Financial Results for the Fiscal Year Ended (FYE) March 15, 2022 [Japanese GAAP] (Consolidated)
April 27, 2022
Company Name
Security Code
Representative

CAWACHI LIMITED
2664(Title)President

Contact(Title)URL

Corporate Officer
Director Administration
Manager

Scheduled date of the Ordinary General Meeting of
Shareholders
Scheduled commencement date of dividend payment
Scheduled filing date of the securities report
Supplemental information for financial results:
Investor meeting presentation:

Exchange listed on:
https://www.cawachi.co.jp/(Name) Shinji Kawachi(Name)

Hiroshi Asuke

Tokyo Stock Exchange(TEL) 0285 (32) 1131

June 14, 2022
June 15, 2022
June 15, 2022
Available
Scheduled (for securities analysts and institutional
investors)(Amounts rounded down to the nearest millions of yen.)

1. Consolidated Financial Results for the FYE March, 2022 (From March 16, 2021 to March 15, 2022)(1) Consolidated Operating Results(Percent represents comparison changes from the previous year.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
million yen% million yen%
million yen%
million yen%
FYE March,
279,462(1.8)
7,709(27.0)
8,698(24.9)
4,830 (32.0)
2022
FYE March,
284,492
5.2
10,56086.1
11,581
76.2
7,109
86.0
2021
(Note) Comprehensive income: FYE March, 2022
¥4,832 million (-32.2%)
FYE March, 2021
¥7,125 million (86.5%)
Profit per share

Profit per share –dilutedProfit toShareholders’equity%Ordinary profit to
Assetsyenyen
FYE March,
216.44216.074.7
2022
FYE March,
318.73318.497.3
2021(Reference) Equity method investment gain (loss): FYE March, 2022 ¥ - million
FYE March, 2021 ¥ - million(2) Consolidated Financial Positions
Shareholders’ equity
Total assets
Net assets
ratio
million yen
million yen%
FYE March,
191,721104,649
54.5
2022
FYE March,
194,100
100,857
51.9
2021(Reference) Shareholders’ equity: FYE March, 2022
¥104,523 million
FYE March, 2021
¥100,780 million

Operating profit
to Net sales

%

%

4.5

2.8

6.1

3.7

Net assets per shareyen
4,682.61
4,517.46

(3) Consolidated Cash Flows

million yen

million yen

million yen

Cash and cash
equivalents at the endof the year
million yen

6,868(4,536)(4,607)

38,95915,267(3,152)(3,984)

41,235

Cash flows fromoperating activitiesFYE March,
2022
FYE March,
2021

Cash flows frominvesting activities

Cash flows fromfinancing activities

2. Dividends
End of
1Q

Annual dividends per share
End of
End of End of
the
2Q
3Q
year
yen
yen
yen
0.00
50.00
0.00
50.00

Total

Total
Ratio of
Dividend
amount ofdividends topayout ratio
annualnet assets(consolidated)
dividends(consolidated)
million yen
%
%
1,115
15.7
1.1
1,116
23.1
1.1

yen
yen
FYE March, 2021
50.00
FYE March, 2022
50.00
FYE March, 2023
0.00
50.00
50.00
18.6
(forecast)(Note) Breakdown of year-end dividend for FYE March 15, 2021: Ordinary dividend of ¥45, commemorative dividendof ¥5 for the 60th anniversary of the founding
3. Forecast of Consolidated Results for FYE March, 2023 (March 16, 2022 to March 15, 2023)(Percentage represents changes from the previous year for Full year, and on YoY basis for Quarterly results.)
Profit attributable
Profit per
Net sales
Operating profit
Ordinary profit
to owners of
shareparentmillionyen%

millionyen%

millionyen%

million
yen

%

yen

2Q (cumulative)
145,000
4,800
5,300
3,300
147.84
Full year
283,000
8,200
9,200
5,500
246.40(Note) Effective from the beginning of FYE March, 2023, the Company plans to apply the “Accounting Standard for
Revenue Recognition” (ASBJ Statement No. 29), etc., which the above forecast is based on. Therefore, thepercentage changes compared with the results before the adoption of the standard, etc. are not indicated.

*NOTES(1) Changes in major subsidiaries during the cumulative quarter under review (Change
in specific subsidiaries that will accompany a change in scope of consolidation):
Newly consolidated:- company (companies)(name of company)
Excluded:- company (companies)(name of company)

None(2) Change in accounting policies or estimates and retrospective restatements
1) Change in accounting policies in accordance with revision of accounting
standards:
2) Change in accounting policies other than item 1) above:3) Change in accounting estimates:
4) Retrospective restatements:(3) Number of shares issued (common stock)1) Number of shares issued at the end of theperiod (including treasury stock)2) Number of shares of treasury stock at the endof the period
3) Average number of shares issued during theperiodFYE March,
2022
FYE March,
2022
FYE March,
2022

24,583,420
shares2,261,722
shares22,318,733
shares

None
None
None
None
FYE March,
2021
FYE March,
2021
FYE March,
2021

24,583,420
shares2,274,254
shares
22,304,319
shares(Reference) Overview of Non-consolidated Financial Results
Non-consolidated Financial Results for the FYE March, 2022 (From March 16, 2021 to March 15, 2022)(1) Non-consolidated Operating Results(Percent represents comparison changes from the previous year.)Net salesFYE March,
2022
FYE March,
2021

Ordinary profit

Net Profit

million yen%

million yen%

million yen%

million yen%

263,002

(1.3)

7,851

(25.0)

8,765(23.3)

4,922(30.1)

266,394

5.8

10,473

90.7

11,423

80.9

7,044

97.3

yen

Profit per share –dilutedyen

220.55220.17315.86315.62

Profit per share
FYE March,
2022
FYE March,
2021

Operating profit(2) Non-consolidated Financial Positions
Total assets

Net assets

Shareholders’ equity
ratio%

million yen
million yen
FYE March,
187,946
105,290
2022
FYE March,
189,625
101,406
2021(Reference) Shareholders’ equity: FYE March, 2022
¥105,164 million
FYE March, 2021
¥101,330 million

Net assets per share
yen

56.0

4,711.32

53.4

4,542.08* This summary of consolidated financial results is not subject to audit by certified public accountants or an audit firm.
* Explanation for appropriate use of operating results forecasts, other special notes
Forward-looking statements, including business forecasts, contained in this document are based on information
available to Cawachi Ltd. and certain assumptions deemed reasonable as of the date of this document, and actual
performance and results may differ significantly from the forecasts described here due to various factors. Pleaserefer to “1. Overview of Results of Operations, etc. (1) Overview of Results of Operations for the Current Fiscal
Year” of the attached documents for the assumptions underlying the forecasts and cautions when using the forecasts.

○Contents of Attached Documents
1. Overview of Results of Operations, etc. ....................................................................................................................... 2(1) Overview of Results of Operations for the Current Fiscal Year .............................................................................. 2(2) Overview of Financial Position for the Current Fiscal Year .................................................................................... 3(3) Principles of Appropriation of Profits and Dividend Payment for the Current Fiscal Year and the Next Fiscal
Year ......................................................................................................................................................................... 4
2. Basic Policy on Selecting Accounting Standards ......................................................................................................... 4
3. Consolidated financial statements ................................................................................................................................ 5(1) Consolidated balance sheets .................................................................................................................................... 5(2) Consolidated statements of income and consolidated statements of comprehensive income ................................. 7
Consolidated statements of income ......................................................................................................................... 7
Consolidated statements of comprehensive income ................................................................................................ 8(3) Consolidated statements of changes in equity ......................................................................................................... 9(4) Consolidated statements of cash flows .................................................................................................................. 11－ 1 －1. Overview of Results of Operations, etc.
(1) Overview of Results of Operations for the Current Fiscal Year
(Results of operations for the current fiscal year)
During the fiscal year ended March 15, 2022, the effects of the spread of COVID-19 continued in Japan and, while
there were signs of recovery, albeit weak, uncertainty over the economic outlook remained due to the spread of newvariants, heightened geopolitical risks, and other factors.
A budget-minded trend in consumer spending has become even more widespread due to, for example, increases invarious costs resulting from rising raw material and fuel prices, etc. as well as concerns over continued downside risks
to the economy.
In the previous year, the drugstore sector, to which the Cawachi Group (“the Group”) belongs, saw an increase indemand for products related to equipment for protection against COVID-19 and those related to the eat-at-home trend,
which was brought about by the pandemic; however, in the current fiscal year under review, the tough businessenvironment continued due to the reactionary decline in demand owing to the temporary decrease in infected people,
and other factors.
Under these circumstances, in order to meet the continued demand for products related to equipment for protection
against COVID-19 and to the eat-at-home trend as well as that for consumer necessities, etc., the Group endeavored toenhance customer convenience through refurbishing the stores and extending their opening hours, and other measures.
In addition, the Group focused on customer retention while holding smaller and more frequent promotional events tofacilitate a safe and secure shopping environment. Cost reduction was also promoted through the introduction of selfcheckout machines.
In terms of new store openings, the Group opened a total of 11 stores: three stores in Ibaraki, two stores each in Iwate,
Tochigi, and Gunma, and one store each in Fukushima and Chiba, all of which are areas it currently operates. The
Group also launched a total of 10 dispensing pharmacies with existing stores: five in Fukushima and one each in
Miyagi, Ibaraki, Tochigi, Gunma, and Chiba. The Group closed two stores in total, one in Aomori and one in Tochigi,
as well as one dispensing pharmacy in Tochigi.
Accordingly, the Group has a total of 355 stores (of which 132 have an in-store dispensing pharmacy).
As a result, the Group recorded net sales of 279,462 million yen (year-on-year decrease of 1.8%) on a consolidated
basis for the current fiscal year under review. The Group recorded operating profits of 7,709 million yen (year-on-year
decrease of 27.0%), ordinary profit of 8,698 million yen (year-on-year decrease of 24.9%), and profit attributable toowners of parent of 4,830 million yen (year-on-year decrease of 32.0%).
(Sales)The Group’s net sales by segment are as follows.
Previous consolidated fiscal year Current consolidated fiscal year
Segment(From March 16, 2020

(From March 16, 2021

Year-on-year

to March 15, 2021)

to March 15, 2022)

comparison

AmountAmount(%)(Mil. yen)(Mil. yen)

(%)

(%)

Pharmaceuticals

50,95818.0

50,83918.3

99.8

Cosmetics

20,6807.3

20,816

7.5

100.7

Sundries

79,61328.1

78,344

28.1

98.4

General food

132,33846.6

128,544

46.1

97.1

283,591

100.0

278,544

100.0

98.2

Total

(Notes) 1. Number of units sold is omitted because the Company’s has an extensive product range.
2. Amounts above do not include rent revenue from real estate.

－ 2 －(Outlook for the next fiscal year)
Japan’s economy in the coming fiscal year is expected to have exposure to prolonged risks of sluggish economic
activities due to the effects of the spread of COVID-19. In addition, there are heightened geopolitical risks in overseas
affairs. Those factors are making the outlook increasingly uncertain. The consumer environment is likely to remain
tougher still mainly due to anxiety about the future with sluggish economic activities while commodity prices, living
expenses, and other items are rising.
In such environment, the Group will work on systemization and mechanization based on DX promotion measures forthe purpose of improving productivity and overall efficiency, including logistics, in order to further strengthen its
business infrastructure to cope with the recent rapidly changing business environment. Furthermore, together with newstore openings in its dominant areas, as a differentiation measure against increasingly fierce competition, we willcontinue to open dispensing pharmacies in our existing stores. At the same time, we will make progress with measuresfor enhancing our expertise by strengthening functions that enable qualified specialists, such as pharmacists, to provide
counseling. This is aimed at activities for health maintenance, health improvement, and extension of healthy life
including beauty and illness prevention as a measure for strengthening health and beauty care. We will also offer
product lineups in response to people’s growing health awareness. Furthermore, we will make every effort to improve
the quality of consumers’ living and customer satisfaction in local communities by making further progress in building
local community-based stores with functions as local infrastructure. We will do this while focusing on offering
products that value safety at reasonable prices in an effort to respond to the consumption environment where people
are increasingly conscious about protecting their living.
Regarding new store openings and closings, the Group plans to open 16 stores mainly in the areas where it currently
operates, and to close two stores. Furthermore, to further make progress on measures for expertise enhancement, theGroup plans to launch 13 in-store dispensing pharmacies at existing stores and to close one.
From the above, the Group forecasts, for the fiscal year ending March 2023, that the net sales will be 283,000 million
yen, operating profit 8,200 million yen, ordinary profit 9,200 million yen, and profit attributable to owners of parent
5,500 million yen.
(2) Overview of Financial Position for the Current Fiscal Year
1) Assets, liabilities and net assets
Assets decreased 2,378 million yen compared with the end of the previous fiscal year, to 191,721 million yen. Thiswas due primarily to a decrease in cash and deposits.
Liabilities decreased 6,171 million yen compared with the end of the previous fiscal year, to 87,071 million yen.
This was due primarily to a decrease in long-term borrowings and income taxes payable.
Net assets increased 3,792 million yen compared with the end of the previous fiscal year, to 104,649 million yen.
This was due primarily to an increase in retained earnings.
Equity ratio increased to 54.5% (year-on-year increase of 2.6 point).
2) Cash flows
Cash and cash equivalents as of the end of the fiscal year under review (hereinafter referred to as “fund”) amounted
to 38,959 million yen (2,276 million yen decrease compared with the end of the previous fiscal year).
(Cash flow from operating activities)
Net cash provided by operating activities amounted to 6,868 million yen (year-on-year decrease of 8,398 millionyen). This was due primarily to the fact that profit before income taxes was 7,687 million yen (year-on-year
decrease of 2,948 million yen), depreciation was 4,424 million yen (year-on-year decrease of 49 million yen), while
income taxes paid was 4,977 million yen (year-on-year increase of 2,349 million yen).

－ 3 －(Cash flow from investing activities)
Net cash used in investing activities amounted to 4,536 million yen (year-on-year increase of 1,383 million yen).
This was due primarily to the fact that purchase of property, plant and equipment associated with the opening of newstores amounted to 3,973 million yen (year-on-year increase of 1,163 million yen).
(Cash flows from financing activities)
Net cash used in financing activities amounted to 4,607 million yen (year-on-year increase of 622 million yen). Thiswas due primarily to the fact that while proceeds from long-term borrowings were 7,650 million yen (year-on-year
decrease of 1,850 million yen), repayments of long-term borrowings were 11,140 million yen (year-on-year
decrease of 1,366 million yen), dividends paid were 1,115 million yen (year-on-year increase of 112 million yen).
(Trends of Cash Flow-related Indicators)
FYE3/2018

FYE3/2019

FYE3/2020

FYE3/2021

FYE3/2022

50.1

50.7

50.3

51.9

54.5

31.5

23.0

20.9

33.6

27.5

3.8

4.7

2.4

1.7

3.3

84.9

84.4

178.8

246.8

138.0

Equity ratio (%)
Equity ratio on
market value (%)
Ratio of interestbearing debts tocash flows(years)Interest coverage
ratio (multiples)

Equity Ratio: Shareholders’ equity/Total assets
Equity ratio on market value: Market capitalization/Total assets
Ratio of interest-bearing debt to cash flow: Interest-bearing debt/Cash flow
Interest coverage ratio: Cash flow/Interest expenses
Note 1: All figures are calculated based on consolidated financial results.
Note 2: Market capitalization is calculated based on number of shares issued excluding treasury stock.
Note 3: Cash flows are based on operating cash flows.
Note 4: Interest-bearing debt represents debt posted on the consolidated balance sheet and accompanied by interest
payments.
(3) Principles of Appropriation of Profits and Dividend Payment for the Current Fiscal Year and the Next Fiscal Year
The Group recognizes that returning profit to shareholders is a top-priority management issue. Our basic policy calls
for continuous and stable dividend payments, taking into account the future business prospects as well as theenhancement of internal reserves to ensure stable growth of the Group.
As of the fiscal year ended March 15, 2022, the Group is planning to propose an ordinary dividend of 50 yen per share,
an increase of 5 yen per share from the previous fiscal year, at the end of the current fiscal year in the 55th Ordinary
General Meeting of Shareholders scheduled to be held on June 14, 2022.
The Group also plans to distribute an ordinary dividend of 50 yen per share in the following fiscal year.
Internal reserves will be used as funds primarily for opening of new stores, sales floor expansion, and renovation.

2. Basic Policy on Selecting Accounting Standards
The Group has adopted Japanese accounting standards to ensure that its operating results are comparable withcompetitors in Japan.

－ 4 －3. Consolidated financial statements(1)Consolidated balance sheets(Millions of yen)
As of March 15, 2021

As of March 15, 2022

AssetsCurrent assets
Cash and deposits

41,23538,959Accounts receivable - trade
Merchandise

5,368
30,7295,850
31,402

Supplies
Other

32
5,429

30
5,179

Total current assets

82,79681,422

110,409(70,256)

112,585(72,758)

40,15339,826Land
Construction in progress

50,105
1

49,601
8

Other
Accumulated depreciation

24,225(20,561)

25,019(21,589)

3,664

3,430

93,924

92,867

Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net

Other, net
Total property, plant and equipment
Intangible assets
Other

4,918

5,087

Total intangible assets

4,918

5,087

Investments and other assets
Investment securities

76

79

Leasehold and guarantee deposits
Deferred tax assets

7,988
4,017

7,832
4,082

Other

377

348

12,46012,343111,303110,298

194,100

191,721

Total investments and other assets
Total non-current assets
Total assets－ 5 －(Millions of yen)
As of March 15, 2021

As of March 15, 2022

Liabilities
Current liabilities
Accounts payable - trade
Current portion of long-term borrowings

41,220
10,25940,625
9,200

Income taxes payable
Provision for bonuses

3,065
1,364

1,217
1,188

Provision for point card certificates
Provision for loss on disaster

1,188
134

1,352
–

Other

7,805

7,081

Total current liabilities

65,03760,665Long-term borrowings
Retirement benefit liability

16,151
7,718

13,7198,217

Provision for point card certificates
Asset retirement obligations

513
2,840

524
2,996

Non-current liabilities

Other

981

948

28,20526,406

93,24387,071

Shareholders' equity
Share capital

13,001

13,001

Capital surplus
Retained earnings

14,89977,293

14,90181,008Treasury shares(4,411)(4,387)

Total shareholders' equity

100,782

104,524

Valuation difference on available-for-sale securities

(2)

(0)

Total accumulated other comprehensive income

(2)

(0)

Total non-current liabilities
Total liabilities
Net assets

Accumulated other comprehensive income

Share acquisition rights
Total net assets
Total liabilities and net assets

－ 6 －

76

126

100,857

104,649

194,100

191,721

(2)Consolidated statements of income and consolidated statements of comprehensive income(Consolidated statements of income)(Millions of yen)
Fiscal year ended
March 15, 2021

Fiscal year ended
March 15, 2022

Net sales
Cost of sales

284,492
219,813279,462
216,313Gross profit

64,67863,149Selling, general and administrative expenses

54,11755,439Operating profit

10,5607,709Interest income
Dividend income

28
4

24
2

Sponsorship money income
Commission income

109
816

149
807

Revenue from sales of electric power
Other

191
290

195
218

Total non-operating income

1,441

1,399

Non-operating income

Non-operating expenses
Interest expenses

61

49

Commission expenses
Depreciation

171
74

156
65

Other

112

137

Total non-operating expenses

420

409

11,581

8,698

Gain on sale of investment securities
Gain on sale of non-current assets

9
33

–
0

Total extraordinary income

420

Ordinary profit
Extraordinary income

Extraordinary losses
Loss on sale of non-current assets

6

21

Loss on retirement of non-current assets
Impairment losses

44
768

33
944

Provision for loss on disaster
Loss on disaster

134
3

–
5

Other

29

6

Total extraordinary losses

987

1,011

Profit before income taxes

10,636

7,687

Income taxes - current
Income taxes - deferred

3,941
(414)

2,922
(65)

Total income taxes

3,527

2,857

Profit

7,109

4,830

Profit attributable to owners of parent

7,109

4,830

－ 7 －

(Consolidated statements of comprehensive income)(Millions of yen)

ProfitFiscal year ended

Fiscal year ended

March 15, 2021

March 15, 2022
7,109

4,830

16

1

16

1

Comprehensive income

7,125

4,832

Comprehensive income attributable toComprehensive income attributable to owners of parent

7,125

4,832

Other comprehensive income
Valuation difference on available-for-sale securities
Total other comprehensive income－ 8 －(3)Consolidated statements of changes in equity
Fiscal year ended March 15, 2021
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

13,001Retained earnings

14,885

Treasury shares

71,187

Total shareholders' equity(4,434)

94,640Changes during period
Dividends of surplus(1,003)(1,003)Purchase of treasury shares
Disposal of treasury shares

13

Profit attributable to owners ofparent

(0)

(0)

23

37

7,109

7,109

Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

–

13

6,105

22

6,142

13,001

14,89977,293(4,411)

100,782

Accumulated other comprehensive income
Valuation difference on
available-for-sale securities
Balance at beginning of period

Share acquisition rights

Total accumulated othercomprehensive income

(18)

(18)

Total net assets

77

94,699Changes during period
Dividends of surplus(1,003)Purchase of treasury shares(0)

Disposal of treasury shares

37

Profit attributable to owners ofparent7,109

Net changes in items other thanshareholders' equity

16

16

Total changes during period

16

16

(0)

6,158

Balance at end of period

(2)

(2)

76

100,857

－ 9 －

(0)

15

Fiscal year ended March 15, 2022
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

13,001Retained earnings

14,899Treasury shares

77,293

Total shareholders' equity(4,411)

100,782

Changes during period
Dividends of surplus(1,115)(1,115)Purchase of treasury shares
Disposal of treasury shares

1

Profit attributable to owners ofparent

(0)

(0)

24

26

4,830

4,830

Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

–

1

3,715

24

3,741

13,001

14,90181,008(4,387)

104,524

Accumulated other comprehensive income
Valuation difference on
available-for-sale securities
Balance at beginning of period

Share acquisition rights

Total accumulated othercomprehensive income

(2)

(2)

Total net assets

76

100,857

Changes during period
Dividends of surplus(1,115)Purchase of treasury shares(0)

Disposal of treasury shares

26

Profit attributable to owners ofparent4,830

Net changes in items other thanshareholders' equity

1

1

49

51

Total changes during period

1

1

49

3,792

Balance at end of period

(0)

(0)

126

104,649－ 10 －

(4)Consolidated statements of cash flows(Millions of yen)
Fiscal year ended

Fiscal year ended

March 15, 2021

March 15, 2022

Cash flows from operating activities
Profit before income taxes
Depreciation

10,636
4,473

7,687
4,424

Impairment losses
Loss on retirement of non-current assets

768
24

944
9

Increase (decrease) in provision for bonuses
Increase (decrease) in retirement benefit liability

140
414

(176)
498

Increase (decrease) in provision for loss on disaster
Loss (gain) on sale of investment securities

134
(9)

(134)
–

Interest and dividend income
Interest expenses

(33)
61

(27)
49

Loss (gain) on sale of non-current assets
Increase (decrease) in provision for point card certificates

(27)
166

21
175

Decrease (increase) in trade receivables
Decrease (increase) in inventories

1,112
(101)

(482)
(670)

Increase (decrease) in trade payables
Other, net

(413)
600

(594)
167

17,951

11,891

5
(61)

3
(49)

Income taxes paid

(2,628)(4,977)

Net cash provided by (used in) operating activities

15,267

6,868

Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment(2,809)80(3,973)109

Purchase of intangible assets
Proceeds from sale of investment securities

(373)
44

(526)
–

Purchase of long-term prepaid expenses
Payments of leasehold and guarantee deposits

(77)
(36)

(58)
(116)

Proceeds from refund of leasehold and guarantee deposits
Other, net

6
12

27
1

SubtotalInterest and dividends received
Interest paid

Cash flows from investing activities(3,152)(4,536)

Cash flows from financing activities
Proceeds from long-term borrowings

Net cash provided by (used in) investing activities

9,500

7,650

Repayments of long-term borrowings
Purchase of treasury shares(12,507)(0)(11,140)(0)Proceeds from disposal of treasury shares
Dividends paid

37
(1,002)0(1,115)(11)(1)(3,984)(4,607)

Other, net
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents

8,129(2,276)

Cash and cash equivalents at beginning of period

33,10541,235

Cash and cash equivalents at end of period

41,23538,959－ 11 －