Financial Results for the Fiscal Year Ended (FYE) March 15, 2021 [Japanese GAAP] (Consolidated)
April 26, 2021
Company Name

CAWACHI LIMITED

Security Code
Representative

2664(Title)Contact(Title)Exchange listed on:
URL

President
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:

Tokyo Stock Exchange,
first section

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

Hiroshi Asuke(TEL) 0285 (32) 1131

June 10, 2021
June 11, 2021
June 11, 2021
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, 2021 (From March 16, 2020 to March 15, 2021)(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,
284,492
5.2
10,56086.1
11,581
76.2
7,109 86.0
2021
FYE March,
270,313
1.7
5,675
30.1
6,573
19.1
3,822 89.5
2020
(Note) Comprehensive income: FYE March, 2021
¥ 7,125 million (86.5 %)FYE March, 2020
¥ 3,821 million (94.4 %)Profit per share

Profit per share –dilutedProfit toShareholders’equity%Ordinary profit to
Assetsyenyen
FYE March,
318.73318.497.3
2021
FYE March,
170.36170.23
4.1
2020(Reference) Equity method investment gain (loss): FYE March, 2021 ¥ ― million
FYE March, 2020 ¥ ― million(2) Consolidated Financial Positions
Shareholders’ equity
Total assets
Net assets
ratio
million yen
million yen%
FYE March,
194,100
100,857
51.9
2021
FYE March,
188,190
94,69950.3
2020(Reference) Shareholders’ equity: FYE March, 2021
¥ 100,780 million
FYE March, 2020
¥ 94,621 million

Operating profit
to Net sales

%

%

6.1

3.7

3.5

2.1

Net assets per shareyen
4,517.46
4,243.64

(3) Consolidated Cash Flows

million yen

million yen

million yen

Cash and cash
equivalents at the endof the year
million yen

15,267(3,152)(3,984)

41,235

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

33,105

Cash flows fromoperating activitiesFYE March,
2021
FYE March,
2020

Cash flows frominvesting activities

Cash flows fromfinancing activities

2. Dividends
Annual dividends per share
End of
1Q

End of2Q

End of3Q

End of
the
year

Total

Total
amount ofannualdividends

Dividend
payout ratio(consolidated)Ratio ofdividends to
net assets(consolidate
d)
%
1.1
1.1

yen
yen
yen
yen
yen million yen%
FYE March, 2020
—
0.00
—
45.00
45.00
1,003
26.4
FYE March, 2021
—
0.00
—
50.00
50.00
1,115
15.7
FYE March, 2022
—
0.00
—
45.00
45.00
18.2
(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, 2022 (March 16, 2021 to March 15, 2022)(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

143,800
282,000

(3.2)
(0.9)

4,200
7,500

(35.8)(29.0)

4,700
8,500

(33.0)(26.6)

3,050
5,500

(33.9)(22.6)

136.72
246.59

*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)(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
2021
FYE
2021
FYE
2021

March,March,March,

24,583,420
shares2,274,254
shares
22,304,319

None

None
None
None
None
FYE March,
2020
FYE March,
2020
FYE March,
2020

24,583,420
shares2,286,092
shares
22,437,232
shares(Reference) Overview of Non-consolidated Financial Results
Non-consolidated Financial Results for the FYE March, 2021 (From March 16, 2020 to March 15, 2021)(1) Non-consolidated Operating Results(Percent represents comparison changes from the previous year.)Net salesFYE March,
2021
FYE March,
2020

Ordinary profit

Net Profit

million yen%

million yen%

million yen%

million yen%

266,394

5.8

10,473

90.7

11,423

80.9

7,044

97.3

251,871

2.1

5,492

21.0

6,314

12.6

3,571

41.1

yen

Profit per share –dilutedyen

315.86315.62

159.17159.06

Profit per share
FYE March,
2021
FYE March,
2020

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

Net assets

Shareholders’ equity
ratio%

million yen
million yen
FYE March,
189,625
101,406
2021
FYE March,
183,639
95,3122020(Reference) Shareholders’ equity: FYE March, 2021
¥ 101,330 million
FYE March, 2020
¥ 95,235 million

Net assets per share
yen

53.4

4,542.08

51.9

4,271.15* 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, 2021, Japan’s economy showed signs of recovery as economic activities that
had been stagnant due to the effects of the spread of COVID-19 gradually resumed; however, uncertainty over the
economic outlook remained due to the fact that there was no prospect for a recovery such as a trend to see additional
waves of COVID-19, and other factors. A budget-minded trend in consumer spending has continued because oflooming concerns over various future increases in burdens as well as downside risks to the economy and other causes.
On the other hand, in addition to the response to new lifestyles, as the trend for the spread of COVID-19 continued,
sales of products related to protective equipment remained steady. Also, demand for eating at home, consumer
necessities, and other items trended upward due partly to the continued tendency for people to avoid going out as aprecautionary measure and other factors, despite the easing of the situation.
In the drugstore sector, to which the Cawachi Group ("the Group") belongs, sales of products related to equipment toprotect against COVID-19 and products associated with avoiding going out as a precautionary measure have been
robust. However, the Group has seen an increasingly tough business environment with continuously intensifying pricecompetition among different retail sectors and different store formats, as well as more new store openings bycompetitors, in addition to sluggish demand from inbound tourists.
Under these circumstances, the Group endeavored to strengthen its functions and to procure and supply products suchas pharmaceutical-related items and consumer necessities to fulfill its mission as a retailer in times of emergency. In
addition, the Group conducted a commemorative campaign to celebrate the 60th anniversary of its founding.
In terms of new store openings, the Group opened a total of eight stores: five stores in Tochigi, and one store each in
Fukushima, Ibaraki, and Saitama, all of which are areas it currently operates. The Group also launched a total of sevendispensing pharmacies with existing stores: three in Tochigi and one each in Miyagi, Yamagata, Fukushima, andIbaraki. The Group closed one store in Niigata. Accordingly, the Group has a total of 346 stores (of which 123 have an
in-store dispensing pharmacy).
As a result, the Group recorded net sales of 284,492 million yen (year-on-year increase of 5.2%) on a consolidated
basis for the current fiscal year under review. On the other hand, in terms of profits, the Group recorded operating
profit of 10,560 million yen (year-on-year increase of 86.1%) and ordinary profit of 11,581 million yen (year-on-yearincrease of 76.2%), and profit attributable to owners of parent amounted to 7,109 million yen (year-on-year increase of
86.0%). These were mainly due to the elimination of the effects of provision for points card certificates resulting fromthe transition to a new points card system in the previous year and other factors, in addition to the increase in grossprofit margin due to stronger demand for products related to protective equipment and other products, and the control
of selling, general and administrative expenses such as advertising expenses in connection with the review ofpromotional measures under COVID-19 pandemic.
(Sales)The Group’s net sales by segment are as follows.
Previous consolidated fiscal year Current consolidated fiscal year
Segment(From March 16, 2019

(From March 16, 2020

Year-on-year

to March 15, 2020)

to March 15, 2021)

comparison

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

(%)

(%)

Pharmaceuticals

46,52717.3

50,958

18.0

109.5

Cosmetics

22,621

8.4

20,6807.3

91.4

Sundries

76,221

28.3

79,613

28.1

104.4

General food

124,04646.0

132,338

46.6

106.7

269,417100.0

283,591

100.0

105.3

Total

－ 2 －

(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.
(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 tougher still mainly due toanxiety 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 15 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 ten in-store dispensing pharmacies at existing stores and to close one.
From the above, the Group forecasts, for the fiscal year ending March 2022, that the net sales will be 282,000 million
yen, operating profit 7,500 million yen, ordinary profit 8,500 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 increased 5,909 million yen compared with the end of the previous fiscal year, to 194,100 million yen, due
primarily to increase in cash and deposits.
Liabilities at the end of the fiscal year under review decreased 248 million yen compared with the end of theprevious fiscal year, to 93,243 million yen.
Net assets at the end of the fiscal year under review increased 6,158 million yen compared with the end of theprevious fiscal year, to 100,857 million yen, due primarily to increase in retained earnings.
Equity ratio increased to 51.9% (year-on-year increase of 1.6 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 41,235 million yen (8,129 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 15,267 million yen (year-on-year increaseof 3,107 million yen). This was mainly due to the fact that profit before income taxes was 10,636 million yen (yearon-year increase of 4,854 million yen), depreciation was 4,473 million yen (year-on-year decrease of 114 million
yen).
－ 3 －

(Cash flow from investing activities)
Net cash used in investing activities for the current fiscal year amounted to 3,152 million yen (year-on-year decreaseof 565 million yen). This was due primarily to the fact that purchase of property, plant and equipment associatedwith the opening of new stores amounted to 2,809 million yen (year-on-year decrease of 627 million yen).
(Cash flows from financing activities)
Net cash used in financing activities for the current fiscal year amounted to 3,984 million yen (year-on-year increaseof 237 million yen). This was due primarily to the fact that while proceeds from long-term borrowings were 9,500
million yen (year-on-year decrease of 1,400 million yen), repayments of long-term borrowings were 12,507 million
yen (year-on-year decrease of 82 million yen), dividends paid were 1,002 million yen (year-on-year decrease of 23
million yen).
(Trends of Cash Flow-related Indicators)
FYE3/2017

FYE3/2018

FYE3/2019

FYE3/2020

FYE3/2021

49.3

50.1

50.7

50.3

51.9

38.6

31.5

23.0

20.9

33.6

3.8

3.8

4.7

2.4

1.7

67.5

84.9

84.4

178.8

246.8

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.
As of the fiscal year ended March 15, 2021, the Group expresses its gratitude for celebrating the 60th anniversary of its
founding. The Group is planning to propose an ordinary dividend of 45 yen per share at the end of the current fiscal
year in the 54th Ordinary General Meetings of Shareholders scheduled to be held on June 10, 2021, plus acommemorative dividend of 5 yen for the 60th anniversary of the founding, making for a total dividend of 50 yen.
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, 2020

As of March 15, 2021

AssetsCurrent assets
Cash and deposits

33,10541,235

Accounts receivable - trade
Merchandise

6,481
30,633

5,368
30,729Supplies
Other

27
5,569

32
5,429

Total current assets

75,81882,796109,077(67,940)

110,409(70,256)

41,13640,153Land
Construction in progress

50,282
5

50,105
1

Other
Accumulated depreciation

23,203(19,346)

24,225(20,561)

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
Total intangible assets
Investments and other assets
Investment securities
Leasehold and guarantee deposits
Deferred tax assets
Other
Total investments and other assets
Total non-current assets
Total assets

－ 5 －

3,857

3,664

95,282

93,924

4,790

4,918

4,790

4,918

88

76

8,175
3,610

7,988
4,017

424

377

12,29912,460112,372

111,303

188,190

194,100

(Millions of yen)
As of March 15, 2020

As of March 15, 2021

Liabilities
Current liabilities
Accounts payable - trade41,633

41,220Current portion of long-term borrowings
Income taxes payable

11,096
1,762

10,2593,065

Provision for bonuses
Provision for point card certificates

1,224
985

1,364
1,188

Provision for loss on disaster
Other

–
6,862

134
7,805

Total current liabilities

63,56465,037

Non-current liabilities
Long-term borrowings

18,322

16,151Retirement benefit liability
Provision for point card certificates

7,304
549

7,718
513

Asset retirement obligations
Other

2,728
1,022

2,840
981

Total non-current liabilities

29,92628,20593,491

93,243

Share capital
Capital surplus

13,001
14,88513,001
14,899Retained earnings
Treasury shares

71,187(4,434)77,293(4,411)

Total shareholders' equity

Total liabilities
Net assets
Shareholders' equity

94,640100,782

Accumulated other comprehensive income
Valuation difference on available-for-sale securities

(18)

(2)

Total accumulated other comprehensive income

(18)

(2)

Share acquisition rights
Total net assets
Total liabilities and net assets

－ 6 －

77

76

94,699100,857

188,190

194,100

(2)Consolidated statements of income and consolidated statements of comprehensive income(Consolidated statements of income)(Millions of yen)
Fiscal year ended
March 15, 2020
Net sales
Cost of sales

Fiscal year ended
March 15, 2021

270,313
211,601

284,492
219,813Gross profit

58,71164,678Selling, general and administrative expenses

53,035

54,117

Operating profit

5,675

10,560Interest income
Dividend income

32
4

28
4

Commission income
Revenue from sales of electric power

826
195

816
191

Other

251

400

Total non-operating income

1,310

1,441

Interest expenses
Commission expenses

68
172

61
171

Depreciation
Other

84
87

74
112

Total non-operating expenses

412

420

6,573

11,581Non-operating income

Non-operating expenses

Ordinary profit
Extraordinary income
Gain on sales of investment securities–

9

Gain on sales of non-current assets
Insurance claim income

24
95

33
–

Other

76

–

Total extraordinary income

196

42

Loss on sales of non-current assets
Loss on retirement of non-current assets

56
26

6
44

Loss on valuation of investment securities
Impairment loss

57
647

–
768

Provision for loss on disaster
Loss on disaster

–
162

134
3

Extraordinary losses

Other

39

29

Total extraordinary losses

988

987

Profit before income taxes

5,782

10,636

Income taxes - current
Income taxes - deferred

2,500
(540)

3,941
(414)

Total income taxes

1,959

3,527

Profit

3,822

7,109

Profit attributable to owners of parent

3,822

7,109

－ 7 －

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

Fiscal year ended

March 15, 2020
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Total other comprehensive income

March 15, 2021
3,822

7,109

(0)

16

(0)

16

Comprehensive income

3,821

7,125

Comprehensive income attributable toComprehensive income attributable to owners of parent

3,821

7,125

－ 8 －

(3)Consolidated statements of changes in equity
Fiscal year ended March 15, 2020
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

13,001Retained earnings

14,885

Treasury shares

68,391

Total shareholders' equity(3,441)

92,837

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

Share acquisition rights

Total accumulated othercomprehensive income

(17)

(17)

Total net assets
58

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

Purchase of treasury shares(1,000)

Disposal of treasury shares

7

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

3,822
(0)

(0)

19

18

Total changes during period

(0)

(0)

19

1,821

Balance at end of period

(18)

(18)

77

94,699－ 9 －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－ 10 －(0)15

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

Fiscal year ended

March 15, 2020

March 15, 2021

Cash flows from operating activities
Profit before income taxes
Depreciation

5,782
4,587

10,636
4,473

Impairment loss
Loss on retirement of non-current assets

647
16

768
24

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

139
266

140
414

Increase (decrease) in provision for loss on store closings
Increase (decrease) in provision for loss on disaster

(66)
–

–
134

Loss (gain) on valuation of investment securities
Loss (gain) on sales of investment securities

57
–

–
(9)

Interest and dividend income
Interest expenses

(37)
68

(33)
61

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

32
1,152

(27)
166

Decrease (increase) in trade receivables
Decrease (increase) in inventories(2,902)
884

1,112
(101)

Increase (decrease) in trade payables
Other, net

3,344
561

(413)
600

Subtotal

14,535

17,951

5
(66)

5
(61)

Interest and dividends received
Interest paid
Income taxes paid

(2,314)(2,628)Net cash provided by (used in) operating activities

12,15915,267Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment(3,437)48(2,809)80

Purchase of intangible assets
Proceeds from sales of investment securities

(281)
–

(373)
44

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

(84)
(55)

(77)
(36)

Proceeds from refund of leasehold and guarantee deposits
Other, net

87
5

6
12

(3,718)(3,152)

Cash flows from investing activities

Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from long-term borrowings

10,9009,500

Repayments of long-term borrowings
Purchase of treasury shares(12,590)(1,000)(12,507)(0)

Proceeds from disposal of treasury shares
Dividends paid

0
(1,026)37(1,002)

(31)

(11)

(3,747)(3,984)

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

4,693

8,129

Cash and cash equivalents at beginning of period

28,412

33,105

Cash and cash equivalents at end of period

33,10541,235－ 11 －