to its corporate principles, continually being a conscious company that exists
for the community, and fulfilling its role of supporting Japan’s dietary life
through food distribution. This section presents the history of value creation
at Yokorei over the years.

the2020 Feb.

mark.

the

2015 Aug.

0.7 million ton

Bangpakong 2nd
Logistics Center
completed.

mark.

Listing moved to First
1991 Section of the Tokyo
Stock Exchange.

2005 Sep.
1999 Aug.

Kazo Logistics Center
completed.

Net sales

Miyakonojo Logistics
Center completed.

the

the

0.9 million ton
mark.

The Company’s
storage capacity passed

The Company’s
storage capacity passed

1995 Mar.

The Company’s
storage capacity passed
the

0.6 million ton

Anniversary

Anniversary

0.8 million ton

The Company’s
storage capacity passed

75th

70th

The Company’s
storage capacity passed

Tsukuba Logistics
Center completed.

(¥ billion)200(¥ billion)
200

The Company
storage capacity passed
the

1.0 million ton
mark.

Moved to Prime Market ofTokyo Stock Exchange.

mark.

2022

0.5 million ton

150

150

100

100

50

50

0

0

mark.

Rokko Logistics Center
completed.

The Company’s
storage capacity passed
the

0.4 million ton
mark.

Listed on Second Section of Tokyo

1962 Stock Exchange.
Yokorei1948 Established.

'48 '49'51'48'52'49'53 '54'51'55'52'56'53'57'54'58'55'59'56 '57'61'58'62'59'63 '64'61'65'62'66'63'67'64'68'65'69'66 '67'71'68'72'69'73 '74'71'75'72'76'73'77'74'78'75'79'76 '77'81'78'82'79'83 '84'81'85'82'86'83'87'84'88'85'89'86 '87'91'88'92'89'93 '94'91'95'92'96'93'97'94'98'95'99'96 '97'01'98'02'99'03 '04'01'05'02'06'03'07'04'08'05'09'06 '07'11'08'12'09'13 '14'11'15'12'16'13'17'14'18'15'19'16 '17'21'18'22'19'23 '24'21'25'22 '23 '24 '25

1950

1960

1970

1980

1990

2000

2010

2020

Needs required of Yokorei
Refrigerated
Warehousing Business
Food Sales BusinessFood-related
needs arising frompost-war rapid
economic growthand urbanization

Refrigerated warehouse business launched to store
fresh marine products.

Marine products such as fish and shrimp, importantsources of protein for Japanese facing food shortages
in the post-WWII period, which were landed in
Yokohama are sold to wholesalers nationwide.

Reliable and safe,
high-quality foodinfrastructure

Yokorei responded to growing needs for quality control with
employee-centered operations built on accumulated productknowledge and technical skills, along with natural convection
cooling to allow for long-term storage without loss in quality.
Yokorei adopted strict food defense measures to mitigate therisk of contamination from foreign substances. An integrated,in-house management system was put in place for the entire
distribution process, including import/export, storage, sorting,freezing, and sales, to ensure a safe and reliable food supply.

Yokorei is reducing GHG emissions by replacing conventional
freezers with equipment using natural refrigerants. Solar
power systems have also been installed on rooftops at 19
facilities in Japan, and two logistics centers overseas.

Environmentallyfriendly food
distribution

Yokorei is utilizing a procurement and supply structure thattakes into account the impact on the environment andecosystems, including proactively handling the Marine
Stewardship Council (MSC) and Aquaculture StewardshipCouncil (ASC) certified products.

Business History
1950-1990’s
1948

1953
1989
1994

2

May

Nov.
Dec.
Feb.

1997

Jul.

1998

Mar.

2000-2010’s
Company established as Yokohama Reito Kigyo Co., Ltd.,
with business ­operations centered on the sale and exportof frozen marine products, and the cold storage of frozen
foods.
Corporate name changed to Yokohama Reito Co., Ltd.
Thai Yokorei Co., Ltd. established (currently aconsolidated subsidiary).
Fukuoka Logistics Center and Ishikari Logistics Center
completed.
Shibushi Logistics Center and Sasebo Cold Storage
completed; Sasebo Sales Office opened.
Tokyo 2nd Logistics Center completed.

2020’s

2003
2007
2008

Aug.
Mar.
Dec.

2009
2011

Jun.
Oct.
Dec.

2012
2013

Aug.
Jul.

Tsurugashima Logistics Center completed.
Yokohama Logistics Center completed.
Equity investment in Seiwa Food Corporation (Clover
Trading Co., Ltd.).
Alliance Seafoods Inc. established.
Wang Noi Distribution Center completed (Thai Yokorei).
Best Cold Chain Co., Ltd. established (currently aconsolidated subsidiary).
Kimobetsu Logistics Center completed.
Yokorei Co., Ltd. (Kingdom of Thailand) established.

2014

Apr.
Apr.
Jul.
Oct.

Diamond Tokachi Co., Ltd. established.
Ishikari 2nd Logistics Center completed.
Yumeshima Logistics Center completed.
Miyakonojo 2nd Logistics Center completed.

* Name changed to Yokorei (THAILAND) Co., Ltd. on Dec. 1, 2021.

2016

Mar.
Jul.
Jul.

2017
2018

Aug.
Nov.
Jun.
Feb.
May
Nov.

Syvde Eiendom AS (Kingdom of Norway) became asubsidiary.
HIYR AS (Kingdom of Norway) established.
Fjordlaks Aqua AS (Kingdom of Norway) became asubsidiary. (Currently Hofseth Aqua AS)
Tokachi 3rd Logistics Center completed.
Tokachi Sorting Spot completed.
Satte Logistics Center completed.
Tokyo Haneda Logistics Center completed.
Yokorei makes its 70th anniversary.
Meiko Logistics Center completed.

2020

Jan.
Feb.
May.

2021

2023

Jun.
Jan.
Jul.
Aug.
Sep.
Mar.
Mar.

Merger and integration of Alliance Seafoods Inc. andClover Trading Co., Ltd.
Tsukuba Logistics Center completed.
Yokohama Mirai HRD and Yokohama Mirai Satellite
completed.
Nagasaki Sorting Spot completed.
Fukuoka ISLAND CITY Logistics Center completed.
Kesennuma Sorting Spot II completed.
Hirado Ice Factory completed.
HIYR AS and Hofseth Aqua AS removed from scope of
consolidation.
Chiba Research Park Logistics Center completed.
Vietnam Yokorei Co., Ltd. established.

YOKOREI Integrated Report 2023

3

Message from the President

Vision for 2030
We will accelerate growth to realize
our aim of “For a brighter food future –Yokorei will ensure a stable food supply
to help support a sustainable society.”

years, these are upfront investments for future growth.

Customs as a Certified Customs Broker under the Authorized

Investment is also necessary to take advantage of opportunities

Economic Operator (AEO) system, denoting a customs broker with

provided by the sweeping regulatory changes in the logistics

proper security management and legal compliance systems. With

industry in 2024, and gain new business by providing solutions

this certification, as a company involved in international logistics

to the supply chain management issues faced by customers. I

with five customs clearance bases in Japan, Yokorei is now better

hope that all stakeholders will understand this.

able to focus on ensuring food safety and security, enhancing
competitiveness by facilitating trade, and realizing smart cold chain
services. In the Food Sales business, despite the impact of unstable

Further advancements in sustainable
management

market conditions, we managed to improve profit margins byshifting our focus from quantity to quality, and steadily expanded

Yokorei is also pursuing various initiatives to realize the Yokorei

sales of Norwegian salmon and other strategic business products

Sustainability Vision 2030. In terms of environmental measures

Kenji Furuse(commercial products of our investment partners). I intend to(Materiality theme: “Harmony with the Global Environment”), we

President and Representative Director, CEOcontinue to build on this solid foundation established under thehave revised upward our 2030 target for the natural refrigerant

leadership of my predecessor Hiroyuki Matsubara (currently an

implementation rate from “80% or higher” to “85% or higher,” and theadvisor), and spearhead the implementation of the New Medium-target for solar power generation capacity from 10 MW to 20 MW. We

Term Management Plan (Phase II).  See p.12 for details.

also achieved our 2023 target of a 30% reduction in GHG emissions

Yokorei’s value creation

change, and environmental problems are becoming more
serious year by year. Considering such issues as the competition

I’m Kenji Furuse, who was appointed president in December 2023.

for increasingly scarce food resources due to population growth,

Yokorei celebrated its 75th anniversary in May 2023. Since ourthere is a need for proactive sustainability initiatives that balancefounding, we have continually valued being a company thatconsideration for the global environment with sustainable

benefits local communities, based on our corporate philosophy

corporate growth.

Accelerating growth speed under the
New Medium-Term Management Plan
(Phase II) – “The Power to Connect”

by the end of fiscal 2022, indicating that we are making steadyprogress with our environmental measures.  See p.13 for details.
In terms of human capital (Materiality theme: “Create a
Rewarding Workplace”), our latest survey showed that 65.1% of
employees felt a sense of job satisfaction, compared to the 2030

For the second stage in realizing our long-term vision, Yokorei

target of 80% or higher. We take seriously the need forof “Companies are social institutions and profits are a measure of

Against this backdrop, Yokorei Group has outlined its long-Group has formulated the New Medium-Term Management Plan

improvement efforts to enhance engagement, and as part of thistheir service.” As a part of the food distribution industry, we haveterm direction for 2030, comprising the Yokorei Business Vision(Phase II: October 2023 to September 2026) “The Power toeffort, we plan to introduce a new personnel system in April 2024

played a role as a company that supports food stability in Japan.

2030 and the Yokorei Sustainability Vision 2030.

Connect” with 2026 as the final year. To achieve this plan, for thebased on the valuable feedback and opinions obtained throughthese surveys.  See p.32 for details.

Consumer needs are constantly changing, as seen in the recent

As the “ideal vision” for business, the Refrigerated Warehousing

Refrigerated Warehousing business we have set a policy of

expansion of the e-commerce business and the increase insegment adopted “Smart cold services combining tradition and“Utilize our accumulated high-quality logistics to offer solutions

As a result of these advances in our ESG disclosures anddemand for frozen foods. As a result, food distribution has become

innovation,” while the Food Sales segment chose “Realize

in Japan and overseas, and provide smart cold chain services torelated initiatives, Yokorei was selected as a constituent stock ofmore complex and diverse, leading to various challenges for the

distinctive food value together with customers, preserve our close

our customers,” and for the Food Sales business “Take advantage

the FTSE Blossom Japan Index, established by global index

food distribution industry. To embrace these changes and respond

relationship with producers, and add to the richness of the world’sof our network with domestic and overseas (global) producers,

provider FTSE Russell, for the first time in July 2023. We were also

to the challenges, we must not only continue to do the same thingstables.” We are pursuing various initiatives to realize these goals.

and apply our experience and skill in assessing quality to deliver

selected for inclusion in the FTSE Blossom Japan Sector Relative

we have up to now, but also forge ahead with initiatives to create

In addition, under the Sustainability Vision 2030 “For a brighter

seasonal and delicious products to customers.” As theIndex for the first time in 2022. Yokorei will continue to

new value. As part of these efforts, Yokorei is working to improve

food future – Yokorei will ensure a stable food supply to help

management foundation supporting these strategies, we will

strengthen its ESG initiatives with the aim of realizing a

the efficiency of low-temperature logistics through palletizedsupport a sustainable society,” we aim to achieve qualitative and“Improve productivity and accelerate business growth.”

sustainable society and enhancing our corporate value.

operations. In December 2022, we received the “Logistics Structure

quantitative targets for five material issues.  See p.13 for details.

Reform Award” at the Logistics Partnership Excellence Awards heldby Japan’s Ministry of Economy, Trade and Industry (METI), and theMinistry of Land, Infrastructure, Transport and Tourism (MLIT).
Yokorei has continued its business activities to ensure foodsecurity in Japan, while being environmentally friendly and

Looking back on the MediumTerm Management Plan (Phase I) –“The Power to Create”

All the measures in this latest management plan were decided
from the bottom up by respective departments and worksites

Message to stakeholders

through the Innovation Summit, a central meeting held toformulate the medium-term plan. By focusing on theseWith the 75th anniversary of its founding, the launch of a newmeasures, by the fiscal year ending September 2026, the final

medium-term management plan, and the adoption of a newyear of the plan, we aim to achieve consolidated net sales ofcorporate logo, Yokorei Group has reached a major turning point.

valuing its connections with local communities. We will continue

The subject fiscal year (ended September 2023) was extremely¥150 billion, with operating income of ¥6.5 billion, EBITDA of ¥13

Amid such major developments, we plan to accelerate theto support Japan’s food culture, while embracing change as aimportant for Yokorei Group, as it was the final year for the new

billion, and ROE of 5% or higher, while maintaining an equity

strengthening of human capital and, to realize our two visions forcompany aiming for growth.

Medium-Term Management Plan (Phase I) – “The Power to Create”

ratio in the 40% range.  See p.14-15 for details.

2030, achieve sustainable growth as a food infrastructure company.

(October 2020 to September 2023). The consolidated results for thisIn addition, over the next three years, we will continue toAs experts in food distribution that is friendly to people, things,

final year were net sales of ¥133,862 million (up 16.1% year on year),make capital investments aimed at increasing operating cash

and the planet, Yokorei will continue to contribute to the stablewith operating income of ¥3,785 million (down 11.0%), ordinary

flow and maintaining financial soundness. Specifically, we plan tosupply of safe and secure food, looking ahead to its 80th and

The business environment for Yokorei Group remains uncertain,

income of ¥4,203 million (down 15.9%), and profit attributable to

make strategic investments of ¥30-40 billion (construction of

100th anniversaries.

including the regulatory changes in 2024 related to working styleowners of parent of ¥2,831 million yen (down 14.6%).

new logistics centers, installation of solar power facilities, etc.)

Vision for 2030

reforms in the logistics sector, labor shortages stemming from

Despite these severe figures, in the Refrigerated Warehousing

and renovation-related investments of ¥2.0 billion (conversion to

population decline, an increase in electricity costs due to risingbusiness, we managed to expand the scope of our consolidated,natural refrigerants, efficiency enhancements through renewal ofenergy prices, and prolonged geopolitical instability.

multi-distribution logistics service, and achieve labor savings

aging facilities, etc.). As a result, although the increase in

Kenji Furuse

depreciation expenses will depress ROE over the next three

President and Representative Director, CEO

Globally, issues such as the depreciation of the yen, climate

4(RPA). In October 2023, Yokorei acquired certification from Tokyothrough the introduction of robots and robotic process automation

Thank you for your continued support of Yokorei.

YOKOREI Integrated Report 2023

5

Yokorei Value Creation Process
Yokorei conducts business to ensure a stable food supply for Japan, while bearing in mind the importance ofenvironmental conservation and connections with local communities. Yokorei generates social and economic value by
utilizing its accumulated resources to the greatest extent possible and addressing a broad range of social challenges.
Business Model

Outputs

Natural Capital

Refrigerated Warehousing

Manufactured Capital
Harmony
with the Global
Environment

Create a
Rewarding
Workplace Refrigerated warehouses: 50 locations in Japan, five inThailand, total storage capacity 1.07 million tonnes
 Food Sales business: 25 locations in Japan, one in Thailand Marine products sorting and freezing facilities: Six locationsin Japan Ice factory: One location in Japan Marine products buying rights: 11 locations in Japan (Tohoku,
Kyushu) Domestic (Kyushu) and overseas fish farming business Capital investment: ¥12.3 billion

Customs
Clearance /Freezing

Sorting

Warehousing

StorageBusiness See pages 20-21 for details

Shipping Logistics Outsourcing Service

 See pages 22-23 for details

Human Capital

Develop
togetherwith
Communities

Strengthen
the Business Foundation and Ensure
Soundness

Planning
and Development

Cultivation /Procurement /Production

Processing(consignment)

Sales

DeliveryFood Sales
Business

Provide Better
Qualityand Service

DeliverySocial and Relationship Capital Business offices rooted in production, sales, andlogistics regions throughout Japan, from Hokkaido to
Kagoshima Business partner and supplier network in Japan andoverseas 1% of profit donated to charity
 Sponsor contracts Support activities utilizing business assets (food items
and storage)

Financial Capital Stable business foundation supported byclosely connected Refrigerated Warehousing
and Food Sales businesses Appropriate capital structure Systematic capital investment
 Long-term, stable dividends

 RefrigeratedR efrigerated
Warehousing
Business
Sales

23.8%
 FoodF ood Sales Breakdown  ¥31.8 billion
Business
76.2%¥102.0 billion

Varied service lineup

Food Sales Business 1,658 employees (consolidated) Human resources supporting “Yokorei Quality”(Employee operations, etc.) Human resource development via enhanced
education and training Expanded local personnel structure in ASEAN
region (Thai subsidiary)

133.8 billion



Refrigerated Warehousing
Business

Materiality

 Solar power generating capacity: 21 locations, 9.3 MW Energy consumption: 147,502 MWh Water consumption: 515,477 m3

FY2023 Net SalesManagement mindful of capital efficiency
and financial soundness ICT Service

YIS Service (Yokorei Information
System)Loading and unloading records /Real-time customs clearance status andinventory data computers in real time Consolidated, multi-distribution
logistics service
Logistics efficiency through DC(storage) and TC (transit) / Support forenvironmental management

Marine Products
Livestock Products
Agricultural Products

Natural Capital See pages 30-31 for details

S olar power generating capacity: 32
locations, 13 MW (+11 locations/+3.7 MW
compared to FY9/23)
 CO2 reductions from solar power: 4,260
tonnes annually (2,874t in FY9/23)
N atural refrigerant implementation rate:
80% (+11ppt from FY9/23)
G
 HG emissions (per storage capacity,
compared to FY9/15): 40% reduction (2030
target) (36.2% reduction in FY9/23)

Manufactured Capital See page 34 for details

E xpanded logistics network from new
refrigerated warehouses: 55 locations inJapan, five in Thailand, one in Vietnam, total
storage capacity of 1.22 million tonnes (+5locations in Japan, +1 location
overseas/+150,000t compared to FY9/23)
 L abor savings from advancements in
automation
A dditional facilities in ASEAN region(Vietnam)E xpanded sales of strategic businessproducts
D evelopment of original products such as
in-house brands

Human Capital See page 32 for details

E nhanced productivity from deep
cultivation of employee operations
G reater enterprise value through securing
and development of specialist personnel
P roportion of employees reporting job
satisfaction: 80% or higher (+14.9ppt from
FY9/23)

Supports Yokorei Quality

Three Reform

Engines

Financial Capital

Organizational

ReformPromote mutual
sectors, and conti­
down barriers be-

System Reformties between businessnue measures to break
tween departments

Create structures to develop the next generationof managers and professionals

Vision 2030

For abrighterfood future

Social and Relationship
Capital  See page 31 for details
R evitalization of local industries
R eduction in food wasteS table food supply through building of asustainable supply chain J ob creation by hiring local humanresources in overseas business regions

The Business Foundation that

Consciousness Reform

YLS (Yokorei Logistics System)
Customs Clearance Service / Storage
Operations / Delivery Service

Target Outcomes*

The Medium-Term Management Plan (Phase II) “The Power to Connect”

Inputs (FY9/23)

 See pages 16-17 for details

 L ong-term credit rating: AC apital ratio: Maintain 40% or higher(43.4% in FY9/23)
C ontinue long-term, stable dividends

Economic Value
N et sales: ¥150.0 billion
O perating income: ¥6.5 billion
E
 BITDA: ¥13.0 billion
R OE: 5% or higher* Unless otherwise indicated, outcomes are FY9/26 target
figures in the Medium-Term Management Plan (Phase II).

Value Creation Process for a “Brighter Food Future”
management foundation underpinning Yokorei Quality, Yokorei

Through its two main businesses of refrigerated warehousing and

The Food Sales Business is built on the strength of its

has acquired over its 75-year history, amplifies them into strengths,

continues to generate the value that will contribute to a brighter

food sales, Yokorei contributes to a safe, reliable, and stable foodprocurement capabilities, utilizing a network able to precisely

and builds business models that utilize these assets. By focusing

food future in 2030.

supply for Japan and the world as it continues to build trust.

meet food product needs in Japan and overseas. The integrated

Yokorei determines the most important aspects of the capital it

6

Business Modelon the three “reform engines” (consciousness reform,

The Refrigerated Warehouse Business offers a high level ofsupply chain management for marine, livestock, and agriculturalorganizational reform, and system reform) that support theservice for a wide range of needs in temperature-controlled

products encompasses everything from product planning,logistics, providing high-quality services for a variety of logistics

development, and procurement to processing (consignment),

processes, including storage, customs clearance, and transport.

sales, and distribution.
YOKOREI Integrated Report 2023

7

Changes in the Business Environment, Risks & Opportunities
Yokorei has determined the risks and opportunities for its business from issues currently facing society, and identified theimportant management issues (materiality).

Social Theme

Risks & Opportunities: RiskMateriality: Opportunity

 ecrease in fish catches and production volume due to changes in the natural environment,Doutbreaks of disease or insect pests
Increase in procurement cost of farmed fish and livestock due to rise in feed costs (plants, animals)
Increase in cost of introducing decarbonization and energy-saving equipmentIncrease in cost of electricity to operate refrigerated warehouses due to introduction of carbon
pricingIncrease in cost of electricity to operate refrigerated warehouses due to higher temperatures

Climate change(Global warming)

Principal Measures ise in demand for temperature-controlled storage of food items due to higher averageRtemperatures
Rise in demand for eco-friendly refrigerated warehouses and logistics services
Rise in demand for eco-friendly products (such as marine products with eco-label certification) Strengthen handling of eco-friendly products (ASC and MSC certified products) Diversify supply chains Build and operate eco-friendly refrigerated warehouses that contribute todecarbonization

Harmony with the Global
EnvironmentP roactive introduction of energy-efficient equipment to reduce GHG emissions
 Installation of rooftop solar panels to increase generation of renewable energy S witch to renewable energy S witch to natural refrigerants to reduce GHG emissions
 Implement measures for greater logistics efficiency in cooperation with cargo companies,

and reduce GHG emissions

Decrease in energy costs from use of energy-efficient equipmentIncrease in prices for marine, livestock and agricultural products due to declines in catches and production
yields, and higher procurement costs for alternative products

Natural disasters

Decrease in sales from suspension of refrigerated warehouse operations or supply chain disruptions

 Construct natural disaster-resistant refrigerated warehouses (logistics centers to support
BCP)

Increase in repair costs for damaged facilities and equipment Develop aquaculture business in countries and areas with few natural disasters

Increase in demand for disaster-resistant facilities Diversify supply chains and develop relationships with new suppliersS lowdown in cargo movements and decline in storage volume due to markets adjusting to supply anddemand Build refrigerated warehousesIncrease in product procurement costs due to soaring prices of raw materials and fuel Acquire certification under the Act on Advancement of Integration and Streamlining ofDistribution BusinessIncrease in construction costs for refrigerated warehouses due to rise in prices

Economic situation and thebusiness environment Formulate BCP

 Accumulate information

Intensification of competition due to companies from other industries entering the temperature-controlled
logistics market

 Provide consolidated, multi-distribution logistics services

Deterioration in earnings due to sudden exchange rate fluctuations

 Foreign exchange contract tradingIncrease in food storage demand of highly processed foods such as frozen food Price adjustments to pass on rising costs

Rising demand for facilities with exceptional logistics efficiency due to increase in e-commerce Diversification of suppliers and customers, revision of product balance

Securing human resources

Provide Better Quality
and Service

 Expand customs clearance business Proactively introduce systems for labor-savings and automationDifficulties continuing refrigerated warehouse business due to shortage of warehouse workers

Create a Rewarding
Workplace Support creation of workplaces comfortable for women and many types of employeesL oss of workers due to a lack of measures to provide an appropriate work environment or make
improvements Strengthen internal education systemIncrease in costs due to intensification of competition to hire and retain workers as a result of Japan’s
decreasing birthrate and aging population, and population decline Enhance name recognition through branding

Develop together
with Communities Promote DX Revise the personnel system to enhance job satisfaction and strengthen human capital Food defense measures for all refrigerated warehouses

Decline in consumer trust due to customer complaints regarding product or service quality
Gain trust in Yokorei quality and brand by enhancing customer satisfaction
Gain trust by providing appropriate disclosure to stakeholders

Product, service quality and safety8 Improve quality of storage of frozen foods through employee operations
 Management through the Quality Control Department
 Strengthen education and training for quality control Strengthen relationships with contracted manufacturers

Strengthen the Business
Foundation and Ensure
Soundness Timely and appropriate disclosure

YOKOREI Integrated Report 2023

9

Materiality
Yokorei sets long-term targets and determines the KPI to achieve them based on the needs of stakeholders in relation
to the materiality themes.

Materiality

Harmony with the
Global Environment

Create a Rewarding
Workplace

Provide Better
Quality and Service

Develop together
with Communities

Strengthen theBusiness Foundationand Ensure Soundness

10

Yokorei’s Response

Relevant Capital /Stakeholders

Stakeholder Needs

Long-Term Targets
Relative to Materiality

FY9/23 Results

FY9/24 Measures

KPI Lessen the environmental load by
operating environment-friendly
refrigerated warehouses Reduce GHG emissions throughcooperation with other companies Establish an environment-conscious
supply chain Capital: Natural,
Manufactured
 S takeholders: Shareholders
and investors, customers,
suppliers, partnercompanies Reduction in GHG emissions Eco-friendly products andservices E nhance energy efficiency to reduceenergy consumption, and increase use ofrenewable energy F acilitate shift to natural refrigerants to
reduce GHG emissions
A ppropriate processing and recycling ofwaste to lessen environmental loadP
 rotect marine ecosystems

C ompleted construction of anenvironment-friendly refrigerated
warehouse (natural refrigerants used,
increased solar power generating
capacity)
 Installed solar panels on two existing
refrigerated warehousesC ontinued handling ASC/MSC
certified marine products
 E nhanced logistics efficiency(palletized cargo, expanded
consolidated multi-distribution
logistics services)C omplete construction of
three environment-friendly
refrigerated warehouses(natural refrigerants used,
increased solar power
generating capacity)R eplace the refrigerationequipment at one existing
refrigerated warehouse with anatural refrigerant unit
 Install solar panels on existing
refrigerated warehousesC ontinue handling ASC/MSC
certified marine products Natural refrigerant
implementation rate Solar power generation
capacity and output
 GHG emissions per storage
capacity Procurement amount of
ASC/MSC certified marine
products Change consciousness (promote open
communication and emphasize dialogue) Implement measures for labor savings Provide a work environment suited to
employee diversity Secure global human resources Strengthen cooperation with othercompanies Capital:
Human, Social and
Relationship Stakeholders: Employees,
partner companies Working environments
comfortable for employees Improvement in job
satisfaction

 S trengthen measures to cope with labor
shortageP rovide a comfortable work environment Implement measures to secure employee
diversity, including promoting active roles
for women
 E nsure and ingrain occupational healthand safety Third “job satisfaction survey”
conducted
R eformed system to improve job
satisfaction and establish more
comfortable work environmentsA utomation system introduced
 Initiatives enacted for paperlessprocedures Implement new personnel
system (clarification of career
vision, introduction of
structures for appropriate
evaluation and treatment, etc.) Consider and strengthen
measures for employees
raising children andworkplace support Continue progress with DX(nationwide implementationof RPA) Advance measures forpaperless procedures(electronic billing, etc.) Proportion of employeeswith job satisfaction Proportion of women in
career-track positions
 Proportion of women in
management positions Employment ratio of
persons with disabilities Number and proportion of
employees taking childcare leave, and return rate Deepen Yokorei quality Strengthen education and training Invest in IT and robotics
 Develop original products and establish
sales channels
 Provide services to solve customers’
supply chain management issues Capital: Human,
Manufactured
 Stakeholders: Employees,
partner companies,
customers, suppliers S afe and reliable food High-quality products,
storage and logistics services
 E nhanced skills
R esponse to issues facing thelogistics industry (labor
shortage, reduced delivery
capacity, etc.) Provide stable supply of food Reduce food waste Establish a structure to provide safe
products and services Introduced automation systems Promoted the utilization of palletizedcargo Received “Logistics Structure ReformAward” at the Logistics Partnership
Excellence Awards Conducted company-wide trainings
at the Human Resources
Development Center Submitted application for Authorized
Economic Operator (AEO) Opened official online shop Developed and sold first fully
in-house original brand products Introduce new system fortruck reservations
 E xpand customs clearance
business
C entralized management ofdomestic outsourcing
processing companies S tart full-fledged sales togeneral consumers throughthe official online shop S trengthen the B2C businessby developing original
products and building a sales
network Number of automation
systems installed Number of employees
completing trainings, andcumulative hours

 Construction of refrigerated warehouses
throughout Japan and in the ASEAN
region Social contribution program throughdonations and sponsorships
 Recruitment of overseas local humanresources Capital: Manufactured,
Human, Social and
Relationship Stakeholders: Local
communities, employees Vibrant local communities J ob creation
 S trengthen partnerships
D evelopment of high-quality
cold chain services Support revitalization of local industries Establish a cooperative framework forenvironmentally and socially conscious
supply chains overallC ompleted construction of one
refrigerated warehouse S tarted construction of four
refrigerated warehouses
 E stablished Vietnam Yokorei Co., Ltd.
 S ocial contribution program utilizing
business assets (providing foodmaterial, storage locations, etc.)
 Sponsorships
 Total 23 donations madeB uild new refrigerated
warehousesC ontinue and expand social
contribution program
utilizing business assets(providing food material,
storage locations, etc.)
C ontinue sponsorships

 Number of donations andamount Organizational reform (fast sharing of
information and strengthening ofcollaborations) Reform of the personnel system Improve capital efficiency and maintainfinancial soundness Strengthen monitoring of overseas risks Practice health and productivity
management
 Expand and improve disclosureC apital: Financial, Human S takeholders: Shareholders
and investors, employees Corporate growth Shareholder returns
 Maintain and improvetransparency of corporate
management

 E nhance corporate governance E stablish BCP structures (natural disaster
response, data management)
 E nsure legal and regulatory compliance S trengthen initiatives for sustainability
and provide proactive disclosureD esigned new personnel systemP rovided disaster preparedness
information through the BCP Committee,
and raised awareness internally Increased dividends with 75th
anniversary dividend F ormulated new medium-term
management planB egan building new systems aimed atacquiring certification as a Health &Productivity Management
Outstanding Organization
 S elected as a constituent of the FTSE
Blossom Japan Index

 Implement new personnel
systemR evise and strengthen BCP
strategies
C ommence measures toacquire certification as a
Health & Productivity
Management Outstanding
Organization
 F urther expand and improvedisclosure Credit rating (Japan Credit
Rating Agency) Capital ratio ESG evaluation
organization score

YOKOREI Integrated Report 2023

11

Overview of the New Medium-Term Management Plan (Phase II)

Review of the Previous Medium-Term Management Plan (Phase I: October 2020 to September 2023)

Yokorei Business Vision 2030 —Quantitative Targets—

Despite challenging circumstances such as the slowdown in cargo movement due to the COVID-19 pandemic, results in
the Refrigerated Warehousing Business progressed as planned. In the Food Sales Business, structural reforms implemented
mainly in the livestock business had a certain effect, but unstable market conditions presented difficulties.
Previous Plan Measures

Refrigerated Warehousing Business
Create a business model that anticipateschanges in the business environment,
and provide new value to customers.
(1) Eco-friendly logistics centers [ Continue] Strategic investment centered on new logistics
centers [Accelerate] Utilize renewable energy [ Promote] Switch to natural refrigerants(2) Elevation of Yokorei Quality
 Invest in IT and robotics
 Focus human resources on advanced areas(3) New business development in Japan

Results Expanded sales through development ofconsolidated, multi-distribution logistics
services.

Challenges Global inflation and rising electricity costs
put pressure on earnings.

Corporate philosophy

Companies are social institutions, and profits are a measure of their service

Refrigerated Warehousing Business – 2030 Vision

Food Sales Business – 2030 Vision

We promise to provide smart cold services
combining tradition and innovation.

We will realize distinctive food value together withcustomers, preserve our close relationship with producers, and add to the richness of the world’s tables.

Business
Activities Labor savings through the introduction of
IT technologies (robots, RPA).

(1) Segment net sales ¥40 billion, with segment earnings* of ¥10 billion(2) Multifunctional and automated refrigerated warehouse centers Build 10 new centers by 2030
(increase in warehouse capacity of 250,000 tons)

Environmental
Activities Commenced acquisition of an AEO
customs broker.

(1) Segment net sales: ¥130 billion(2) Segment profit margin*: 3.0% or higher(1) Natural refrigerant implementation rate: 85% or higher (currently 69%)
(2) Solar power generating capacity: 20 megawatts (currently 9.3 MW)

Companywide Quantitative Targets* S egment earnings are before the exclusionof non-allocable operating expenses(management division expenses) Started construction of a refrigerated
warehouse in Vietnam.

Business
Activities Consolidated net sales: ¥170 billion

C onsolidated operating income: ¥10billion Completion of refrigerated warehouses (3sites).

 EBITDA: ¥17 billion or higher E xpand consolidated, multi-distribution logistics services Expand logistics network with new centers

Yokorei Sustainability Vision 2030

(4) Overseas business expansion
 S trengthen international logistics efforts based in Thailand

Food Sales Business Improved profit margins by shifting focus
from quantity to quality.

 Adapting to higher procurement costs andunstable market conditions.

Break away from the past, utilize strengths
and connections, and create food value
adapted to the needs of the times.

 Expanded sales of Norwegian salmon andother strategic business products.

 Establishing businesses that generate stableearnings.

(1) Structural reforms for greater profitability Development of sales channels to massretailers.

 Response to geopolitical risks.

R evise inventory controls and other aspects of sales management structure Strengthen and expand cooperation between businesslocationsO ptimize sales ratio by business type(2) Expanded sales of strategic business products
 E xpand sales by leveraging food material procurement
capabilities Increase domestic & overseas sales of Yokorei frozen processedmarine products(3) Development of original productsD evelop Yokorei branded products Products for prepared dishes, volume retail, etc.

Corporate philosophy

Companies are social institutions, and profits are a measure of their service

Sustainability Vision

For a brighter food future– Yokorei will ensure a stable food supply to help support a sustainable society –Materiality Establishment of an e-commerce site.

Harmony with
the Global
Environment Achieved an overseas sales ratio of 13% orhigher.
 Sold the first original in-house brandproducts.

Qualitative Aims

Quantitative Targets

A im for efficient use of energy, with consumption reductions and greater use of renewableenergyR educe greenhouse gas emissions by transitioning to natural refrigerants
 L essen the environmental load through proper waste disposal, and use of recyclable materials• S trive to conserve marine ecosystems

 Reduce greenhouse gas emissions
per storage capacity by 40%
compared to 2015 levels Natural refrigerant implementation
rate of 85% or higher Proportion of employees who Hirado Ice Factory completed.

(4) Development of sales channels

Create a
Rewarding
Workplace S trengthen measures to cope with labor shortages
 Provide a rewarding work environment Implement diversity measures, including supporting active roles for womenC ontinue measures for workplace health and safety

Provide Better
Quality andService S trive to ensure a stable food supply
R educe food waste E stablish systems to provide safe products and services
 T otal commitment to food safety

Develop together
with CommunitiesP romote the revitalization of local industry
 E stablish a cooperative framework for the entire supply chain with consideration for theenvironment and society

Strengthen
the Business
Foundation and
Ensure Soundness E stablish a BCP structure (to cope with natural disasters, pandemic response, information
security, etc.) S trict adherence to legal compliance S trengthen SDG-related measures, and proactively provide disclosure•C onduct ongoing measures to enhance corporate governanceD eepen B2C business (e-commerce business, etc.)

express job satisfaction at 80% or
higher Double the number of female
managers compared to fiscal 2020
levels(5) Expanded sales channels overseasP romote cooperation between Japanese business and Thai
subsidiary to strengthen business in the ASEAN region

Evolution of Business Foundations
Create human resources to support
globalization, and ceaselessly pursue reforms
that enhance enterprise value.
 Evolution through working-style reforms and inclusion Strong financial base Building of strategic ICT

12 Established a Human Resource
Management Center and systematicallyconducted company-wide trainings.
 Began transition to a new personnel
system.
 Moved away from legacy systems andmigrated to a more flexible IT infrastructure.
 Enhanced ESG disclosure information
which led to inclusion in FTSE index.

 Human resource development in line withbusiness strategies.
 Introduction of a new personnel system.
 Severe shortage of workers (Japan).

YOKOREI Integrated Report 2023

13

Overview of the New Medium-Term Management Plan (Phase II)

Positioning of the New Medium-Term Management Plan (Phase II: Oct. 2023 to Sept. 2026)

Refrigerated Warehousing Business – Three priority measures –To achieve the “Two Visions” for 2030, Yokorei has positioned this management plan to maximize the speed of businessgrowth, aiming to enhance corporate value.
Oct. 2023 to Sept. 2026

Oct. 2026 to Sept. 2030

Business Growth – Acceleration PhaseP roactive investment in renewable energy facilities
U se of natural refrigerants and reduction in GHG emissions
P romotion of BCP-compliant logistics centers

Oct. 2047 to Sept. 2050

Next Target – Preparation PhaseP roactive establishment of transfer center refrigerated
warehouses
 E nhanced productivity through use of robots and ITM easures to address reduced transport capacity (companywide and regional)• Synergies between customs clearance and sales businesses

Yokorei Carbon Neutral
2050

Yokorei Business Vision 2030

New Medium-Term Management Plan (Phase II)
Refrigerated
Warehousing Business
Three measures

Four reforms /Growth package

Unit: ¥ billion

40

36.0
31.8

8.0

 E xpansion of overseas sales through additional facilities in
ASEAN region
G lobal promotion of Yokorei Quality
A cceleration of overseas business development

8.5

8.0

7.5
20
7.0

6.7
6.5

Global business expansion in ASEAN region

Yokorei 100th Anniversary(May 2048)

Next Medium-Term
Management Plan

Food Sales Business

Unit: ¥ billion

Realization of smart cold chain services

Yokorei Sustainability Vision 2030

Two Visions

Quantitative Targets

Accelerate development of eco-friendly logistics centers

02023(Result)

2024(Plan)

Segment sales (left axis)

2025(Plan)

2026(Plan)

6.0

Segment operating income* (right axis)* Segment operating income is before the exclusion of non-allocable operating expenses(management division expenses).

Overview of the New Medium-Term Management Plan (Phase II) –General and Business-Specific Policies–
New Medium-Term Management Plan (Phase II)– General Policy

FY9/26 Targets

Net sales
Operating income
EBITDA“The Power to Connect”¥150.0 billion¥6.5 billion¥13.0 billion

ROE
Capital ratio

Refrigerated Warehousing Business

5% or higher
Maintain at 40% level

Food Sales BusinessBusiness-specific Policy

Business-specific Policy

Utilize our accumulated high-quality logistics to offer solutionsin Japan and overseas, and provide smart cold chain services toour customers.

Take advantage of our network with domestic and overseas (global)
producers, and apply our experience and skill in assessing quality todeliver seasonal and delicious products to customers.

Net sales target:¥36.0 billion

Net sales target:

Segment operating income target:¥8.0 billion

Segment operating income target:

Food Sales Business – Four reforms / Growth package –Expansion of sales channels
for strategic business products
and commercial products fromcompany-wide initiatives

Development of original
products and sales networks

Expansion of overseas sales
channels

Expand sales of products thatleverage our strength inprocurement capabilities.

Utilize Yokorei’s uniquestrengths to provide highly
satisfactory products that meet
diverse customer needs.

Strengthen sales in existing
business areas, and utilize thesales channels of overseas
partners to sell Japanese food.

Sales of strategic businessproducts

Development of original
products

Existing business areas

Sales of commercial
products from companywide initiatives

Unit: ¥ billion

Strengthening of medical
foods¥114.0 billion

Development of sales
networks

 ASEAN C entral and South America

102.0

2

Improve productivity and accelerate business growth.

Overview of the New Medium-Term Management Plan (Phase II) –Priority Measures and Quantitative Targets–Priority Measures by Business Segment
Refrigerated Warehousing Business –Three priority measures–
1

Accelerate development of eco-friendly logistics centers2

Realization of smart cold chain services~ Establish next-generation refrigerated warehouses ~3

Global business expansion in ASEAN region

Food Sales Business – Four reforms / Growth package–
1

Structural reforms to enhance profitability

2

Expansion of sales channels for strategic business products1
and commercial products from company-wide initiatives2

3

Development of original products and sales networks

4

Expansion of overseas sales channels

Quantitative Targets

Establishment of the Sales Promotion Business Department, strengthening of manufacturer
functions and expansion of sales channels in Japan and overseas.
Japan: Promote product development and sales as a company, and strengthen the handling of
farmed fish.
Overseas: Promote sales of food material and Japanese foods in ASEAN region, North America, andEurope.

2.5

2.0

1.5

60

1.0

1.1%

0

1 Sales support through digital transformation (DX), business reform and risk mitigation.

Management Foundation

(%)

114.0
2.2%

120

New business areas
 North America
 Europe

Structural reforms to enhance profitability¥2.5 billion

Quantitative Targets

2023(Result)

2024(Plan)

Segment sales (left axis)

2025(Plan)

2026(Plan)

0.5

Segment operating margin* (right axis)* Segment operating income is before the exclusion of non-allocable operating expenses(management division expenses).

Management Foundation to Accelerate Business Growth

Unit: ¥ billion

Unit: ¥ billion

6.5

160

133.8

7

Yokorei will enhance its systems and structures from the standpoint of the environment, society, and governance.

150.0 Provide information disclosure in line with TCFD recommendations.

Environment

3.8

 Organizational structure to manage the reduction of environmental impacts from business activities.

3.5

80

 Continue eco-conscious management and foster employee awareness.

Society(Human resources strategy) Introduction of a personnel system responsive to diverse human resources, and linked to improved
productivity.
 Implementation of health management aimed at raising employee engagement.
 Human resource development in line with departmental business strategies.

02023(Result)

2024(Plan)

Group sales (left axis)

Management Foundation Improve productivity and accelerate the speed of business

2025(Plan)

2026(Plan)

Operating income (right axis)0 Enhanced monitoring of overseas risks to support sustainable business growth.

Governance Utilize DX to create a system that strengthens transparent and prompt information sharing.
 Improvement of external evaluation by further expanding disclosure.

1. Commercial products from domestic and overseas partners, and in-house branded products (Norwegian salmon, frozen items processed at in-house facilities, etc.)
2. Commercial products purchased in bulk by taking advantage of Yokorei’s procurement capabilities (mackerel, eel, etc.)

14

YOKOREI Integrated Report 2023

15

Financial Strategy
Consolidated Operating Results for FY2023

Cash and cash equivalents at the end of the fiscal year amounted

Yokorei’s Financial Logic Treeto ¥3,927 million. Working capital is mainly covered by operating
Material Issues

remained uncertain due to factors such as unstable international

funds, long-term borrowings, and bonds. As a result of financing

conditions, the yen’s continued depreciation, and rising prices.
continue to face a difficult business environment characterized

September 27, 2021, we issued 1st Series Deferrable Interest andby soaring energy and logistics costs, and increasing consumer

Callable Unsecured Subordinated Bonds to reinforce our financial

cost-consciousness triggered by continued price increases.

base, strengthen and accelerate sustainability management, andIn this environment, based on the Medium-term Management

Bonds for the purpose of refinancing construction funds for

Create,“ which is now in its final year, the Group worked to

selected projects (Fukuoka ISLAND CITY Logistics Center,

implement priority measures under the policy of ”creating a

Nagasaki Sorting Spot, and Kesennuma Sorting Spot II), based on

business model“ for the Refrigerated Warehousing Business andthe materiality priorities in the Yokorei Sustainability Vision 2030.

”creating new food value“ for the Food Sales Business.

The total issue amount was ¥10 billion and the redemption date

As a result, our consolidated operating results for the current

is September 28, 2058.

period were net sales of ¥133,862 million (up 16.1% from the prior

Increase Corporate Value

diversify fund raising. These were the industry’s first Sustainability

Plan (Phase I: October 2020 to September 2023) “The Power toCreate a Rewarding
Workplaceof the period under review was ¥44,450 million. In addition, on

Strengthening
Management Resources

for capital expenditures, the balance of long-term debt at the end

The food industries related to the Yokorei Group’s business

Investment Strategy

income of ¥4,203 million (down 15.9%), and profit attributable toowners of the parent of ¥2,831 million (down 14.6%).

We are making the planned investments in equipment and IT
deemed necessary to increase our corporate value. The major

Funding

Chiba Research Park Logistics Center, Eniwa Smart Logistics

business activities are mainly for product purchases, selling,

Center (provisional name), Yumeshima 2nd Logistics Center

general and administrative expenses, etc. Moreover, equipment(provisional name), Hakozaki Logistics Center (provisional name),

capital needs are mainly for the construction and renovation of

Ben luk Logistics Center (provisional name), Tokachi 4th Logistics

refrigerated warehouses, and investment capital needs are mainlyCenter, and Okayama Logistics Center (provisional name). In ourfor investments in overseas businesses.

new facilities, we are installing cutting-edge equipment in line

350

Yokorei

Develop together
with Communities

capital expenditures in this fiscal year were for the construction ofAmong the Group’s capital needs, working capital needs in

TSR (10 years, including dividend)[Yokorei Business Vision 2030]

Refrigerated Warehousing
Smart cold services combining
tradition and innovation Environmental leader intemperature-controlled
logistics
 Drive high efficiency anddiversity Yokorei quality to the world

Food Sales
Realize distinctive food value and add
to the richness of the world’s tables Achieve unique value adapted
to change Accelerate global businessdevelopment Sustainable food and regional
development

Management Plan Targets
 Net sales Operating income EBITDA ROE Natural refrigerant
implementation rate Solar power
generating capacity Reduction of CO2
emissions due tosolar power
generation (Japan) Renewable energy
utilization rate of
new logistics centers¥150 billion¥6.5 billion¥13 billion
5% or higher
80%
13 MW

4,260 ton/year
15% or higher New refrigerated
warehouses4 Amount of
10% increasecargo handled (compared to 2023)
 Overseas sales ratio

Refrigerated
Warehousing Business:from 6% in 2023 to 8%
in 2026
Food Sales Business:from 13% in 2023 to
15% or higher in 2026

Main Reference Indices Net sales Operating income EBITDA ROE GHG emissions
volume Naturalrefrigerant
implementationrate Solar power
generating
capacity andoutput Procurement of
ASC/MSC certified
products Maintain 40% or higher ofshareholders’ equity ratio Proportion of
employees
expressing job
satisfaction Maintain a healthy financial base Continue planned growthinvestments Proportion of
women inmanagementroles Maintain shareholder’s equity
ratio Appropriate balance sheet control Proportion of
women in careertrack positions Utilize interest-bearing debt

 Payout ratio

Optimization of Cash Flow
Allocation

 Appropriate asset composition

Appropriate shareholder
return Continue and increase long-term
stable dividends Improve profitability andcapital efficiency
 Expand TSR Dividend payout ratio above agiven level Introduce products we handle
through complimentary products forshareholders Capital ratio Credit rating(Japan Credit
Rating Agency)with the needs of the times, our customers and the land, anddividend of ¥1 per share was gifted as a year-end dividend for the

implementing initiatives to reduce labor and personnel and to befiscal year ended September 30, 2023 to celebrate the 75thenvironmentally friendly by using natural refrigerants inanniversary of Yokorei’s founding. As a result, the year-end

250

consideration of the environmental impact of HCFC gases,

dividend for the fiscal year ended September 30, 2023 was ¥12.50,

200incorporating solar power generation systems, and introducing

consisting of an ordinary dividend of ¥11.50 and a commemorative

150

cargo navigation systems. We are also installing motorized

dividend of ¥1.00. The annual dividend for the fiscal year ending100

moving shelves and switching to natural refrigerant freezers in

September 30, 2024 is expected to be ¥24 per share.

300

Dividend-included TOPIX50

2021/92022/92020/3 ー2020/92019/3 ー2019/92018/3 ー2018/92017/3 ー2017/92016/3 ー2016/92015/3 ー2014/3 ー2015/92013/3 ー2014/92012/3 ー2013/92011/3 ー(Year)

existing logistics centers. As a result, the total capital investment
2010/3 ー0for this fiscal year amounted to ¥12,378 million.

2023/9We also recognize that share buybacks are an option as amethod of flexible capital policy.
Our Total Shareholder Return (TSR) for the fiscal year ended

TSR (Total Shareholder Return): Factors in capital gains and dividends when measuring the total return generated by a stock
TSR is calculated by Yokorei using cumulative dividends and share price fluctuations whereas TOPIX is calculated using share prices indices including dividends (formulated by the Company based mainly on Japan ExchangeGroup, Inc. (JPX) data)
Graph values are indexed market prices in terms of TSR, with September 30, 2013 closing price data set at 100 (holding period through end-September 2023)

Shareholder Return Policy

September 30, 2023 was 144.1% (dividend-included TOPIX 144.5%).

Share Performance (Total Shareholder Return)In recognition that the shareholder return is a key management

Our TSR including dividends for the past 10 years is shown on theissue, our basic policy is to maintain a stable dividend. Based ongraph. Although our TSR has remained below TOPIX performance,

this policy, we declared a dividend of ¥24 per share (including an

we will implement growth strategies and appropriate financial andinterim dividend of ¥11.5 per share) for the fiscal year ended

capital policies so that we can expand our TSR by paying stable and

September 30, 2023. On May 13, 2023, a commemorative

continuous dividends and increasing corporate value.

Investment period

Yokorei
Dividend-included TOPIX

16

ESG

year), operating income of ¥3,785 million (down 11.0%), ordinary

Growth Potential

Capital and investment funds are financed mainly by internal

Improving Return

Profitabilityline agreement totaling ¥12,000 million with its main bank.

in Japan and inbound demand. However, the economic outlook

Composition of Assets

Provide Better Quality
and Service

liquidity and mobility, the Company has entered into a commitment

socioeconomic activities, including a gradual recovery in demand

Strengthen the Business
Foundation and Ensure
Soundness2023), there were signs of movement toward normalization ofMedium-term Targets /Individual Strategies

Business Strategies

Shareholder Return

revenue and short-term loans payable, but in order to supplement

Harmony with
the Global Environment

During the current period (the fiscal year ended September 30,

1 year+40.2%+29.8%

3 Years
Cumulative+40.3%+53.7%

5 Years
Annualized+12.0%+15.4%

Cumulative+44.1%+44.5%

10 Years
Annualized

+7.6%
+7.6%

Cumulative+75.8%+143.8%Annualized

+5.8%
+9.3%

YOKOREI Integrated Report 2023

17

Financial and Non-Financial Highlights

Financial Highlights(¥ million)

150,000③営業利益／当期純利益・売上高営業利益率（百万円）（％）

EBITDANet Sales

139,970

133,862

Operating Income / Net Income* / Operating Income Ratio(¥ million)(¥ million)

12,0005,000 4,774
3.4

115,025 110,782 115,257

10,4599,449

10,6659,250

10,3668,000

100,000

2,500
4,000

50,0000

2019/92020/92021/92022/92023/9Net sales totaled ¥133,862 million, an increase of 16.1% from the previous
fiscal year. Despite the severe business environment, sales increased in both
the Refrigerated Warehousing Business and the Food Sales Business.

⑪自己資本比率

Shareholders’ Equity Ratio

2020/92021/92022/943.7

43.2

Earnings before interest, taxes, and depreciation (EBITDA) were ¥10,366
million, a decrease of 2.8% from the previous fiscal year, as operating income
decreased while depreciation increased.

46.8

43.4

25

2020/923

232021/92022/92023/9

Shareholders’ equity ratio was 43.4%, a decrease of 3.4 percentage points year
over year.

0

2019/9Operating income

2020/9Net income

2021/9

3.7

(%)

(%)

4

6

3,785
2.8
3,317

2022/92,831 23002023/923

23

24

Operating income ratio* Profit attributable to owners of parent

Despite efforts to pass on higher energy prices and other costs, operating
income fell to ¥3,785 million, a decrease of 11.0% year over year, and net
income fell to ¥2,831 million, a decrease of 14.6% year over year, due to higher
procurement costs and market fluctuations.

49.8
37.5

40.8

(%)

(¥ million)

75

16,000

4.0
3.3

3.0

2019/92020/92021/92022/92023/9ROE was 3.3%, a decrease of 0.7 percentage points year over year, because ofa decrease in net income.

⑦減価償却費

Depreciation(¥ million)

15,5137,000

13,744

12,4795,685

12,378

6,688

6,413

6,581

2021/92022/92023/9

6,037

50

7,068

8,000

39.8

4.5

4.3

Capital Expenditures

57.7

12.5

2019/902023/9

(Yen)

45.7

25

0

2019/9Dividends per Share / Payout Ratio

(%)

50

0

3.0
3,605
3,385
2.3
3,412
2,340
2,562

4,252

Return on Equity (ROE)

3,500

25

2019/92020/92021/92022/92023/900

2019/92020/92021/92022/92023/9Net income per share for the fiscal year ended September 30, 2023, was¥48.16, a decrease of ¥8.18 from the previous fiscal year, and the annual
dividend was ¥24, for a dividend payout ratio of 49.8%. The Company’s policy
is to maintain a stable, long-term dividend, paying dividends twice a year, at
mid-year and at year-end.

Capital expenditures were ¥12,378 million, an increase of 75.1% year over year.
The major capital expenditures in the fiscal year ended September 30, 2023
were related to the construction of Chiba Research Park Logistics Center,
Eniwa Smart Logistics Center (provisional name), Yumeshima 2nd Logistics
Center (provisional name), Hakozaki Logistics Center (provisional name), Ben
luk Logistics Center (provisional name), Tokachi 4th Logistics Center, andOkayama Logistics Center (provisional name).

Solar-cell Power Generation and Reduction of CO2 Emissions

Number of Sites with Green Management Certification

Dividends per share (left)

Payout ratio0

2019/92020/9Depreciation was ¥6,581 million, an increase of 2.6% year over year, due to the
opening of new business locations.

Non-Financial Highlights
Natural Refrigerant Usage Rate
(%)

(t)

(locations)

2,874 3,000

50(Tens of thousands of kilowatts)

80

60.3

61.7

64.9

68.1

69.0

2,855

900

2,220

450

40

1,791

1,810

510

503

731

⑩グリーン経営認証拠点数(kWh/ton)40

801

Per Unit Electricity Consumption

42

43

43

43

22

19.2

19.4

20.3

19.8

19.6

2019/92020/92021/92022/92023/9

2,000

612

25

11

1,000

0

2019/92020/92021/92022/92023/9In the fiscal year ended September 30, 2023, the Company’s natural refrigerant
usage rate was about 69%, due to the completion of the Chiba Research Park
Logistics Center.
* Effective from the fiscal year ended September 30, 2021, the non-consolidated
subsidiary PAX FREEZER Co., Ltd. is excluded from the scope of calculation.

0

2019/92020/9Solar Power Generation (left)

2021/92022/92023/90

Reduction of CO2 Emissions

At present, 19 of our domestic logistics centers and 2 overseas logistics
centers are operating with solar-cell power generation systems. For the fiscal
year ended September 30, 2023, their annual power generation totaled 8.01
million kWh, which corresponds to a reduction of 2,874 tons in CO2 emissions.

0

2019/92020/92021/92022/92023/9All our facilities, except new ones, have received Green Management
Certification as business facilities that are implementing best environmental
practices of a certain level or higher.

0

The Company has set the goal of reducing per unit electricity consumption by
1% year over year by increasing energy efficiency. During the fiscal year ended
September 30, 2023, although the volume of cargo handled increased, due toenergy saving efforts such as the renewal of existing facilities and installationof solar panels, per unit electricity consumption decreased by 1.0% year overyear to 19.6 kWh/ton.
Per unit electricity consumption: An indicator showing how much electricity is used to handle one ton ofcargo. The lower the value, the greater the energy efficiency.
Per unit energy consumption for one year = Electricity used over the year ÷ Cargo handled over the year

18

YOKOREI Integrated Report 2023

19

Business Activities
replaced existing equipment to enhance energy efficiency, andnegotiated rate revisions, contributing to an increase in profits.
Yokorei’s consolidated subsidiary in Thailand, Thai Yokorei Co.,
Ltd., recorded an increase in cargo handling revenue, with brisk
cargo movement supporting inbound and outbound cargovolumes that exceeded the levels of the previous fiscal year.

Refrigerated Warehousing BusinessBusiness Vision 2030
Three Principles:

We promise to provide
smart cold services
combining tradition andinnovation.

 Utilize position as environmental leader to further strengthen thetemperature-controlled logistics business.
 Drive high efficiency and diversity at multifunctional logistics centers.
 E xtend to the world the Yokorei Quality consistently chosen bystakeholders.

Business Strengths and Results

Challenges and Prospects for the New Medium-Term Management Plan
Measures

FY2023 Activities

FY2024 Action Plan

Accelerate
development of
eco-friendly
logistics centers Completion of the Chiba Research Park Logistics Center (BCP-compatible
center with large-scale photovoltaic panels and lithium-ion storage batteries).
 Installation of photovoltaic panels at the Wang Noi Logistics Center(Thailand) and Oigawa Logistics Center.
- Solar power generating capacity increased 2.8 MW to 9.3 MW.
- Natural refrigerant implementation rate increased 0.9ppt to 69.0%.
 Commencement of construction for the Ben luk Logistics Center (provisionalname) in Vietnam, Tokachi 4th Logistics Center (provisional name), andOkayama Logistics Center (provisional name).

 Completion of the Yumeshima 2nd Logistics Center (provisionalname), Eniwa Smart Logistics Center (provisional name), andHakozaki Logistics Center (provisional name).
 Conversion of the Sendai LC to natural refrigerants.
 Installation of photovoltaic panels at existing logistics centers.
- Solar power generating capacity of 1.5 MW or more.
- Natural refrigerant implementation rate to increase 4.3ppt to73.3%.

Realization ofsmart cold chain
servicesC ontinued implementation of automation systems- Truck reservation system implemented at 11 centers (+1 office)- Development of a new system for truck reservations- Cargo navigation system implemented at 12 centers (+2 offices)- Robotic arm installed at two centers- Expanded use of RPA: Reduction effect of 9,400 hours/year Palletizing operations using pallets equipped with RFID (IC tags): 5 centers in
the greater Tokyo area, 1 center in the Hanshin area.
 Expansion of consolidated multi-distribution logistics services.
 Authorized Economic Operator (AEO) application submitted (Certification
received in October 2023).

 In response to regulatory changes for truck drivers in 2024,
increase the number of bases (network of 53 centers) to alleviate
the shortage of transit refrigerated warehouses.
 U tilize IT and material handling systems to address labor
shortages and enhance productivity.
- Complete development of a new system for truck reservations,and begin implementation.
 Expansion of customs clearance business (expansion of services
and business area, assigning of additional customs clearance
officers and training).

Global businessexpansion in
ASEAN region Establish a local subsidiary in Vietnam and start construction on the Ben luk
Logistics Center (provisional name).
 Implement cloud-based refrigeration system at Thai Yokorei.

 Preparations for the opening of the Ben luk Logistics Center(provisional name) at Vietnam Yokorei.

Providing high-quality services
Cargo Friendly Cooling Method

Consolidated Multi-Distribution Logistics Service Allows for long-term, high-quality storageby natural convection cooling method(Helps prevent drying, freezer burn, andcolor fade-out)
Composition of warehousing volume
by product Single logistics center for storage, delivery,
sorting, and transshipment of goods S upports customers’ environmentallyconscious management
Net sales

Operating income(¥ billion)(¥ billion)

30

Frozen foods,
other:
39.3%

Agricultural products:
14.7%

Fishery
products:
13.3%
Livestockproducts:
32.7%

28.2

28.4

28.2

30.0

31.8

0

7

6.3

6.4

2019 2020

Yokorei has three types of refrigerated warehouses (dockside
warehouses, logistics centers, and producing area warehouses) tohandle a wide range of food storage and logistics needs. In recent
years, Yokorei has focused on providing “consolidated multidistribution logistics,” a service unique to Yokorei that combines
the functions of an inventory-type distribution center (DC), atransit distribution center (TC), and a delivery center. This service
allows customers such as food manufacturers and wholesalers to
reduce transportation and labor costs, while also shortening
transportation distances, cutting CO2 emissions, and helping toalleviate driver shortages.
A major feature that differentiates Yokorei from othercompanies is that operations such as cargo loading in the
refrigerated warehouse are mainly carried out by Yokorei
employees. Efficient operations are achieved through the2021 2022 2023

0

2019 2020

Environmentally Friendly Distribution Centers Established in Prime Locations
Based on the principle of “Harmony with the Global Environment,” one of the materialities in the Yokorei Sustainability
Vision 2030, Yokorei is building new environmentally friendly, state-of-the-art next generation refrigerated warehouses.

5.9

6.4

6.6

3.5

15

Business Strengths

20

Employee Operations

 A ccumulated product knowledge andexpertiseH ighly skilled E fficient operations generate earnings

However, inventory-shipment ratios for mainstay livestock
products and other items were down, resulting in an overall
decrease in revenue and earnings.
As a result, net sales in the Refrigerated Warehousing Businesssegment amounted to ¥31,827 million (up 5.9% year on year),with operating income of ¥6,689 million (up 3.8%).

2021 2022 2023

accumulation of knowledge and technology. In addition toemployee-conducted operations, Yokorei is promoting
automation and labor-savings by utilizing IT technology, aiming
to establish a highly productive and profitable business.

Consolidated Operating Results for FY2023
The Refrigerated Warehousing Business segment achieved
revenue and earnings gains in FY2023.
Inventory levels continued to be higher than in the previous
fiscal year, with significant growth in storage fee revenue. In
addition, as one of the priority measures of the Medium-Term
Management Plan, Yokorei focused on expanding its consolidated
multi-distribution logistics service supporting the environmentallyconscious management programs of its customers, leading to anincrease in handling volume for frozen foods. In response to theincrease in costs caused by rising electricity prices, Yokorei

Establishment of a local subsidiary in Vietnam and construction of a new refrigerated warehouse
In March 2023, Yokorei established the wholly owned local subsidiary Vietnam Yokorei Co., Ltd. in the Phu
An Thanh Industrial Park in southern Vietnam (Ben Luc district, Long An Province), and started constructionof the Ben luc Logistics Center (provisional name). Vietnam has been attracting attention in recent years as a
global seafood processing center, and Yokorei has received requests from local contracted processing firms
and client companies for the construction of refrigerated warehouses. To meet these needs and further expand business in the ASEAN region, Yokorei is establishing its first business venture in Vietnam, and buildinga refrigerated warehouse. The new facility will have storage capacity of approximately 45,000 tonnes, making it one of the largest in the Yokorei group, and will be the group’s first automated warehouse (automatedracking system), providing labor savings. Completion is scheduled for January 2025.

Conceptual drawing of the Ben luk Logistics Center(provisional name)Construction started on the Tokachi 4th Logistics Center (provisional name)Construction of the Tokachi 4th Logistics Center (provisional name) began in August 2023, near the existing
three facilities in the Memuro East Industrial Park in Hokkaido (Memuro-cho, Kasai-gun). The new facility will
expand storage capacity to meet growing demand for low-temperature logistics in response to the increase in handling of dairy products and frozen foods. It will be Yokorei’s first automated warehouse (automated racking system) in Japan, following the Ben luk Logistics Center (provisional name) at Yokorei Vietnam, providing labor savings. Completion is scheduled for April 2025.

Conceptual drawing of the Tokachi 4th Logistics Center(provisional name)Construction started on the Okayama Logistics Center (provisional name)Construction of the Okayama Logistics Center (provisional name) began in September 2023 in Okayama(Okayama Prefecture) as Yokorei’s first refrigerated warehouse in the Chugoku region. Completion is scheduled for spring 2025, and is expected to have the largest refrigerated warehouse capacity in the Chugoku
and Shikoku regions. The new facility will provide Yokorei’s unique consolidated multi-distribution logistics
service combining storage, delivery, sorting, and transshipment of goods in a single location, and will play
an important role in addressing the challenges posed by the 2024 regulatory changes for truck drivers.

Conceptual drawing of the Okayama Logistics Center(provisional name)

YOKOREI Integrated Report 2023

21

Business Activities
profit margin for chicken declined due to imbalance between

Food Sales Business

Three Principles:

We will realize distinctive food value
together with customers, preserve ourclose relationship with producers, andadd to the richness of the world’s tables.

 Break away from the past, change with the times, and achieve uniquevalue together with customers.
 Utilize every resource to accelerate global business development.
 Expand business on strength of practical experience with sustainable
food and regional development.

Business Strengths and Results
Procuring high-quality foods fromproducing areas in Japan and overseas
Seamless Process from
Procurement toWorldwide Sales

Strengthening
the Overseas Business
Strategy

Yokorei is the only listed company withmarine product buying rights in 11
major fishing ports in Japan. This has
allowed Yokorei to establish a seamless,end-to-end framework from buying inmarkets to freezing, storage, and sale inJapan and overseas.

Yokorei is utilizing its establishedstrength in handling marine products tobolster its overseas business. Along withfacilities in Thailand that are the core ofits business in the ASEAN region,
Yokorei has established procurement
routes from partner companies in
Norway and Peru.

Hofseth Aqua AS’s salmon and trout aquaculture farmComposition of sales by productLivestockproducts:
15.8%

supply and demand, resulting in a sales gain with earnings decrease.

As a result, net sales in the Food Sales Business amounted to

In agricultural products, despite poor harvests due to abnormal¥101,976 million (up 19.8% year on year), with operating income

weather, Yokorei expanded sales channels to include potatoes

Business Vision 2030

Agricultural products,
other:
2.2%

Net sales

Operating income(¥ billion)(¥ billion)

111.6
75

101.9
82.4

85.1

1.5
1

1.3
1.0

1.1

0.5
0

0

of ¥1,158 million (down 12.5%).

Challenges and Prospects for the New Medium-Term Management Plan
Measures

FY2023 Activities

FY2024 Action Plan

Structuralreforms toenhance
profitability Establishment of a sales structure based on collaboration between
sales offices in producing areas and those in consumption centers.
D iversification and balancing of sales outlets.
G reater cooperation with overseas partner companies.
 Expansion of outsource processing to areas other than China as ameans of mitigating geopolitical risk and countermeasures for theeffects of COVID-19.

 Establish the Sales Promotion Business Department directly under the Food
Sales Business Headquarters to promote cross-organizational sales activities.
 Utilize digital technologies (DX) to enhance the visibility of company-widesales data, promote thorough inventory management, optimize costs, andprovide sales support.
 Centralized management of domestic outsource processing companies toimprove production efficiency and reduce costs.

Expansion of sales
channels forstrategic businessproducts andcommercial products
from company-wide
initiatives

 E xclusive contract for salmon belly concluded with Hofseth(Norway).
 Expansion of sales for strategic business products to mass retailers.
 Increase in production volume of frozen processed products
following large catches of albacore in Kesennuma.

 Establishment of domestic and international sales promotion offices directly
under the Sales Promotion Business Department to broaden the businessscope in Japan and overseas.
 Continue to expand sales of strategic business products and commercial
products from company-wide initiatives.
 Continue to cultivate business with mass retailers and deepen relationships
with existing customers.

Development oforiginal products
and sales
networks Launch of sales of original Yokorei brand products for general
consumers, using seafood landed at local fishing ports.
 Opening of an official online shop and start of in-house and closed
market sales.
H irado Ice Factory begins selling ice for packing fresh fish.
 Continued support for the aquaculture industry establishment
project in Ibarak i Prefecture, and exploration of thecommercialization of mackerel cultivation.

 Development and expanded sales of convenience and medical foods using
locally caught seafood procured by utilizing buying rights (strengthening
manufacturer functions).
 Start of full-fledged sales to general consumers through the official online shop.
 Facility expansion to strengthen sales of farmed fish products, mainly yellowtail.
 Establishment of an office in Oita Prefecture, and increased handling of farmed
fish to enhance focus on the Shikoku region.
 Shipments of mackerel from the aquaculture industry establishment project in
Ibaraki Prefecture.

Expansion ofoverseas sales
channels Increased exports of albacore.
 Expansion of trilateral trade for Peruvian seafood products (squid,
tobico (flying fish roe), mahi-mahi, etc.)
 E xhibition at the Seafood Expo North America (Boston) andSeafood Expo Global (Barcelona).

B egin preparations for the launch of agricultural and livestock products.
 S trengthen sales in existing trade areas.
 Leverage the sales channels of overseas business partners to develop newmarkets in Europe and North America.
 Develop new markets for processed products such as farmed yellowtail for
Japanese restaurants.

2

150

86.4
Fishery
products:
82.0%

and cabbage, for gains in both sales and earnings.

2019 20202021 2022 2023

-0.5

-0.3
2019 2020-0.3

Development of Original Products and Establishing a Sales Network
Yokorei procures high-quality food material by utilizing its buying rights at fishing ports throughout Japan, and develops
its own branded products. Yokorei is working to strengthen its functions as a manufacturer and establish a sales network,
aiming to improve profit margins through expansion of the B2C business.

2021 2022 2023

Leveraging procurement capabilities to develop original products

Business Strengths
The strength of Yokorei’s food sales business lies in its network ofbusiness offices in major production areas and consumption centersthroughout Japan, along with its ability to procure high-quality foods

22

for sales in Japan and overseas. Yokorei is currently focusing on
expanding its sales channels and increasing handling volume.

Consolidated Operating Results for FY2023

from producing areas in Japan and overseas. Yokorei has marine

The Food Sales Business segment posted revenue and earnings

product buying rights in major fishing ports in Tohoku and Kyushu,

gains in FY2023.

and has established a structure to handle all aspects of the distribution

In marine products, Yokorei increased the handling of strategic

process in-house, from purchase at markets to freezing at sorting spots,business products such as Peruvian squid, Norwegian salmon,

storage in refrigerated warehouses, and sales in Japan and overseas.

locally caught feed sardines and mackerel, and Kesennuma

Currently, Yokorei is strengthening its B2C business to establish aalbacore. However, the collapse of prices for products frombusiness model that is less susceptible to market conditions, including

Hokkaido squeezed earnings, which along a decline in the handlingdeveloping and marketing original brand products using high-quality

volume of scallops due to the discharge of ALPS treated water, ledseafood purchased directly from markets. In the overseas business,to a sales gain with earnings decrease for the full year period.

Yokorei is able to secure a stable supply of high-quality products such

In livestock products, although sales of pork recovered onas salmon and squid from its partner companies in Norway and Peru

demand stemming from inbound tourism and restaurants, theYokorei has begun selling “Japanese Mackerel with Sweet and Sour Sauce” and “Japanese
Mackerel Tomato Cheese Bake” through Ito-Yokado’s online supermarket. These are the firstcompletely original consumer products developed by Yokorei from the product design
stage. They are made with carefully selected, high-quality mackerel, and can be microwaved
in the tray. As a strategy to develop the B2C business, Yokorei will develop products thatmeet needs for shorter cooking times and easier preparation, owing to the increase insingle-person and dual-income households.
“Japanese Mackerel with Sweet and Sour Sauce” and “Japanese Mackerel
Tomato Cheese Bake”

Expansion of e-commerce to general consumers
Yokorei opened its official online shop “DELI yokorei” to establish a new sales network. Basedon the concept of “a store with higher-grade products,” Yokorei offers delicious items
carefully selected by its buyers from across Japan and around the world. Sales in fiscal 2023
were exclusively in-house and closed market, but from fiscal 2024 Yokorei will begin fullfledged sales to general consumers, leading to the strengthening of its branding and thedevelopment of products that meet consumer needs.

Official Online Shop “DELI Yokorei”

https://deliyokorei.com/tokushu_soutokushu
YOKOREI Integrated Report 2023

23

Corporate Governance

Basic Policy for Corporate GovernanceMatters Related to Independent Officers

Yokorei aims to respond to the trust placed in us by a wide range of stakeholders and to realize sustainable growth and raise medium- to

Four outside directors, Mototsugi Sakai, Yosuke Horiai, Mitsuhiro Honda, and Yoriko Sakamoto, and three outside audit & supervisory board members

long-term corporate value. We also aim to practice transparent and fair management and we are always working to improve corporate

Keizou Inoue, Eizo Tanahashi, and Hisao Munakata were appointed as independent officers at the 76th (FY2023) General Shareholders Meeting.

governance by making decision making swifter and strengthening oversight functions. In addition, under the Companies Act, we haveadopted the institutional format of a company with an audit & supervisory board.

Name

Reason for selection

Name

Reason for selection

Corporate Governance Structure

Mototsugu
Sakai

Mr. Sakai has a wealth of experience and extensive insights obtained byholding key positions in the National Federation of Agricultural Cooperative
Associations, and he provides useful opinions and advice on management ingeneral to the Board of Directors, etc.

YorikoSakamoto

Because of her abundant experience as an educator and extensive
knowledge and experience as an attorney, we deem that Ms. Sakamoto will
provide the Board of Directors with valuable opinions and advice on all
aspects of business management from various perspectives.

Keizou Inoue

Yosuke Horiai

From his abundant experience as a certified public accountant and his
considerable knowledge of corporate finance, we deem that Mr. Horiai will
provide the Board of Directors with valuable opinions and advice on all
aspects of business management.

From his experience with corporate management and auditing, we deem Mr.
Inoue capable of fulfilling supervisory functions with regard to businessexecution.

Eizo Tanahashi

We deem Mr. Tanahashi capable of utilizing his specialized knowledge andexperience as an attorney to support our auditing systems.

Hisao
Munakata

Mr. Munakata has had a career in key positions at the Defense Agency (nowthe Ministry of Defense), including Vice Chief of Staff and Inspector General of
the North Eastern Army in the Ground Self-Defense Force. We deem him
capable of utilizing his wealth of experience and insights of crisis
management to support our auditing systems.

General Meeting of Shareholders
Nomination/dismissal
Nomination/
dismissal

Board of Directors(12 directors (4 of whom are outside directors); decides on business execution,
supervises the execution of duties by directors)
Consults

Audit

Reports

Audit

Nominating & Remuneration
Advisory Committee
Chairman and director, president and representative director
Executive Management Committee

Internal Audit Department

Directors in charge, corporate officers(execution of business)

Instructions

Business Sector

Mr. Honda has held various important taxation-related positions at the National
Tax Agency and is currently active in various capacities, including as a professor
at the University of Tsukuba Graduate School. Because of his abundant
experience, we deem that Mr. Honda will provide the Board of Directors withvaluable opinions and advice on all aspects of business management.

Succession Planning
We recognize that it is a top priority to foster a management team able to steadfastly achieve our business strategies based on our business

Reports

principles and with a focus on future developments. As such, we plan to carry out discussions on our Nominating and Remuneration

Corporate Management Sector

Advisory Committee (with more than one half of its members being independent outside directors) and we will deepen debate regarding

Reports

Instructions
Guidance

Mitsuhiro
Honda

Accounting Auditors(external auditors)

Audit & Supervisory Board(4 audit & supervisory board members, alloutside audit & supervisory board members)

Nomination/
dismissal

policies for fostering management and formulating a succession plan.
Directors

Number of Outside Directors

Maximum Number of Directors Stipulated in Articles of Incorporation

15 members

Number of Outside Directors

4 members

Term of Office Stipulated in Articles of Incorporation

2 years

Number of Outside Audit & Supervisory Board Members

4 members

Chairperson of the Board

President

Number of Directors

12 members

Number of Outside Directors

4 members

Four of the Yokorei Group’s 12 directors are outside directors, and all 4 audit & supervisory board members are outside audit & supervisory board members. We are practicing sound management by incorporating outside perspectives.

Number of Independent Directors

4 members

Nominating and Remuneration Advisory Committee
To strengthen the Board of Directors’ audit function and accountability and expand its scope of review, on October 25, 2019, we established a
Nominating and Remuneration Advisory Committee as an advisory body to the Board, and a majority of the committee’s members are independent
outside directors. This advisory committee will report to the Board on matters concerning the appointment and resignation of directors and audit& supervisory board members, and on the content of discussions regarding remuneration and related issues, and it will ensure the fairness,transparency, and objectivity of procedures related to the nomination and remuneration of directors and audit & supervisory board members.

Analysis and Evaluation of the Effectiveness of the Board of Directors
In order to further improve the function of the Board of Directors, the Company conducts an annual survey of all directors, and the Board of

Matters Related to Director Compensation

Directors discusses issues identified from the results of the survey to analyze and evaluate its own effectiveness. This fiscal year’s survey was

Directors’ remuneration is determined by the Board of Directors, limited to the scope passed by resolution at the General Shareholders

conducted in August 2023. As a result, we assessed that the Company’s Board of Directors is operating appropriately overall, and that the

Meeting, and based on the results of discussions and deliberations by the Nominating and Remuneration Advisory Committee (which has

Board’s effectiveness is ensured. We will continue to evaluate the Board of Directors on an ongoing basis to ensure a higher level of

independent outside directors comprising a majority of its members). Director compensation is comprised of base compensation that is aeffectiveness, as well as to promote early distribution of materials and more active discussions from broad points of view.

fixed amount, performance-based compensation that reflects business results for one fiscal year, and restricted stock compensation thatreflects medium- to long-term business results. The rough ratio of base compensation and performance-based compensation, which are

Results of Board of Directors meetings, Nominating & Remuneration Advisory Committee meetings, etc.
Date

Results

Contents of Discussion

October 28, 2022

B A

Budget, financial results and finance, board effectiveness,shareholder meetings, business, and individual projects.

November 14, 2022

B A

November 25, 2022

A

November 29, 2022
December 22, 2022

Date

Results

Contents of Discussion

March 28, 2023

B A

Budget, financial results, finance, business, and individual projects.

Budget, financial results, finance and dividends, nomination andcompensation, human resources, stocks, and individual projects.

April 28, 2023

B A

Budget, financial results, finance, human resources, business,and individual projects.

May 15, 2023

B A

Budget, financial results, finance and dividends, stocks, andindividual projects.

B N

Budget, financial results, finance and dividends, nominationand compensation, human resources, shareholder meetings,
internal control, audits, sustainability, compliance, business,
individual projects.

June 29, 2023

B A

Budget, financial results, finance, sustainability, compliance,business, and individual projects.

B A

Budget, financial results, finance, human resources, audits,business, and individual projects.

July 28, 2023

B A

Budget, financial results, finance, board effectiveness, stocks,
sustainability, business, and individual projects.

January 27, 2023

B A

Budget, financial results, finance, human resources, internal
control, business, and individual projects.

August 29, 2023

B A

Budget, financial results, finance, business, and individual projects.

B A

Budget, financial results, finance, business, and individual
projects.

September 29, 2023

February 27, 2023

B A

Budget, financial results, finance, sustainability, business,
individual projects.

B Board of Directors

A Audit & Supervisory Board

N Nominating & Remuneration Advisory Committeemonetary compensation, and restricted stock compensation, which is non-monetary compensation, is 6:2:2 if performance targets are met.
Outside director and audit & supervisory board member compensation are only comprised of base compensation of a fixed amount.

Strategic Shareholdings
1. P olicy on Strategic Shareholdings
The Company will hold shares only when we believe that such holdings will lead to the sustainable growth of the Group and enhance its
corporate value over the medium to long term through the maintenance and strengthening of business relationships and other measures.
2. Verification of rationality of shareholdings
The Company periodically examines whether the benefits and risks associated with strategic shareholdings are commensurate with the costof capital, and the Board of Directors examines the medium- to long-term economic rationale and future prospects of the Company. Stocks
whose significance of strategic holdings has been diluted will be sold off sequentially. The high ratio of investment securities of ¥42,264

Independence Standards and Qualifications for Independent Outside Directors

million (including unlisted stocks) to net assets of ¥87,334 million at the end of the current fiscal year includes ¥32,632 million (including

Based on the Tokyo Stock Exchange’s criteria for independence, we have stipulated Standards for Outside Director Independence and weunlisted stocks) in stocks of important overseas business partners in the Food Sales Business, which are held for strategic purposes.

select candidates who meet these standards.

For details on our corporate governance, please see our Corporate Governance Report.

https://www.yokorei.co.jp/en/csr/governance/corpgovernance/pdf/governance.pdf

24

YOKOREI Integrated Report 2023

25

Corporate GovernanceDirectors, Audit & Supervisory Board Members, Corporate Officers (as of Dec. 22, 2023)
Directors

Corporate Officers

Chairman and Director Toshio Yoshikawa

President and Representative Director, CEO Kenji Furuse

Managing Director Koji Ochi

Standing Statutory Auditor (Outside) Keizou Inoue

Standing Statutory Auditor (Outside) Shuzo Hayashi

Number of the Company’s shares held: 183 thousand
Board of Directors meeting attendance (attendance rate):
13 times / 13 times (100%)

Number of the Company’s shares held: 26 thousand
Board of Directors meeting attendance (attendance rate):
13 times / 13 times (100%)

Number of the Company’s shares held: 41 thousand
Board of Directors meeting attendance (attendance rate):
13 times / 13 times (100%)

Number of the Company’s shares held: 2 thousand
Board of Directors meeting attendance (attendance rate):
13 times / 13 times (100%)

Number of the Company’s shares held: 0.6 thousand
Board of Directors meeting attendance (attendance rate):
13 times / 13 times (100%)

Apr. 1968 Joined the Company
Sept. 1992 Sapporo Sales Office General Manager at the Company
Dec. 1992 Sapporo Sales Office General Manager and Director at theCompany
Dec. 1996 General Affairs Dept. General Manager and Managing
Director at the Company
Dec. 2003 President and Representative Director, CEO at theCompany
Dec. 2015 Chairman and Representative Director at the Company
Dec. 2023 Chairman and Director, the Company (current)

Apr. 1986 Joined the Company
Oct. 2001 Sasebo Sales Office General Manager at the Company
Jul. 2015 General Manager of Kyushu Group. and Kyushu Sales Dept.
General Manager at the Company
Dec. 2015 General Manager of Kyushu Group and Corporate Officer at
the Company
Sept. 2018 Internal Audit Office General Manager and Corporate
Officer
Dec. 2019 General Manager of Domestic Production Area Sales
Group, and Director at the Company
Oct. 2021 Chief of Corporate Management Sector, AEO Management
Dept. General Manager, and Director at the Company
May 2023 Director; Chief of Corporate Management Sector, General
Manager of Public Relations and IR Dept., Medium-Term
Management Plan Promotion Committee Chair,
responsible for climate affairs, the Company
Dec. 2023 President and Representative Director, the Company(current)

Apr. 1984 Joined the Company
Dec. 2009 Corporate Officer at the Company, seconded to Alliance
Seafoods Inc., and Managing Director at Alliance Seafoods Inc.
Dec. 2011 Director at the Company, seconded to Alliance Foods Inc., andExecutive Vice President and Director at Alliance Foods Inc.
Oct. 2016 General Manager of Keihin Block and Director at the Company
Apr. 2017 Deputy Chief of Corporate Management Sector, General
Affairs and Human Resources Dept. General Manager, andDirector in charge of internal controls, compliance, andaffiliate management at the Company
Apr. 2019 Chief of Corporate Management Sector and Director in
charge of affiliate management at the Company
Dec. 2019 Chief of Food Sales Business Sector, and Director at the Company
Dec. 2021 Chief of Food Sales Business Sector, and Managing Director
at the Company
Dec. 2023 Managing Director in charge of the Refrigerated
Warehousing Business and overseas promotion of the
Refrigerated Warehousing Business, the Company (current)

Jan. 2008 Head Office Accounting Dept. Manager at National
Federation of Agricultural Cooperative Associations
Jan. 2010 Head Office Operation Audit Dept. Manager at National
Federation of Agricultural Cooperative Associations
Jun. 2012 Statutory Auditor at Zen-noh Butsuryu K.K.

Dec. 2011 Utsunomiya Office Manager at The Norinchukin Bank
Dec. 2014 Sales Dept. Manager and Director at Nikken Lease Kogyo
Co. Ltd.
Feb. 2016 Fisheries Credit Dept. Manager at Agriculture, Forestry and
Fisheries Credit Foundations
Dec. 2020 Audit & Supervisory Board Member at the Company(current)

Jun. 2018 President and Representative Director at Z-BS INC.
Dec. 2020 Audit & Supervisory Board Member at the Company(current)

Managing Director Naotaka Yoshikawa

Director Hiroshi Okada

Director Hiroto Ikeda

Auditor (Outside) Eizo Tanahashi

Auditor (Outside) Hisao Munakata

Number of the Company’s shares held: 23 thousand
Board of Directors meeting attendance (attendance rate):
13 times / 13 times (100%)

Number of the Company’s shares held: 18 thousand
Board of Directors meeting attendance (attendance rate):
13 times / 13 times (100%)

Number of the Company’s shares held: 16 thousand
Board of Directors meeting attendance (attendance rate): −Number of the Company’s shares held: 6 thousand
Board of Directors meeting attendance (attendance rate):
13 times / 13 times (100%)

Number of the Company’s shares held: 3 thousand
Board of Directors meeting attendance (attendance rate):
13 times / 13 times (100%)

Jul. 1998 Joined the Company
Apr. 2011 Yokohama Logistics Center General Manager at the Company
Dec. 2017 General Manager of General Affairs and Human Resources
Dept. and Corporate Officer at the Company
Dec. 2019 General Manager of General Affairs and Human Resources
Dept., Investment and Loan Dept. General Manager
May 2020 Investment and Loan Dept. General Manager, Overseas
Business Dept. General Manager, and Director at the Company
Oct. 2021 Deputy Chief of Food Sales Business Sector, General
Manager of Business Planning Dept., General Manager ofConsumption Area Sales Business Dept., and Director at theCompany
Apr. 2022 Director; Deputy Chief of Food Sales Business Sector, Chiefof Sales Business Strategy Sector, General Manager ofConsumption Area Sales Group, General Manager ofConsumption Area Sales Business Dept., the Company
Dec. 2023 Managing Director; Chief of Business Planning Sector, Chiefof Food Sales Business Sector, Medium-Term Management
Plan Promotion Committee Chair, the Company (current)

Apr. 1996 Joined the Company
Apr. 2011 Nagoya Logistics Center General Manager at the Company
Dec. 2017 General Manager of Keihin Block, Tokyo Haneda Logistics
Center Launch Preparation Committee Chair, andCorporate Officer at the Company
Dec. 2019 Director in charge of Norway business at the Company
May 2020 Overseas Strategy Division General Manager (stationed in
Norway) and Director at the Company
Dec. 2023 General Manager of Sales Promotion Department, General
Manager of Sales Strategy Management Dept., andDirector at the Company (current)

Oct. 1987 Passed bar exam
Apr. 1990 Registered as attorney
Apr. 2000 Opened Tanahashi Ozawa Law Offices (present-day Ginza
Imperial Law Office) (current)
Sept. 2005 Audit & Supervisory Board Member at Marubeni
Construction Material Lease Co., Ltd.
Dec. 2009 Audit & Supervisory Board Member at the Company(current)Mar. 2003 GSDF Staff Office, Defense Dept. Manager at Defense
AgencyAug. 2006 Deputy Chief of Staff of the GSDF at Defense Agency
Jul. 2007 Tohoku Region Inspector General at Ministry of Defense

Sept. 1983 Joined the Company
Oct. 2002 General Manager of Tosu Plant, the Company
Dec. 2011 Corporate Officer; General Manager of Hanshin, Chukyo,
and Tokai Blocks and General Manager of Hokko Logistics
Center, the Company
Dec. 2015 Director; General Manager of Kanto Block and Chair ofSatte Logistics Center Preparation Committee, theCompany
Dec. 2017 Senior Counselor; Assistant to General Manager ofNagasaki Refrigeration Plant, the Company
Dec. 2019 Corporate Officer; General Manager of Kyushu Block, theCompany
Mar. 2023 Corporate Officer; General Manager of Domestic
Production Area Sales Group and General Manager ofEastern Japan Business Dept., responsible for facilitation ofEastern Japan Business, the Company
Dec. 2023 Director; General Manager of Domestic Production Area
Sales Group and General Manager of Eastern Japan
Business Dept., responsible for facilitation of Eastern Japan
Business, the Company (current)

Director Yoshiaki Hoshino

Director Satoshi Yoshida

Director (Outside) Mototsugu Sakai

Number of the Company’s shares held: 10 thousand
Board of Directors meeting attendance (attendance rate): −Number of the Company’s shares held: 2 thousand
Board of Directors meeting attendance (attendance rate): −Apr. 1985 Joined the Company
Jan. 2009 General Manager of General Affairs Dept., the Company
Nov. 2014 General Manager of Yamanouchi Logistics Center, theCompany
Jul. 2015 General Manager of Meat Business Dept., the Company
Apr. 2016 Diamond Tokachi Co., Ltd (seconded), Director and Vice
President of Diamond Tokachi Co., Ltd.
Dec. 2019 Corporate Officer, the Company, Director and Vice
President of Diamond Tokachi Co., Ltd.
Dec. 2023 Director, the Company, Director and Vice President of
Diamond Tokachi Co., Ltd. (current)

Apr. 2019 Chief Manager; General Manager of Kanagawa Sales
Bureau of The Dai-ichi Life Insurance Company, Limited
Apr. 2022 Joined the Company
Dec. 2022 Corporate Officer; General Manager of General Affairs &Human Resources Dept., the Company
Dec. 2023 Director; Chief of Corporate Management Sector, General
Manager of General Affairs & Human Resources Dept.,
Medium-Term Management Plan Promotion Committee
Vice Chair, responsible for climate affairs, the Company(current)

Number of the Company’s shares held: 5 thousand
Board of Directors meeting attendance (attendance rate):
13 times / 13 times (100%)
Jul. 2005 Compliance and Operation Audit Dept. Manager (Main
Office) at National Federation of Agricultural Cooperative
Associations
Jan. 2006 Supervision and Audit Operations Bureau Chief at National
Federation of Agricultural Cooperative Associations
Oct. 2008 Full-time Auditor at Z-BS INC.
Jun. 2014 Resigned as Full-time Auditor at Z-BS INC.
Dec. 2015 Director at the Company (current)
May 2022 Vice Chairman, Certified Management Support NPO Club
(current)

Director (Outside) Yosuke Horiai

Director (Outside) Mitsuhiro Honda

Director (Outside) Yoriko Sakamoto

Number of the Company’s shares held: 1 thousand
Board of Directors meeting attendance (attendance rate):
13 times / 13 times (100%)

Number of the Company’s shares held: 1 thousand
Board of Directors meeting attendance (attendance rate):
13 times / 13 times (100%)

Number of the Company’s shares held: 0.6 thousand
Board of Directors meeting attendance (attendance rate):
13 times / 13 times (100%)

Oct. 1980 Joined Shinko Kansa Hojin
Jul. 1988 Moved to Ota-showa Kansa Hojin
Mar. 1989 Opened Horiai Accounting Office (current)

Apr. 1984 Joined National Tax Agency
Jul. 2010 Assistant Regional Commissioner (Management andCoordination) , Takamatsu Regional Taxation Bureau
Jul. 2012 Professor, Graduate School of Business Sciences, Tsukuba
University (current)
May 2013 International Tax Advisor, TOMA Consultants Group Co., Ltd.
(current)Mar. 2016 Outside Audit & Supervisory Board Member, Roland DG
Corp. (current)
Apr. 2017 Research Grant Selection Committee Member, Institute ofTax Research and Literature (current)
Jun. 2018 Outside Audit & Supervisory Board member, Yuasa Trading
Co., Ltd. (current)
Jun. 2021 Tax Advisor, Grant Thornton Yamada & Partners (current)
Dec. 2021 Director at the Company (current)

Apr. 1995 Assigned to No. 1 Nippori Elementary School, Arakawa-ku,
Tokyo
Sept. 2011 Passed bar exam
Dec. 2012 Joined Rokuta Law Office (currently Rokuta-Sakamoto Law
Office)Jun. 2016 Outside Audit & Supervisory Committee Member, Watahan& Co., Ltd.
Apr. 2018 Mediation Committee Member, Tokyo Family Court(current)
Jun. 2021 Outside Director, Watahan & Co., Ltd. (current)
Dec. 2021 Director at the Company (current)

Dec. 2020 Director at the Company (current)

26

Audit & Supervisory Board Members

Oct. 2009 Director at PSC Jieitai-Kazoku-Kai, and Consultant at The
Japan Steel Works, Ltd. (current)
Apr. 2018 New Business Development Advisor at safety NET K.K.
Part-time lecturer, Tokyo Campus of Shiseikan University(current)
Dec. 2020 Consultant at Pasona Group Inc. (current)
Audit & Supervisory Board Member at the Company(current)

Corporate Officer

Masato Iwakura

Corporate Officer

Masakazu Oda

Corporate Officer

Narito Nakao

Corporate Officer

Mitsutaka Hoshi

Corporate Officer

Akiko Komatsu

Corporate Officer

Hajime Izu

Corporate Officer

Shinya Seki

Corporate Officer

Norio Kawahara

Corporate Officer

Toshiyuki Terai

Corporate Officer

Yoshinori Maki

Corporate Officer

Kazuhito Ishida

Corporate Officer

Nobuo Kitaike

Corporate Officer

Mieko Matsui

Corporate Officer

Tomohiro Kuriyama

Corporate Officer

Hiroyasu Abe

Director and Audit & Supervisory Board Member Skill Matrix
We have identified skill fields (knowledge, experience, skills, etc.) that directors and auditors should possess and the following are the fields
that each director and auditor is particularly expected to contribute to.
Name

Corporate
management

Legal affairs
and internal
controls

Crisismanagement

Personnel &humanresources

Financialaccounting &taxation

Refrigerated
Warehousing
Business

Food Sales
Business

OverseasbusinessChairman and Director

Toshio Yoshikawa











President and Representative
Director, CEO

Kenji Furuse













Managing Director

Koji Ochi

Managing Director

Naotaka Yoshikawa

Director

Hiroshi Okada

Director

Hiroto Ikeda

Director

Yoshiaki HoshinoDirector

Satoshi YoshidaDirector (Outside)

Mototsugu Sakai

Director (Outside)

Yosuke Horiai

Director (Outside)

Mitsuhiro Honda

Director (Outside)

Yoriko Sakamoto

Standing Statutory Audit &Supervisory Board Member(Outside)

Keizou Inoue

Standing Statutory Audit &Supervisory Board Member(Outside)

Shuzo Hayashi

Audit & Supervisory Board
Member (Outside)

Eizo Tanahashi

Audit & Supervisory Board
Member (Outside)

Hisao Munakata














































YOKOREI Integrated Report 2023

27

Corporate GovernanceCompliance and Risk Management

Message from an Outside Director

Internal Control System Operation
By stipulating a Code of Conduct in line with the Company’s policies and basic management policies, sharing the spirit of the code with all
employees, including executives, and continuing to communicate that into the future, the Company is working to thoroughly adopt theWe have two long-term visions for the year 2030: Yokorei Businessstance that all business activities are premised on adherence to laws, regulations, and social ethics.

Vision 2030 and Yokorei Sustainability Vision 2030. Based on our

The Representative Director designates the director in charge of compliance as the person responsible for efforts throughout the Company

corporate philosophy that “companies are social institutions andrelated to the compliance system, and the Corporate Management Headquarters undertakes various efforts including maintaining the complianceprofits are a measure of their service,” we have set forth in oursystem, ascertaining problems, and conducting training for employees. Directors in charge of operations analyze the unique compliance risks for

Business Vision 2030, “We promise to provide smart cold services

the operations they are in charge of and strive to implement necessary responses. In order to further strengthen internal controls, including

combining tradition and innovation,” in the Refrigerated

maintaining a system of internal controls for financial reporting, the Basic Policy on the Operation of Internal Controls System was formulated, andWarehousing Business, and, “We will realize distinctive food value

a resolution to revise some of the provisions of that basic policy was passed at the Board of Directors meeting held on November 25, 2021.

together with customers, preserve our close relationship with

Working with the Corporate Management Headquarters, audit & supervisory board members and the Internal Audit Department examine

producers, and add to the richness of the world’s tables,” in thethe state of compliance and report on that to the Board of Directors, and the Board of Directors regularly reviews the compliance system andFood Sales Business. In addition, in the Sustainability Vision 2030

works to ascertain and resolve problem points.

we set forth “For a brighter food future – Yokorei will ensure a

As one part of efforts to maintain the internal control system, an Internal Control Committee was created to identify laws and regulations

stable food supply to help support a sustainable society.”that departments should adhere to and risks that could impact the business and propose and order necessary responses.

This effort to clarify our vision and provide specific guidelines
For the Company’s Basic Policy on the Operation of Internal Controls System, please see the following website.

and goals is in line with the concept of Purpose Management,
which has been advocated in recent years, and we believe it has
great significance in the midst of the drastically changing

https://www.yokorei.co.jp/en/csr/governance/corpgovernance/pdf/naibutose.pdf

Mitsuhiro Honda Outside Director

environment surrounding our business.

Internal Whistleblowing System

The three reform engines of the business foundation that supports Yokorei quality are consciousness reform (management

The Company has established the Yokorei Group Whistleblowing and Consultation Helpdesk in the General Affairs Department and Human

mindful of capital efficiency and financial soundness), organizational reform (promote mutual ties between business sectors, andResources Department as an internal reporting system for legal violations and other compliance-related matters, which they work to prevent.

continue measures to break down barriers between departments), and system reform (create structures to develop the next

Based on the Whistleblowing Process Rules, the Company also takes utmost care to protect providers of information, which includes not

generation of managers and professionals). We have high expectations that these efforts will contribute to the sustainable growth

engaging in unfavorable treatment. In FY2023, the Helpdesk received nine consultations (three in FY2022) and took appropriate actions,of the Company and increase its corporate value from the soft side.

functioning as a hotline that can be accessed with peace of mind.

Since the understanding of all employees is essential to put the above vision and reforms into practice, we look forward to further
efforts to put them into practice in the future.

Basic Policy for Risk Management

I worked for the National Tax Agency and the Ministry of Finance, where I was involved in the enforcement, planning and

The Company is tackling the risks surrounding its business by engaging in risk management aimed at preventing said risks in advance andformulation of the taxation system, before moving on to university teaching. I am currently teaching and researching tax law as aminimizing damage should they occur. The Risk Management Committee, chaired by the Chief of Corporate Management Sector, meetspracticing teacher at the Graduate School of Business Sciences, University of Tsukuba.

regularly (at least twice per year) to identify company-wide risks, discuss appropriate responses, and report to the Board of Directors. Ultimately,Corporate governance, which has recently come under increasing pressure to be enhanced, is a mechanism aimed at preventing
misconduct within a company, and through sound management, achieving sustainable growth of the company and increasing its

the Board of Directors determines the company-wide risk management policy and manages the risks in accordance with our Risk Management
Rules. In addition, the Company’s risk management system is maintained by reference to ISO31000 and other frameworks as appropriate.

corporate value. My expertise in taxation and accounting is the foundation of corporate governance efforts, and I hope to contributeto the enhancement of Yokorei's corporate value by utilizing my knowledge and experience in this area. I would also like to contributeto the Company from the perspective of tax compliance by leveraging my experience in efforts to enhance such compliance.
The Board of Directors is expected to provide major direction, such as corporate strategy, and to provide an environment that
supports risk-taking and highly effective supervision from an independent and objective standpoint. From this perspective, I believethat the Yokorei’s Board of Directors generally makes appropriate decisions through open discussions.
I believe that the Board of Directors' supervisory function will be further improved by further enhancing discussions on mediumto long-term management strategies and investment plans from a holistic perspective. I also believe that the Board of Directors'
awareness of management issues will be further shared by, for example, providing opportunities for prior explanations of important
agenda items.
As Japan's birthrate declines and the population ages rapidly, the need for global governance is becoming increasingly important
as companies must expand into overseas markets. In the New Medium-Term Management Plan (Phase II), the Refrigerated Warehousing

Risk Management Basic Policy(1) B asic Objectives
The objectives of our risk management activities are to reduce the loss of management resources, including people and objects, due tothe various risks we face through our business activities, to enable a swift recovery from emergency situations and ensure such a situation
does not reoccur in the future, and to secure sound management and revenues.
(2) G uidelines for Action
S tay highly conscious of risk and continuously work to enhance measures for preventing it and capacity for responding to it.
Conserve and appropriately allocate management resources to secure sound management and profitability.
Maintain the health and safety of employees and their families.
Prioritize the recovery of humanitarian and social considerations when responding to emergency situations.
Practice risk management that improves the Company’s reputation within society.
Practice risk management that reflects societal demands concerning risk.

Business has identified global expansion in ASEAN region as one of its priority measures, and in the Food Sales Business, expansion ofoverseas sales channels is positioned as one of the measures to promote reform and growth packages. As globalization is expected toprogress rapidly at Yokorei as well in the future, we would like to contribute to the enhancement of global governance as well.

28

For details on our risk management, please see the following website.

https://www.yokorei.co.jp/en/csr/governance/riskmanagement/

YOKOREI Integrated Report 2023

29

Environmental and Social Initiatives

Environmental Initiatives

poses for its business, and at the same time considers taking advantage of change to create new revenue opportunities to be a management
priority, and believes that proactive measures to address climate change will enhance corporate value over the longer term. Yokorei acknowledges

Yokorei uses natural refrigerant air-conditioning systems at its new refrigerated warehouses, and is converting equipment at existing facilities

the importance of financial disclosure related to climate change, and will provide disclosure in line with the TCFD recommendations.

to natural refrigerants. The 2030 target natural refrigerant implementation rate for Yokorei Group has been raised from 80% or higher to 85% orhigher. During fiscal 2024, the Company plans to install natural refrigerant air-conditioners at three new logistics centers and one existing center.

Climate Change-related GovernanceYokorei is also gradually introducing solar power generation systems. In fiscal 2023, solar power systems were installed at one new logistics

Yokorei established a Sustainability Committee in September 2021 to provide support for appropriate oversight by the Board of Directors

center, and two existing centers. In fiscal 2024, the Company plans to expand installations to multiple sites, including a new logistics center.

regarding evaluation and measures for policies, strategies, risks and opportunities related to climate change. Committee membership

In addition, Yokorei has obtained Green Management Certification for its Refrigerated Warehousing Business sites throughout Japan, andcomprises directors, corporate officers, and heads of business departments, with the president serving as the committee chairperson. The

based on its Environmental Conservation Action Plan, is pursuing initiatives for energy efficiency, waste reduction, and recycling.

Sustainability Committee regularly discusses and assesses the impact on business from factors related to climate change (twice a year in

MetricScope

GHG emissions per unit of capacity (compared to FY2015)
Natural refrigerant implementation rate
Waste emissions
NOx (nitrogen oxide) emissions
SOx (sulfur oxide) emissions
VOC (volatile organic compounds) emissions

Yokorei*Yokorei and consolidated subsidiaries
Yokorei*Yokorei and consolidated subsidiaries
Yokorei and consolidated subsidiaries
Yokorei and consolidated subsidiaries

FY2023
TargetActual30% reduction
32.1% reduction
70%
69%
5% reduction YoY
3.9% reduction
0t
0t
0t
0t
0t
0t

principle), and reports material matters to the Board of Directors. The committee also considers strategies for responding to specific risks and

FY2024 Target

opportunities, sets targets, and reviews results to monitor progress. The Board of Directors, based on the climate change-related matters

40% reduction by 2030
80% implementation by 2026
5% reduction YoY
0t
0t
0t

reported by the Sustainability Committee, reviews and directs the Company’s strategies, business plans, and risk management policies.

Strategies* All Yokorei business sites in Japan (excluding Food Sales business offices and the head office)Yokorei identifies the risks and opportunities from climate change on its businesses (Refrigerated Warehousing Business and Food Sales
Business), and considers the impact based on chosen scenarios.

Water Resources
Yokorei uses a large volume of water, mainly in its Refrigerated Warehousing Business, such as makeup water for cooling towers inrefrigerated warehouses. Because the conservation of water resources is an important societal issue, the Company has included conservationof water resources as an action guideline in its environmental policy and is pursuing measures to reduce water usage in its business activities,
such as introducing scrubber washers that consume less water and the adoption of cooling towers. Yokorei has formulated water
management plans for all its Refrigerated Warehousing Business sites in Japan and the Hirado Ice Factory, and has implemented measures
to monitor water intake, manage wastewater quality, and recycle water.

each site, and measures implemented for the efficient use of water resources.
Although the risk of drought at sites in Japan is low, Yokorei will continue towork to reduce the amount of water it uses, and take measures to protect against
water-related risks such as flood damage.

Water Stress Level
Extremely High (>80%)
High (40-80%)
Medium - High (20-40%)
Low - Medium (10-20%)
Low (<10%)
Total

No. of Sites
0
0
20
26
5
51

FY2023 Water Intake (m )00167,418
278,80364,756510,9773* Assessed using the WRI Aqueduct Water Risk Atlas Water Stress* Scope: All 50 Refrigerated Warehousing Business sites in Japan and the Hirado Ice Factory(Water usage in the Food Sales Business is less than 1% of that of the Refrigerated Warehousing
Business, so the business is excluded.)of progress in government decarbonization strategies and rises in average air and seawater temperatures, and verified the Company’s resilience.

Risk Management
Climate-related risk management process
departments, are handled through a process of reduce, transfer, accept, or mitigate. The Sustainability Committee reports the results of its considerations of climaterelated risks to the Risk Management Committee, which reviews each matter, and a final decision on management policy is made by the Board of Directors.
2. Prioritization: The Sustainability Committee determines the priority in which climate-related risks are to be addressed by the Company. Priority isdetermined based on an assessment of the potential financial impact, and the likelihood of the risk becoming manifest.

Integration with company-wide risk management

The Risk Management Committee meets regularly (at least twice a year) to assess the risks reported by corporate departments. The
committee considers the overall risk to the organization, discusses the appropriate response, and reports its findings to the Board of Directors.
Climate-related risks are examined and assessed in the same manner as other risks. The Board of Directors makes the final decision regarding

Measures to Address Climate Change

company-wide risk management policy, and the risk is managed by the Risk Management Office based on risk management rules.

Support for the TCFD Recommendations
In December 2021, Yokorei announced its endorsement of the Task Force on Climate-related Financial

Indicators and Targets

Disclosures (TCFD) and joined the TCFD Consortium. Yokorei recognizes the risk that climate change

Yokorei has set the following targets to mitigate and adapt to climate-related risk, as well as maximize climate-related opportunities.
TargetRisks and Opportunities
ChosenScenario

Target 1

Specified Risks and Opportunities
Envisioned Scenario

Type

Transition Risk
Measures to reduce GHG (Policy and Legal)
emissions areTransition Risk
strengthened worldwide,
1.5°C(Policy and Legal)
and the Japanese
Scenario government accelerates
Opportunity
IEA NZE its decarbonization(Products andstrategies. The degree of
2050
Services)climate-related physicalrisk remains at the current
level.
Opportunity(Markets)

Measures to reduce GHG
emissions stagnateworldwide, economic
development dependent
4°C
Scenario on fossil fuels continues toadvance, and the Japanese
IPCC
government shows few
RCP8.5signs of advancing its
decarbonization strategies.
Climate-related physicalrisk increases.

30

them as per the following chart. After specifying the risks and opportunities, Yokorei envisioned multiple scenarios, concentrating on the two factors

1. Risk management method: Risks identified as climate-related are considered by the Sustainability Committee, and in cooperation with relevant internal

In addition, Yokorei uses Aqueduct, a water risk assessment tool developed by the World Resources Institute (WRI), to survey water risks at
its business sites. The water stress level and water usage volume are assessed for

Yokorei has examined climate-related transition risks and physical risks, as well as opportunities, in line with the TCFD framework, and specified

Relevant Business
Segment
Refrigerated
Warehousing
Refrigerated
Warehousing

Summary

Driver

Associated with acceleration of curbs in GHG emissions Strengthened calls for power savings in order to reduce electricity consumption Energy saving Increased cost for introducing equipment using natural refrigerants
regulations
 Increased cost for introducing energy-saving equipment
Associated with carbon pricing (introduction of carbon tax / emissions trading)
Carbon pricing
 Increase in electricity costs for operating refrigerated warehouses

Refrigerated
Warehousing

Call for reduction in GHG emissions from freezers and refrigerators, rising demand
GHG emissions
from customers for refrigeration and freezing services that contribute toregulations
decarbonization.

Food Sales

Rising demand from customers for environmentally certified products

Physical Risk
(Acute)Refrigerated
Warehousing

Physical Risk
(Acute)Food Sales

Physical Risk
(Chronic)

Refrigerated
Warehousing

Physical Risk
(Chronic)

Food Sales

Opportunity(Products andServices / Market)

Refrigerated
Warehousing

Associated with severe rainstorms and more intense typhoons in Japan Decline in sales due to cessation of operations at refrigerated warehouses Generation of repair cost for refrigerated warehouse facilities
Associated with abnormal weather around the world Higher purchase prices for marine, livestock, and agricultural products due todeclines in fish catches and production volumes Increase in costs from procurement of alternative products
Associated with rising temperatures in Japan Increase in electricity costs for operation of refrigerated warehouses
Associated with changes in the natural environment, generation of viruses, insect
pests, etc.
 Higher purchase prices for marine, livestock, and agricultural products due todeclines in fish catches and production volumes
 Rise in procurement cost for aquaculture and livestock products
Associated with rise in average temperature in Japan Increase in demand for temperature-controlled handling of food products

Chosen scenarios:  WEO NZE 2050 scenario formulated by the International Energy Agency (IEA)
 RCP 8.5 scenario formulated by the Intergovernmental Panel on Climate Change (IPCC)

Demand from
customers forenvironmentallycertified productsFrequency ofwind and water
damageTimeframe

Countermeasures

Target 2

Short toMedium Curb power consumption utilizing system to make power consumption visible(BEMS)
 Systematic introduction of facilities to reduce financial burdens

Target 3

Short toLong
Mediumto Long Introduction of solar power systems to generate renewable energy Switch to renewable energy for electricity to operate refrigerated warehouses Introduction of additional freezing and refrigeration equipment that contributes
to decarbonization
 Cooperation with freight carriers to enhance efficiency through consolidation of
distributed storage locations and the transport network in order to curb GHG emissions

Mediumto Long Increase handling volume of environmentally friendly products

Short toLong Construct disaster-resistance refrigerated warehouses

Frequency ofabnormalweather

Short toLong

 Develop aquaculture businesses in countries and areas less susceptible to natural
disasters

Rise in averagetemperature

Mediumto Long Decrease electricity costs by introducing energy-saving equipment

Rise in averagetemperature
Rise in ocean
temperature

Mediumto Long Strengthen cooperation with producers to ensure stable procurement Diversify supply chains and develop relationships with new suppliers

Rise in averagetemperature

Mediumto Long Increase temperature-controlled warehouse capacity to meet rising demand

Timeframes: Short = 1-3 years (to 2025) Medium = 2030 (Same period as Japan’s NDC intermediate target)
Long = 2050 (Same period as Paris Agreement and Japan’s declared NDC target)

Financial impact: The financial impacts of climate-relatedrisks and opportunities are currently being assessed.

Indicator

By 2030, GHG emissions reduction of 40% (compared to 2015
levels)By 2030, natural refrigerant implementation rate of 85% or higher(compared to 69% in 2023)
By 2030, solar power production capacity of 20 MW (compared toaround 9.3 MW in 2023)

GHG emissions volume per storage capacity in the
Refrigerated Warehousing Business
Storage capacity of warehouses using naturalrefrigerants in the Refrigerated Warehousing BusinessElectricity production capacity of solar power systems
in the Refrigerated Warehousing Business

All three target figures are based on the Refrigerated Warehousing
Business, which has a high environmental load (accounting for 99%
of the Company’s GHG emissions).
* Projecting from the current rate of GHG emissions reductions, theforecast reduction by 2030 is 47% from 2015 levels, against a targetof 40%.
* In Target 2, the natural refrigerant implementation rate was revised
from 80% or higher to 85% or higher.

Sustainable Procurement
Handling of MSC/ASC-certified marine products and acquisition of CoC certification
Yokorei procures food material from around the world, and recognizing the importance of sustainable procurement that considers both theenvironment and society, takes steps to enhance the sustainability of its procurement activities. Yokorei has acquired Chain of Custody (CoC)
certification (authentication management for processing and distribution chains) for MSC and ASC marine products, working to procure and supply
sustainable marine products. In recent years, the Company has been gradually expanding its handling of MSC- and ASC-certified marine products. Of
the marine products procured in fiscal 2023, nearly all flounder and Pacific Ocean perch were MSC certified, and around 48% of trout was ASC certified.
Procurement of Certified Marine Products
Certification

2021

Tonnes and proportion of certified marine products*

2022

2023

MSC

3,587 (19.5%)

5,263 (19.8%)

9,666 (36.2%)

ASC

139 (10.5%)344 (22.0%)845 (30.8%)* Proportion of certified marine
products among the items that
contain certified marine products

YOKOREI Integrated Report 2023

31

Environmental and Social Initiatives

Human Capital Management

Diversity Initiatives

Yokorei Group, with the aim of realizing the Yokorei Sustainability Vision 2030, is pursuing initiatives for human capital management as part

Yokorei strives to provide a pleasant work environment for all employees regardless of gender, nationality, or physical disability. Yokorei aimsof its new medium-term management plan. As part of this effort, the Company has set key indicators for human capital management, andto create workplaces where employees can fully demonstrate their capabilities and individuality.

through a new personnel system that will come into effect from April 2024, is working to improve the individual abilities and retention of
employees, and strengthen on-site capabilities.

Improvement of the Workplace Environment
Yokorei has introduced labor-saving advancements and automation of warehouse operations in recent years so that all employees,
regardless of gender or age, are able to play a more active role. The gradualImproving Job Satisfaction
Yokorei conducts an annual job satisfaction survey for all employees, analyzes the results to identify issues, and considers improvement
measures. In the survey conducted in July 2023, 65.1% of employees reported feeling a sense of job satisfaction, down 1.0 percentage pointfrom the previous year.
As one of the measures to address the issues raised in the survey, which has been conducted three times since fiscal 2021, Yokorei plans
to implement a new personnel system in April 2024. This new system will introduce a framework to clarify career visions for employees,
provide appropriate evaluations and treatment, and secure and develop specialized human resources. With this new personnel system as afoundation to address various issues, the Company aims to improve job satisfaction for all employees, and achieve further growth.

introduction of electric moving racks, linked with the cargo navigation system,
allows anyone to efficiently handle incoming and outgoing cargo operations. As aresult, at the end of September 2023, the number of female employees working
on-site in refrigerated warehouses was 41 (an increase of 4 from the previous fiscal
year). The Company is also developing systems to support a greater balance forwork and child or nursing care. In fiscal 2023, 17 employees took childcare leave (anincrease of 6 from the previous fiscal year), and 25 employees were working
shortened hours due to childcare or nursing care responsibilities(an increase of 6 from the previous year).

Human Resource Development
Yokorei Group believes that the growth of its employees, who are a vital management resource, is the driving force for expansion anddevelopment. To ensure a stable food supply and establish a sustainable supply chain, it is essential for employees to improve theircapabilities, and have opportunities to demonstrate their proficiency. To this end, Yokorei supports skill development for career advancement
tailored to the position of each employee, and provides a work environment in which they can utilize their capabilities. As part of a wide-

Electric moving racks

Human Capital Metrics and Targets
Goal

MetricPercentage of women in managerial positions

More than double the 2020 level by the end of September 2026

Improvement of the workplaceenvironment (work-life balance)

Percentage of male employees taking childcare leave

Achieve 50% by the end of September 2026

Engagement

Percentage of employees who feel a sense of job satisfaction: 80% or higher(by 2030)

Improvement of the workplaceenvironment (occupational health andsafety)Health and safety targets common to the Refrigerated
Warehousing Business

Number of occupational accidents: 50% decrease compared to the previous
fiscal year

Percentage of employees receiving health checkups

100% by the end of March 2025

ranging educational program, the Company also partners with external organizations to provide practical training in areas such ascompliance, quality, and safety, and to support self-development.
To provide a platform for human resource development, Yokorei utilizes on-the-job training as the basis for the acquisition of professional

TargetDiversity in human resources

knowledge and skills based on workplace safety and quality, and expresses this clearly throughout the organization. In addition, theCompany provides professional employee education and training at the fully equipped Yokohama Mirai HRD (Human Resource Development)
facility established in 2020, and the Yokohama Mirai Satellite for on-the-job employee training. Further, the Human Resources Development
Center, established in 2022, creates programs for self-guided training and learning for the acquisition of advanced and specialized skills.

Occupational Health and Safety
As experts in food distribution that is friendly to people, goods, and the earth, Yokorei Group conducts business activities with the highest
priority on ensuring the safety and health of its employees.
In fiscal 2023, Yokorei implemented the following measures based on its policy of eliminating occupational accidents, creating a
comfortable work environment, and maintaining and promoting employee health. Health and safety meetings were held once a month ateach business site, with risk assessments conducted regarding minor incidents involving work processes or machinery. When new
equipment or machinery was introduced, risk assessments were conducted prior to operation to ensure thorough safety procedures. Whenindustrial accidents occurred, the details of the incident were shared throughout the Company as part of a concerted effort to prevent
recurrence. To maintain and improve employee health, the Company encouraged regular health checkups, and worked to increase thepercentage of employees receiving stress checks. A total of 11 occupational accidents occurred in fiscal 2023, of which 3 were lost-time
accidents. In addition, 10 cases were isolated incidents, with many accidents involving getting caught in machinery. There were no fatal

Yokohama Mirai HRD
Yokohama Mirai HRD is a specialized facility for human resource
development at Yokorei. There are rooms to accommodate large groups,
along with smaller training classrooms. The facility is also equipped as asystem development center, allowing for large-scale software development
to support future strategic ICT investments.

Yokohama Mirai Satellite
Yokohama Mirai Satellite is a centralized group training facility for practicaltraining with forklifts and other equipment. In addition to serving as a
training facility, the center is also a refrigerated warehouse operated as asatellite facility for the Yokohama Logistics Center, providing overflow
capacity for refrigerated warehouses in the greater Tokyo-Yokohama area.

industrial accidents. When an occupational accident occurs, the Company prepares and shares a report detailing the incident and a reportoutlining countermeasures, and conducts on-site inspections at each business site to prevent recurrence.
Elimination of Occupational Accidents

Total Training Hours and No. of Trainees

32

Total Training Hours

No. of Trainees

FY9/21

13,198 hours

826 persons

FY9/22

10,765 hours

935 persons

FY9/23

14,763 hours

935 persons

Target Number of occupational accidents: 50% decrease compared to the previous fiscal year
Current status  The number of occupational accidents in fiscal 2023 decreased by 39% (11 cases) against the target of a 50%
reduction from the previous fiscal year
Number of Occupational Accidents

2022

2023

2024 (Target)

18

11

6

YOKOREI Integrated Report 2023

33

Environmental and Social Initiatives

Health and Productivity Management

Human Rights Initiatives

Yokorei aims to obtain certification as a Health and Productivity Management Outstanding Organization as part of an effort to enhance labor

In recent years, relevant institutions and economic organizations in Japan have issued principles and guidelines regarding human rights, andproductivity and corporate value by maintaining and improving the health of its employees. In addition to creating a dynamic workmeasures to respect human rights have become important management concerns for Japanese corporations. Yokorei recognizes thatenvironment for the employees who are our most important asset, Yokorei provides the following support to promote the physical andrespect for human rights is an important aspect of corporate activity, and supports the International Bill of Human Rights and ILO Declaration

mental health of employees and their families, so that they can work safely and with peace of mind.

on Fundamental Principles and Rights at Work, which represent the international community’s standards and philosophy regarding humanrights. Yokorei pursues the following human rights initiatives, based on the UN Guiding Principles on Business and Human Rights.

Basic Policy on Health and Productivity Management We will achieve a 100% health checkup rate and work toensure follow-up treatment based on the examination results.
 We will work to improve the stress check rate and provide
follow-up treatment for those who are highly stressed.
 We will work to provide support to balance illness/treatment
and work.
 We will work to increase opportunities for exercise.
 Through these measures to improve the mental andphysical health of employees, we aim to increase job
satisfaction by creating a rewarding work environment,
and boost labor productivity to enhance corporate value.

Of note, there were no reported incidents of human rights violations in FY2023.
Health and Productivity
Management Framework

Health & Productivity Management Director
Director and General Manager of
Administration Division

Respect for human rights
We prohibit the inhumane treatment of people, including all forms of discrimination, abuse, and harassment, as well as all forms of forced labor andchild labor, and respect the culture of every country and region in the world.

Professional
Functions
Industrial Physicians

Health and Productivity
Management Promotion
Secretariat
General Affairs Department/
Administration Division

Health & Productivity
Management Promotion
Officer
Office Manager

Life Insurance &Consulting

We view collective bargaining as a fundamental right of workers and respect it as a means for labor and management to discuss work environments
and wage levels. We also respect the freedom to unionize.

Public Health Nurses

Target Health checkup rate of 100% by the end of March 2025

Respect for collective bargaining and the freedom to unionize

Health InsuranceSocietyWork hours and wages
Along with properly managing work hours to ensure that they do not exceed legal limits, by educating managers about labor management andCurrent status Health checkup rate of 98.7% in fiscal 2022

introducing an attendance management system, we will prevent long working hours and overwork while providing appropriate compensation thatexceeds the minimum wage.

Initiatives for the Realization of Sustainable Logistics

See the following for details on initiatives regarding respect for human rights:

Yokorei is pursuing various initiatives to realize sustainable logistics.

https://www.yokorei.co.jp/en/csr/society/humanright/
Supplier Guidelines

Labor Savings from the Introduction of Automation Systems
Yokorei introduced its first Devanning Palletize System (DPS) using work robots at the Chiba Research Park Logistics Center completed in
March 2023. The system automates a series of tasks, from transporting cargo after unloading to stacking on pallets and wrapping, allowing
work to be conducted by less than half the number of workers as was previously necessary.
In addition, Yokorei is working to automate administrative work such as shipping processing using RPA, mainly in the Refrigerated
Warehousing Business. During fiscal 2023, this system saved around 9,600 work hours. Company-wide rollout is planned for as soon as

https://www.yokorei.co.jp/en/csr/society/safety/supplier/pdf/supplier.pdf

Contribution to Local Communities
As a member of the local community, Yokorei aims to be a company that sincerely responds to the needs and expectations of society, andwill continue to pursue activities that support solutions to the challenges facing local communities, and their further development.
Yokorei has donated a portion of its profit each year since 1973 as a way of giving back to the community. In fiscal 2023, the Company

possible in fiscal 2024, and is expected to save around 20,000 work hours annually.

donated a total of ¥43,390,000 in support of 23 causes. As a foods company, Yokorei makes a particular effort to support food-related
Measures to Solve Issues in the Logistics Industry

activities. In addition, Yokorei interacts with local communities through sponsorships and participation in sporting events, and the support

Yokorei is working to improve the efficiency of logistics to build a sustainable logistics network. The Company has introduced a truckof facility tours, in an effort to deepen understanding of its business activities and initiatives.

reservation system to reduce waiting times and even out warehouse operations, and is currently developing a new, more convenientsystem scheduled for implementation in the spring of 2024. In addition, Yokorei has begun full-scale introduction of pallets equipped with

Support for Food-Related Activities

RFID tags (automatic identification technology using near field

Yokorei contributes to society through its business activities. In June 2022, the Kagoshima Logistics Center began

communication), allowing for streamlined management ofstoring food material in its refrigerated warehouse to support the operation of local children’s cafeterias. Providing

information on pallets and palletized cargo, starting with the Chiba

storage space allows children’s cafeterias to significantly expand the amount of frozen foods they can receive, andResearch Park Logistics Center. The Company is currently working tooffer a wider range of meals. In October 2023, the Tokyo Haneda Logistics Center also began providing foodpromote palletizing operations using these pallets, mainly at sites instorage support as part of the Meals on Wheels Logistics System (MOWLS) project, a logistics system for foodthe Tokyo-Yokohama metropolitan area, with plans to expand the

support operated by Meals on Wheels Japan.

range of sites in the future.

Chiba Research Park Logistics Center

Receipt of the Logistics Structural Reform AwardIn December 2022, Yokorei received the Logistics Structural Reform Award at the
Logistics Partnership Excellence Awards held by the Ministry of Economy, Tradeand Industry and the Ministry of Land, Infrastructure, Transport and Tourism. The
award recognized Yokorei’s efforts to enhance the efficiency of low-temperaturelogistics through palletization, an initiative to address of societal issue of “reducing
waiting times for delivery companies at wholesale centers.”

34

Loading (palletizing robots)

Facility Tours
Yokorei hosts tours from elementary and junior high school students for social experience classes. In November
2022, 11 students from junior high schools in Kanagawa Prefecture visited Yokohama Mirai HRD as part of their SDGs
and careers education program. In August 2023, the Company held a facility tour event for 10 parents and children
from the supporters’ club of the Yokohama FC soccer team, which Yokorei sponsors, as part of its “food education
experience.” Through hands-on learning about the cooling mechanism and tours of refrigerated warehouses, theprogram gave participants the opportunity to learn about the role of refrigerated warehouses and food distribution.

Yokohama FC Supporters’ Club field
trip event

YOKOREI Integrated Report 2023

35

Main Consolidated Financial Indicators
2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

Net sales

133,862

115,257

110,782

115,025

139,970

171,772

159,045

148,609

154,767

141,654

118,691

EBITDA

10,366

10,665

9,250

9,449

10,459

9,880

9,879

9,407

8,339

7,988

7,244

Operating income

3,785

4,252

2,562

3,412

4,774

4,825

5,179

5,169

3,874

4,105

3,729

Net income

2,831

3,317

3,605

2,340

3,385

3,343

3,360

2,932

2,517

1,835

2,308

Operating income ratio (%)

2.8

3.7

2.3

3.0

3.4

2.8

3.3

3.5

2.5

2.9

3.1

Return on sales (%)

2.1

2.9

3.3

2.0

2.4

1.9

2.1

2.0

1.6

1.3

1.9

Gross profit margin (%)

9.6

10.9

12.5

12.1

10.8

8.8

9.2

8.4

7.4

8.1

8.9

SGA ratio (%)

6.8

7.2

10.1

9.1

7.4

6.0

5.9

4.9

4.9

5.2

5.8

Total assets

197,695

179,021

178,203179,935

179,247

186,791

173,699

145,232

118,901

114,210

97,593

Total shareholders’ equity

80,54979,15777,55075,24874,122

72,18164,36961,13059,22857,79956,989Net assets

87,33485,17082,56879,97580,58078,85869,68863,02762,322

59,63558,159Interest-bearing debt

95,537

77,18579,33082,346

79,94989,47883,84563,92742,78938,27425,816

Shareholders’ equity ratio (%)

43.4

46.8

45.7

43.2

43.7

41.5

39.4

42.7

51.6

51.5

59.1

Debt/Equity ratio (%)

118.6

97.5

102.3

109.4

107.9

124.0

130.3

104.6

72.2

66.2

45.3

Capital expenditures

12,378

7,068

13,744

15,513

12,479

11,96010,21012,721

4,556

13,9293,919

Depreciation

6,581

6,413

6,688

6,037

5,685

5,054

4,699

4,237

4,465

3,882

3,515

Return on equity (ROE) (%)

3.3

4.0

4.5

3.0

4.3

4.6

5.1

4.8

4.2

3.2

4.1

Return on total assets (ROA) (%)

1.5

1.9

2.0

1.3

1.8

1.9

2.1

2.2

2.2

1.7

2.4

Price/Earnings ratio — PER (times)

25.15

15.64

14.47

22.90

17.92

15.45

16.49

18.92

19.34

22.94

18.13

Price/Book value ratio — PBR (times)

0.83

0.62

0.64

0.69

0.77

0.70

0.82

0.89

0.79

0.72

0.73

Price/Cash flow ratio — PCFR (times)

7.69

5.34

5.35

6.13

6.76

6.43

7.41

7.92

7.08

7.44

7.70

Net income per share (EPS) (¥)

48.16

56.34

61.30

39.86

57.77

59.63

64.28

56.66

48.66

35.48

44.61

Book value per share (BPS) (¥)

1,460.17

1,422.83

1,383.60

1,321.34

1,336.12

1,321.87

1,298.88

1,198.56

1,185.23

1,135.88

1,114.84

Cash flow per share (CFPS) (¥)

157.47164.85165.71148.95153.17143.25143.05135.39132.89109.38105.13

Dividends per share (¥)

24.0

23.00

23.00

23.00

23.00

23.00

20.00

20.00

20.00

20.00

20.00

Payout ratio (%)

49.8

40.8

37.5

57.7

39.8

38.6

31.1

35.3

41.1

56.4

44.8

¥ million

Net sales, operating income, and net income*

Profitability ratios

Total assets, total shareholders’ equity, andinterest-bearing debt

Capital expenditures and depreciation

Return indicators

Investment indicators

Per share value indicators

Dividends and payout ratio Methods of Calculating Main Financial Indicators
EBITDA = Operating income + Depreciation
Operating income ratio = Operating income/Net sales ×100
Return on sales = Net income/Net sales ×100
Gross profit margin = Gross profit/Net sales ×100
SGA ratio = Selling, general and administrative expenses/Net sales ×100
Shareholders’ equity ratio = Total shareholders’ equity/Total assets ×100
Debt/Equity ratio = Interest-bearing debt/Shareholders’ equity ×100
Return on equity (ROE) = Net income/Average shareholders’ equity ×100
Return on total assets (ROA) = Net income/Average total assets ×100
Cash flow per share (CFPS) = (Net income + Depreciation and amortization + Deferred income tax)/Outstanding shares*1 Net income on this page represents profit attributable to owners of parent.
*2 The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020), etc. effective from the beginning of the fiscal year ended September 30, 2022; andthe figures for the fiscal year ended September 30, 2022, are after the application of the said accounting standards and others.

36

YOKOREI Integrated Report 2023

37

Non-Financial Data
Social Data
Human
Resources

Workplace
SafetyNo. of employees (consolidated basis)
Employee average annual income (thousand yen)
Average age
Average years of service
Male
FemalePercentage of employees with disabilities
Percentage of female managers
Percentage of women in career-track positions
Number of recruits
Job turnover (retirement for personal reasons) (%)
Number of employees taking childcare leave
Male
FemalePercentage of employees taking childcare leave
Male
FemaleNumber of labor law violations
Annual number of scheduled working hours
Number of business accidents
Number of accidents resulting in business closures (4 days or more)
Workplace accident frequency rate (%)*2
Number of participants in training related to workplace health and safety

2023

2022

2021

2020

Scope*1

1,658

1,639

1,652

1,722

Yokorei and consolidated subsidiaries

5,702

5,475

5,423

5,392

36.9

36.4

35.9

36.1

12.3

12.1

11.8

11.8

13.1

13.5

13.1

13.2

8.1

7.8

7.6

7.3

2.2

2.2

2.2

1.9

2.04

2.1

2.2

2.3

7.1

7.2

6.1

5.1

110

114

127

111

7.0

7.6

4.9

4.9

17

11

8

10

5

1

1

0

12

10

7

10

36.1

28.2

21.1

24.4

14.2

3.5

3.2

0.0

100.0

100.0

100.0

100.0

0

0

0

0

1,920

1,928

1,920

1,928

11

18

15

14

3

8

3

5

3.88

6.45

5.50

5.36

334

253

-

-

Governance Data
Prevention of
Corruption
Board ofDirectors

IR Activities

Environmentrelated accidents
Air pollution

Waste

Water resources

Climate change

38

2022

2021

2020

0

0

0

0

0

0

0

0

0
13
100.0
4
33.3
36
2

0
13
98.7
4
33.3
45
2

0
13
99.2
3
27.3
39
2

0
13
100.0
2
20.0
54
1

Scope*

Selected as a constituent stock of the FTSE Blossom
2023

2022

2021

Environmental law violation fine (yen)

0

0

0

NOx (nitrogen oxide) emissions (t)

0

0

0

SOx (sulfur oxide) emissions (t)

0

0

0

0
0
3,120
1,952
1,168
1.1
0
515,477
315,989
90,097102,079
7,312
298,804

0
0.9
2,962
1,745
1,216
1.2
0
499,589
305,309
77,980106,755
9,545
-

0
2.0
3,093
1,688
1,406
1.4
0
362,598
248,269
103,628
10,701-

298,804

-

-

542

533

479

445

438

402

79

79

60

VOC (volatile organic compounds) emissions (t)Hazardous waste emissions (t)Waste emissions (t)Recyclable
Non-recyclable
Waste emissions per unit of capacity (kg)
Water-related law violations (incidents)
Total water withdrawal (m3)
Tap waterIndustrial water
Well water
Ocean water
Total discharge volume (m3)
Third-party discharge
destination (e.g., sewer)
Greenhouse gas emissions (t-CO2)*4
Scope1
Refrigerated warehousingbusiness sector
Food sales business sector
Corporate management
sectorScope2
Refrigerated warehousingbusiness sector
Food sales business sector
Corporate management
sectorScope3Purchased products andservices
Capital goods
Fuel and energy-related
activities not included in
Scope 1 and 2
Transportation and delivery(upstream)
Waste from operations
Business travel
Employee commuting
Leased assets (upstream)
Transportation and delivery(downstream)
Processing of products soldUse of sold products
Disposal of sold products
Leased assets (downstream)
Franchises
Investments
Scope1+2
Refrigerated warehousingbusiness sector
Food sales business sector
Corporate management
sectorScope1+2+3

2023

External Recognition

Environmental Data
MetricAmount of political donations (yen)Number of employees disciplined and let go resulting from violationsof anti-corruption policies
Amount of fines for anti-corruption violations (yen)Number of board meetings
Attendance of directors at board meetings (%)
Number of outside directors
Percentage of outside directors
Number of individual meetings with institutional investors and analysts
Number of small meetings* Items with nothing listed under Scope refer to Yokorei.

*1 Items with nothing listed under Scope refer to Yokorei.
*2 Number of casualties due to occupational accidents/Total actual working hours×1,000,000

Category*1 Fields containing no text in the scope pertain to Yokorei and its consolidated subsidiaries.
*2 Covers all 50 of Yokorei’s domestic Refrigerated Warehousing Business’s locations.
*3 Water withdrawals at offices of the food sales business sector and company headquarters are omitted because they account for less than 1% of total water withdrawals.
*4 Scope 3 emissions have been calculated since FY2022.

17

17

17

56,491

57,10458,69655,87856,47758,373

Scope*1

Notes

Japan Index and the FTSE Blossom Japan Sector
Relative Index.

No applicable equipment
No business sites with soot orsmoke producing facilities
No applicable equipment

Attestation of Validity

Yokorei*2

The YOKOREI Integrated Report 2023 is the fourth report produced and published by Yokorei since we began publishing integrated reports
in FY2020. Based on our policy that “companies are social institutions and profits are a measure of their service,” we continue to makeYokorei*3

improvements to deepen stakeholders’ understanding of the value creation story Yokorei is pursuing by communicating our medium- andlong-term efforts to realize our sustainability vision: "For a brighter food future– Yokorei will ensure a stable food supply to help support asustainable society.”In the YOKOREI Integrated Report 2023, we have examined Yokorei’s business model and its value creation process in order to provide
an easy-to-understand guide. In addition, we explain our approach of resolving issues by clarifying materiality priorities and their relevanttargets, and by presenting our initiatives and KPIs for each fiscal year. Furthermore, in response to the demands of society, we have further
enhanced our disclosure of ESG information, including our stance on the environment, climate change, and human resources, as well as

523

480

184

90

147

139

581,704

485,881-522,684446,545-

This report was produced under the leadership of the Public Relations and IR Department and through earnest discussions with the

31,51912,475-

relevant departments. As the officer responsible for the production of the report, I attest that the process of preparing the report is

9,874

9,823

-

16,602

16,020

-

327
184
504
-

313
184
503
-

-

Non-applicable

-

-

-

Non-applicable11
57,032

18
57,637

59,175Non-applicableNon-applicable

56,32456,91558,775

602

559

244

107

164

156

638,737

543,518-

information on corporate governance.

legitimate and that its content is accurate.
Yokorei

We hope that this report will help our stakeholders to better understand our Group’s medium- to long-term growth and theenhancement of our corporate value. We will continue striving to further strengthen our information disclosure and deepen our dialogue
with our stakeholders. We look forward to your continued support.

Akiko Komatsu
Corporate Officer, General Manager of Public Relations and IR Department

Non-applicableNon-applicableNon-applicable

YOKOREI Integrated Report 2023

39

Share Trends by Business

Stock Information (As of September 30, 2023)

Refrigerated Warehousing Business, Industry Comparison Warehousing Volume by Product(Thousand tons)

2023
Yokorei (Share)
FisheryJapan Association of
products
Refrigerated Warehouses
12 cities
Yokorei (Share)
Livestock
Japan Association of
products
Refrigerated Warehouses
12 cities
Yokorei (Share)
Agricultural
Japan Association of
products
Refrigerated Warehouses
12 cities
Frozen foods, Yokorei (Share)
Japan Association of
other
Refrigerated Warehouses
12 cities
Yokorei (Share)
Total
Japan Association ofRefrigerated Warehouses
12 cities

195

2022

YoY

(10.4%)

1,880

-4.9%

(0.1pt)

-5.9%

480

(11.0%)

4,359(17.7%)

1,219

0.0%

(0.1pt)(11.7%)

4,923

6.4%

(1.5pt)(11.8%)

12,381(10.9%)

203

-1.7%

(-0.2pt)586(16.2%)(11.9%)(0.1pt)

-1.5%

1,474

0.8%

(-0.2pt)

12,571(9.4%)

476(11.1%)

4,306

8.6%

(0.7pt)187(15.5%)

1,209

9.7%

(0.6pt)4.4%(11.7%)

185
1,959

3.4%

4,912

-0.5%

(0.9pt)

2.5%

1,250

0.2%

1,467

480

10.8%
1.9%

4,412

-2.5%

576

(10.3%)

1,997

-1.2%

216

205

2021

YoY

534

(11.3%)

Securities Code

2874

Stock Listing

Prime Market, Tokyo Stock Exchange

Share Handling Agent

Mitsubishi UFJ Trust and Banking Corporation

Authorized Number of Shares

160,000,000 Shares

Number of Shares Outstanding

59,266,684 Shares

Share Trading Unit

100 Shares

Number of Shareholders

13,823
Japan Credit Rating Agency, Ltd. Long-term: A-

Credit Rating(As of August 22, 2023)

4,705

6.7%

(0.4pt)

3.2%

1,382

(11.3%)

Principal Shareholders

12,179Number of Shares Held(Thousand Shares)
Ratio of Shareholding

Name

Refrigerated Warehousing Business, Industry Comparison Month-End Inventory Accumulation by Product(Thousand tons)

2023
Yokorei (Share)
FisheryJapan Association of
products
Refrigerated Warehouses
12 cities
Yokorei (Share)
Livestock
Japan Association of
products
Refrigerated Warehouses
12 cities
Yokorei (Share)
Agricultural
Japan Association of
products
Refrigerated Warehouses
12 cities
Frozen foods, Yokorei (Share)
Japan Association of
other
Refrigerated Warehouses
12 cities
Yokorei (Share)
Total
Japan Association ofRefrigerated Warehouses
12 cities

968

2022

YoY

(14.9%)

6,507

12.2%

(0.7pt)

6.6%

1,268

(12.7%)

9,951

4.0%

(-1.0pt)(31.5%)

3,276

7.6%

(0.2pt)(12.6%)

5,800

5.2%

958

(13.7%)

5.5%

694(0.5pt)0.1%(31.2%)-0.1%(-0.1pt)

5,498

10.3%

(13.6%)

1,218(13.8%)

8,838(1.6pt)-5.4%(12.6%)

827
6,090

0.5%

3,067
(0.0pt)

4.4%
0.3%

8,885

6.8%

730

1,219

2021

YoY

(14.1%)

6,106

12.0%

1,031

863

959

(29.6%)

3,242(0.4pt)6.7%

629(12.2%)

5,153

The Master Trust Bank of Japan, Ltd. (Trust Account)

6,293

10.66

Matsuoka Co., Ltd.

2,569

4.35

The Dai-ichi Life Insurance Company, Limited

2,205

3.73

The Bank of Yokohama, Ltd.

2,176

3.68

Custody Bank of Japan, Ltd. (Trust Account)

1,629

2.76

The Norinchukin Bank

1,473

2.49

Hacchoko Co., Ltd.

1,411

2.39

Yokorei Employee Shareholding Association

1,329

2.25

BNYM SA/NV FOR BNYM FOR BNYM GCM CLIENT ACCTS M ILM FE

1,023

1.73

SAKATA SEED CORPORATION

1,022

1.73

Note: The shareholding ratio has been calculated excluding treasury stock (232,002 shares).

3,997(15.7%)

25,5347.0%(-0.2pt)

8.4%

3,734

(15.9%)

23,5562.8%(0.3pt)

1.0%

3,633

(15.6%)

23,323

Breakdown of Shareholders by Type

Breakdown of Shareholders by Number of
Shareholders Held (Thousand shares)

Food Sales Business, Sales Volume and Unit Price by Major Prod (Consolidated Basis)
(Tons)2023■ Financial institutions: 26

2021

YoY

0.2%

■ Treasury stocks: 1

Sales Volume (Unit Price (Yen))

18,327

(516)

-482

(63)

18,809(453)-6,592(-16)

25,401(469)

 Chicken

Sales Volume (Unit Price (Yen))

11,573

(409)

1,539

(16)

10,034(393)-1,583(116)

11,617(277)

 BeefSales Volume (Unit Price (Yen))

1,770(1,005)-1,218

(134)

2,988

(871)

331

(-26)

2,657

(897)

1.1%

(698)

■ Foreign companies
and foreigners: 134

Sales Volume (Unit Price (Yen))

9,391(1,013)

1,346

(60)

8,045

(953)

980

(255)

7,065

0.01%

Sales Volume (Unit Price (Yen))

5,067(1,243)-2,417

(237)

7,484

(1,006)

2,763

(-30)

4,721

(1,036)

 Mackerel

Sales Volume (Unit Price (Yen))

42,336(222)-2,366(32)

44,702(190)-4,792(13)

49,494(177)

 Shrimp

Sales Volume (Unit Price (Yen))

4,420(1,245)

-112

(39)

4,532

(1,206)

293

(99)

4,239

(1,107)

 CrabSales Volume (Unit Price (Yen))

429(2,667)-394(-1,682)823(4,349)-228(1,150)1,051(3,199)

 Squid

Sales Volume (Unit Price (Yen))

18,344

(469)

4,257

(67)

14,087

(402)

439

(44)

13,648(358)

 AtkamackerelSales Volume (Unit Price (Yen))

8,151

(420)

197

(66)

7,954

(354)

-1,877

(20)

9,831

(334)

 Eel

Sales Volume (Unit Price (Yen))

1,722(3,443)

110

(-20)

1,612

(3,463)

-329

(703)

1,941

(2,760)0.4%■ Individuals and others: 13,484■ Financial institutions: 16,821

28.4%

0.1%

■ Other domestic corporations: 158

97.6%

 Scallop■ Treasury stocks: 232■ Financial instruments
and exchange dealers: 20

 Pork Salmon
and trout

40

2022

YoY

■ Individuals and others:

21,294
35.9%■ Financial instruments
and exchange dealers: 800

1.3%

1.0%

■ Foreign companies and foreigners:■ Other domestic corporations: 10,873

18.4%

9,244
15.6%

Number of Shares Outstanding and Market Capitalization (Fiscal Year-End)

Number of shares outstanding (shares)
Market capitalization (¥ million)

2023

2022

2021

2020

2019

2018

59,266,684

59,266,684

59,266,684

59,266,684

59,266,684

59,266,684

71,771

52,21352,56954,11061,341

54,584

YOKOREI Integrated Report 2023

41

Corporate Data (As of September 30, 2023)

Basic Data
Trade Name

Yokorei Co., Ltd.

Head Office

10th Floor, Yokohama Connect Square, 3-3-3 Minato Mirai, Nishi-ku, Yokohama 220-0012
TEL. 045-210-0011 FAX. 045-210-0018
https://www.yokorei.co.jp/en/

EstablishedMay 13, 1948

Capital14,303.42 million yen

Number of
Employees

1,658 (consolidated); 1,335 (non-consolidated)

Business
Activities

1. Refrigerated and ordinary warehousing
2. Processing, sale, and import/export ofmarine products
3. Processing, sale, and import/export ofagricultural and livestock products
4. Customs clearance

Contact

5. Aquaculture
6. Ice-making business7. Freight forwarding and trucking
8. Real estate leasing
9. Restaurant and coffee shop management; food and drink sales
10. Other related businesses (business purpose in the Articles of Incorporation)

Public Relations and IR Department TEL. 045-210-0011

Fax 045-210-0018

Website Information

https://www.yokorei.co.jp/en/ir/
Investor Relations
Management Policy

IR Library

Get to Know Yokorei

Stock Information

Financial Highlights

IR Sitemap

Group Companies Overview
Company Name

Thai Yokorei Co., Ltd.

Main BusinessFrozen and cold storage of food products, etc.

Address

18th Fl., Sindhorn Tower3, 130-132 Wireless Road, Lumpini, Pathumwan, Bangkok 10330 Thailand
TEL: +66(0)2-651-4515

Company NameBest Cold Chain Co., Ltd.

Main Business

Low temperature transportation of food products, etc.

Address

131 Moo1 Phahonyothin Road, Km 74, Sanubtueb, Wang Noi, Phra Nakhon Si Ayuttaya 13170 Thailand
TEL: +66(0)3-572-1031

Company Name

Yokorei (Thailand) Co., Ltd.

Main Business

Sale and import/export of food products

Address

18th Fl., Sindhorn Tower 3, 130 - 132 Wireless Road, Lumpini, Pathumwan, Bangkok, 10330 Thailand
TEL: +66(0)2-651-4518

Company Name

Vietnam Yokorei Co., Ltd.

Main BusinessFrozen and cold storage of food products, etc.

Address

Lot B18-1,B19-1,B20-1,B21-1, Doc 2 line of Phu An Thanh Industrial Park, Provincial road 830, An Thanh commune, Ben Luc district, Long
An Province, Vietnam.
TEL: +84(0)27-2365-5746