Note: This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy
between the Japanese original and this English translation, the Japanese original shall prevail.

Consolidated Financial Results
for the Year Ended February 29, 2024
[Japanese GAAP]
April 15, 2024
Company name: S Foods Inc.
Stock exchange listing: Tokyo
Code number: 2292
URL: https://www.sfoods.co.jp
Representative: Shinnosuke Murakami
President and Representative Director
Contact: Kenji Unoki
Corporate Officer Supervising Administration Group
Phone: +81-798(43)1065
Scheduled date of Annual General Meeting of Shareholders: May 24, 2024
Scheduled date of commencing dividend payments: May 27, 2024
Scheduled date of filing annual securities report: May 27, 2024
Availability of supplementary briefing material on annual financial results: No
Schedule of annual financial results briefing session: No(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Fiscal Year Ended February 29, 2024 (March 1, 2023 to February 29, 2024)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen%
Millions of yen%
Millions of yen%
Millions of yen%
Fiscal year ended
February 29, 2024
425,011
6.5
12,673(13.0)
14,390(9.2)
9,073(14.2)
February 28, 2023
399,208
11.3
14,571(16.4)
15,841(12.0)
10,570(11.5)(Note) Comprehensive income:Fiscal year ended February 29, 2024:¥
13,238 million [(2.3) %]Fiscal year ended February 28, 2023:¥13,545 million [(2.0) %]Basic earnings per Diluted earnings per Rate of return onshareshareequity
Yen
Fiscal year ended
February 29, 2024
286.85February 28, 2023
334.30(Reference) Equity in earnings (losses) of affiliated companies:

Yen

Ordinary profit tototal assets ratio

%

7.9
10.1
Fiscal year ended February 29, 2024:
Fiscal year ended February 28, 2023:

Operating profit to
net sales ratio

%%

6.7
8.2
¥
¥

3.0
3.7
3 million
11 million(2) Consolidated Financial Position
Total assets
As ofFebruary 29, 2024
February 28, 2023
(Reference) Equity:

Net assets

Millions of yen

224,240
204,778
As of February 29, 2024:
As of February 28, 2023:

Capital adequacy ratio

Millions of yen¥¥

126,576
117,306
118,372 million
110,092 million

Net assets per share%

Yen

53.0
53.8

3,754.80
3,481.61(3) Consolidated Cash Flows
Cash flows fromoperating activities
Fiscal year ended
February 29, 2024
February 28, 2023

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at the endof period

Millions of yen

Millions of yen

Millions of yenMillions of yen

9,286
13,707(14,799)(13,167)

7,335
3,139

49,59746,601

2. Dividends
Annual dividends
1st
2nd
3rd
quarter-end quarter-end quarter-end

Year-end

Total
dividends

Total

Fiscal year ended

Yen

Yen

Yen

Yen

February 28, 2023

-

39.00

-

39.00

78.00

February 29, 2024

-

42.00

-

42.00

84.00

-

44.00

-

45.00

89.00

Payoutratio(consolidated)

Yen Millions of yen

Dividends
to netassets(consolidated)

%%

2,466

23.3

2.4

2,657

30.5

2.3

Fiscal year ending
February 28, 2025-

(Forecast)
3. Consolidated Financial Results Forecast for the Fiscal Year Ending February 28, 2025 (March 1, 2024 to February 28, 2025)(% indicates changes from the previous corresponding period.)
Profit attributable to Basic earnings per
Net sales
Operating profit
Ordinary profit
owners of parent
share
Full year

Millions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%

Yen445,000

4.7

11,500(9.3)

12,500(13.1)

8,000(11.8)

252.88* Notes:(1) Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting in changes inscope of consolidation): NoNew(Company name:)
Exclusion:(Company name:)(2) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: Yes
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(3) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):February 29, 2024:
32,267,721 shares
February 28, 2023:
32,267,721 shares
2) Number of treasury shares at the end of the period:
February 29, 2024:
632,484 shares
February 28, 2023:
646,640 shares
3) Average number of shares outstanding during the period:
Fiscal Year ended February 29, 2024:
Fiscal Year ended February 28, 2023:

31,631,164 shares
31,619,190 shares

Consolidated Financial Statements
Consolidated Balance Sheets(Millions of yen)
As of February 28, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
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
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Leased assets
Accumulated depreciation
Leased assets, net
Construction in progress
Other
Accumulated depreciation
Other, net
Accumulated impairmentTotal property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Retirement benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

As of February 29, 2024

46,86235,21228,304
2,049
5,644
9,778
(48)
127,80349,85840,21627,382
9,529
4,845
4,328
(46)
136,11460,419(29,822)
30,59729,757(22,113)
7,643
5,190
(4,292)897
14,9891,191(1,063)
127
8,599
105(80)24(3,796)
59,084

61,128(31,105)
30,02331,063(23,993)
7,070
5,265
(4,434)831
15,814
1,375(1,081)294
15,007444(321)123(2,796)
66,369

197
389
586

253
306
559

13,920
180
1,156
2,234
(188)
17,304
76,974
204,778

16,611
200
771
3,805
(193)
21,196
88,125224,240

(Millions of yen)
As of February 28, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Current portion of long-term borrowings
Current portion of bonds payable
Accounts payable - other
Income taxes payable
Provision for bonuses
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Deferred tax liabilities
Provision for retirement benefits for directors (andother officers)
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-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

As of February 29, 2024

26,964
12,275
5,576
100
2,951
2,792
1,083
3,829
55,57225,803
7,866
9,079
100
3,239
1,989
1,363
5,439
54,881

350
26,971
1,630

250
35,516
4,162

140

128

2,035
458
313
31,89987,472

1,818
431
475
42,782
97,664

4,298
18,75480,861(407)
103,507

4,298
18,792
85,994(397)
108,688

3,332

5,155(61)
3,362
(47)
6,585
7,213
117,306
204,778

(70)
4,930
79
10,095
7,792
126,576
224,240

Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Millions of yen)
For the fiscal year
ended February 28, 2023
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Rental income from buildings
Share of profit of entities accounted for using equity
methodForeign exchange gains
OtherTotal non-operating income
Non-operating expenses
Interest expenses
Arrangement fee
Rent cost
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of shares of subsidiaries and associates
Gain on sale of investment securities
Subsidy income
Gain on liquidation of subsidiaries and associates
Total extraordinary income
Extraordinary losses
Loss on disposal of non-current assets
Impairment losses
Loss on store closings
Loss on temporary store closings
Loss on tax purpose reduction entry of non-current
assetsLoss on sale of investment securities
Loss on valuation of investment securities
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

For the fiscal year
ended February 29, 2024

399,208
346,718
52,48937,918
14,571

425,011
373,134
51,876
39,203
12,673

283
376
208

411
401
157

11

3

285
589
1,754

677
675
2,328

264
47
172
484
15,841

282
110
42
175
610
14,390

342
1,013
1,356

541,184
145
1,584
33
3,002

119
209
2
3948
551
1-50

1,583

115
161
697
16,499
5,567
(32)
5,534
10,965395
10,5704340
2,529
14,862
4,154
970
5,124
9,738
664
9,073

Consolidated Statements of Comprehensive Income(Millions of yen)
For the fiscal year
ended February 28, 2023
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entitiesaccounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparent
Comprehensive income attributable to non-controllinginterests

For the fiscal year
ended February 29, 2024

10,965

9,738

378(75)2,384(95)

1,796(9)1,568
144(11)-2,57913,5453,500
13,23813,156

12,584388

654

Consolidated Statements of Changes in Equity
For the fiscal year ended February 28, 2023
(Millions of yen)
Shareholders' equity
Share capital Capital surplus
Balance at beginningof period
Changes during
periodDividends ofsurplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesChange in scope ofconsolidation
Net changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
period4,298

18,739Retainedearnings
72,631

Total
shareholders'equityTreasuryshares(410)

95,258(2,339)(2,339)10,570

10,570

14(0)

(0)

318-

-

14

8,230

38,2494,298

18,75480,861(407)

103,507

Accumulated other comprehensive incomeValuation
Foreign
Deferred gains
difference on
currency
or losses onavailable-for-saletranslation
hedgessecurities
adjustment
Balance at beginningof period
Changes during
periodDividends ofsurplusProfit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesChange in scope ofconsolidation
Net changes in
items other thanshareholders' equity
Total changes
during period
Balance at end ofperiod

2,956

13989

Total
Remeasurements accumulated Non-controllinginterestsof definedotherbenefit plans comprehensive
income
38

3,998

6,900

Total netassets

106,157(2,339)10,570(0)18375(75)2,372(85)

2,586

312

2,899

375(75)2,372(85)

2,586

312

11,1483,332(61)3,362(47)

6,585

7,213

117,306

For the fiscal year ended February 29, 2024
(Millions of yen)
Shareholders' equity
Share capital Capital surplus
Balance at beginningof period
Changes during
periodDividends ofsurplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesChange in scope ofconsolidation
Net changes initems other thanshareholders' equity
Total changes
during period
Balance at end ofperiod

4,298

18,754Retainedearnings
80,861

Total
shareholders'equityTreasuryshares(407)

103,507(2,561)(2,561)

9,073

9,073

38(0)

(0)

948

(1,378)(1,378)

-38

5,132

9

5,180

4,298

18,792

85,994(397)

108,688

Accumulated other comprehensive income
Valuation
Foreign
Deferred gains
difference on
currency
or losses onavailable-for-saletranslation
hedgessecurities
adjustment
Balance at beginningof period
Changes duringperiod
Dividends ofsurplusProfit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesChange in scope of
consolidation
Net changes in
items other thanshareholders' equity
Total changes
during period
Balance at end ofperiod

3,332

(61)

3,362

Total
Remeasurements accumulated Non-controllinginterestsof definedotherbenefit plans comprehensive
income
(47)

6,585

7,213

Total net
assets117,306(2,561)
9,073
(0)
48
(1,378)
1,823

(9)

1,568

127

3,510

578

4,089

1,823

(9)

1,568

127

3,510

578

9,270

5,155

(70)

4,930

79

10,095

7,792

126,576Consolidated Statements of Cash Flows(Millions of yen)
For the fiscal year
ended February 28, 2023
Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment losses
Amortization of goodwill
Increase (decrease) in provision for bonuses
Increase (decrease) in allowance for doubtful accounts
Decrease (increase) in retirement benefit asset
Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for retirement benefits
for directors (and other officers)
Interest and dividend income
Interest expenses
Loss (gain) on sale of investment securities
Loss (gain) on sale of shares of subsidiaries andassociates
Loss (gain) on disposal of non-current assets
Loss (gain) on sale of non-current assets
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Subsidy income
Loss on tax purpose reduction entry of non-current
assetsIncrease (decrease) in accrued consumption taxes
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Subsidies received
Net cash provided by (used in) operating activities
Cash flows from investing activities
Net decrease (increase) in time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Payments for sale of shares of subsidiaries resulting inchange in scope of consolidation
Loan advances
Proceeds from collection of loans receivable
Subsidies received
Other, net
Net cash provided by (used in) investing activities

For the fiscal year
ended February 29, 2024

16,499
4,530
209
60
28(4)
(28)
214,862
4,800
551
62
278
2(27)
(8)

(33)

(12)

(659)
264
115

(813)
282
(140)

-

(1,184)

119(342)(2,714)(4,817)4,433(1,013)48(54)(4,536)(6)(1,226)(1,584)

-

1,583

255
270
17,175485(267)(3,973)287
13,707920(156)
13,641974(282)(5,046)
0
9,286

277
(11,371)
1,320
(21)
(8)
247

(0)
(12,748)
116
(151)
(884)
289

-

(3,120)(6,242)2,568
50
12(13,167)

(831)
1,114
1,583
(167)
(14,799)

(Millions of yen)
For the fiscal year
ended February 28, 2023
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Redemption of bonds
Dividends paid
Dividends paid to non-controlling interests
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Increase in cash and cash equivalents from newly
consolidated
Cash and cash equivalents at end of period

For the fiscal year
ended February 29, 2024

7,047
3,500
(4,843)(100)(2,338)
(75)
(51)
3,139

(3,965)20,600(6,502)(100)(2,559)
(75)
(60)
7,335

1,601

1,076

5,280
41,321

2,899
46,601-

96

46,60149,597