Concept
Zensho Group Corporate Profile

Zensho Holdings Co., Ltd.
JR Shinagawa East Bldg., 2-18-1 Konan, Minato-ku, Tokyo,
108-0075 Japan
Tel: +81-3-6833-1600 Website: https://www.zensho.co.jp/en/

20231206 -FL

Providing the world with safe,delicious food at affordable prices
As the top food service enterprise in Japan, Zensho
plays a vital role in the nation’s food provision infrastructure. Both in Japan and overseas, Zensho serves adiverse range of great-tasting meals at its restaurants in
the gyudon (beef-rice bowl), family dining and fast
food categories. Fully committed to providing safe anddelicious food, Zensho conducts meticulous food management not only in restaurants but also in all otherprocesses including ingredient procurement,
manufacturing and logistics. To conduct this withcomplete accountability, Zensho has created a uniquesource-to-customer business model and promotes it forcontinuous innovation in every process from design
planning to operation. Zensho’s mission is to provide
safe, delicious food to as many people as possible,
throughout the world.

779.9Aiming to be the world’s top
food company
Founded in 1982, Zensho has grown over the past 40plus years into a corporate group with 10,283 restaurants and other retail locations. Annual sales havereached 779.9 billion yen. After being listed on the Second Section of the Tokyo Stock Exchange in 1999,
Zensho’s sales grew by a factor of approximately 36
over the 20 years since 2000. Zensho has firmly estab-Billion4th Stage
2014 to present

Striving to make new dramatic progress to become theleader of the global food industry, while focusing on

lished itself at the top position among food service
companies in Japan. Becoming the largest food service
company in Japan was a milestone in Zensho’s quest to
realize its corporate mission, which is to help eradicate
global hunger and poverty, and this dominant position
serves as a foundation for further growth. Our real
work has just begun.

658.5

four priority areas for the 4th stage, namely, domestic
food services, overseas food services, retail and nursing care. Zensho achieved a consolidated 10,283 retail630.4

locations and 779.9 billion yen in consolidated net sales
in the fiscal year ending March 31, 2023.

607.6
595.0
579.1

3rd Stage

10,283
10,078From 2006

9,948

544.0

Opened 2,200 directly managed retail locations, with
82% of the investment coming from operating cash
flow. As of March 31, 2014, the consolidated group
had 4,792 stores and annual sales of 468.3 billion yen.

9,824

525.7

9,509

511.8

468.3

2nd Stage
From 1999

417.5
402.9

Achieved sales of 149.2 billion yen for the year ended
March 31, 2006, through acquisition of 14 companies
including Coco’s Japan in July 2000.

334.1

1st StageZENSHO SUMMARY (as of March 31, 2023)

Consolidated sales
779.9 billion yen
Consolidated operating profit
21.7 billion yen
Number of retail locations
10,283
Newly opened retail locations
444( from April 1, 2022 – March 31, 2023)

03

370.7

310.1

Founding

Ever since its founding, Zensho has developed Sukiya restaurants across Japan and laid the foundation
for its mass-merchandising system (MMD). The in-

282.4

5,065
4,792
4,629

itial annual sales of 90 million yen grew by a factor
of about 200 to 17.4 billion yen by the year ended
March 31, 2000.

4,730

4,812

4,881

4,314
4,144
3,934
3,648

204.5

3,120
2,861
149.2

125.3
1,900

112.1

1,499
74.2

1,306

60.1

Number ofretail locations

Consolidated
sales

2 222
15.2
0.09

1,152
261
17.4

34.6

704
620

(billion yen)

1983 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20192020 2021 2022 2023

1st Stage

2nd Stage

3rd Stage

4th Stage

Founding

From 1999

From 2006

2014 to present*Figures as of March 31 of the relevant fiscal year04

Taking Responsibility for the Stability
and Development of Human Society,Helping Eradicate Hunger and Poverty
from the WorldTaking a step forward to realize our founding
philosophy of “eradicating hunger and poverty
from the world.”
In a world that is increasingly unstable withconflict and uncertainty around the globe, theZensho Group is moving ahead to its nextstage, connecting the world through our massmerchandising system (MMD) to bring aboutfood stability—a goal which humanity has yet
to achieve.

Kentaro Ogawa
Chairman of the Board and CEO
Zensho Holdings Co., Ltd.

05

Working responsibly toeradicate hunger and poverty
Zensho was founded in 1982 with five million yen incapital and a mission to eradicate hunger and poverty
from the world. Today, 41 years later, the company has
scaled up to 779.9 billion yen in sales (as of fiscal year
ending March 2023) and 10,283 retail locations (global total), making it the number one food service company in Japan in terms of sales and one of the top 10
worldwide.
   Since our founding, the Zensho mission has been to
become the top food service company in the world.
Now that we are at a stage of thinking more concretely
about how to accomplish this, we have taken our corporate philosophy to the next level in 2023. Throughfood, we take responsibility for the stability and development of human society—these are not mere words.
This is the philosophy that we will achieve throughconcrete progress.
   Two major factors have led to this evolution in ourphilosophy.
   The first is a sense of scale. Achieving our goal oferadicating hunger and poverty from the world requires a scale and structure suitable for an issue of thisscope. As a group of companies, Zensho has steadilyacquired the necessary scale and the strength to match
its ambitions. I believe that we have reached the point
where our growth potential and impact on society has
earned us the trust of society.
   The second factor is a growing sense of urgency,
both on my part as an individual and Zensho as acompany, regarding the growing instability in theworld. In addition to tribal and ethnic conflicts andhuman rights issues erupting in various parts of theworld, the recent global pandemic has caused greatdamage to human society. Humanity has come to apoint where there is no turning back.
   We cannot stand outside looking in on this situation. Instead, we must recognize our responsibility intackling the various issues we face and work to achievesocial stability. It is imperative that we realize a society
in which all people have stable access to food and continue to develop in a sustainable and harmonious way.
Our new philosophy rests on two pivotal words—stability and development—but achieving stability is, initself, a great task.
   To ensure that this does not stagnate as nothing
more than a goal, and that we make steady, responsible
progress toward it, we must continue to grow and expand. The evolution in our corporate philosophy also
serves as a statement of Zensho’s determination to takethe next step toward accomplishing this goal.

Further advancement of
MMD system to ensurestable food supply
The COVID-19 pandemic severely constrained theglobal economy. During this period, however, theZensho Group has remained flexible and agile in responding to changes in society by actively pursuing
technological innovation and digital transformation,
expanding sales channels, raising restaurant and outlet
standards, and focusing on product development. We
have also continued to tirelessly expand the scope ofour retail locations around the world.
   Many have asked how Zensho has been able toachieve such remarkable growth under such difficult
circumstances. This is due to our unwavering founding
vision to eradicate hunger and poverty from the world.
Most importantly, so many of our employees truly
share this philosophy and work with passion to create
a new epoch in human history.
   According to UN statistics, 734 million people in
the world go hungry. The underlying cause is uneven
distribution of food. Although the world produces
enough food to sustain the global population of eightbillion people, too much food inevitably ends up in
developed countries where it sells for higher prices.
This kind of uneven distribution contributes significantly to food shortages and hunger in developing
countries.
   Hunger and poverty also lead to war. Economic
conditions that do not allow people enough to eat
cause many to become entangled in war as soldiers.
Even in this day and age in such a developed civilization, when conflicts should be declining, they instead
continue to erupt throughout the world. Establishing asystem capable of providing a stable supply of foodwould mean much more than we imagine.
   To eradicate hunger and poverty from the world, we
first need to eliminate food waste and inefficiency andcreate a sustainable mechanism that will prevent foodshortages in any circumstance. Zensho is making
steady progress in establishing that system.
   These are challenging goals. Our employees have,
however, honed their skills and abilities as they havefocused on overcoming one issue at a time, and Zensho has flexibly and dynamically restructured as theGroup has reached different developmental stages, all
the while maintaining a target scale of business activity. Our employees’ individual capabilities and our organizational flexibility are Zensho assets and the primary reason for our confidence in Zensho’s ability to
become the top food service company in the world.

06   The Zensho Group has created its own mass merchandising system (MMD) to plan and manage everything from raw material procurement to manufacturing, processing, logistics and sales. This MMD systemtranslates our management philosophy into concrete
day-to-day operations, forming the foundation of Zensho management. Eliminating food waste and inefficiency and providing customers with safe and reliablefood at even more affordable prices requires the sweat
and tears of everyone involved in these operations.
   The recent instability in the global situation has
taught us that we must establish an even stronger,
more expansive MMD system capable of providing astable food supply even when unforeseen circumstances arise. We are committed to achieving global stability
and development through food by further advancing
the Zensho MMD system to meet the needs of an increasingly complex world. In this sense, our work toaccomplish our mission is still in its infancy.

Understanding one’s own
culture fosters respect forother cultures
As of March 2023, Zensho operates 10,283 retaillocations around the world. The majority are locatedoverseas.
   Zensho will expand our MMD system to 200
countries and regions, making safe and delicious foodavailable at affordable prices to people around theworld. Through these activities, we will eradicate hunger and poverty from the world and bring about thestability and development of human society. At Zensho, we take this is as our responsibility and the mission of our global expansion.
   Today’s global instability is due in large part to mental barriers hindering us from understanding and embracing different values. While Zensho’s aim is to provide a stable food supply through its global MMD
system, we also believe it is important to foster a spiritof acceptance and respect for all cultures.
   Before an understanding of other cultures is possible, we must first cultivate a deep understanding of ourown culture, the way of seeing the world that we haveinherited. It is for this reason that we established theZensho Japanese Culture Center in Kyoto in 2023 andlaunched our Japanese Culture Training Program. Experts in tea ceremony and flower arrangement leadcourses on these subjects to provide Japanese people
with a deeper understanding of their own culture andexpose non-Japanese people to as much as authentic
Japanese culture as possible.
   The center’s activities do not teach that Japaneseculture is superior to any other. Rather, as a company
founded and headquartered in Japan, Zensho recognizes that the first step to cross-cultural understandingis learning more about the culture that underpins Japanese society. In the future, we are looking at establishing culture centers in countries around the world, developing a framework for learning about other culturesno matter where you come from.
   The Zensho Group will build a food infrastructure
designed to overcome conflicts arising from differencesin race, religion, and ethnicity, foster mutual respect,and enable humankind to coexist peacefully. As wegrow as a company, we will bring together a large
group of talent with strong convictions, building ateam of people who share this philosophy to achieve
the stability and development of human society, bothmaterial and spiritual. While this goal may seem lofty,
I am confident that we can accomplish it if we takeaction.

Research on safe, reliable foodfor the future
In order to provide safe and reliable food, utmost caremust also be taken to ensure that ingredients pose norisk. Food safety management is the highest priority
for the Zensho Group, and in response to “mad cow
disease” (bovine spongiform encephalopathy, or BSE),
the Group established a Food Safety Pursuing Unit
07

and livestock farming, would create more employment
and enrich workers’ lives through the added value of
their labor.
   I believe this kind of initiatives will lead the way toour vision of eradicating hunger and poverty from theworld.
Zensho employees study kado (flower arrangement).

(currently Group Food Safety Assurance Division) in
2005. In 2006, we established the Central ResearchCenter, an independent testing and analysis organization that, equipped with the highest-quality analytical
instruments and the most talented team in the foodservice industry, checks for agrochemical residues,
heavy metals, radiation, and other substances.
   As an initiative with an even longer-term perspective, we directly operate a ranch called Zenshoen in
Taiki Town in Hokkaido Prefecture. This Zensho
Group pilot farm conducts research on the best ways
to feed and raise cattle. The Zensho Central Institutefor Science and Technology also conducts research on
proper means of production and quality improvements
for rice and other agricultural and marine products.
   Further, in order to support producers in developing
countries, Zensho has adopted fair trade products since2007. Fair trade involves transactions that aim to improve the livelihoods and economic independence of
disadvantaged farmers and laborers in developing
countries through ongoing purchases of local products
at reasonable prices. Zensho buys fair trade agricultural
products such as coffee beans and tea at fair prices that
include a social premium surcharge, or what we callsocial development funds. The premium goes toward
improving living conditions for people in the production area. The social development funds are used tohelp these countries by, for example, supporting healthprograms for mothers and young children in Tanzania
and constructing drinking water infrastructure andhome economics classrooms in primary schools in
Rwanda. These activities have expanded to 20 countries around the world.
   Zensho plans to set up its MMD system in thesedeveloping countries and create a food infrastructurethat can provide safe food for everyone. Although establishing agricultural and livestock businesses in developing countries involves many challenges, such as
securing water resources, a solution can always befound through careful consideration and diligent
work. Building a worldwide food infrastructure by developing crops that are ideally suited to each individual
climate and organizing worldwide production accordingly, while applying the best practices for agricultural

Achieving a third round of
30-fold growth
Since its founding in 1982, Zensho has structured its
growth stages as “HOP,” “STEP,” and “JUMP.”   The HOP began in 1986 when we began to substantially expand our restaurant chains, and sales rose
30-fold over the following 14 years until 2000. We
achieved the same 30-fold growth during our STEP
phase—the 15 years from 2000 to 2015. We are currently at the JUMP phase of growth and aim for an
additional 30-fold rise from our 511.8 billion yen insales in fiscal 2015.
   Some nine trillion meals a year are needed to deliver
food to the world’s current population of 8 billion people. With a third round of 30-fold growth, our goal is
to become an exceptional company capable of managing the process of providing food to people everywherearound the world. By establishing our MMD system
in 200 countries and regions globally, we will achieve aworld in which everyone can enjoy safe, delicious foodat affordable prices. This is the Zensho mission.
   Taking responsibility for helping to achieve the stability and development of human society, the Zensho
Group is determined to continue to grow. As we provide all of our employees with a sense of fulfillment,
we will continue to build a shared understanding with
our shareholders and trading partners of our philosophy and our mission.

A Zensho employee talks with a coffee producer in Peru.

08

Expanding Zensho’s
MMD System Worldwide
Zensho’s mass merchandising system (MMD) allows
the company to fulfill its mission to “provide safe,delicious food to people around the world at affordable
prices.” Zensho plans, designs and operates the MMD
system to integrate everything from procurement of
raw ingredients to manufacturing, processing, logistics
and retail sales. The MMD system enables Zensho toprocure safe, high-quality raw ingredients at stable andappropriate prices. By centrally procuring ingredientsfor the entire group, Zensho is able to eliminate
intermediate steps, in turn offering customers delicious
food at reasonable prices. The MMD system forms thefoundation of Zensho’s business, and it is the driving
force behind the company’s breakthrough successes.
Zensho is now expanding its MMD system beyond
Japan with its sights set on the entire world, seeking
to provide an essential food infrastructure for all
humanity.

Procurement Manufacturing

Ingredients fromaround the world
Zenshoen Co., Ltd.
Mizushita Farm Co., Ltd.
Marix Co., Ltd.
Igarashi Marine
Products Co., Ltd.

Crops

Seafood

Livestock

Global Hatten Shoji1
Zensho USA Corporation
Nihon Hatten Shoji 2
Nihon Agriculture
Network Co., Ltd.
Zensho Rice Co., Ltd.

GFF Co., Ltd.
Sanbishi Co., Ltd.
TR Factory Co., Ltd.

Zensho has built a very stable supply system by seeking out safe,
high-quality ingredients worldwide
and cultivating reliable procurement channels. Zensho also sends
staff to visit actual production
sites to check things in person toensure full traceability. The company’s efforts also include offering
technical cooperation and making
capital investments.

A stable supply of fresh ingredients is prepared and processed
at 33 Zensho Group plants acrossJapan. The plants practice justin-time production based on
production plans and daily sales
forecasts. This avoids surplus inventory and ensures that customers can always enjoy the freshest
food.

RetailNursing Care

Logistics
Global Fresh Supply Co., Ltd.

Food Service
Safe, fresh food is sent to restaurants, 24 hours a day, 365 days ayear, from 26 distribution centers
across Japan. Only the amounts
needed are delivered to restaurants at optimal temperatures. This
ensures thorough control of quality
and freshness.

At the final stage of the MMD system, the restaurants serve safe, delicious meals to customers. Zensho creates the design for each chain byitself, selecting all the details such as interior and exterior decoration,
tableware such as gyudon bowls, as well as fixtures and fittings. The
Zensho Group spares no effort to provide customers with sincere service and an enjoyable dining experience.

Restaurants（Japan / Overseas）

Supportcompanies

Zensho Tradings Co., Ltd.

Zensho Best Crew Co., Ltd.

Techno Construction Co., Ltd.

Zensho Business Service Co., Ltd.

Import and export related operations
Retail location design andconstruction management

Global IT Service Co., Ltd.
IT services

Global Table Supply Co., Ltd.
Fixtures and fittings

Tolona Japan Co., Ltd.

Personnel support

Human resources development and support

Zensho CooCa Co., Ltd.
Point program management

Kagayaki Nursery School Co., Ltd.

Management of company childcare facilities

Zensho Insurance Service Co., Ltd.
Non-life insurance agency services

Sales of food09

1 Global Hatten Shoji: Operates offices in China, Vietnam, Chile, the Netherlands, and Australia, developing food products from each region.
2 Nihon Hatten Shoji: Operates offices in Hokkaido, Aomori, Fukuoka, and Okinawa, developing local specialty products from each region.

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Zensho’s Food Safety Initiatives

Visit the website formore information

Zensho’s Strict
Safety Standards

Food Safety Zensho

SearchJapan

Group Food Safety Assurance Division
Zensho regards food safety as its highest priority. It
set up a Food Safety Pursuing Unit (now the Group
Food Safety Assurance Division) in 2005, followed
by a Central Research Center in 2006. The center isequipped with state-of-the-art analysis devices likeno other in Japan’s food service industry. The
Central Research Center performs a range ofinspections and analyses, including checks forresidual agrochemicals in agricultural, livestock andfishery products, veterinary drugs, hazardous
substances such as heavy metals, genetically modified crops and radioactive materials. When we newly
procure ingredients, whether from Japan or overseas,

the center performs rigorous safety testing. It confirms that the farms and production factories meet
Zensho Group’s own food safety standards. Its staff
travel to the site to carry out inspections in person.
They perform independent food safety tests for agrochemical residues and other potential hazards andanalyze soil and water quality to ensure high safety
standards are met.
   Further, when domestically produced agricultural
or marine products are used in Zensho Group’s outlets, we carry out on-going tests for radioactive residue to ensure that they meet our own stringent safety standards.

Scientific Managementof Food Safety
Zensho Safe-feed Cattle Program
There are various ongoing threats to food safety
worldwide, such as incidents of “mad cow disease”(bovine spongiform encephalopathy, or BSE), residual
agrochemicals and radioactive contamination.
Zensho ensures the safety of its food using strict standards so that customers can always enjoy delicious
food with peace of mind.
   One example of Zensho’s safety commitment involves U.S. beef. In order to procure BSE-free beef,Zensho has introduced its own beef management
program called Zensho Safe-feed Cattle (SFC). This
program involves documenting the dates and locations of cattle births and ensuring that the animals

World

have not been given any feed that might cause BSE
infection. These healthy cattle are then certified as
SFC. The program is based on Zensho’s ability to ascertain the history of livestock destined for Zensho at
a supplier’s ranch or processing plant. This history includes each steer’s life history from its birthplace tillits shipment. Under the company’s SFC program,
Zensho employees inspect production sites in person
to perform certification. They carefully check for legal
compliance at farms and processing plants including
inspection systems to ensure the removal of specificrisk material. Only beef checked for safety reaches
our Zensho kitchens.

Zensho’s Own Food Safety Control Program
Breeding Farm

Fattening Farm

Processing Plant

Transportation

Zensho Plant✓ Documentation of
growing conditions andfeed✓ Calf production record✓ Reception of calves✓ Confirmation of age in months✓ Check that the health of cattle
is maintained✓ Removal of specified-riskmaterials✓HACCP-based hygiene andtemperature control✓ Inspection for harmful bacteria✓ Transportation
temperature✓ Hygiene control andtemperature control✓ Inspection for
harmful bacteria

Birth record / safety feed certificate✓ Ear tag
✓ Grain-heavy formula
Cattle feed mill / ingredients of feed
mix / history of feed given / inspection(inspect whether the feed contains
cattle protein, such as meat-and-bone
meal)

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12

Zensho’s Global Expansion

Visit the website formore information

ThailandIn China, Zensho operates 460 Sukiya restaurants. After starting in Shanghai, Sukiya begana full-scale expansion in China in 2012 with new
locations opening in Tianjin, Beijing and other cities. Zensho has positioned China as thelaunch pad for its worldwide expansion. Naturally, Zensho ensures that foodsafety, reliability, delicious taste, speed
and service levels
in China are justas high as thosein Japan.

China

To cater to Malaysia’s majority Muslim population,
we serve halal-certified food, adhering to Islamic
law and food preparation. In order to provide
the world’s first and only halal-certified gyudon(beef-rice bowl), Sukiya Malaysia devised ways toprocess its beef and procure seasonings such as
soy sauce that meet the certification criteria. We
received halal certification in November 2014.

Fair Trade Zensho

SearchRwandaTanzania

Thailand and Japan have long shared certain
cultural similarities. In May 2011, the first Sukiya restaurant in Thailand was opened in a large
shopping center in suburban Bangkok. Thai people love Sukiya’s gyudon for its tender beef anddelicious rice. Sukiya Thailand also has a strong
reputation for speed and quality.

In Tanzania, where Zensho began purchasing fairtrade coffee in February 2009, social development
funds* are used to train village health workers for a
program designed to improve the health of mothers
and children. The workers give advice to expecting
mothers to help them protect their own health andthat of their babies.

Malaysia

Nepal

U.S.

BrazilSukiya has 26 restaurants inthe country, mainly located in
Brazil’s largest city, São Paulo.
Sukiya is a popular choice not justwith the community of Japanese Brazilians, who number more than 2 million, butalso among all the locals. Zensho aims to open
restaurants that welcome every customer tocome in and enjoy the Japanese cuisine.

In 2018, Advanced Fresh
Concepts Corp. (AFC)joined the Zensho Group. AFC
operates more than 4,600 to-gosushi bars in supermarkets and otherretail establishments in the U.S., Canada, andAustralia.

A Popular Japanese Comfort Foodwith Global Ambitions
Zensho expands around the world
The Zensho Group has been expanding the Sukiya
gyudon chain globally. As of March 31, 2023, there
are a total of 672 Sukiya locations in China, Brazil,
Thailand, Malaysia, Mexico, Taiwan, Indonesia,
Vietnam, Hong Kong, Singapore, and the Philippines. The gyudon (beef-rice bowl), a favorite that
the Japanese people love, has moved beyond Japanand is fast becoming a favorite of people aroundthe world.
   In 2018, Advanced Fresh Concepts Corp.
(AFC), which operates more than 4,600 to-go suNote: All location numbers are current as of March 31, 2023.

shi bars in the U.S., Canada, and Australia, alsojoined the Zensho Group.
   With new Sukiya locations overseas and the addition of AFC to the Group, Zensho is expanding
globally its MMD system, a mechanism being perfected through day-to-day operations all over theworld. This creates a safe, efficient food infrastructure in the local areas concerned. Zensho’s aspiration is to help eradicate hunger and poverty aroundthe world through a truly global MMD system.

Countries where
Zensho promotes
fair trade
Kenya
UgandaRwandaBurundiTanzania
Malawi
Democratic Republic of
the Congo
South Africa
India
Sri Lanka
Nepal
East Timor
MexicoCuba
Honduras
Nicaragua
Costa Rica
Ecuador
Peru
Bolivia

In the wake of emergency recovery aid following
the massive earthquake in 2015, Zensho launcheda fair trade deal for tea in Nepal, which faces large
numbers of people leaving the country as migrant
workers and other social issues. The Group introduced a scholarship program in mountainous
areas where many children end up leaving schoolfor financial reasons. Over three years, this program has awarded scholarships to a total of 351
students.

In Rwanda, where Zensho began purchasing fairtrade coffee in April 2011, social development funds
were used to build a communal water supply facility. This has freed the children from the task offetching water, which used to take them an hour ormore each day. The company also set up a home
economics classroom (in May 2017) and classroom
libraries (July 2019) at the elementary school in the
district where the coffee producers are located.

BoliviaZensho began purchasing coffee from indigenous
coffee producers in Bolivia in July 2019. Social
development funds are used to install ovens withchimneys in houses scattered across the steep
mountain faces of the Andes, reducing household
work and damage caused by soot and smoke.
This initiative also strengthens ties between coffee-producing areas.

Fair Trade for Global Sustainable
Development
Zensho practices fair trade
The Zensho Group serves imported fair trade coffee
and tea at its restaurants and sells them at retail locations. While fair trade products tend to have a higher
final selling price, they are still chosen by consumers
for their social contribution value. Zensho’s commitment to fair trade is not just about providing “aid,”
but rather about developing a long-term relationshipwith producers for the purpose of mutual growth anddevelopment. Zensho employees regularly travel tothe production regions to meet directly with thegrower groups. They check the growth of the crops
and provide technical guidance when needed on cultivation and production. Quality improvement andstable production brings revenue and technology to
producers, helping to make them economically independent. Through these long-term supply relationships, Zensho also secures a stable supply of goodquality raw materials, which it can offer to customers
at reasonable prices. This is truly a business model ofmutually beneficial long-term development.
   While expanding the number and diversifying
country sourcing of its fair trade items, Zensho will
also focus on human resources development in the
countries and regions concerned, so that producers
can use their revenues to invest in and manage things
that the country or region needs.

*Social development funds: a portion of procurement price allotted for investment in projects for local communities to improve their living conditions

13

14

Family Dining

Coco’sFamily dining restaurants
Originating in the U.S., Coco’s restaurants arefound across Japan, mainly in the Kanto and Kansai
regions. It offers popular items such as Chopped
Beef Steak, and Chopped Steak Foil Pack. There isalso a “Premium Drink Bar” with an extensive selection, and customers can count on friendly service
provided with a smile.

Locations:514(including 436 directly managed locations)

Restaurants,
Stores and Delicious Foods

El Torito
Mexican cuisine restaurants

Offering the pleasure of choice to even more customers
Starting with Sukiya, Japan’s leading chain of gyudon (beef-rice bowl) restaurants by number of locations, Zensho offers a great selection of dining options,
including family dining restaurants specializing in chopped steaks, pasta, yakiniku barbecue and sushi as well as fast food outlets such as udon and ramen
noodle shops, hamburger shops and coffee shops. Always prioritizing foodsafety, the Zensho Group’s network of dining establishments continues to expand both in and outside of Japan.

Zensho made sure that El Torito offers authentic Mexican cuisine that also appeals to Japanese
tastes. The specialty is fajitas with freshly grilled tortillas, as well as frozen margaritas, the most popular
cocktail. This is the place to enjoy an extraordinary
food experience in a restaurant filled with the atmosphere of sunny Mexico.

Locations:4

Locations:

155

Locations:306

Locations:

51

Big Boy
Steaks and hamburger steaks
Big Boy restaurants focus on grilled dishes likechopped steaks and steaks. The popular Big Boy
Tender Chopped Steak is individually formed andgrilled in-restaurant to be thick, juicy, and delicious. The Big Boy Otawara Chopped Steak ismade from 100% minced beef and grilled on a special tabletop stove.

GyudonSukiyaJolly Pasta

Japan’s leading gyudon chain

Italian cuisine

Sukiya is Japan’s leading gyudon chain by number oflocations. Sukiya offers delicious gyudon (beef-ricebowl) dishes at affordable prices with great service.
Customers can choose between casual counter
seating or tables for families and small groups. Sukiya restaurants are open all day and operate yearround, every day, serving gyudon to order. Sukiya
will continue to open new restaurants to provide delicious food to even more people.

Jolly Pasta offers 40 kinds of authentic spaghetti
dishes, and the pasta is cooked especially for eachorder. There are a wide variety of pastas at affordable prices. Using original dried noodles made of
100% durum semolina flour, Jolly Pasta serves authentic pasta cooked to perfection. Fair trade coffee
is also available at the drink bar. The popular takeout service also allows customers to enjoy great
ready-to-eat pasta taste in their own homes.

Locations:

1,941(As of March 31, 2023; the date also applies
for all data on restaurants listed hereafter )Nakau

Olive Hill

Purely Japanese-style fast food chain

Italian diners

The affordable Nakau chain of restaurants satisfies
customers with delicious rice bowl dishes and Kyoto-style udon dishes. The classic oyako rice bowl
is made by hand in each restaurant using Nakau’s
own broth and carefully selected eggs, with just theright touch of seasoning. It is a dish that rivals thoseof specialty restaurants. It is especially deliciouswith a bowl of Nakau’s exquisite udon noodles in a
Kansai-style broth.

Olive Hill makes the most of the finest ingredientsto serve up delicious Italian cuisine at reasonable
prices. The menu features a wide variety of Italy-inspired gourmet food, such as pasta made fresh toorder, hand-rolled crust oven-fired pizza, appetizers, meat dishes and more. With desserts and aselection of wine on the menu as well, Olive Hill is agreat venue for all occasions.

Locations:461(including 454 directly managed locations)15

16

Denmaru

Japanese cuisine

Ramen restaurants

This Japanese-style restaurant chain serves authentic
Edo-style sushi, shabu-shabu hotpot, tonkatsu pork
cutlet, tempura, and soba noodles, as well as seafood
donburi rice bowls, kamameshi rice dishes cooked
in an iron pot, and other tasty Japanese dishes madewith seasonal ingredients. The restaurant also features a party menu. With both table and tatami room
seating available, both single-party diners and larger
gatherings of family and friends are warmly welcomedwith carefully prepared dishes, whether for simple ormulti-course meals.

Denmaru is a chain of ramen noodle restaurants popular for its three varieties of miso ramen: white miso, redmiso, and rich noko miso. The combination of blended
miso and fermented moromi with chicken and porkbone-based white broth and special-order noodles
makes for a ramen with a delicious deep richness andmellow miso sweetness. The restaurants feature boothseating, ideal for families with young children andgroups of friends dining together.

Locations:

Jukusei Yakiniku Ichiban

Kyubeya

Yakiniku restaurants

Udon, tempura and shabu-shabu

This yakiniku Japanese-style barbecue restaurant
prides itself on its aged beef, prepared to showcase the tender meat’s delicious flavors, and its
fluffy pot-cooked rice. Ichiban serves quality
meats rivaling those of exclusive restaurants, allat reasonable prices. The extensive menu also includes salads, bibimbap rice bowls, desserts andmore, making it the perfect casual yakiniku setting
for families and groups.

This chain of specialty udon shops makes noodles
in-house from a unique blend of flour and serves
them in a slowly simmered broth flavored with carefully selected kombu kelp and four kinds of fish. It
also serves tempura, prepared fresh for every order.
Based on the concept of a “menu based on safe, reliable ingredients with a taste that only Kyubeiya cancreate,” this chain serves udon with an emphasis on
good ingredients.

Locations:

77

Takarajima

Seto Udon

Yakiniku restaurants

Sanuki-style udon

Takarajima is perfect for families and groups offriends who want to enjoy delicious yakiniku at areasonable price. There are a wide variety of combo
meals, an affordable all-you-can-eat course and awealth of a la carte menu options. This restaurant
chain appeals to a diverse range of customers for its
food safety and reliability, as well as value, portion
size and delicious taste.

This Sanuki-style udon restaurant is popular for its
freshly prepared udon noodles that are crafted in
the style developed in Sanuki, using good quality
flour. Customers can select such toppings as crisp,
freshly-fried tempura or Japanese slow-cooked egg
to create their own personal styles. The affordable
prices and quick service make Seto Udon great for acasual bite to eat, any time.

Locations:

Fast Food Service
17

35

21

Hama-Sushi

Lotteria

Sushi chain

Hamburger shops

Dedicated to serving “All the delicious taste of the sea,
at your table,” Hama-Sushi delivers delicious sushi, prepared with only high-quality ingredients that meet thestrictest safety standards, both in a Japan and aroundthe world. Leveraging the Zensho Group’s economies
of scale to procure fresh ingredients, holding seasonaland food-trend fair events, and introducing “straightlanes” for fresh, made-to-order sushi delivered directly
to your table, Hama-Sushi aims to bring delicious, enjoyable sushi to the world to be the largest sushi chain.

The Lotteria hamburger chain delivers unique,high-quality food tailored to Japanese tastes. Signature items are the Ultimate Cheeseburger, an authentic cheeseburger featuring a juicy, chunky groundbeef patty and two kinds of melted natural cheese,and the Shrimp Burger, the long-selling plump andcrispy favorite that debuted in 1977. Lotteria rolls out
menu items that clearly meet customer expectations
as the chain continues to open new locations.

Locations:576

Katsu-An

Moriva Coffee

Tonkatsu specialty restaurant

Fair-trade café

Katsu-An serves tonkatsu pork cutlets and katsudon, rice bowls topped with pork cutlet, at affordable prices. The menu boasts carefully selected
ingredients such as tender and moist aged pork
loin, sweet fatty Kurobuta pork loin, crispy coarsely ground fresh breadcrumbs, and a special sauce
combining six fruit and vegetable concentrates anda house spice blend. Diners can choose from a wide
variety that includes rice bowls, combo meals, a lacarte dishes, a children’s menu, seasonal menus,
and more.

Moriva Coffee sends representatives to coffee-producing regions to meet with growers face-to-faceand purchase fair trade coffee. We check the safety
and quality of the coffee in person on-site to deliver the great taste of carefully cultivated coffee fromthese regions. Moriva Coffee serves freshly brewed
coffee and handmade sandwiches in an environment evoking the tranquility of beech forests.

Locations:

52

Fast Food Service

Family Dining

Hanaya Yohei

Locations:38

Locations:49

Locations:11

Locations:308(including 219 directly managed locations)

Locations:1318

Others

United Veggies

Joy Foods

Fruit and vegetable stores
offering safety and reliability

For easy daily shopping

United Veggies operates greengrocer and florist
shops from the Kanto to the Sanyo region. These
convenient fruit and vegetable stores are locatedin train station buildings, supermarkets, shopping
centers and discount stores. The fruit and vegetables purchased by customers every day are safeand of dependably good quality, yet eminently
affordable.

Locations:

Locations:

Very Foods Owariya

Supporting the lifestyles of local customers

Seeking the very best flavors

Operating a total of 14 supermarkets primarily in
Saitama and Chiba prefectures, Maruya focuses on
fresh groceries. These supermarkets provide safe,
good-quality food at reasonable prices and, in linewith their motto of “developing stores that are loved
and trusted by local communities,” are committed
to creating an inviting and hospitable atmosphere
where customers feel at home.

Very Foods Owariya is a supermarket with eight
stores across Chiba Prefecture. In order to offer
the best products to its customers, it delivers
products at their best season as quickly as possible. The Zensho Group supports regional customers by selling safe, reliable and delicious products
at low prices.

14

Established in 1978, Fresh Corporation has
steadily expanded locally-based supermarkets,mainly in Gunma Prefecture, and operates a total of 27 Fuji Mart, Avance and Marche stores. It
provides a product selection and store operations that match local characteristics and the individual needs of customers along with original,
high-value-added delicatessen dishes preparedin its own kitchens.

Locations:

Locations:

Refining cutting-edge livestock and dairy
technology
A directly managed ranch in Tokachi, Hokkaido,
Zenshoen raises 1,300 cows in a 650-hectare
space. The ranch is a Zensho Group pilot farm,
adopting cutting-edge technology in breeding andraising cattle and in-house production of pasturegrasses. Zenshoen aims to continuously improve
product quality to deliver safe and reliable beef anddairy products to customers.

22

Tolona Japan

SanbishiDistribution of pizzas andother food products

Supporting Japanese food culture
with traditional seasonings

As a Zensho Group sales company, Tolona Japan sells wheat-based products such as pizza
and pasta along with other prepared foods andfrozen desserts made from carefully selected
ingredients. The company also sells products
from Zensho Group plants, such as ready-toserve Sukiya-brand gyudon beef.

Based on the belief that soy sauce is the best
seasoning ever created, Sanbishi continues
to develop its brewing techniques. Sanbishi
provides customers with safe and reliable value-added products such as the long-selling“Gold Label” soy sauce, which is made using the
traditional method and has been sold for morethan 55 years, as well as a low-salt product that
pioneered the low-salt soy sauce market.

KagayakiNyeregSupporting comfortable senior living

The utmost respect for eachindividual’s dignity

Kagayaki operates private nursing homes and other seniors’ housing with services, mainly in Hokkaido. The company helps seniors to live enjoyable, stress-free and comfortable lives during theiradvanced years. With awareness as senior-care
professionals, the employees of Kagayaki aim toprovide peace of mind, comfort, kindness, love,
respect and dignity to their clients.

Kagayaki Nursery School
Creating Employee-Friendly Workplaces
The Zensho Group opened its first on-site childcare
facility, Kagayaki Nursery Tsukuba, in 2015 andcurrently operates six Kagayaki Nursery facilities
for employees working at Group retail locations
and offices. These facilities provide childcare ataffordable prices so that employees with children
are able to access childcare effortlessly. At thesecompany childcare facilities, children over the ageof three years and tax-exempt households receive
childcare free of charge. We also take pride in thedelicious meals served at our nurseries.

ZENSHO NEWSNew initiatives by the Zensho Group8

Zenshoen

Delivering convenience withan extensive product range

With the motto of “bright, healthy days and delicious meals,” Royalhouse Ishioka and Senior Support operate private nursing homes with long-termcare and provide respite care and other services.
Fun and fulfillment is provided through companionable, warm communication with residents and theirfamilies, as well as seasonal outings, hobbies andactivities. They are committed to helping individuals
live the lives that suit them best.

24

MaruyaFresh Corporation

Bringing beautiful smiles to faces

A chain of supermarkets primarily located in Saitama, Chiba, and Tochigi prefectures, Joy Foods
offers fresh produce and groceries at affordable
prices to help make the daily home dining experience a happy one. Customers enjoy a wide variety
of products and seasonal goods, making it easy tocook delicious daily meals and maintain a healthy,
highly varied diet.

30

Locations:19

Royal House Ishioka /Senior Life Support

Beginning with in-home nursing and rehabilitation
visits in August 2004, NYEREG has since expanded to provide home-care support and respite care,
as well as opening and operating residential facilities with services for the elderly. The company
helps individuals to live happily through companionship while providing delicious meals and a highlevel of care.

Industry-Academia Joint

Social Contribution Through Food

Local Community Engagement

Kyoto University and Zensho
Establish Joint Research Projecton Food and Health Science

Helping Distribute Food in
Turkey-Syria EarthquakeStricken Areas

Deepening Understanding of RiceDistribution Process ThroughRice Planting Experience

Zensho has collaborated with Kyoto University toestablish the Joint Research Project on Food and
Health Science. Utilizing Kyoto University’s AI
analysis technology and cutting-edge instrumental analysis, together with the Zensho Group’s
food resources and supply chain, the project
conducts research to identify food ingredientsthat create satisfying meals and maintain healthy
physical functioning. The findings will be used todevelop more delicious and more satisfying meal
items for Zensho Group restaurants around theworld, helping people stay healthy easily.

On February 6, 2023, a massive 7-plus magnitude
earthquake struck southeastern Turkey, causing
extensive damage in the region. In response to thisdisaster, six Zensho employees traveled directly tothe affected areas in Turkey to prepare and distribute meals to victims living in tents. To fulfill our
mission of providing food infrastructure, the Zensho Group continues to strive to provide hot meals
to people around the world, both in emergency
situations and times of peace.

The Zensho Group works with local rice farmers
and wholesalers to provide hands-on experiencesthat offer a deeper mutual understanding of the
distribution process. Recently, a planting event
was held at rice fields in Miyazaki Prefecture tohelp familiarize with the activities of rice farmers
and the challenges they face. The Zensho Group
continues to conduct activities to help producers
and wholesalers understand how their products
are served at Zensho restaurants and our employees understand the process through which the
products are delivered to our restaurant kitchens.

Establishing Foundations

Expanding Business in Japan

Sustainability

Eel Foundation and Children's
Foundation Established

Lotteria Hamburger Chain
Joins Zensho Group

Issuing Sustainability BondThe Zensho Group has established two foundations that will undertake cultural and social contribution activities. The Eel Foundation focuses on
ensuring the preservation of eel as part of Japan’s
traditional food culture by promoting research
into the protection of eel resources and complete
eel farming technology. The Zensho KagayakiChildren’s Foundation executes a scholarshipprogram and hands-on programs designed tosupport children living in social welfare facilities intheir continuing education.

The Zensho Group acquired Lotteria Co., Ltd., acompany that operates some 360 Lotteria fast
food hamburger shops and other restaurants
throughout Japan, offering unique, high-quality
food tailored to Japanese tastes. With this acquisition, the Zensho Group positions hamburger shops as a new core business providing customers with safe and delicious food at affordable
prices.

As part of its mission to eradicate hunger andpoverty from the world, the Zensho Group has established a sustainability finance framework andissued a sustainability bond to fund activities toprotect the environment, reduce food loss, andprovide support for the socioeconomic development of food producers and local communities.
The Group has also established a new department
to oversee and promote our sustainability strategy. Zensho is committed to addressing the issues
our customers and societies face, aiming to create
value that only the food service company can offer
and achieve sustainable growth for the Group.

20

History

Company Profile

Nursing Care

Kagayaki Co., Ltd.
Head Office: Sapporo-shi, Hokkaido Prefecture

Jun 1982

Jul 1982

Zensho Co., Ltd. incorporated. Head Office and Yokohama
Plant established in Tsurumi-ku, Yokohama City, Kanagawa
Prefecture.
Namamugi location opened in Tsurumi-ku, Yokohama City,
Kanagawa Prefecture, as the first Lunchbox shop (a shop
selling take-out boxed meals).

Nov 1982

Namamugi Ekimae location opened as the first Sukiya “insideof a building” restaurant.

Aug 1986

Company Head Office moved to Higashi-kanagawa-cho (nowKanagawa-ku) in Kanagawa-ku, Yokohama City, Kanagawa
Prefecture.

Apr 1987
Jul 1987
Jan 1989

Head Office moved to Kanagawa-ku (Tsuruya-cho), Yokohama
City, Kanagawa Prefecture.

Head Office moved to Nishi-ku, Yokohama City, Kanagawa
Prefecture.
Zensho goes public on the OTC market.

Sep 1999

Listed on the second section of Tokyo Stock Exchange.
Increased capital by 4.8 billion yen through a public offering.

Jul 2000

Shares of Coco’s Japan Co., Ltd. acquired.

Oct 2000

Techno Support Co., Ltd. (now Techno Construction Co., Ltd.)established to streamline furnishing and maintenance.
Global Foods, Ltd. (now Zensho Tradings Co., Ltd.) establishedto streamline ingredients procurement.

May 2001

Shares of Gyuan Co., Ltd. (now TAG-1 Co., Ltd.) acquired.

Jul 2001

Head Office moved to Minato-ku, Tokyo.

Sep 2001

Listed on the First Section of the Tokyo Stock Exchange.

Jun 2002

Global Table Supply Co., Ltd. established to streamline
supplies and equipment procurement.

Oct 2002

Hama-Sushi Co., Ltd. established to manage conveyor-beltsushi restaurant business.

Dec 2002

Coco’s Japan Co., Ltd. acquires shares of Big Boy Japan Co.,Ltd.

Feb 2004

Coco’s Japan Co., Ltd. (a Zensho consolidated subsidiary)establishes Coco’s Shanghai Co., Ltd. (now Zensho Restaurant(Shanghai) Co., Ltd.) for business expansion.

Mar 2005

Shares of Nakau Co., Ltd. acquired.

Sep 2005

Food Safety Pursuing Unit (now Group Food Safety Assurance
Division) established to enhance the approach to food safety.

Apr 2006

UD Foods Co., Ltd. (a Zensho consolidated subsidiary, now
Sanbishi Co., Ltd.) takes over the business rights of SanbishiCo., Ltd. for business expansion.

Jun 2006

Capital increased by 14.1 billion yen through a public offering.
Global Pizza System Co., Ltd. ( now Tolona Japan Co., Ltd.)established for business expansion.

Head Office: Minato-ku, Tokyo
Established: June 1982
Stock Listing: Listed on Prime Market of Tokyo Stock Exchange
Capital: ¥26,996 million
Number of Employees (consolidated, as of March 31, 2023):
Full time: 17,324 Part time: 147,046
Tel: +81-3-6833-1600
Website: https://www.zensho.co.jp/en/

Royal House Ishioka Co., Ltd.
Head Offi­ce: Ishioka-shi, Ibaraki Prefecture

Senior Life Support Co., Ltd.

Apr 2013

Zensho Taiwan Co., Ltd and Pt. Zensho Indonesia established.

May 2013

Shares of U.S. Pocino Foods Company acquired for businessexpansion and enhancing central kitchen functions.

Oct 2013

Maruei Co., Ltd. (now Joy Mart Co., Ltd.) acquired.

Dec 2013

Nihon Retail Holdings Co., Ltd. established to further improveretail business efficiency.

Food Service (Japan)

Support Companies

Jan 2014

Kagayaki, a nursing care services company (now KagayakiCo., Ltd.) acquired to expand business portfolio.

Sukiya Co., Ltd.

Techno Construction Co., Ltd.

Head Office: Minato-ku, Tokyo

Head Office: Minato-ku, Tokyo

Mar 2014

Capital increased by 26.7 billion yen through public offering.
Maruya Co., Ltd. (now Joy Mart Co., Ltd.) made into a whollyowned subsidiary and delisted.

Nakau Co., Ltd.

Zensho Tradings Co., Ltd.

Sukiya divided into seven regional operating companies: KitaNihon Sukiya, Kanto Sukiya, Tokyo Sukiya, Chubu Sukiya,
Kansai Sukiya, Chu-Shikoku Sukiya and Kyushu Sukiya.

Head Office: Minato-ku, Tokyo

Head Office: Shinan District, Qingdao, Shandong

Big Boy Japan Co., Ltd.

Hatten Shoji Vietnam LLC.

Jun 2014

Aug 2014

Shares of Owariya Co., Ltd. (now Joy Mart Co., Ltd.) acquired.

Oct 2014

Name of Zensho Co., Ltd. changed to Sukiya Co., Ltd.

Feb 2015
May 2015

Nyereg Co., Ltd.
Head Offi­ce: Ama-shi, Aichi Prefecture

IMedicare Co., Ltd.
Head Office: Matsudo-shi, Chiba Prefecture

Head Office: Minato-ku, Tokyo

Head Office: Minato-ku, Tokyo

Coco’s Japan Co., Ltd.

Qingdao Zensho Hatten Trading Co., Ltd.

Head Office: Minato-ku, Tokyo

Head Office: Binh Thanh District, Ho Chi Minh City

Hanaya Yohei Co., Ltd.

Hatten Shoji Chile SpAHead Office: Minato-ku, Tokyo

Head Office: Las Condes, Santiago

Zensho Factory Holdings Co., Ltd. established to strengthen
production organization.

Jolly-Pasta Co., Ltd.

Hatten Shoji Europe B.V.
Head Office: Van Heuven Goedhartlaan, Amstelveen

Kagayaki Nursery School Co., Ltd. established to operate onsite childcare facilities.

Head Office: Minato-ku, Tokyo

TAG-1 Co., Ltd.

Hatten Shoji Oceania Pty Ltd.

Jul 2015

TAG-1 Co., Ltd. established to strengthen yakiniku business.
Zensho Cafe Co., Ltd. established to strengthen cafe business.

Jan 2016

Zensho Vietnam Co., Ltd. established.

Jul 2016

Katsu-An Co., Ltd. established.

Aug 2016

Nov 2016

Head Offi­ce: Kawaguchi-shi, Saitama Prefecture

Head Office: Minato-ku, Tokyo

Head Office: Kent Street, Sydney, New South Wales

Hama-Sushi Co., Ltd.

Hatten Shoji Hokkai Co., Ltd.

Head Office: Minato-ku, Tokyo

Head Office: Minatoku-ku, Tokyo

A Dining Co., Ltd.

Hatten Shoji Tohoku Co., Ltd.

Head Office: Minato-ku, Tokyo

Head Office: Minatoku-ku, Tokyo

Nihon Dining Holdings Co., Ltd. (now Quick Service Restaurant
Holdings Co., Ltd.) established to further strengthen fast foodbusiness.

Kyubeya Co., Ltd.

Hatten Shoji Kyushu Co., Ltd.

Shares of Royal House Ishioka Co., Ltd. and Senior Life
Support Co., Ltd., which operate nursing care services
businesses, acquired.

Head Office: Minato-ku, Tokyo

Head Office: Naha-shi, Okinawa Prefecture

Zensho Cafe Co., Ltd.

Global Table Supply Co., Ltd.

Zensho (China) Holdings Co., Ltd., which oversees the China
business, established.
Shares of Fujita Corporation ( now Joy Mart Co., Ltd.) acquired.

Head Office: Minato-ku, Tokyo

Head Office: Minatoku-ku, Tokyo

Seto Udon Co., Ltd.

Hatten Shoji Okinawa Co., Ltd.

Head Office: Minato-ku, Tokyo

Head Office: Minato-ku, Tokyo

Katsu-An Co., Ltd.

Global Fresh Supply Co., Ltd.

Head Office: Minato-ku, Tokyo

Head Office: Minato-ku, Tokyo

Olive Hill Co., Ltd.

Global IT Service Co., Ltd.

Apr 2017

Part of the Sukiya business transferred from Tokyo Sukiya Co.,
Ltd. to Kanagawa Sukiya Co., Ltd. in an absorption-type split.

May 2017

Olive Hill Co., Ltd., restaurant chain specializing in authentic
Italian cuisine, established.

Food Service (Overseas)

Nihon Kaigo Holdings Co., Ltd. established to further enhancenursing care services businesses.

Zensho (China) Holdings Co., Ltd.

Sanbishi Co., Ltd.

Head Office: Changning District, Shanghai

Head Office: Toyokawa-shi, Aichi Prefecture

Jun 2017
Jul 2017

Part of the Sukiya business transferred from Chubu SukiyaCo., Ltd. to Chukyo Sukiya Co., Ltd. in an absorption-type
split.
Shares of Nyereg (now Nyereg Co., Ltd.) acquired.

Head Office: Minato-ku, Tokyo

Head Office: Minato-ku, TokyoGFF Co., Ltd.
Head Office: Minato-ku, Tokyo

Zensho Taiwan Co., Ltd.

Tolona Japan Co., Ltd.

Head Office: Zhongshan District, Taipei City

Head Office: Minato-ku, Tokyo

Zensho do Brasil Comercio de Alimentos Ltda.

TR Factory Co., Ltd.

Head Office: Liberdade, São Paulo

Head Office: Minato-ku, Tokyo

Zensho (Thailand) Co., Ltd.

Zenshoen Co., Ltd.

Head Office: Khet Wattana, Bangkok

Head Office: Taiki-cho, Hiroo-gun, Hokkaido Prefecture

Zensho Food de Mexico, S.A. de C.V.

Mizushita Farm Co., Ltd.

Head Office: Benito Juarez, Mexico City

Head Office: Taiki-cho, Hiroo-gun, Hokkaido Prefecture

Aug 2018

Zensho (Philippines), Inc. established.

Global Fresh Supply Co., Ltd. established with the goal of
streamlining logistics.

Oct 2018

Zensho Hong Kong Co., Ltd. established.

Nov 2018

Shares of Advanced Fresh Concepts Corp. acquired.

Feb 2007

Shares of greengrocer United Veggies Co., Ltd. acquired to
expand business portfolio.

Jan 2019

Nihon Restaurant Holdings Co., Ltd. established to further
enhance the restaurant business.

Zensho Foods Malaysia Sdn. Bhd.

Seiun Sake Brewery Co., Ltd.

Mar 2007

Shares of Sunday’s Sun Co., Ltd. ( now Jolly-Pasta Co., Ltd.)acquired.

Head Office: Taman Midah, Kuala Lumpur

Head Office: Hiki-gun, Saitama Prefecture

May 2019

Shares of TCRS Restaurants Sdn. Bhd. acquired.

PT. ZENSHO INDONESIA

Marix Co., Ltd.

Aug 2019

Full ownership of Jolly-Pasta Co., Ltd. acquired through ashare exchange.

Head Office: Bekasi, Jawa Barat

Head Office: Izumi-gun, Kagoshima Prefecture

Igarashi Marine Products Co., Ltd.

Zensho Europe Holdings B.V. established and shares ofWorldfood To Go, S.L. (now Worldfood To Go, S.L.U) acquired.

Zensho Vietnam Co., Ltd.
Head Office: Binh Thanh District, Ho Chi Minh City

Head Office: Amakusa-shi, Kumamoto Prefecture

Zensho USA Corporation

Zensho Best Crew Co., Ltd.

Head Office: Mission Viejo, California

Head Office: Minato-ku, TokyoZENSHO HONG KONG CO., LTD.

Zensho Business Service Co., Ltd.

Head Office: Kowloon, Hong Kong

Head Office: Minato-ku, TokyoZENSHO JAPANESE RESTAURANT COMPANY PTE. LTD.

Pocino Foods Company

Head Office: Singapore

Head Office: City of Industry, California

Advanced Fresh Concepts Corp.

Nihon Agriculture Network Co., Ltd.

Head Office: Torrance, California

Head Office: Minato-ku, TokyoTCRS Restaurants Sdn. Bhd.

Zensho Rice Co., Ltd.

Head Office: Petaling Jaya, Selangor

Head Office: Minato-ku, TokyoZENSHO (PHILIPPINES), INC.

Saito Shoten Co., Ltd.

Head Office: Pasig City, Metro Manila

Head Office: Shirakawa-shi, Fukushima Prefecture

Worldfood To Go, S.L.U

Kagayaki Nursery School Co., Ltd.

Head Office: Móstoles, Madrid

Head Office: Minato-ku, Tokyo

Aug 2006

Launches fair trade initiatives with East Timor.
Jul 2007

With the opening of the first Sukiya in Okinawa Prefecture,
Sukiya establishes presence in all 47 prefectures of Japan.

Dec 2019

Zenshoen Co., Ltd. established to produce and sell agriculturaland livestock products.

Feb 2020

Aug 2008

Zensho do Brasil Comercio de Alimentos Ltda. established.

Mar 2020

Oct 2008

Shares of Hanaya Yohei Co., Ltd. acquired.

Mar 2010

Full ownership of Nakau Co., Ltd. acquired through a shareexchange.

Aug 2020

Shares of Seiun Sake Brewery Co., Ltd. acquired.

Feb 2011

Zensho (Thailand) Co., Ltd. established.

Jun 2021

May 2011

Zensho Split Preparation Company ( now Sukiya Co., Ltd.)established.

Global MD Holdings Co., Ltd. established to strengthen
procurement in Japan and around the world.

Jan 2008

Oct 2011

21

Zensho Holdings Co., Ltd.

Zensho Rice Co., Ltd. established to sell brown and milled rice.

Company Head Office moved to current location (2-18-1 Konan,
Minato-ku, Tokyo) to consolidate the headquarters function.

Jan 2005

Shares of Maruya Co., Ltd. (now Joy Mart Co., Ltd.) acquired
for retail business expansion.

Jan 2013

Sukiya Mito location (in Mito City, Ibaraki Prefecture) opened
as the first Sukiya freestanding type restaurant.

Aug 1997

Nov 2000

Nov 2012

Jul 2021

Full ownership of Coco’s Japan Co., Ltd. acquired through ashare exchange.
Sukiya business merged with Sukiya Co., Ltd. as the surviving
company and nine regional Sukiya companies dissolved to
streamline Sukiya management.

Global MD Holdings Co., Ltd. acquires shares of Marix Co.,Ltd.

Company name changed from Zensho Co., Ltd. to Zensho
Holdings Co., Ltd. with shift from holding-operating company
to holding company on October 1, 2011.

Sep 2021

Zensho Food de Mexico, S.A. de C.V. established.

Oct 2021

Zensho Rice Co., Ltd. acquires shares of Saito Shoten Co.,Ltd.

Mar 2022

Global MD Holdings Co., Ltd. acquires shares of Igarashi
Marine Products Co., Ltd.

RetailApr 2022

Moves from the First Section to the Prime Market due torevision of Tokyo Stock Exchange market classification.

United Veggies Co., Ltd.

Zensho Insurance Service Co., Ltd.

Head Office: Minato-ku, Tokyo

Head Office: Minato-ku, Tokyo

Joy Mart Co., Ltd.

JinZai Co., Ltd.

Head Office: Kasukabe-shi, Saitama Prefecture

Head Office: Minato-ku, Tokyo

Dec 2011

GFF Co., Ltd. established to enhance central kitchen functions.

Mar 2012

Zensho Foods Malaysia Sdn. Bhd. established.

Apr 2012

Zensho Business Service Co., Ltd. established to promote
employment and self-reliance suppor t for people withdisabilities.

Zensho Fast Food Holdings Co., Ltd. established to further
strengthen Japanese specialty restaurant business.

*As of March 31, 2023

ZENSHO CooCa Co., Ltd.
Head Office: Minato-ku, Tokyo*As of March 31, 2023

22