Note: This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy
between the Japanese original and this English translation, the Japanese original shall prevail.

Consolidated Financial Results
for the Year Ended March 31, 2024
[Japanese GAAP]May 13, 2024
Company name: Sagami Holdings Corporation
Stock exchange listing: Tokyo, Nagoya
Code number: 9900
URL: https://www.sagami-holdings.co.jp
Representative: Hisashi Onishi
President
Contact: Yasufumi Nakajima
Executive Officer in charge of management
Phone: +81-52-737-6000
Scheduled date of Annual General Meeting of Shareholders: June 27, 2024
Scheduled date of commencing dividend payments: June 28, 2024
Scheduled date of filing annual securities report: June 27, 2024
Availability of supplementary briefing material on annual financial results: Yes
Schedule of annual financial results briefing session: No(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023 to March 31, 2024)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Millions of yen%
Millions of yen%
Millions of yen%
Millions of yen%
Fiscal year ended
March 31, 2024
31,006
17.3
1,656
81.9
1,722
9.4
909
2.6
March 31, 2023
26,423
23.8
910
1,574
(30.1)
886(25.7)(Note) Comprehensive income:Fiscal year ended March 31, 2024:¥
1,054 million [2.4%]
Fiscal year ended March 31, 2023:¥
1,029 million [(16.9) %]Basic earnings per Diluted earnings per Rate of return on
share
share
equityOrdinary profit tototal assets ratio

Yen
Yen
%
Fiscal year ended
March 31, 2024
30.14
5.5
March 31, 2023
29.38
5.7
(Reference) Equity in earnings (losses) of affiliated companies: Fiscal year ended March 31, 2024:
Fiscal year ended March 31, 2023:(Note) Diluted earnings per share are not provided as there are no potential shares with dilutive effect.

%

7.0
6.5
¥
¥

Operating profit to
net sales ratio
%

5.3
3.4
- million- million(2) Consolidated Financial Position
Total assets
As ofMarch 31, 2024
March 31, 2023
(Reference) Equity:

Net assets

Millions of yen

Millions of yen

24,94324,156

As of March 31, 2024:
As of March 31, 2023:

Capital adequacy ratio¥¥

16,815
15,936
16,815 million
15,936 million

%

67.4
65.9

Net assets per shareYen

557.15528.51(3) Consolidated Cash Flows
Cash flows fromoperating activities
Fiscal year ended
March 31, 2024
March 31, 2023

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at the endof period

Millions of yen

Millions of yen

Millions of yen

Millions of yen

2,458
1,725

(3,828)(1,408)(1,347)(1,172)

8,011
10,725

2. Dividends
Annual dividends
1st
2nd
3rd
quarter-end quarter-end quarter-end

Year-end

Total

Payoutratio

Total
dividends(consolidated)

Fiscal year ended

Yen

Yen

Yen

Yen

Yen Millions of yen

March 31, 2023

-

0.00

-

7.00

7.00

March 31, 2024

-

0.00

-

10.00

10.00

-

-

-

8.00

8.00

Dividends
to netassets(consolidated)

%

%

211

23.8

1.3

302

33.1

1.8

Fiscal year ending
March 31, 2025-

(Forecast)(Note) Breakdown of the year-end dividend for the fiscal year ended March 31, 2023
Ordinary dividend
5.00 yen
Special dividend
2.00 yen
Breakdown of the year-end dividend for the fiscal year ended March 31, 2024
Ordinary dividend
8.00 yen
Special dividend
2.00 yen
3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025 (April 1, 2024 to March 31, 2025)(% indicates changes from the previous corresponding period.)
Net sales
Six months ending
September 30, 2024
Full year

Operating profit

Profit attributable to Basic earnings perowners of parent
share

Ordinary profit

Millions ofyen%Millions ofyen%Millions ofyen%Millions of
yen

%

Yen

16,000

6.4

980

5.3

1,000

3.0

740

0.7

24.51

32,000

3.2

1,750

5.6

1,800

4.4

1,000

9.9

33.13

* Notes:(1) Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting in changes inscope of consolidation): No(Company name: )New
Exclusion:(Company name: )(2) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: No
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(3) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
March 31, 2024:
30,301,784 shares
March 31, 2023:
30,301,784 shares
2) Number of treasury shares at the end of the period:
March 31, 2024:
18,017 shares
March 31, 2023:
17,762 shares
3) Average number of shares outstanding during the period:
Fiscal Year ended March 31, 2024:
30,170,770 sharesFiscal Year ended March 31, 2023:
30,153,374 shares(Note) The Company’s shares held by Custody Bank of Japan, Ltd. (Trust Account E) related to the “Board Benefit Trust (BBT)” plan
are included in the treasury shares to be deducted in calculating the average number of shares during the period, but not includedin the total number of treasury shares at the end of the period above.

(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023 to March 31, 2024)(1) Non-consolidated Operating Results(% indicates changes from the previous corresponding period.)
Net sales
Fiscal year ended
March 31, 2024
March 31, 2023

Operating profit

Millions of yen

%

3,140
2,565

22.4
(9.2)

Millions of yen

431
56

Ordinary profit%

659.7(85.6)

Millions of yen

465
68

Net income%

580.9(85.0)

Millions of yen

447
61

%

629.3
(87.2)

Basic earnings per share Diluted earnings per share
Fiscal year ended
March 31, 2024
March 31, 2023

Yen

Yen

14.81
2.03

-

(Note) Diluted earnings per share are not provided as there are no potential shares with dilutive effect.
(2) Non-consolidated Financial Position
Total assets
As ofMarch 31, 2024
March 31, 2023
(Reference) Equity:

Millions of yen

20,923
20,637

Net assets
Millions of yen

Capital adequacy ratio%

Net assets per share
Yen

16,55879.1
548.6016,13778.1
535.16
As of March 31, 2024:¥
16,558 million
As of March 31, 2023:¥
16,137 million* Consolidated financial results reports are outside the scope of audit by certified public accountants or an audit corporation.
* Proper use of earnings forecasts, and other special matters

Financial results forecasts and other forward-looking statements in this document are based on information currently
available to the Company and certain assumptions deemed reasonable. Actual performance and other results may besignificantly different from the forecasts due to various factors. For details on the assumptions for financial results forecasts
and notes on the use of financial results forecasts, etc., please refer to “1. Overview of Operating Results, etc. (4) Outlook”
on page 5 of the attachments of this consolidated financial results report.

Table of Contents – Attachments
1. Overview of Operating Results, etc. ........................................................................................................ 2(1) Overview of Operating Results for the Fiscal Year under Review ........................................................ 2(2) Overview of Financial Position for the Fiscal Year under Review ........................................................ 4(3) Overview of Cash Flows for the Fiscal Year under Review .................................................................. 4(4) Outlook .................................................................................................................................................. 5
2. Basic Policy on Selection of Accounting Standards ................................................................................ 5
3. Consolidated Financial Statements and Principal Notes ......................................................................... 6(1) Consolidated Balance Sheets ............................................................................................................... 6(2) Consolidated Statements of Income and Comprehensive Income ....................................................... 8(3) Consolidated Statements of Changes in Equity ................................................................................. 10(4) Consolidated Statements of Cash Flows ............................................................................................ 12(5) Notes to Consolidated Financial Statements ...................................................................................... 14(Notes on going concern assumption) ............................................................................................ 14(Changes in presentation) ............................................................................................................... 14(Changes in accounting estimates) ................................................................................................. 14(Segment information, etc.) ............................................................................................................ 14(Per share information) ................................................................................................................... 14(Significant subsequent events) ...................................................................................................... 14

1

1. Overview of Operating Results, etc.
(1) Overview of Operating Results for the Fiscal Year under Review
During the fiscal year ended March 31, 2024 (from April 1, 2023 to March 31, 2024), the Japanese economy
experienced a gradual recovery mainly as a result of the reclassification of COVID-19’s category to Class 5
under the Infectious Diseases Control Act, which resolved the factors that had restricted the autonomous cycleof the economy, and improvement in consumer confidence and people’s traffic due to the measures for economic
promotion activities by the governments and an increase in the number of foreign tourists visiting Japan. On theother hand, the outlook of the Japanese economy remained uncertain, mainly due to the unstable internationalsituation, soaring fuel and resource prices, as well as rising prices and increased import costs resulting from theprogressive depreciation of the yen in the exchange market.
In the food service industry, amid the ongoing normalization of economic and social activities, we saw an
improvement in customer gathering, mainly due to the increased domestic consumption and a rising demand forfood service as a result of the resumption of various events and increased occasions of going out, as well as an
expansion of inbound consumption. Meanwhile, the business environment remained challenging, with risingcosts, including food supplies, labor, utilities, and logistics, as well as difficult conditions in recruitment, whichhave become noticeable since the COVID-19 pandemic.
Under these circumstances, the Group is implementing the Medium-term Management Plan 2023–2025,“Together”. In accordance with the Plan, we are striving to improve our basic value of “deliciousness andhospitality” and to “pursue to provide values by food” aiming for good health both in “mind and body” under
the theme of pursuing “sustainability” and realizing “regrowth”. In addition, we will endeavor to achieve the“material and spiritual richness” of our human resources, our greatest management resource, and support
employees so that they can feel both “worth living” and “rewarding” in their works. In this way, we will remaincommitted to improve the value we provide to our customers and our corporate value.
The overview of our business segments is as follows.

Food Service Business
1) Sagami
Sagami held a “Cooking Fair” seven times as sales promotion measures in all restaurants.
In addition, we carried out “Golden Week Coupon Distribution” promotion and “Distribution of Advertising
Inserts of New Menu” each once in April, “Mother’s Day Menu” offer once in May, “Father’s Day” promotion
once in June to promote items using eel, “Summer Gratitude Fair” once in July, “Silver Week Coupon
Distribution” promotion and “Respect for the Aged Day Fair” each once in September, “Winter Gratitude Fair”
once in November, and “Year-End and New Year Discount Coupon Distribution” promotion once in December,“Distribution of Leaflet with Kita no Megumi (blessings of the north) and Ehomaki (a rolled sushi)” promotion
once in January, and “Foundation Anniversary Fair” once in March. Additionally, we broadcasted television
advertisements for “Summer Gratitude Fair” in July, for “Hokkaido Taste Tour Menu” in August, for “Winter
Gratitude Fair” in November, and for “Year-End and New Year Menu” in December, and “Foundation
Anniversary Fair” in March.
As the local sales promotions limited to some areas, we conducted “Senkyowari (Election Day Discount)”
campaign in April and “Invitation to Misono-za” project in July. During the year-end season in December, we
carried out “All-you-can-eat Soba” promotion and “Toshikoshi Soba (soba noodles eaten at night on New Year'sEve)” promotion as seasonal projects.
As a result of these measures, the number of customers at existing restaurants increased by 12.6% year on
year, the average spending per customer increased by 4.1% year on year, and sales from existing restaurants
increased by 17.2% year on year.
As for restaurants, the Company opened “Sagami Kawana Restaurant” (in May 2023), “Sagami Anjo
Sakurai Restaurant” (in July), “Sagami Togo Restaurant” (in September), “Sagami Tokoname Restaurant” (inOctober), “Sagami Tsushima Umeda Restaurant” (in October), “Sagami Gifu Motosu Restaurant” (in December),“Sagami Kameoka Chiyokawa Restaurant” (in February), and “Sagami Iida Inter Restaurant” (in March). On the2other hand, the Company closed “Sagami Koshigayaminami Restaurant” (in July) and “Sagami Shimizu
Restaurant” (in November).
The number of Sagami restaurants was 139 at the end of the fiscal year under review.

2) Ajino-Mingei
Ajino-Mingei held a “Cooking Fair” eight times as a sales promotion project for all restaurants.
In addition, we offered “Mother’s Day Set Meal” menu in May, held “Father’s Day Fair” in June, “All-you-caneat Tenobe Udon (hand-stretched udon noodles)” promotion for six days in total in June and July, “Summer
Delicacy Fair”, in which Tebasaki (chicken wing-tip) foods and alcoholic beverages were sold at a reasonable
price, in July, “Respect for the Aged Day Fair” in September, “Autumn Delicacy Fair” in October, and “Japanese
Food Day Fair” in November, distributed promoting inserts of seasonal menus (Toshikoshi Soba and banquet)in December, and held “Winter Doyo Fair” in January, “Setsubun (the close of winter day) and Ehomaki Fair”
and “Motsu Nabe General Election” in February, and “Spring Gratitude Fair” in March, each once, respectively.
Additionally, we broadcasted television advertisements to promote “Tenobe Udon and seasonal menus” inOkayama and Chiba regions in April, and to promote “Spring Gratitude Fair and Gozen Menu” in Kanto regionin March. Furthermore, we participated in the “Eat and support! Seafood Campaign” in November, targeting 18
Ajino-Mingei restaurants in Tokyo, and “Kurashi Support! Tokyo Genki Campaign” in March.
As for restaurants, the Company closed “Ajino-Mingei Higashiyamato Restaurant” (in June).
The number of Ajino-Mingei restaurants, including franchise restaurants, was 50 at the end of the fiscal
year under review.

3) Don Don An
Don Don An held a “Cooking Fair” twelve times as a sales promotion project for all restaurants.
In addition, we held “Don Don Festival Fair” in April and conducted “Go! Don Don An Campaign” in November
and January.
As for restaurants, the Company closed “Don Don An Meiekinishi Restaurant” (in October), with theconversion of the type of business operation.
The number of Don Don An restaurants, including franchise restaurants, was 31 at the end of the fiscal
year under review.
4) Other Restaurants
In the Other Restaurants segment, Aiso-Ya held a “Cooking Fair” eight times.
Large-sized, self-service-type Udon noodles restaurant “Seimen-Daigaku” held a “Cooking Fair” twelve times.
Self-service-type Juwari Soba noodles restaurant “Chosuke” held a “Cooking Fair” at “Kakiage Juwari Soba
Chosuke” ten times and at “Juwari Soba Second Generation Chosuke” ten times. In addition, we carried out “Allyou-can-eat Juwari Soba” promotion at “Juwari Soba Second Generation Chosuke Noda Store” ten times.
As for restaurants in Japan, the Company opened “SUIZAN Shinjuku Kinokuniya Restaurant” (inOctober), “JINJIN Shinjuku Kinokuniya Restaurant” (in October), and “Kakiage Juwari Soba Chosuke
Meiekinishi Restaurant” (in December), “Wamen Sagami Restopia Fujita Restaurant” (in January), and “Juwari
Soba Second Generation Chosuke Toyota Wakabayashi Store” (in January). On the other hand, the Company
closed “Dela PASTA Kitchen Toki Restaurant” (in August). We closed “Aiso-Ya Togo Restaurant” (in August)and “Aiso-Ya Tsushima Restaurant” (in October) as well, with the conversion of the type of business operation.
As for restaurants overseas, the Company opened “SAGAMI Verona” (in August) as a franchise restaurant
in Verona, Italy. On the other hand, the Company closed “SAGAMI Bologna” (in January).
The number of restaurants, including franchise restaurants, was 27 in Japan and 9 overseas, for a total of
36 restaurants at the end of the fiscal year under review.
As a result, for the fiscal year ended March 31, 2024, net sales were ¥31,006 million, operating profit was3¥1,656 million, ordinary profit was ¥1,722 million, and profit attributable to owners of parent was ¥909 million.
In addition, the number of group restaurants was 256 at the end of the fiscal year under review.
* In the fiscal year ended March 31 2023 (from April 1, 2022 to March 31, 2023), we posted the subsidy forcooperation to prevent the spread of COVID-19 of ¥566 million as “subsidy income” under non-operating
income.

(2) Overview of Financial Position for the Fiscal Year under Review
The total assets at the end of the fiscal year under review were ¥24,943 million, an increase of ¥786 million fromthe end of the previous fiscal year.
Current assets decreased by ¥2,310 million from the end of the previous fiscal year to ¥10,158 million.
The main factors were a decrease of ¥2,713 million in cash and deposits and an increase of ¥344 million inaccounts receivable - trade.
Non-current assets increased by ¥3,097 million from the end of the previous fiscal year to ¥14,784 million.
The main factors were an increase of ¥743 million in buildings and structures, an increase of ¥253 million intools, furniture and fixtures, an increase of ¥182 million in machinery, equipment and vehicles, an increase of¥2,000 million in long-term time deposits, and a decrease of ¥140 million in construction in progress.
Current liabilities increased by ¥587 million from the end of the previous fiscal year to ¥5,288 million.
The main factors were an increase of ¥69 million in notes and accounts payable - trade, an increase of¥362 million in accounts payable - other, and an increase of ¥161 million in income taxes payable, an increaseof ¥264 million in provision for bonuses, and a decrease of ¥351 million in current portion of long-termborrowings.
Non-current liabilities decreased by ¥680 million from the end of the previous fiscal year to ¥2,838 million.
The main factors were a decrease of ¥772 million in long-term borrowings, an increase of ¥16 million inprovision for share awards, and an increase of ¥81 million in asset retirement obligations.
Net assets increased by ¥879 million from the end of the previous fiscal year to ¥16,815 million. The main
factors were an increase of ¥697 million in retained earnings and an increase of ¥149 million in valuationdifference on available-for-sale securities.
(3) Overview of Cash Flows for the Fiscal Year under Review
Cash and cash equivalents (hereinafter "cash") at the end of the fiscal year under review amounted to¥8,011 million, a decrease of ¥2,713 million from the end of the previous fiscal year.
The status of respective cash flows and underlying factors for the fiscal year under review are as follows:(Cash flows from operating activities)
Net cash provided by operating activities amounted to ¥2,458 million. The main inflows include¥1,261 million in profit before income taxes, ¥529 million in depreciation, ¥458 million in impairment losses,¥264 million in increase (decrease) in provision for bonuses, and ¥298 million in increase (decrease) in
accounts payable - other, while the main outflow includes ¥344 million in decrease (increase) in tradereceivables.
(Cash flows from investing activities)
Net cash used in investing activities amounted to ¥3,828 million. The main inflow includes ¥91 million inproceeds from refund of guarantee deposits, while the main outflows include ¥2,000 million in payments into
time deposits and ¥1,876 million in purchase of property, plant and equipment.
(Cash flows from financing activities)
Net cash used in financing activities amounted to ¥1,347 million. The main outflows include ¥1,124 million
in repayments of long-term borrowings and ¥211 million in dividends paid.

4

(Reference) Changes in indicators related to cash flow

Fiscal year
ended March
31, 2020
67.3

Fiscal year
ended March
31, 2021
54.4

Fiscal year
ended March
31, 2022
62.3

Fiscal year
ended March
31, 2023
65.9

Fiscal year
ended March
31, 2024
67.4

Capital adequacy ratio based on fair value (%)

171.7

150.9

149.6

160.8

183.3

Interest-bearing debt to cash flow ratio (%)

1,022.5

–

161.7

224.1

111.3

60.7

–

386.7

270.6

555.0

Capital adequacy ratio (%)

Interest coverage ratio (times)(Notes) Capital adequacy ratio: Equity / Total Assets

Capital adequacy ratio based on fair value: Market capitalization / Total assets
Interest-bearing debt to cash flow ratio: Interest-bearing debt / Net cash flows from operating activities
Interest coverage ratio: Net cash flows from operating activities / Interest paid
1) All indicators were calculated using the consolidated financial statement.
2) Market capitalization is calculated by multiplying the closing share price at the end of the period by the number ofoutstanding shares at the end of the period.
3) Net cash flows from operating activities are the figure of net cash provided by (used in) operating activities stated in
the Consolidated Statements of Cash Flows. Interest-bearing debt includes all debts stated in the Consolidated Balance
Sheets for which interest is paid. Interest paid is the amount of interest paid stated in the Consolidated Statements ofCash Flows.
4) Interest-bearing debt to cash flow ratio and interest coverage ratio for the fiscal year ended March, 31 2021 is notprovided as net cash flows from operating activities for the period were negative.

(4) Outlook
The environment surrounding our Group is expected to show a gradual recovery, centering on personal
consumption, as a result of the reclassification of COVID-19’s category to Class 5 under the Infectious Diseases
Control Act, which resolved the factors that had restricted the autonomous cycle of the economy, the measuresfor economic promotion activities by the government and an increase in the number of foreign tourists visiting
Japan, and an improvement in real wages.
On the other hand, it is expected that the upward pressure on prices will remain strong against a backdrop
of upward pressure on costs affected by geopolitical risks, including food procurement prices and energy costs,
as well as rising labor costs, and this will lead to households becoming thriftier, resulting in weak personal
consumption and a potential impact on earnings.
While firmly keeping the viewpoint of putting ourselves in customers’ places as a key principle, the Groupwill continue its medium-term initiatives under the theme of “Co-creation (together) and Co-running” to“improve taste and hospitality” and “pursue value provided by food” and strive to improve the intrinsic value
provided by the food service industry. We will steadily progress with the opening of our mainstays, Sagami and
Ajino-Mingei, as well as small-sized franchise stores within Japan, and strengthen business development inoverseas countries.
In addition, as a drastic response to the declining population and market changes, we will promote ITbased DX for the work aspect of store operations, promote initiatives for productivity improvement measures,
and accelerate the opening of self-service-type Soba noodle restaurants.
Furthermore, we will further promote specific initiatives to address global warming and promote ESG,
centering on Sustainability Promotion Office established in the fiscal year ended March 31, 2024, in an effort toenhance corporate value.
For the fiscal year ending March 31, 2025, we forecast net sales of ¥32,000 million, operating profit of¥1,750 million, ordinary profit of ¥1,800 million, and profit attributable to owners of parent of ¥1,000 million,
on a consolidated basis.

2. Basic Policy on Selection of Accounting Standards

The Group adopts Japanese generally accepted accounting principles (Japanese GAAP) because its business iscurrently centered around Japan. However, we intend to consider adopting the International Financial ReportingStandards (IFRS) by taking into consideration the changes in our foreign shareholders’ ratio and the trend of
IFRS adoption among other Japanese companies.
53. Consolidated Financial Statements(1) Consolidated Balance Sheets(Thousands of yen)
As of March 31, 2023

As of March 31, 2024

AssetsCurrent assets
Cash and deposits
Accounts receivable - trade
Merchandise and finished goods
Raw materials and supplies
Other
Total current assets

10,725,470
693,270

8,011,517
1,037,529

148,159
401,068

155,418
520,028

501,235

434,047

12,469,205

10,158,541

14,111,675(11,973,140)

15,135,346(12,253,282)

Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation and impairment

2,138,535

2,882,064

Machinery, equipment and vehicles
Accumulated depreciation and impairment

Buildings and structures, net

3,417,765(3,035,086)

3,738,639(3,173,311)

Machinery, equipment and vehicles, net

382,679

565,328

Tools, furniture and fixtures
Accumulated depreciation and impairment

971,472(893,667)

1,288,820(957,677)

77,805331,143

Tools, furniture and fixtures, net
Leased assets
Accumulated depreciation and impairment
Leased assets, net
LandConstruction in progress

357,123

89,217(336,938)(73,664)

20,184

15,552

6,442,133

6,442,133

153,134

12,8399,214,472

10,249,062

Other

94,603

95,538

Total intangible assets

94,603

95,538Investments and other assets
Investment securities

712,077

872,278

Long-term loans receivable
Guarantee deposits

43,017
1,414,253

38,8891,371,404

Long-term time deposits
Deferred tax assets

129,853

2,000,000
110,401

Other

79,28447,017

Total property, plant and equipment
Intangible assets

Total investments and other assets
Total non-current assets
Total assets

6

2,378,485

4,439,990

11,687,561

14,784,591

24,156,766

24,943,132

(Thousands of yen)
As of March 31, 2023

As of March 31, 2024

Liabilities
Current liabilities
Notes and accounts payable - trade
Current portion of long-term borrowings

772,579
1,160,629

842,288
808,802

Accounts payable - other
Income taxes payable

1,841,692
124,524

2,204,147
285,559

98,248
246,107

65,206
510,544

49,97049,98010,711-

Contract liabilities
Provision for bonuses
Provision for bonuses for directors (and otherofficers)
Provision for loss on store closings
Other

396,001

521,7024,700,464

5,288,231

2,681,188
165,952

1,908,892
163,650

Provision for share awards
Asset retirement obligations

84,511
477,123

100,665
559,097

Long-term guarantee deposits
Other

69,12941,83570,381
36,218

Total non-current liabilities

3,519,739

2,838,905

8,220,204

8,127,137

Shareholders' equity
Share capital

9,090,653

9,090,653

Capital surplus
Retained earnings

6,192,923
633,337

6,192,923
1,330,941

Treasury shares(184,531)(147,983)

15,732,382

16,466,534

204,695

354,054

Total current liabilities
Non-current liabilities
Long-term borrowings
Long-term accounts payable - otherTotal liabilities
Net assets

Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

7

(515)

(4,594)204,179

349,460

15,936,562

16,815,995

24,156,766

24,943,132

(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Thousands of yen)
For the fiscal year
ended March 31, 2023

For the fiscal year
ended March 31, 2024

Net sales
Cost of sales

26,423,094
8,490,260

31,006,212
10,069,149

Gross profit

17,932,833

20,937,063

Total selling, general and administrative expenses

17,022,483

19,281,020

910,350

1,656,043

Operating profit
Non-operating income
Interest income

686

556

Dividend income
Foreign exchange gains

27,86638,937

26,862
7,604

Insurance claim income
Subsidy income

19,670566,950

1,868-

Income from recycling
Miscellaneous income

8,423
37,715

10,192
29,076

Total non-operating income

700,249

76,160

6,376

4,429

29,124

4,014
-

412

876

Non-operating expenses
Interest expenses
Loss on cancellation of insurance policies
Bad debt expenses
Miscellaneous losses
Total non-operating expenses

35,9139,320

1,574,686

1,722,884-

94

Gain on sale of investment securities
Compensation income

34,216

2,433-

Total extraordinary income

34,216

2,528

1,339

345
4,367

Impairment losses
Loss on liquidation of subsidiaries and associates

443,107
18,296458,400-

Loss on sale of investment securities
Loss on midterm cancellation of contracts

35,1681,201-

Ordinary profit
Extraordinary income
Gain on sale of non-current assets

Extraordinary losses
Loss on sale of non-current assets
Loss on retirement of non-current assets

Total extraordinary losses

497,912464,314

1,110,990

1,261,097

Income taxes - current

250,848

355,082

Income taxes - deferred(26,010)(3,577)

Total income taxes

224,837

351,504

Profit886,153

909,592

Profit attributable to owners of parent

886,153

909,592

Profit before income taxes

8Consolidated Statements of Comprehensive Income(Thousands of yen)
For the fiscal year
ended March 31, 2023
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total other comprehensive income

For the fiscal year
ended March 31, 2024

886,153

909,592

138,446
4,924

149,358(4,078)143,371

145,280

Comprehensive income

1,029,524

1,054,873

Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to non-controllinginterests

1,029,640

1,054,873

(115)

-

9

(3) Consolidated Statements of Changes in Equity
For the fiscal year ended March 31, 2023
(Thousands of yen)
Shareholders' equity

Balance at beginningof period
Changes during
periodDividends ofsurplusProfit attributable toowners of parent
Purchase oftreasury shares
Disposal of own
shares to stock
benefit trust
Net changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
periodBalance at beginningof period
Changes during
periodDividends ofsurplusProfit attributable toowners of parent
Purchase oftreasury shares
Disposal of own
shares to stock
benefit trust
Net changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
periodShare capital

Capital surplus

9,090,653

6,192,923

Retainedearnings(101,395)

Treasury shares

Total
shareholders'equity(184,400)

14,997,781(151,420)(151,420)

886,153

886,153
(131)

(131)
-

-

-

734,732(131)

734,600

9,090,653

6,192,923

633,337(184,531)

15,732,382

Accumulated other comprehensive income
Total
Valuation
Foreign currency accumulated Share acquisition Non-controlling Total net assets
difference onrightsinterests
translation
otheravailable-foradjustment
comprehensive
sale securities
income66,249(5,556)

60,692-696

15,059,170(151,420)
886,153(131)
138,446

5,040

143,487-(696)

142,790

138,446

5,040

143,487-(696)

877,391

204,695(515)

204,179--

15,936,562

10

For the fiscal year ended March 31, 2024
(Thousands of yen)
Shareholders' equity

Balance at beginningof period
Changes during
periodDividends ofsurplusProfit attributable toowners of parent
Purchase oftreasury shares
Disposal of own
shares to stock
benefit trust
Net changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
periodBalance at beginningof period
Changes during
periodDividends ofsurplusProfit attributable toowners of parent
Purchase oftreasury shares
Disposal of own
shares to stock
benefit trust
Net changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
periodShare capital

Capital surplus

9,090,653

6,192,923

Retainedearnings
633,337

Treasury shares

Total
shareholders'equity(184,531)

15,732,382(211,988)(211,988)

909,592

909,592
(348)

(348)

36,89536,895---

697,604

36,547734,152

9,090,653

6,192,923

1,330,941(147,983)

16,466,534

Accumulated other comprehensive income
Total
Valuation
Foreign currency accumulated Share acquisition Non-controlling Total net assets
difference onrightsinterests
translation
otheravailable-foradjustment
comprehensive
sale securities
income204,695(515)

204,179--

15,936,562(211,988)
909,592(348)
36,895
149,358(4,078)145,280--

145,280

149,358(4,078)145,280--

879,433

354,054(4,594)349,460--

16,815,995

11

(4) Consolidated Statements of Cash Flows(Thousands of yen)
For the fiscal year
ended March 31, 2023
Cash flows from operating activities
Profit before income taxes

For the fiscal year
ended March 31, 2024

1,110,990

1,261,097

Depreciation
Impairment losses

385,011443,107529,561
458,400

Bad debt expenses
Foreign exchange losses (gains)

29,124(38,937)(7,604)

Loss (gain) on sale of investment securities
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for bonuses for
directors (and other officers)
Increase (decrease) in provision for share awards
Increase (decrease) in provision for loss on store
closings
Interest and dividend income

33,276(1,232)
264,436

49,9701055,607

16,154

10,711(10,711)(28,552)(27,419)

Subsidy income
Interest expenses(566,950)
6,376

4,429

1,339

250
4,367

Loss (gain) on sale of property, plant and equipment
Loss on retirement of non-current assets
Loss (gain) on liquidation of subsidiaries andassociates
Decrease (increase) in trade receivables
Decrease (increase) in inventories

18,296-(112,566)
7,561(344,164)(126,023)

Increase (decrease) in trade payables
Increase (decrease) in accounts payable - other

164,284
89,65469,557298,154

Other, net(20,699)

198,807

Subtotal

1,637,605

2,588,074

27,934(6,376)

26,947(4,429)Subsidies received
Income taxes paid

566,950(547,204)(194,687)

Income taxes refund

47,041

42,316

1,725,951

2,458,221(1,353,858)(2,000,000)(1,876,136)

-

1,944
13,787

Payments of guarantee deposits
Proceeds from refund of guarantee deposits(19,179)
50,969(43,957)
91,132Other, net(86,280)(15,038)(1,408,348)(3,828,269)

Interest and dividends received
Interest paid

Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Proceeds from sale of investment securities

Net cash provided by (used in) investing activities

12(Thousands of yen)
For the fiscal year
ended March 31, 2023
Cash flows from financing activities
Repayments of long-term borrowings
Purchase of treasury shares
Dividends paid
Repayments of lease liabilities

For the fiscal year
ended March 31, 2024

(1,012,296)(1,124,123)(131)(150,682)(348)(211,128)(9,600)(11,492)(1,172,711)(1,347,091)

6,435

3,186

(848,672)(2,713,953)

Cash and cash equivalents at beginning of period

11,574,143

10,725,470

Cash and cash equivalents at end of period

10,725,470

8,011,517

Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents13(5) Notes to Consolidated Financial Statements(Notes on going concern assumption)
Not applicable.
(Changes in presentation)“Income from recycling” (in the amount of ¥8,423 thousand for the fiscal year ended March 31, 2023), which
was included in “Other” under non-operating income for the fiscal year ended March 31, 2023, is presented
separately from the fiscal year ended March 31, 2024, as it exceeded 10％ of the total amount of non-operating
income.
(Changes in accounting estimates)
For asset retirement obligations recorded as restoration obligations in connection with real estate lease contracts
for stores, etc., estimated amount has been changed in accordance with new information obtained, including themost recent actual restoration costs. The increase of ¥73 million due to the estimate was added to the balance ofasset retirement obligations before the change.
As a result, for the fiscal year ended March 31, 2024, operating profit and ordinary profit decreased by ¥43 million
and profit before income taxes decreased by ¥73 million.
(Segment information, etc.)(Segment information)
The Group’s only business segment is “food services”. Since other business segments are considered to beimmaterial, segment information is omitted.
(Per share information)
Items
Net assets per share

For the fiscal year ended
March 31, 2023
¥528.51

For the fiscal year ended
March 31, 2024
¥557.15¥29.38¥30.14

Basic earnings per share(Notes) 1) Diluted earnings per share are not provided as there are no potential shares with dilutive effect.
2) The Company’s shares held by Custody Bank of Japan, Ltd. (Trust Account E) related to the “Board Benefit Trust (BBT)”
plan are included in the treasury shares to be deducted in calculating the average number of shares during the period forthe purpose of calculating basic earnings per share. The average number of treasury shares during the period that was
deducted for the purpose of calculating basic earnings per share was 113,109 shares. The number of treasury shares atthe end of the period that was deducted for the purpose of calculating net assets per share was 101,700 shares.
3) The basis for the calculation of basic earnings per share is as follows:
Items

For the fiscal year ended
March 31, 2023

For the fiscal year ended
March 31, 2024

886,153

909,592––

886,153

909,592

30,15330,170

Basic earnings per share
Profit attributable to owners of parent(Thousand yen)
Profit not attributable to common shareholders(Thousand yen)
Profit attributable to owners of parent relating tocommon shares (Thousand yen)
Average number of common shares during theperiod (Thousand shares)(Significant subsequent events)
Not applicable.

14