Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

Consolidated Financial Results
for the Six Months Ended April 30, 2024
(Under Japanese GAAP)
June 13, 2024
Company name: Kobe Bussan Co., Ltd.
Listing:
Prime Market of Tokyo Stock Exchange
Securities code:
3038
URL:
https://www.kobebussan.co.jp/english/
Representative:
Hirokazu Numata, President and Representative Director
Contact:
Masahiro Sakamoto, Manager, Corporate Planning Department
Phone:+81-79-458-0339
Scheduled date to file Quarterly Securities Report:
June 14, 2024
Scheduled date to commence payment of dividends:–
Preparation of supplementary material on quarterly financial results:
Yes (https://www.kobebussan.co.jp/english/ir/news.php)
Holding of quarterly financial results briefing:
Yes (for institutional investors and securities analysts)(Amounts less than one million yen have been omitted.)1.

Consolidated financial results for the six months ended April 30, 2024 (from November 1, 2023 to April 30, 2024)(1) Consolidated operating results(Percentage indicates year-on-year changes.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Six months ended
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
April 30, 2024
248,123
11.8
17,72025.4
18,03636.7
12,34535.5
April 30, 2023
221,968
12.0
14,133(4.1)
13,198 (19.4)
9,110(17.5)
Note: Comprehensive income
For the six months ended April 30, 2024: ¥12,643 million [51.1%]
For the six months ended April 30, 2023: ¥8,365 million [(26.2)%]
Basic earnings
per share
Six months endedApril 30, 2024
April 30, 2023

Yen
55.93
41.54

Diluted earnings
per share
Yen
55.54
41.02

(2) Consolidated financial position
Total assets
Net assets
As ofMillions of yen
Millions of yen
April 30, 2024
222,177
123,069
October 31, 2023
211,891
114,451
Reference: Equity (Shareholders’ equity + Valuation and translation adjustments)
As of April 30, 2024: ¥119,946 million
As of October 31, 2023: ¥111,691 million
2.

Equity ratio
%
54.0
52.7

Net assets per shareYen
543.07506.23

Cash Dividends

Annual dividends per share
SecondThird
Fiscalquarter-end
quarter-end
year-end
Fiscal year
Yen
Yen
Yen
Ended October 31, 2023
0.00
–
22.00
Ending October 31, 2024
0.00
Ending October 31, 2024 (Forecast)–
23.00
Note: Revisions to cash dividend forecast published most recently: NoneFirst
quarter-end
Yen
–
–

Total
Yen
22.00
23.00

Consolidated financial forecast for the fiscal year ending October 31, 2024 (from November 1, 2023 to October 31, 2024)(Percentage indicates year-on-year changes.)
Profit attributable to Basic earnings
Net sales
Operating profit
Ordinary profit
owners of parent
per share
Millions
Millions
Millions
MillionsYenof yen%of yen%of yen%of yen%Fiscal year
498,000
7.9
31,0000.9
33,00010.1
21,5004.6
97.44
Note: Revisions to earnings forecast published most recently: None3.

[Notes](1) Changes in significant subsidiaries during the current period (Changes in specified subsidiaries resulting in the change in scopeof consolidation): None
(2) Application of accounting methods used specifically for preparing the quarterly consolidated financial statements: None
(3) Changes in accounting policies, changes in accounting estimates and restatements of prior period financial statements(i) Changes in accounting policies due to application of new or revised accounting standards: None(ii) Changes in accounting policies due to reasons other than above (i):None(iii) Changes in accounting estimates:None(iv) Restatements of prior period financial statements:
None(4) Number of shares issued (common shares)(i) Number of shares issued at the end of the period (including treasury shares)
As of April 30, 2024:
273,600,000 shares
As of October 31, 2023:
273,600,000 shares(ii) Number of shares of treasury shares at the end of the period
As of April 30, 2024:
52,730,155 shares
As of October 31, 2023:
52,968,055 shares(iii) Average number of shares of common shares outstanding during the period
Six months ended April 30, 2024:
220,754,543 shares
Six months ended April 30, 2023:
219,292,944 shares
Note:

The number of shares of Kobe Bussan (275,200 shares) held by Custody Bank of Japan, Ltd. (the “Trust Account”) as
trust property for a Board Benefit Trust was included in the number of shares of treasury shares at the end of the period.
Also, the number of shares of Kobe Bussan held by the Trust Account was included in the number of shares of treasury
shares to be deducted from the calculation of the average number of shares of common shares outstanding during theperiod (275,200 shares for the six months ended April 30, 2024 and 168,400 shares for the six months ended April 30,2023).

* This financial results report is not subject to audit procedures to be performed by certified public accountants or an audit firm.
* Proper use of earning forecast, and other special notes
The forward-looking statements including earnings forecast contained in this document are based on information currently available
to us and certain assumptions that we believe are reasonable. Accordingly, actual results may differ significantly from the results
anticipated in these forward-looking statements due to a variety of factors. For more information on the assumptions and disclaimers
with respect to earnings and other forecasts, please refer to “1. Qualitative Information on Quarterly Consolidated Financial Results(3) Overview of forward-looking statements including consolidated financial forecast” on page 3 of the Attached Materials.

2

Contents of Attached Materials
1. Qualitative Information on Quarterly Consolidated Financial Results ································································ P. 2
(1) Overview of quarterly consolidated operating results ··············································································· P. 2
(2) Overview of quarterly consolidated financial position ·············································································· P. 3
(3) Overview of forward-looking statements including consolidated financial forecast ············································ P. 3
2. Quarterly Consolidated Financial Statements and Major Notes ······································································· P. 4(1) Quarterly consolidated balance sheets ································································································· P. 4(2) Quarterly consolidated statements of income and quarterly consolidated statements of comprehensive income ··········· P. 6
Quarterly consolidated statements of income ······················································································ P. 6
Quarterly consolidated statements of comprehensive income ··································································· P. 7
(3) Notes to quarterly consolidated financial statements ················································································ P. 8
(Going concern assumption) ·········································································································· P. 8
(Significant changes in shareholders’ equity) ······················································································· P. 8
(Segment information) ················································································································· P. 8

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1. Qualitative Information on Quarterly Consolidated Financial Results(1) Overview of quarterly consolidated operating results
During the six months ended April 30, 2024 (from November 1, 2023 to April 30, 2024) (hereinafter the “period underreview”), Japan’s economy was on a gradual recovery trend thanks to the lifting of restrictions on economic activities due to
COVID-19. Nevertheless, the economic outlook has still remained unclear due to new geopolitical risks such as the intensified
situation in the Middle East in addition to the prolonged Russia-Ukraine conflict, precarious fluctuations in foreign exchange
rates, and soaring energy costs.
Players in the food retail industry have continued to face severe circumstances, including a rise in a savings-oriented attitude of
consumers caused by the galloping inflations and an increase in various costs.
Under such circumstances, in line with the Group’s goal of further strengthening “Integrated Food Production & Distribution
Operations,” the Kobe Bussan Group has enhanced its competitiveness through increased production capacity and proactive
product development. Also, we have been engaged in a business that is attentive and responsive to customers’ needs byenhancing our strength to provide them with high-quality and attractive products at best prices.
Consequently, in terms of operating results for the period under review, we reported net sales of ¥248,123 million (up 11.8%
year on year), operating profit of ¥17,720 million (up 25.4%), ordinary profit of ¥18,036 million (up 36.7%), and profit
attributable to owners of parent of ¥12,345 million (up 35.5%).
The operating results by business segment are as follows:(i) Gyomu Super BusinessThis business segment covers Gyomu Super stores, which mainly sell products at best prices including those originallyproduced by our group’s domestic plants or those with attractive private labels directly imported by ourselves under theconcept of providing authentic food products from around the world. In the period under review, Gyomu Super stores have
expanded nationwide with 1,062 stores as a result of a net increase of 14 stores after opening 23 stores and closing nine.
Effective April 1, 2024, the area category of Kagoshima prefecture was changed from the previous category of indirectly
managed areas to directly managed areas.
The breakdown of new store openings was 17 stores in directly managed areas and six stores in indirectly managed areas. Ourfranchisees remain keen to open new stores, and some of them are strongly encouraged to relocate stores whose facilities havedeteriorated over many years in service.
In terms of operating results, we have continued expanding business performance. This is because the rise in purchase costs
caused by the sharp exchange rate fluctuations and price hikes resulted in a decline in personal consumption, which further
encouraged a savings-oriented attitude of consumers. This very attitude led to customers visiting our stores to buy low priceproducts of Gyomu Super. Also, the expanded performance resulted from mass and social media coverage of our products.
Consequently, net sales of the Gyomu Super Business for the period under review stood at ¥239,436 million (up 11.3% year onyear).
(ii) Restaurant & Delicatessen BusinessThis business segment covers Kobe Cook World Buffet, one of the largest buffet-style restaurant chains in Japan; Premium
Karubi, a served a-la-carte buffet style BBQ restaurant chain where customers enjoy the best selected premium meats and inhouse made desserts; and Chisouna, a delicatessen shop chain under the concept of offering everyday dining with a focus onfoods made in-house and available at affordable prices.
In the period under review, Kobe Cook World Buffet opened one restaurant and closed none, resulting in 15 restaurants
nationwide. We strived to improve customer satisfaction through measures such as menu changes. Our efforts paid off with thenumber of customer visits almost recovering to the level before the COVID-19 pandemic backed by more tourists from abroad
visiting Japan. Premium Karubi opened one restaurant and closed none, resulting in 21 restaurants nationwide. The number ofcustomer visits increased thanks to the increased media coverage. Chisouna opened seven shops and closed none, resulting in
121 shops nationwide. While more customers were attracted by a variety of foods relevant to their needs and an introduction of
new dishes, such an increase in the number of shops helped boost net sales.
Consequently, net sales of the Restaurant & Delicatessen Business for the period under review stood at ¥6,539 million (up25.2% year on year).
-2-

(iii) Eco Renewable Energy BusinessThis business segment covers renewable energies generated by our own solar and woody biomass power plants. Currently, we
operate 19 solar power plants collectively generating approximately 81.0 MW and one woody biomass power plant generating
approximately 6.2 MW, all of which are generating electricity steadily. We continue supplying safe and environmentallyfriendly electricity using renewable energy.
Consequently, net sales of the Eco Renewable Energy Business for the period under review stood at ¥2,138 million (up 31.1%
year on year).

(2) Overview of quarterly consolidated financial position(Assets)
Total assets as of April 30, 2024 increased by ¥10,285 million from the end of the previous fiscal year to ¥222,177 million.
This was mainly due to an increase in current assets of ¥8,251 million.
This increase was mostly attributable to an increase in cash and deposits of ¥6,929 million.
(Liabilities)
Total liabilities as of April 30, 2024 increased by ¥1,668 million from the end of the previous fiscal year to ¥99,107 million.
This was mainly due to an increase in current liabilities of ¥3,127 million, partly offset by a decrease in non-current liabilitiesof ¥1,459 million.
The increase in current liabilities was mainly attributable to increases in accounts payables - trade of ¥1,661 million andincome taxes payable of ¥1,429 million.
The decrease in non-current liabilities was mainly attributable to a decrease in other (non-current liabilities) of ¥1,241 million.
(Net assets)
Total net assets as of April 30, 2024 increased by ¥8,617 million from the end of the previous fiscal year to ¥123,069 million.
This was mainly due to an increase in retained earnings of ¥7,486 million.

(3) Overview of forward-looking statements including consolidated financial forecast
It remains unchanged from our financial forecast published on December 15, 2023.

-3-

2. Quarterly Consolidated Financial Statements and Major Notes(1) Quarterly consolidated balance sheets(Millions of yen)
Current quarter(As of April 30, 2024)

Previous fiscal year
(As of October 31, 2023)
AssetsCurrent assets:
Cash and deposits

92,59099,519Accounts receivable - trade26,93926,940

Merchandise and finished goods

16,645

17,030378

380

Raw materials and supplies

1,801

1,925

Other

3,303

4,110

Allowance for doubtful accounts

(17)

(14)

141,641

149,893

Buildings and structures, net

16,186

16,388

Machinery, equipment and vehicles, net

22,977

21,718Land

19,897

19,974

Other, net

5,133

8,046

Total property, plant and equipment

64,195

66,127

1,509

1,901

Work in process

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

Intangible assets
Investments and other assets

4,544

4,254

Total non-current assets

70,24972,283211,891

222,177

Accounts payable - trade32,23133,892

Short-term borrowings

1,317

856

Income taxes payable

4,562

5,991

Provision for bonuses

473

498

Other

10,473

10,944

Total current liabilities

49,05752,18437,00036,451Retirement benefit liability

688

723

Guarantee deposits received

7,589

7,840

Asset retirement obligations
Provision for share awards for directors(and other officers)
Other

1,672

1,706

110

122

1,320

78

Total non-current liabilities

48,382

46,922

97,43999,107

Total assets
Liabilities
Current liabilities:

Non-current liabilities:
Long-term borrowings

Total liabilities-4-

(Millions of yen)
Current quarter(As of April 30, 2024)

Previous fiscal year
(As of October 31, 2023)
Net assets
Shareholders’ equity:
Share capital

500

500

Capital surplus

12,137

12,571Retained earnings

108,797

116,284

Treasury shares(9,087)(9,048)

Total shareholders’ equity

112,348

120,30627

55

Foreign currency translation adjustment

(684)

(415)

Total accumulated other comprehensive income

(657)

(359)

2,760

3,122

114,451

123,069

211,891

222,177

Accumulated other comprehensive income:
Valuation difference on available-for-sale securities

Share acquisition rights
Total net assets
Total liabilities and net assets-5-(2) Quarterly consolidated statements of income and quarterly consolidated statements of comprehensive income
Quarterly consolidated statements of income

Net sales

For the six months endedApril 30, 2023
(From November 1, 2022
to April 30, 2023)
221,968(Millions of yen)
For the six months endedApril 30, 2024
(From November 1, 2023
to April 30, 2024)
248,123

Cost of sales

197,450

218,883

Gross profit

24,51829,239Selling, general and administrative expenses

10,384

11,519Operating profit

14,133

17,720Interest income

247

351

Dividend income

00

Rental income

68

154

Foreign exchange gain

213－

Subsidy income

67

82

Other

226

218

Total non-operating income

823

807

Interest expenses

31

19

Rental costs

17

14

Foreign exchange losses－

49

Fuel sale costs

41

41

1,659

330

9

35

Non-operating income:Non-operating expenses:

Loss on valuation of derivatives
Other
Total non-operating expenses

1,759

491

13,19818,036

Gain on sale of investment securities

4

14

Gain on sale of non-current assets

00Gain on reversal of share acquisition rights

017

Total extraordinary income

531

Loss on retirement of non-current assets

7

20

Total extraordinary losses

7

20

Profit before income taxes

13,19518,047

Income taxes - current

4,045

5,897

Income taxes - deferred

40

(195)

Total income taxes

4,085

5,701

Profit9,110

12,345

Profit attributable to owners of parent

9,110

12,345

Ordinary profit
Extraordinary income:Extraordinary losses:-6-Quarterly consolidated statements of comprehensive income

Profit

For the six months endedApril 30, 2023
(From November 1, 2022
to April 30, 2023)
9,110(Millions of yen)
For the six months endedApril 30, 2024
(From November 1, 2023
to April 30, 2024)
12,345

Other comprehensive income:
Valuation difference on available-for-sale securities

23

28

Foreign currency translation adjustment

(768)

268

Total other comprehensive income

(744)

297

8,365

12,6438,365

12,643Comprehensive income
Comprehensive income attributable to:
Owners of parent-7-

(3) Notes to quarterly consolidated financial statements(Going concern assumption)
Not applicable.
(Significant changes in shareholders’ equity)
Not applicable.
(Segment information)
I. For the six months ended April 30, 2023 (from November 1, 2022 to April 30, 2023)
1. Information on amounts of net sales and profit (loss) and disaggregated revenue by reportable segment(Millions of yen)
Gyomu
Super
Business

Reportable Segment
Restaurant
Eco&
Renewable
Delicatessen
EnergyBusiness
Business

Total

Other
*1

Total

Adjustment Consolidated*2*3

Timing ofrevenue recognition
Goods or services
transferred
at a point in time

213,242

5,181－

218,423

4

218,427－

218,427

Goods or services
transferredover time
Revenue fromcontracts withcustomers
Net sales
Sales toexternal customers

1,869

41

1,630

3,541

－

3,541

－

3,541

215,111

5,222

1,630

221,9644

221,968－

221,968

215,111

5,222

1,630

221,9644

221,968－

221,968

Intersegment
sales or transfers

2,308

122

－

2,430

－

2,430

(2,430)－Total

217,419

5,344

1,630

224,3944

224,399(2,430)221,968

Segment
15,822
154
332
16,309 (31)16,278(2,144)
14,133
profit (loss)*1 The Other businesses are those not classified into any reportable segment, including the tourism business.
*2 Details of adjustment are as follows:(1) The amount of adjustment for net sales represents eliminations of intersegment transactions.
(2) The amount of adjustment for segment profit (loss) of ¥(2,144) million is corporate expenses unallocated to eachreportable segment. The expenses are general and administrative expenses unattributable to any reportablesegments.
*3 Segment profit (loss) is adjusted with operating income reported on the quarterly consolidated statements of income.
2. Information on impairment losses of non-current assets, goodwill, and other information by reportable segment.
(Significant impairment losses related to non-current assets)
Not applicable.

-8-II. For the six months ended April 30, 2024 (from November 1, 2023 to April 30, 2024)
1. Information on amounts of net sales and profit (loss) and disaggregated revenue by reportable segment(Millions of yen)
Gyomu
Super
Business

Reportable Segment
Restaurant
Eco&
Renewable
Delicatessen
EnergyBusiness
Business

Total

Other
*1

Total

Adjustment Consolidated*2*3

Timing ofrevenue recognition
Goods or services
transferred
at a point in time

237,366

6,485－

243,8528

243,860－

243,860

Goods or services
transferredover time
Revenue fromcontracts withcustomers
Net sales
Sales toexternal customers

2,070

54

2,138

4,262

－

4,262

－

4,262

239,436

6,539

2,138

248,1148

248,123－

248,123

239,436

6,539

2,138

248,1148

248,123－

248,123

Intersegment
sales or transfers

2,981

247

－

3,229

－

3,229

(3,229)－

Total

242,418

6,786

2,138

251,3438

251,352(3,229)248,123

Segment
19,239515
449
20,204 (20)20,184(2,464)
17,720profit (loss)*1 The Other businesses are those not classified into any reportable segment, including the tourism business.
*2 Details of adjustment are as follows:(1) The amount of adjustment for net sales represents eliminations of intersegment transactions.
(2) The amount of adjustment for segment profit (loss) of ¥(2,464) million is corporate expenses unallocated to eachreportable segment. The expenses are general and administrative expenses unattributable to any reportablesegments.
*3 Segment profit (loss) is adjusted with operating income reported on quarterly consolidated statements of income.
2. Information on impairment losses of non-current assets, goodwill, and other information by reportable segment.
(Significant impairment losses related to non-current assets)
Not applicable.

-9-