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

Summary of Financial Results for the First Quarter of the Fiscal Year Ended March 31, 2025
[Japanese GAAP] (Consolidated)
August 8, 2024
: Chilled and Frozen Logistics Holdings Co., Ltd.
: Prime Market of Tokyo Stock Exchange: 9099: http://cflogi.co.jp/: Hiromasa Aya, President & Chief executive Officer: Takaaki Yamamiya, Executive Officer,
General Manager Corporate Planning Dept.
(TEL) +81(0)3 5291 8100
: August 10, 2023:: Yes: NoneName of Company
Exchanges on which the shares are listed
Security CodeURL
Representative
Contact
Scheduled date for filing of quarterly securities report
Scheduled date for commencement of dividend payment
Supplementary documents for financial results
Results briefing(Amounts are rounded down to the nearest million yen.)
1.

Consolidated Operating Results for the first quarter of FY2023 (April 1, 2023 to June 30, 2023)(1) Consolidated operating results

For the three months ended
June 30, 2024
June 30, 2023
(Note) Comprehensive income(Percentage figures indicate the year-on-year percentage increase/decrease.)
Profit attributable toOperating revenue
Operating profit
Ordinary profit
owners of parent
Million yen

Million yen%

29,800
3.6
1,517
6.7
1,579
7.3
767
28,7712.2
1,421 18.6
1,471
8.3
967
For the three months ended June 30, 2024 ¥888 million (-30.8%)
For the three months ended June 30, 2023 ¥1,284 million (50.9%)
Diluted earnings perEarnings per share
share%

Million yen%

Million yen%

(20.7)
13.2

For the three months ended
Yen
Yen
June 30, 2024
35.61－
June 30, 2023
39.52－(Note) Diluted earnings per share is not presented since there has been no potential dilution.
(2) Consolidated financial status
Total assets
As ofNet assets

Million yen

June 30, 2024
March 31,2024(Reference) Equity capital

Capital adequacy ratio Net assets per share

Million yen%

102,320
47,20745.3
105,506
46,801
43.5
As of June 30, 2024: ¥46,301 million
As of March 2024: ¥45,928 million

2. Dividend Status
Dividend per share
End of firstquarter

FY 2023
FY 2024
FY2025 (Forecast)End of second
quarter

End of thirdquarter

YenYenYenYenYen－－

17.00

－

22.00

39.00

0.00

－

0.00

－Year-end(Note) Revisions to the dividend forecasts most recently announced: None―1―Total

Yen2,147.94
2,130.53

3. Forecast of Consolidated Operating Results for FY2024 (April 1, 2024 to March 31, 2025)
Operating revenue
Million yen

First two quartersof FY2024
Full year(Percentage figures indicate the year-on-year percentage increase/decrease.)
Profit attributable
Operating profit
Ordinary profit
Profit per shareto owners of parent%Yen

60,1002.9% Million yen

2,600(11.5)% Million yen

2,600(16.9)% Million yen

1,600(24.3)

74.22

119,100

2.6

4,700(1.6)

4,700(9.5)

3,000(8.6)

139.16* Notes(1) Significant changes in subsidiaries accompanied by a change in the scope of consolidation during the period: None
New: － companies (Company names) －; Removed:－ companies (Company names) －(2) Application of specific accounting procedures for preparing the quarterly consolidated financial statements: None(3) Changes in the accounting principles and changes or restatement of accounting estimatesaChanges in the accounting principles due to amendment of accounting standard, etc. : Noneb

Changes in the accounting principles other than a: Nonec

Changes in the accounting estimates: NonedRestatement: None(4) Number of shares outstanding (common shares)
a Number of shares outstanding(including treasury shares) at theend of the periodb Number of treasury shares at theend of the periodcAverage number of shares during
the period(Note)

As of June 30, 2024

25,690,766 shares

As of March 31, 2024

25,690,766 sharesAs of June 30, 2024

4,134,268 shares

As of March 31, 2024

4,133,572 shares

For three months
ended June 30, 2024

21,556,928 shares

For three months
ended June 30, 2023

24,491,316 shares

The number of treasury shares at the end of the period includes Company’s shares held by a stock benefit
trust (As of June 30, 2024: 113,800 shares; as of March 31, 2023: 113,800 shares). The number of treasury
shares excluded from the calculation of the average number of treasury shares during the period includes theCompany’s shares held by a stock benefit trust. (As of June 30, 2024: 113,800 shares; As of June 30, 2023:
118,800 shares)*

Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public
accountants or an audit firm: None*

Explanation Regarding the Appropriate Use of Business Performance Forecasts, and Other Items to Note
The performance forecasts and other forward-looking statements in this document are based on information currently
available to the Group and certain assumptions that the Group deems reasonable, and are not intended to be a promiseby the Group that they will be achieved. In addition, actual results may differ significantly due to various factors. Pleaserefer to "1. Outline of Operating Results, Etc. (3) Future Outlook" on page 4 of the accompanying materials for theassumptions used in forecasting business performance and precautions regarding the use of business performance
forecasts.

―2―

1. Outline of Operating Results, Etc.
(1) Outline of Operating Results for the Fiscal Year Under Review
As for the Japanese economy during the fiscal year under review, social activities fully resumed in wake ofreclassification of COVID-19 to Class 5 under the Infectious Diseases Control Law last year. On the other hand,
outlooks remain uncertain due to a slowdown of consumer spending along with high price of raw materials andenergies on the background of unstable international circumstances, a prolonged depreciation of Japanese yen, anda continuing increase in costs overall, including labor cost.
In the cold chain logistics for food products industry, which is the Group’s principal focus, while the handling volumeof commercial products has been recovering by the revitalization in the flow of people including inbound tourists, thehandling volume of household chilled and frozen foods showed little growth as consumers have continuously tended
to cut down on their spending and cautious selecting purchases. Besides, in logistics industry, logistics providers faceurgent issues called “2024 issues in logistics” and are forced to accelerate the initiatives to ensure their business
continuity.
Amid these changes in social and economic environments, the Group began its 3rd Medium-Term Management
Plan from FY2022 to FY2024. Setting as basic policy “Achieving sustainable low temperature zone logistics, meetingthe needs of new cold-chains”, the Group strives to expand new business of growing fields such as E-commerce
related logistics and Pharmaceutical logistics, and to strengthen the existing business through some initiatives suchas acquiring new facilities.
Additionally, in light of the diversification of distribution channels for low-temperature products, the Group revised
the 3rd Mid-term Management Plan as a 3-years plan from FY2023 to FY2025, as announced on June 16, 2023.
While continuing to promote the implementation of effective measures to sustain the food lifelines and realize theprosperous society with its function for chilled and frozen logistics, the Group added the following items as importantmeasures and planed an additional investment of 10 billion yen to achieve them:① Investing in the development and introduction of new technologies in order to raise the productivity in respect oflabor-saving and address the environmental issues as sustainability initiatives.
② Accelerating the growth speed by promoting the investment in businesses such as overseas business,
e-commerce related logistics and pharmaceutical logistics and by business alliance with other companies.
③

Enhancing profitability and expanding business volumes by both organic and inorganic growth including throughthe M&A that contributes to strengthening the existing business.

In July, 2024, Tender Offer by SG HOLDINGS CO., LTD (the “Tender Offeror” was completed, due to the fact thatthe total number of share certificates to be tendered in the Tender Offer reached a majority. As a result, the Group will
become a consolidated subsidiary of the Tender Offer. The Group has a competitive edge in the upper and middle ofthe cold-chains while the Tender Offeror has in the “last one mile” business. With these being combined as well as
leveraging knowledge and assets in the logistics business overall, the Group will establish and provide one of thebest services in Japan.in addition to the growth by the Group itself, the Group will continue to grow and to increase
profit by realizing the synergy effects with the Tender Offeror in the existing field and new business fields as well.
As a result of the above, operating revenue was ¥29,800 million (up 3.6% year-on-year), operating profit was¥1,517 million (up 6.7% year-on-year), and ordinary profit was ¥1,579 million (up 7.3% year-on-year). Profit
attributable to owners of parent was ¥767 million (down 20.7% year-on-year).
The following describes performance by segment.
a TC Business (Transfer Center Business)
In addition to the recovery of the handling volume of foods for joint delivery and convenience stores, the Groupsecured revenue by negotiating price revision in accordance with an increase in costs. As a result, operating
revenue amounted to ¥19,207 million (up 4.2% year-on-year).
As for Segment profit, the Group kept and increased its profitability with an appropriate control of operating
cost within the range of increased operating revenue, while labor costs increased by promoting parttime/temporary employees to full-time/permanent status and improved treatment for securing adequate humanresources, and fuel costs increased due to high crude oil prices. In addition, promoting to expanding profitablebusinesses, including new business, contributed to the increase in profits. As a result, segment profit amounted
to ¥1,552 million (up 34.5% year-on-year)b

DC Business (Distribution Center Business)
While the slow recovery in the shipping volume of household frozen foods in general including due to suchfactors as a withdrawing from business in certain facilities brought negative impact on revenue to some extent,
the Group also secured revenue by negotiating price revision in accordance with an increase in costs as well as
the increase in the handling volume of some existing customers. As a result, operating revenue amounted to¥10,061 million (up 2.2% year-on-year).
Segment profit was ¥928 million (down 27.9% year-on-year), mainly due to the increase in labor costs forsecuring adequate human resources and in depreciation costs due to the opening of a new facility.

c

Other
Other business segment includes the guarded transport, hospital-related distribution, temp service, andinsurance agency businesses. Its operating revenue was ¥530 million (up 8.6% year-on-year) and segment profit
was ¥67 million (up 1.7% year-on-year).
―3―(2) Outline of Financial Position for the Fiscal Year Under Review(Assets)
Assets amounted to ¥102,320 million, down ¥3,186 million from the end of the previous fiscal year.
The major decrease was ¥3,091 million in cash and deposits.
(Liabilities)
Liabilities amounted to ¥55,112 million, down ¥3,592 million from the end of the previous fiscal year.
Major decreases were ¥800 million in income tax payable, ¥1,059 million in provision for bonuses and ¥859 million
in long-term borrowings.
(Net assets)
Net assets amounted to ¥47,207 million, up ¥406 million from the end of the previous fiscal year.
The major increase was ¥290 million in retained earnings, ¥66 million in foreign currency translation adjustmentand ¥32 million in non-controlling interests.
As a result of the above, the capital adequacy ratio was 45.3%.

(3) Future Outlook
The Company does not revise the consolidated performance forecast in FY2024 (from Apr. 1, 2024 to Mar. 31, 2025)
announced at May 9, 2024 as the Company’s performance is in line with our expectations.

―4―3. Consolidated Financial Statements and Key Notes(1) Consolidated Balance Sheet(Million yen)
FY2023(As of Mar. 31, 2024)

FY2024 1Q(As of Jun. 30, 2024)

AssetsCurrent assets
Cash and deposits

12,4149,323

Trade accounts receivable
Raw materials and supplies

13,038290

13,743290

OtherAllowance for doubtful accounts

1,816(1)1,513(0)Total current assets

27,55924,870

Buildings and structures, net
Machinery, equipment and vehicles, net

30,025
5,365

29,862
5,317

Land
Leased assets, net

21,092
8,359

21,092
8,556

Construction in progress
Other, net

1,531
259

1,284
282

Total property, plant and equipment

66,634

66,396758

755

Investments and other assets
Investment securities

4,925

4,977

Long-term loans receivable
Deferred tax assets

113
3,066

113
2,740

Other
Allowance for doubtful accounts

2,464(15)

2,480
(15)

Total investments and other assets

10,554

10,296

Non-current assets
Property, plant and equipment

Intangible assets

Total non-current assets
Total assets―5―77,94777,449105,506

102,320

(Million yen)
FY2023(As of Mar. 31, 2024)

FY2024 1Q(As of Jun. 30, 2024)

Liabilities
Current liabilities
Trade accounts payable
Short-term borrowings

4,787
587

4,664
462

Current portion of long-term borrowings
Lease liabilities

3,485
1,648

3,413
1,683

Income taxes payable
Provision for bonuses
Provision for bonuses for directors (and otherofficers)
Other

974
2,319

174
1,260

147

23

7,207

6,797

Total current liabilities

21,15718,480Non-current liabilities
Long-term borrowings

20,154

19,294

Lease liabilities
Deferred tax liabilities

7,446
202

7,633
200

Deferred tax liabilities for land revaluation
Retirement benefit liability

404
6,194

404
6,343

Provision for share awards
Asset retirement obligations

171
2,113

183
2,113

Other

861

458

37,547

36,63158,705

55,112

Share capital
Capital surplus

4,000
5,646

4,000
5,646

Retained earnings
Treasury shares

40,871(5,874)

41,162(5,877)

Total shareholders’ equity

44,64344,931

1,110

1,131

35
124

35
191

1313

1,284

1,370

872

905

Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity

Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeNon-controlling interests
Total net assets
Total liabilities and net assets―6―

46,801

47,207

105,506

102,320

(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income
Consolidated statement of income
FY2023(Apr. 1, 2023 toJun. 30, 2023
28,771
26,295(Million yen)
FY2024(Apr. 1, 2024 toJun. 30, 2024
29,80027,277

Operating gross profit

2,476

2,522

Selling, general and administrative expenses

1,054

1,005

Operating profit

1,421

1,517

Operating revenue
Operating costs

Non-operating income
Interest income

34

Dividend income
Rental income

42204619

Share of profit of entities accounted for using equity method
Foreign exchange gains

13141414

Subsidy income
Other937089Total non-operating income

141

189

60

107

27
4019

Non-operating expenses
Interest expenses
Arrangement fees in syndicated loan
Other
Total non-operating expenses

91

127

1,471

1,579

Gain on sales of non-current assets

921

Total extraordinary income

92102Expenses related to the tender offer-382

Total extraordinary losses

0385

Profit before income taxes

1,480

1,215

Income taxes - current
Income taxes - deferred

171
320

101
312

Total income taxes

492

414

Profit988

800

Profit attributable to non-controlling interests

2033

Profit attributable to owners of parent967

767

Ordinary profit
Extraordinary income

Extraordinary losses
Loss on sale and retirement of non-current assets―7―

Consolidated statement of comprehensive income

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted
for using equity method
Total other comprehensive income
Comprehensive income

FY2023(Apr. 1, 2023 toJun. 30, 2024
988

(Million yen)
FY2024(Apr. 1, 2024 toJun. 30, 2024
800

279
172867(3)

(1)

2(7)

296

87

1,284

888

1,260

853

2434

Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests―8―