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.

Non-consolidated Financial Results
for the Nine Months Ended December 31, 2023
[Japanese GAAP]
February 14, 2024
Company name: ZENHOREN CO.,LTD.
Stock exchange listing: Tokyo
Code number: 5845
URL: https://www.zenhoren.jp/
Representative: Yukiharu Sako
Representative Director, President and Executive Officer
Contact: Hiroshi Kobayashi
Manager, Corporate PlanningPhone: +81-50-3124-6500
Scheduled date of filing quarterly securities report: February 14, 2024
Scheduled date of commencing dividend payments:
Availability of supplementary briefing material on quarterly financial results: Yes
Schedule of quarterly financial results briefing session: No(Amounts of less than one million yen are rounded down.)
1. Non-consolidated Financial Results for the Nine Months Ended December 31, 2023 (April 1, 2023 to December 31, 2023)(1) Non-consolidated Operating Results(% indicates changes from the previous corresponding period.)
Net sales
Nine months ended
December 31, 2023
December 31, 2022

Millions of yen

18,279-Operating profit

Ordinary profit

Net income% Millions of yen% Millions of yen% Millions of yen

%

----

Basic earnings
per share

1,863
-

1,825
-

1,253
-

Diluted earnings pershare

Yen
Yen
Nine months ended
December 31, 2023
63.72
54.36
December 31, 2022
Note)Since the Company did not prepare quarterly financial statements for the third quarter of the fiscal year ended March 31, 2023,
figures for the third quarter of the fiscal year ended March 31, 2023, changes from the same period of the previous year, andpercentage change from the same period of the previous year for the third quarter of the fiscal year ending March 31, 2024, are notshown.
(2) Non-consolidated Financial Position

Total assets
Millions of yen
As ofDecember 31, 2023
20,262
March 31, 2023
20,425(Reference) Equity: As of December 31, 2023:
As of March 31, 2023:

Net assets

Capital adequacy ratio

Millions of yen¥
¥

4,474
1,453
4,469 million
1,449 million

%

22.1
7.1

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2023

-

4.00

-

0.00

4.00

Fiscal year ending March 31, 2024

-

0.00

30.00

30.00

Year-end

Fiscal year ending March 31, 2024
(Forecast)(Note) Revision to the forecast for dividends announced most recently:

TotalNo

3. Non-consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2024(April 1, 2023 to March 31, 2024)(% indicates changes from the previous corresponding period.)
Basic earnings
Net sales
Operating profit
Ordinary profit
Net income
per share
Millions of yen% Millions of yen% Millions of yen

Full year
24,754
2,395(Note) Revision to the financial results forecast announced most recently:

2,308
No% Millions of yen%Yen--

79.76

1,612

* Notes:(1) Accounting policies adopted specially for the preparation of quarterly Non-consolidated financial statements:
Yes
Notes on the Application of Special Accounting Methods for the Preparation of Quarterly Financial Statements(Calculation of tax expenses)
Tax expenses are calculated by multiplying income before income taxes by the estimated effective tax rate, which is reasonably
estimated by applying tax effect accounting to income before income taxes for the fiscal year including this second quarter.
(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):December 31, 2023:
22,998,000 shares
March 31, 2023:
19,448,800 shares
2) Number of treasury shares at the end of the period:
December 31, 2023:
1,105,884 shares
March 31, 2023:
1,105,884 shares
3) Average number of shares outstanding during the period:
Nine months ended December 31, 2023:
19,663,982 shares
Nine months ended December 31, 2022:- shares※Quarterly financial statements are not subject to quarterly review by a certified public accountant or auditing firm.
※Explanation of appropriate use of earnings forecasts and other special notes
The forward-looking statements, including earnings forecasts, contained in this document are based on information
currently available to the Company and certain assumptions that the Company considers reasonable, and are not intended
as a promise by the Company that they will be achieved. Actual results may differ materially due to various factors.

Quarterly Non-consolidated Financial Statements
Quarterly Non-consolidated Balance Sheets(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Accounts receivable - otherRight to reimbursement
Rent payment
Supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Investments and other assets
Deferred tax assets
Other
Total investments and other assets
Total non-current assets
Total assets

As of December 31, 2023

3,866
2,795
5,210
1,251
37
2,829
(2,737)
13,253

5,245
2,921
7,429
1,962
26
2,042
(5,884)
13,743

642
2,482

553
1,941

3,586
460
4,047
7,172
20,425

3,586
437
4,024
6,519
20,262

(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Short-term borrowings
Current portion of long-term borrowings
Income taxes payable
Provision for loss of performance of guarantee
Provision for bonuses
Advances received
Lease liabilities
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Lease liabilities
Asset retirement obligations
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Share acquisition rights
Total net assets
Total liabilities and net assets

As of December 31, 2023

2,997
233
11
1,148
274
10,593865
1,422
17,547

1,100
222
570
515
91
10,258683
1,566
15,007

292
1,045
86
1,424
18,971

128
565
86
780
15,788

99
2,449
(463)
(635)
1,449
4
1,453
20,425

983
3,333
789
(635)
4,469
4
4,474
20,262

Quarterly Non-consolidated Statements of Income
Quarterly Non-consolidated Statements of Income (For the nine months)(Millions of yen)
For the nine months
ended December 31, 2023
Net sales
Cost of salesGross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Recoveries of written off receivables
Interest on tax refund
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary losses
Loss on retirement of non-current assets
Total extraordinary losses
Profit before income taxes
Income taxes
Profit18,2795,250
13,028
11,165
1,863
06
3
515
52
053
1,825
22
1,823
570
1,253