Financial Results for the Fiscal Year Ended (FYE) March 15, 2020 [Japanese GAAP] (Consolidated)
April 24, 2020
Company Name

CAWACHI LIMITED

Security Code
Representative

2664(Title)URL
President
Director
Contact(Title)General Manager,
Finance Department
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:

Tokyo Stock Exchange,
first section

http://www.cawachi.co.jp/(Name) Shinji Kawachi(Name)

Yoritsugu Komatsu (TEL) 0285 (32) 1131

June 11, 2020
June 12, 2020
June 12, 2020
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, 2020 (From March 16, 2019 to March 15, 2020)(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,
270,313
1.7
5,675
30.1
6,573
19.1
3,822 89.5
2020
FYE March,
265,788 (1.2)
4,361(13.4)
5,517(9.0)
2,016 (47.9)
2019(Notes) 1. Comprehensive income: FYE March, 2020 ¥ 3,821 million (94.4 %)FYE March, 2019 ¥ 1,965 million (-48.8 %)2. Changes were made in presentation methods in the beginning of FYE March, 2020, and the numbers afternecessary reclassification that reflect the changes are shown for FYE March, 2019.
Profit toProfit per share –Ordinary profit to Operating profit
Profit per share
Shareholders’dilutedAssetsto Net sales
equity
yen
yen
%
%
%
FYE March,
170.36170.23
4.1
3.5
2.1
2020
FYE March,
88.44
88.38
2.2
3.0
1.6
2019
(Reference) Equity method investment gain (loss): FYE March, 2020 ¥ ― million
FYE March, 2019 ¥ ― million(2) Consolidated Financial Positions
Shareholders’ equity
Total assets
Net assets
Net assets per shareratio
million yen
million yen%yen
FYE March,
188,190
94,69950.3
4,243.64
2020
FYE March,
182,944
92,87850.7
4,070.17
2019(Reference) Shareholders’ equity: FYE March, 2020
¥ 94,621 million
FYE March, 2019
¥ 92,819 million

(3) Consolidated Cash Flows

million yen

million yen

million yen

Cash and cash
equivalents at the endof the year
million yen

12,159(3,718)(3,747)

33,105

6,684(1,791)(2,404)28,412

Cash flows fromoperating activitiesFYE March,
2020
FYE March,
2019

Cash flows frominvesting activities

Cash flows fromfinancing activities

2. Dividends
Annual dividends

FYE March, 2019
FYE March, 2020
FYE March, 2021
(forecast)End of
1Q

End of2Q

End of3Q

End of
the
year

Total

yen
—
—

yen
0.00
0.00

yen
—
—

yen
45.00
45.00

yen
45.00
45.00

—

0.00

—

45.00

45.00

Total
amount ofannualdividends

Dividend
payout ratio(consolidated)million yen
1,026
1,003

%
50.9
26.4

Ratio ofdividends to
net assets(consolidate
d)
%
1.1
1.1

25.1

3. Forecast of Consolidated Results for FYE March, 2021 (March 16, 2020 to March 15, 2021)(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
shareparent2Q (cumulative)
Full year

millionyen%

millionyen%

millionyen%

million
yen

%

yen

139,200
270,000

2.0
(0.1)

3,000
5,000

15.3
(11.9)

3,500
6,000

13.8
(8.7)

2,300
4,000

13.8
4.6

103.15179.39(Note) Since it is not possible to estimate the effects of the spread of COVID-19 on the Group’s business as of now,
they are not incorporated into the forecast.

*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 theperiod

FYE
2020
FYE
2020
FYE
2020

March,

24,583,420
shares2,286,092
shares
22,437,232
sharesMarch,March,

None
None
None
None

FYE March,
2019
FYE March,
2019
FYE March,
2019

24,583,420
shares
1,778,526
shares22,804,932
shares(Reference) Overview of Non-consolidated Financial Results
Non-consolidated Financial Results for the FYE March, 2020 (From March 16, 2019 to March 15, 2020)(1) Non-consolidated Operating Results(Percent represents comparison changes from the previous year.)Net salesFYE March,
2020
FYE March,
2019

Operating profit

Net Profit

million yen%

million yen%

million yen%

million yen%

251,871

2.1

5,492

21.0

6,314

12.6

3,571

41.1

246,768

(1.2)

4,537

(13.3)

5,606

(9.2)

2,530

(40.6)

yen

Profit per share –dilutedyen

159.17159.06110.95110.88

Profit per share
FYE March,
2020
FYE March,
2019

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

Net assets

Shareholders’ equity
ratio%

million yen
million yen
FYE March,
183,639
95,3122020
FYE March,
178,71293,7422019(Reference) Shareholders’ equity: FYE March, 2020
¥ 95,235 million
FYE March, 2019
¥ 93,684 million

Net assets per share
yen

51.9

4,271.15

52.4

4,108.07* 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 theforecasts.

○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 2020, Japan’s economy showed a moderate recovery against the backdrop of
improved corporate earnings and employment; however, uncertainty over the economic outlook heightened andremained with signs of sluggish economic activities on the back of the COVID-19 pandemic as well as U.S.–China
trade frictions and mounting geopolitical risks in overseas affairs including the Middle-East situation. A budgetminded trend in consumer spending became more pronounced and continued because of looming concerns overeffects of various cost increases on commodity prices and various future burdens in addition to a hike in consumption
tax and repeated typhoon damage. On the other hand, due to the effects of the spread of COVID-19, demand for
products related to protective equipment and consumer necessities increased, and so did the demand for eating at home
due partly to a trend of avoiding going out as a precautionary measure.
In the drugstore sector, to which the Cawachi Group (“the Group”) belongs, the Group has seen an increasingly toughbusiness environment with continuously intensifying price competition among different retail sectors and different
store formats, as well as more new store openings by competitors.
Under such circumstances, the Group has been opening and closing stores in key areas to secure a more dominantposition and improve efficiency through the establishment of a solid business base in each area. Furthermore, torespond to increasing competition, while re-examining sales prices and product lineups, the Group has made efforts tostrengthen its health and beauty-related counseling function to enhance its specialization. In addition, the Groupendeavored to procure and supply pharmaceutical-related products and consumer necessities to fulfill the function as
local infrastructure in times of emergency.
In terms of new store openings, the Group opened a total of nine stores: four stores in Ibaragi, two stores in Tochigi,
and one store each in Akita, Yamagata, and Fukushima. The Group also launched a total of five dispensing pharmacies
with existing stores: one each in Iwate, Yamagata, Ibaraki, Tochigi, and Nagano. The Group closed a total of four
stores: two stores in Iwate and one store each in Ibaraki and Shizuoka. Accordingly, the Group has a total of 339 stores(of which 116 have an in-store dispensing pharmacy).
As a result, the Group recorded net sales of 270,313 million yen (year-on-year increase of 1.7%) on a consolidated
basis for the current fiscal year under review. The Group also recorded operating profit of 5,675 million yen (year-onyear increase of 30.1%), ordinary profit of 6,573 million yen (year-on-year increase of 19.1%) and, profit attributableto owners of parent amounted to 3,822 million yen (year-on-year increase of 89.5%).
From the current fiscal year, the Group began transitioning to a new point-card system and necessary accounting
treatment for points including switching from the existing point cards.
(Sales)The Group’s net sales by segment are as follows.
Previous consolidated fiscal year Current consolidated fiscal year
Segment(From March 16, 2018

(From March 16, 2019Year-on-year

to March 15, 2019)

to March 15, 2020)

comparison

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

(%)

(%)

Pharmaceuticals

45,07817.0

46,527

17.3

103.2

Cosmetics

23,102

8.7

22,621

8.4

97.9

Sundries

74,26628.1

76,221

28.3

102.6

General food

122,47846.2

124,046

46.0

101.3

264,926100.0

269,417

100.0

101.7

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 as well as heightened geopolitical risks in overseas affairs, andthus the outlook is increasingly uncertain. The consumer environment is likely to remain hard because the outlook is
increasingly uncertain due to anxiety for future with sluggish economic activities while commodity prices and living
expenses are rising.
In such environment, the Group will focus on new store openings mainly in its dominant areas for the purpose ofstrengthening its business infrastructure as its medium-term policy. It will also strive to improve its systems to enhancestore operation efficiency and optimize inventory levels including logistics framework for the purpose of increasing
productivity. Furthermore, as a differentiation measure against increasingly fierce competition, while we continue toopen dispensing pharmacies in our existing stores, we will make progress in measures for enhancing our expertise bystrengthening the functions that enable qualified specialists, such as pharmacists, to provide counseling. This is aimed
at health maintenance, health improvement, and healthy life extension activities including a growing appetite forbeauty care and illness prevention as a measure for strengthening health and beauty care in response to people’s
growing health awareness. In addition, we will make every effort to improve the quality of consumers’ living andcustomer satisfaction 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 torespond to the consumption environment where people are increasingly conscious about protecting their living.
Regarding new store openings and closings, the Group plans to open 12 stores mainly in the areas where it currently
operates, and to close 3 stores. Furthermore, to further make progress on measures for expertise enhancement, theGroup plans to launch seven in-store dispensing pharmacies at existing stores.
From the above, the Group forecasts, for the fiscal year ending March 2021, that the net sales will be 270,000 million
yen, operating profit 5,000 million yen, ordinary profit 6,000 million yen, and profit attributable to owners of parent
4,000 million yen.
(2) Overview of Financial Position for the Current Fiscal Year
1) Assets, liabilities and net assets
Assets increased 5,245 million yen compared with the end of the previous fiscal year, to 188,190 million yen, due
primarily to increase in cash and deposits.
Liabilities at the end of the fiscal year under review increased 3,424 million yen compared with the end of theprevious fiscal year, to 93,491 million yen. This was due primarily to increase in accounts payable - trade.
Net assets at the end of the fiscal year under review increased 1,821 million yen compared with the end of theprevious fiscal year, to 94,699 million yen, due primarily to increase in retained earnings.
Equity ratio decreased to 50.3% (year-on-year decrease of 0.4 point).
2) Cash flows
Cash and cash equivalents as of the end of the fiscal year under review (hereinafter referred to as “fund”) increased
to 33,105 million yen (4,693 million yen increase compared with the end of the previous fiscal year).
(Cash flow from operating activities)
Net cash from operating activities for the current fiscal year increased to 12,159 million yen (year-on-year increaseof 5,475 million yen). This was mainly due to the fact that profit before income taxes was 5,782 million yen (yearon-year increase of 1,947 million yen), depreciation was 4,587 million yen (year-on-year decrease of 343 million
yen) and provision for point card certificates was 1,152 million yen (year-on-year increase of 1,148 million yen).
(Cash flow from investing activities)
Net cash used in investing activities for the current fiscal year amounted to 3,718 million yen (year-on-year increaseof 1,926 million yen). This was due primarily to the fact that purchase of property, plant and equipment associated－ 3 －with the opening of new stores amounted to 3,437 million yen (year-on-year increase of 821 million yen).
(Cash flows from financing activities)
Net cash used in financing activities for the current fiscal year amounted to 3,747 million yen (year-on-year increaseof 1,343 million yen). This was due primarily to the fact that while proceeds from long-term borrowings were
10,900 million yen (year-on-year decrease of 1,700 million yen), repayments of long-term borrowings were 12,590
million yen (year-on-year decrease of 940 million yen), dividends paid were 1,026 million yen (year-on-year
decrease of 0 million yen) and purchase of treasury shares was 1,000 million yen (year-on-year increase of 999
million yen).
(Trends of Cash Flow-related Indicators)
FYE3/2016

FYE3/2017

FYE3/2018

FYE3/2019

FYE3/2020

49.0

49.3

50.1

50.7

50.3

26.8

38.6

31.5

23.0

20.9

3.2

3.8

3.8

4.7

2.4

64.9

67.5

84.9

84.4

178.8

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.
Under this basic policy, the Group is planning to propose an ordinary dividend of 45 yen per share at the end of thecurrent fiscal year in the 53rd Ordinary General Meetings of Shareholders scheduled to be held on June 11, 2020.
The Group plans to distribute an ordinary dividend of 45 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, 2019

As of March 15, 2020

AssetsCurrent assets
Cash and deposits
Accounts receivable - trade28,412
3,579

33,105
6,481

Merchandise
Supplies

31,51530

30,633
27

Other

5,406

5,569

Total current assets

68,94475,818

107,459

109,077

Accumulated depreciation(65,614)(67,940)

Buildings and structures, net

41,845

41,136

Land

50,77750,282

Construction in progress
Other

104
22,4105
23,203(18,190)(19,346)

Non-current assets
Property, plant and equipment
Buildings and structures

Accumulated depreciation
Other, net

4,219

3,857

96,947

95,282

Other

4,909

4,790

Total intangible assets

4,909

4,790

Investment securities
Leasehold and guarantee deposits

149
8,478

88
8,175

Deferred tax assets
Other

3,067
448

3,610
424

Total investments and other assets

12,143

12,299Total property, plant and equipment
Intangible assets

Investments and other assets

Total non-current assets
Total assets－ 5 －114,000

112,372

182,944

188,190

(Millions of yen)
As of March 15, 2019

As of March 15, 2020

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

38,28911,431

41,633
11,096

Income taxes payable
Provision for bonuses

1,283
1,085

1,762
1,224

Provision for point card certificates
Provision for loss on store closing

381
66

985
–

Other

7,089

6,862

Total current liabilities

59,62763,564Long-term loans payable
Retirement benefit liability

19,677
7,037

18,322
7,304

Provision for point card certificates
Asset retirement obligations

–
2,632

549
2,728

Non-current liabilities

Other

1,092

1,022

Total non-current liabilities

30,43929,92690,06693,491

Shareholders' equity
Capital stock

13,001

13,001

Capital surplus
Retained earnings

14,88568,391

14,88571,187

Treasury shares(3,441)(4,434)

Total shareholders' equity

92,837

94,640

Valuation difference on available-for-sale securities

(17)

(18)

Total accumulated other comprehensive income

(17)

(18)

Total liabilities
Net assets

Accumulated other comprehensive income

Share acquisition rights
Total net assets
Total liabilities and net assets

－ 6 －

58

77

92,878

94,699

182,944

188,190

(2)Consolidated statements of income and consolidated statements of comprehensive income(Consolidated statements of income)(Millions of yen)
Fiscal year ended

Fiscal year ended

March 15, 2019

March 15, 2020

Net sales

265,788

270,313

Cost of sales

208,129

211,601

Gross profit

57,65858,711

Selling, general and administrative expenses

53,29753,035

Operating profit

4,361

5,675

Non-operating income
Interest income

3632Dividend income
Commission income

5
791

4
826

Revenue from sales of electric power
Other

218
498

195
251

Total non-operating income

1,550

1,310

Non-operating expenses
Interest expenses
Commission expenses
Depreciation

79

68

146
101

172
84

Other

67

87

Total non-operating expenses

394

412

5,517

6,573

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

6
72

–
24

Insurance income
Other

–
17

95
76

Total extraordinary income

96

196

Extraordinary losses
Loss on sales of non-current assets

166

56

14
–

26
57

1,535
–

647
162

63

39

Ordinary profit
Extraordinary income

Loss on retirement of non-current assets
Loss on valuation of investment securities
Impairment loss
Loss on disaster
Other

1,780

988

Profit before income taxes

Total extraordinary losses

3,834

5,782

Income taxes - current
Income taxes - deferred

2,044
(226)

2,500
(540)

Total income taxes

1,817

1,959

Profit

2,016

3,822

Profit attributable to owners of parent

2,016

3,822

－ 7 －

(Consolidated statements of comprehensive income)(Millions of yen)
Fiscal year ended
March 15, 2019
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Total other comprehensive income
Comprehensive income

Fiscal year ended
March 15, 2020
2,016

3,822

(50)

(0)

(50)

(0)

1,965

3,821

1,965

3,821

Comprehensive income attributable toComprehensive income attributable to owners of parent－ 8 －(3)Consolidated statements of changes in equity
Fiscal year ended March 15, 2019
(Millions of yen)
Shareholders' equity
Capital stock
Balance at beginning of current
periodCapital surplus

13,001Retained earnings

14,885

Treasury shares

67,400Total shareholders' equity(3,441)

91,846

Changes of items during period
Dividends of surplus(1,026)(1,026)

Purchase of treasury shares(0)Profit attributable to owners ofparent

(0)

2,016

2,016

Net changes of items other thanshareholders' equity
Total changes of items during
periodBalance at end of current period

–

–

990

(0)

990

13,001

14,88568,391(3,441)

92,837

Accumulated other comprehensive income
Valuation difference on
available-for-sale securities
Balance at beginning of current
periodShare acquisition rights

Total accumulated othercomprehensive income

33

33

Total net assets–

91,880Changes of items during period
Dividends of surplus(1,026)

Purchase of treasury shares(0)Profit attributable to owners ofparentNet changes of items other thanshareholders' equity

2,016
(50)

(50)

58

7

Total changes of items during
period

(50)

(50)

58

997

Balance at end of current period

(17)

(17)

58

92,878－ 9 －Fiscal year ended March 15, 2020
(Millions of yen)
Shareholders' equity
Capital stock
Balance at beginning of current
periodCapital surplus

13,001Retained earnings

14,885

Treasury shares

68,391

Total shareholders' equity(3,441)

92,837

Changes of items during period
Dividends of surplus(1,026)(1,026)

Purchase of treasury shares
Disposal of treasury shares(0)Profit attributable to owners ofparent(1,000)(1,000)

7

7

3,822

3,822

Net changes of items other thanshareholders' equity
Total changes of items during
periodBalance at end of current period

–

(0)

2,796

(992)

1,803

13,001

14,88571,187(4,434)

94,640

Accumulated other comprehensive income
Valuation difference on
available-for-sale securities
Balance at beginning of current
periodShare acquisition rights

Total accumulated othercomprehensive income

(17)

(17)

Total net assets

58

92,878Changes of items during period
Dividends of surplus(1,026)

Purchase of treasury shares(1,000)

Disposal of treasury shares

7

Profit attributable to owners ofparentNet changes of items other thanshareholders' equity

3,822
(0)

(0)

19

18

Total changes of items during
period

(0)

(0)

19

1,821

Balance at end of current period

(18)

(18)

77

94,699－ 10 －

(4)Consolidated statements of cash flows(Millions of yen)
Fiscal year ended
March 15, 2019
Cash flows from operating activities
Profit before income taxes

Fiscal year ended
March 15, 2020
3,834

5,782

Depreciation
Impairment loss

4,931
1,535

4,587
647

Amortization of goodwill
Loss on retirement of non-current assets

214
14

–
16

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

9
280

139
266

Increase (decrease) in provision for loss on store closing
Loss (gain) on valuation of investment securities

11
–

(66)
57

Loss (gain) on sales of investment securities
Interest and dividend income

(6)
(41)

–
(37)

Interest expenses
Loss (gain) on sales of non-current assets

79
93

68
32

Increase (decrease) in provision for point card certificates
Decrease (increase) in notes and accounts receivable - trade

4
(505)

1,152
(2,902)

Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable - trade(1,698)
(101)

884
3,344

Other, net

318

561

Subtotal

8,972

14,5355

5Interest expenses paid
Income taxes paid

(78)
(2,215)(66)(2,314)

Net cash provided by (used in) operating activities

6,684

12,159(2,615)(3,437)

Proceeds from sales of property, plant and equipment
Purchase of intangible assets

977
(156)

48
(281)

Proceeds from sales of investment securities
Purchase of long-term prepaid expenses

38
(23)

–
(84)

Payments for leasehold and guarantee deposits
Proceeds from collection of leasehold and guarantee deposits

(45)
34

(55)
87

Other, net(1)

5(1,791)(3,718)Proceeds from long-term loans payable
Redemption of bonds

12,600(400)

10,900–

Repayments of long-term loans payable
Purchase of treasury shares(13,530)(0)(12,590)(1,000)

Proceeds from disposal of treasury shares
Cash dividends paid–
(1,026)0(1,026)

Interest and dividend income received

Cash flows from investing activities
Purchase of property, plant and equipment

Net cash provided by (used in) investing activities
Cash flows from financing activities

Other, net
Net cash provided by (used in) financing activities

(47)

(31)

(2,404)(3,747)

Net increase (decrease) in cash and cash equivalents

2,487

4,693

Cash and cash equivalents at beginning of period

25,92428,412

Cash and cash equivalents at end of period

28,412

33,105－ 11 －