Kotobuki Spirits : FY2021(1Q)(First quarter of the fiscal year ending March 31, 2021)Consolidated Business Results

Kotobuki Spirits Co.,Ltd.

July 30, 2020

FY2021(1Q)

(First quarter of the fiscal year ending March 31, 2021)

Consolidated Business Results

Kotobuki Spirits Co.,Ltd.

Kotobuki Spirits Co.,Ltd.

Company Overview

Firm name	Kotobuki Spirits Co.,Ltd.
Securities code	2222（Tokyo Stock Exchange 1st section）
Address	2028, Hatagasaki, Yonago-shi, Tottori, 683-0845, Japan
Establishment	April 25th,1952
Capital	1.2 Billion 17.8 Million yen
President	Seigo Kawagoe
Employees	Kotobuki Spirits 7people/Group Total 1,520 people
Group companies	Consolidated subsidiary 18companies （domestic 16・overseas 2）
Net sales	45.2 Billion Yen（FY2020 :Year ended March 31, 2020）

March 31,2020

‐1‐

Kotobuki Spirits Co.,Ltd.

The Impact of COVID-19 on business performance

‐2‐

Kotobuki Spirits Co.,Ltd.

The Impact of COVID-19 on business performance

＜FY2021(1Q)＞

• Due to the spread of COVID-19, the "emergency declaration" was issued, the movement was reduced due to the request to refrain from going out, and many commercial facilities were temporarily closed.Although we reduced costs such as reducing executive compensation and employees bonuses, the business performance in the first quarter was sales down significary and net loss.
• Net sales Apr(82.4% down YoY) May(79.0% down YoY) Jun(61.5% down YoY)
• EC channel sales up 46.2% YoY.(826 million yen)
• Overdraft limit increased from 3.2 billion yen to 7.8 billion yen.
• Subsidy income 623 million yen is Recorded on Non-operating income.

＜FY2021＞

• Due to the recent increase in the number of people who test positive COVID-19 in Tokyo area and major cities, the sales pace of recovery is sluggish.
• After end of the emergency declaration, all directly operated store operations resumed. In terms of production, we are still striving to reduce inventory by controlling operations.

＜FY2021 Business Forecast and Dividend forecast ＞

• Forecast of FY2021 is undecided due to the influence of COVID-19. It will be disclosed promptly when the business forecast is available.

‐3‐

Kotobuki Spirits Co.,Ltd.

FY2021(1Q) Highlight

Net sales 74.4％down/Net Profit △1,163million yen

Due to the spread of COVID-19, the "emergency declaration" was issued, the movement was reduced due to the request to refrain from going out, and many commercial facilities were temporarily closed.

As a result of being forced to significantly reduce the business activities , the business performance in the first quarter was net loss.

			FY2020		FY2021
		1Q	2Q	3Q	4Q	1Q
（Unit:Millions of yen)	(Apr-Jun)	(Jul-Sep)	(Oct-Dec)	(Jan-Mar)	(Apr-Jun)
Net sales	10,627	11,761	13,287	9,506	2,716
（YoY）	（＋23.5％）	（＋20.7％）	（＋17.9％）	（△14.8％）	（△74.4％）
Ordinary profit (loss)	1,567	1,981	2,694	233	△1,755
（YoY）	（＋87.7％）	（＋ 49.8％）	（＋22.9％）	（△86.0％）	（－）
Net Profit (loss)	1,023	1,246	1,702	130	△1,163
（YoY）	（＋100.5％）	（＋ 52.3％）	（＋12.4％）	（△88.5％）	（－）

‐4‐

Kotobuki Spirits Co.,Ltd.

FY2021(1Q) Topics ➀

KCC EC sales up 56.0% YoY.

（EC sales 671 million yen ）

Mother's day gifts and summer gift measures were successful

‐5‐

Kotobuki Spirits Co.,Ltd.

FY2021(1Q) Topics ②

Taiwan Cow Cow Kitchen got off a good start !

First Cow Cow Kitchen store in Taiwan opening at Taipei Shinkong Mitsukoshi Mall Xinyi Place (Mar.2020)

Cow Cow Kitchen Taipei Shinkong Mitsukoshi Mall Xinyi Place

‐6‐

Kotobuki Spirits Co.,Ltd.

Results of FY2021 1Q（YoY）

Gross profit down on account of large decrease in sales, production adjustments, we unable to cover manufacturing fixed costs

	FY2020(1Q)	FY2021(1Q)				FY2020(1Q-4Q)
		To-sales		To-sales					To-sales
	amount	amount	YoY(Change)	YoY(%)		amount
（Million of Yen,％）	rate	rate		rate
Net sales	10,627	－	2,716	－	△ 7,911 △ 74.4	45,181	－
Gross profit	6,320	59.5	611	22.5	△ 5,709	△ 90.3	26,702	59.1
SG&A expenses	4,765	44.8	3,020	111.2	△ 1,744	△ 36.6	20,248	44.8
Operating profit	1,555	14.6	△ 2,409	－	△ 3,964	－	6,455	14.3
Ordinary profit	1,567	14.8	△ 1,755	－	△ 3,323	－	6,475	14.3
Net profit	1,023	9.6	△ 1,163	－	△ 2,186	－	4,100	9.1
EPS（Yen）	32.86		△37.38				131.76

‐7‐

Kotobuki Spirits Co.,Ltd.

SG&A expenses /Operating profit

SG&A expenses down 1,744 million yen(YoY) on account of reductions in personnel expenses and promotion expenses and sales fluctuations

	FY2020(1Q)	FY2021(1Q)				FY2020(1Q-4Q)
	amount	To-sales rate	amount	To-sales rate	YoY(Change)	YoY(%)		amount	To-sales rate
（Million of Yen,％）
Gross profit	6,320	59.5	611	22.5	△ 5,709	△ 90.3	26,702	59.1
Personal expenses	1,916	18.0	1,521	56.0	△ 395	△ 20.6	7,695	17.0
Promotion	757	7.1	335	12.3	△ 423	△ 55.8	3,567	7.9
Freight	459	4.3	234	8.6	△ 224	△ 48.9	2,026	4.5
Advertising	68	0.6	79	2.9	11	16.2	294	0.7
Rent	713	6.7	291	10.7	△ 422	△ 59.2	3,116	6.9
Depreciation	130	1.2	128	4.7	△ 1	△ 0.9	570	1.3
Traveling and	160	1.5	28	1.0	△ 133	△ 82.7	621	1.4
transportation
expenses
Others	562	5.3	404	14.9	△ 157	△ 28.0	2,359	5.2
SG&A expenses	4,765	44.8	3,020	111.2	△ 1,744	△ 36.6	20,248	44.8
Operating profit	1,555	14.6	△ 2,409	-	△ 3,964	-		6,455	14.3	‐8‐

Kotobuki Spirits Co.,Ltd.

Net sales

14,000

12,000

10,000

8,000

6,000

4,000

2,000

0

Net sales (Quarter)

Net sales (Cumulative)

(Three periods comparison)

(Three periods comparison)

50,000

45,000

40,000

35,000

30,000

25,000

20,000

15,000

10,000

5,000

0

１Q

２Q

３Q

４Ｑ

１Q

1Q-２Q

1Q-３Q1Q-4Q

FY2019

FY2020

FY2021

FY2019

FY2020

FY2021

（Millions of yen）		Quarter			Cumulative Quarter
		１Q	２Q	３Q	４Ｑ	１Q	1Q-２Q	1Q-３Q1Q-4Q
	FY2019	8,601	9,747	11,268	11,153	8,601	18,348	29,616	40,769
	FY2020	10,627	11,761	13,287	9,506	10,627	22,388	35,675	45,181
	FY2021	2,716				2,716
	YoY	△74.4%				△74.4%

‐9‐

Kotobuki Spirits Co.,Ltd.

Operating profit

Operating profit (Quarter)

(Three periods comparison)

3,500

2,500

1,500

500

△ 500		１Q	２Q	３Q	４Ｑ

△ 1,500

△ 2,500

FY2019	FY2020		FY2021

Operating profit (Cumulative)

(Three periods comparison)

7,500

5,500

3,500

1,500

△ 500		１Q	1Q-２Q	1Q-３Q	1Q-4Q

△ 2,500

FY2019	FY2020		FY2021

（Millions of yen）		Quarter				Cumulative Quarter
		１Q	２Q	３Q	４Ｑ	１Q	1Q-２Q	1Q-３Q1Q-4Q
	FY2019	830	1,321	2,167	1,658	830	2,151	4,318	5,976
	FY2020	1,555	1,964	2,672	264	1,555	3,519	6,191	6,455
	FY2021	△ 2,409				△ 2,409
	YoY	-				-

‐10‐

Kotobuki Spirits Co.,Ltd.

Results of FY2021 1Q (SEGMENTS)

All segments Net sales and OP are affected by COVID-19

		Net sales		Operating profit
	FY2020 (1Q)	FY2021(1Q)	YoY(Change)	YoY(%)	FY2020 (1Q)	FY2021 (1Q)	YoY(Change)
（Million of Yen,％）
SUCREY	3,625	675	△ 2,950	△ 81.4	547	△ 789	△ 1,337
KCC	2,878	1,114	△ 1,764	△ 61.3	251	△ 517	△ 768
KOTOBUKISEIKA	2,690	580	△ 2,110	△ 78.4	347	△ 543	△ 890
TAJIMAKOTOBUKI
SALES SUBSIDIARIES	1,606	208	△ 1,398	△ 87.0	163	△ 216	△ 379
KUJYUKUSHIMA GROUP	1,059	224	△ 835	△ 78.9	101	△ 291	△ 393
OTHERS	258	132	△ 126	△ 48.8	△ 30	△ 9	21
SEGMENTS TOTAL	12,117	2,933	△ 9,184	△ 75.8	1,379	△ 2,366	△ 3,745
ADJUSTMENT	△ 1,490	△ 217	1,273	△ 85.4	138	△ 43	△ 181
TOTAL	10,627	2,716	△ 7,911	△ 74.4	1,517	△ 2,409	△ 3,927

‐11‐

Kotobuki Spirits Co.,Ltd.

≪SUCREY≫

FY2021（1Q）：Net sales 675million yen（△81.4％YoY） OP △789million yen

（Unit：Millions of yen）	Net sales									Operating profit
4,000										600
3,500										400
3,000										200
2,500										0
										FY2019(1Q)	FY2020(1Q)	FY2021(1Q)
2,000
									△ 200
1,500										△ 400
1,000										△ 600
500
									△ 800
0
								△ 1,000
	FY2019(1Q)	FY2020(1Q)	FY2021(1Q)
			（Millions of yen,％）	FY2019(1Q)	FY2020(1Q)	FY2021(1Q)	YoY(Change)	YoY(%)
			Net sales	2,718		3,625	675	△ 2,950	△ 81.4
			Gross profit	1,667		2,255	108	△ 2,147	△ 95.2
			Gross profit rate	61.3		62.2	16.1	△ 46.1
			SG＆A expenses	1,406		1,708	898	△ 810	△ 47.4
			Operating profit	261		547	△ 789	△ 1,337	-

‐12‐

Kotobuki Spirits Co.,Ltd.

≪SUCREY≫

2 brands opened at Haneda Airport terminal 1 in June

ORIENTAL CHOCOLAT by côte cour Haneda Airport terminal 1（Jun.2020）

Tokyo Milk Cheese Factory Haneda Airport terminal 1（Jun.2020） (Relocation)

‐13‐

Kotobuki Spirits Co.,Ltd.

≪KCC≫

FY2021（1Q）：Net sales 1,114million yen（△61.3％YoY） OP △517million yen

（Unit：Millions of yen）	Net sales								Operating profit
3,500										400
3,000										200
2,500
									0
2,000
									FY2019(1Q)	FY2020(1Q)	FY2021(1Q)
1,500									△ 200
1,000
								△ 400
500
0									△ 600
	FY2019(1Q)	FY2020(1Q)	FY2021(1Q)
			（Millions of yen,％）	FY2019(1Q)	FY2020(1Q)	FY2021(1Q)	YoY(Change)	YoY(%)
			Net sales	2,502		2,878	1,114	△ 1,764	△ 61.3
			Gross profit	1,541		1,737	549	△ 1,188	△ 68.4
			Gross profit rate	61.6		60.4	49.3	△ 11.1
			SG＆A expenses	1,298		1,486	1,066	△ 420	△ 28.3
			Operating profit	243		251	△ 517	△ 768		-

‐14‐

Kotobuki Spirits Co.,Ltd.

≪KCC≫

GLACIEL Omotesando Flagship shop opened in June(Relocation open)

Fresh glass

GLACIELOmotesando（Jun.2020）

Ballon de Fruits	‐15‐

Kotobuki Spirits Co.,Ltd.

≪KOTOBUKISEIKA・ TAJIMAKOTOBUKI≫

FY2021（1Q）：Net sales 580million yen（△78.4％YoY） OP △543million yen

（Unit：Millions of yen）

Net sales

Operating profit

3,000					400
2,500					200
2,000
				0
1,500					FY2019(1Q)	FY2020(1Q)	FY2021(1Q)
					△ 200
1,000
					△ 400
500
0						△ 600
	FY2019(1Q)	FY2020(1Q)	FY2021(1Q)

（Millions of yen,％）	FY2019(1Q)	FY2020(1Q)	FY2021(1Q)	YoY(Change)	YoY(%)
Net sales	2,394	2,690	580	△ 2,110	△ 78.4
Gross profit	879	1,108	△ 139	△ 1,247	-
Gross profit rate	36.7	41.2	△ 24.0	△ 65.2
SG＆A expenses	675	761	404	△ 357	△ 46.9
Operating profit	204	347	△ 543	△ 890	-

‐16‐

Kotobuki Spirits Co.,Ltd.

≪KOTOBUKISEIKA・ TAJIMAKOTOBUKI≫

TAJIMAKOTOBUKI EC

TAJIMAKOTOBUKI EC sells not only confectionary but also processed food and original goods

‐17‐

Kotobuki Spirits Co.,Ltd.

≪SALES SUBSIDIARIES≫

FY2021（1Q）：Net sales 208million yen（△87.0％YoY） OP △216million yen

（Unit：Millions of yen）

Net sales

Operating profit

1,800					200
1,600					150
1,400					100
1,200					50
1,000					0
800						△ 50	FY2019(1Q)		FY2020(1Q)		FY2021(1Q)
600						△ 100
400						△ 150
200
					△ 200
0
					△ 250
	FY2019(1Q)	FY2020(1Q)	FY2021(1Q)

（Millions of yen,％）	FY2019(1Q)	FY2020(1Q)	FY2021(1Q)	YoY(Change)	YoY(%)
Net sales	1,347	1,606	208	△ 1,398	△ 87.0
Gross profit	471	582	46	△ 535	△ 92.0
Gross profit rate	35.0	36.2	22.2	△ 14.0
SG＆A expenses	372	419	263	△ 156	△ 37.3
Operating profit	99	163	△ 216	△ 379	-

‐18‐

Kotobuki Spirits Co.,Ltd.

≪SALES SUBSIDIARIES≫

Hida Kotobukian Tokai Kotobuki

Mie Kotobukian

Kotobukian

Kotobukikoujyuan

Minami Kotobukiseika

Kotobukidou

Setouchi Kotobuki

Hanafukudou

‐19‐

Kotobuki Spirits Co.,Ltd.

≪KUJYUKUSHIMA GROUP≫

FY2021（1Q）：Net sales 224million yen（△78.9％YoY） OP △291million yen

（Unit：Millions of yen）

Net sales

Operating profit

1,200

200

1,000

100

800

0

FY2019(1Q)

FY2020(1Q)

FY2021(1Q)

600

△ 100

400

△ 200

200

△ 300

0

△ 400

FY2019(1Q)

FY2020(1Q)

FY2021(1Q)

（Millions of yen,％）

FY2019(1Q)

FY2020(1Q)

FY2021(1Q)

YoY(Change)

YoY(%)

Net sales

695

1,059

224

△ 835

△ 78.9

Gross profit

276

517

△ 39

△ 556

-

Gross profit rate

39.7

48.8

△ 17.3

△ 66.2

SG＆A expenses

371

416

252

△ 164

△ 39.4

Operating profit

△ 95

101

△ 291

△ 393

-

‐20‐

Kotobuki Spirits Co.,Ltd.

≪KUJYUKUSHIMA GROUP≫

‐21‐

Kotobuki Spirits Co.,Ltd.

				< health food business, Taiwan confectionary business,
≪OTHERS≫ Hong Kong confectionary business, General insurance agency >
FY2021（1Q）：Net sales 132million yen（△48.8％YoY） OP △9million yen
（Unit：Millions of yen）	Net sales			Operating profit
300					30

200					10
							FY2019(1Q)	FY2020(1Q)	FY2021(1Q)
100					△ 10
				△ 30
0
				△ 50
	FY2019(1Q)	FY2020(1Q)	FY2021(1Q)

	（Millions of yen,％）	FY2019(1Q)	FY2020(1Q)	FY2021(1Q)	YoY(Change)	YoY(%)
	Net sales	61	258	132		△ 126	△ 48.8
	Gross profit	34	151	96		△ 55	△ 36.6
	Gross profit rate	55.8	58.6	72.6		13.9
	SG＆A expenses	54	181	105		△ 76	△ 42.0
	Operating profit	△ 20	△ 30	△ 9		21	-
※Others segment contains Honey Sucrey	(Hong Kong) from FY2020

‐22‐

Kotobuki Spirits Co.,Ltd.

≪OTHERS≫

Taiwan confectionery business

health food business(Junai)

Cow Cow Kitchen

Taipei Shinkong Mitsukoshi Mall Xinyi Place

Junai Tea

‐23‐

Kotobuki Spirits Co.,Ltd.

Memo

Kotobuki Spirits Co.,Ltd.

Balance Sheet

Decrease in current assets are mainly due to decrease in cash and deposits and account receivable

	FY2019	FY2020	FY2021(1Q)	(Change)	(%)
	amount	rate	amount	rate	amount	rate
（Millions of yen,％）
Current assets	13,202	50.9	13,444	50.1	9,155	39.8	△ 4,289	△ 31.9
Non - current assets	12,751	49.1	13,370	49.9	13,820	60.2	450	3.4
Assets	25,954	100.0	26,814	100.0	22,975	100.0	△ 3,839	△ 14.3
Current liabilities	5,804	22.4	3,846	14.3	2,404	10.5	△ 1,443	△ 37.5
No n - c u r r e n t liabilit ie s	1,855	7.1	1,803	6.7	1,827	8.0	24	1.3
Liabilities	7,659	29.5	5,649	21.1	4,230	18.4	△ 1,419	△ 25.1
Net assets	18,294	70.5	21,165	78.9	18,745	81.6	△ 2,420	△ 11.4
Liabilities and net	25,954	100.0	26,814	100.0	22,975	100.0	△ 3,839	△ 14.3
assets
BPS(Yen)	587.87		680.11		602.34		△ 77.77	△ 11.4
Cash and deposits	5,660		8,291		5,330		△ 2,961	△ 35.7
Interest-	433		180		120		△ 60	△ 33.4‐24‐
bearing debt

Kotobuki Spirits Co.,Ltd.

Strategy (consideration of influence of COVID-19)

Regarding the outlook for FY2021, the situation has changed completely from last year's situation that the economy was on a gradual recovery trend.

The impact on consumption is immeasurable, and it is a serious situation that we have never experienced.

Under such an unprecedented circumstance, we quickly grasp the rapidly changing domestic and overseas market trends and consumer needs, and put the following measures into two stages to bring together the collective efforts of all employees.

♦Emergency phase（Until the end of COVID-19epidemic）

Emergency measures

• Recovery phase（After the end of COVID-19 epidemic）

Strategic measures

‐25‐

Kotobuki Spirits Co.,Ltd.

Strategy (consideration of influence of COVID-19)

♦Emergency phase（Until the end of COVID-19 epidemic）

Our top priority is the safety and health of employees and stakeholders . we will continue to take infection prevention measures in accordance with the policies of the government and local governments. For the time being, we will be forced to significantly reduce our business activities, so we will strengthen our management structure by making thorough efforts to reduce costs and control expenses.

〈Emergency measures〉

• Thorough COVID-19 infection prevention
  ② Cost reduction and ensure liquidity of funds
  ③ Inventory adjustment （ To provide more fresh and more delicious Sweets to our customers.）

• Preparation for new brand and new product development and
  promotion of proposal sales (Prepare for the end of COVID-19)

• Strengthen EC Channel

‐26‐

Kotobuki Spirits Co.,Ltd.

Strategy (consideration of influence of COVID-19)

• Recovery phase （After the end of COVID-19 epidemic）

Consumer environment is expected to gradually recover after the demand for refraining from going out and the government's emergency economic measures are taken, but it is expected that the slump in personal consumption will inevitably affect business results. We will take the following measures as immediate priority measures in order to promptly recover business activities and put them on a growth trajectory after the situation has subsided.

〈Strategic measures〉

※1

• Improvement of organizational strength by Cho-Genbashugi

• Cultivate重点施main策brands / main products and

Create new brands / new sales channels

※2

• WSR in Tokyo area

• Inbound countermeasures
  ⑤ Overseas expansion

※1 Cho-Genbashugi is our management style that profit groups are central.
※2 WSR is a standard of Kotobuki Spirits. WSR ～World Surprising Resort～	‐27‐

Kotobuki Spirits Co.,Ltd.

New shops Information

KCC（Tokyo Station）

GRANSTA TOKYO	TOKYO GIFT PALETTE（ Aug.2020	）
（Aug.2020）

SUCREY（Tokyo Station）

	GRANSTA TOKYO TOKYO GIFT PALETTE（ Aug.2020 ）
EXPASA EBINA（Jul.2020）	（Aug.2020）
（Wholesale）

‐28‐

Kotobuki Spirits Co.,Ltd.

Corporate Philosophy

To create happiness, provide happiness

Policy

Today, I make an enthusiastic fan

Vision

General Producer of the Sweets

‐29‐

Kotobuki Spirits Co.,Ltd.

Philosophy Management of KOZUCHI

We have introduced a business management method of Amoeba Management since FY1996.

We made a Management philosophy notebook "KOZUCHI" in 2003.

Every person who works for Kotobuki Spirits Group put KOZUCHI philosophy into practice in everyday work.

≪KOZUCHI national convention≫

KOZUCHI national convention is held once a year for the purpose of sharing achievements with fellows.

‐30‐

Kotobuki Spirits Co.,Ltd.

Transition of Kotobuki Spirits ①

High profit management

Business model has changed from the manufacturing wholesale to the manufacturing retail. We continue to challenge to organization reform ,business reconstruction and M&A.

Unit：Millions of yen

●19 Made Honey Sucrey Limited(Hong Kong) subsidiary

50,000										●16.1 M&A FRANÇAIS	60.0%
	Net Sales				●14.4 The first section of the Tokyo Stock Exchange
45,000		Gross profit rate				●12.1Establishment of SUCREY in Tokyo			55.0%
40,000					●06.10 Transition to a holding company
													50.0%
35,000		●98.6 Establishment of	●05.2 M&A
			kUJYUKUSHIMA GROUP
		LeTAO in Hokkaido,
											45.0%
30,000		Tsukiji Chitose in Tokyo
		Start of the retail expansion
25,000	●94.11 IPO											40.0%
20,000													35.0%
15,000
													30.0%
10,000
5,000													25.0%
0													20.0%
	FY1995	FY1997	FY1999	FY2001	FY2003	FY2005	FY2007	FY2009	FY2011	FY2013	FY2015	FY2017	FY2019 FY2020
													‐31‐

Kotobuki Spirits Co.,Ltd.

Transition of Kotobuki Spirits ②

Ordinary profit rate exceeded 10% in FY2014.

Ordinary profit exceeded 5 Billion yen in FY 2018.

FY2018

Unit：Millions of yen

Ordinary profit

exceeded 5

7,500

Ordinary profit

FY2014

Billion yen

Net profit

2011.3.11

Ordinary profit exceeded

2 Billion yen

18.0%

6,500

Ordinary profit rate

Great East Japan

Ordinary profit rate

Earthquake

exceeded 10％

5,500

FY2003

13.0%

non-dividend

4,500

for first time after IPO

3,500

8.0%

2,500

1,500

3.0%

500

FY1995

FY1997

FY1999

FY2001

FY2003

FY2005

FY2007

FY2009

FY2011

FY2013

FY2015

FY2017

FY2019 FY2020

-500

-2.0%

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Kotobuki Spirits Co.,Ltd.

Business Outline

Chart

Consumers

（Store・Pop Up Store・EC）

Wholesaling（Station・Air Port・SA,Agent,OEM）

Products		Products	Products
＜sales bases＞			（Shop Brands）
Sales Subsidiaries		SUCREY	Tokyo Milk Cheese Factory/FRANÇIS etc
TOKAI area	Products	KCC	LeTAO/GLACIEL etc
3companies
CHUGOKU･KYUSYU area		KOTOBUKISEIKA・TAJIMAKOTOBUKI	KAnoZA etc
4companies
KANSAI area		KUJYUKUSHIMA GROUP	AKAI FUSEN/Ivorish etc
2companies
			KONDITOREI KOBE etc

※Except for KOTOBUKI SPIRITS (holding company)and OTHER segments.

‐33‐

Kotobuki Spirits Co.,Ltd.

Shop Brands

Hokkaido

Izumo

Yonago

Fukuoka・Tokyo

Tokyo

Sasebo・Fukuoka

Kobe

‐34‐

Kotobuki Spirits Co.,Ltd.

Main Sweets

Double Fromage

Inabano Shirousagi

Salt and Camembert Cookie

Mille Feuille

Butter Financier

Kujyukushima Senpei

‐35‐

Kotobuki Spirits Co.,Ltd.

Memo