December 15, 2022 Prime Market of Tokyo Stock Exchange Kobe Bussan Co., Ltd. Company name: Listing: Securities code: URL: https://www.kobebussan.co.jp/english/ 3038 Representative: Hirokazu Numata, President and Representative Director Masahiro Sakamoto, Manager, Corporate Planning Department Contact: Phone: +81-79-458-0339 Scheduled date to hold ordinary general meeting of shareholders: January 27, 2023 Scheduled date to file Annual Securities Report: January 30, 2023 January 12, 2023 Scheduled date to commence payment of dividends: Preparation of supplementary material on financial results: Holding of financial results briefing: Yes (https://www.kobebussan.co.jp/english/ir/news.php) Yes (for institutional investors and securities analysts) (Amounts less than one million yen have been omitted.) Consolidated financial results for the fiscal year ended October 31, 2022 (from November 1, 2021 to October 31, 2022) Note: Comprehensive income For the fiscal year ended October 31, 2022: ¥21,876 million [8.9%] For the fiscal year ended October 31, 2021: ¥20,086 million [41.0%] As of October 31, 2022: ¥94,990 million As of October 31, 2021: ¥76,411 million Ordinary dividend of ¥21.00 per share and special dividend of ¥1.00 per share

Consolidated financial forecast for the fiscal year ending October 31, 2023 (from November 1, 2022 to October 31, 2023)

[Notes] (1) Changes in significant subsidiaries during the current period (Changes in specified subsidiaries resulting in the change in scope of consolidation): None (2) Changes in accounting policies, changes in accounting estimates and restatements of prior period financial statements (i) Changes in accounting policies due to application of new or revised accounting standards: Yes (ii) Changes in accounting policies due to reasons other than above (i): None None (iii) Changes in accounting estimates: (iv) Restatements of prior period financial statements: None Please refer to "3. Consolidated Financial Statements and Notes (5) Notes to consolidated financial statements Note: (Changes in accounting policies)" on page 14 of the Attached Materials. (3) Number of shares issued (common shares) Number of shares issued at the end of the period (including treasury shares) (i) As of October 31, 2022: 273,600,000 shares. 273,600,000 shares As of October 31, 2021: (ii) Number of shares of treasury shares at the end of the period As of October 31, 2022: 54,490,520 shares 55,587,320 shares As of October 31, 2021: (iii) Average number of shares of common shares outstanding during the period Fiscal year ended October 31, 2022: 218,489,985 shares Fiscal year ended October 31, 2021: 216,527,896 shares The number of shares of Kobe Bussan held by Custody Bank of Japan, Ltd. ( "Trust Account") as trust property for a Note: Board Benefit Trust (176,000 shares for the fiscal year ended October 31, 2021 and 168,400 shares for the fiscal year ended October 31, 2022) was included in the number of shares of treasury shares as of October 31, 2021 and October 31, 2022. Also, the number of shares of Kobe Bussan held by Custody Bank of Japan, Ltd. ("Trust Account") was included in the number of shares of treasury shares to be deducted from the calculation of the average number of shares of common shares outstanding for the fiscal year ended October 31, 2021 and the fiscal year ended October 13, 2022 (176,000 shares for the fiscal year ended October 31, 2021 and 171,090 shares for the fiscal year ended October 31, 2022).
[Reference] Overview of non-consolidated financial results
1. Non-consolidated financial results for the fiscal year ended October 31, 2022 (from November 1, 2021 to October 31, 2022)
Since the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31, 2020), etc. have been applied from the beginning of the fiscal year ended October 31, 2022, the figures for the current fiscal year reflect the adoption of the said standards. Accordingly, year-on-year percentage changes have not been provided.
Note: As of October 31, 2022: ¥81,189 million As of October 31, 2021: ¥64,889 million Since the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31, 2020), etc. have been applied from the beginning of the fiscal year ended October 31, 2022, the figures for the current fiscal year reflect the adoption of the said standards. * This financial results report is not subject to audit procedures to be performed by certified public accountants or an audit firm. *  [Proper use of earning forecast, and other special notes] The forward-looking statements including earnings forecast contained in this document are based on information currently available to us and certain assumptions that we believe are reasonable. Accordingly, actual results may differ significantly from the results anticipated in these forward-looking statements due to a variety of factors. For more information on the assumptions and disclaimers with respect to earnings and other forecasts, please refer to "1. Overview of Operating Results (4) Outlook for the fiscal year ending October 31, 2023" on page 4 of the Attached Materials. Contents of Attached Materials

1. Overview of Operating Results
(1) Analysis of operating results
During the fiscal year ended October 31, 2022 (from November 1, 2021 to October 31, 2022) (hereinafter the "period under review"), Japan lifted movement restrictions and was gradually resuming its economic activities thanks to expanded vaccination and testing capabilities as well as improved medical delivery system in spite of the rebound of COVID-19. Meanwhile, various costs were sharply rising partly due to poor harvests caused by droughts around the world, restrictions on import and export of grains and energy resources against the backdrop of the Russian invasion of Ukraine, and the rapidly weakening yen triggered by the interest rate increase in the United States. As a savings-oriented attitude of consumers is still prevailing, players in the food retail industry are hard-pressed to deal with such cost rises. Under such circumstances, in line with the Group's goal of further strengthening "Integrated Food Production & Distribution Operations," the Kobe Bussan Group has enhanced its competitiveness through increased production capacity and proactive product development. Also, we have provided consumers with high-quality and attractive products at best prices by being attentive and responsive to their needs. Consequently, in terms of operating results for the period under review, we reported net sales of ¥406,813 million (up 12.4% year on year), operating profit of ¥27,820 million (up 1.9%), ordinary profit of ¥32,125 million (up 10.4%), and profit attributable to owners of parent of ¥20,832 million (up 6.3%). The operating results by business segment are as follows: [Gyomu Super Business] This business segment covers Gyomu Super stores, which mainly sell products at best prices including those originally produced by our group's domestic plants or those with attractive private labels directly imported by ourselves under the concept of providing authentic food products from around the world. In the period under review, Gyomu Super stores have expanded nationwide with 1,007 stores as a result of a net increase of 57 stores after opening 79 stores and closing 22. The breakdown of new store openings was 61 stores in directly managed areas and 18 stores in indirectly managed areas. While we work on store openings in all locations in Japan, we put a particular focusing on the Kyusyu area, and strongly encourage franchise owners to relocate stores which have deteriorated after many years in operations. Although we fell short of our store opening target for the period under review partly due to a delay in delivery of refrigeration equipment caused by the semiconductor shortage, our franchisees remain keen to open new stores. In terms of operating results, we have continued expanding business performance. This is because we have overcome  a decline in profit margin due to the rise in purchase costs caused by the depreciation of yen and price hikes through a successfully implemented pricing strategy and a significantly increased mass and social media coverage of our private label products, which represent Gyomu Super's attractiveness. Consequently, net sales of the Gyomu Super Business for the period under review stood at ¥396,296 million (up 11.5% year on year). [Restaurant & Delicatessen Business] This business segment covers Kobe Cook World Buffet, one of the largest buffet-style restaurant chains in Japan; Premium Karubi, a served a-la-carte buffet style BBQ restaurant chain where customers enjoy the best selected premium meats and in- house made desserts; and Chisouna, a delicatessen shop chain under the concept of offering everyday dining with a focus on foods made in-house and available at affordable prices. In the period under review, Kobe Cook World Buffet opened three and closed seven restaurants, resulting in 11 restaurants nationwide. Although the certain restaurants closed down because of the COVID-19 infections, the number of customer visits to the restaurants has gradually recovered partly due to the reopening of three restaurants after renovation and menu changes. Premium Karubi opened six restaurants and closed none, resulting in 16 restaurants nationwide. Each restaurant performed well by continuing to attract more customers. Accordingly, the expansion of the business scale through an increase in the number of restaurants helped operations become more efficient. Chisouna opened 38 shops and closed none, resulting in 87 shops nationwide. Net sales expanded thanks to a variety of foods that caters to customers' needs and the significantly increased number of shops. Consequently, net sales of the Restaurant & Delicatessen Business for the period under review stood at ¥7,323 million (up 88.3% year on year). [Eco Renewable Energy Business] This business segment covers renewable energies generated by our own solar and woody biomass power plants. Having opened one solar power plant in Nishigo-mura, Nishishirakawa-gun, Fukushima since June in the period under review, we currently operate 18 solar power plants collectively generating approximately 51.0 MW and one woody biomass power plant generating approximately 6.2 MW. The existing power plants also continue generating electricity steadily. Consequently, net sales of the Eco Renewable Energy Business for the period under review stood at ¥3,152 million (up 18.1% year on year).
(2)  Analysis of financial position
(Assets) Total assets as of October 31, 2022 increased by ¥23,538 million from the end of the previous fiscal year to ¥180,275 million (up 15.0% year on year). This was mostly attributable to an increase in current assets of ¥20,148 million to ¥116,011 million (up 21.0% year on year). This was mainly due to increases in cash and deposits of ¥9,241 million resulting from new borrowings to be used for the facility enhancement of our group's domestic plants, merchandise and finished goods of ¥4,677 million following the expansion of our business scale and product range, and accounts receivable - trade of ¥3,412 million.
(Liabilities)
Total liabilities as of October 31, 2022 increased by ¥4,536 million from the end of the previous fiscal year to ¥83,055 million (up 5.8% year on year). This was mostly attributable to a decrease in current liabilities of ¥3,060 million and an increase in non-current liabilities of ¥7,596 million. Current liabilities amounted to ¥47,987 million (down 6.0% year on year). This was mainly due to a decrease in short-term borrowings of ¥6,937 million resulting from the partial repayment of the outstanding borrowings, partially offset by an increase in accounts payable-trade of ¥4,008 million caused by the expansion of our business scale. Non-current liabilities amounted to ¥35,067 million (up 27.7% year on year). This was mainly due to an increase in long-term borrowings of ¥6,782 million to be used for the facility enhancement of our group's domestic plants. (Net assets) Total net assets as of October 31, 2022 increased by ¥19,002 million from the end of the previous fiscal year to ¥97,220 million (up 24.3% year on year). This was mainly due to an increase in retained earnings of ¥16,469 million. Consequently, the equity ratio as of October 31, 2022 increased by 3.9 percentage points year on year to 52.7%. Net assets per share stood at ¥433.53 for the current fiscal year compared to ¥350.49 for the previous fiscal year.
(3)  Analysis of cash flows
Total cash and cash equivalents as of October 31, 2022 (hereinafter "net cash") increased by ¥9,042 million from the end of the previous fiscal year to ¥65,753 million. The status of each cash flow and its factors are as follows: (Cash flows from operating activities) Net cash provided by operating activities for the period under review amounted to an inflow of ¥21,582 million (up ¥320 million year on year). This was mainly due to an increase in profit before income taxes of ¥2,287 million, and foreign exchange gains of ¥2,133. (Cash flows from investing activities) Net cash used in investing activities for the period under review amounted to an outflow of ¥12,483 million (down ¥4,924 million year on year). This was mainly due to a decrease in an outflow of ¥6,887 million resulting from purchase of property, plant and equipment. (Cash flows from financing activities) Net cash used in financing activities for the period under review amounted to an outflow of ¥3,752 million (down ¥12,774 million year on year). This was mainly due to an increase in the proceeds of ¥15,000 million from long-term borrowings.
(4)  Outlook for the fiscal year ending October 31, 2023
We are planning to further grow our mainstay Gyomu Super Business with an aim to have 1,047 Gyomu Super stores (net increase of 40 stores) by the end of the fiscal year ending October 31, 2023. To further enhance private label products derived from Gyomu Super's strength of "Integrated Food Production & Distribution Operations," we continue to make capital investment in facilities of our group's plants and expand the variety of our directly imported products. In the Restaurant & Delicatessen Business, we work on developing and expanding the competitive business formats by addressing constantly changing consumer needs and taking advantage of our product strength. Although costs will likely continue to increase due to soaring prices of food ingredients and crude oil caused by the unstable world situation and natural disasters as well as rising labor costs, we carry on striving to expand our business performance as described above. All in all, in terms of operating results for the fiscal year ending October 31, 2023, we forecast nets sales of ¥40,000 million, operating profit of ¥29,700 million, ordinary profit of ¥32,500 million, and profit attributable to owners of parent of ¥21,200 million on a consolidated basis.
2. Basic Policy Regarding Selection of Accounting Standards
With respect to accounting standards, we apply Japanese GAAP to ensure comparability with other domestic competitors.
3. Consolidated Financial Statements and Notes

(3) Consolidated statements of changes in equity
For the fiscal year ended October 31, 2021 (From November 1, 2020 to October 31, 2021)

For the fiscal year ended October 31, 2022 (From November 1, 2021 to October 31, 2022)
(5) Notes to consolidated financial statements (Going concern assumption) Not applicable.
(Changes in accounting policies)
(Application of the Accounting Standard for Revenue Recognition, etc.) The Company has applied the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31, 2020) and the Implementation Guidance on Accounting Standard for Revenue Recognition (ASBJ Guidance No. 30, March 26, 2021) since the beginning of the current fiscal year. In accordance with theses accounting policies, when control over the promised goods or services are transferred to the customer, revenue will be recognized at the amount expected to be received in exchange for the said goods or services. In applying the Accounting Standard for Revenue Recognition and other standards, the Company has added or subtracted the cumulative effect of applying the new accounting policy retrospectively to or from retained earnings at the beginning of the current fiscal year and applied the new accounting policy from the restated balance pursuant to the transitional treatment set forth in the proviso of paragraph 84 of the Accounting Standard for Revenue Recognition. As a result of the application of the Accounting Standard for Revenue Recognition, etc., "Notes and accounts receivable - trade" presented under "Current assets" in the consolidated balance sheet as of October 31, 2021 is presented as "Accounts receivable - trade" effective from the fiscal year under review. Note that, in accordance with the transitional treatment set forth in paragraph 89-2 of the Accounting Standard for Revenue Recognition, the line items for the previous fiscal year have not been reclassified using the new presentation method. In addition, in accordance with the transitional treatment set forth in paragraph 89-3 of the Accounting Standard for Revenue Recognition, the disaggregation of revenue from contracts with customers has not been provided for the previous fiscal year. Consequently, this change in accounting policies has a minimal effect on the consolidated financial statements.
(Application of the Accounting Standard for Fair Value Measurement, etc.)
The Company has applied the Accounting Standard for Fair Value Measurement (ASBJ Statement No.30; July 4, 2019; hereinafter, the "Fair Value Accounting Standards") and other standards since the beginning of the current fiscal year. In accordance with the transitional treatment set forth in paragraph 19 of the Fair Value Accounting Standards and paragraph 44– 2 of the Accounting Standard for Financial Instruments (ASBJ Statement No. 10, July 4, 2019), the Company has applied the new accounting policies set forth by the Fair Value Accounting Standards and others prospectively. There is no effect on the quarterly consolidated financial statements by applying the standard.
(Segment information, etc.)
1. Overview of reportable segment The reportable segment of the Company are components for which discrete financial information is available and whose operating results are regularly reviewed by the Board of Directors to make decisions about allocation of resources and assess its performance. We have business headquarters in head office to manage stores and restaurants as a franchisor of each business, and work on business activities based on comprehensive domestic and overseas strategies for our products and services. Also, to resolve power shortage by stably supplying safe and reliable energy and address environmental issues including global warming, we engage in the solar power business and the biomass power business in accordance with Feed-in Tariffs (FIT) for renewable energy sources under the "Act on Special Measures concerning the Procurement of Renewable Electric Energy by Operators of Electric Utilities of Japan" enacted on July 1, 2012. 2. Method of calculating the amount of net sales, profit or loss, assets, and other items by reportable segment The accounting standards and methods for the business segments subject to segment reporting are largely identical to the description in "Significant Accounting Policies for the Consolidated Financial Statements." Segment profit is the figure on a basis of operating profit. Intersegment sales or transfers is calculated at prevailing market prices. 3. Information on amounts of net sales, profit or loss, assets, and other items by reportable segment For the fiscal year ended October 31, 2021 (from November 1, 2020 to October 31, 2021)
*2 Details of adjustment are as follows: (1) The amount of adjustment for net sales represents eliminations of intersegment transactions. (2) The amount of adjustment for segment profit (loss) of ¥(3,696) million is corporate expenses unallocated to each reportable segment. The expenses are general and administrative expenses unattributable to any reportable segments. (3) The amount of adjustment for segment assets of ¥25,423 million is corporate assets unattributable to any reportable segments. The assets are attributable to the Company's administrative departments. (4) The amount of adjustment for depreciation of ¥188 million is the amount of corporate expenses unattributable to any reportable segments. (5) The amount of adjustment for increases in property, plant and equipment and intangible assets of ¥4,514 million is an increase in corporate assets unattributable to any reportable segments. Increases in property, plant and equipment and intangible assets include recognition and amortization of long-term prepaid expense. *3
Details of adjustment are as follows: (1) The amount of adjustment for net sales represents eliminations of intersegment transactions. (2) The amount of adjustment for segment profit (loss) of ¥(4,310) million is corporate expenses unallocated to each reportable segment. The expenses are general and administrative expenses unattributable to any reportable segments. (3) The amount of adjustment for segment assets of ¥26,814 million is corporate assets unattributable to any reportable segments. The assets are attributable to the Company's administrative departments. (4) The amount of adjustment for depreciation of ¥180 million is the amount of corporate expenses unattributable to any reportable segments. (5) The amount of adjustment for increases in property, plant and equipment and intangible assets of ¥602 million is an increase in corporate assets unattributable to any reportable segments. Increases in property, plant and equipment and intangible assets include recognition and amortization of long-term prepaid expense. *3
1. For the purpose of calculating the amount of net assets per share, the number of shares of the Company held by a Board Benefit Trust (176,000 shares (on a post-stock split basis) and 168,400 shares at the end of the previous and current fiscal years, respectively) was included in the number of treasury shares, which was to be deducted from the number of shares issued at the end of the fiscal year. For the purpose of calculating basic earnings per share and diluted earnings per share, the number of shares of the Company held by the Trust (176,000 shares (on a post-stock split basis) and 171,090 shares at the end of the previous and current fiscal years, respectively) was included in the number of treasury shares, which was to be deducted from the calculation of the average of shares of common shares outstanding during the period. 2. As we conducted a 2-for- I stock split of common shares effective on November 1, 2020, basic earnings per share and diluted earnings per share were calculated based on the assumption that the stock split had been conducted at the beginning of the fiscal year ended October 31, 2021. 3. The calculation basis for basic earnings per share and diluted earnings per share are shown as follows.
(Subsequent events) Not applicable