Financial Results for the 4th Quarterof Fiscal Year Ending July 31, 2023
SILVER LIFE CO., LTD.
The Prime Market of the Tokyo Stock Exchange (9262)

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

Fiscal Year Ending July 2023 4 th Quarter
Performance Highlights

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

Fiscal Year Ending July 2023 Q4 Performance （vs YoY ）Sales increased 9.4%, gross profit margin was 30.2%, absorbing a 3% increase in raw material costs and a 1.9%
increase in labor costs (increased salaries in 2Q), and still improving by 2.7%.SG&A expenses included a 1.3%
increase in labor costs and a 1.1% increase in Fare costs. Operating profit increased 19.3%, operating profit margin
improved by 0.5%, and profit included a tax credit of about 35 million yen due to the first dividend payment

FY2023 Q4Unit : million
yen

Vs.
FY2022
Q4
results

FY2022 Q4

Sales
ratio

Plan
Progressrate

Results

FY2023 Plan

Sales
ratio

Plan

Sales
ratio

12,266

+9.4%

-

96.6%

11,215-

12,700-3,706+20.0%

30.2%

86.8%

3,088

27.5%

4,270

33.6%

Operatingprofit670+19.3%

5.5%

95.7%

561

5.0%

700

5.5%

Ordinary
profit857+20.9%

7.0%

99.7%

709

6.3%

860

6.8%

Profit602+49.9%

4.9%

109.6%

401

3.6%

550

4.3%

Net salesGrossprofitCopyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

-3-

Sales per Category

Franchise chains

Vs. FY2022 Q4
cumulative Actual

Sales Unit : million yen
1,971

2,018

1,997

2,095

2,178

2,114

2,064

FY22 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY23 Q1 FY23 Q2 FY23 Q3 FY23 Q4

Number of Stores
955

948

984

990

2

14

52

67

387

370

368

365

+5.5%

2,165

978

975

964

970

73

85

95

107

352

342

335

326

Sales:
slowdown in growth, and until a few months ago we suspected that the
special demand for COVID-19 but the main cause is presumed to think theenvironment itself has changed with the acceptance of COVID-19 (=increased hospitalization of the elderly) and the emergence of newcompetitors (= generalization of frozen bento meals) *Details on pages 7~8
However, comparable store year-on-year* sales continued to grow at
1000
107.6%, Price increase from March due to rising raw material purchase
800 prices
600

566

564

564

558

553

548

534

537

Number of stores :400 970 stores (up 6 stores from the end of Q3)
200 New plan with underpriced settings will stop the downward trend from 3Q
0

FY22 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY23 Q1 FY23 Q2 FY23 Q3 FY23 Q4

Takushoku Life

Haishokuno Fureai※Comparison of stores existing in both the previous fiscal year and thecurrent fiscal year, excluding withdrawn stores
Magokoro Bento
Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

-4-

Sales per Category
Unit : million yen

350
Facilities
for theelderly

328

335

339
322

323

329

Vs. FY2022 Q4
cumulative Actual

+1.4%

305

FY22

FY22

FY22

FY22

FY23

FY23

FY23

FY23

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Unit : million yen

728

DirectSales/
Others

613
486

513

514

562

407

421

FY22

FY22

FY22

FY22

FY23

FY23

FY23

FY23

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Vs. FY2022 Q4
cumulative Actual+32.3%

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

YoY change remains flat
The trend of declining chilled andincreasing freezing continues
Strengthening the operation of facilities
for people with disabilities
Frozen：division sales ratio is 47.8%
Chilled：division sales ratio is 52.2％

Direct Sales：focus on increasing sales as
the market expands
division sales ratio is 69.6％
OEM：increased sales through newacquisitions
division sales ratio is 28.2％
Warehousing： Sales increase, due tostrong demand
Repeated price increases
division sales ratio is 2.2％

-5-

Change Analysis of Sales
YOY+9.4. FC Food Sales continued to grow moderately despite a slowdown in growth trend
Strong sales of Direct Sales / Others drove overall
Unit : million yen

FC Food Sales

FC Loyalties,etc.

YoY Change

Facilities for the
Elderly+1050

FY22 Q4
cumulative
Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

Direct Sales/ Others

million yen
FY23 Q4
cumulative-6-

Slowdown in FC sales (Impact of COVID-19)
For the first time , FC sales unexpectedly declined for several months after Q2Stores were saying, "We are still attracting customers, but we have never had many hospitalized and separated
from their customers . It has been four years since the appearance of the COVID-19, and the majority has "given
up and accepted" the infection. This has led to an unprecedented increase in COVID-19 -related hospitalizations
among the elderly, who are the main customers of the hospital
Growth of FC slowed
800
Unit : million yen

Franchise chains

Facilities for the elderlyOEM

Direct Sales
Long-term sales trends (by sales category, 3-month moving average)

7th
pandemic

FC sales grew steadily as themarket expanded

8th
pandemicdeaths24,000

COVID-19_Number of deaths

400

In the 8th pandemic, the number of deaths increases as clusters expand
in nursing homes, elderly care facilities, and hospitals as behavioral
restrictions are eased. The proportion of the elderly in the number ofdeaths in the 8th pandemic will be more than 90%.
※Ministry of Health, Labor and Welfare Information on new virus infected
persons

EC sales of frozen bento
meals supplemented

Aug.
Oct.
Dec.
Feb.
Apr.
Jun.
Aug.
Oct.
Dec.
Feb.
Apr.
Jun.
Aug.
Oct.
Dec.
Feb.
Apr.
Jun.
Aug.
Oct.
Dec.
Feb.
Apr.
Jun.
Aug.
Oct.
Dec.
Feb.
Apr.
Jun.
Aug.
Oct.
Dec.
Feb.
Apr.
Jun.
Aug.
Oct.
Dec.
Feb.
Apr.
Jun.
Aug.
Oct.
Dec.
Feb.
Apr.
Jun.

0
2015

2016

2017

2018

2019

2020

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

2021

2022

2023
-7-

Slowdown in FC sales (impact of frozen bento meals )COVID-19 has led to a rapid expansion of the frozen bento meals market for home use sincearound 2021. As companies entered the market and frozen bento meals became commonplace,
FC sales were affected only for some high-priced products.
Unit : million yen【Sales】
Regular bento
Special bento●Sales of regular bento delivered from stores (prices range from 450 to 550 yen per meal including
shipping and handling) → Growing steadily● Sales of special bento(Carbohydrate-calorie adjusted meal, protein adjusted meal, mousse meal)delivered from stores (prices range from 650 to 750 yen per meal including shipping and handling)→Decreasing●Frozen bento meals delivered by home delivery service: Spreading rapidly from around 2021,
companies are aggressively developing this service. Low-priced brands cost 550-650 yen per bento,
including tax and shipping costs, and many of them are calorie- and salt-controlled . Based on salesdata, we estimate that "frozen bento meals are taking over sales of special bento
Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

-8-

Hospitalization of the elderly due to COVID-19, frozen bento meals●Increase in Hospitalization
There is nothing we can do.
Higher hospitalization rates among the elderly population will change assumptions that wewere sure were ironclad I assume that we have changed to an era in which the winter downturn
will be longer and deeper than in previous years.
However, in the long term, the increase in the elderly population is likely to win out over thedecrease in the number of COVID-19.
→In 2022, the increase in the number of summer meals is more likely to prevail over the 7th
pandemic of COVID-19.
→The situation will change depending on the maintenance of the vaccination rate of the elderly
population, the appearance of special drugs, etc.
→Growth is expected to continue, although plans will need to be somewhat restrained.

●Frozen bento meals
Crab damage is expected to be acceptable because it is limited to special meals. However,there are more rivals in the frozen bento meals than FC business.
→The company has no choice but to change to a model that advertises in a red ocean tocapture sales.
Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

-9-

Change Analysis of Gross Profit
Gross profit margin improved by 2.7%. Despite a 3% increase in raw material costs and a 1.9%
increase in labor costs, the Company has been able to absorb the increase by promoting in-houseproduction of meals. As of 4Q, the ratio of in-house production was approximately 40% (100% of thetotal amount of production at partner factories during the same period last year)
Unit : million yen

Labor costs
Merchandise
cost
due to decrease
profit increase

Sales ratio

27.5％

Increase insales

Supplies
expenseUtilities
charge30.2％
OthersMaterial cost
Increased costs due to increased in-house manufacturingcosts and increased sales

YoY Change
FY22 Q4
cumulative

Sales ratio+617

million yen
FY23 Q4
cumulative

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

- 10 -

Change Analysis of Ordinary Profit
Although SG&A expenses increased due to the operation of the Kazo Center and preparations for new OEM orders,various costs were absorbed by improving gross profit
Unit（百万円）: million yen

FC
Loyalties,
etc.
Labor
Costs

Advertising
Outsourcing expense

7.0％

expenses

Fare
Costs

Sales ratio

6.3％

Depreciation
Supplies
expenseFood Gross
ProfitYoY Change
FY22 Q4
cumulative

Sales ratio+148

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

OthersUtilities
chargemillion yen
FY23 Q4
cumulative- 11 -

Selection of Standard Market
The growth of FC is slowing down, and if the company is unable to maintain fulfillment of the Prime
Market criteria, there is a risk that it will not be able to meet the criteria for maintaining a listing, so thecompany has chosen to shift to the Standard Market and concentrate on recovering its businessperformance
Excerpts below）Disclosed on July 28, 2023、「プライム市場上場維持に向けた適合計画の進捗状況及び スタンダード市場上場選択申請の決定に関するお知らせ 」

Failure to meet standards consistently

Scheduled to move to the Standard Market as of October 20, 2023.
Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

- 12 -

Reference : Management index
Net sales
15,000+30.0%Net sales
Growth rate

Unit ： million yen

10,000

7,800

8,832

10,05011,215

12,266

SG&A expense margin+20.0%+13.2% +13.8%

+0.0%
FY19

FY20

FY21

FY22

60.2

FY21

FY22

63.8

50.9
11.8%

55.6
10.7%

10.0%

5,000

77.7%

4,854

8,262 8,860
5,614

5.5%

FY20

FY21

FY22

FY23

PBR
100.0%

4,000

4.6

Unit ： yen

4.1

3,000

50.0%

2,640

Closing stock
price at the end
of Q4
PBR

5.0

2.7

3.0

1,873 1,878

2,000

2.3

1,341 1,264
1,000

0.0%
FY19

FY20

FY21

FY22

FY23

0

0.0%

FY19 FY20 FY21 FY22 FY23
Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

4.0

2.0
1.0

7.9%

0.0

10.0%

0.0%
FY19

9,562

59.6% 59.9% 61.9%

670

8.3%

3.8

75.7%

561

0

FY23

Unit ： million yen

Capital adequacy
ratio

20.0% 10,000

43.7

FY20

30.0% 15,000Total assets

ROE

100.0

50.0

10.6%

Capital adequacy margin

Unit ： yen

16.9%

11.3%

839

5.0%

0.0%
FY19

FY23

150.0

19.0%

934

22.5% 24.8%

0.0%

ROE
Profit per share

885

500
17.3% 19.0% 18.7%

20.0%

Operating profit
Operating profit margin

50.0%

+9.4%
0

1,500

1,000

71.3% 70.4% 72.9% 72.5% 69.8%+10.0%+11.6%

Operating profit margin

Unit ： million yen

50.0%+19.2%
5,000

Cost of sales margin ＆SG&A expense margin
100.0%
100.0%
Cost margin

0.0

FY19

FY20

FY21

FY22

FY23

- 13 -

Sustainability and SDGs Efforts

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

Sustainability Efforts （Environment）
GHG emissions

Solar power generation

53,416tCO2 57,020tCO2
Bento per unit

2.39

CO2

Bento per unit

FY20221.60

240.7t7.9%
FY2022

FY2023*% (disposal rate) = amount disposedof ÷ amount produced

282.0t6.0%
FY2023605mkw

CO2

GHG emissions were calculated to set
future reduction targets. Overall volume
increased due to increased sales, but
CO2 per bento improved

Food Residue

27mkw
FY2022

FY2023

Solar power installed at Gunma and Tochigi
Factory and Kazo Center

Other activities to reduce
environmental impact
・Rental of EV vehicles (COMS) to FC operators for use
in delivering bento meals to the elderly (rental results:
7 vehicles in FY7/10, 23 vehicles in FY7/11) (Rental
results FY7/10: 7 vehicles FY7/11: 23 vehicles)
・Plastic reduction measures
Changed from pillow packaging to top-seal packaging
for frozen bento meals(2g per piece, 26% reduction)

In-house production increased theamount of residuals, but reduction efforts
have led to an improvement as apercentage of production volume
Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

- 15 -

Sustainability Efforts （Social）
Goal: Increase the ratio of women in management to at least 30% by 2028
Ratio of women in management＜Efforts＞

15.4％

26.7％

25.0％

FY2021

FY2022

FY2023・Introducing Role Models for Women Managers

・ Implementing and presenting work hour management in which
managers set an example for themselves
・Provide opportunities for a variety of career course choices
・ Support for social events, shortened work hours, telecommuting, for
returning to work after maternity or parental leave

Goal: Eliminate long overtime hours for employees
Average monthly employee overtime hours worked

・Tracking individual overtime work each month to optimize workload

18:45

16:24

18:09

・Each department is staffed with an extra person, taking into accountFY2021

FY2022

FY2023・Improvement of operations through the introduction of a system tothe risk of unforeseen workforce reductions

reduce fluctuating employee work hours

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

- 16 -

Sustainability Efforts （Social）
Improvement of employee working environment, diversity , etc
・Promotion of paid leave（FY2022：77％ FY2023：68％）
・Promotion of maternity and parental leave （FY2022：5/5 FY2023：2/2 )・Promotion of employment of persons with disabilities（FY2022：7 FY2023：5 ）・Promotion of employment of Foreigners（FY2022：70 FY2023：111）
・Scholarship Repayment Support Program （FY2022：10 FY2023：12）※A system whereby the company repays the full amount of the scholarship heldby the individual in seven-year installments on behalf of the individual

・Promoting support for shorter working hours and working at home for employees who are on childcare leave or
who have returned to work within a certain period of time after returning to work
・Promote use of annual paid leave for part-time employees, encouraging them to take at least 10 days
・Introduced e-learning, a free access to all types of training available to all employees
・Introduction of qualification allowance (starting from March 2021)
・Support system for payment of expenses for qualification acquisition and in-service training

・Introduction of a service to watch over the elderly (started in December 2017, patented in May 2020)
Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

- 17 -

FY2024 Financial Plan
Mid-term Management Plan

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

FY2024 Financial Plan
Sales are expected to grow 6.7%, mainly from Franchise chains and Direct Sales / Others.
Operating profit margin is expected to improve by 0.3% due to the improvement of production andDistribution systems, personnel allocation, cost control
Unit : million yen

FY2023 Results

Net Sales
Operating Profit
Ordinary Profit
ProfitFY2024 Plan

fluctuation

12,266

13,100

+833

670

760

+89

Sales ratio 5.5％

5.8％

+0.3%

857

950

+92

Sales ratio 7.0％

7.3％

+0.3%

602

620

+17

Sales ratio 4.9％

4.7％

-0.2%

*Profit for the FY2023 includes a tax credit of 35 million due to the first dividend

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

- 19 -

FY2024 Financial Plan (Sales and operating profit by sales category)Sales are expected to grow only moderately in Franchise chains, Facilities for the elderly. Direct Sales / Others
grew strongly with increased demand for frozen bento meals, with overall growth of 6.7%.
Operating profit improved significantly due to the in-house production that had been undertaken since the Q1 ofthe previous year

Sales

Unit : million yen+6.7
Vs. FY2023
Q4 results

FY2022_results
FY2023_results
FY2024_plan

13,10012,266+2.2
Vs. FY2023
Q4 results
8,080

8,523

11,215

8,710

Operating profit+13.4
Vs. FY2023
Q4 results

Unit : million yen
FY2022_results
FY2023_results
FY2024_plan

760
670

562
+26.3
Vs. FY2023
Q4 results+0.8
Vs. FY2023
Q4 results
1,307 1,325

1,336

3,054

1,827

2,418

Franchise

Facilities for

Direct Sales /chainsthe elderly

OthersTotal Sales

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

Operating profit- 20 -

Medium-Term Plan Five-Year Outlook
Sales are expected to grow significantly in Direct Sales / Others, as Franchise chains and Facilities
for the elderly are expected to grow moderately based on the current footprint, and the market forfrozen bento meals is expected to expand. Operating profit is expected to improve due to in-houseproduction
FY2028

Sales 18 billion
Operating 1.2 billion

Unit : million yen
18,00015,00012,000Franchise chains

Others

11,215
1,307

12,266
2,418
1,325

13,100
3,054

8,523

Stabilization of FC
Expand sales of frozen bento meals
Profit improvement through In-house Production 4,901
Stabilization of production and4,281
distribution system
3,678
Enhancementof human capital
Labor Environment Improvement
1,467

1,363

5,700

1,600

1,404

1,336

CAGR（Average annual growth rate）

8,710

Franchise chains 5.5%
Facilities for the elderly 4.6%
Direct Sales / Others 16.4%
9,444
9,0178.3％
Total sales

6,000

8,081

18,000the elderly

Direct Sales /

1,828
9,000

Facilities for

10,003

10,800Operating Profit ／ Operating profit margin

3,000

FY2024FY20280

FY2022

FY2023

FY2024

results

resultsplan

760 million yen（5.8％）
1,200 million yen （6.8％）

FY2025

2026年7月期

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

2027年7月期

FY2028- 21 -

The Market to which we belong

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

External Environment (increasing population of late elderly)
Our main target, the late elderly,
will increase exponentially beyond 2025
Unit : ten thousand

Population trends and forecasts for the elderly (over 65 years old) and late elderly (over 75 years old)
2,417 2,446 2,387

2,500

2,180

Baby boomer
generation will
becomelate elderly

2,000

2,288 2,260 2,239 2,277

1,860 1,867
1,752

1,627
1,742

1,517

1,407

1,500

1,681
1,754

1,301

1,643

1,522

Population age 65-74
Population aged over 75

1,000

2,248

1,497

1,428

1,424

900

892

1,154

1,133

2060

2065

1,258

699

597
516
500

366

376

309

224

164

107

Forecast

0

1950

1955

1960

1965

1970

1975

1980

1985

1990

1995

2000

2005

2010

2015

2018

2020

2025

2030

2035

2040

2045

2050

2055

Source: Government materials
Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

- 23 -

External Environment (a business that does not rely on care insurance)
Changes in the Working Generation and the Elderly Population
Unit : ten thousand

6,000

Population over 65

3,782

3,347

4,000

3,704

1,826

2,000

8.86

0

1975

-2,000

1995

2015

The working generation (15 to 64 years old) is
decreasing, and the elderly population isincreasing

2035

2055

Moving toward society where 1.3 people of theworking generation will support 1 person aged
over 65.Social security deposit benefits per person
will decrease-4,000-6,000The increase of expenditure toward COVID-19
measures in 2020 makes it even more difficult tosecure financial resources for care and welfare-8,000

Forecast-10,000

Population under 64

Source: Government materials
Unit : cases
120

108 111 105 111

Bankruptcies in Elderly Welfare / Care Businesses

100

76

80

60

46
35

40
20

15

54
38
27

23

54

33

19

0
2005

2007

2009

2011

Source: local Government materials

2013

2015

2017

2019

(90% of sales rely on care insurance)
care business is destined to become difficult in the
future.

In this upcoming era, only businesses such as
food distribution services for the elderly, which
can be managed without relying on insurance,
can support the lives of the rapidly increasingelderly population

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

- 24 -

Our Company Advantages

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

Our Advantage : FC Network
Overwhelming number of stores

1,100
1,000

number of FC stores

990

900

Since opening its first store in “Setagaya” in November

800
700

2007, it has 990 stores as of the end of July 2022. This

600

unparalleled number of stores in the industry enables

400

you to enjoy economies of scale in terms of200

productivity, purchasing, and cost reduction

Low-cost opening

500
300
100
0

profit and loss statement of FC stores

Since the FC stores that we are developing are not

Sales

100 * Available at the lowest price on the market

visit-type stores, there are advantages such as a wide

Costs

40

Gross profit

60

range of location options and rent reduction. In* Stable purchase of high quality without cooking* Easy operation without cooking

addition, we have prepared a plan that does not

expenses20* Low initial investment and location-free rent

require a large kitchen facility and can be operated byprofit40* Low fixed cost ratio generates profits

one person, and a plan with a low initial cost
Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

- 26 -

Our Advantage : Production System
High-mix random production
With an overwhelming number of stores, even the high-mix random
production required for chilled food delivery services enjoys economies ofscale in terms of purchasing and productivity
Manufacturing line required in a
general food factory (dedicatedline for a single product group)
Meat bun factory (1 million meat buns a
day flow from a machine dedicated to
manju to the conveyor. Although there
are differences in meat buns and beanbuns, they are the same product group)

Manufacturing line required forfood distribution service (line that
can handle random production ofother varieties)
Since meals are distributed daily, the same
product group cannot be provided every day.
12 items made today, 12 items made , allshould be different

Diversity of products
In addition to more than 1,000 chilled meals, wemanufacture a wide range of frozen bento boxes suchas a variety of frozen meals, protein-adjusted meals,
and mousse meals.

In addition, for frozen bento, both pillow type and top
seal type can be manufactured.

Chilled and frozen meals

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

Frozen bento pillow type

Frozen bento Top Seal type- 27 -

Our Advantage : variety of menus
Food Pack
Menu：More than 1,000 items

Sold to：FC and Facilities for the Elderly
varieties ：chilled・frozen
feature：Nutritional balance for the elderly
Food pack for FC stores, which are our main company. Since it isa daily meal, it is served refrigerated so that it does not lose its
taste. In addition, we also provide frozen due to the expiration
date loss and convenience required by the facility.

Chilled Pack

After serving at FC stores

Frozen bento meals
menu： More than 70 items
Sold to：EC & FC
varieties：Health balance and large cuts
Carbohydrate calorie and protein adjustment
Moose diet and salt-restricted dietfeature：Suitable for all ages, short-time cooking, healthmanagement

We make frozen bento meals to meet diverse dietaryneeds, including convenience, time efficiency, and healthmanagement.

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

- 28 -

参考）リンク先一覧
Products for FC

https://www.magokoro-bento.com/

EC siteProducts for Elderly Facilities

https://kodawari-chef.com/lp

OEM Business Site

OEM Business
https://l-meal.com/

https://www.silver-life.co.jp/oem

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

EC sitehttps://magokoro-care-shoku.com/

Business introduction

Business
Introduction
https://www.silver-life.co.jp/product- 29 -

Our Advantage : Product Development, Quality and Sanitation Manegement
Product Development
・Our Product Development Office is situated in our factory,
facilitating close collaboration with the production team forhigh-quality and authentic product reproduction
・Our product development team consists mainly of qualified 【qualification holders】
28 registered dietitians
registered dietitians who utilize their advanced knowledge to
3 nutritionists
achieve optimal nutritional balance and deliciousness
6 health managers(Product Development)

Quality and Sanitation Management
・Gunma Factory acquires FSSC 22000 certification, building
an advanced safety management system that meets
international standards

・Sanitation management team conducts bacterial testing,hygiene guidance and supervision in the factory.
・ In order to improve the taste of the bento boxes provided
to customers, tastings are held every day（foreign matter inspection）

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

（Bacterial testing）- 30 -

Our Advantage：Consistent System
GeneralFoodDistribution
RelatedCompanies

Manufacturer
Development
開発

Manufacturing
製造

Company
Product development
Manufacturing Factory,by Nutritionist
Affiliated Factory

Logistics
Companies

Logistics
物流

Food Distributor Business Area
販売
Sales

Picking of freezing andFranchise chains,
Chilled Distribution Facilities for the elderly,
CenterDirect Sales /Others

配達
Delivery

Delivery to customers
from our nationwide
Franchise chain store
network

Feedback from franchise chain stores and customers

Purposeand
Features・Cost advantage due to mass production
・Product development based on customer
feedback (franchise chain stores)
・Ensure the "Safety and Security"

・Efficiency of storage anddelivery
・OEM sales expansion

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

Food distribution service for the elderly- 31 -

Company Overview

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

Our Management Philosophy and Mission【Management Philosophy】
We will create a society where everyone can grow old with peace of mind fromthe perspective of food.

【Our Mission】
We prepare bento’s at reasonable prices and deliver to your home every day sothat elderly people living alone or needing care who have difficulty
cooking or going out to shop can eat without any trouble.
Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

- 33 -

Company Overview
Company NameSILVER LIFE Co., Ltd.

Representative

President, CEO : Takahisa Shimizu

Established

October 2007

Capital Stock

730 million yen (as of July 31, 2023)

Address

Highness Lofty Level 2, 4-32-4, Nishishinjuku, Shinjuku-ku, Tokyo, 160-0023,
Japan・Franchise management of food delivery service for the elderly(Service names: “Magokoro Bento”, “Haishokuno Fureai”, “Takushoku Life”)

Businesses

・Food ingredient sales to senior-care facilities(Service names: “Magokoro Shokuzai Service”, “Kodawari Chef”)
・Own brand and OEM sales of frozen bento meals(Service name: “Magokoro Care Shoku”)

Websitehttps://www.silver-life.co.jp/

Employees

417 (Full-time: 232 / Part-time: 185）As of the end of July 2023

Factory・Gunma Factory:1678-1, Nakano, Ora-machi, Ora-gun, Gunma, 370-0603, Japan・Tochigi Factory:576-6, Hakaricho, Ashikaga-shi, Tochigi, 326-0327, Japan

Distribution Center・Kazo Center:376, Sakae, Kazo-shi, Saitama, 349-0213, Japan
Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

- 34 -

Our History
Launched “Life Meal”
Kazo Center begins operations

Change to TSE Prime Market

2023年3月
Mar. 2022

Apr. 2022

Launch of our third franchise
Sep. 2021
chain “Takushoku Life”
Tochigi Factory begins operations
Listing shifted to the TSE,First Section

Acquired FSSC22000 certification
for Gunma FactoryJan. 2020

Mar. 2021

Jul. 2020

Accomplished a total of 700 "Magokoro

May. 2019 Bento" & “Haishokuno Fureai” stores
Listed on TSE Mothers

Oct. 2017

Oct. 2017

Sep. 2016
Enfranchisement of all
directly managed stores
Launch of our second franchise chain“Haishokuno Fureai”

Purchase of the Company factory site in
Ora-machi, Ora-gun, Gunma

Oct. 2014

May. 2013
Jun. 2012

Sep. 2010
Apr. 2009
Nov. 2007
Oct. 2007

Apr. 2014

Feb. 2014

Feb. 2013

Feb. 2016

Distribution center opened to Chiyoda-machi,
Ora-gun, Gunma

Accomplished a total of 500 "Magokoro
Bento" & “Haishokuno Fureai” stores

Acquired ISO9001 certification for Gunma Factory

Launch of OEM sales

Accomplished 300 "Magokoro Bento" stores

Launch of our food ingredient delivery service “Magokoro Shokuzai Service” tosenior-care facilities

Accomplished 100 "Magokoro Bento" stores

Launched our first franchise chain “Magokoro Bento”

Opened the 1st directly managed store in Setagaya-ku, Tokyo

Company established

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

- 35 -

Business Model
Schematics of our Business Operation
FY2023 Sales composition

Raw materials providers / Out-sourcing factories
Foods,
Cooked foods

Loyalties,
ロイヤリティ等
etc.

Payment

Our
Company

Our
Factory

Food 食材販売売上高& Ingredients SalesManagement
Deliveryfees

Cooked foods

FrozenBento
meals

Payment

Payment
loyalties,
Etc.

Franchise chain storesstoresstoresstoresnationwide537*nationwide326* nationwide107*
Bento
Payment
General Customer

OEM supplier

General Customer

Food
ingredientpayment
Food
Ingredient,
etc.

Foods
Delivery

Facilities for the
Elderly, etc.

Mainly Wholesale Ingredients
A continuous profit system in which ourfood net sales increases proportionally to
the growth in net sales (number of meals)of franchise chain stores.
(Food net sales include sales for facilities
for the elderly, Direct Sales and OEM.

*As of the end of July 2023

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

- 36 -

Handling of this Document◼ The statements in this document regarding future-prospects are based on current
information and may fluctuate due to economic trends, market environment, our relatedindustry trends, and other internal and external factors. Therefore, please have in mind
that there are risks and uncertainties that the actual results may differ from thosedescribed in this document regarding future-prospects.
◼ This document does not constitute or solicit an application for acquisition of any
securities, an application for sale, or an application for purchase (hereinafter referred toas “solicitation”) and is not intended to perform any solicitation activities and may not be
the basis of any contracts or obligations.
◼ Although we take the utmost care for the information in this document, there may beerrors in the posted information, and you may experience damage from data falsification
or data downloaded by a third party, but we do not take any responsibility for any
reason.

Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

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