FOR TRANSLATION PURPOSE ONLYDISCLAIMER
This English translation is only for reference purpose. When they are any discrepancies between original Japaneseversion and English translation version, the original Japanese version always prevails.
May 15, 2024

Summary of Consolidated Financial Results for the Fiscal Year Ended March 31, 2024
[Japanese GAAP]
Company name: SRS HOLDINGS CO., LTD.
Listing: Tokyo Stock Exchange
Securities code: 8163
URL: https://srs-holdings.co.jp/
Representative: Masahiko Shigesato, President & Chief Executive Officer
Contact:
Satoru Ikeda, Executive Officer & Head of Corporate Strategy Division
Tel: +81-6-7222-3101
Scheduled date of ordinary general meeting of shareholders:June 27, 2024
Scheduled date of payment of dividend:
June 28, 2024
Scheduled date of filing of Securities Report:
June 28, 2024
Preparation of supplementary references regarding financial results:
No
Holding of financial results briefing:
Yes(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 operating results
Net sales

Operating profit

Million yen%

60,228
Fiscal year ended Mar. 31, 2024
54,505
Fiscal year ended Mar. 31, 2023
Note: Comprehensive income (million yen)

(Percentages represent year-on-year changes)
Profit attributable toOrdinary profit
owners of parent%

Million yen

%

10.5
2,157
2,162
27.1
(606)
(669)
Fiscal year ended Mar. 31, 2024: 2,102 (-%)
Fiscal year ended Mar. 31, 2023: (1,378) (-%)

1,798
(1,451)-

Net income pershare

Million yen%

Million yen

Diluted net
Ratio of ordinary Ratio of operating
Return on equity
income per shareprofit to total assets
profit to sales

Yen

Yen

%

43.49
12.2
Fiscal year ended Mar. 31, 2024
(35.40)(10.4)
Fiscal year ended Mar. 31, 2023
Reference: Equity in earnings of affiliates (million yen) Fiscal year ended Mar. 31, 2024: Fiscal year ended Mar. 31, 2023: -

%

%

6.2
(1.9)

3.6
(1.1)

(2) Consolidated financial position
Total assets

Net assets

Million yen

Yen%

35,733
16,15934,376
14,055
As of Mar. 31, 2024: 15,735

As of Mar. 31, 2024
As of Mar. 31, 2023
Reference: Shareholders’ equity (million yen)

Net assets per share

Equity ratio

Million yen

44.0
380.5539.9
331.70
As of Mar. 31, 2023: 13,716(3) Consolidated cash flow
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash equivalents
at end of period

Million yen

Million yen

Million yen

Million yen

3,727
2,075

(2,292)(2,801)(1,216)(30)

12,371
12,150Fiscal year ended Mar. 31, 2024
Fiscal year ended Mar. 31, 2023

2. Dividends
Dividends per share

Fiscal year ended Mar. 31, 2023
Fiscal year ended Mar. 31, 2024
Fiscal year ending Mar. 31, 2025
(forecast)

Dividend
Dividends topayout ratio net assets ratio(Consolidated) (Consolidated)

1Q-end2Q-end

Total

Total
dividends

Yen

Yen

Yen

Yen

Yen

Million yen

%

%

-

0.00
0.00

-

0.00
7.50

0.00
7.50

0
311

17.2

2.1

-

0.00

-

7.50

7.50

3Q-end Year-end

20.7

3. Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2025 (April 1, 2024 – March 31, 2025)
Net sales
Full year(Percentages represent year-on-year changes)
Profit attributable toOrdinary profit
owners of parent

Operating profit

Million yen%

Million yen%

Million yen%

Million yen%

64,000

6.3

2,400

11.3

2,300

6.4

1,500

(16.6)

FOR TRANSLATION PURPOSE ONLY
Notes
(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in changes in thescope of consolidation): None
(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 period (including treasury shares)
As of Mar. 31, 2024:
41,470,184 shares
As of Mar. 31, 2023:
41,470,184 shares
2) Number of treasury shares at the end of period
As of Mar. 31, 2024:
119,043 shares
As of Mar. 31, 2023:
119,343 shares
3) Average number of shares outstanding during the period
Fiscal year ended Mar. 31, 2024:
41,351,116 sharesFiscal year ended Mar. 31, 2023:
40,995,210 shares(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 operating results(Percentages represent year-on-year changes)
Net sales
Fiscal year ended Mar. 31, 2024
Fiscal year ended Mar. 31, 2023

Operating profit

Ordinary profit

ProfitMillion yen%

Million yen%

Million yen%

Million yen%

22,75318,645

22.0
14.5

675
137

389.6
(83.2)

898
(196)

-

812
(743)

-

Net income per share

Diluted net income per share

Yen

Yen

19.66
(18.15)-

Fiscal year ended Mar. 31, 2024
Fiscal year ended Mar. 31, 2023

(2) Non-consolidated financial position
Total assets
Million yen

As of Mar. 31, 2024
As of Mar. 31, 2023
Reference: Shareholders’ equity (million yen)

Net assets
Million yen

32,422
15,831
31,832
14,790
As of Mar. 31, 2024: 15,831

Net assets per share

Equity ratio
%

Yen

48.8
382.8646.5
357.69As of Mar. 31, 2023: 14,790* This financial report is not subject to audit by certified public accountants or auditing firms.
* Explanation regarding appropriate use of the earnings forecasts and other special notes
Forecasts regarding future performance in this document are based on certain assumptions judged to be valid andinformation currently available to us. Actual performance may differ significantly from these forecasts for a numberof factors.

FOR TRANSLATION PURPOSE ONLYSRS HOLDINGS CO., LTD. (8163)
Summary of 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 Years5

2. Corporate Group6

3. Basic Approach to the Selection of Accounting Standards

6

4. 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 Income11(3) Consolidated Statement of Changes in Equity

12(4) Consolidated Statement of Cash Flows

14(5) Notes to Consolidated Financial Statements

16(Going Concern Assumption)

16(Segment and Other Information)

16(Per-share Information)

17(Subsequent Events)

17

1

FOR TRANSLATION PURPOSE ONLYSRS HOLDINGS CO., LTD. (8163)
Summary of Financial Results for FY3/24

1. Overview of Results of Operations(1) Results of Operations
1) Consolidated performance

Net sales
Operating profit
Ordinary profit
Profit attributable toowners of parent

FY3/23(Apr. 1, 2022 – Mar. 31, 2023)
YoY change
YoY change
Results(Amount)(%)
54,505
11,619
27.1
(606)
4,028
(669)
(3,338)(1,451)(3,025)-(Millions of yen)
FY3/24(Apr. 1, 2023 – Mar. 31, 2024)
YoY change
YoY change
Results(Amount)(%)
60,228
5,723
10.5
2,157
2,764
2,162
2,831
1,798

3,249

-

During the fiscal year ended March 31, 2024, the Japanese government downgraded the classification of COVID 19 to category 5 under the Infectious Diseases Control Act in May 2023. In addition, foreign visitors are returning,
the national and local governments have extended support for travel within Japan and have distributed premium
gift certificates, and trend of wage hikes continued. As a result, social and economic activity began to return tonormal, consumers became more active, and people are returning to SRS Group restaurants and sales were far
higher than the previous fiscal year when the seventh and eighth waves of the p andemic hit Japan. Despite these
positive trends, the business climate remains challenging because of the prolonged Ukraine conflict, heightened
geopolitical risks associated with tensions in the Middle East, the yen’s depreciation, the high cost of raw materials
and energy, and rising wages due to the domestic inflation and labor shortage. In the current fiscal year, the SRSGroup returned to profitability with a big improvement in earnings. There was an operating profit, ordinary profit
and profit attributable to owners of parent due in part to activities in the previous fiscal year to improve profitability
and to government assistance for lowering utility expenses.
Achieving a rapid recovery from the impact of the pandemic and making current businesses mo re profitable are
the major goals of the current medium-term business plan. One step for accomplishing these goals is conversionsof Tendon Tempura Honpo Santen and Tokutoku restaurants to a more profitable new business model. Anothersteps include continuing to open restaurants in the current high profitable formats, the addition of more functions
to the SRS Group app, and progress with the digital transformation, such as the installation of check -in machines
and the use of table service robots at more restaurants. In addition, to promote targeting demand for prepared meals
that are consumed at home, one of the key themes of the medium-term business plan, we opened the first Kansai
branch of Ippuku, a take-out gyoza specialty restaurant popular in Asagaya, Tokyo, in Amagasaki City, Hyogo
Prefecture. Specific initiatives and overviews for each major business category are as follows.
Washoku Sato restaurants
To further increase productivity, the use of table service robots was expanded to 196 locations and ma chines thatallow customers to use the app to check in are now in use at all restaurants to improve customer convenience.
Meanwhile, effective marketing measures were taken by combining sales of high value -added products such as
all-you-can-eat natural fugu (puffer fish) and all-you-can-eat oysters in the lineup of all-you-can-eat menu items,
such as Sato Style Yakiniku and Sato-Shabu, and various media such as TV commercials and SNS ads featuringcelebrity Nagisa Shibuya, and leaflets delivered with newspapers. During the fiscal year under review, one
restaurant was opened and one was closed, resulting in 197 locations. As a result, net sales rose 11.0% year on
year, to 26,667 million yen.
“Nigiri Chojiro” restaurants
Self-checkout machines were introduced in 10 restaurants to further improve productivity, and experimental check in machines that allow customers to check-in for visits via app were also introduced to increase customer
convenience. To bring customers to restaurants more often, the Nigiri Chojiro app was used to provide a variety
of information along with discount coupons. In addition, there were new energetic TV commercials featuring
scenes of meal preparation skills and sushi with the goal of more sales gr owth. In addition, as part of the Shunkanno Kirameki No. 3 Fair, we sold tiger prawns, which have a plump texture and outstanding sweetness, and grilled
2FOR TRANSLATION PURPOSE ONLYSRS HOLDINGS CO., LTD. (8163)
Summary of Financial Results for FY3/24

rice porridge with crab filled with the delicious taste of crab miso and soup stock. During the fiscal year underreview, three restaurants were opened and two were closed, resulting in 68 locations. As a consequence, net sales
were 13,381 million yen, up 9.4% year on year.
Tendon Tempura Honpo Santen restaurants
For more improvements in productivity, this format has created a self-service restaurant format and started
operating the first location of this type in June 2023 by rebuilding the existing Narumi restaurant in Nagoya. In
January 2024, Izumiotsu restaurant was opened as the second store. In March 2024, the Amagasaki Tachibana
restaurant was renovated to become the third store. In addition, we revamped our grand menu, including revising
the minimum price, in order to improve profitability, which had deteriorated due to the recent sharp rise in raw
material prices. In parallel with promotions via LINE and Instagram, we also distributed coupons and special
campaign information exclusively for app members, and introduced mobile ordering, which allows customers toplace take-out orders via the app, to all our restaurants for greater customer convenience. During the fiscal year
under review, one restaurant was opened and three were closed, resulting in 34 locations. As a result, net sales
decreased 14.6% year on year to 2,419 million yen.
Kazokutei restaurants
The number of restaurants introducing smartphone ordering for further productivity improvement was expanded
to 29, and take-out reservations were started on the Kazokutei app to improve customer convenience and promote
the use of take-out. In addition, campaign information and special coupons were distributed to app members toincrease the frequency of store visits, and an X (formerly Twitter) Follow & Repost campaign was conductedmonthly to attract new customer segments. In February, we also held the Kyushu Umakamon: Kyushu’s Food Tour,a fair for production areas using ingredients from the Kyushu region, and sold a rice bowl dish with horse mackerelfrom Kyushu and Kyushu Umakamon Tenzaru Soba made with swordfish from Kyushu and Shiraishi lotus ro ot
from Saga Prefecture. During the fiscal year under review, one restaurant was opened and five were closed,
resulting in 59 locations. As a result, net sales stood at 4,751 million yen, up 9.2% from a year ago.
Segment information is not provided because the SRS Group has only the food service business segment.
SRS Group: Opening and closure of restaurants
Name
Washoku Sato

FY3/23(As of Mar. 31,
2023)
197 (-)

Newly opened
restaurants

Closedrestaurants(Number of restaurants)
FY3/24
Restaurants(As of Mar. 31, planned to open
2024)
during FY3/24
197 (-)
2

1 (-)

1 (-)

Nigiri Chojiro/CHOJIRO

67 (-)

3 (-)

2 (-)

68 (-)

5

Kazokutei*

63 (8)

1 (-)

5 (1)

59 (7)

1

Tokutoku*

60 (49)

1 (-)

3 (2)

58 (47)1

Katsuya45 (15)

3 (-)

- (-)

48 (15)

7

Tendon Tempura Honpo Santen

36 (1)

1 (-)

3 (-)

34 (1)

2

Miyamoto Munashi

26 (2)

- (-)

2 (1)

24 (1)-

Sushi delivery business11 (3)

2 (-)

- (-)

13 (3)

3

Himawari

8 (-)

- (-)

- (-)

8 (-)

-

Karayama

6 (-)

5 (-)

- (-)

11 (-)

2

M&S FC Business*

24 (-)

3 (-)

- (-)

27 (-)

4

Others13 (-)

2 (-)

1 (-)

14 (-)

5

Torisho

223 (223)

20 (20)63 (63)180 (180)

52

Domestic total

779 (301)

42 (20)80 (67)741 (254)

84

Overseas stores27 (23)

2 (2)

5 (5)

24 (20)10Worldwide total
806 (324)
44 (22)85 (72)765 (274)
Note: Numbers in parentheses include franchised, leased-band and joint venture restaurants.
* Kazokutei includes Kashunan, Sanpoan, Kazokuan, Kyoshun, and Kyosai restaurants.
* Tokutoku restaurant openings and closures include the conversion of one franchise store to a directly managed store.

3

94

FOR TRANSLATION PURPOSE ONLYSRS HOLDINGS CO., LTD. (8163)
Summary of Financial Results for FY3/24* M&S FC Business is the total number of stores operated by M&S FOODSERVICE CO., LTD. in the Popolamama, Mister
Donut, Doutor Coffee, Oogamaya and Shinpachi Shokudo restaurants.

(2) Financial Position
A provisional accounting treatment was used in the previous fiscal year for the acquisition of NIS Inc. on February
1, 2023. The accounting treatment was finalized in the second quarter of the current fiscal year. Due to thefinalization of the provisional accounting treatment, comparative information in the consolidated financial
statements incorporates a significant revision of the initial acquisition cost allocat ion. Comparisons with the endof the previous fiscal year and analysis use figures that have been revised to reflect the changes in the initialacquisition cost allocation due to the finalization of the provisional accounting treatment.
Total assets at the end of the current fiscal year increased 1,357 million yen from the end of the previous fiscal
year to 35,733 million yen. Current assets totaled 17,028 million yen, a rise of 514 million yen from the end of theprevious fiscal year. This was mainly due to a 570 million yen increase in accounts receivable, a 297 million yen
decrease in other under current assets, and a 221 million yen increase in cash and deposits.
Non-current assets totaled 18,595 million yen, a rise of 867 million yen from the end of the previous fiscal year.
This was mainly due to a 561 million yen increase in buildings and structures , net and a 334 million yen increase
in investment securities.
Current liabilities stood at 9,919 million yen, an increase of 730 million yen from the en d of the previous fiscal
year. This was mainly due to a 455 million yen increase in accounts payable -other and a 423 million yen increase
in income taxes payable.
Non-current liabilities amounted to 9,654 million yen, down 1,476 million yen from the end of the previous fiscal
year. This was primarily attributable to decreases of 972 million yen in bonds payable, 212 million yen in other
under current liabilities, and 200 million yen in long-term borrowings.
Net assets increased 2,103 million yen from the end of the previous fiscal year to 16,159 million yen.
(3) Cash FlowsAt the end of the fiscal year under review, cash and cash equivalents ( “net cash”) increased 221 million yen fromthe end of the previous fiscal year to 12,371 million yen.
Cash flows and the factors contributing to them during the fiscal year under review were as follows.
(Cash flows from operating activities)
Net cash provided by operating activities was 3,727 million yen, compared with 2,075 million yen provided in theprevious fiscal year). This was primarily due to profit before income taxes of 1,971 million yen and depreciationof 1,650 million yen.
(Cash flows from investing activities)
Net cash used in investing activities amounted to 2,292 million yen, compared with 2,801 million yen used in theprevious fiscal year). This mainly includes purchase of property, plant and equipment of 2,116 million yen,proceeds from refund of guarantee deposits of 210 million yen, and payments for asset retirement obligation s of
122 million yen.
(Cash flows from financing activities)
Net cash used in financing activities was 1,216 million yen, compared with 30 million yen used in the previous
fiscal year). This was mainly attributable to the repayments of long-term borrowings of 1,087 million yen, proceedsfrom long-term borrowings of 1,000 million yen, and redemption of bonds of 935 million yen.

4FOR TRANSLATION PURPOSE ONLYSRS HOLDINGS CO., LTD. (8163)
Summary of Financial Results for FY3/24(Reference) Trends in cash flow indicators
FY3/20FY3/21

FY3/22

FY3/23

FY3/24Equity ratio (%)

38.2

31.5

39.7

39.9

44.0

Equity ratio based on market value (%)

94.4

99.9

90.4

114.0

133.8

Interest-bearing debt to cash flow ratio (years)

9.7

-

2.7

5.5

2.8

Interest coverage ratio (times)
12.4
36.6
17.4
34.4
Equity ratio: Shareholders’ equity / Total assets
Equity ratio based on market value: Market capitalization / Total assets
Interest-bearing debt to cash flow ratio: Interest-bearing debt / Operating cash flows
Interest coverage ratio: Operating cash flows / Interest payments
Notes: 1. Market capitalization is calculated by the number of shares outstanding at the end of the period, excluding treasury
shares.
2. Operating cash flows are the figures for operating cash flows in the consolidated statement of cash flows.
3. Interest-bearing debt includes all debts on the consolidated balance sheet that incur interest.
4. Interest-bearing debt to cash flow ratio and the interest coverage ratio for FY3/21 are not stated because operating
cash flow was negative.

(4) Outlook
Looking to the next fiscal year, although demand is expected to remain solid as the domestic economy normalizes,
the business environment will likely continue to be challenging given various factors putting upward pressure on
costs, as described in (1) Results of Operations, together with rising logistics costs associated with the 2024
problem. In this environment, we expect a further improvement in business performance in the fiscal year ending
March 31, 2025 and beyond by continuing the measures implemented in the fiscal year ended March 31, 2024
toward the achievement of our new medium-term business plan, which commenced in the fiscal year ended March
31, 2022. For the next fiscal year, we plan net sales of 64,000 million yen, operating profit of 2,400 mi llion yen,ordinary profit of 2,300 million yen, and profit attributable to owners of parent of 1,500 million yen, taking into
account information available at the time and recent conditions.
Medium-term Business Plan
FY3/22

FY3/23

FY3/24

FY3/25

FY3/26

Net sales (Millions of yen)

51,00058,00062,00068,00074,000Ordinary profit (Millions of yen)

(1,200)

1,100

1,600

2,200

3,000

630

650

690

740

800

Number of restaurants

Results and Forecast
FY3/22(Actual)FY3/23(Actual)FY3/24(Actual)FY3/25(Forecast for results ofoperations)

Net sales (Millions of yen)

42,88554,50560,22864,000Ordinary profit (Millions of yen)

2,669

(669)

2,162

2,300

611

806

765

791

Number of restaurants(5) Basic Policy for Profit Distribution and Dividends for the Current and Next Fiscal Years
Our basic policy on profit distribution is to maintain a stable dividend as much as possible rather than maintain acertain dividend payout ratio depending on business results. We use retained earnings for new restaurants,
redecoration of existing restaurants and other activities aimed at strengthening our business operations. In
accordance with these policies, we have taken steps for the purposes of improving our business proces ses andincreasing financial soundness in order to become more profitable.
As a result of a comprehensive consideration of future business development, internal reserves, and other factors,
we plan to pay a year-end dividend of 7.50 yen per share for the fiscal year under review. The dividend forecast
for the fiscal year ending March 31, 2025 is 7.50 yen per share.

5FOR TRANSLATION PURPOSE ONLYSRS HOLDINGS CO., LTD. (8163)
Summary of Financial Results for FY3/24

2. Corporate GroupOur group is composed of the Company and its seven affiliates whose main business is operating restaurants.
We do not provide segment information because we have only a single business segment of food service business.
Our group’s business content and relationship with the Company are described below with a systematic chart ofthe business.
(1) Our group’s business content and relationship with the Company
Restaurant management: SATO FOODSERVICE CO., LTD., FOODSNET CORPORATION, KAZOKUTEI CO.,LTD., M&S FOODSERVICE CO., LTD., NIS Inc., SATO・ARCLAND FOODSERVICE CO., LTD., and SRS TAIWAN COMPANY LIMITED operate restaurantsthat serve mainly Japanese food.
(2) Systematic diagram of the business
Customers

Provide products
SRS TAIWANCOMPANY LIMITED(consolidated subsidiary)

Provide products
Provideproducts
NIS Inc.
(consolidated subsidiary)

SATO・ARCLAND FOODSERVICE CO., LTD.
(consolidated subsidiary)
Provideproducts
SATO FOODSERVICE
CO., LTD.
(consolidated subsidiary)
Selling raw materials
products
Real estate leasing
Facilities leasing

Provideproducts

Provideproducts

Provideproducts

FOODSNETCORPORATION(consolidated subsidiary)

M&S FOODSERVICE
CO., LTD.
(consolidated subsidiary)

KAZOKUTEICO., LTD.
(consolidated subsidiary)

Selling raw
materials
products

Selling raw
materials
products

Selling raw
materials
products

SRS HOLDINGS CO., LTD.

3. Basic Approach to the Selection of Accounting Standards
The Group expects to employ Japanese accounting standards for the time being. However, we intend to consider
the future adoption of International Financial Reporting Standards (IFRS) depending on the ratio of foreign
shareholders and adoption trends among other companies in Japan.

6

FOR TRANSLATION PURPOSE ONLYSRS HOLDINGS CO., LTD. (8163)
Summary of Financial Results for FY3/24

4. Consolidated Financial Statements and Notes(1) Consolidated Balance Sheet
FY3/23(As of Mar. 31, 2023)(Thousands of yen)
FY3/24(As of Mar. 31, 2024)

AssetsCurrent assets
Cash and deposits

12,150,379

12,371,553

Accounts receivable - trade2,150,927

2,721,397

Merchandise
Raw materials and supplies

58,48658,151

1,105,146

1,124,433

Current portion of long-term loans receivable

64,65465,787

Other

988,317

690,795

Allowance for doubtful accounts(3,793)(3,711)

16,514,119

17,028,407

23,078,254

23,383,700

Accumulated depreciation(19,526,594)(19,270,643)

Buildings and structures, net

3,551,660

4,113,056

Machinery, equipment and vehicles

902,801

933,951(758,875)(773,352)

143,925

160,599

3,094,528

3,054,228

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

Accumulated depreciation
Machinery, equipment and vehicles, net
Land
Leased assets

1,896,160

1,918,253(1,179,175)(1,242,783)

Leased assets, net

716,984

675,470

Construction in progress

11,32327,560

Accumulated depreciation

Other
Accumulated depreciation
Other, net
Total property, plant and equipment

6,812,601

7,266,185(5,672,667)(6,001,983)

1,139,933

1,264,202

8,658,356

9,295,117

1,084,225

1,005,170

Intangible assets
Goodwill
Other
Total intangible assets

945,343

763,237

2,029,569

1,768,407

636,868

971,854

Investments and other assets
Investment securities
Long-term loans receivable

624,276

607,810

Guarantee deposits

3,998,578

3,947,385

Deferred tax assets

1,410,700

1,712,459

Other374,044

296,088

Allowance for doubtful accounts(4,096)(3,253)

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

7

7,040,372

7,532,345

17,728,297

18,595,870

134,166

109,353

34,376,583

35,733,631

FOR TRANSLATION PURPOSE ONLYSRS HOLDINGS CO., LTD. (8163)
Summary of Financial Results for FY3/24(Thousands of yen)
FY3/24(As of Mar. 31, 2024)

FY3/23(As of Mar. 31, 2023)
Liabilities
Current liabilities
Accounts payable - trade
Current portion of bonds payable
Current portion of long-term borrowings
Lease liabilities
Accounts payable - other

1,888,789

1,858,935

935,000

972,500

1,051,626

1,164,678

190,420

185,222

2,631,668

3,087,153

Income taxes payable

81,741

504,834

Provision for bonuses

470,647

606,149

Provision for loss on store closings-

11,534

Other

1,939,752

1,528,933

Total current liabilities

9,189,645

9,919,941

Bonds payable

4,165,000

3,192,500

Long-term borrowings

3,940,917

3,740,382

Lease liabilities

1,166,441

1,045,214

82,947

82,94727,75327,75329,17039,92023,486

21,2101,182,199

1,204,349

513,168

300,299

Non-current liabilities

Deferred tax liabilities for land revaluation
Provision for retirement benefits for directors (andother officers)
Provision for share awards for directors (and otherofficers)
Retirement benefit liability
Asset retirement obligations
Other
Total non-current liabilities

11,131,083

9,654,576

20,320,729

19,574,518

11,077,683

11,077,683

Capital surplus

4,935,240

4,481,953

Retained earnings(1,543,803)

707,858

Treasury shares(120,009)(119,707)

Total shareholders’ equity

14,349,111

16,147,788

Valuation difference on available-for-sale securities

260,385494,735

Deferred gains or losses on hedges

14,471

8,008(923,897)(923,897)

16,1449,359(632,896)(411,795)

Total liabilities
Net assets
Shareholders’ equity
Share capital

Accumulated other comprehensive income

Revaluation reserve for land
Foreign currency translation adjustment
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

8

339,639

423,120

14,055,853

16,159,113

34,376,583

35,733,631

FOR TRANSLATION PURPOSE ONLYSRS HOLDINGS CO., LTD. (8163)
Summary of Financial Results for FY3/24(2) Consolidated Statements of Income and Comprehensive Income(Consolidated Statement of Income)(Thousands of yen)
FY3/23
FY3/24(Apr. 1, 2022 – Mar. 31, 2023) (Apr. 1, 2023 – Mar. 31, 2024)
54,505,020
60,228,472
18,995,066
20,792,382
35,509,953
39,436,089

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Remuneration for directors (and other officers)
Provision for share awards for directors (and other officers)
Salaries and allowances
Employees' bonuses
Provision for bonuses
Welfare expenses
Retirement benefit expenses
Utilities expenses
Supplies expenses
Rent expenses
Repair expenses
Depreciation
Miscellaneous expenses
Amortization of goodwill
Total selling, general and administrative expenses
Operating profit (loss)
Non-operating income
Interest income
Dividend income
Rental income from buildings
Foreign exchange gains
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Rental expenses on real estate
Miscellaneous losses
Total non-operating expenses
Ordinary profit (loss)
Extraordinary income
Gain on sales of non-current assets
Compensation income
Gain on extinguishment of tie-in shares
Gain on cancellation of leasehold contracts
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Loss on sale of non-current assets
Loss on valuation of investment securities
Impairment losses
Loss on store closings
Provision for loss on store closings
Litigation settlement
Total extraordinary losses
Profit (loss) before income taxes

9206,220
9,750
16,262,453
364,927
462,738
1,607,304
184,375
2,855,000
1,582,173
5,804,149
786,989
1,575,368
4,325,339
89,909240,790
11,024
17,052,518
361,982588,682
1,758,968
186,819
2,271,533
1,719,304
5,605,892
959,217
1,646,468
4,745,004
130,582

36,116,700

37,278,789(606,746)

2,157,300

8,881
21,43565,3009,209
70,344

7,224
24,75760,08165,70872,159175,171229,930

119,383
46,461
71,953
237,798

108,316
43,35873,372225,048(669,373)

2,162,182

2,690
19,86732,247

3,285
66,6761,151

54,805

71,112

36,667
65
2,796
731,987
66,21320,00026,671
194
2,597
204,112
16,932
11,448-

857,731

261,956(1,472,299)

1,971,339

FOR TRANSLATION PURPOSE ONLYSRS HOLDINGS CO., LTD. (8163)
Summary of Financial Results for FY3/24(Thousands of yen)
FY3/23
FY3/24(Apr. 1, 2022 – Mar. 31, 2023) (Apr. 1, 2023 – Mar. 31, 2024)
Income taxes - current

183,321495,036

Income taxes - deferred(264,723)(405,555)

Total income taxes(81,401)

89,480(1,390,897)

1,881,858

Profit (loss)
Profit attributable to non-controlling interests

60,44783,480

Profit (loss) attributable to owners of parent(1,451,345)

1,798,378

10

FOR TRANSLATION PURPOSE ONLYSRS HOLDINGS CO., LTD. (8163)
Summary of Financial Results for FY3/24(Consolidated Statement of Comprehensive Income)(Thousands of yen)
FY3/23
FY3/24(Apr. 1, 2022 – Mar. 31, 2023) (Apr. 1, 2023 – Mar. 31, 2024)
Profit (loss)(1,390,897)

1,881,858

47,125234,350(35,053)(6,462)351(6,785)

12,423

221,101(1,378,473)

2,102,960(1,438,921)

2,019,479

60,44783,480

Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

11

FOR TRANSLATION PURPOSE ONLYSRS HOLDINGS CO., LTD. (8163)
Summary of Financial Results for FY3/24(3) Consolidated Statement of Changes in Equity
FY3/23 (Apr. 1, 2022 – Mar. 31, 2023)(Thousands of yen)
Shareholders’ equity
Share capital
Balance at beginning of
periodChanges during period
Issuance of new shares
Dividends of surplus
Reversal of revaluation
reserve for land
Loss attributable to ownersof parent
Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

Capital surplus

Retained earnings

10,454,085

4,311,642

623,597623,597

145,310

Total shareholders’equityTreasury shares(120,009)

14,791,028

1,247,195(199,359)(199,359)(38,408)(38,408)(1,451,345)(1,451,345)

623,597623,597(1,689,113)-(441,917)

11,077,683

4,935,240(1,543,803)(120,009)

14,349,111(Thousands of yen)

Accumulated other comprehensive income
Valuation
Deferreddifference
gains oron availablelosses on
for-salehedgessecurities
Balance at
beginning of
periodChanges during
periodIssuance of newsharesDividends ofsurplus
Reversal ofrevaluation
reserve for land
Loss attributableto owners ofparentNet changes in
items other thanshareholders’equityTotal changes
during period
Balance at end of
period213,260

49,524

Revaluation
reserve forland

Foreigncurrencytranslation
adjustment(962,306)

15,793

Total
Share
Nonaccumulated acquisition controllingotherrightsinterests
comprehensive
income(683,728)

3,914

279,191

Total net
assets

14,390,406

1,247,195(199,359)(38,408)(1,451,345)

47,125(35,053)

38,408351

50,831(3,914)60,447

107,364

47,125(35,053)

38,408351

50,831(3,914)60,447(334,552)

260,385

14,471(923,897)

16,144(632,896)-

339,639

14,055,853

12

FOR TRANSLATION PURPOSE ONLYSRS HOLDINGS CO., LTD. (8163)
Summary of Financial Results for FY3/24

FY3/24 (Apr. 1, 2023 – Mar. 31, 2024)(Thousands of yen)
Shareholders’ equity
Share capital
Balance at beginning of
periodChanges during period

11,077,683

Deficit disposition
Profit attributable to ownersof parent
Disposal of treasury shares
Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

Capital surplus

Retained earnings

Treasury shares

4,935,240(1,543,803)(453,283)

453,283-

1,798,378

1,798,378(2)(120,009)

Total shareholders’equity14,349,111

301

299

-

(453,286)

2,251,662

301

1,798,677

11,077,683

4,481,953

707,858(119,707)

16,147,788(Thousands of yen)

Accumulated other comprehensive income
Valuation
Total
DeferredForeigndifference
Revaluation
accumulated Non-controlling
gains orcurrencyinterests
on availablereserve forotherlosses ontranslation
for-salelandcomprehensive
hedgesadjustment
securities
incomeBalance at
beginning of
periodChanges during
periodDeficitdisposition
Profit attributableto owners ofparentDisposal oftreasury shares
Net changes in
items other thanshareholders’equityTotal changes
during period
Balance at end of
period260,385

14,471(923,897)

16,144(632,896)

339,639

Total net assets

14,055,853

1,798,378
299
234,350(6,462)-(6,785)

221,101

83,480304,582

234,350(6,462)-(6,785)

221,101

83,4802,103,260

494,735

8,008(923,897)

9,359(411,795)

423,120

16,159,113

13

FOR TRANSLATION PURPOSE ONLYSRS HOLDINGS CO., LTD. (8163)
Summary of Financial Results for FY3/24(4) Consolidated Statement of Cash Flows(Thousands of yen)
FY3/23
FY3/24(Apr. 1, 2022 – Mar. 31, 2023) (Apr. 1, 2023 – Mar. 31, 2024)
Cash flows from operating activities
Profit (loss) before income taxes
Depreciation
Amortization of goodwill(1,472,299)

1,971,339

1,595,169

1,650,230

89,909130,582

Impairment losses

731,987

204,112

Increase (decrease) in provision for bonuses(24,917)

135,502

Increase (decrease) in allowance for doubtful accounts

782

(925)

Increase (decrease) in provision for loss on store closings-

11,448

Increase (decrease) in retirement benefit liability(187,915)(2,276)

Interest and dividend income(30,316)(31,981)Interest expenses

119,383

108,316

Compensation income-(66,066)

Gain on sale of non-current assets(2,690)(3,285)

Loss on retirement of non-current assets

36,667

26,671

65

194

Loss on sale of non-current assets
Loss (gain) on valuation of investment securities
Gain on cancellation of leasehold contract

2,796

2,597

(32,247)(1,151)

Loss (gain) on extinguishment of tie-in shares(19,867)-

Decrease (increase) in trade receivables(388,640)(569,958)

Decrease (increase) in inventories(292,908)(18,551)

Decrease (increase) in accounts receivable - other

1,531,763(70,252)

Increase (decrease) in trade payables

218,700(30,939)

Increase (decrease) in accounts payable - other121,260

263,852

Increase (decrease) in accrued consumption taxes

964,911(278,023)

Decrease (increase) in consumption taxes refund receivable

100,787

31,275

Other, net

182,890

100,238

Subtotal

3,245,272

3,562,951

Interest and dividends received
Interest paid
Proceeds from compensation
Income taxes paid
Income taxes refund
Net cash provided by (used in) operating activities

21,82324,643(120,983)(109,609)-

66,066(1,107,720)(79,715)

37,522

262,9102,075,913

3,727,246(1,741,537)(2,116,578)

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

3,081

43,149Purchase of intangible assets
Purchase of shares of subsidiaries resulting in change inscope of consolidation
Payments for acquisition of businesses(240,001)(99,967)(830,687)--(115,120)

Payments for asset retirement obligations(108,429)(122,612)

Payments of guarantee deposits(104,534)(101,303)

Proceeds from refund of guarantee deposits

233,683

210,425

Payments of construction assistance fund receivables
Proceeds from collection of construction assistance fundreceivables
Other, net(38,500)(42,726)

80,12475,220(54,959)(23,221)(2,801,759)(2,292,734)

Net cash provided by (used in) investing activities

14

FOR TRANSLATION PURPOSE ONLYSRS HOLDINGS CO., LTD. (8163)
Summary of Financial Results for FY3/24(Thousands of yen)
FY3/23
FY3/24(Apr. 1, 2022 – Mar. 31, 2023) (Apr. 1, 2023 – Mar. 31, 2024)
Cash flows from financing activities
Proceeds from long-term borrowings

1,019,000

1,000,000

Repayments of long-term borrowings(949,541)(1,087,921)

Repayments of finance lease liabilities(201,847)(193,238)

Redemption of bonds
Proceeds from issuance of shares resulting from exercise ofshare acquisition rights
Dividends paid

(935,000)(935,000)

1,235,749-

Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents(199,359)

-

-

98

(30,998)(1,216,062)

743

2,724

Net increase (decrease) in cash and cash equivalents(756,101)

221,174

Cash and cash equivalents at beginning of period
Increase in cash and cash equivalents resulting from merger
with unconsolidated subsidiaries
Cash and cash equivalents at end of period

12,834,637

12,150,379

71,843-

12,150,379

12,371,553

15

FOR TRANSLATION PURPOSE ONLYSRS HOLDINGS CO., LTD. (8163)
Summary of Financial Results for FY3/24(5) Notes to Consolidated Financial Statements
Going Concern Assumption
Not applicable.
Segment and Other Information
Segment information
FY3/23 (Apr. 1, 2022 – Mar. 31, 2023) and FY3/24 (Apr. 1, 2023 – Mar. 31, 2024)
Omitted since the Group has only a single business segment of food service business.
Related information
FY3/23 (Apr. 1, 2022 – Mar. 31, 2023) and FY3/24 (Apr. 1, 2023 – Mar. 31, 2024)
1. Information by product and service
Omitted since sales to external customers which account for more than 90% of net sales shown on the
consolidated statement of income are derived from a single product or service category.
2. Information by region(1) Net sales
Omitted since sales to external customers in Japan exceeded 90% of net sales on the consolidated statement ofincome.
(2) Property, plant and equipment
Omitted since property, plant and equipment in Japan exceeded 90% of property, plant and equipment on the
consolidated balance sheet.
3. Information by major client
Omitted since no external customer accounts for more than 10% of net sales on the consolidated statement ofincome.
Information related to impairment losses on non-current assets for each reportable segment
FY3/23 (Apr. 1, 2022 – Mar. 31, 2023) and FY3/24 (Apr. 1, 2023 – Mar. 31, 2024)
Omitted since the Group has only a single business segment of food service business.
Information related to goodwill amortization and the unamortized balance for each reportable segment
FY3/23 (Apr. 1, 2022 – Mar. 31, 2023) and FY3/24 (Apr. 1, 2023 – Mar. 31, 2024)
Omitted since the Group has only a single business segment of food service business.
Information related to gain on bargain purchase for each reportable segment
FY3/23 (Apr. 1, 2022 – Mar. 31, 2023) and FY3/24 (Apr. 1, 2023 – Mar. 31, 2024)
Not applicable.

16

FOR TRANSLATION PURPOSE ONLYSRS HOLDINGS CO., LTD. (8163)
Summary of Financial Results for FY3/24

Per-share Information

Net assets per share(Yen)
FY3/24(Apr. 1, 2023 – Mar. 31, 2024)
380.55

FY3/23(Apr. 1, 2022 – Mar. 31, 2023)
331.70Net income (loss) per share(35.40)43.49
Notes: 1. Diluted net income per share is not presented since the Company has no outstanding dilutive securities, thoughposted a net loss.
2. The Company's shares held by Custody Bank of Japan, Ltd. (Trust Account) as trust assets of the Officer's Share
Benefit Trust are included in treasury shares, which are deducted from the total number of outstanding shares at theend of the period for the purpose of calculating net assets per share (119,000 shares for FY3/23 and 118,700 sharesfor FY3/24).
For calculation of net income (loss) per share and diluted net income per share is included in treasury shares, which
is deducted from the calculation of the average number of shares during the period (119,000 shares for FY3/23 and118,725 shares for FY3/24).
3. Basis for calculating net assets per share is as follows.

Total net assets (Thousands of yen)

FY3/23(As of Mar. 31, 2023)
14,055,853

FY3/24(As of Mar. 31, 2024)
16,159,113

339,639

423,120[339,639][423,120]

13,716,214

15,735,993

41,350,841

41,351,141

FY3/23(Apr. 1, 2022 – Mar. 31, 2023)

FY3/24(Apr. 1, 2023 – Mar. 31, 2024)(1,451,345)

1,798,378--(1,451,345)

1,798,378

40,995,210

41,351,116

Deduction on total net assets (Thousands of yen)[of which non-controlling interests(Thousands of yen)]
Net assets applicable to common shares(Thousands of yen)
Number of common shares at end of period used in
calculation of net assets per share (Shares)
4. Basis for calculating net income (loss) per share is as follows.

Net income (loss) per share
Profit (loss) attributable to owners of parent(Thousands of yen)Amounts not available to common shareholders(Thousands of yen)
Profit (loss) attributable to owners of parent
applicable to common shares (Thousands of yen)
Average number of common shares outstanding
during the period (Shares)

Subsequent Events
Not applicable.

This financial report is solely a translation of the Company’s Kessan Tanshin (including attachments) in Japanese, 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