May 10, 2024

Summary of Consolidated Financial Results for the Fiscal Year Ended March 31, 2024
Company name:
Stock code:
Representative:
Contact:[Japanese GAAP]SAN HOLDINGS, INC.
Listing: Tokyo Stock Exchange
9628
URL: https://www.san-hd.co.jp
Satoshi Harishima, President and Representative Director
Yoshiyuki Yokota, Director, Executive Officer, General Manager of Corporate Planning
Department

Tel: +(81)6-6226-0038

Scheduled date of Annual General Meeting of Shareholders:
Scheduled date of payment of dividend:
Scheduled date of filing of Annual Securities Report:
Preparation of supplementary materials for financial results:
Holding of financial results meeting:June 25, 2024
June 26, 2024
June 26, 2024
Yes
Yes (for analysts)(All amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023 – March 31, 2024)(1) Consolidated results of operations(Percentages represent year-on-year changes)
Profit attributable toOrdinary profit
owners of parent
Million yen% Million yen% Million yen% Million yen%
Fiscal year ended Mar. 31, 2024
22,437
3.6
3,789
(2.0)
3,800
(1.1)
2,363 (15.1)
Fiscal year ended Mar. 31, 2023
21,663
8.3
3,868
14.6
3,843
13.5
2,783
36.4
Note: Comprehensive income (million yen)
Fiscal year ended Mar. 31, 2024: 2,363 (down 15.1%)
Fiscal year ended Mar. 31, 2023: 2,783 (up 36.4%)
Net income per
Diluted net
Ordinary profit Operating profit
Return on equity
share
income per shareon total assets
to net sales
Yen
Yen
%
%
%
Fiscal year ended Mar. 31, 2024
114.38
7.3
10.3
16.9
Fiscal year ended Mar. 31, 2023
131.92
9.1
11.0
17.9
Reference: Equity in earnings of affiliates (million yen): Fiscal year ended Mar. 31, 2024: 35
Fiscal year ended Mar. 31, 2023: (12)Note: SAN HOLDINGS conducted a 2-for-1 common stock split on October 1, 2023. Net income per share has been calculated
as if this stock split had taken place at the beginning of the previous fiscal year.
Operating revenue

Operating profit(2) Consolidated financial position

Total assets
Net assets
Equity ratio
Net assets per share
Million yen
Million yen%
Yen
As of Mar. 31, 2024
37,58532,87787.5
1,610.89
As of Mar. 31, 2023
36,22931,61587.3
1,508.46
Reference: Shareholder’s equity (million yen) As of Mar. 31, 2024: 32,877
As of Mar. 31, 2023: 31,615
Note: SAN HOLDINGS conducted a 2-for-1 common stock split on October 1, 2023. Net assets per share has been calculated asif this stock split had taken place at the beginning of the previous fiscal year.
(3) Consolidated cash flows
Cash flows from
Cash flows from
Cash flows from
Cash and cash equivalents
operating activities investing activities financing activities
at end of period
Million yen
Million yen
Million yen
Million yen
Fiscal year ended Mar. 31, 2024
3,170
(1,442)(1,159)
9,748
Fiscal year ended Mar. 31, 2023
3,262
(594)
(923)
9,179

2. Dividends

Dividend per share
1Q-end2Q-end3Q-endYear-end

Yen
-

Yen
21.00
23.00

Yen
-

Yen
23.00
12.00

Total

Dividend
Dividend on
payout ratio
net assets(consolidated) (consolidated)
Million yen
%
%
467
16.7
1.5
489
20.5
1.5
Total
dividends

Yen
Fiscal year ended Mar. 31, 2023
44.00
Fiscal year ended Mar. 31, 2024
Fiscal year ending Mar. 31, 2025
12.00
12.00
24.00
20.0
(forecast)
Note: SAN HOLDINGS conducted a 2-for-1 common stock split on October 1, 2023. The interim and year-end dividends for the
fiscal year ended March 31, 2023 and the interim dividend for the fiscal year ended March 31, 2024 are the actual amounts
before the stock split. The year-end dividends for the fiscal year ended March 31, 2024 and afterward are the amount after
the stock split.

3. Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2025 (April 1, 2024 – March 31, 2025)(Percentages represent year-on-year changes)
Profit attributable to
Net income per
Operating revenue
Operating profit
Ordinary profit
owners of parent
shareMillion yen%
Million yen%
Million yen%
Million yen%
Yen
11,370
9.3
1,600
(4.3)
1,610
(4.4)
1,030
50.47
(5.1)
First half
24,300
8.3
3,820
0.8
3,830
0.8
2,450
3.7
120.04
Full year
Notes: 1. Net income per share is calculated based on the average number of shares outstanding during the period, which uses thenumber of shares outstanding as of March 31, 2024 (excluding treasury shares).
2. SAN HOLDINGS conducted a 2-for-1 common stock split on October 1, 2023.

* Notes(1) Changes in consolidated subsidiaries during the period (changes in scope of consolidation): Yes
Newly added: 1 (Tokyo Ceremony Co., Ltd.)

Excluded: -(2) Changes in accounting policies and accounting-based estimates, and restatements
1) Changes in accounting policies due to revisions in accounting standards, others: None
2) Changes in accounting policies other than 1) above:None3) Changes in accounting-based estimates:

None4) Restatements:

None(3) Number of outstanding shares (common shares)
1) Number of shares outstanding at the end of the period (including treasury shares)
As of Mar. 31, 2024:

23,400,000 shares

As of Mar. 31, 2023:

23,400,000 shares

As of Mar. 31, 2023:

2,441,444 shares

2) Number of treasury shares at the end of the period
As of Mar. 31, 2024:

2,990,388 shares

3) Average number of shares outstanding during the period
Fiscal year ended Mar. 31, 2024:

20,660,465 sharesFiscal year ended Mar. 31, 2023: 21,099,204 shares

Notes: 1. SAN HOLDINGS conducted a 2-for-1 common stock split on October 1, 2023. The number of shares outstanding at theend of the period, the number of treasury shares at the end of the period and the average number of shares outstanding
during the period have been calculated as if this stock split had taken place at the beginning of the previous fiscal year.
2. The SAN HOLDINGS’ stock held by the Employee Stock Ownership Plan are included in the treasury shares that are
deducted from the number of shares for calculating the number of treasury shares at the end of the period and theaverage number of shares outstanding during the period (266,800 shares as of March 31, 2023 and 262,800 shares as ofMarch 31, 2024).

Reference: Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2024
(April 1, 2023 – March 31, 2024)(1) Non-consolidated results of operations(Percentages represent year-on-year changes)
Fiscal year ended Mar. 31, 2024
Fiscal year ended Mar. 31, 2023

Operating revenue
Million yen
%
6,683
8.7
6,147
3.0

Operating profit
Million yen
%
3,029
12.3
2,697
(1.1)

Ordinary profit
Million yen
%
2,996
12.3
2,668
(1.4)

ProfitMillion yen
2,398
2,375

%
1.0
23.4

Net income per share Diluted net income per share
Yen
Yen
Fiscal year ended Mar. 31, 2024
116.08
Fiscal year ended Mar. 31, 2023
112.59Note: SAN HOLDINGS conducted a 2-for-1 common stock split on October 1, 2023. Net income per share has been calculated
as if this stock split had taken place at the beginning of the previous fiscal year.

(2) Non-consolidated financial position

Total assets
Net assets
Equity ratio
Net assets per share
Million yen
Million yen%
Yen
As of Mar. 31, 2024
33,992
31,26292.0
1,531.76
As of Mar. 31, 2023
32,76629,96491.4
1,429.71
Reference: Shareholders’ equity (million yen):
As of Mar. 31, 2024: 31,262
As of Mar. 31, 2023: 29,964
Note: SAN HOLDINGS conducted a 2-for-1 common stock split on October 1, 2023. Net assets per share has been calculated asif this stock split had taken place at the beginning of the previous fiscal year.

* The current financial report is not subject to audit by certified public accountants or auditing firms.
* Explanation of appropriate use of earnings forecasts, and other special items
Note concerning forward-looking statements
Forecasts of future performance in these materials are based on assumption judged to be valid and information available tothe management of SAN HOLDINGS at the time the materials were prepared, but are not promises by SAN HOLDINGS
regarding future performance. Actual results may differ materially from the forecasts. Please refer to “1. Overview ofResults of Operations, (4) Outlook” on page 5 for forecast assumptions and notes of caution for usage.

SAN HOLDINGS, INC. (9628) Financial Results for FY3/24

Contents of Attachments
1. Overview of Results of Operations

2(1) Results of Operations

2(2) Financial Position

4(3) Cash Flows

4(4) Outlook

5(5) Basic Policy for Profit Distribution and Dividends for the Current and Next Fiscal Years6

2. Basic Approach to the Selection of Accounting Standards

6

3. Consolidated Financial Statements and Notes

7(1) Consolidated Balance Sheet

7(2) Consolidated Statements of Income and Comprehensive Income

9

Consolidated Statement of Income

9

Consolidated Statement of Comprehensive Income

10(3) Consolidated Statement of Changes in Equity

11(4) Consolidated Statement of Cash Flows

12(5) Notes to Consolidated Financial Statements

13

Going Concern Assumption

13

Reclassifications

13

Additional Information

13

Segment and Other Information

13

Per Share Information

17

Subsequent Events

17

1

SAN HOLDINGS, INC. (9628) Financial Results for FY3/24

1. Overview of Results of Operations(1) Results of Operations
In the fiscal year that ended on March 31, 2024, the Japanese economy continued to recover as consumer
spending slowly increased as people went on outings again following the end of the pandemic and the labormarket and personal income improved. The outlook for the economy is extremely unclear because ofgeopolitical risk involving tension in many areas of the world, the rising cost of resources, and increasing
wages and prices.
In Japan’s funeral industry, where we operate, the demand for funeral services is expected to continue to growuntil 2040 as the number of people in Japan who are at least 65 years old increases. Although there is nochange in the fundamental role of funerals as a valuable place to say farewell to the deceased, there is anincreasing tendency for people to have small and simple funerals. The main reasons are the rising number offamilies consisting only of parents and children (nuclear families) and the pandemic. Competition in Japan’s
funeral market is intense, especially for small funerals, as funeral companies speed up the opening of new
locations nationwide, the number of websites that match funeral requirements with funeral companies
increases, and for other reasons. Currently, M&A and other activities for the reorganization of the funeral andend-of-life support business sectors are increasing.
In May 2022, SAN HOLDINGS announced a New 10-Year Vision that defines the goals for the SAN
HOLDINGS Group as the group looks ahead to its 100th anniversary in 2032. As one step for accomplishing
this vision, a medium-term management plan covering the three-year period ending in March 2025 is underway. The plan has the primary goals of achieving the growth of the funeral business and the growth of theend-of-life support business.
In March 2023, we launched ENDING HAUS. as a brand for family funerals with outstanding quality atreasonable prices. This is part of core activities for the growth of the funeral business, which is one of the main
goals of the medium-term management plan. Seven funeral halls were opened during the current fiscal year
including four ENDING HAUS locations. During the current medium-term management plan, we plan to add
31 funeral halls by opening new halls, mainly using the ENDING HAUS brand, and using M&A. On January 4,2024, we acquired Tokyo Ceremony Co., Ltd., which specializes in family funerals. Now a wholly owned
subsidiary, this company is well known in the Tokyo area as a provider of high-quality services involving
funerals. We will accelerate the further strengthening and expansion of our infrastructure for providing
outstanding services.
Growth of the end of life support business is one of our most important goals. On February 8, 2024, SAN
HOLDINGS announced the divestiture of a business unit by KOEKISHA and the absorption of the business
unit by wholly owned subsidiary Life Forward. Since its establishment by SAN HOLDINGS in April 2020,
Life Forward has focused on strengthening customer relations and marketing capabilities in the end of life
support business. Combining the activities of KOEKISHA for support before and after funerals with theservice functions of Life Forward is expected to result in an even stronger framework for providing quality
services to meet the diversifying needs of customers and lead to more growth of the end of life support
business.
During the current fiscal year, funeral service revenue at the three funeral companies of the SAN HOLDINGSGroup was 2.2% higher than one year earlier. Although the number of funerals decreased 0.6%, the averagerevenue per funeral was up 2.8%, which was mainly the result of higher revenue at ordinary funerals (less than
5 million yen). The number of deaths in Japan during the current fiscal year was lower than one year earlier
because of the end of the increase in the number of deaths caused by the pandemic that had continued
throughout 2022 and into early 2023. Furthermore, there was an increase in the number of large funerals (morethan 5 million yen) following the low level of these funerals during the pandemic.
In addition, sales of products and services associated with funerals increased as there were higher sales mainlyof family altars and fixtures and courtesy gifts.
Operating expenses increased 4.8%. The main reasons were higher personnel and recruiting expenses to handle
more funerals as new funeral halls are added and to strengthen the workforce to support more sales growth,2

SAN HOLDINGS, INC. (9628) Financial Results for FY3/24

higher building and land leasing expenses due to new funeral halls, and higher up-front advertising expenses.
Selling, general and administrative expenses increased 5.0%. This was attributable primarily to higher
software depreciation expenses due to the start of operations of a core IT system.
Operating revenue increased 3.6% year on year to 22,437 million yen. Operating profit was down 2.0% to
3,789 million yen due to planned up-front investments for future growth. Ordinary profit decreased 1.1% to3,800 million yen. After taxes, profit attributable to owners of parent was 2,363 million yen, 15.1% lower thanin the previous fiscal year. The equity-method profit associated with GRAN CEREMO TOKYO CO., LTD. was
35 million yen. This funeral company was established in April 2022 and is 51% owned by Kosaido Holdings
Co., Ltd. and 49% owned by SAN HOLDINGS.
The SAN HOLDINGS Group has segments based on companies, primarily the three funeral companies and
SAN HOLDINGS, the holding company. There are four reportable segments: KOEKISHA Group, SOU-SEN
Group, TARUI Group and Holding Company Group. The KOEKISHA Group segment includes KOEKISHA
CO., LTD., EXCEL SUPPORT SERVICE CO., LTD., where operations include funeral support services for thefunerals of KOEKISHA, senior care services, food services for senior care facilities and other activities, andLife Forward CO., LTD., which operates an internet platform for end-of-life services and other assistance.
Tokyo Ceremony is included only in the consolidated balance sheet because an acquisition date of March 31,
2024, is used for preparation of the financial statements.
Business segment performance was as follows.
1) The KOEKISHA GroupAt KOEKISHA CO., LTD., the core company of this segment, the average revenue per funeral increased 2.8%
year on year but the number of funerals decreased 1.2% year on year due to a smaller number of pandemic
death funerals. As a result, funeral service revenue increased 1.5% year on year.
Sales of products and services associated with funerals were higher than one year earlier because of heightenedemphasis on these sales that resulted mainly in an increase in family altars and fixtures, and courtesy gifts.
Operating expenses were higher because of the higher personnel and recruiting expenses to increase thenumber of funerals for the opening of new funeral halls and to strengthen the workforce in preparation forsales growth, and higher up-front advertising expenses
Sales in the KOEKISHA Group segment were 18,502 million yen, up 3.2% year on year, and the segment profit
was 2,349 million yen, down 3.8%.
2) The SOU-SEN GroupAt SOU-SEN Corporation, the number of funerals decreased 3.7% year on year. Average revenue per funeralcontinued to increase due to rising number of mourners. The result was a 1.5% increase in funeral service
revenue. Sales of products and services associated with funerals were higher than one year earlier because ofheightened emphasis on these sales that resulted mainly in an increase in sales of courtesy gifts and of family
altars and fixtures.
Sales in the SOU-SEN Group segment were 1,560 million yen, up 2.9% year on year, and the segment profit
was 155 million yen, up 11.6%.
3) The TARUI GroupAt TARUI CO., LTD., the number of funerals remained strong, increasing 7.9% from one year earlier due tomore funerals mainly at new halls for small funerals. The average revenue per funeral increased 0.7% andfuneral service revenue increased 8.7%. Sales of products and services associated with funerals increased
mainly due to an increase in sales of family altars and fixtures.
Sales in the TARUI Group segment were 1,993 million yen, up 8.8% year on year, and the segment profit was
452 million yen, up 21.8%.

3

SAN HOLDINGS, INC. (9628) Financial Results for FY3/24

4) Holding Company GroupOperating revenue at SAN HOLDINGS increased mainly because of an increase in dividend income.
Fixed expenses were higher mainly because of building and land leasing and depreciation expenses at new
funeral halls.
Sales in the Holding Company Group segment were 6,683 million yen, up 8.7% year on year, and the segment
profit was 3,027 million yen, up 14.0%.
(2) Financial Position
AssetsCurrent assets at the end of the current fiscal year were 11,835 million yen, up 796 million yen from the end of
the previous fiscal year. This was mainly due to an increase in cash and deposits of 597 million yen and anincrease in accounts receivable and contract assets of 443 million yen each.
Non-current increase 560 million yen from the end of the previous fiscal year. The increase was attributableprimarily to a 40 million yen increase in property, plant and equipment, the net result of an increase inconstruction in progress mainly due to investments in new halls and a decrease due to depreciation, a 401
million yen increase in intangible assets mainly caused by an increase in goodwill and a 118 million yen
increase in investments.
As a result, total assets increased 1,356 million yen from the end of the previous fiscal year to 37,585 million
yen.
Liabilities
Current liabilities at the end of the current fiscal year were 3,636 million yen, up 76 million yen from the endof the previous fiscal year. This was mainly due to increases of 35 million yen in accounts payable-trade and45 million yen in provision for bonuses.
Non-current liabilities were 1,071 million yen, an increase of 17 million yen from the end of the previous
fiscal year. This was mainly due to a decrease in long-term accounts payable-other and an increase in asset
retirement obligations.
As a result, total liabilities increased 94 million yen from the end of the previous fiscal year to 4,708 million
yen.
Net assets
Net assets were 32,877 million yen at the end of the current fiscal year, up 1,262 million yen from the end of
the previous fiscal year.
The main factors include profit attributable to owners of parent of 2,363 million yen, an 1,877 million yen
increase in retained earnings due to dividend payments of 485 million yen and purchase of treasury shares inan amount of 662 million yen.
Consequently, the equity ratio increased 0.2 percentage points from the end of the previous fiscal year to
87.5%.
(3) Cash Flows
Cash and cash equivalents at the end of the current fiscal year was 9,748 million yen, up 568 million yen overthe end of the previous fiscal year.
The cash flow components during the current fiscal year and the main reasons for changes are as described
below.
Cash flows from operating activities
Net cash provided by operating activities was 3,170 million yen (3,262 million yen provided in the previous
fiscal year).
4

SAN HOLDINGS, INC. (9628) Financial Results for FY3/24

Positive factors include profit before income taxes of 3,629 million yen and depreciation of 941 million yen.
Negative factors include an increase in trade receivables of 434 million yen and income taxes paid of 1,656
million yen.
Cash flows from investing activities
Net cash used in investing activities was 1,442 million yen (594 million yen used in the previous fiscal year).
Negative factors include purchase of property, plant and equipment of 942 million yen for construction of new
funeral halls and renovation and rebuilding of existing funeral halls, payments of 252 million yen due tobuilding of a new core IT system and purchase of shares of subsidiaries of 206 million yen.
Cash flows from financing activities
Net cash used in financing activities was 1,159 million yen (923 million yen used in the previous fiscal year).
The main factors include cash dividends paid of 485 million yen and purchase of treasury shares of 662 million
yen.
(4) Outlook
We expect the recovery of the Japanese economy to continue during the fiscal year ending in March 2025.
However, the economic outlook will probably remain extremely uncertain because of persistent inflation as
tension and instability around the world raise prices of imported goods. In the funeral industry, the demand for
funerals is forecast to continue to increase until 2040 due to the rising number of people in Japan who are atleast 65 years old. On the other hand, the diversity of funeral styles is increasing as lifestyles and preferenceschange in Japan. As a result, we anticipate a continuation of the shift to small and simple funerals.
Our outlook for the fiscal year ending in March 2025 is as follows.
Existing funeral halls and new locations are increasing activities to receive orders for funerals as the number ofdeaths in Japan continues to climb. Funeral halls are also working on minimizing the decline in sales per
wedding caused by the tendency for people to have small and simple funerals. As a result, we forecast an
increase in funeral sales. In the end of life support business, we are strengthening services for support before
and after funerals and aiming for growth of rehabilitation day care services and the foodservice business forsenior care facilities. The goal is to provide even more and better support for many years to customers andtheir family members. In the fiscal year ending in March 2025, we will again add funeral halls, including byusing acquisitions, in accordance with the medium-term management plan as we meet customers’ needs andfurther improve the quality of our services. We also plan to increase the workforce to support the growth ofbusiness operations.
Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2025 (Results for the fiscal year ended
March 31, 2024 are shown in parentheses.)
Operating revenue

24,300 million yen (22,437 million yen)

Operating profit

3,820 million yen(3,789 million yen)

Ordinary profit

3,830 million yen(3,800 million yen)

Profit attributable to owners of parent

2,450 million yen(2,363 million yen)

*Cautionary statement with respect to earnings forecasts
Forecasts incorporate risks and uncertainties because these statements are based on judgements made by using
information available to the management of SAN HOLDINGS and its group companies. Actual results may
differ materially from the forecasts due to changes in the economy and market conditions of the SAN
HOLDINGS and its group companies as well as a number of other factors.

5

SAN HOLDINGS, INC. (9628) Financial Results for FY3/24(5) Basic Policy for Profit Distribution and Dividends for the Current and Next Fiscal Years
Distributing earnings to shareholders is one of our highest priorities. For the dividend, our policy is to aim fora higher dividend based on a commitment to dividend stability. Dividends reflect our consolidated performanceand financial condition, the need to retain earnings for investments for medium and long-term growth,financial soundness and other applicable factors. In addition, we will consider repurchasing stock in a flexible
manner that takes into account the stock price and other applicable factors. Retained earnings are used mainly
for IT systems, M&A and other strategic investments with emphasis on constructing funeral halls. The
objective is to use retained earnings for strengthening our business foundation and increasing corporate value.
For the fiscal year that ended in March 2024, shareholders received an interim dividend of 23 yen per shareand we plan to pay a year-end dividend of 12 yen per share. This will result in a fiscal year dividend of 23.50
yen per share and a dividend payout ratio of 20.5%. (SAN HOLDINGS conducted a 2-for-1 common stock
split on October 1, 2023)
For the fiscal year ending in March 2025, based on our dividend policy, we plan to pay interim and year-end
dividends of 12 yen per share. This will result in a fiscal year dividend of 24 yen and an expected dividend
payout ratio of 20.0%.
2. Basic Approach to the Selection of Accounting Standards
SAN HOLDINGS Group will continue to prepare consolidated financial statements using generally accepted
accounting principles in Japan for the time being because shareholders, creditors and business partners inJapan account for most stakeholders, there is no plan to procure funds from overseas, and all businessactivities are conducted in Japan.
We will take suitable actions with regard to the application of International Financial Reporting Standards(IFRS) by taking into account associated factors in Japan and other countries.

6

SAN HOLDINGS, INC. (9628) Financial Results for FY3/24

3. Consolidated Financial Statements and Notes(1) Consolidated Balance Sheet(Millions of yen)
FY3/24(As of Mar. 31, 2024)

FY3/23(As of Mar. 31, 2023)
AssetsCurrent assets
Cash and deposits

9,192

9,789

Accounts receivable and contract assets

919

1,362

Merchandise and finished goods

122

137

Raw materials and supplies

29

25

Income taxes refund receivable

197

258

Consumption taxes refund receivable

23

18

Other

556

245

Allowance for doubtful accounts

(1)

(2)

11,03911,835

Total current assets
Non-current assets
Property, plant and equipment

9,840

9,859

Machinery, equipment and vehicles, net

Buildings and structures, net

29

16

Tools, furniture and fixtures, net

106

114

12,25012,250

242

230

Land
Leased assets, net
Construction in progress

14

52

22,48322,524

-

233

Other

398

566

Total intangible assets

398

799

166

152

Total property, plant and equipment
Intangible assets
Goodwill

Investments and other assets
Long-term loans receivable
Deferred tax assets

551

648

Beneficial interests in real estate trust

475

455

Investment securities

85

120

Guarantee deposits

794

821

Other

243

241

Allowance for doubtful accounts

(9)

(13)

Total investments and other assets

2,308

2,426

Total non-current assets
Total assets

725,18925,75036,22937,585SAN HOLDINGS, INC. (9628) Financial Results for FY3/24(Millions of yen)
FY3/24(As of Mar. 31, 2024)

FY3/23(As of Mar. 31, 2023)
Liabilities
Current liabilities
Trade accounts payable

993

1,029

Lease liabilities

94

88

Accounts payable-other

754

741

Income taxes payable

666

685

Accrued consumption taxes

291

222

Provision for bonuses

520

566

Provision for bonuses for directors (and other officers)

58

60

Other

180

241

3,559

3,636

Lease liabilities

174

168

Asset retirement obligations

512

561

Total current liabilities
Non-current liabilities

Provision for employee stock ownership plan trust

49

59

Long-term deposits received

253

281

Long-term accounts payable-other

64

1

1,054

1,071

4,613

4,708

Share capital

2,568

2,568

Capital surplus

5,488

5,505

Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity

Retained earnings

25,15327,030Treasury shares(1,594)(2,226)

Total shareholders’ equity

31,61532,87731,61532,87736,22937,585

Total net assets
Total liabilities and net assets

8

SAN HOLDINGS, INC. (9628) Financial Results for FY3/24(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statement of Income(Millions of yen)
FY3/23
FY3/24(Apr. 1, 2022 – Mar. 31, 2023) (Apr. 1, 2023 – Mar. 31, 2024)

Operating revenue

21,66322,437

Operating expenses

16,325

17,104

Operating gross profit

5,338

5,332

Selling, general and administrative expenses
Remuneration for directors (and other officers)

172

178

Salaries and allowances

338

356

Bonuses

67

65

Provision for bonuses
Provision for bonuses for directors (and otherofficers)
Outsourcing expenses

58

47

58

60

194

210

Provision of allowance for doubtful accounts

05Advertising expenses

62

Depreciation

41

86

Other

530

528

1,470

1,543

3,868

3,789

Interest income

22

Dividend income
Share of profit of entities accounted for using equity
methodMiscellaneous income

0

0

-

35

28

20

Total non-operating income

3158

Total selling, general and administrative expenses
Operating profit
Non-operating income

Non-operating expenses
Interest expenses

00

Dismantling removal expense
Share of loss of entities accounted for using equity
methodNon-deductible consumption tax

24

30

12

-

7

6

Miscellaneous losses

11

11

Total non-operating expenses
Ordinary profit

56

47

3,843

3,800

292

-

1

-

293

-

Extraordinary income
Gain on sale of non-current assets
Other
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets

617

Impairment losses

3

152

Other

-

1

Total extraordinary losses

9171

Profit before income taxes

4,127

3,629

Income taxes-current

1,320

1,357

Income taxes-deferred

22

(91)

Total income taxes

1,343

1,265

Profit

2,783

2,363

Profit attributable to owners of parent

2,783

2,363

9

SAN HOLDINGS, INC. (9628) Financial Results for FY3/24

Consolidated Statement of Comprehensive Income(Millions of yen)
FY3/23
FY3/24(Apr. 1, 2022 – Mar. 31, 2023) (Apr. 1, 2023 – Mar. 31, 2024)

Profit

2,783

2,363

Other comprehensive income
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to:Comprehensive income attributable to owners ofparentComprehensive income attributable tonon-controlling interests

10

-

-

2,783

2,363

2,783

2,363

-

-

SAN HOLDINGS, INC. (9628) Financial Results for FY3/24(3) Consolidated Statement of Changes in Equity
FY3/23 (Apr. 1, 2022 – Mar. 31, 2023)(Millions of yen)
Shareholders’ equity

Balance at beginningof period
Changes during
periodDividends ofsurplusProfit attributableto owners of parent
Purchase oftreasury shares
Disposal oftreasury shares
Gains on disposalof treasury shares
Cancellation oftreasury shares
Total changes during
periodBalance at end of
periodShare capital

Capital surplus

2,568

5,494

Treasury shares

Total
shareholders’equity(1,835)29,62929,629

(450)

(450)

(450)

2,783

2,783

2,783

(387)

(387)

(387)

27

27

27

12

12

Retainedearnings
23,402

12

Total net assets

(18)

(582)

600

-

-

-

(5)

1,750

240

1,985

1,985

2,568

5,488

25,153(1,594)

31,61531,615

FY3/24 (Apr. 1, 2023 – Mar. 31, 2024)(Millions of yen)
Shareholders’ equity

Balance at beginningof period
Changes during
periodDividends ofsurplusProfit attributableto owners of parent
Purchase oftreasury shares
Disposal oftreasury shares
Gains on disposalof treasury shares
Total changes during
periodBalance at end of
periodShare capital

Capital surplus

2,568

5,488

Treasury shares

Total
shareholders’equity(1,594)

31,61531,615

(485)

(485)

(485)

2,363

2,363

2,363

(662)

(662)

(662)

30

30

30

16

16

Retainedearnings
25,15316

Total net assets

-

16

1,877

(631)

1,262

1,262

2,568

5,505

27,030(2,226)32,87732,877

11

SAN HOLDINGS, INC. (9628) Financial Results for FY3/24(4) Consolidated Statement of Cash Flows
FY3/23(Apr. 1, 2022 – Mar. 31, 2023)(Millions of yen)
FY3/24(Apr. 1, 2023 – Mar. 31, 2024)

4,127

3,629

882

941

Impairment losses

3152

Loss on retirement of property, plant and equipment
Increase (decrease) in allowance for doubtful
accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for bonuses for
directors (and other officers)
Increase (decrease) in provision for employee stock
ownership plan trust
Interest and dividend income

6

17

(1)

4

93

45

9

2

10

9

(2)

(2)

Cash flows from operating activities
Profit before income taxes
Depreciation

Interest expenses
Loss (gain) on sale of property, plant and equipment
Share of loss (profit) of entities accounted for using
equity method
Decrease (increase) in trade receivables

0

0

(292)

-

12

(35)

(159)

(434)

Decrease (increase) in inventories

(2)

(11)

Increase (decrease) in trade payables

141

22

Increase (decrease) in accrued consumption taxes

66

(76)

Other, net

(209)

402

Subtotal

4,686

4,666

0

0

Interest and dividends received
Interest paid
Income taxes paid
Income taxes refund

(0)

(0)

(1,407)(1,656)-

196

Other, net

(16)

(36)

Net cash provided by (used in) operating activities

3,262

3,170

(780)

(942)

Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment

462

-

(220)

(252)

-

(206)

Loan advances-(4)

Proceeds from collection of loans receivable

1

1

Purchase of intangible assets
Purchase of shares of subsidiaries

Other proceeds

1240

Other payments

(69)

(76)

Net cash provided by (used in) investing activities(594)(1,442)

(387)

(662)

Cash flows from financing activities
Purchase of treasury shares
Repayments of finance lease liabilities

(85)

(11)

Dividends paid

(450)

(485)

Net cash provided by (used in) financing activities(923)(1,159)Net increase (decrease) in cash and cash equivalents

1,744

568

Cash and cash equivalents at beginning of period

7,435

9,179

Cash and cash equivalents at end of period

9,179

9,748

12

SAN HOLDINGS, INC. (9628) Financial Results for FY3/24(5) Notes to Consolidated Financial Statements
Going Concern Assumption
Not applicable.
Reclassifications
Consolidated Statement of Income“Reversal of allowance for doubtful accounts,” “Subsidy income” and “Rental income from company
housing,” which were separately presented under non-operating income in the previous fiscal year, areincluded in “Miscellaneous income” from the current fiscal year. To conform to this change, the consolidated
financial statements for the previous fiscal year are reclassified.
As a result, “Reversal of allowance for doubtful accounts” of 2 million yen, “Subsidy income” of 9 million yen
and “Rental income from company housing” of 5 million yen under non-operating income are reclassified anddivided into “Miscellaneous income.”
Additional Information
Distribution of SAN HOLDINGS stock to employees, etc. using a trust
SAN HOLDINGS is using this distribution of stock as an incentive plan to heighten motivation forcontributing to the growth of corporate value. The distribution of stock will increase benefits for employees of
SAN HOLDINGS and its subsidiaries and is expected to give employees a stronger feeling of belonging to aunified team and participating in management. This will give employees a stronger commitment to the medium
and long-term growth of sales and earnings and to increasing the stock price.
(1) Outline of transactions
The incentive plan uses a trust established and funded by SAN HOLDINGS to purchase at once a sufficientnumber of shares of SAN HOLDINGS common stock for upcoming distributions. Employees who meet thedesignated requirements will receive points granted in accordance with stock distribution rules established by
the directors of SAN HOLDINGS and its subsidiaries. The points are subsequently used to determine thenumber of shares of SAN HOLDINGS common stock to be received by employees from the trust. Points
reflect each person’s job and other factors. There is no cost to employees because SAN HOLDINGS covers theentire cost of stock purchases made by the trust.
(2) SAN HOLDINGS stock remaining in the trust
The book value (excluding associated expenses) of SAN HOLDINGS stock held by the trust is shown astreasury shares in the net assets section of the consolidated balance sheet. As of March 31, 2023, the trust held
266,000 shares of SAN HOLDINGS with a book value of 146 million yen. As of March 31, 2024, the trust held
262,000 shares of SAN HOLDINGS with a book value of 144 million yen.
Note: SAN HOLDINGS conducted a 2-for-1 stock split on October 1, 2023. The above number of treasury
shares is based on the number of shares after the stock split.
Segment and Other Information
Segment information
1. Overview of reportable segment
Segments used for financial reporting are SAN HOLDINGS’ constituent units for which separate financial
information is available and for which the Board of Directors performs periodic studies for the purposes ofdetermining the allocation of resources and evaluating performance.
SAN HOLDINGS, which is the holding company, determines strategies and performs management functions
for all group companies. SAN HOLDINGS oversees the operations of subsidiaries that provide funeral-related
services and leases real estate used for funeral halls and other facilities. All subsidiaries conduct businessactivities involving their respective services and products in accordance with the strategies determined by SAN
13

SAN HOLDINGS, INC. (9628) Financial Results for FY3/24

HOLDINGS.
Consequently, the SAN HOLDINGS Group is composed of segments based on company group, primarily thethree funeral companies and SAN HOLDINGS, the holding company, and there are four reportable segments:
KOEKISHA Group, SOU-SEN Group, TARUI Group and Holding Company Group.
2. Calculation method for net sales, profit or loss, assets, and other items for each reportable segment
The accounting methods for reportable segments are the same as those used for preparing the consolidated
financial statements.”
Segment profit for reportable segments is based on ordinary profit.
Inter-segment sales and transfers are based on market prices.
3. Information related to net sales, profit or loss, assets, and other items for each reportable segment, andbreakdown of revenue
FY3/23 (Apr. 1, 2022 – Mar. 31, 2023)(Millions of yen)Amounts
shown onconsolidated
financialstatements(Note 2)

Reportable segment

Net sales
Funeral service
revenue
Other
Revenue fromcontracts withcustomers
Other revenue

HoldingCompany
Group

TARUI
Group

Adjustment(Note 1)

KOEKISHAGroup

SOU-SENGroup

14,525

1,337

1,690

-

17,553-

17,553

3,377

178

141

-

3,697

-

3,697

17,902

1,515

1,831

-

21,250-21,250

Total

-

-

-

413

413

-

413

External sales
Inter-segment sales
and transfers

17,902

1,515

1,831

413

21,663-

21,663

31

-

0

5,734

5,766

(5,766)-

Total

17,934

1,515

1,831

6,147

27,430(5,766)

21,663

Segment profit

2,442

139

371

2,655

5,609

(1,766)

3,843

Segment assets

6,216

463

1,491

32,75340,925(4,696)36,229Other items
Depreciation(Note 3)
Interest income

186

11

29

656

882

-

882

6

0

4

12

22

(19)

2

9

-

-

10

19

(19)

0

-

-

-

(12)

(12)

-

(12)

-

-

-

98

98

-

98

96

10

17

909

1,035

-

1,035

Interest expenses
Share (loss) of profit
of entities accounted
for using equity
methodInvestment inequity-method
affiliates
Increase in property,
plant and equipment
and intangible assets

14

SAN HOLDINGS, INC. (9628) Financial Results for FY3/24

FY3/24 (Apr. 1, 2023 – Mar. 31, 2024)(Millions of yen)Amounts
shown onconsolidated
financialstatements(Note 2)

Reportable segment
HoldingCompanyGroup

SOU-SENGroup

14,754

1,358

1,837

-

17,951-

17,951

3,713

201

155

-

4,070

-

4,070

18,467

1,560

1,993

-

22,021-

22,021

-

-

-

416

416

-

416

External sales
Inter-segment sales
and transfers

18,467

1,560

1,993

416

22,437-22,437

34

-

0

6,267

6,302

(6,302)-

Net sales
Funeral service
revenue
Other
Revenue fromcontracts withcustomers
Other revenue

TARUI
Group

Adjustment(Note 1)

KOEKISHA
Group

Total

Total

18,502

1,560

1,993

6,683

28,740(6,302)

22,437

Segment profit

2,349

155

452

3,027

5,985

(2,185)3,800

Segment assets

6,641

443

1,595

34,11442,795(5,209)37,585

Other items
Depreciation(Note 3)
Interest income

178

13

27

721

941

-

941

6

0

5

12

23

(21)

2

Interest expenses
9
Share (loss) of profit
of entities accounted
for using equity
methodIncrease in property,
plant and equipment
150
11and intangible assets
Unamortized balance233
of goodwill
Notes: 1. Contents of adjustments are as follows.
To segment profit

-

11

21

(21)

0

-

35

35

-

35

7

1,082

1,251

-

1,251

-

-

233

-

233

(Millions of yen)
FY3/23Elimination of amount equivalent to dividends paid tothe holding company by consolidated subsidiaries
Adjustment of allowance for doubtful accounts related
to the netting elimination of assets and liabilities
Total

FY3/24(1,765)(2,184)(1)(0)(1,766)(2,185)To segment assets(Millions of yen)
FY3/23

FY3/24

Stock of subsidiaries held by the holding company
Adjustment of allowance for doubtful accounts related
to the netting elimination of assets and liabilities
Elimination of inter-segment transactions(2,512)(3,035)

1,116

468

(3,300)(2,643)

Total(4,696)(5,209)2. Segment profit is adjusted to be consistent with ordinary profit recorded in the consolidated statement ofincome.
3. Depreciation under other items include amortization of long-term prepaid expenses.
4. Tokyo Ceremony is included in the KOEKISHA Group.

15

SAN HOLDINGS, INC. (9628) Financial Results for FY3/24

Related information
FY3/23 (Apr. 1, 2022 – Mar. 31, 2023)
1. Information by product or service
Omitted since sales to external customers in the category of a single product or service exceeded 90% of operating
revenue on the consolidated statement of income.
2. Information by region(1) Net sales
Not applicable because there are no external sales outside Japan.
(2) Property, plant and equipment
Not applicable because there is no property, plant and equipment outside Japan.
FY3/24 (Apr. 1, 2023 – Mar. 31, 2024)
1. Information by product or service
Omitted since sales to external customers in the category of a single product or service exceeded 90% of operating
revenue on the consolidated statement of income.
2. Information by region(1) Net sales
Not applicable because there are no external sales outside Japan.
(2) Property, plant and equipment
Not applicable because there is no property, plant and equipment outside Japan.
Information related to impairment losses on non-current assets for each reportable segment
FY3/23 (Apr. 1, 2022 – Mar. 31, 2023)
KOEKISHA
Group
Impairment loss

(Millions of yen)
SOU-SEN Group-

Holding Company
Group

TARUI Group

-

3

-

FY3/24 (Apr. 1, 2023 – Mar. 31, 2024)
KOEKISHA
Group
Impairment loss

3
(Millions of yen)

SOU-SEN Group
4

Total

Holding Company
Group

TARUI Group

-

-

147

Total
152

Information related to goodwill amortization and the unamortized balance for each reportable segment
FY3/23 (Apr. 1, 2022 – Mar. 31, 2023)
Not applicable.
FY3/24 (Apr. 1, 2023 – Mar. 31, 2024)
Not applicable.

Information related to gain on bargain purchase for each reportable segment
FY3/23 (Apr. 1, 2022 – Mar. 31, 2023)
Not applicable.
FY3/24 (Apr. 1, 2023 – Mar. 31, 2024)
Not applicable.

16

SAN HOLDINGS, INC. (9628) Financial Results for FY3/24

Per Share Information
FY3/23(Apr. 1, 2022 – Mar. 31, 2023)(Yen)
FY3/24(Apr. 1, 2023 – Mar. 31, 2024)

1,508.46

1,610.89

Net assets per share

Net income per share
131.92114.38Notes: 1. Diluted net income per share is not presented because there are no latent shares with a dilutive effect.
2. The SAN HOLDINGS’ stock held by the Employee Stock Ownership Plan is included in the treasury shares thatare deducted from the number of shares outstanding at the end of the period for calculating the net assets per
share.
3. The SAN HOLDINGS’ stock held by the Employee Stock Ownership Plan of 266,000 shares as of March 31,
2023 and 262,000 shares as of March 31, 2024 are included in the treasury shares that are deducted from thenumber of shares for calculating the average number of shares outstanding for the determination of net income
per share.
4. SAN HOLDINGS conducted a 2-for-1 stock split on October 1, 2023. Net assets per share and net income pershare have been calculated as if this stock split had taken place at the beginning of the previous fiscal year.
5. The basis of calculating the net income per share is as follows:
FY3/23
FY3/24(Apr. 1, 2022 – Mar. 31, 2023) (Apr. 1, 2023 – Mar. 31, 2024)
Net income per share
Profit attributable to owners of parent(Millions of yen)Amount not attributable to common shareholders(Millions of yen)
Profit attributable to owners of parent applicable tocommon shares (Millions of yen)

2,783

2,363

-

-

2,783

2,363

Average number of shares outstanding (Shares)
21,099,204
20,660,465
Summary of latent shares not included in thecalculation of the diluted net income per share since
there was no dilutive effectNote: SAN HOLDINGS conducted a 2-for-1 stock split on October 1, 2023. The average number of shares outstanding has
been calculated as if this stock split had taken place at the beginning of the previous fiscal year.

Subsequent Events
Retirement of Treasury Shares
The SAN HOLDINGS Board of Directors approved a resolution on May 10, 2024 to retire shares in accordance with
Article 178 of the Companies Act.
(1) Type of shares to be retired:
SAN HOLDINGS common stock(2) Total number of shares to be retired:
400,000 shares (1.71% of total shares outstanding prior to the retirement)(3) Planned date of retirement:
May 31, 2024

(4)Total number of shares to be retired:
23,000,000 sharesThis financial report is solely a translation of “Kessan Tanshin” (in Japanese, including attachments), which has been
prepared in accordance with accounting principles and practices generally accepted in Japan, for the convenience ofreaders who prefer an English translation.

17