Consolidated Financial Results
for the Second Quarter of the Fiscal Year Ending April 30, 2024
Listed Company Name
Tenpos Holdings Co.
Code No.
2751
Representative
President
Contact Person
Management Dept.
Scheduled date of quarterly report submission December 14, 2023

December 13, 2023
listedTokyo Stock Exchange
URL
http://www.tenpos.co.jp
Atsushi Morishita
Kazumitsu Morishita+81-3-3736-0319
Scheduled date of dividend payment commencement-

Preparation of supplementary materials for quarterly financial results: Yes
Holding of quarterly financial results meeting: Yes (Web-based)(Amounts are rounded down to million yen)

1.Consolidated Financial Results for the Second Quarter of the Fiscal Year Ending April 30, 2024
(1) Consolidated Operating Results (Cumulative)(Percentages represent changes from the same period of the previous year.)
Profit Attributable toOperating Income
Ordinary Profit
Owners of The Parent

Sales
Second Quarter
April 30, 2024
April 30, 2023
(Note)

Millions of yen% Millions of yen

17,144
15,161

Comprehensive income

April 30, 2024

13.1
8.3

1,019

% Millions of yen

1,404
1,079

30.1
43.1

1,531
1,112

Millions of yen ( 51.9%)

Basic Earnings
per share
Second Quarter
April 30, 2024
April 30, 2023

% Millions of yen

37.7
△25.2

%

979
706

38.5
△21.6

670 Millions of yen ( △33.1%)

April 30, 2023

Diluted Earningper share
yen

yen

82.02
59.31

80.84
58.61

(2) Consolidated Financial Position
Total assets
Second Quarter
April 30, 2024
April 30, 2023
(Reference)

net worth

April 30, 2024

Net assets

Capital adequacy ratio

Net assets per share

Millions of yen

Millions of yen

%

Yen.

23,56019,361

15,21914,26858.6
66.6

1,153.65
1,079.84

13,796 Millions of yen

April 30, 2023

12,897

Millions of yen

2.Dividends
Annual dividend
End of 1stquarter
April 30, 2023
April 2024
Fiscal year ending April 2024
(forecast)End of 2ndquarter

End of 3rdquarter

Fiscal year-end

Total amount

yen

yen

yen

yen

yen

-

0.00
0.00

-

9.00

9.00

-

10.00

10.00

(Note) Revision of the most recently announced dividend forecast: None

3.Forecast of Consolidated Financial Results for the Fiscal Year Ending April 30, 2024
(May 1, 2023 - April 30, 2024)
Sales
Millions of yen

full year

38,600(Percentages represent changes from the previous year.)
Profit Attributable toOrdinary Profit
Profit per shareowners of the parent

Operating income% Millions of yen

23.5

2,930

% Millions of yen

31.9

3,000

% Millions of yen

30.3

1,760

%

yen

23.3

147.38(Note) Revisions to the most recently announced earnings forecasts: None
*In accordance with the change in the fiscal year end of consolidated subsidiary Asakuma Corporation, the forecast for Asakuma Corporation is for a 10-month period.

Notes(1) Changes in significant subsidiaries during the period:

Yes(Changes in specified subsidiaries resulting in changes in scope of consolidation)
New: 1 company Yamato Corporation, Excluded: 1 company(2) Adoption of accounting methods specific to the preparation of quarterly:Noneconsolidated financial statements(3) Changes in accounting policies, changes in accounting estimates, and restatements(1) Changes in accounting policies due to revisions of accounting:

None(2) Changes in accounting policies other than (1) above

:

None

(3) Changes in accounting estimates

:

None

Restatement

:

None

standards, etc.

(4) Number of shares issued and outstanding (common stock)(1)Number of shares issued and outstanding at the end of
Apr. 2024 2Q

14,314,800 shares

April 30, 2023

14,314,800 shares

Apr. 2024 2Q

2,356,082 shares

April 30, 2023

2,371,165 shares

Apr. 2024 2Q

11,938,572 shares

Apr. 2023 2Q

11,916,944 sharesthe period (including treasury stock)(2)Number of treasury stock at end of period(3)Average number of shares during the period(cumulative quarterly period)

The quarterly financial results 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 these materials are based on information currently
available to the Company and certain assumptions that the Company considers reasonable. Please refer to "1. Qualitative Information
on Quarterly Results (3) Explanation of Forward-Looking Statements" on page 6 of the attached materials for the precautionary
statement regarding the use of the forecast.

2

Table of Contents of Attachments
1. Qualitative information on Financial Results for the Current Quarter............ ................................ .............................. ...4
(1) Explanation of Operating Results ........................... .............................. ............................. . ......... ......... ......... .........4(2) Explanation of Financial Position ........................... .............................. .............................. ......... ......... ......... .........7(3) Explanation of consolidated earnings forecasts and other forward-looking information ........................ ....................8
2. Quarterly Consolidated financial statements and key notes ........................ .............................. ...........................

... ...9(1) Quarterly Consolidated Balance Sheets ........................... .............................. ........................ ...... ....... ......... ......... . .9(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statement of .................. ........... ......... ..11
Consolidated Quartly Statements of Income ........................... ................... .. ............... .............................. ..... ........11
Second Quarter consolidated cumulative peoid ........................... .............................. .............................. .... .. ..........11
Consolidated Statements of Comprehensive Income ........................... .............................. .................... .. .. .. .. ........11
Second Quarter consolidated cumulative period ........................... .............................. ...... ... .. .. .. .. .. .. .. .. .. .. .......11(3) Quarterly Consolidated Statements of Cash Flows ........................ ...................... .. .. .. .. .. .. .. .. .......... ....................13(4) Notes to Quarterly Consolidated Financial Statements ........................ ........................ .. .. .. .. .. .. ........ ....................15(Notes on premise of a Going Concern) ........................ .............................. ........................ .. .. .. .. .. .. .. .. .. .. ....... ...15(Notes in the event of significant changes in shareholders' equity) ........................ ...... .. .. .. .. .. .......................... ......15(Segment information, etc.) ........................... .............................. .............................. .. .. .. .. .. .. .. .. .. .. .. .. ...............15(Business Combinations) ........................... .............................. .............................. .. .. .. .. .. .. .. .. .. .. .. .. .. ................17(Revenue Recognition) ........................... .............................. ...................... .. .. .. .. .. .. .. .. .. .. .. .. .......... ...................18
3. Other ........................... .............................. .............................. ...................... .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ............ ......19
Significant events regarding the premise of a going concern ........................ .............................. ............................. .. . ...193

Qualitative Information on Financial Results for the Current Quarter(1) Explanation of Operating Results
In the domestic economy, the new coronavirus moved to category 5 in May 2023, and major restaurant companies are recovering.
However, the external environment for restaurants continues to be difficult due to rising raw material prices and utility costs, and more
support is required for small and medium-sized restaurants that are struggling to manage their businesses.
Under such circumstances, our group is aggressively developing new businesses and investing in human resources based on thepolicy of moving away from simply selling kitchen equipment to becoming a company that sells information and services useful forrestaurant management. The restaurant industry is one of rapid turnover, with about half of all restaurants closing five years after
opening. Based on the philosophy of "raising the survival rate of restaurants from 45% to 90% after 5 years," the Group is focusing on"Dr. Tenpos," which provides support for efficient management and cost reduction, as well as assistance in attracting customers, whichis the most difficult task for restaurants. In this way, we are advancing our business in line with the concept of the SDGs in terms of thepermanent development of restaurants.
The Group's consolidated operating results for the first half of the current fiscal year were as follows: net sales of 17,144 million yen(up 13.1% year-on-year), operating income of 1,404 million yen (up 30.1% year-on-year), ordinary income of 1,531 million yen (up37.7% year-on-year), and net income attributable to shareholders of the parent company of 979 million yen (up 38.5% year-on-year)
These results were the highest sales and profits ever recorded in the same period of the previous fiscal year.
Operating income(Millions of yen)
Period from May 1, 2022
to October 31, 2022

Period from May 1, 2022
to October 31, 2022

Difference

1,119

1,292

173

Information and services business

114

101

△12

Food and Beverage

△91

68

159

Total

1,142

1,462

320

Segment nameProduct sales business

Growth Rate
15.5%
(15.5%)△ 11.3returning to
profit
28.0% (%)

(Note) The above figures are the results of the segment on a non-consolidated basis and do not correspond to the results of the segment information.

A summary by business segment is as follows.
1) Product sales business (Japan's largest used kitchen equipment in-store sales / direct sales sales / internet sales)
Amount of sales
Company Name(Millions of yen)
Period from May 1, 2022
to October 31, 2022

Period from May 1, 2022
to October 31, 2022

Difference

Growth Rate

Tenpos Busters Co.

8,319

9,247

927

11.2%

Kitchen Techno Co.

1,434

1,469

34

2.4%

Tenpos.com Inc.

1,257

1,562

304

24.3%

Total

11,011

12,27912,267

11.5%(Note) The above figures are the results of the Company's subsidiaries on a non-consolidated basis and do not correspond to the results of the segment information.

Operating income
Company Name(Millions of yen)
Period from May 1, 2022
to October 31, 2022

Period from May 1, 2022
to October 31, 2022

Difference

Growth Rate

Tenpos Busters Co.

1,033

1,233

200

19.4%

Kitchen Techno Co.

83

76

△7

△ 9.0

Tenpos.com Inc.

22

△6

△29

1,140

1,303

163

Total

(Note) The above figures are the results of the Company's subsidiaries on a non-consolidated basis and do not correspond to the results of the segment information.

4

turning a
deficit
14.3% (%)

Segment sales in the merchandise sales business increased 11.9% year-over-year to 12,010 million yen and segment income
increased 15.5% to 1,292 million yen in the first half of the current fiscal year.
(Customer spend per customer for new store openings)
In the merchandise sales business, our growth strategy is to acquire customers for new store openings and to increase sales per
customer. To achieve this, it is necessary to surround customers from the early stage of preparation for opening a new restaurant,
including fundraising and property search. Therefore, in Internet sales, we are focusing on the operation of "Food Media," aninformation site for restaurants, and "Openings Support Map," an information site providing know-how on opening new restaurants.
The number of accesses to each of these sites during the first half of the consolidated fiscal year under review grew strongly, with
"Food Media" up 52.9% year-on-year and "Business Start-up Support Map" up 40.5% year-on-year.
On the other hand, in storefront sales, we have been working with the idea of significantly boosting sales per customer by acquiring
orders for interior work and complete sets of kitchen equipment through the introduction of properties to customers opening new stores
who are looking for such properties. The result, however, has been a body of work that has achieved only about 10% of the initiallyanticipated budget, and the voices of those in charge are getting quieter and quieter. Despite this, the aim of the initiative itself is good,so rest assured that the average spend per customer for new store openings in the first half of the current fiscal year grew, albeit
modestly, to 272,037 yen (up 13.1% year-on-year).
(New store openings)
Tenpos Busters Co., Ltd. opened the Suzuka Store (Suzuka City, Mie Prefecture) in June 2023 and the Kawagoe Store (Kawagoe
City, Saitama Prefecture) in August, and both stores have been profitable since the month following their opening. In November, we
opened the Nara store (Tawaramoto-machi, Isogi-gun, Nara Prefecture), which is expected to be profitable from the month of its
opening.
In September, the Saitama Miyoshi store was renamed "Tenpos Miyoshi Used Baking Machinery Specialty Store" and reopened as
Japan's largest confectionery and baking machinery specialty store, with approximately 300 types of confectionery and baking related
equipment on display in the 350 tsubo (860m2) storefront.
(New initiative)
In August 2023, we opened "Tenpos Star," a B-class gourmet restaurant website for visitors to Japan, with 2,392 restaurants listed asof the end of October, and 9,855 restaurants preparing to be listed. In the future, we intend to send inbound customers to restaurants
and help them increase their sales by providing information that combines food and tourism, such as the "Toyama Prefecture Ramen
Eating Tour" for visitors to Japan, and by planning events that are difficult for small-scale restaurants to implement, such as "udonnoodle making experience" by our company.
As other initiatives, in August 2023, we launched a service in which our certified "rating diagnosticians" conduct quality, service,
and cleanliness (QSC) surveys of restaurants. 238 diagnosticians have been registered, and they have conducted diagnoses of 176
restaurants. Based on the diagnosis results, we will provide management support for restaurants.
(2) Information and service business (restaurant management support)
Amount of sales
Company Name(Millions of yen)
Period from May 1, 2022
to October 31, 2022

Period from May 1, 2022
to October 31, 2022

Difference Growth Rate

Studio Tenpos Corporation

430

513

82

19.1%

Tenpos Johokan Co.

487

460

△27

△ 5.6

Tenpos Financial Trust, Inc.

424

288

△136

32.2%

D-Spark Corporation

516

672

156

30.2%

Tenpos Food Place Co.

88

95

7

8.7%

1,948

2,030

81

4.2%

Total

(Note) The above figures are the results of the Company's subsidiaries on a non-consolidated basis and do not correspond to the results of the segment information.

5

Operating income
Company Name(Millions of yen)
Period from May 1, 2022
to October 31, 2022

Studio Tenpos Corporation

GrowthPeriod from May 1, 2022
to October 31, 2022

Difference
Rate

12

16

3

28.7%

Tenpos Johokan Co.

60

25

△34

△58.0

Tenpos Financial Trust, Inc.

26

41

15

56.0%

D-Spark Corporation

14

16

2

17.6%

Tenpos Food Place Co.

0

3

2

394.0%

114

101

△13

△ 11.9Total(Note) The above figures are the results of the Company's subsidiaries on a non-consolidated basis and do not correspond to the results of the segment information.

Segment sales in the information and services segment increased to 2,038 million yen (up 2.8% y-o-y), and segment income
decreased to 101 million yen (down 11.3% y-o-y), reflecting higher sales and lower income.
Although "Real Estate & Finance," "Interior Design" and "Temporary Staffing / Placement / Contracting" performed well as therestaurant market recovered from the Corona disaster, budget achievement was rattled by Tenpos Johokan Co. In D-SPARKCorporation (Temporary staffing, Placement and Contracting), the Company launched a foreign worker dispatching and placementbusiness. The ability to introduce foreigners to restaurants throughout Japan by utilizing the Group's customer network is an advantage,
and there are few companies that specialize in introducing foreigners with specific skills to the food service industry. Based on ourgroup's training policy of "training, not teaching," we do not treat foreign job seekers as "customers," but rather as "students" who aretrained to be "strict but kind" without separating them from their Japanese counterparts. We will provide education and training that is"strict but gentle" without separating foreign job seekers from Japanese ones. We are confident that we will be able to fully enjoy thebenefits of our first mover advantage over our competitors.
Tenpos Johokan Co., Ltd. (efficiency management support) reported a 5.6% year-on-year decline in net sales due to a decrease in thenumber of POS cash registers and other sales units. Operating income declined 58.0% due to an increase in selling, general, andadministrative expenses resulting from an expansion of the workforce. TCC" is a monthly stock business, and service was launched in
September in the Kamata area of Ota-ku, Tokyo, and will be gradually expanded from November onward.
(iii) Restaurant business (steak restaurant/motsu izakaya/Indonesian cuisine/seafood cuisine)
Amount of sales
Company Name
Asakuma Corporation
Dream Dining Co.
Total(Millions of yen)
Period from May 1, 2022
to October 31, 2022

Period from May 1, 2022
to October 31, 2022

Difference

Growth Rate

2,935

3,512

577

19.7%

76

77

0

0.7%

3,012

3,590

577

19.2%

(Note) The above figures are the results of the Company's subsidiaries on a non-consolidated basis and do not correspond to the results of the segment information.

6

Operating income
Company Name(Millions of yen)
Period from May 1, 2022
to October 31, 2022

Period from May 1, 2022
to October 31, 2022

Difference

Growth Rate

Asakauma Corporation

△29

121

151

returning to profit

Dream Dining Co.

△8

0

8

returning to profit

Total

△38

122

160

returning to profit(Note) The above figures are the results of the Company's subsidiaries on a non-consolidated basis and do not correspond to the results of the segment information.

Segment sales in the Food & Beverage segment were 3,477 million yen (up 19.9% y-o-y), and segment income was 68 million yen(segment operating loss of 91 million yen in the same period of the previous year). Ltd. in the food and beverage business posted
operating income of 121 million yen, while segment income of 68 million yen was due to the use of shareholder gift certificates. On
September 27, 2023, the Company acquired 100% of the shares of Yamato Corporation, which operates conveyor-belt sushi and otherrestaurants with annual sales of 7 billion yen.
Aiming to be an entertainment restaurant that provides excitement through food, Asakuma Co., Ltd. has focused on improving QSC
in quality, service, and cleanliness, developing new products, and enhancing the salad bar.
In terms of product quality, we have introduced video manuals and conducted hands-on cooking tests to provide consistent quality inall our restaurants. In the future, we will conduct group training, including part-time employees, with the aim of improving the skills
and productivity of our cooking staff.
In the area of service, we have made replenishing the salad bar and cleaning dishes our top priorities, aiming to "keep customers
waiting" and "avoid dissatisfaction." However, we still need to thoroughly replenish the salad bar and clean dishes.
To enhance the salad bar, the number of salad bar items has been increased from 25 to 45 starting February 2023, and is now offered
at 50 restaurants. We have also expanded the hot bar menu to include hot dishes at 22 stores, as well as a hands-on dessert corner. We
tried to create stores that "surprise customers" even at the expense of food costs, but we were not able to surprise them very much, andour performance was not good enough. Now that the number of customers continues to increase due to the shift away from Corona, wewill spend more on product enhancement than on securing profits, and we intend to make this a year to win the battle by making thestore a place where customers are surprised once again, leading to a further increase in customers.
Ltd. closed one store, so there are 61 directly managed stores plus 4 franchise stores, for a total of 65 stores, and 9 directly managed
stores of ASAKUMA SUCSESSION Co.

(2) Explanation of Financial Condition(1) Analysis of Financial Condition
Total assets at the end of the second quarter of the current consolidated fiscal year were 23,560 million yen, an increase of 4,198
million yen from the end of the previous consolidated fiscal year. The details are as follows.
(Current assets)
Current assets at the end of the second quarter of the current consolidated fiscal year totaled 17,257 million yen, an increase of 930
million yen from the end of the previous consolidated fiscal year. The main factors were a 444 million yen increase in notes andaccounts receivable-trade and a 410 million yen increase in inventories.
(Fixed assets)
Fixed assets totaled 6,303 million yen at the end of the second quarter, up 3,268 million yen from the end of the previous fiscal year.
The main factors were increases of 1,568 million yen in property, plant and equipment and 1,244 million yen in goodwill.
(Current liabilities)
Current liabilities at the end of the second quarter amounted to 6,042 million yen, up 1,267 million yen from the end of the previous
fiscal year. The main factors were a 503 million yen increase in notes and accounts payable-trade and a 201 million yen increase incurrent portion of long-term loans payable.
(Long-term liabilities)
The balance of noncurrent liabilities at the end of the second quarter was 2,298 million yen, an increase of 1,981 million yen fromthe end of the previous fiscal year. The main factor was a 1,793 million yen increase in long-term loans payable.

7

(Net Assets)
Total net assets amounted to 15,219 million yen at the end of the second quarter of the current consolidated fiscal year, up 950
million yen from the end of the previous consolidated fiscal year. The main factor was an increase of 871 million yen in retained
earnings.
(2) Cash Flows
Cash and cash equivalents at the end of the second quarter of the current fiscal year increased by 155 million yen from the end of
the previous fiscal year to 10,522 million yen. The status of cash flows by each activity and their factors are as follows.
(Cash flows from operating activities)
Net cash provided by operating activities amounted to 1,296 million yen in the first half of the current fiscal year. This was mainly
due to income before income taxes and minority interests of 1,531 million yen, an increase of 193 million yen from a decrease ininventories, an increase of 262 million yen in notes and accounts payable-trade, and income taxes paid of 301 million yen.
(Cash flows from investing activities)
Net cash used in investing activities amounted to 1,039 million yen in the first half of the current fiscal year. This was mainly due to888 million yen used for the purchase of shares resulting from a change in the scope of consolidation.
(Cash flows from financing activities)
Net cash used in financing activities amounted to 101 million yen in the period under review. This was mainly due to the payment of
107 million yen for dividends by the parent company.

(3) Explanation of consolidated earnings forecasts and other forward-looking information
As for the consolidated earnings forecasts for the first half of the current fiscal year and the full year, sales and profits are generally
in line with the plan, and we have not revised the forecasts announced on September 27, 2023.
We have not revised the forecast announced on September 27, 2023.

8

Quarterly consolidated financial statements and key notes(1) Quarterly Consolidated Balance Sheets(Millions of yen)
Current Consolidated
Second Quarter(October 31, 2023)

End of Previous fiscal year
(April 30, 2023)
AssetsCurrent assets
cash on hand and in banks
Notes and accounts receivable-trade

10,367
1,621

10,522
2,066

inventories
Other

3,849
490

4,260
408

△3

△1

16,326

17,257

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

439
52

1,713
117

lot
Other, net

87
68

124
262

Total property, plant and equipment

648

2,217

Allowance for doubtful accounts
Total current assets
Fixed assets
property, plant and equipment

Intangible fixed assets
goodwill

-

1,244

Other

102

118

Total intangible assets

102

1,363

103
1,003

124
1,082

long-term loans
Lease and guarantee deposits

389
902

363
1,131

deferred tax asset
Bankruptcy reorganization claims, etc.

202
813

275
813

Other
Allowance for doubtful accounts

103

138

△1,234△1,208

Total investments and other assets

2,284

2,722

3,035

6,303

19,361

23,560

1,941
12

2,444
214

Accrued income taxes
Allowance for shareholder special benefit

395
198

561
105

Allowance for bonuses
Allowance for product warranties

305
24

365
38

Other

1,897

2,312

Total current liabilities

4,775

6,042

Long-term debt
Liabilities for retirement benefits

92
5

1,886
5

Asset retirement obligations
Other

87
131

227
178

317

2,298

5,092

8,341

Investments and other assets
Investments in securities
Shares of subsidiaries and affiliates

Total fixed assets
total assets
Liabilities
current liabilities
Notes and accounts payable-trade
Current portion of long-term debt

fixed liabilities

Total long-term liabilities
total liabilities

9

(Millions of yen)
Current Consolidated
Second Quarter(October 31, 2023)

End of Previous fiscal year
(April 30, 2023)
Total net assets
capital stock
capital stock
Capital surplus

499
yakuza499
914

Retained earnings
treasury stock

12,492

13,363△993△986

Total shareholders' equity

12,891

13,79055

55Accumulated other comprehensive income
Net unrealized gains (losses) on available-for-salesecurities, net of taxes
Total accumulated other comprehensive income
subscription warrant

214

220

Noncontrolling interest

1,157

1,202

Total net assets

14,26815,21919,361

23,560Total liabilities and net assets

10(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive
IncomeConsolidated Quarterly Statements of Income
Second Quarter consolidated cumulative period

Net sales
cost of sales

Second Quarfter ofPrevious year
From: May 1, 2022
To: Oct. 31, 2023)
15,161
9,248(Millions of yen)
Second Quarter ofCurrent year
From: May 1, 2022
To: Oct. 31, 2023)
17,144
10,487Gross profit

5,913

6,657

Selling, general and administrative expenses

4,833

5,253

Operating income

1,079

1,404

Equity in earnings of affiliates
Subsidy income

26
11

76
-

Other

37

53

Total non-operating income

74

130

1

0

37
1

2

Non-operating income

Non-operating expenses
interest expense
Loss on reduction of grants
Other
Total non-operating expenses
Ordinary profit

41

2

1,112

1,531

Extraordinary income
Gain on sales of fixed assets
Reversal of unsettled special account for advanced
depreciation
Other

0

-

13

-

6

-

Total extraordinary profit

20

-

9
8

-

Other

1

-

Total extraordinary loss

20-

Extraordinary loss
Loss on store closuressettlement money

Income before income taxes and minority interests

1,112

1,531

Corporate, inhabitant and enterprise taxes
Income taxes-deferred

431
9

556

Total income taxes

441

512

Net income

670

1,019

Net income (loss) attributable to noncontrolling interests

△35

40

Net income attributable to owners of the parent

706

979

11

△44

Consolidated Quarterly Statements of Comprehensive Income
Six Months Ended September 30, 2012

Net income
Other comprehensive income
Net unrealized gains (losses) on available-for-salesecurities, net of taxes
Total other comprehensive income

670(Millions of yen)
Second Quarter ofCurrent year
From: May 1, 2022
To: Oct. 31, 2023)
1,019

0

△0

0

△0

Comprehensive income

670

1,019

(Breakdown)Comprehensive income attributable to owners of theparentComprehensive income attributable to noncontrollinginterests

706

978

△35

40

Second Quarfter ofPrevious year
From: May 1, 2022
To: Oct. 31, 2023)

12

(3) Quarterly Consolidated Statements of Cash Flows(Millions of yen)
Second Quarter ofCurrent year
From: May 1, 2022
To: Oct. 31, 2023)

Second Quarfter ofPrevious year
From: May 1, 2022
To: Oct. 31, 2023)
Cash flows from operating activities
Income before income taxes and minority interests

1,112

1,531

68

82

△26
1
△0

△76
-

△11
△13
26
2

△28
30
13

△88

△93

△1

△1

△13

-

1
16

0
16

17
△13

△87
△193
29

49

262
22
89

Other

△74
△153
12

weak2

subtotal

315

1,596

1

1

Amount of grants received

△1
△651
162

△0
△301
-

Cash flows from operating activities

△173

1,296

Depreciation and amortization
Equity in (earnings) losses of affiliated companies
Loss on disposal of fixed assets
Loss (gain) on sales of fixed assets
Subsidy income
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in accrued bonuses
Increase (decrease) in provision for product warranties
Increase (decrease) in provision for shareholders'
benefits
Interest and dividend income
Provision for special account for unsettled advanced
depreciationinterest expense
Stock compensation expense
Decrease (increase) in trade receivables(Increase) decrease in inventories△596(Increase) decrease in other current assets
Increase (decrease) in notes and accounts payabletrade
Increase (decrease) in accrued consumption taxes
Increase (decrease) in other current liabilities

Interest and dividends received
Interest payments
Income taxes paid

13-

(Millions of yen)
Second Quarter ofCurrent year
From: May 1, 2022
To: Oct. 31, 2023)

Second Quarfter ofPrevious year
From: May 1, 2022
To: Oct. 31, 2023)
Cash flows from investing activities
Proceeds from collection of long-term
receivable
Purchases of property, plant and equipment

loans

Proceeds from sales of property, plant and equipment
Payments for acquisition of intangible assets

3

26

△67
0

△129
-

△8

△17

Payments for purchase of investment securities
Payment for lease and guarantee deposits
Proceeds from collection of lease and guarantee
deposits
Payments for fulfillment of asset retirement
obligations
Purchase of investments in subsidiaries resulting inchange in scope of consolidation
Other

△0
△2

△0
△45

10

16

△9

-

-

△888

△0

0

Cash flows from investing activities△75△1,039Cash flows from financing activities
Repayment of short-term loans payable

△250

-

Repayment of long-term debt
Purchase of treasury stock of consolidated subsidiaries

△148
△30

△4
-

Dividends paid
Proceeds from exercise of stock options

△119
5

△107
9

0

-

Other

△541

△101

Net increase (decrease) in cash and cash equivalents

△791

155

Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of period

10,432
9,641

10,367
10,522

Cash flows from financing activities14(3) Notes to Quarterly Consolidated Financial Statements(Notes on premise of a going concern)
Not applicable.
(Notes in the event of significant changes in shareholders' equity)
Six months ended October 31, 2022 (May 1, 2022 - October 31, 2022)
Dividends paid

resolution

Type ofsharesTotal amount ofdividends(Millions ofyen) Dividend
per share (yen)Dividend per
share
Dividend pershare (yen)Reference Dateeffective date

Source ofdividends

June 10, 2022
Board of Directors

common
stock

119

10

April 30, 2022

July 28, 2022

Retainedearnings(2) Dividends with a record date in the first half of the current fiscal year but an effective date after the end of the first half of thecurrent fiscal year
Not applicable.
Significant changes in shareholders' equity
Not applicable.
Six months ended October 31, 2023 (May 1, 2023 - October 31, 2023)
Dividends paid

resolution

Type ofsharesTotal amount ofdividends(Millions ofyen) Dividend
per share (yen)June 13, 2023
Board of Directors

commonstock

107

Dividend per
share
Dividend pershare (yen)Reference Dateeffective date

Source ofdividends

9

April 30, 2023

July 28, 2023

Retainedearnings(2) Dividends with a record date in the first half of the current fiscal year but an effective date after the end of the first half of thecurrent fiscal year
Not applicable.
Significant changes in shareholders' equity
Not applicable.
(Segment Information, etc.)
Segment information

15

I Six months ended October 31, 2022 (May 1, 2022 - October 31, 2022)
1. Information on sales and profit or loss by reportable segment and decomposition of earnings(Millions of yen)
Adjustment

Quarterly
consolidated
profitstatement

Reportable Segment
Product sales
Business

Information &Services

Food andBeverage

Revenue fromcontracts withcustomers

10,508

1,765

2,887

15,161-

15,161Other income

-

-

-

-

-

-

10,508

1,765

2,887

15,161-

15,161

223

217

11

452

△452

-

plan

10,731

1,983

2,899

15,614△452

15,161

Segment income (loss)

1,119

114

△91

1,142

△63

1,079

Total

Sales

To outside customers
salesIntersegment sales
and transfers(Note) Segment income (loss) is adjusted with operating income in the quarterly consolidated statements of income. The segment income (loss) adjustment amount of -63 million yen
includes -63 million yen in corporate expenses that are not allocated to any reportable segment. Corporate expenses mainly consist of expenses related to the administration
division of the head office that do not belong to any reportable segment.

16Current Consolidated Cumulative Second Quarter (May 1, 2023 - October 31, 2023)
1. Information on sales and profit or loss by reportable segment and decomposition of earnings(Millions of yen)
Quarterly
consolidated
Adjustment
profitstatement

Reportable Segment
Product sales
Business

Information &Services

Food andBeverage

Revenue fromcontracts withcustomers

11,895

1,781

3,467

17,144-

17,144

Other income

-

-

-

-

-

-

11,895

1,781

3,467

17,144-

17,144

114

257

10

382

△382

-

12,010

2,038

3,477

17,527△382

17,144

1,292

101

68

1,462

△58

1,404

Total

Sales

To outside customers
Net salesIntersegment sales
and transfers
plan
Segment income(loss)(Note) Segment income is adjusted with operating income in the quarterly consolidated statements of income. The segment income adjustment of -58 million yen includes -58 million
yen in corporate expenses that are not allocated to each reportable segment. Corporate expenses mainly consist of expenses related to the administration division of the head
office that do not belong to any reportable segment.

Information on impairment loss on fixed assets or goodwill, etc. by reportable segment(Significant changes in the amount of goodwill)In the "Food & Beverage" segment, goodwill was recorded as a result of Yamato Co. The increase in goodwill due to this event
was 1,244 million yen.
(Business Combinations, etc.)
Business combination through acquisition(1) Outline of business combination
1) Name of the acquired company and its business
Name of acquired company: Yamato Co.
Business : Processing and wholesale of fresh fish, operation of conveyor-belt sushi restaurants and seafood taverns
2) Main reasons for the business combination
Yamato Co., Ltd. is a Chiba Prefecture-based company with a fresh seafood wholesale business, a food processing
business, a restaurant business centered on conveyor-belt sushi, and a retail business centered on take-out sushi. Through thisacquisition of shares, Yamato aims to acquire know-how on expansion and turnaround by managing its own restaurant
business, utilize it for consultancy services to mid-sized restaurant operators, and increase sales by growing its restaurant
business.
3) Date of business combination
September 27, 2023 (Share acquisition date)
September 30, 2023 (deemed acquisition date)4) Legal form of business combination
Acquisition of common stock for cash consideration
5) Name of company after combination
No change.

176) Percentage of voting rights acquired
100.0% (100.0%)
7) Main basis for determining the acquiring company
The Company acquired the shares for cash consideration.
(2) Period of the acquired company's results included in the quarterly consolidated statements of income
Although the closing date of the acquired company differs from the consolidated closing date, since the difference inclosing dates does not exceed three months, the consolidated financial statements are prepared based on the closing figuresof the subsidiary.
In the second quarter of the current consolidated fiscal year, only the balance sheet is consolidated, so the financial
results of the acquired company are not included.
(3) Acquisition cost of the acquired company and breakdown by type of consideration
Considerationforcash on hand and in banks
2,190 million yen
acquisitionacquisition cost

2,190 million yen(4) Details and amounts of major acquisition-related expenses
Outsourcing expenses, etc. 2 million yen(5) Amount of goodwill incurred, reason for incurrence, amortization method and amortization period
1) Amount of goodwill incurred
1,244 million yen
The amount of goodwill is tentatively calculated since the allocation of the acquisition cost has not been completed as ofthe end of the second quarter of the current fiscal year.
2) Cause of Occurrence
The accrual arises from the future excess earning power expected from future business development.
Amortization method and period
The Company will equally amortize the cost over the period during which the effect is expected to accrue. The
amortization period will be determined based on the results of allocation of acquisition cost.
(Revenue Recognition)
Information that breaks down revenue from contracts with customers is presented in the "Notes (Segment Information)" section.

18

3. Other
Significant events regarding premise of a going concern
Not applicable.

19