Financial Results
for the six months ended June 30, 2024 — Consolidated(Based on IFRS)

Company name

August 13, 2024

Sapporo Holdings Limited

Security code
2501
Listed on
Tokyo Stock Exchange (Prime Market); Sapporo Securities Exchange
URL
https://www.sapporoholdings.jp/en/
Representative
Masaki Oga, President and Representative Director
Contact
Yosuke Nakamura, Director of the Corporate Planning Department+81-3-5423-7407
Telephone
Scheduled dates:
August 14, 2024
Filing of quarterly financial report
Commencement of dividend payments
Available
Supplementary information to the quarterly earnings results
Yes
Quarterly earnings results briefing held
(mainly targeted at institutional
investors and analysts)

1. Consolidated Financial Results for the six months ended June 30, 2024
(January 1 – June 30, 2024)(Amounts in million yen rounded to the nearest million yen)

(1) Operating Results(Percentage figures represent year-over-year changes)
Revenuemillion yen

Core operating profit%

million yen%

Operating profit
million yen%

Profitmillion yen%

Six months ended
June 30, 2024

247,658

3.8

3,544

1.1

7,630

－

6,086

－

Six months ended
June 30, 2023

238,527

11.6

3,505

－

(2,810)－(5,105)－

Profit attributable toowners of parent
million yen

Six months ended
June 30, 2024

6,080

%

Total comprehensive
incomemillion yen－

24,810%223.8

Basic earnings
per share

Diluted earnings
per share

Yen

Yen

78.04

77.99

Six months ended－(5,104)
7,663
20.9(65.52)(65.52)June 30, 2023
Note: Profit before tax
Six months ended June 30, 2024 9,059 million yen
Six months ended June 30, 2023 (3,341) million yen*Core operating profit is a proprietary profit indicator that measures the performance consistency of our business.
Core operating profit is calculated as Revenue – Cost of sales – SG&A expenses.

- 1 -(2) Financial Position

Total assets

Total equity

Equity attributable toowners of parent

million yen

million yen

million yen

Ratio ofequity attributable toowners of parent to total
assets%Six months ended
June 30, 2024

689,041

204,399

203,366

29.5

Year ended
December 31, 2023

663,573

183,248

182,315

27.5

2. Dividends
Dividend per share
Record date or period

End Q1End Q2End Q3Year-end

Full year

yen

yen

yen

yen

yen

Year ended December 31, 2023

—

0.00

Year ended December 31, 2024

—

0.00

Year ending December 31, 2024 (forecast)

—

47.00

47.00

—

52.00

52.00

Note: Changes to the latest dividend forecast announced: None

3. Forecast of Consolidated Earnings for the Year Ending December 31, 2024
(January 1 – December 31, 2024)(Percentage figures represent year-over-year changes)Core
operating profit

RevenueYear ending
December31, 2024

Operating profit

Profit attributable toowners of parent

ProfitBasicearnings
per share

million yen%

million yen%

million yen%

million yen%

million yen%

yen

523,500

0.9

19,00021.5

17,60048.9

10,03014.5

10,00014.6

128.37

Note: Changes to the latest consolidated results forecast announced: None

- 2 -

4. Other(1) Significant changes in the scope of consolidation during the period: None
Newly included: None
Excluded: None
(2) Changes in accounting policy, changes in accounting estimates, and retrospective restatement
1) Changes in accounting policies required by IFRS: None
2) Changes other than 1) above: None
3) Changes in accounting estimates: None
(3) Number of shares issued and outstanding (common stock)1) Number of shares issued at end of period (treasury stock included):June 30, 2024: 78,794,298 shares
December 31, 2023: 78,794,298 shares
2) Number of shares held in treasury at end of period:
June 30, 2024: 871,464 shares
December 31, 2023: 895,451 shares
3) Average number of outstanding shares during the period:
Six months ended June 30, 2024: 77,910,839 shares
Six months ended June 30, 2023: 77,898,687 shares

Audit Status
The quarterly financial results are outside the scope of audit procedures based on the Financial Instruments
and Exchange Act.
Appropriate Use of Earnings Forecasts and Other Important Information
This document contains projections and other forward-looking statements based on information available to
the Company as of the date of this document. Actual results may differ from those expressed or implied byforward-looking statements due to various factors. For the assumptions underlying the forecasts herein andother information on the use of earnings forecasts, refer to “1. Analysis of Operating Results and Financial
Condition (4) Consolidated Earnings Forecast” on page 8.
Seasonal factors
The Group’s operating results are affected by substantial seasonal variations in demand in the Alcoholic
Beverages and Food & Soft Drinks businesses. Revenues consequently tend to be lower in the first quarter
than in the other three quarters.

- 3 -1. Analysis of Operating Results and Financial Condition(1) Operating Results
In this interim consolidated accounting period (January 1 - June 30, 2024), the uncertain outlook
continues, with consumers becoming more cautious with their spending due to the impact of risinggeopolitical risks, the depreciation of the yen, inflation from surging prices of raw materials andenergy, and Japan’s “2024 logistics problem” (an issue arising from strengthened regulations ondriver overtime work).
Under these circumstances, the Sapporo Group will decisively implement structural reforms andaccelerate growth with the aim of realizing our growth strategy in the second year of our “MediumTerm Management Plan (2023-2026).”
Consolidated revenue increased year-on-year, mainly due to strong beer sales in the Japan market
driven by the impact of the liquor tax revision, favorable sales of "Sapporo Premium Beer" in the US
and Asian markets, and the effect of the weak yen.
Consolidated core operating profit increased year-on-year due to increased revenues in the
Alcoholic Beverages business and Real Estate business, despite the impact of increased IT
investment.
Consolidated operating profit and interim profit attributable to owners of parent increased year-onyear in the second quarter partly due to the absence of impairment losses following the resolution todissolve overseas subsidiaries in 2023.
Summary in key figures
Millions of yen, except percentages

Core operating
profitOperating profit

Profit attributableto owners ofparent247,658

3,544

7,630

6,080

238,527

3,505(2,810)(5,104)

3.8

1.1

—

—

RevenueSix months ended
June 30, 2024
Six months ended
June 30, 2023
Change (%)*Core operating profit is the Sapporo Group’s unique profit benchmark for measuring the performance of its regularbusiness and is calculated by deducting cost of sales, and selling, general and administrative expenses, from revenue.

Results by segment are outlined below.
Alcoholic Beverages
Revenue increased year-on-year due to factors including strong beer sales due to the effect of thealcohol tax revisions in the Japan market, strong sales of "Sapporo Premium Beer" in the US and Asia,and the effect of a weak yen.
Core operating profit increased year-on-year due to the increase in revenue in the Japan Alcoholic
Beverages business, despite the impact of surging raw materials and personnel costs.
Operating profit increased year-on-year due to an increase in core operating profit, as well as thereaction of the absence of an impairment loss following the resolution to dissolve an overseas
subsidiary in 2023.
■Revenue: ¥181.0 billion (up ¥8.5 billion, or 4.9% year on year)■Core operating profit: ¥5.4 billion (up ¥0.4 billion, or 8.0% year on year)■Operating profit: ¥6.5 billion (compared with a loss of ¥1.2 billion a year earlier)
Details of Alcoholic Beverages (Japan and Overseas) and Restaurants in the Alcoholic Beverages
business were as follows.

- 4 -JapanWhile the on-trade products market is on par with the previous year as the impact from COVID-19
lessens, the off-trade market softened due to the shrinkage of the happoshu market following alcohol
tax revisions. Total domestic demand for beer beverages (beer, happoshu (including happoshu (2))
was estimated to have been about 97% year-on-year.
In this fiscal year, we are focusing more on strengthening beer and RTD* considering the liquor
tax revision made in October 2023.
In this context, the Sapporo Draft Beer Black Label cans continued to perform strongly with sales
volume at 119% year-on-year, and the Group’s total domestic sales volume of beer-type beverages
was 101% of the previous year’s level. In addition, sales volume of canned RTDs grew 103% yearon-year.
*: RTD, or ready-to-drink beverages, are pre-mixed, low-alcohol cocktail-like beverages that can be consumed as isimmediately after opening.

Overseas
In Canada, total beer demand is expected to be lower year-on-year. In the US market, overall beerdemand remains on par with last year, but the craft beer market is slowing. As a result, the sales
volume of overseas beer brands fell year-on-year.
The sales volume of Sapporo-brand beer in North America increased 107% year-on-year, primarily
due to the strengthening of the sales network mainly through sales synergies.
Restaurants
There is a continuing recovery trend in restaurant demand following the COVID-19 pandemic.
Amid this, due to price revisions, a recovery in the number of customers, and attracting inboundtourists and senior customers, the Sapporo Group’s Restaurants business recorded existing store
sales for the period at 110% year-on-year.
Food & Soft Drinks
Revenue decreased year-on-year due to the impact of product lineup changes in the Japanese market
and a decline in export sales of overseas beverages among other factors.
Despite the positive effects of price revisions and structural reforms, and the Japanese market
performing on par with last year as a result of surging raw material costs, core operating profit for the
Food & Soft Drinks business as a whole decreased year-on-year due to the decline in export sales ofoverseas beverages.
Operating profit increased year-on-year due to gain from the reversal of impairment losses on fixed
assets and gain from the sale of land in the Japan Food & Soft Drinks business.
■Revenue: ¥55.3 billion (down ¥0.1 billion, or 0.2% year on year)■Core operating profit: ¥0.2 billion (down ¥0.3 billion, or 55.2% year on year)■Operating profit: ¥2.1 billion (up ¥1.7 billion, or 393.0% year on year)
Details of Food & Soft Drinks (Japan) and Overseas Beverage in the Food & Soft Drinks businesswere as follows.
Food & Soft Drinks (Japan)
Total domestic demand for beverages in Japan is estimated to be around 100% year-on-year.
Meanwhile, the Group’s domestic beverage sales saw Kireto Lemon, the main brand in the lemon
business, perform at 112% year-on-year, and the Tochi and Craft series of tea beverages, centeredon corn tea, perform well at 109% year-on-year. However, due to product lineup changes and otherfactors, overall beverage sales amounted to 95% of the previous year’s level.
Overseas Beverage
In Singapore, sales in the off-trade channel remained firm, while overall market demand slightly- 5 -declined due to continued inflation, resulting in sales amounting to 99% of the previous year's period(calculated in local currency).
Additionally, in Malaysia, a key focus area, sales amounted to 127% of the previous year's level(calculated in local currency) due to targeted sales activities, focusing on specific products
categories and areas, as well as continuous improvements in our sales structure.
As for the export business excluding the aforementioned areas, we faced challenges withcustomers in the Middle East due to their deteriorated financial conditions, leading to a suspensionof sales last year. However, we have now signed contracts with new business partners and are in
the preparation stage for resuming sales in the second half of the current fiscal year.
Real Estate
Revenue increased year-on-year due to an improvement in the office occupancy rate of Yebisu
Garden Place, increased demand for outdoor brands at Sapporo Factory, and favorable performanceof special events.
Core operating profit and operating profit increased, due to the effect of increased revenue despite
the recording of costs associated with the opening of Hotel Sosei Sapporo MGallery, which opened in
January 2024, and increased administrative expenses due to surging personnel costs.
■Revenue: ¥11.3 billion (up ¥0.8 billion, or 7.2% year on year)■Core operating profit: ¥2.4 billion (up ¥0.5 billion, or 25.6% year on year)■Operating profit: ¥2.3 billion (up ¥0.5 billion, or 28.9% year on year)- 6 -(2) Consolidated Financial Condition
As of the end of this interim consolidated accounting period, the following were the operative
factors in the condition of assets, liabilities and equity.
(Millions of yen)
As of December 31,
As of June 30, 2024
Change2023
Current assets

176,353

170,887(5,465)

Non-current assets

487,220

518,154

30,934

Total assets

663,573

689,041

25,468Current Liabilities

191,204

198,580

7,376

Non-current liabilities

289,121286,062(3,059)Total liabilities

480,325484,642

4,317

Total equity

183,248

204,399

21,151

663,573

689,041

25,468

Total liabilities andequityAt the end of the interim consolidated accounting period, total assets increased by ¥25.5 billion to¥689.0 billion compared to the end of the previous fiscal year. This increase was primarily due to anincrease in investment properties and property, plant and equipment, which offset the decline in tradeand other receivables resulting from seasonal factors.
Consolidated total liabilities came to ¥484.6 billion, which was an increase of ¥4.3 billion as comparedto the end of the previous fiscal year. This increase was mainly due to an increase in current bonds andborrowings, despite a decrease in non-current bonds and borrowings, and other financial liabilities
related to the acquisition of property, plant and equipment.
On the same comparative basis, total equity increased by ¥21.2 billion to ¥204.4 billion. Although
there was a decrease in retained earnings stemming from the payment of end-period dividends, thiswas offset by an increase in profit attributable to owners of the parent and increase in other componentsof equity due to changes in fair value of financial assets measured through other comprehensive
income, and exchange differences on translation of foreign operations.

- 7 -(3) Consolidated Cash FlowsAt the end of interim consolidated accounting period, cash and cash equivalents (collectively “cash”)
increased by ¥3.0 billion (17.0%) to ¥20.2 billion, relative to the previous consolidated fiscal year-end.
The components of interim consolidated accounting period’s cash flow categories were as follows.
(Millions of yen)
As of June 30, As of June 30,
Category
Change2023
2024
Cash flows from operating activities

24,568

11,051(13,517)

Cash flows from investing activities(8,946)(10,901)(1,955)

Free cash flow

15,622150(15,471)

Cash flows from financial activities(15,663)288

15,951

2,047

2,522

475

Net increase (decrease) in cash and cash equivalents

2,006

2,961

955

Cash and cash equivalents at beginning of period

15,38017,204

1,824

Cash and cash equivalents at end of period

17,386

20,1652,778

Effect of exchange rate change on cash and cash
equivalents(Cash flows from operating activities)
Cash provided by operating activities was ¥11.1 billion (compared to ¥24.6 billion provided in theprevious fiscal year). This was mainly due to increased factors, which were a decrease in depreciation
and amortization expenses of ¥10.7 billion, and a decrease in trade and other payables of ¥10.2billion,
which offset decreased factors, such as an increase in inventories of ¥2.1 billion, a ¥1.9 billion payment
for income taxes, a gain on sale of property, plant, and equipment and intangible assets of ¥1.9 billion.
(Cash flows from investing activities)
Cash used in investing activities was ¥10.9 billion (compared to ¥8.9 billion used in the previous fiscal
year). Although there was income of ¥9.5 billion from the sale of investment securities and ¥5.2 billion
from the sale of property, plant and equipment, expenses related to the purchase of investment propertyof ¥13.2 billion, the purchase of property, plant and equipment of ¥12.4 billion contributed to this result.
(Cash flows from financing activities)
Cash provided by financing activities was ¥0.3 billion (compared to ¥15.7 billion used in the previous
fiscal year). Although there was an outflow of ¥4.5 billion in repayment of long-term borrowings, ¥3.7
billion for dividend paid, and ¥2.2 billion for repayments of lease liabilities, there were inflows from a
net increase in commercial papers of ¥9.0 billion and a net increase in short-term borrowings of ¥1.5
billion.
(4) Consolidated Earnings Forecast
The consolidated earnings forecast for the full fiscal year to December 31, 2024, is unchanged
from the forecast announced by the Company on February 14, 2024.

- 8 -2. Consolidated Financial Statements(1) Consolidated Statement of Financial Position(Millions of yen)

As of December 31, 2023

As of June 30, 2024

AssetsCurrent assets
Cash and cash equivalents

17,204

20,165Trade and other receivables
Inventories

98,02347,57588,312
51,210

Other financial assets
Other current assets

4,393
7,589

4,888
6,312

174,785

170,887

Assets held for sale

Subtotal

1,568－

Total current assets

176,353

170,887

145,687

156,347

211,164
35,124

222,445
37,488Intangible assets
Investments accounted for using equity method

6,993
1,359

7,261
1,325

Other financial assets
Retirement benefit asset

79,4001,266

82,403
4,810

Other non-current assets
Deferred tax assets

3,366
2,863

3,211
2,863

Total non-current assets

487,220

518,154663,573

689,041

Non-current assets
Property, plant and equipment
Investment property
Goodwill

Total assets- 9 -(Millions of yen)
As of December 31, 2023

As of June 30, 2024

Liabilities and equity
Liabilities
Current liabilities
Trade and other payables
Bonds and borrowings

38,71739,672

38,267
58,172

Lease liabilities
Income taxes payable

3,645
5,919

3,634
5,173

Other financial liabilities
Provisions

37,158
8,504

32,619
7,565

Other current liabilities

57,58953,149Total current liabilities
Non-current liabilities

191,204

198,580

Bonds and borrowings
Lease liabilities

182,930
19,377

170,555
21,543

Other financial liabilities
Retirement benefit liability

58,252
3,412

62,1503,271

Provisions
Other non-current liabilities

2,422
897

2,228
843

Deferred tax liabilities

21,831

25,471

289,121286,062

Total liabilities

Total non-current liabilities

480,325484,642

EquityShare capital

53,88753,887

Capital surplus
Treasury shares

40,754(1,783)40,703(1,717)Retained earnings
Other components of equity

50,82838,63061,19549,299Total equity attributable to owners of parent
Non-controlling interests

182,315933

203,366
1,033

Total equity

183,248

204,399

663,573

689,041

Total liabilities and equity- 10 -

(2) Consolidated Statement of Profit or Loss

(Millions of yen)Six months ended
June 30, 2023

Six months ended
June 30, 2024

Revenue
Cost of sales

238,527
168,173

247,658
172,039

Gross profit

70,35475,619Selling, general and administrative expenses

66,84972,075

Other operating income
Other operating expenses

358
6,672

5,417
1,330

Operating profit (loss)(2,810)

7,630

Finance income
Finance costs

1,051
1,616

2,893
1,503

34

40

Profit (loss) before tax(3,341)

9,059

Income tax expense

1,764

2,973

Profit (loss)(5,105)

6,086

Profit (loss) attributable to
Owners of parent(5,104)

6,080

Share of profit of investments accounted for using
equity method

Non-controlling interests
Profit (loss)(1)

6(5,105)

6,086

Basic earnings (loss) per share(65.52)

78.04

Diluted earnings (loss) per share(65.52)77.99- 11 -

(3) Consolidated Statement of Comprehensive Income(Millions of yen)Six months ended
June 30, 2023
Profit (loss)

Six months ended
June 30, 2024

(5,105)

6,086

Net change in fair value of equity instruments
designated as measured at fair value through

4,983

8,781

other comprehensive income
Remeasurements of defined benefit plans

2,318

2,521

7,301

11,302

5,435

7,424

32

(3)

5,467

7,421

12,76818,724

7,663

24,810Owners of parent
Non-controlling interests

7,639
24

24,703106

Comprehensive income

7,663

24,810

Other comprehensive income
Items that will not be reclassified to profit or loss

Total of items that will not be reclassified to profit
or loss
Items that may be reclassified to profit or loss
Exchange differences on translation of foreign
operations
Effective portion of cash flow hedges
Total of items that may be reclassified to profit orloss
Total other comprehensive income, net of tax
Comprehensive income
Comprehensive income attributable to- 12 -

(4) Consolidated Statement of Changes in Equity(Millions of yen)
Other components of equity

Balance as of January 1, 2023

SharecapitalCapitalsurplusTreasurysharesRetainedearnings

53,88740,645(1,785)43,392

Loss

-

-

-

Purchase of treasury shares
Disposal of treasury shares

0(5,104)

5,410

32

4,983

2,318

12,742

5,410

32

4,983

2,318

12,742

-

(6)

2,679

(361)

(2,318)(2,679)

-

(6)

6

(598)

-

-

(361)

(2,318)(2,679)53,887

40,639(1,779)37,69010,12442

30,068-40,234891

167,201

Loss(5,104)(1)(5,105)

Other comprehensive
income12,742

26

12,768Comprehensive income

7,639

24

7,663

Purchase of treasury shares

(2)

-

(2)

Disposal of treasury shares

8

-

8

(3,277)(14)(3,292)

(6)

-

(6)

-

-

-

Total transactions with owners(3,277)(14)(3,292)

Balance as of June 30, 2023

170,671901

171,572

Share-based paymenttransactions
Transfer to retained
earnings

30,171

8

166,310

Dividends

-

-

Total
equityNonattributable controlling Total equity
to owners interestsof parent
Balance as of January 1, 2023

25,446(3,277)

Share-based paymenttransactions
Transfer to retained
earnings

Balance as of June 30, 2023

10

Remeasurements of Total otherdefinedcomponents
benefitof equity
plans

(2)

Dividends

Total transactions with owners

4,714

Effective
portion of
cash flow
hedges(5,104)

Other comprehensive
incomeComprehensive income

Exchangedifferencesontranslationof foreign
operations

Financialassetsmeasured
at fairvaluethroughothercomprehensiveincome- 13 -

(Millions of yen)
Other components of equity

Balance as of January 1, 2024

SharecapitalCapitalsurplusTreasurysharesRetainedearnings

53,88740,754(1,783)50,828

Profit8,886

Effective
portion of
cash flow
hedges3

29,740Remeasurements of Total otherdefinedcomponents
benefitof equity
plans

-

6,080

Other comprehensive
incomeComprehensive income

Exchangedifferencesontranslationof foreign
operations

Financialassetsmeasured
at fairvaluethroughothercomprehensiveincome

-

-

-

6,080

38,630
-

7,324

(3)

8,781

2,521

18,623

7,324

(3)

8,781

2,521

18,623Purchase of treasury shares(9)-

Disposal of treasury shares

75-

Dividends(3,667)

Share-based paymenttransactions
Transfer to retained
earnings
Total transactions with owners
Balance as of June 30, 2024

(51)

7,954

(7,954)

66

4,287

-

-

(5,433)(2,521)(7,954)53,88740,703(1,717)

61,195

16,210-33,089-49,299933

183,248

Profit

6,080

6

6,086

Other comprehensive
income18,623101

18,724Comprehensive income

24,703106

24,810Purchase of treasury shares

(9)

-

(9)

Disposal of treasury shares

75

-

75

(3,667)(7)(3,674)

(51)

-

(51)

-

-

-

Total transactions with owners(3,652)(7)(3,658)

Balance as of June 30, 2024

203,366

1,033

204,399

Share-based paymenttransactions
Transfer to retained
earnings(2,521)(51)

182,315

Dividends(5,433)-Total
equityNonattributable controlling Total equity
to owners interestsof parent
Balance as of January 1, 2024-

- 14 -

(5) Consolidated Statement of Cash Flows(Millions of yen)Six months ended
June 30, 2023

Six months ended
June 30, 2024

Cash flows from operating activities
Profit (loss) before tax
Depreciation and amortization(3,341)
10,227

9,059
10,714

Impairment losses (reversal of impairment losses)
Interest and dividend income

5,585
(581)

(1,661)(668)

Interest expenses
Foreign exchange loss (gain)

1,098
(235)

1,489
(1,608)

Share of loss (profit) of investments accounted for using
equity method

(34)

(40)

Loss (gain) on sale and retirement of property, plant andequipment, and intangible assets

564(1,872)

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

15,417(1,871)

10,191(2,063)

Increase (decrease) in trade and other payables
Increase (decrease) in accrued alcohol tax(522)(7,867)(1,547)(1,819)

Increase or decrease in retirement benefit asset or liability
Other

(596)
6,125

(645)
(5,830)SubtotalInterest and dividends received

23,971640

13,702843

Interest paid
Income taxes refund (paid)(1,051)
1,008(1,571)(1,923)

Net cash provided by (used in) operating activities

24,568

11,051

Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment(5,972)
71(12,415)
5,221

Purchase of investment property
Purchase of intangible assets(3,508)(1,031)(14,956)(995)

Purchase of investment securities
Proceeds from sale of investment securities(5,433)
940

(777)
9,513

Proceeds from redemption of investment securities
Proceeds from sale of businesses

5,725

921
1,088

Cash flows from investing activities

－
(20)
11

Payments for loans receivableCollection of loans receivable

(27)
13

Proceeds from sale of shares of subsidiaries resulting inchange in scope of consolidation

－

86

Other

270

(301)

(8,946)(10,901)

Net cash provided by (used in) investing activities- 15 -

(Millions of yen)Six months ended
June 30, 2023

Six months ended
June 30, 2024

Cash flows from financing activities
Net increase (decrease) in short-term borrowings(5,958)1,500

Net increase (decrease) in commercial papers
Proceeds from long-term borrowings(32,000)
13,000

9,000
71

Repayments of long-term borrowings
Proceeds from issuance of bonds(5,020)20,000(4,502)

Dividends paid
Repayments of lease liabilities(3,272)(2,382)

Other－(3,662)(2,177)(31)

59(15,663)

288

Effect of exchange rate changes on cash and cash equivalents

2,047

2,522

Net increase (decrease) in cash and cash equivalents

2,006

2,961

Cash and cash equivalents at beginning of period

15,38017,204

Cash and cash equivalents at end of period

17,386

20,165

Net cash provided by (used in) financing activities- 16 -

(6) Notes on the Going-concern Assumption
Not applicable- 17 -