Supplementary Material for

FY2021 Financial Results

December 14, 2021

◤◤ Contents⚫ Consolidated Financial Highlights

1⚫ Gyomu Super Business3⚫ Outline of Gyomu Super Franchise Agreement4⚫ Changes in Total Number of Gyomu Super Stores5⚫ Year-on-year Changes in Product Shipments
to Gyomu◤◤ 目
次 Super Stores

6⚫ Kobe Bussan’s Strengths: “Unique Products with Competitive Advantages”

7⚫ Restaurant & Delicatessen Business8⚫ Eco Renewable Energy Business

12⚫ Shareholder Returns

14⚫ Consolidated Financial Forecast

15⚫ Medium-term Management Plan

16◤◤ Consolidated Financial Highlights<Millions of yen>

<Millions of yen>

Net Sales

Gross Profit

50,000

20.0%

16.1%

360,000

14.9%

15.7%
13.3%

45,000320,000
40,000280,000

340,870299,616240,000
251,503<Millions of yen>
30,00040,44845,19843,12339,773

5.0%

267,175

30,000200,000
FY2017

15.0%

10.0%

47,130362,064
35,00011.9%

FY2018FY2019FY2020FY2017

FY202112.0%

30,0009.3%

9.0%
25,000FY2018FY2019

売上総利益
Gross
profit<Millions of yen>

SG&A Expenses

10.3%

0.0%

9.0%

25,000

6.0%

20,0003.0%

15,0005.8%

FY2020Operating Profit
5.9%

FY2021

売上高総利益率
Grossmargin

6.4%

7.0%

7.5%

8.0%

6.0%

6.3%
20,00025,842

4.4%

27,891
24,051

15,812
10,000FY2018FY2019

販売管理費
SG&A
expenses

FY2020
売上高販管費率
SG&A ratio

FY2021

2.0%

19,23914,6060.0%
FY20174.0%

23,851

21,347

15,00027,311

15,722

10,0000.0%
FY2017FY2018
営業利益 profit
OperatingNote: Fiscal year (FY) represents the one-year period from November 1 to October 31 of the following year.

FY2019FY2020

FY2021

売上高営業利益率
Operating margin1

◤◤ Consolidated Financial Highlights<Millions of yen>

<Millions of yen>

Ordinary Profit

30,00010.0%

25,0008.0%

20,000

Profit Attributable to
8.0%

Owners of Parent

8.0%
25,000
6.3%

5.9%

6.5%

6.9%

20,00029,0876.0%

4.0%

19,434

15,7782.0%
FY2018FY2019

経常利益profit
Ordinary

FY2020
売上高経常利益率
Ordinary
margin

3.9%

4.0%

4.0%

10,00015,831

10,000FY2017

3.3%

6.0%

4.4%

19,592

23,64615,00015,0005.4%

FY2021

5,000

8,346
FY2017

10,363

12,0562.0%

15,0470.0%
FY2018FY2019

親会社株主に帰属する当期純利益
Profitattributable to owners of parent

FY2020

FY2021

売上高当期純利益率
Net margin[Financial Overview]⚫ Net sales
Net sales increased by ¥21,194 million (6.2%) year on year, driven by the Gyomu Super Business, which was grown by theaccelerated store openings and the increased exposure on television, magazines, newspapers, and social media.
⚫ Gross profit
Gross profit decreased by ¥2,075 million (4.6%) year on year. This was due to significant cost rises such as unfavorable foreignexchange rates as well as soaring prices of raw materials and ocean freights from FY2021 Q2, in addition to the exclusion of
Cook Innoventure Co., Ltd., which mainly operates the restaurant business, from the scope of consolidation from FY2020 Q3.
⚫ SG&A expenses
SG&A expenses decreased by ¥5,535 million (25.9%) year on year due to decreases in personnel expenses and rent expenses
caused by the exclusion mentioned above.
⚫ Operating profit
As a result of the above, operating profit increased by ¥3,459 million (14.5%) year on year.

⚫ Ordinary profit
Ordinary profit increased by ¥5,441 million (23.0%) year on year primarily due to the recording of foreign exchange gains.
⚫ Profit attributable to owners of parent
As a result of the above, profit attributable to owners of parent increased by ¥4,544 million (30.2%) year on year.

2◤◤ Gyomu Super BusinessGyomu Super is our core business. Operating results of this business segment reflect wholesale sales to, androyalty fee from, Gyomu Super franchisees earned by Kobe Bussan, a franchisor (franchising headquarters), as wellas earnings of Kobe Bussan Group’s plants.

◼ Gyomu Super stores have expanded nationwide with 950 storesas of October 31, 2021.
◼ We achieved store openings in all 47 prefectures in Japan.
◼ Introducing digital transformation (DX) into store operations,
we further grow the Gyomu Super Business.

<Millions of yen>
360,000

34,000320,000

30,00026,000280,000
240,000

355,466
320,110200,000
160,000

217,040

236,624

Operating Profit<Millions of yen>

Net Sales

12.0%

7.3%

7.3%

8.3%

8.0%

31,03526,44918,000264,171

2.0%

17,185

10,000120,000

0.0%
FY2017FY2017FY2018FY2019FY2020

FY2021

6.0%
4.0%

21,03815,76110.0%
8.0%

22,00014,0008.7%

FY2018
営業利益 profit
Operating

FY2019FY2020

FY2021

営業利益率
OperatingmarginNote: Due to a change in the reportable segment structure in FY2021, the figures for FY2020 are reclassified retrospectively to reflect the change. Accordingly, the figures forthese two years are not consistent with those for FY2019 or before.

３◤◤ Outline of Gyomu Super Franchise Agreement
We operate Gyomu Super stores under a franchise system except 3 stores of our own.
Our franchise agreement has 2 types as follows:• General franchise contract, which allows a franchisee to open one store in our directly managed areas (*1).
• Area franchise contract, which allows a franchisee to open multiple stores in a defined prefecture in our indirectly managed
areas (*2). Also, we own 3 stores in Hyogo and Osaka prefectures under direct operations.
関西直轄
228店舗

*1 Directly managed areas• Hokkaido area: Hokkaido prefecture• Kanto area:
Tokyo, Chiba, Kanagawa, and Saitama prefectures• Kansai area:
Osaka, Kyoto, Hyogo (excl. Awaji Island), Nara, Wakayama, and Shiga prefectures• Kyushu area:
Fukuoka, Saga, Nagasaki, Kumamoto, Oita, and Miyazaki prefectures 地方エリア

関東直轄
191店舗

Outline of Franchise Contract & Requirements

Simulated Earnings（as of October 31, 2021）(Standard Store Franchisees)

Directly managed areas

Indirectly managed areas

Number of franchisees

8915Type of franchise
agreement

Single-unit franchise(A general franchisee can open
one store per contract.)

Multi-unit franchise(An area franchisee has an
exclusive right to open multiple
stores in a prefecture defined
under the contract.)

Initial franchise fee(excl. consumption taxes)¥2,000,000

Population in the prefecture x ¥2

Franchise deposit¥10,000,000

Population in the prefecture x ¥5

1% of total purchase of goods

1% of purchase of defined goods

Royalty fee

Facility expenses

Distribution expenses

It costs between ¥20 million and ¥29 million to construct racks for
shelf-stable foods and refrigeration equipment (the above
construction cost is a rough estimate and varies depending on
properties). Equipment, construction work, POS registers, and otherfunds for start-up are required separately.
Principally paid byfranchise headquarters

神奈川県
55店舗

東京都
64店舗

315店舗

*2 Indirectly managed areas• Other areas:
Prefectures other than those listed above

千葉県
33店舗

Negotiable

P&L accountMonthlyamountComposition

Net sales¥32,000,000

100.0％

Gross profit¥5,120,000

16.0％

SG&A expenses¥4,480,000

14.0％(Rent expenses)¥1,300,000

4.1％(Personnel expenses)¥1,440,000

4.5％¥640,000

2.0％Operating profit* By purchasing items such as fresh food separately, many offranchisees operate more efficiently than the above simulation.
４◤◤ Changes in Total Number of Gyomu Super Stores
During the full year of FY2021, we achieved a net increaseof 71 stores (opened 77 and closed 6), resulting in a totalof 950 stores as of October 31, 2021.
The above result has even exceeded our upward revised
target: a net increase of 60 stores and a total of 939
stores.
Among others, we saw strong store openings (a netincrease of 22 stores) in the Kyushu area under direct
management.

Number of Stores by Area
879 stores as of
October 31, 2020

Hokkaido 16
Kyushu 30

関西直轄
228店舗

Kansai
245
関東直轄
191店舗
Kanto

地方エリア
315店舗
（＋2）

242

Other
346

(Stores)

Chiba
千葉県
40
33店舗
神奈川県
Saitama
55店舗
54
Kanagawa
東京都
69
64店舗
Tokyo
79

Total Number of Gyomu Super Stores

1,050

1,010
950 stores as of
October 31, 2021 (+71)

1,000

Hokkaido 18 (+2)

950

950

Kyushu 52 (+22)
Kansai

900

850

Chiba

255

879

45
Saitama

(+10)

Kanto

845

257
Other
368

800
2019年
FY20192020年
FY20202021年
FY2021

10月

10月

10月

2022年
FY2022
Target
10月目標

(+15)

(+5)

58
(+4)

Kanagawa
Tokyo

72
(+3)

82
(+3)

(+22)

Directly managed areas: Hokkaido, Kanto, Kansai, and Kyushu
Indirectly managed areas: Other5◤◤ Year-on-year Changes in Product Shipments to
Gyomu Super Stores◼ Despite the already high performance for FY2020 due to the increased demand for eating at home,
the product shipments to existing stores in directly managed areas for FY2021 increased by 2.4% year
on year, which has exceeded the FY2021 target of “maintaining” the FY2020 level.
<YoY Change (%)>

135

[Existing Stores in Directly Managed Areas]
Monthly Trends for Product Shipments

110

100

115.8

113.3 113.6
110.9
110.4

103.6

111.0

112.5

109.1

105.3

104.3

108.4

101.1

103.5
94.4

95

109.7 111.2 109.8

120

91.5

94.2 103.1

107.4

115

109.9
109.7

102.9

110
108.0

105

104.5

115.9

122.6

120.1 119.8

110.0 115.1 115.3

117.8

112.5
110.2

107.4

100

90

105.5

110.3

109.4

Jan.
1月

Feb.
2月

Mar.
3月

Apr.
4月

2019年
FY2019

May
5月
2020年
FY2020

June
6月

July
7月

Aug.
8月

Sept.
9月

Oct.
10月

110.1

Dec.
12月

Jan.
1月

Feb.
2月

Mar.
3月

2019年
FY20192021年
FY2021

114.5
114.4

113.3

114.3

110.8 111.9
111.1

116.7
115.9

113.1

98.9
102.4

Nov.
11月

119.9
115.5

110.2 111.5

101.7

95
Nov. 12月
Dec.
11月

131.1

124.9

125

106.8 107.0

106.8

105.0

103.3

135.8 136.6

130

119.2

120

[All Stores Nationwide]
Monthly Trends for Product Shipments

135

124.1

125

105

140

128.6 131.0

130

115

<YoY Change (%)>

Apr.
4月

May
5月
2020年
FY2020

June
6月

July
7月

Aug.
8月

Sept.
Oct.
9月
10月

2021年
FY2021[Year-on-year % Changes in Product Shipments to Gyomu Super Stores]
FY2021
Nov.

Dec.

Jan.

Feb.

Mar.

Existing
103.6 113.3 109.1 104.3 94.4
storesAll
109.0 119.7 116.1 111.0 100.5
storesAll
Nationwide
110.0 120.1 115.3 112.5 102.4
storesDirectly
managed
areas

Apr.

H1

May

June

July

Aug.

Sept.

Oct.

H2

Full

91.5

101.9

94.2

103.1 103.5 102.9 109.9 104.5 102.8 102.4

98.0

108.3 100.9 110.5 111.0 111.1 118.1 111.9 110.4 109.3

98.9

109.1 101.7 111.5 110.8 111.1 119.9 113.1 111.2 110.2

Note: “Nationwide” represents the product shipments to the stores in both directly and indirectly managed areas.

Products shipments
to existing stores in
directly managed areasfor each quarter alone
Q1: 108.8%
Q2: 96.1%
Q3: 100.0%
Q4: 105.7%

6

◤◤ Kobe Bussan’s Strengths:“Unique Products with Competitive Advantages”
Enhancing Original Products

Samples of Private Label Products

Today, we have come to own 25 plants with the food production plants
in Miyagi and Okayama having started their operations in January and
April 2021, respectively. The number is one of the largest in Japan’s
supermarket industry. Our original products produced at these plants
are available only at Gyomu Super stores and enjoy strong customer
acceptance.

◼ Products produced by Kobe Bussan Group’s plants

Also, food products directly imported from approximately 40 countries
under the concept, “the flavors of the world, to Japan,” are popular with
consumers because they enjoy genuine taste of countries across theworld at reasonable prices at home.

Ratio of Private Label Products(cumulative)

34.0%

33.0%

32.0%

32.75%

31.47%

31.0%

33.01%

32.94%

33.12%

Braisedpork belly

FrozenSanuki udon

Milk pack dessert(Mizu-yokan)¥537 (600 g)¥158 (200 g x 5 pcs)

¥267 (1 kg)

Frozenbroccoli

Ginger scallion
sauce

Sunflower
seeds¥181 (500 g)¥246 (180 g)¥246 (260 g)◼ Import products
31.65%

31.38%

31.45%

30.88%

30.74%

30.68%

Q2
2Q

Q3
3Q

Q4
4Q

30.34%
30.0%

Q1
1Q
2019年
FY20192020年
FY20202021年
FY2021[Ratio of private label products for each quarter alone]
Q1: 32.75%
Q2: 33.24%
Q3: 32.82 %Q4: 33.63%

Note: All prices exclude tax.
Products and prices are different depending on stores and seasons.

7◤◤ Restaurant & Delicatessen Business
The Restaurant & Delicatessen Business covers restaurants and delicatessen shops that we operate directly or as afranchisor (franchising headquarters). This business segment includes Kobe Cook World Buffet, a buffet-style restaurant
chain; Premium Karubi, a served a-la-carte buffet style BBQ restaurant chain; and Chisouna, a delicatessen shop chain.

◼ The Restaurant & Delicatessen Business, which was
renamed from the Kobe Cook Business, has now
incorporated the BBQ business, which was previouslyclassified into the Other businesses.
◼ Kobe Cook World Buffet faced difficult times amid the
COVID-19 crisis.
◼ Premium Karubi and Chisouna increased the numberof customers.
<Millions of yen>

Kobe Cook World Buffet

Premium Karubi<Millions of yen>

Net Sales
3,889

4,000

Chisouna

Operating Profit
5.7%

200

6.0%

100

3,500

3.0%

0
3,000

2,508

2,500

-108

-300
1,712

124

-68

-2.5%

-455

-2.7%
-11.7%-500

FY2018FY2019FY2020

FY2021-9.0%-12.0%FY2017

1,000

0.0%

-6.0%

-8.7%

-400

1,247

FY2017

-43

-3.0%

-200

2,185

2,000
1,500

-100

FY2018FY2019営業利益 profit
Operating

FY2020

FY2021

営業利益率
OperatingmarginNote: Due to a change in the reportable segment structure in FY2021, the figures for FY2020 are reclassified retrospectively to reflect the change. Accordingly, the figures forthese two years are not consistent with those for FY2019 or before.

8◤◤ Restaurant & Delicatessen Business
Kobe Cook World Buffet
Total Number of Restaurants: 15 (as of October 31, 2021)

During FY2021, Kobe Cook World Buffet experienced a net decrease of 2 restaurants(opened 1 and closed 3).
It continued to make efforts such as promoting a takeout service to cater forcustomer needs.

Initiatives to Reduce Food Waste
Harborland Restaurant (located in Chuo-ku, Kobe-shi, Hyogo), which Kobe Cook World Buffet
reopened as a directly operated restaurant on July 12, strengthened initiatives to reduce foodwaste. For example, after the last order of lunch and dinner hours, the restaurant offers 50%
discount at a section in the restaurant designated for selling “by weight” at ¥1.00 (¥1.08
including taxes) per gram.

Measures to Prevent COVID-19 Infections
Kobe Cook World Buffet has strengthened measures to prevent the COVID-19 infections sothat customers can enjoy meals with peace of mind.
◼ Measures for employees
Wash and sanitize hands, and gargle; clean, sterilize and disinfect the restaurant; andcheck health condition before work.
◼ Measures to protect safety of customers
Provide alcohol spray in the restaurants; regularly exchange, wash, and sterilize tongs andother utensils shared and used for self-service in the restaurants; ventilate the restaurantwith a supply and exhaust system; and wear disposable vinyl gloves for foodservice.
◼ Certain restaurants were temporarily closed or shortened opening hours due to therebound of COVID-19.

Initiatives to reduce food waste

9◤◤ Restaurant & Delicatessen BusinessPremium Karubi
Total Number of Restaurants: 10 (as of October 31, 2021)

During FY2021 Q4 alone, Premium Karubi opened 2 restaurants,
resulting in a net increase of 7 restaurants for the full year of FY2021.

It is increasing the number of customers even though the restaurants have shortened opening
hours amid the COVID-19 crisis.
It captured more attention from media, resulting in increased exposure on television and websites.

Differentiation from Other Competitors
What makes Premium Karubi different from other BBQ restaurants isthe best selected, perfectly aged meat and in-house made desserts
and gelatos. The restaurants are increasing the number of customers,
primarily women, by offering new menus for each season so that
repeat customers can enjoy our meals.

Restaurant Locations
Miyamaedaira

2-6-14 Tsuchihashi, Miyamae-ku, Kawasaki-shi, Kanagawa

Kamiooka

1-9-24 Nakazato, Minami-ku, Yokohama-shi, Kanagawa

Nishitsuruma

2-1-3 Nishitsuruma, Yamato-shi, Kanagawa

Kasukabe

3-11-10 Yutaka-cho, Kasukabe-shi, Saitama

Tachikawa

1-5-8 Wakaba-cho, Tachikawa-shi, Tokyo

Fujimino

3-5-2 Tsurugamai, Fujimino-shi, Saitama

Kawaguchi
Kita

2-43-10 Shibanakada, Kawaguchi-shi, Saitama

Shinkoiwa

3-40-11 Matsushima, Edogawa-ku, Tokyo

Yono

3-8-9 Honmachinishi, Chuo-ku, Saitama-shi, Saitama

Yokosuka
Sahara1-9-1 Iwato, Yokosuka-shi, Kanagawa

Opened on August 10
Opened on September 21

Note: Menus may vary by restaurant and season.

10◤◤ Restaurant & Delicatessen Business
Chisouna
Total Number of Shops: 49 (as of October 31, 2021)

During FY2021 Q4 alone, Chisouna opened 7 shops, resulting in a netincrease of 24 shops for the full year of FY2021.
Franchisees are eager to establish a Chisouna section in newly opened
Gyomu Super stores.

Measures to Prevent COVID-19 Infections
Chisouna strengthened measures to prevent the COVID-19
infections with the safety of customers and employees as
the first priority.
• Sell pre-packaged fried foods, or otherwise cover foods
with a clear lid.
• Always keep alcohol spray near tongs shared and used
for self-service.

Shops Opened during FY2021 Q4 (alone)
Kushiro Showa

4-10-14 Showachuo, Kushiro-shi, Hokkaido

Taku

464 Kosamurai, Kitataku-machi, Taku-shi, Saga

Tengachaya Ekimae

1-3-4 Kishinosato, Nishinari-ku, Osaka-shi, Osaka

Otsu Jinryo

2-618-6 Jinryo, Otsu-shi, Shiga

Natori Masuda

9-3-36 Masuda, Natori-shi, Miyagi

Enoshima

1-6-5 Katasekaigan, Fujisawa-shi, Kanagawa

Arao Haramanda

618-3 Haramanda, Arao-shi, Kumamoto

Note: Products and prices may vary by shop and season.
11◤◤ Eco Renewable Energy BusinessWe provide eco-friendly, safe, and reliable renewable energy by operating solar andwoody biomass power plants.

◼ A solar power plant in Misaki-cho, Osaka,
which started operations in May, contributed
to net sales.
◼ The biomass power generation business
improved operating costs from the previous
year.
◼ We plan to gradually start operating solar
power plants in Fukushima and Miyagi.
<Millions of yen>
3,000

2,668
2,341

2,401

500

18.0%

400

2,000

Kobe Bussan’s Woody Biomass Power Plant

Operating Profit<Millions of yen>

Net Sales

2,500

Kobe Bussan’s Solar Power Plant(Photo: Solar Power Plant in Misaki-cho, Osaka)

14.0%

15.4%

16.0%

12.7%

300

1,500

1,184

12.0%
480

200

1,000

100

529
500

0

361
3.0%

FY2017FY2018FY2019FY2020

FY2021

8.0%

304
4.0%

166

16
FY2017

0

20.0%

0.0%
FY2018FY2019営業利益 profit
Operating

FY2020

FY2021

営業利益率
Operating margin12◤◤ Eco Renewable Energy Business
Plant Locations

Solar Power:[Biomass]
Shiranuka-cho,
Hokkaido
6.2 MW

17 locations

32.1 MW

1 location

6.2 MW

Biomass:[Solar Power]
5 in Hokkaido
5.9 MW(as of October 31, 2021)[Solar Power]
1 in Shiga
0.5 MW[Solar Power]
4 in Hyogo
4.5 MW[Solar Power]
1 in Fukuoka
0.9 MW[Solar Power]
1 in Ibaraki
2.4 MW[Solar Power] NEW
3 in Osaka
14.2 MW[Solar Power]
1 in Tokushima
2.1 MW[Solar Power]
1 in Wakayama
1.6 MW

13

◤◤ Shareholder Returns
Dividends
Dividend per Share<Yen>

Kobe Bussan regards returning profits to shareholders as one of key

25

management issues. Our basic policy is to secure funds necessary forour business growth and distribute profits to shareholders according20

to the operating results.

15

For FY2021, we plan to pay the annual dividends of ¥20.00 per share

17.8%

21.5%

5

For FY2022, we plan to pay the annual dividends of ¥21.00 per share.

0

Note: The figures in the graph on the right have been adjusted for the effect ofthe 2-for-1 stock splits carried out in November 2018, November 2019,

23.0%

25%
20%

16.6%

15%

10

according to the initial forecast.

22.1%

20.00

21.00

15.00
8.12
FY2018
2018年

and November 2020.

5%

10.00

FY2019FY20202019年
2020年
1株当たり配当金
Dividend
per share

10%

FY2022
2022年目標
Forecast
配当性向(連結)
Payoutratio
FY2021
2021年

0%

Shareholder Benefit Program
The shareholder benefit program has been introduced to express Kobe Bussan’s gratitude for the continuous support of its shareholders
and to gain the deeper understanding of customers for its businesses. Subject to shareholders who hold 100 shares or more as of
October 31, 2021, we will send JCB Gift Card, which was changed from conventional incentives, Gyomu Super Gift Certificate.
Shareholder incentives
Number of shares held

Continuous ownership years
Less than 3 years

Continuous ownership years
3 years or more

100-999

JCB Gift Card ¥1,000

JCB Gift Card ¥3,000

1,000-1,999

JCB Gift Card ¥10,000

JCB Gift Card ¥15,000

2,000 or more

JCB Gift Card ¥15,000

JCB Gift Card ¥20,000

Note: Shareholders may opt to exchange the gift cards for an assortment of private label products worth the face value.

Sample14

◤◤ Consolidated Financial Forecast
FY2022 Forecast
FY2021 actual(Millions of yen)

FY2022 forecast

Year-on-year

Net sales

362,064

380,000

105.0%

Operating profit

27,31128,800105.5%

Profit attributable toowners of parent

19,59219,800101.1%

While considering risks of continuous cost rises such as unfavorable foreign exchange rates as well
as soaring prices of raw materials and ocean freights, we strive to achieve the above target throughadopting our sales strategy flexibly to business environment and making cost reduction efforts.

Gyomu Super Business Guideline towards FY2022 Forecast
FY2022 target

Target ofstore openings

Net increase of
60 stores

Product shipments
to existing stores

Higher thanFY2021 results

Action plan
Open stores focusing on the Kanto and Kyushu areas under
direct management.
Strengthen property data-gathering capability driven byheadquarters.
Prevent opportunity loss by increasing product supply
capacity.
Exceed FY2021 results, which have been favorably impacted
by the COVID-19 infections.
15◤◤ Medium-term Management Plan
Medium-term Management Plan FY2022–FY2024
Basic policy

1. Grow our mainstay Gyomu Super Business by enhancing private label products.
2. Grow the delicatessen business in response to changes in Japan's social and economic
circumstances, represented by a lower birthrate and aging population, and the promotion of
women’s participation in the workplace.
3. Grow the restaurant business to meet the diversified food needs.

4. Promote social contribution activities and eco-friendly businesses through food.
5. Improve productivity by enhancing employee satisfaction as well as focusing on securing anddeveloping talented personnel.
6. Strive to increase the corporate value by strengthening initiatives for ESG issues and SDGs.

Consolidated Numerical Targets
FY2021 actual(Millions of yen)

FY2024 target

Net sales

362,064

410,000

Operatingprofit27,311

32,000ROE

29.2％

20% or higher foreach fiscal year of the plan16• This material contains forward-looking statements based onassumptions, estimates, and plans as of December 14, 2021.

• Please note that actual results may differ significantly from theseforward-looking statements due to uncertain factors arising fromchanges in the economic climate.
• This material is not intended to solicit and encourage purchase ofshares.
• This material has been translated from the Japanese original forreference purposes only. In the event of any discrepancy between
this translated material and the Japanese original, the original shallprevail.

For information regarding this material, please contact:
IR-Public Relations, Kobe Bussan Co., Ltd.
ir@kobebussan.co.jp