Note: This document is a translation of the original Japanese document and is only for reference purposes. In the event ofany discrepancy between this translated document and the Japanese original, the latter shall prevail.

Consolidated Financial Results for the Fiscal Year
Ended February 28, 2023
(under Japanese GAAP)
April 10, 2023
Company name:
Listing:
Securities code:
URL:
Representative:
Inquiries:
TEL:

LIFE CORPORATIONTokyo Stock Exchange8194
http://www.lifecorp.jp/
Takaharu Iwasaki, Representative Director and President
Kazuo Kaneko, Deputy Division COO, Corporate Finance and Accounting Division,and General Manager, Investor Relations Department+81-3-5807-5111 (from overseas)

Scheduled date of Annual General Meeting of Shareholders:
Scheduled date to commence dividend payments:
Scheduled date to file Annual Securities Report:
Preparation of supplementary material on annual financial results:
Holding of annual financial results meeting:1.

May 25, 2023
May 26, 2023
May 26, 2023
Yes
Yes (for institutional investors andanalysts)(Amounts less than one million yen are rounded down.)
Consolidated financial results for the fiscal year ended February 28, 2023
(from March 1, 2022 to February 28, 2023)(1) Consolidated operating results(Percentages indicate year-on-year changes.)

Operating revenue

Operating profit

Profit attributable toowners of parent

Ordinary profit

Fiscal year ended

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

February 28, 2023

765,426



19,148(16.5)

20,015(15.5)

13,327(12.4)

February 28, 2022
768,335
Note: Comprehensive income
Fiscal year ended February 28, 2023:
Fiscal year ended February 28, 2022:

1.2

22,932(16.3)

23,695(15.8)

15,208(14.7)¥14,983 million [(2.2)%]¥15,322 million [(16.3)%]

Reference: Operating revenue is the total of net sales and receipts from operating revenue.
Net sales
Fiscal year ended February 28, 2023:
Fiscal year ended February 28, 2022:¥738,494 million [%]¥745,080 million [1.2%]

Receipts from operating revenue
Fiscal year ended February 28, 2023:
Fiscal year ended February 28, 2022:¥26,931 million [%]¥23,254 million [2.0%]

Operating
profit/operating
revenue

Earnings per share

Diluted earnings per
share

Fiscal year ended

Yen

Yen

%

%

%

February 28, 2023

284.35



11.5

7.3

2.5

February 28, 2022

324.50



14.6

8.8

3.0

Note:

Ordinary profit/
total assets

Return on equity

The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29), etc., from the
beginning of the fiscal year ended February 28, 2023. Figures for the fiscal year ended February 28, 2023 represent the amounts
after applying the said accounting standard, etc., and do not include year-on-year changes for operating revenue.

Reference: Share of profit (loss) of entities accounted for using equity method
Fiscal year ended February 28, 2023:¥ million
Fiscal year ended February 28, 2022:¥ million(2) Consolidated financial position
Total assets
As of

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

February 28, 2023

280,810122,00243.4

2,599.79

February 28, 2022

270,229

110,29940.8

2,353.44

Note:

The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29), etc., from the
beginning of the fiscal year ended February 28, 2023. Figures for the fiscal year ended February 28, 2023 represent the amounts
after applying the said accounting standard, etc.

Reference: Equity
As of February 28, 2023:¥122,002 million

As of February 28, 2022:¥110,299 million(3) Consolidated cash flows
Cash flows from operating
activities

Cash flows from investing
activities

Cash flows from financing
activities

Cash and cash equivalents
at end of period

Fiscal year ended

Millions of yen

Millions of yen

Millions of yen

Millions of yen

February 28, 2023

23,899(23,839)

(142)

9,327

February 28, 2022

(7,926)(20,303)

22,6959,409

2.

Cash dividends
Annual dividends
First
SecondThird
quarter-end quarter-end quarter-end

Fiscalyear-end

Total

Total cash
dividends(Annual)Dividend
payout ratio(Consolidated)

Ratio ofdividends to
net assets(Consolidated)

Yen

Yen

Yen

Yen

Yen

Millions of yen%%

Fiscal year ended
February 28, 2022



30.00



40.00

70.00

3,287

21.6

3.2

Fiscal year ended
February 28, 2023



35.00



35.00

70.00

3,288

24.6

2.8

Fiscal year ending
February 29, 2024
40.00
40.00
80.00
27.8


(Forecast)
Note: Breakdown of year-end dividend for the fiscal year ended February 28, 2022: Ordinary dividend of ¥30.00, and the 60th anniversarycommemorative dividend of ¥10.00

3.

Consolidated earnings forecasts for the fiscal year ending February 29, 2024
(from March 1, 2023 to February 29, 2024)(Percentages indicate year-on-year changes.)
Operating revenue

Fiscal year ending
February 29, 2024

Operating profit

Profit attributable toowners of parent

Ordinary profit

Earnings per
share

Millions ofyen%Millions ofyen%Millions ofyen%Millions of
yen

%

Yen

801,000

4.6

19,8003.4

20,5002.4

13,5001.3

288.02

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in thechange in scope of consolidation): None
(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial
statements
i. Changes in accounting policies due to revisions to accounting standards and other regulations: Yes
ii. Changes in accounting policies due to other reasons: Noneiii. Changes in accounting estimates: None
iv. Restatement: None
(3) Number of issued shares (ordinary shares)
i. Total number of issued shares at the end of the period (including treasury shares)
As of February 28, 2023
49,450,800 shares
As of February 28, 2022
49,450,800 shares
ii. Number of treasury shares at the end of the period
As of February 28, 2023
2,522,786 shares
As of February 28, 2022
2,583,502 sharesiii. Average number of shares during the period
Fiscal year ended February 28, 2023 46,871,327 sharesFiscal year ended February 28, 2022 46,867,560 shares
Note: The number of treasury shares at the end of the period includes the Company’s shares (84,300 shares asof February 28, 2023, and 90,300 shares as of February 28, 2022) held by Custody Bank of Japan, Ltd.
(Trust Account) as the trust assets for the “Trust for Delivering Shares to Directors.”
In addition, the Company’s shares held by Custody Bank of Japan, Ltd. (Trust Account) are included in
the treasury shares that are excluded from the calculation of the average number of shares during theperiod. (86,432 shares for the fiscal year ended February 28, 2023, and 90,300 shares for the fiscal year
ended February 28, 2022)
Reference: Overview of non-consolidated financial results1.

Non-consolidated financial results for the fiscal year ended February 28, 2023
(from March 1, 2022 to February 28, 2023)(1) Non-consolidated operating results(Percentages indicate year-on-year changes.)

Operating revenue

Operating profit

Ordinary profit

ProfitFiscal year ended

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

February 28, 2023

765,240



18,860(17.3)

19,683(16.4)

12,977(13.9)

February 28, 2022

767,379

1.2

22,808(16.1)

23,556(15.8)

15,066(14.7)

Earnings per share

Diluted earnings per share

Fiscal year ended

Yen

Yen

February 28, 2023

276.87February 28, 2022

321.46Note:

The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29), etc., from the
beginning of the fiscal year ended February 28, 2023. Figures for the fiscal year ended February 28, 2023 represent the amounts
after applying the said accounting standard, etc., and do not include year-on-year changes for operating revenue.

(2) Non-consolidated financial position
Total assets
As of

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

February 28, 2023

283,477

120,56342.5

2,569.11

February 28, 2022

275,299

110,63440.2

2,360.60

Note:

The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29), etc., from the
beginning of the fiscal year ended February 28, 2023. Figures for the fiscal year ended February 28, 2023 represent the amounts
after applying the said accounting standard, etc.

Reference: Equity

2.

As of February 28, 2023:¥120,563 million

As of February 28, 2022:¥110,634 million

Non-consolidated earnings forecasts for the fiscal year ending February 29, 2024
(from March 1, 2023 to February 29, 2024)(Percentages indicate year-on-year changes.)
Operating revenue
Millions of yen

Fiscal year ending
February 29, 2024

800,700

Ordinary profit%

4.6

ProfitMillions of yen

20,100%

2.1

Earnings per share

Millions of yen

13,250

%

2.1

Yen

282.69* Financial results reports are not required to be subjected to audit conducted by certified public accountants oran audit corporation.
* Proper use of earnings forecasts, and other special matters
The forward-looking statements, including earnings forecasts, contained in these materials are based on
information currently available to the Company and on certain assumptions deemed to be reasonable. Actual
business and other results may differ substantially due to various factors. Please refer to “(4) Future outlook” in“1. Overview of operating results, etc.” on page 4 of the attached material for the suppositions that form theassumptions for earnings forecasts and cautions concerning the use thereof.

Attached material
1. Overview of operating results, etc........................................................................................................................................ 2(1) Overview of operating results for the fiscal year under review...................................................................................... 2(2) Overview of financial position for the fiscal year under review .................................................................................... 3(3) Overview of cash flows for the fiscal year under review ............................................................................................... 4(4) Future outlook................................................................................................................................................................ 4
2. Basic concept regarding selection of accounting standards.................................................................................................. 5
3. Consolidated financial statements and significant notes thereto .......................................................................................... 6(1) Consolidated balance sheet ............................................................................................................................................ 6(2) Consolidated statement of income and consolidated statement of comprehensive income ............................................ 8
Consolidated statement of income ................................................................................................................................. 8
Consolidated statement of comprehensive income ........................................................................................................ 9(3) Consolidated statement of changes in equity ............................................................................................................... 10(4) Consolidated statement of cash flows .......................................................................................................................... 12(5) Notes to consolidated financial statements .................................................................................................................. 13
Notes on premise of going concern .............................................................................................................................. 13
Significant accounting policies for preparation of consolidated financial statements .................................................. 13
Changes in accounting policies .................................................................................................................................... 16
Additional information ................................................................................................................................................ 17
Consolidated balance sheet .......................................................................................................................................... 18
Consolidated statement of income ............................................................................................................................... 19
Consolidated statement of comprehensive income ...................................................................................................... 22
Consolidated statement of changes in equity ............................................................................................................... 22
Consolidated statement of cash flows .......................................................................................................................... 26
Segment information, etc. ............................................................................................................................................ 27
Per share information ................................................................................................................................................... 32
Significant subsequent events ...................................................................................................................................... 32
4. Non-consolidated financial statements and significant notes thereto ................................................................................. 33(1) Balance sheet ............................................................................................................................................................... 33(2) Statement of income .................................................................................................................................................... 35(3) Statement of changes in equity .................................................................................................................................... 36
5. Other .................................................................................................................................................................................. 40(1) Changes to officers ...................................................................................................................................................... 40-1-

1. Overview of operating results, etc.
(1) Overview of operating results for the fiscal year under review
The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement
No. 29), etc., from the beginning of the current fiscal year. As a result, the accounting treatment
method for revenues differs from that used in the previous fiscal year; therefore, in the following
explanation of operating results, no changes in amounts or year-on-year comparisons (%) are shownfor operating revenues and net sales.
Moreover, the amount of operating profit, etc., is the same as the previous year due to the negligible
impact.
During the current fiscal year in the Japanese economy, the normalization of socioeconomic
activities was pursued while measures against COVID-19 were taken. On the other hand, theoutlook remained uncertain largely due to the ongoing cost-push inflation stemming from a sharp
rise in resource prices under the unstable international situation, the economic stagnation in Europe
and the U.S., and the depreciation of the yen.
In the food supermarket industry, which is the Group’s area of business, the environment
surrounding corporate operations is becoming increasingly severe due to intensifying competition
across industries and business categories, rising procurement costs for raw materials, soaring
utilities expenses, labor expenses and other costs, and the growing tendency to economize due todeclining real wages.
In this economic environment, this fiscal year is positioned as the year for the total completion of
the 6th Medium-Term Plan, which commenced in fiscal 2018 aiming to make each of our stores No.
1 in the area with even greater trust from customers. While breaking away from homogeneouscompetition and promoting differentiation, we are working on various measures. Specifically, we
are focusing on the development of original products such as “BIO-RAL” —a private brand thatuses healthy materials and production methods for customers interested in health and natural
products— increasing the number of stores with product sections based on the “BIO-RAL” concept
to 240 stores (approximately 80% of all stores), expanding our online supermarket businessincluding services for Amazon Prime members, and aggressively opening new stores.
Our Central Square Yebisu Garden Place Store, which opened in April as the flagship store, ispositioned as a next-generation supermarket that combines brick-and-mortar stores and online
supermarkets with the business concepts of Central Square (“making daily shopping not only moreconvenient but also more enjoyable”) and BIO-RAL (“organic, local, healthy, and sustainable”). It
has been performing well with the support from many customers.
Furthermore, as part of our efforts to realize a sustainable and prosperous society, we started fullscale operation of the industry’s largest Tempozan biogas power generation facility in March 2022,
which will reduce food residues by more than 4,000 tons per year and create renewable energy. In
January 2023, the Tempozan biogas power generation facility won the Award for Decarbonizationin the Sustainability Award 2022: Japan’s Sustainability to Communicate, which was organized by
the Ministry of Agriculture, Forestry and Fisheries, the Consumer Affairs Agency, and the Ministryof the Environment. In addition, from April 2022, we have switched all electricity used at ourTokyo headquarters, Osaka headquarters, and Central Square Nishimiyahara Store, which isadjacent to the Osaka headquarters, to electricity derived from renewable energy sources. In
addition, in response to soaring electricity prices and tight power supply, stores and theheadquarters are working to save electricity by adjusting the temperature settings of air conditioners
and turning off some lights.
And as part of our social contribution, we offered food products and daily supplies to those living in
Kyoto City who have evacuated from Ukraine to cooperate with “Kyoto Citizens’ Acceptance
Support Network for Kyiv and Ukraine evacuees,” a support organization launched by Kyoto City-2-

and others.
We opened 11 new stores: Central Square Yebisu Garden Place Store (Tokyo) (mentioned above);
Kameido Clock Store (Tokyo) and Horikawa Kitayama Store (Kyoto) in April; BIO-RAL Shinjuku
Marui Store (Tokyo) in May; Moriguchi Takii Store (Osaka) and Nishiogikubo Store (Tokyo) in
July; Toyosu Store (Tokyo), Hanazono Central Park Store (Osaka) and Shijo Omiya Store (Kyoto)in September; VIERRA Maita Store (Kanagawa) in October; and Ichigayayakuoji Store (Tokyo) in
December. As for existing stores, Hatsushiba Store was temporarily closed due to reconstruction
work in January 2021 while continuing to operate at a temporary store called Hatsushibahigashi
Store. It reopened as the new Hatsushiba Store in December. In addition, Shiki Store, Oyodonaka
Store, and Ichikawakokubun Store expanded their lineups of health-conscious, easy, and convenient
products and frozen foods, and four stores underwent major renovations, including theestablishment of the largest BIO-RAL corner in the Osaka region at the Central Square Namba
Store Annex.
The Group’s operating revenue totaled ¥765,426 million as a result of the expansion of new storesand online supermarkets, the strengthening of private brand products such as “BIO-RAL,” andimplementing product initiatives that sought to enhance taste of our products. On the other hand, as
for selling, general and administrative expenses, the Group saw increases in utilities expenses,
various property expenses such as rent expenses from opening new stores, and personnel expenses
from increased hiring activities. Operating profit was ¥19,148 million (¥22,932 million in theprevious year), ordinary profit was ¥20,015 million (¥23,695 million in the previous year), andprofit attributable to owners of parent was ¥13,327 million (¥15,208 million in the previous year).
Results by segment are as follows:(Retail Business)
Operating revenue was ¥765,240 million, with net sales of ¥738,494 million, and segment profit of¥19,683 million (¥23,556 million in the previous year).
Net sales by department were ¥323,247 million for fresh produce, ¥327,577 million for general food,¥64,667 million for lifestyle products, and ¥23,001 million for apparel.
(Other Business)
Operating revenue from LIFE FINANCIAL SERVICE was ¥2,577 million (¥2,415 million in theprevious year), with segment profit of ¥332 million (¥139 million in the previous year).
(2) Overview of financial position for the fiscal year under review
The Group considers the maintenance and securing of an appropriate level of liquid funds as animportant financial policy in order to continue to smoothly carry out its business activities.
In order to achieve continuous corporate growth, we plan to aggressively invest in new store
openings and the renovation of existing stores, and we will do our best to fund this by using net
cash flows from operating activities, with any shortfall to be financed by borrowings from financial
institutions.
Total assets of the Group at the end of the current fiscal year were ¥280,810 million, an increase of¥10,580 million from the end of the previous fiscal year.
Current assets totaled ¥80,490 million, an increase of ¥6,009 million from the end of the previous
fiscal year. This was mainly due to increases of ¥1,076 million in accounts receivable - trade,¥1,930 million in merchandise and finished goods, ¥1,120 million in accounts receivable - other,and ¥1,566 million in advances paid (other current assets).
Non-current assets totaled ¥200,319 million, an increase of 4,571 million from the end of theprevious fiscal year. This was mainly due to an increase of ¥5,389 million in property, plant andequipment from the end of the previous fiscal year, resulting from new store openings, renovations,-3-and land acquisitions.
Total liabilities at the end of the current fiscal year were ¥158,807 million, a decrease of ¥1,122
million from the end of the previous fiscal year. This was mainly due to increases of ¥4,632 million
in total short-term and long-term borrowings and ¥1,608 million in contract liabilities and decreasesof ¥3,152 million in account payable - other, ¥2,109 million in retirement benefit liabilities and¥1,942 million in provisions for sales promotion expenses.
Total net assets at the end of the current fiscal year were ¥122,002 million, an increase of ¥11,703
million from the end of the previous fiscal year. This was mainly due to a ¥9,926 million increase inretained earnings.
(3) Overview of cash flows for the fiscal year under review
Cash and cash equivalents (“cash”) at the end of the fiscal year under review totaled ¥9,327 million(down 0.9% year on year).
The main reasons for the decrease are as follows.
Cash flows from operating activities
Net cash provided by operating activities amounted to ¥23,899 million in the current fiscal year(compared to ¥7,926 million in cash used in operating activities in the previous year).
This was mainly due to ¥18,641 million in profit before income taxes and ¥15,087 million in
depreciation, a non-cash gain/loss item, and ¥6,356 million in income taxes paid.
Cash flows from investing activities
Net cash used in investing activities amounted to ¥23,839 million in the current fiscal year (up17.4% year on year).
This was mainly due to expenditures of ¥21,445 million for the purchase of property, plant andequipment, including land acquisitions, opening new stores, and renovations of existing stores.
Cash flows from financing activities
Net cash used in financing activities amounted to ¥142 million in the current fiscal year (comparedto ¥22,695 million in cash provided by financing activities in the previous year).
This was mainly due to a net increase in short-term borrowings of ¥5,620 million and proceedsfrom long-term borrowings of ¥14,000 million, repayments of long-term borrowings of ¥14,988
million and repayments of lease liabilities of ¥1,258 million, and dividends paid of ¥3,515 million.
(4) Future outlook
As for the future economic outlook for Japan, the government’s response to COVID-19 is underreview, and inbound demand is expected to grow as socioeconomic activities begin to normalize.
Overseas, however, excessive inflation, frequent natural disasters, fiscal, monetary, and trade
policies in Europe and the United States, economic trends in China, the situation in Ukraine, andother geopolitical risks continue to affect the Japanese economy, and the situation remains less
optimistic.
In the retail industry, rising wages will support consumption in addition to the accumulation ofhousehold savings due to COVID-19, but the retail industry is still in a difficult situation due toconcerns about deteriorating corporate earnings, high prices, declining demand for eating at home
due to renewed responses to COVID-19, and a drop in consumer confidence.
In this difficult environment, we decided to extend the scope of the 6th Medium-Term Plan by one
year, making fiscal 2022 its final year, in order to address issues remaining from the COVID-19
pandemic. This plan, which commenced in fiscal 2018, aims to make each of our stores No. 1 in thearea with even greater trust from customers.
-4-

In the 6th Medium-Term Plan, while reassessing the issues that the Company is facing, we haveclearly expressed the Group’s vision as the “True to LIFE Declaration,” comprised of three
keywords: “delicious,” “exciting,” and “happy.” To achieve this vision, we have worked on theaction plan, such as the following: The store is the star!, Investment in people, Investment in stores,
Investment in merchandise, LIFE’s strengths, Activities to instill, develop, and maintain the concept
of “True to LIFE,” and Strategy to support “True to LIFE.”
Based on the reflections of the 6th Medium-Term Plan and changes in the external environment, wehave formulated the 7th Medium-Term Plan, which will begin in fiscal 2023, to realize our
Corporate Philosophy, Vision, and the “True to LIFE Declaration,” with a view to looking toward towhat we want to be in fiscal 2030. The three main themes that we will address are as follows.
-

Investment in people – We aim to increase motivation through employee growth andsatisfaction, which will advance the 7th Medium-Term Plan and lead to company growth.

-

Break away from homogeneous competition – We aim to provide customers with a
comfortable shopping experience by expanding our internet business while refining our uniqueproducts and services in order to realize seamless and convenient shopping.

-

Contributing towards the realization of a sustainable and flourishing society – As a “lifeline forthe community” – we aim to implement initiatives necessary for a sustainable and flourishingsociety (reduction of environmental impacts, contribution to the local community, etc.).

In promoting the three themes, all employees will personally engage in “kaizen” activities under theslogan of “Linking the Circle of Kaizen” in order to promote efficiency and secure funds forinvestment to realize the 7th Medium-Term Plan, even in the current situation of labor shortages.
Through the abovementioned measures, we aim to improve our corporate value and achieve sustained
growth, as a business entity that is trusted by customers, society and employees.
While wages are expected to rise in addition to the accumulation of household savings as social andeconomic activities move toward normalization, there are concerns that consumer confidence will
decline due to lower demand for eating at home and higher prices, making it extremely difficult todiscern performance trends. Even though the outlook remains unclear, however, for the first year of
the 7th Medium-Term Plan (fiscal 2023), the Group forecasts operating revenue of ¥801.0 billion (up4.6% year on year), operating profit of ¥19.8 billion (up 3.4% year on year), ordinary profit of ¥20.5
billion (up 2.4% year on year), and profit attributable to owners of parent of ¥13.5 billion (up 1.3%
year on year). Although we may revise our business outlook in response to changes in the social andeconomic environment, we will steadily implement all measures to “realize our Corporate
Philosophy, Vision, and the True to LIFE Declaration,” which are the goals of the 7th Medium-Term
Plan.
2. Basic concept regarding selection of accounting standards
The Group currently operates and raises funds mainly in Japan and has decided to apply Japanese GAAP
for the time being.
The Group intends to adopt International Financial Reporting Standards (IFRS) in an appropriatemanner based on future business developments and trends of other companies in Japan.

-5-3. Consolidated financial statements and significant notes thereto(1) Consolidated balance sheet(Millions of yen)

AssetsCurrent assets
Cash and deposits
Accounts receivable - trade
Merchandise and finished goods
Raw materials and supplies
Accounts receivable - other
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
Furniture and fixtures
Accumulated depreciation
Furniture and fixtures, net
Land
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Guarantee deposits
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

As of February 28, 2022

As of February 28, 2023

9,809
8,133
23,880258
28,544
3,854
74,4809,727
9,209
25,811
250
29,664
5,826
80,490188,078(101,429)
86,648
10,906(5,646)
5,260
55,761(39,224)
16,53739,256
2,807
(20)
2,787
150,490
3,508

199,324(107,392)
91,932
11,256(6,474)
4,782
60,234(43,275)
16,95839,614
2,593
–
2,593
155,880
3,218*2*2, *3

*2
*1

-6-

1,208
7,935
6,761
24,086
1,799(41)
41,749195,748
270,229*2*2, *3

*2
*1

1,487
7,711
5,586
24,513
1,963(41)
41,220200,319
280,810(Millions of yen)

Liabilities
Current liabilities
Accounts payable - trade
Short-term borrowings
Current portion of long-term borrowings
Lease liabilities
Accounts payable - other
Income taxes payable
Provision for bonuses
Provision for sales promotion expenses
Contract liabilities
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Lease liabilities
Deferred tax liabilities for land revaluation
Provision for share awards for directors (and otherofficers)
Retirement benefit liability
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Revaluation reserve for landRemeasurements of defined benefit plans
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

As of February 28, 2022

As of February 28, 2023

41,66638,50014,865
1,082
15,536
3,901
2,555
1,963
–
12,406
132,478

41,971
44,1208,628
1,274
12,384
2,363
2,764
21
1,608
13,100128,236

*2

*2

*3

*3

-7-

12,248
2,412
969

*2

*2

*3

17,497
2,651
951

56

43

2,999
5,014
3,750
27,451
159,929

889
5,350
3,187
30,571
158,807

10,004
5,628
99,221(3,930)110,923

10,004
5,696
109,147(3,838)121,010357(1,114)
133(623)
110,299
270,229*3

588(1,154)
1,558
992
122,002280,810

(2) Consolidated statement of income and consolidated statement of comprehensive income
Consolidated statement of income(Millions of yen)
Fiscal year ended
February 28, 2022
Net sales
Cost of sales
Gross profit
Receipts from operating revenue
Operating gross profit
Selling, general and administrative expenses
Freight costs
Promotion expenses
Store remodeling expense and repair expense
Utilities expenses
Rent expenses
Salaries, allowances and bonuses
Provision for bonuses
Retirement benefit expenses
Provision for share awards for directors (and otherofficers)
Legal and other welfare expenses
Depreciation
Other
Total selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Income from recycling
Data offer fee
OtherTotal non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Impairment losses
Corporate funeral costs
Loss on retirement of non-current assets
Loss on store closings
Loss on COVID-19
Sublease loss
Loss on sale of investment securities
Other
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to owners of parent

*1

*2

-8-

Fiscal year ended
February 28, 2023

745,080
514,356
230,724
23,254
253,978

738,494508,911229,582
26,931
256,51430,027
9,850
7,161
8,585
30,17790,0292,533
1,511

31,002
6,109
5,615
12,69931,623
92,777
2,758
1,579

19

0

12,805
14,061
24,281
231,046
22,932

12,595
14,96625,637
237,365
19,148

141
53
291
143
428
1,058

130
52
366
149
435
1,134

184
110
294
23,69518583
268
20,015

–
249
249

3
–
3

1,241
–
187
89
70
35
7
–
1,632
22,312
6,684
420
7,104
15,20815,208

*1

*2

1,286
45
32
3
–
–
–
9
1,377
18,641
4,868
444
5,313
13,327
13,327

Consolidated statement of comprehensive income(Millions of yen)
Fiscal year ended
February 28, 2022
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent*1

15,20813,327

(18)
132
114
15,322

230
1,424
1,655
14,983

15,322-9-

Fiscal year ended
February 28, 2023

*1

14,983

(3) Consolidated statement of changes in equity
Fiscal year ended February 28, 2022
(Millions of yen)
Shareholders’ equity

Balance at beginning of
periodCumulative effects ofchanges in accounting
policies
Restated balance

Share capital

Capital surplus

Retained earnings

Treasury shares

10,004

11,61386,595(9,914)–10,004

11,613

Total shareholders’equity98,298–86,595(9,914)98,298Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesCancellation oftreasury shares
Reversal of revaluation
reserve for land
Net changes in items
other thanshareholders’ equity
Total changes during
periodBalance at end of period(2,582)(2,582)

15,20815,208(0)–(5,984)

5,984

Restated balance–(5,984)

12,625

5,984

12,625

10,004

5,628

99,221(3,930)110,923

Valuationdifferenceonavailablefor-salesecurities

Revaluation
reserve forland

Remeasurements ofdefinedbenefit
plans

Total
accumulated
othercomprehensive income

375(1,114)0(738)

Total net
assets97,560–375(1,114)0(738)

97,560Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesCancellation oftreasury shares
Reversal of revaluation
reserve for land
Net changes in items
other thanshareholders’ equity
Total changes during
periodBalance at end of period––

Accumulated other comprehensive income

Balance at beginning of
periodCumulative effects ofchanges in accounting
policies(0)(2,582)
15,208
(0)
–
–
–
(18)

132

114

114

(18)

–

132

114

12,739357(1,114)

133

(623)

110,299- 10 -

Fiscal year ended February 28, 2023
(Millions of yen)
Shareholders’ equity

Balance at beginning of
periodCumulative effects ofchanges in accounting
policies
Restated balance

Share capital

Capital surplus

Retained earnings

Treasury shares

10,004

5,628

99,221(3,930)80
10,004

5,628

Total shareholders’equity110,92380

99,302(3,930)111,004

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesCancellation oftreasury shares
Reversal of revaluation
reserve for land
Net changes in items
other thanshareholders’ equity
Total changes during
periodBalance at end of period(3,521)(3,521)

13,327

13,327

68

Restated balance

161

39

–

68

9,845

92

10,006

10,004

5,696

109,147(3,838)121,010

Valuationdifferenceonavailablefor-salesecurities

Revaluation
reserve for
land

357

(1,114)RemeasureTotal
ments ofaccumulated
definedotherbenefitcomprehenplans
sive income
133

(623)

Total net
assets110,29980

357(1,114)

133

(623)

Dividends of surplus

Balance at end of period

92

39

110,380

Changes during period

Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesCancellation oftreasury shares
Reversal of revaluation
reserve for land
Net changes in items
other thanshareholders’ equity
Total changes during
period(0)–

Accumulated other comprehensive income

Balance at beginning of
periodCumulative effects ofchanges in accounting
policies(0)(3,521)
13,327
(0)
161
–
39
230

(39)

1,424

1,615

1,615

230

(39)

1,424

1,615

11,622588(1,154)

1,558

992

122,002- 11 -

(4) Consolidated statement of cash flows(Millions of yen)
Fiscal year ended
February 28, 2023

Fiscal year ended
February 28, 2022
Cash flows from operating activities
Profit before income taxes
Depreciation
Retirement benefit expenses
Impairment losses
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for sales promotion
expenses
Increase (decrease) in contract liabilities
Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for share awards for
directors (and other officers)
Interest and dividend income
Interest expenses
Loss (gain) on sale of investment securities
Loss on retirement of non-current assets
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Decrease (increase) in accounts receivable - other
Increase (decrease) in trade payables
Increase (decrease) in accounts payable - other
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Proceeds from sale of investment securities
Purchase of shares of subsidiaries and associates
Loan advances
Proceeds from collection of loans receivable
Payments of guarantee deposits
Proceeds from refund of guarantee deposits
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Repayments of lease liabilities
Repayments of installment payables
Dividends paid
Purchase of treasury shares
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period*1- 12 -

22,312
14,179
19
1,241
(40)

18,641
15,087
25
1,286
208

78

(12)

–
(86)

(204)
(81)

–

(12)

(194)
184
(241)
187
(2,608)(755)(1,160)(26,800)(5,158)
(53)
1,103
57
(173)
(8,914)(7,926)

(183)
185
–
32
(1,076)(1,923)(1,120)
305
(502)
(280)
30,37555(174)(6,356)23,899(800)
800(19,000)
126
(867)
485
(12)
(57)
22
(828)
62
(235)
(20,303)(800)
800(21,445)
110
(641)
–
–
(329)
–
(693)
25
(864)
(23,839)

36,3503,000(12,647)(1,224)(204)(2,577)(0)
22,695(5,533)
14,9439,409

5,620
14,000(14,988)(1,258)–(3,515)
(0)
(142)
(81)
9,409
9,327

*1

(5) Notes to consolidated financial statements
Notes on premise of going concern
Not applicable.
Significant accounting policies for preparation of consolidated financial statements
1. Scope of consolidation(1) Number of consolidated subsidiaries and names of consolidated subsidiaries(i) Number of consolidated subsidiaries
1 company(ii) Names of consolidated subsidiaries
LIFE FINANCIAL SERVICE(2) Names, etc. of non-consolidated subsidiaries(i) Names of non-consolidated subsidiaries LIFE KOSAN CORPORATION
LIFE STORE CORPORATION(ii) Reason for exclusion from scope of consolidation
Non-consolidated subsidiaries are all small in scale, and any total amount in terms of their
total assets, net sales, profit or loss (amount corresponding to the Company’s ownershipinterest) as well as retained earnings (amount corresponding to the Company’s ownershipinterest) and others does not significantly affect the consolidated financial statements.
2. Application of equity method(1) Number of unconsolidated subsidiaries or associates accounted for using the equity method
and names of major companies, etc.
There are no non-consolidated subsidiaries or associates accounted for using the equity
method.
(2) Names, etc. of major non-consolidated subsidiaries and associates not accounted for using
the equity method(i) Names of non-consolidated subsidiaries LIFE KOSAN CORPORATION
LIFE STORE CORPORATION(ii) Names of associates
Japan Education Center for Future Retailing Inc
LIFE HOME DELIVERY(iii) Reason for not using equity method
Non-consolidated subsidiaries and associates not accounted for using the equity method
are excluded from the scope of the application of the equity method because suchexclusion has only an immaterial effect on the consolidated financial statements in termsof each company’s profit or loss (the amount corresponding to the Company’s ownershipinterest) and retained earnings (the amount corresponding to the Company’s ownershipinterest), and they have no significance as a whole.
3. Fiscal year of consolidated subsidiaries
Consolidated subsidiaries’ fiscal year-end is the same as the consolidated balance sheet date.
4. Accounting policies(1) Valuation basis and methods for significant assets(i) Securities
a. Held-to-maturity debt securities
Amortized cost method (straight-line method) is applied.
b. Available-for-sale securities
Securities other than those without market value are stated at fair value(unrealized gains and losses are reported as a separate component of net assets,
and the cost of securities sold is determined by the moving-average method),while securities without market value are stated at the cost determined by themoving-average method.
(ii) Inventories
a. Merchandise and finished goods
Stated at the cost determined by the retail method (the carrying value is written- 13 -

down according to the decrease in profitability).
However, fresh food and inventories at distribution and processing centers arestated at the cost determined by the last purchase price method (the carrying
value is written down according to the decrease in profitability).
b. Raw materials and supplies
Mainly stated at the cost determined by the last purchase price method (thecarrying value is written down according to the decrease in profitability).
(2) Accounting methods for depreciation of significant depreciable assets(i) Property, plant and equipment (excluding leased assets)
Straight-line method (excluding vehicles, for which the declining-balance method isapplied)Major useful lives are as follows.
Buildings and structures
3 to 60 years
Machinery, equipment and vehicles 3 to 17 years
Tools, furniture and fixtures
2 to 20 years
Low-value depreciable assets with an acquisition cost of ¥100,000 or more but less than¥200,000 are depreciated in equal amounts over three years.
Property, plant and equipment acquired on or before March 31, 2007, are depreciated inequal amounts over five years starting from the fiscal year following the completion ofdepreciation to the limit of the depreciable amount.
(ii) Intangible assets (excluding leased assets)
The straight-line method is applied.
Software for internal use is amortized using the straight-line method over its useful life
(five years).
(iii) Leased assets
Leased assets related to finance lease transactions that transfer ownership
The same depreciation method that is applied to non-current assets owned by theCompany is applied.
Leased assets related to finance lease transactions that do not transfer ownership
The straight-line method is applied assuming the lease period as the useful life
without residual value.
(3) Accounting for significant provisions(i) Allowance for doubtful accounts
To prepare for credit losses on receivables, an estimated uncollectable amount isprovided at the amount estimated by either using the historical rate of credit loss forgeneral receivables or the individual consideration of collectability for specificreceivables, such as highly doubtful receivables.
(ii) Provision for bonuses
To provide for payment of bonuses to employees, the amount is provided based on
the estimated amount of bonuses to be paid.
(iii) Provision for sales promotion expenses
To provide for the use of points granted under the point card system for sales
promotion purposes, the amount estimated to be used in the future, based on thehistorical usage rate for the unused point balance, is provided.
The provision is included in sales promotion expenses.
(iv) Provision for share awards for Directors (and other officers)
To prepare for the delivery of the Company’s shares to Directors (excluding outside
Directors) in accordance with the Company’s Director Performance-Linked ShareDistribution Regulations, the amount provided is based on the estimated amount of- 14 -

share award obligations as of the end of the fiscal year.
(4) Accounting methods for retirement benefits(i) Method of attributing expected retirement benefits to periods
In the calculation of retirement benefit obligations, expected retirement benefits are
attributed to the period up to the end of the fiscal year on a benefit formula basis.
(ii) Method of amortizing actuarial gains and losses and past service cost
Past service cost is amortized using the straight-line method over a fixed number ofyears (11 years), within the average remaining service years of employees, whenincurred.
Actuarial gains and losses are amortized using the straight-line method over a fixed
number of years (11 years), within the average remaining service years of
employees, when incurred in each fiscal year from the fiscal year following theaccrual of each gain or loss.
(5) Accounting for significant revenues and expenses(i) Revenue recognition for sales of goods
The Company’s revenues from contracts with customers are primarily derived fromsales of merchandise in the supermarket business. The Company recognizes revenue
from the sale of these products when the products are delivered to the customer as
the Company believes that the customer has acquired control over the products andthe performance obligation is satisfied at the time the products are delivered.
For transactions in which the Company does not control the goods or services
transferred to the customer and it is determined to have been involved as an agent in
the sale of goods, revenue is recognized as the net amount of the gross consideration
received from the customer less the gross consideration paid to the supplier. The
consideration for the transaction is received generally within one month of satisfying
the performance obligation and does not include a significant financial component.
(ii) Revenue recognition for our point system
The Company offers a customer loyalty program, whereby members are awarded
points based on the amount of purchases they make. The Company identifies such
points as a performance obligation, and it calculates the arm’s length sales price ofthe points, taking into account the expected future expiration of the points and otherfactors, and allocates the transaction price and recognizes revenue when the points
are used.
(iii) Revenue recognition related to company-issued coupons and points issued by othercompanies
The Company recognizes revenue from sales to customers of company-issued
coupons and third-party points as the net amount of the total consideration received
from customers less the amount equivalent to company-issued coupons and thirdparty points.
(6) Scope of cash in the consolidated statement of cash flows
Cash in the consolidated statement of cash flows (cash and cash equivalents) consists of cashon hand, deposits that can be withdrawn at any time, and short-term investments withmaturities of three months or less from the acquisition date that are readily convertible into
cash and are exposed to only an insignificant risk of fluctuations in value.

- 15 -

Changes in accounting policies
Application of Accounting Standard for Revenue Recognition, etc.
The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ
Statement No. 29, March 31, 2020), etc., from the beginning of the current fiscal year, and it hasrecognized revenue at the time the control of promised goods or services is transferred to thecustomer at the amount expected to be received upon exchange of said goods or services.
The main changes resulting from the application of the Accounting Standard for Revenue
Recognition, etc., are as follows:
1.

Revenue recognition for agency transactions

With respect to revenue from transactions in which the purchase of goods, etc., is recognized at
the time of sales thereof (shoka shiire), the Company previously recognized the total
consideration received from customers as net sales and the total consideration paid to suppliers
as cost of sales. However, as the Company’s role, in such transactions, in providing goods, etc.,
to customers is determined to be that of an agent, the Company has changed its method ofrecognizing revenue to the net amount of the total consideration received from customers lessthe total consideration paid to suppliers. Moreover, these revenues are recorded in receipts fromoperating revenue and not net sales.
2.

Revenue recognition for our point system

The Company offers a customer loyalty program, whereby members are awarded points basedon the amount of purchases they make. Previously, to prepare for the redemption of points
granted to customers, the amount expected to be required to redeem the points was recorded as
the provision for sales promotion expenses, whose transfer amount was recorded as selling,
general and administrative expenses. However, the Company has changed its method to identify
such points as performance obligations, and it allocates the transaction price by calculating theindependent selling price of the points considering the expected future expiration and otherfactors.
As a result of this change, what was recorded as selling, general and administrative expenses is
now deducted from net sales, and the liability for points awarded based on the purchase amount,which was presented as “provision for sales promotion expenses” on the consolidated balance
sheet in the previous fiscal year, is now “contract liabilities.”
3.

Revenue recognition related to company-issued coupons and points issued by othercompanies

Previously, the Company recorded the gross amount of company-issued coupons and points
issued by other companies for sales to customers as net sales and used company-issued couponsand granted points issued by other companies as promotion expenses in selling, general andadministrative expenses. Now, we have changed the method of recognizing revenue as the net
amount of the total consideration received from customers less relevant costs.
The application of the Accounting Standard for Revenue Recognition, etc., is in accordance withthe transitional treatment provided for in the proviso to paragraph 84 of the Accounting Standard
for Revenue Recognition. The cumulative effect of retrospective applications, assuming the new
accounting policy has been applied to periods prior to the beginning of the current fiscal year,
was added to or deducted from the opening balance of retained earnings of the beginning of thecurrent fiscal year, and thus the new accounting policy was applied from such opening balance.
For the current fiscal year, as a result of this change, net sales decreased by ¥23,378 million,
cost of sales decreased by ¥14,785 million, receipts from operating revenue increased by ¥3,177
million, selling, general and administrative expenses decreased by ¥5,409 million, and operating
profit, ordinary profit and profit before income taxes each decreased by ¥6 million.
- 16 -

In addition, because the cumulative effect was reflected in net assets as of the beginning of thecurrent fiscal year, retained earnings as of the beginning of the current fiscal year increased by
80 million.
The impact on per share information is negligible.
Application of Accounting Standard for Fair Value Measurement, etc.
The Company has applied the “Accounting Standard for Fair Value Measurement” (ASBJ
Statement No. 30, July 4, 2019), etc., from the beginning of the current fiscal year, and it hasapplied the new accounting policy provided for by the Accounting Standard for Fair Value
Measurement, etc., prospectively in accordance with the transitional treatment provided for inparagraph 19 of the Accounting Standard for Fair Value Measurement and paragraph 44-2 of the“Accounting Standard for Financial Instruments” (ASBJ Statement No. 10, July 4, 2019). Thischange has no impact on the consolidated financial statements.
Additional information
Share remuneration plan for Directors
Based on the resolution at the 64th Annual General Meeting of Shareholders held on May 23,
2019, the Company introduced a Trust Plan for Delivering Shares to Directors (the “Plan”) forthe purpose of further clarifying the linkage between remuneration for Directors (excluding
outside Directors; the same applies below) and the Company’s share price and increasing the
Directors’ motivation to contribute to improving medium- to long-term performance andincreasing corporate value by not only enjoying the benefits of an increased share price but also
bearing the risk of a falling share price and sharing with shareholders the benefits and risks
associated with share price fluctuations.
Under the Plan, shares of the Company’s stock are delivered to Directors through a trust basedon the number of points granted pursuant to the Director Performance-Linked Share Distribution
Regulations set by the Board of Directors of the Company. The Company acquires the shares tobe delivered to Directors, including those for future delivery, with the money entrusted inadvance, and manages them separately as trust assets.
For the accounting related to the trust agreement, the Company applies the “Practical Solution
on Transactions of Delivering the Company’s Own Stock to Employees etc. through Trusts”(ASBJ PITF No. 30, March 26, 2015) and recognizes the difference on disposal at the time ofdisposing treasury shares to the trust and records the net amount of dividends from the Company
on the shares held by the trust and various expenses related to the trust on the consolidatedbalance sheets.
The Company’s shares held by Custody Bank of Japan, Ltd. as of the end of the current fiscal
year are presented as treasury shares under net assets, and the book value of such treasury shareswas ¥199 million in the previous fiscal year and ¥186 million in the current fiscal year, and thenumber of shares was 90,300 shares in the previous fiscal year and 84,300 shares in the current
fiscal year.

- 17 -

Consolidated balance sheet*1 Items related to non-consolidated subsidiaries and associates are as follows.

Shares of subsidiaries and associates(investments, other assets, and other)

As of February 28, 2022

As of February 28, 2023

¥62 million¥62 million

As of February 28, 2022

As of February 28, 2023

¥3,970 million
6,266¥3,735 million
6,266*2 Pledged assets and secured liabilities
Assets pledged as collateral are as follows.

Buildings
Land
Guarantee deposits
Total

463

463

10,70010,465In addition to the above, real estate owned by third parties (SOGOTAXI HOLDINGS CO., LTD
and others) has been pledged as collateral.
Secured liabilities are as follows.

Long-term borrowings (including current
portion of long-term borrowings)

As of February 28, 2022

As of February 28, 2023

¥9,470 million¥8,934 million*3 Revaluation of land
In accordance with the Act on Revaluation of Land (Act No. 34, March 31, 1998) and the Act
Partially Amending the Act on Revaluation of Land (Act No. 24, March 31, 1999), land used forbusiness purposes was revalued, and the amount equivalent to taxes on the valuation difference
is recorded as “deferred tax liabilities for land revaluation” in liabilities, and the amount less thisis recorded as “revaluation reserve for land” in net assets.
Method of revaluation
The value is determined by making reasonable adjustments to the value calculated based on
National Tax Agency Basic Instructions on Evaluation of Assets for calculating the value of landas the basis for calculating the taxable value of land for land-holding tax purposes, as provided
for in Article 16 of Land-holding Tax Act, as stipulated in Article 2, item (iv) of the Order for
Enforcement of the Act on Revaluation of Land (Government Ordinance No. 119, March 31,
1998).
Date of revaluation
February 28, 2001
As of February 28, 2022

As of February 28, 2023¥(2,964) million¥(2,660) million

Difference between the total market value of therevalued land at the end of the fiscal year andthe total book value of the land after revaluation- 18 -

Consolidated statement of income*1 Impairment losses
The Group recorded impairment losses on the following asset groups.
Fiscal year ended February 28, 2022
Use

Type

Place

Impairment
losses(Millions of yen)Stores, etc.

Buildings and structures;
machinery, equipment andOsaka Prefecture
2 stores519

vehicles; tools, furnitureand fixtures, etc.

Kyoto Prefecture
1 store13

Tokyo
2 stores558

Saitama Prefecture
1 store118

Chiba Prefecture
1 store31

The Group groups its assets mainly based on stores as the smallest unit that generates cash flow.
For stores with continuous losses from operating activities and stores whose land market value
has declined significantly, the book value is reduced to the recoverable amount if the recoverable
amount is less than the book value, and the reduced amount is recorded as an impairment loss
under extraordinary losses.
The breakdown is as follows.
Buildings and structures
Machinery, equipment and vehicles¥1,060 million
3

Tools, furniture and fixtures
Other (*)

167
10

Total

1,241

(*) “Other” consists of leasehold interests in land, software, and long-term prepaid expenses.
The recoverable value of this asset group is measured by net realizable value or value in use.
Net realizable value is determined based on the real estate appraisal value or roadside land price,
taking materiality into consideration. The value in use is calculated by discounting future cash
flows at a rate of 3.3%. In cases where future cash flows are negative, the recoverable value iscalculated as zero.

- 19 -

Fiscal year ended February 28, 2023
Impairment
Use
Stores, etc.

Type

Place

Buildings and structures;

Osaka Prefecturemachinery, equipment andvehicles; tools, furniture

3 stores
Kyoto Prefectureand fixtures, etc.

1 storeTokyo
6 stores
Kanagawa Prefecture
2 stores
Chiba Prefecture
1 storelosses(Millions of yen)
77
0
708
483
16

The Group groups its assets mainly based on stores as the smallest unit that generates cash flow.
For stores with continuous losses from operating activities and stores whose land market value
has declined significantly, the book value is reduced to the recoverable amount if the recoverable
amount is less than the book value, and the reduced amount is recorded as an impairment loss
under extraordinary losses.

- 20 -

The breakdown is as follows.
Buildings and structures¥1,022 million

Machinery, equipment and vehicles
Tools, furniture and fixtures

24
233

Other (*)

6

Total

1,286

(*) “Other” consists of software and long-term prepaid expenses.
The recoverable value of this asset group is measured by net realizable value or value in use.
Net realizable value is determined based on the real estate appraisal value or roadside land price,
taking materiality into consideration. The value in use is calculated by discounting future cash
flows at a rate of 4.4%. In cases where future cash flows are negative, the recoverable value iscalculated as zero.

*2 Details of gains on sales of non-current assets are as follows.

Land

Fiscal year ended February

Fiscal year ended February

28, 2022

28, 2023¥– million¥3 million*3 Details of losses on retirement of non-current assets are as follows.

Buildings and structures

Fiscal year ended February

Fiscal year ended February

28, 2022

28, 2023¥111 million¥14 million

Machinery, equipment and vehicles
Tools, furniture and fixtures

1
73

0
16

Other (*)

0

–

187

32

Total

(*) Other is long-term prepaid expenses.

- 21 -

Consolidated statement of comprehensive income*1
Reclassification adjustments and tax effects related to other comprehensive income
Fiscal year ended
February 28, 2022

Fiscal year ended
February 28, 2023

Valuation difference on available-for-salesecurities
Amount accrued in the current fiscal year

¥173 million

Reclassification adjustments¥279 million

(241)

–

Before tax effect adjustments

(68)

279

Tax effects

50

(48)

(18)

230

171
19

2,027
25

Before tax effect adjustments
Tax effects

191
(58)

2,053
(628)

Remeasurements of defined benefit
plans, net of tax

132

1,424

Total other comprehensive income

114

1,655

Valuation difference on available-for-salesecurities
Remeasurements of defined benefit plans, netof taxAmount accrued in the current fiscal year
Reclassification adjustments

Consolidated statement of changes in equity
Fiscal year ended February 28, 2022
1. Class and total number of issued shares and class and number of treasury shares
Number of shares atthe beginning of the
fiscal year (Shares)

Increase (Shares)

Decrease (Shares)

Number of shares atthe end of the fiscal
year (Shares)

Ordinary shares (Note)

53,450,800–

4,000,000

49,450,800

Total

53,450,800–

4,000,000

49,450,800

Ordinary shares (Note)

6,583,138

364

4,000,000

2,583,502

Total

6,583,138

364

4,000,000

2,583,502

Issued shares

Treasury shares

Note: The number of treasury shares at end of the fiscal year includes the Company’s shares of 90,300 shares held by
Custody Bank of Japan, Ltd. as the trust assets for the “Trust for Delivering Shares to Directors.”

Overview of reasons for change
Breakdown of the decrease in the number of issued shares is as follows.
Cancellation of treasury shares
Breakdown of the increase in the number of treasury shares is as follows.
Purchase of shares less than one share unit
Acquisition of restricted shares without compensation
Breakdown of the decrease in the number of treasury shares is as follows.
Cancellation of treasury shares
2. Share acquisition rights and treasury share acquisition rights
Not applicable.

- 22 -

4,000,000 shares
164 shares
200 shares
4,000,000 shares3. Dividends(1) Dividends paid
(Resolution)
May 27, 2021
Annual General
Meeting ofClass of shares

Total dividends(Millions ofyen)

Ordinary shares

1,173

Dividends per
share (Yen)Record date

Effective date

25.00

February 28,
2021

May 28, 2021

Shareholders
Note: Total dividends resolved by the Annual General Meeting of Shareholders held on May 27, 2021, include ¥2
million of dividends for the Company’s shares held by Custody Bank of Japan, Ltd. as the trust assets for the“Trust for Delivering Shares to Directors.”(Resolution)
October 7, 2021
Board ofDirectors
meeting

Class of shares

Total dividends(Millions ofyen)

Ordinary shares

1,408

Dividends per
share (Yen)

30.00

Record date

Effective dateAugust 31,

November 1,

2021

2021

Note: Total dividends resolved by the Board of Directors meeting held on October 7, 2021, include ¥2 million ofdividends for the Company’s shares held by Custody Bank of Japan, Ltd. as the trust assets for the “Trust for
Delivering Shares to Directors.”(2) Dividends whose effective date falls in the fiscal year following the fiscal year of therecord date
(Resolution)
May 26, 2022
Annual General
Meeting of
Shareholders
Note:Class ofsharesOrdinarysharesTotal dividends(Millions of
yen)

1,878

Source ofdividends
Retainedearnings

Dividends
per share
(Yen)

40.00

Record date

Effective
date

February 28,

May 27,

2022

2022

1. Total dividends resolved by the Annual General Meeting of Shareholders held on May 26, 2022, include¥3 million of dividends for the Company’s shares held by Custody Bank of Japan, Ltd. as the trust assets
for the “Trust for Delivering Shares to Directors.”
2. The amount of dividends per share resolved at the Annual General Meeting of Shareholders held on May
26, 2022, is ¥40.00, a total of ¥30.00 for ordinary dividends and ¥10.00 for commemorative dividends.

- 23 -

Fiscal year ended February 28, 2023
1. Class and total number of issued shares and class and number of treasury shares
Number of shares at
beginning of the
fiscal year (Shares)

Increase (Shares)

Decrease (Shares)

Number of shares atthe end of the fiscal
year (Shares)

Ordinary shares

49,450,800––

49,450,800

Total

49,450,800––

49,450,800

Ordinary shares (Note)

2,583,502

284

61,0002,522,786

Total

2,583,502

284

61,0002,522,786

Issued shares

Treasury shares

Note: The number of treasury shares at end of the fiscal year includes the Company’s shares of 84,300 shares held by Custody
Bank of Japan, Ltd. as the trust assets for the “Trust for Delivering Shares to Directors.”

Overview of reasons for change
Breakdown of increase in the number of treasury shares is as follows.
Purchase of shares less than one share unit
284 shares
Breakdown of the decrease in the number of treasury shares is as follows.
Disposal of treasury stock as restricted stock compensation
55,000 shares
Disposal of treasury stock by way of transfer by Trust for Delivering Shares to Directors
6,000 shares
2. Share acquisition rights and treasury share acquisition rights
Not applicable.
3. Dividends(1)
Dividends paid
(Resolution)

Class of shares

Total dividends(Millions ofyen)

Ordinary shares

1,878

Dividends per
share (Yen)Record date

Effective date40.00

February 28,
2022

May 27, 2022

May 26, 2022
Annual General
Meeting of
Shareholders
Note:

1. Total dividends resolved by the Annual General Meeting of Shareholders held on May 26, 2022, include¥3 million of dividends for the Company’s shares held by Custody Bank of Japan, Ltd. as the trust assets
for the “Trust for Delivering Shares to Directors.”
2. The amount of dividends per share resolved at the Annual General Meeting of Shareholders held on May
26, 2022, is ¥40.00, a total of ¥30.00 for ordinary dividends and ¥10.00 for commemorative dividends.

(Resolution)

Class of shares

Total dividends(Millions ofyen)

Ordinary shares

1,643

Dividends per
share (Yen)Record date

Effective date

October 11,
2022
Board ofDirectors
meeting

35.00

August 31,

November 1,

2022

2022

Note: Total dividends resolved by the Board of Directors meeting held on October 11, 2022, include ¥2 million ofdividends for the Company’s shares held by Custody Bank of Japan, Ltd. as the trust assets for the “Trust for
Delivering Shares to Directors.”- 24 -

(2) Dividends whose effective date falls in the fiscal year following the fiscal year of therecord date
(Resolution)

Class ofsharesTotal dividends(Millions ofyen)

Ordinaryshares

1,645

Source ofdividends

Dividends
per share(Yen)

Record date

35.00

February 28,
2023

Effectivedate

May 25, 2023
Annual General
Meeting ofRetainedearnings

May 26,2023

Shareholders
Note: Total dividends resolved by the Annual General Meeting of Shareholders to be held on May 25, 2023, include¥2 million of dividends for the Company’s shares held by Custody Bank of Japan, Ltd. as the trust assets forthe “Trust for Delivering Shares to Directors.”- 25 -

Consolidated statement of cash flows*1
Reconciliation of closing balance of cash and cash equivalents and the related account on the
consolidated balance sheet
Fiscal year ended February 28, Fiscal year ended February 28,
2022
2023
Cash and deposits accountTime deposits with maturities exceeding three months¥9,809 million(400)¥9,727 million(400)

Cash and cash equivalents

9,409

9,327

- 26 -

Segment information, etc.
[Segment information]
1. Overview of reportable segments
The reportable segments of the Group are components of the Group for which discrete financial
information is available and are regularly reviewed by the highest management decisionmaking body to make decisions about the allocation of managerial resources and to assess theirperformance.
The Group’s main business is a general retailer of food products, lifestyle products, and apparel,etc., and it also operates a credit card and other businesses related to this business. Therefore,taking into consideration these services and their economic characteristics, they are aggregatedand classified as the “Retail Business” reportable segment.
2. Method for calculating amounts of operating revenue, profit or loss, assets, liabilities, and otheritems by reportable segment
The accounting method for the reported business segment is the same as that described in“Significant accounting policies for preparation of consolidated financial statements.”
Profit of reportable segment is based on ordinary profit. Intersegment revenue and transfers are
based on actual market prices.
3. Matters related to changes in reportable segments, etc.
As described in notes to “Changes in accounting policies,” the Company has applied the
Accounting Standard for Revenue Recognition, etc., from the beginning of the current fiscal
year and has changed the accounting treatment for revenue recognition. Accordingly, theCompany has changed the method of calculating profit or loss of operating segments.
As a result of this change, compared to the previous method, in the Retail Business, net sales
decreased by ¥23,378 million (the full amount is revenue from contracts with customers),
receipts from operating revenue increased by ¥4,087 million (of which revenue from contracts
with customers was ¥3,177 million and intersegment operating revenue and transfers was ¥909
million), and segment profit decreased by ¥6 million for the current fiscal year.

- 27 -

4. Information on operating revenue, profit or loss, assets, liabilities, and other items byreportable segment
Fiscal year ended February 28, 2022
Reportablesegments
Other (Note 2)

Total

Retail Business

Adjustments(Note 3)

(Millions of yen)Amounts
recordedin consolidated
financialstatements(Note 4)

Operating revenue (Note 1)
Operating revenue fromexternal customers

767,376959

768,335–

768,335

Intersegment operating
revenue and transfers

2

1,456

1,459

(1,459)–

Total

767,379

2,415

769,794(1,459)768,335

Segment profit

23,556

139

23,695–23,695

Segment assets

275,299

15,165

290,464(20,234)

270,229

Depreciation

14,04020

14,061–

14,061

Interest income

149

–

149

(7)

141

Interest expenses

183

8

192

(7)

184

16,91339

16,953–

16,953

Other items

Increase in property,
plant and equipment andintangible assets (Note 5)
Note: 1

Operating revenue is the total of net sales and receipts from operating revenue.

2
3“Other” includes credit card business, etc.
Adjustments of segment assets, interest income and interest expenses are mainly from the elimination of

4

transactions between the reportable segment (the Retail Business) and other.
Segment profit is adjusted to ordinary profit in the consolidated statement of income.

5

Increases in property, plant, equipment and intangible assets do not include assets corresponding to asset
retirement obligations, etc.

- 28 -

Fiscal year ended February 28, 2023
Reportablesegments
Other (Note 2)

Total

Retail Business

Adjustments(Note 3)

(Millions of yen)Amounts
recordedin consolidated
financialstatements(Note 4)

Operating revenue (Note 1)
Revenue from contracts
with customers

759,962

1,098

761,061–

761,061

Other revenue (Note 5)

4,364

–

4,364

–

4,364

Operating revenue fromexternal customers

764,327

1,098

765,426–

765,426

Intersegment operating
revenue and transfers

912

1,479

2,391

(2,391)–

Total

765,240

2,577

767,818(2,391)

765,426

Segment profit

19,683332

20,015–20,015

Segment assets

283,477

18,168

301,645(20,834)

280,810Depreciation

14,952

14

14,966–

14,966

Interest income

139

–

139

(8)

130

Interest expenses

184

9

193

(8)

185

21,12357

21,181–

21,181Other items

Increase in property,
plant and equipment andintangible assets (Note 5)
Note: 1

Operating revenue is the total of net sales and receipts from operating revenue.

2
3“Other” includes credit card business, etc.
Adjustments of segment assets, interest income and interest expenses are mainly from the elimination of

4

transactions between the reportable segment (the Retail Business) and other.
Segment profit is adjusted to ordinary profit in the consolidated statement of income.

5

Other revenue includes real estate lease revenue based on the Accounting Standard for Lease Transactions(ASBJ Statement No. 13).

6

Increases in property, plant, equipment and intangible assets do not include assets corresponding to asset
retirement obligations, etc.

[Related information]
Fiscal year ended February 28, 2022
1. Information by product and service
This information is omitted because operating revenue from external customers in a single
product or service category exceeds 90% of the operating revenue in the consolidated statementof income.

- 29 -

2. Information about geographical areas(1) Operating revenue
Not applicable because there is no operating revenue from external customers outside Japan.
(2) Property, plant and equipment
Not applicable because the Company has no property, plant and equipment located outside
Japan.
3. Information by major customer
This information is omitted because there is no external customer who accounts for 10% ormore of the operating revenue in the consolidated statement of income.
Fiscal year ended February 28, 2023
1. Information by product and service
This information is omitted because operating revenue from external customers in a single
product or service category exceeds 90% of the operating revenue in the consolidated statementof income.
2. Information about geographical areas(1) Operating revenue
Not applicable because there is no operating revenue from external customers outside Japan.
(2) Property, plant and equipment
Not applicable because the Company has no property, plant and equipment located outside
Japan.
3. Information by major customer
This information is omitted because there is no external customer who accounts for 10% ormore of the operating revenue in the consolidated statement of income.
[Information on impairment losses on non-current assets by reportable segment]
Fiscal year ended February 28, 2022
(Millions of yen)
Reportable segments

Corporate andeliminations

Other
Retail BusinessImpairment losses

1,241

–

Total

–

1,241

Fiscal year ended February 28, 2023
(Millions of yen)
Reportable segments

Corporate andeliminations

Other
Retail BusinessImpairment losses

1,286

–

Total

–

[Information on amortization and unamortized balance of goodwill by reportable segment]
Fiscal year ended February 28, 2022
Not applicable.
Fiscal year ended February 28, 2023
Not applicable.

- 30 -

1,286

[Information on gain on bargain purchase by reportable segment]
Fiscal year ended February 28, 2022
Not applicable.
Fiscal year ended February 28, 2023
Not applicable.

- 31 -

Per share information
Fiscal year ended
February 28, 2022

Fiscal year ended
February 28, 2023

Net assets per share¥2,353.44¥2,599.79

Earnings per share¥324.50¥284.35

Note: 1. The amount of diluted earnings per share is not provided because there are no potential shares.
2. The basis for calculating net assets per share is as follows.
As of February 28, 2022

As of February 28, 2023

110,299

122,002––110,299

122,00246,867,298

46,928,014

Total net assets (Millions of yen)Amounts deducted from total net assets(Millions of yen)Amount of net assets related to ordinary sharesat the end of the fiscal year (Millions of yen)
Number of ordinary shares at the end of the
fiscal year used in the calculation of net assets
per share (Shares)
3. The basis for calculating earnings per share is as follows.

Profit attributable to owners of parent (Millionsof yen)Amount not attributable to ordinary shareholders(Millions of yen)
Profit attributable to owners of parent related toordinary shares (Millions of yen)
Average number of ordinary shares during the
fiscal year (Shares)

Fiscal year ended

Fiscal year ended

February 28, 2022

February 28, 2023

15,20813,327––

15,20813,32746,867,560

46,871,327

4. The Company’s shares held by Custody Bank of Japan, Ltd. as trust assets for “Trust for Delivering
Shares to Directors” are included in treasury shares deducted from the total number of shares issued
at the end of the fiscal year for calculating net assets per share and are also included in treasury
shares deducted from the average number of shares during the fiscal year for calculating earnings
per share.
The number of such treasury shares deducted for calculating net assets per share is 90 thousand
shares at the end of the previous fiscal year and 84 thousand shares at the end of the current fiscal
year, and the average number of such treasury shares deducted for calculating earnings per share is
90 thousand shares for the previous fiscal year and 86 thousand shares for the current fiscal year.

Significant subsequent events
Not applicable.

- 32 -

4. Non-consolidated financial statements and significant notes thereto(1) Balance sheet(Millions of yen)

AssetsCurrent assets
Cash and deposits
Accounts receivable - trade
Merchandise
Supplies
Prepaid expenses
Accounts receivable - other
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings
Structures
Machinery and equipment
VehiclesFurniture and fixtures
Land
Leased assets
Construction in progress
Total property, plant and equipment
Intangible assets
Leasehold interests in land
Software
Other
Total intangible assets
Investments and other assets
Investment securities
Shares of subsidiaries and associates
Long-term loans receivable
Long-term prepaid expenses
Deferred tax assets
Guarantee deposits
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets- 33 -

As of February 28, 2022

As of February 28, 2023

9,663
20,98523,880231
3,228
14,566
6,043
78,5998,783
22,31325,811203
3,550
14,807
6,229
81,70084,062
2,586
5,257
2
16,52539,256
0
2,786
150,479

89,242
2,689
4,781
1
16,89839,614–
2,593
155,820

1,197
2,109
170
3,478

1,238
1,789
167
3,195

1,208
1,060
7,935
1,693
6,755
24,08644(41)
42,741
196,699
275,299

1,487
1,060
7,711
1,865
6,128
24,51336(41)
42,761
201,776
283,477

(Millions of yen)

Liabilities
Current liabilities
Accounts payable - trade
Short-term borrowings
Current portion of long-term borrowings
Lease liabilities
Accounts payable - otherAccrued expenses
Income taxes payable
Accrued consumption taxes
Deposits received
Provision for bonuses
Provision for sales promotion expenses
Contract liabilities
Asset retirement obligations
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Long-term accounts payable - other
Lease liabilities
Deferred tax liabilities for land revaluation
Provision for retirement benefits
Provision for share awards for directors (and otherofficers)
Asset retirement obligations
Guarantee deposits received
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Legal capital surplus
Other capital surplus
Total capital surplus
Retained earnings
Other retained earnings
General reserve
Retained earnings brought forward
Total retained earnings
Treasury shares
Total shareholders’ equity
Valuation and translation adjustments
Valuation difference on available-for-sale securities
Revaluation reserve for land
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets- 34 -

As of February 28, 2022

As of February 28, 2023

41,66638,50014,865
1,082
13,804
4,015
3,890
1,906
11,388
2,549
1,963
–
469
918
137,020

41,971
44,1208,628
1,274
10,215
4,201
2,314
932
11,074
2,758
21
1,608
48
928
130,096

12,248
481
2,412
969
3,191

17,497
162
2,651
951
3,136

56

43

5,014
2,936
332
27,643
164,664

5,350
2,815
209
32,817
162,914

10,00410,004

2,501
3,127
5,628

2,501
3,195
5,696

83,62016,07099,690(3,930)111,392

94,32014,946109,266(3,838)
121,129357(1,114)(757)
110,634
275,299588(1,154)(566)
120,563
283,477

(2) Statement of income(Millions of yen)
Fiscal year ended
February 28, 2022
Net sales
Cost of sales
Gross profit
Receipts from operating revenue
Operating gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Income from recycling
Data offer fee
OtherTotal non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Impairment losses
Corporate funeral costs
Loss on retirement of non-current assets
Loss on store closings
Loss on COVID-19
Sublease loss
Loss on sale of investment securities
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Profit- 35 -

Fiscal year ended
February 28, 2023

745,080
514,356
230,724
22,298253,022230,21422,808738,494508,911229,582
26,745
256,328
237,467
18,860

149
53
291
143
401
1,039

139
52
366
149
375
1,084

183
107
291
23,556184
76
261
19,683

–
249
249

3
–
3

1,241
–
187
89
70
35
7
1,632
22,173
6,661
445
7,107
15,066

1,286
45
32
3
–
–
–
1,367
18,318
4,815
525
5,341
12,977

(3) Statement of changes in equity
Fiscal year ended February 28, 2022
(Millions of yen)
Shareholders’ equity
Capital surplus

Retained earnings
Other retained earnings

Share capital

Balance at beginning of
periodCumulative effects
of changes inaccounting policies
Restated balance

10,00410,004

Legal capitalsurplus

OthercapitalsurplusTotal
capitalsurplus

2,501

9,112

11,613

2,501

9,112

11,613Total
retainedearnings

TreasurysharesTotalshareholders’equity(9,914)

98,909Reservefor special
depreciation

Generalreserve

Retainedearnings
brought
forward15

68,02019,171

87,206––

19,171

87,20615––(15,600)––(2,582)(2,582)(2,582)

15,066

15,066

15,06615

68,020–(9,914)

98,909Changes during period
Reversal of reserve
for special
depreciation
Provision of generalreserve
Dividends ofsurplus(15)
15,600

ProfitPurchase oftreasury shares
Disposal of treasury
sharesCancellation oftreasury shares
Reversal ofrevaluation reserve
for landNet changes in
items other thanshareholders’equityTotal changes during
periodBalance at end of
period(0)(0)–(5,984)(5,984)

5,984

–
–

–

–

(5,984)(5,984)(15)

15,600(3,101)

12,483

5,984

12,482

10,004

2,501

3,127

5,628

–

83,62016,07099,690(3,930)111,392- 36 -

Valuation and translation adjustments

Balance at beginning of
periodCumulative effects
of changes inaccounting policies
Restated balance

Valuationdifferenceonavailablefor-salesecurities

Revaluation
reserve for
land

Total
valuationandtranslation
adjustments

375(1,114)(738)

98,170375(1,114)(738)

98,170Total net
assetsChanges during period
Reversal of reserve
for special
depreciation
Provision of generalreserve
Dividends ofsurplus––(2,582)

ProfitPurchase oftreasury shares
Disposal of treasury
sharesCancellation oftreasury shares
Reversal ofrevaluation reserve
for landNet changes in
items other thanshareholders’equityTotal changes during
periodBalance at end of
period15,066
(0)
–
–
–

(18)

(18)

(18)

(18)

–

(18)

12,464357(1,114)(757)

110,634- 37 -

Fiscal year ended February 28, 2023
(Millions of yen)
Shareholders’ equity
Capital surplus

Retained earnings
Other retained earnings

Share capital

Balance at beginning of
periodCumulative effects
of changes inaccounting policies
Restated balance

10,00410,004

Legal capitalsurplus

OthercapitalsurplusTotal
capitalsurplus

2,501

3,127

5,628

2,501

3,127

Reservefor special
depreciation

5,628

Total
retainedearnings

Generalreserve

Retainedearnings
brought
forward

83,62016,07099,6908080

16,15099,77083,620TreasurysharesTotalshareholders’equity(3,930)111,392
80(3,930)111,473

Changes during period
Reversal of reserve
for special
depreciation
Provision of generalreserve
Dividends ofsurplus10,700

ProfitPurchase oftreasury shares
Disposal of treasury
sharesCancellation oftreasury shares
Reversal ofrevaluation reserve
for landNet changes in
items other thanshareholders’equityTotal changes during
periodBalance at end of
period68––(10,700)––(3,521)(3,521)(3,521)

12,977

12,977

12,977

68

(0)

(0)

92

161
–

39

39

39

–

–

68

68

–

10,700(1,204)

9,495

92

9,656

10,004

2,501

3,195

5,696

–

94,32014,946109,266(3,838)

121,129- 38 -

Valuation and translation adjustments

Balance at beginning of
periodCumulative effects
of changes inaccounting policies
Restated balance

Valuationdifferenceonavailablefor-salesecurities

Revaluation
reserve for
land

Total
valuationandtranslation
adjustments

357(1,114)(757)

Total net
assets110,63480

357(1,114)(757)

110,715

Changes during period
Reversal of reserve
for special
depreciation
Provision of generalreserve
Dividends ofsurplus––(3,521)

ProfitPurchase oftreasury shares
Disposal of treasury
sharesCancellation oftreasury shares
Reversal ofrevaluation reserve
for landNet changes in
items other thanshareholders’equityTotal changes during
periodBalance at end of
period12,977
(0)
161
–
39

230

(39)

190

190

230

(39)

190

9,847

588

(1,154)(566)

120,563- 39 -

5. Other(1) Changes to officers(i) Change of Representative Director
Not applicable.
(ii) Changes to other officers• Changes to officers
Not applicable.
• Candidate for new Corporate Auditor[Scheduled on May 25, 2023]
AuditorKoji Shiono (Certified Tax Accountant)*Mr. Koji Shiono is a candidate for outside Corporate Auditor.
•

Retiring Director[Scheduled on May 25, 2023]
Director & Senior Managing Executive Officer

Toshiaki Namiki• Retiring Corporate Auditor[Scheduled on May 25, 2023]
Auditor
Junichi Hamahira*Mr. Junichi Hamahira is an outside Corporate Auditor.

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