Financial Results for the 1ST Quarterof Fiscal Year Ending July 31, 2024
SILVER LIFE CO., LTD.
The Standard Market of the Tokyo Stock Exchange (9262)

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

Frozen bento to be
Launched in
March2023"Life Meal"Fiscal Year Ending July 2024 1ST
Quarter Performance Highlights

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

Fiscal Year Ending July 2024 Q1 Performance （vs YoY ）Sales increased by 11.3% compared to the previous quarter, due to an increase in sales to facilities, direct sales and others (OEM, frozen bento, warehousing)
Gross profit increased by 23.2% compared to the previous fiscal year, which was increased by about 20 million yen due to the delay in Q4 production in the previous fiscal
year, but the majority was due to improved production efficiency.
Operating income increased by 0.2%, and profit margin decreased by -0.8% due to increased costs such as advertising expenses, personnel expenses (salaries increased
by 8% in Q2 of the previous fiscal year), and fare costs.

FY2024 Q1
Unit : million
yen

FY2023 Q1

ActualVs.
FY2023
Q1results

Net sales

3,356+11.3%

-

25.6%

3,015

-

13,100-Gross
profit1,107+23.2%

33.0%

27.3%

898

29.8%

4,060

31.0%

Operatingprofit

245

+0.2%

7.3%

32.3%

245

8.1%

760

5.8%

Ordinary
profit

282

-2.4%

8.4%

29.8%

289

9.6%

950

7.3%

Profit

177

-3.1%

5.3%

28.6%

183

6.1%

620

4.7%

Sales
ratio

Plan
Progressrate

Results

FY2024 Plan

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

Sales
ratio

Plan

Sales
ratio

-3-

Sales per Category
Vs. FY2023 Q1

Franchise chains
Sales Unit : million yen
2,178

FY23 Q1

2,114

FY23 Q2

2,165

Sales: Slowdown in growth, but the situation differs for each product
80% of sales to member stores are regular meals and 20% are special meals*1
Regular food prices at stores are in the 500 yen range, and growth continues (+5.4%)
Sales prices for special meals in stores are in the 700 yen range, a sharp decline (-12.6%)
This is the first time in 16 years since the company's founding that the number of special
meals has decreased.

2,064

FY23 Q3

FY23 Q4

FY24 Q1

Number of Stores
978

975

964

970

73

85

95

107

107

352

342

335

326

317

553

+0.7%

2,194

548

534

537

958

534

Environmental changes in the 16th year = It is estimated that the company has beensignificantly eclipsed by the EC-based frozen bento services offered by "all our competitors"
that are priced in the 600 yen range including shipping. As a countermeasure, we arepreparing to reduce the cost of special meals. Special meals packed at the factory and1000
delivered to stores in frozen bento will be changed to chilled packs, the same as regular
800 meals.
→ From summer to fall 2024, special meals will be available for around 500 yen.
600
400 Existing stores continue to grow at 106.9% compared to the previous year*2
200 Number of stores: 958 stores; store openings continue to fluctuate due to sluggish growth0

FY23 Q1

FY23 Q2

FY23 Q3

Takushoku Life

Haishokuno Fureai

FY23 Q4

Magokoro Bento

FY24 Q1*1 Special diets include carbohydrate calorie adjusted meals, protein adjusted meals, and mousse meals.
*2 Comparison between stores that existed in both the previous fiscal year and this fiscal year, excluding
stores that were withdrawn.

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

-4-

Sales per Category
359

350
Facilities
for theelderly322

323

Vs. FY2023 Q1+11.7%

329

FY23 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY24 Q1

Unit:million yen

802
DirectSales/
Others

728
514

562

Vs. FY2023 Q1+55.9%

613

FY23 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY24 Q1

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

Get back on track for growth. The covid-19
has reached Category 5 and facility activities
have resumed. The decline in chilled food hasbottomed out, and in addition to the growthof the frozen brand "Kodawari-Chef," thelower-priced frozen brand "Otegaru-Chef" isalso growing.
Freezing: Sales ratio within the department is
56.6%
Chilled: Sales ratio within the division is
43.4%
Direct sales: Increase sales by investing inadvertising
Intra-department sales ratio is 68.0%
OEM: Increase sales to new customers
Intra-department sales ratio is 26.7%
Warehousing: Strong demand and bold prices
Increase sales through repeated revisions
Intra-department sales ratio is 5.3%
-5-Change Analysis of Sales+11.3% YoY
FC sales increased slightly despite the impact of a decrease in the number of stores
Facilities for the elderly, etc. are increasing due to strong sales of frozen foods while maintaining sales of chilled foods.
Direct sales and other sales increased as frozen bento sales via our own e-commerce, OEM sales, and warehousing business all
remained strong.
FY23 Q1

FC Food Sales

Unit : million yen

3,015
Almost unchanged from the previous Q1
Growth in regular food (105.4% compared to the previous quarter)
Special meals decreased (87.4% compared to the previous quarter)

15

FC Loyalties,

0

etc.
Facilities for the37

Elderly
Direct Sales/ Others

FY24 Q1

287

Chilled ingredients maintain a certain level of demand
Demand for frozen ingredients is increasing, and growth of lowpriced brands is also contributing
Direct sales increase sales through advertising
OEM sales increase from new customers
In the warehousing industry, demand is strong and prices are revised
repeatedly.

3,356
Copyright©2023 SILVER LIFE CO., LTD. All Rights Reserved.

YoY Change+341

million yen-6-Change Analysis of Gross Profit
The amount increased by 23.2%, and the gross profit margin improved by 3.2% (of which, the improvement in actual ability was 2%)
Gross profit has been increased by about 1% due to the impact of period lag due to stock manufacturing in the Q4 of the previous
fiscal year.
Since in-house production started in October at the end of the first quarter of the previous fiscal year, the effect of in-houseproduction in the previous fiscal year was 1 month, but this fiscal year it contributed 3 months.

FY23 Q1

Sales ratio

29.8％

Unit : million yen

898

+341

increase in sales
Decrease in+150

product costs

Procurement of outsourced products decreased due toin-house production-171

Material cost
Labor costs/outsourcing

-103

costs

In-house manufacturing increased
As a result, material costs, labor costs, outsourcing costs,
and supplies expense also increased.

-10

supplies expense
Utilities+5chargeManufacturing volume increased due to in-house production, but utility costs
remained almost unchanged from the previous Q1 due to the introduction ofsolar power generation and power saving units.

-4

OthersSales Ratio

FY24 Q1

Increase mainly due to direct sales and other frozen bento

33.0％

1,107

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YoY Change+209

million yen-7-Change Analysis of Ordinary Profit
Slight decrease. Increased labor and fare costs due to in-house production and increased sales, increased
advertising costs (advertisements were held back in the first quarter of the previous fiscal year, as we were waitingfor equipment to arrive and operations at logistics bases to stabilize), Allowance for shareholder special benefit, Dueto an increase in fees due to dividends, etc.
Sales ratio

FY23 Q1

9.6％

289

Unit : million yen

208

Increase in gross profit
Personnel costs-153

fare costs, advertising costs, etc.

-19

depreciation
Reserve for shareholder benefits-41

and fees paid
Supplies

20

expenseAdvertising expenses have been suppressed since Q2 of the previous fiscal
year, increasing costs by 46 million
Labor costs increased by 60 million yen and fare costs increased by 36 million
yen due to in-house production and increased sales.

Mainly related to necessary capital investment, such as renovation of theexterior wall of the distribution center, construction of the parking lot, andintroduction of a warehousing/exit system.
Fees related to dividends will be incurred from this term, and due to a sharp increasein the use of preferential treatment, the positive difference for unused preferential
treatment that occurred in Q1 of the previous fiscal year will not exist this term.
In the Q1 of the previous fiscal year, there were temporary supplies related to logistics
such as containers and pallets during the startup period of the distribution center, butthere were no supplies in the Q1 of the current fiscal year.

Provision of allowance-15

for doubtful accounts-5

OthersSales ratio

FY24 Q1

Increase due to review of standards for allowance for loan losses

8.4％

282

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YoY Charge▲

7

million yen-8-FY2024 Financial Plan

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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

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- 10 -

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- 11 -

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

- 12 -

The Market to which we belong

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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.

- 14 -

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.

- 15 -

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.

- 17 -

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.

- 18 -

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- 19 -

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- 20 -

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）- 21 -

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- 22 -

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.

- 24 -

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.

- 25 -

Our History
Change to TSE Standard Market

Oct. 2023

Change to TSE Prime Market

Apr. 2022

Launched “Life Meal”
Kazo Center begins operations

Mar.2023
Mar. 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
Oct. 2017

Listed on TSE Mothers

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.

- 26 -

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

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- 27 -

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.

- 28 -