Financial Results
for the three months ended March 31, 2022 — Consolidated(Based on IFRS)
May 12, 2022
Company name

Sapporo Holdings Limited

Security code
2501
Listed on
Tokyo Stock Exchange (First Section); Sapporo Securities Exchange
URL
https://www.sapporoholdings.jp/en/
Representative
Masaki Oga, President and Representative Director
Contact
Satoshi Funakoshi, Director of the Corporate Planning Department
Telephone+81-3-5423-7407
Scheduled dates:
Filing of quarterly financial report
May 13, 2022
Commencement of dividend payments
Supplementary information to the quarterly earnings results
Quarterly earnings results briefing held

AvailableYes(mainly targeted at institutional
investors and analysts)

1. Consolidated Financial Results for the three months ended March 31, 2022
(January 1 – March 31, 2022)(Amounts in million yen rounded to the nearest million yen)
(1) Operating Results(Percentage figures represent year-over-year changes)
Core Operating
Operating profit
ProfitprofitRevenuemillion yen%

million yen%

million yen%

million yen%

Three months ended
March 31, 2022

93,246

3.7(6,400)_(4,508)_(3,990)_Three months ended
March 31, 2021

89,894(9.9)(6,852)_(6,160)_(5,248)_

Profit attributable toowners of parent

Total comprehensive
incomemillion yen

million yen%%

Basic earnings
per share

Diluted earnings
per share

Yen

Yen

Three months ended
March 31, 2022

(3,993)_58_(51.26)(51.26)

Three months ended
March 31, 2021

(5,199)

_

(615)

_

(66.75)(66.75)

Note: Profit before tax
Three months ended March 31, 2022
(4,302) million yen
Three months ended March 31, 2021
(6,230) million yen*Core operating profit is a proprietary profit indicator that measures the performance consistency of ourbusiness. Core operating profit is calculated as Revenue – Cost of sales – SG&A expenses.

－ 1 －(2) Financial Position

Total assets

Total equity

Equityattributable toowners of parent

million yen

million yen

million yen

Ratio ofequity attributableto owners of parent
to total assets%

Three months ended
March 31, 2022

590,266

160,117

159,31427.0

Year ended
December 31, 2021

594,551

163,327

162,570

27.3

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, 2021—

Year ending December
31, 2022

—

0.00

—

Year ending December
0.00—
31, 2022 (forecast)
Note: Changes to the latest dividend forecast announced: None

42.00

42.00

42.00

42.00

3. Forecast of Consolidated Earnings for the Year Ending December 31, 2022
(January 1 – December 31, 2022)(Percentage figures represent year-over-year changes)Core
operating profit

RevenueYearendingDecembermillion yen%

million yen%

478,700

9.5

10,00022.8

Operating profit
million yen
7,300%(66.9)

Profit attributable toowners of parent

Profitmillion yen
5,000%(59.3)

million yen
5,000%(59.5)

Basic earnings
per share
yen
64.19

Note: Changes to the latest consolidated results forecast announced: None
*Earnings forecasts for the six months ending June 30, 2022 are omitted because the company manages performancetargets on a yearly basis.

－ 2－

4. Other(1) Changes to scope of consolidation: 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):
March 31, 2022: 78,794,298 shares
December 31, 2021: 78,794,298 shares
2) Number of shares held in treasury at end of period:
March 31, 2022: 896,788 shares
December 31, 2021: 896,510 shares

3) Average number of outstanding shares during the period:
Three months ended March 31, 2022: 77,897,589 shares
Three months ended March 31, 2021: 77,897,031 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 variation 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 the first three months of 2022 (January 1 to March 31, 2022), the Group had been affectedby the spread of the Covid-19 virus in Japan and overseas, but progress in supplemental
vaccinations and relaxation of restrictions on business hours and customer numbers enabled yearon-year increases in Group commercial-use beer sales and the sales of beer halls and otherdining-out establishments.
As a result, core operating profit and operating profit improved year-on-year, except for the realestate segment, as quarterly profit attributable to owners of parent also increased.
1) Summary in key figures (Q1)
RevenueCore operating profit

Operating profit

Profit attributable toowners of parent

million yen

million yen

million yen

million yen

Year ended March 31, 2022

93,246(6,400)(4,508)(3,993)

Year ended March 31, 2021

89,894(6,852)(6,160)(5,199)

3.7

－

－

－

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.
2) Results by reportable segment (Q1)
Revenue
Revenue

Alcoholic
Beverages
Food & Soft
DrinksReal Estate
Others &Adjustment
Total

Year
ended

Year
ended

Mar. 31,2021

Mar. 31,2022

56,63560,551

27,579Core operating profit
Year
ended

Year
ended

Mar. 31,2021

Mar. 31,2022

6.9(5,022)(3,918)27,6910.4(1,089)

5,635

4,971

(11.8)

45

33

89,894

93,246

Operating profit
Year
ended

Year
ended

Mar. 31,2021

Mar. 31,2022－(4,453)(2,406)－(1,017)－(1,028)

(402)

－

719

91

(87.4)

728

(159)

－

(27.0)(1,460)(1,556)－(1,406)(1,540)－3.7(6,852)(6,400)－(6,160)(4,508)－Change(%)

Change(%)

Change(%)

Seasonal factors
The Group’s operating results are affected by substantial seasonal variation 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.
Alcoholic Beverages
Japan
The emergence of a Covid virus variant made for ongoing uncertainty in commercial-use
market demand. But progress in additional vaccine inoculations and relaxation of restrictions on
business hours and customer numbers enabled a gradual comeback in that market’s sales, withthe result that total domestic beer and beer-type beverages demand estimated to be around 101%－ 4－

of the year-ago figure.
Given this situation, the Sapporo Group is continuously showing the appeal of beer andchallenge new markets, and push ahead to create enthusiastic fans. Ahead of its forty-fifth
anniversary, Sapporo Draft Beer Black Label saw a succession of renewals starting with the
February production portion, with a view to yet further advancement in the taste of draft. And basedon the Yebisu brand concept Color Your Time! More variegated fun with YEBISU Beer, limited
edition sales began of Yebisu Premium White, with a taste and appeal suitable for spring/summer.
In the new genre, Sapporo Mugi to Hop faced a difficult struggle, coming in at 80% of its year-ago
level, while Sapporo Gold Star trended well, with a 109% comparison. As a result of the foregoing,
commercial-purposed product selling volume increased but that of household use products was
weak due to increased demand for home-drinking. The total beer and beer-type beverages sellingvolume comparison was thus 98%.
In low alcohol beer taste, Sapporo The Drafty was launched in September last year, and in the
expanding non-alcohol market Sapporo LEMON’S FREE, a functional food promising relief fromfatigue, came to market in March, challenging further new market development.
In the RTD*1 category, sales of Sapporo Koime no Lemon Sour were strong, driving revenue
significantly higher year-on-year.
In the domestic wine category, Grande Polaire showed healthy growth. In the imported wine
category, Parra Jiménez rode the wave of expanding demand for organic products and saw steady
growth. Further, three Marius by Michel Chapoutier items from the world-renowned Frenchwinemaker M. Chapoutier were brought to market in February, rounding out our lineup of simply
pleasurable products.
In the imported spirits category, sales of Dewar’s Scotch whisky were strong thanks in part tothe expansion in the home-use market.
Our Japanese liquor business also posted a year-on-year increase in revenue with sustainedsolid sales of Kokuimo brand, Japan’s best-selling*2 blended imo shochu, as well as Koime no
Lemon Sour no Moto.
Overseas
Covid virus countermeasures promoted economic resumption and commercial market demand
was in recovery mode over the previous year, but in overall North American beer demand both the
U.S. and Canada posted year-on-year declines.
Despite the decrease in sales volume for overseas brand beers from the previous year due tostrategic product changes by Sleeman Breweries, sales volume increased over the same period in
the RTD category which we are focusing on. Sales of Sapporo brand beer remained strong thanks
to the recovery of the commercial-use market with the removal of operating restrictions placed onrestaurants in the United States, in addition to the success of strengthening efforts in the home-use
market.
Restaurants
The entire restaurant industry, including pub restaurants and izakaya, has been suffering
substantial impacts from the COVID-19 pandemic. In the Group’s dining-out/restaurant businessas well, many establishments reduced their business hours during the semi-state of emergency,
and even after lifting of the restrictions maintained their defensive postures.
Here restaurant menus and takeout/delivery products were reinforced and measures weretaken to shift to low-cost operation configurations, with the result that sales increased year-on-year.
As a result of the above factors, revenue in the Alcoholic Beverages segment in the first quarterof 2022 came to ¥60.6 billion (up ¥3.9 billion, or 7% year-on-year), while the segment posted acore operating loss of ¥3.9 billion (compared with a loss of ¥5.0 billion in the first quarter of 2021)
and an operating loss of ¥2.4 billion (compared with a loss of ¥4.5 billion a year earlier).
*1: RTD, or ready-to-drink beverages, are pre-mixed, low-alcohol cocktail-like beverages thatcan be consumed as is immediately after opening.
*2: Based on lntage SRI market research on combined blended imo shochu sales in the
supermarket, convenience store, and direct sales channels from July 2020 through March 2022.
－ 5 －Food & Soft Drinks
Although the Covid virus continued to have an impact, commercial use market and vending
machine demand recovered on relaxation of restrictions, with total domestic beverage demand
estimated to be around 102% of the year-ago figure.
In domestic beverages, two products in the Kireto Lemon Brand series were renewed andlaunched. Lemon beverages trended well, backed by heightened health consciousness. Withmajor convenience store chains stocking it in all their stores, the lemon boom is on track tocontinue. In consequence, unprofitable vending machine selling volume declines were offset byincreases in lemon beverages, so that overall beverage selling volume was flat year-on-year.
In the luxury or preferred item category, February saw the launch of the box type Jikkuri
Kotokoto Ryokuoushoku Yasai Tokekomu Corn Potage and the canned Yasai no Jikkuri Kotokoto.
With continuous consumption recommended for greater health value, demand is being expanded.
In processed foods the mainstay Jikkuri Kotokoto series staged a comeback, with selling volume
110% of the prior year’s.
Although Pokka Lemon has posted growth for five straight years and the 70ml bottle for entry
level users remained strong, lemon food selling volume was lower year-on-year.
Keying off lemon product development expertise cultivated over many years, we launched in
February the Sudachi Kaju 100% that uses only domestically grown citrus fruits, thereby
challenging a new market.
Mounting consciousness about health and the planetary environment boosted soy milk andalmond milk, but product reform sent the plant milk category’s selling volume lower year-on-year.
Pokka Create Co., which operates the Cafe de Crie coffee shop chain, continued to be affectedby the Covid virus on the cafe industry from the previous year, but sales revenue increased yearon-year due to the relaxation of various restrictions. All of the company’s stock was transferred in
April.
As a result of the above factors, revenue in the Food & Soft Drinks segment in the first quarterof 2022 came to ¥27.7 billion (up ¥0.1 billion, or 0% year-on-year), while the segment posted acore operating loss of ¥1.0 billion (compared with a loss of ¥1.1 billion in the first quarter of 2021)
and an operating loss of ¥0.4 billion (compared with a loss of ¥1.0 billion a year earlier).
Real Estate
The office leasing market in the Greater Tokyo area has seen occupancy rates and averagerents remain flat since the beginning of the year.
In this market climate, the Real Estate business posted a year-on-year decline in revenue dueto the sale of Ebisu First Square last year and other factors. In the large composite complex that is
Yebisu Garden Place, this autumn will see progress in renovation of Center Plaza, but it waspreceded by the opening on April 15 of the Foodies’ Garden, a second basement floor for food anddaily living sundries.
As a result of the above, revenue in the Real Estate segment in the current fiscal year totaled¥5.0 billion (down ¥0.7 billion, or 12% year-on-year), while the segment posted a core operating
profit of ¥0.1 billion (down ¥0.6 billion, or 87% year-on-year) and an operating loss of ¥0.2 billion(compared with a profit of ¥0.7 billion a year earlier).

－ 6－(2) Consolidated Financial Condition
As of the end of this Q1 consolidated accounting period, the following were the operative
factors in the condition of assets, liabilities and equity.
(Millions of yen)
Category
Current assets
Non-current assets
Total assets
Current Liabilities
Non-current liabilities
Total liabilities
Total equity
Total liabilities andequityAs of December 31, 2021

As of March 31, 2022

Change167,806

155,825(11,981)426,745434,441

7,696

594,551

590,266(4,285)

210,535

201,266(9,270)220,688

228,8838,194

431,224430,148(1,075)

163,327

160,117(3,210)594,551

590,266(4,285)

In end-Q1, cash and cash equivalents and other retirement benefit assets increased, but
consolidated assets declined by ¥4.3 billion to ¥590.3 billion relative to the previous fiscal year-end,
due to lower trade and other receivables and other non-current financial assets.
On the same comparative basis, consolidated total liabilities declined by ¥1.1 billion to ¥430.1
billion. Although current bonds and borrowings and retirement benefit liability were higher, declines
were posted in other current liabilities, income taxes payable, and trade and other payables.
On the same comparative basis, consolidated total equity declined by ¥3.2 billion to ¥160.1
billion. Although other components of equity recorded increases, the decline stemmed from postingof quarterly losses attributable to owners of parent and the payment of year-end dividends.

－ 7 －(3) Consolidated Cash FlowsAt end-Q1, cash and cash equivalents (hereinafter “cash”) increased by ¥8.4 billion (48%) to¥25.7 billion, relative to the previous consolidated fiscal year-end.
The components of Q1’s cash flow categories were as follows.
(Millions of yen)
Category

As of March 31,
2021

As of March 31,
2022

2,086

(801)

(2,888)(5,428)(3,599)1,830(3,342)(4,400)(1,058)

1,346

11,613

10,266

1,363

1,481

118

(632)

8,694

9,326

19,734

17,368(2,366)

－

(340)

(340)

19,101

25,722

6,621

Cash flows from operating activities
Cash flows from investing activities
Free cash flow
Cash flows from financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents included in assets ofdisposal groups classified as holdings for sale
Cash and cash equivalents at end of period

Change(Cash flows from operating activities)
Cash used for operating activities was ¥800 million (year-ago revenue of ¥2.1 billion). A positive
factor was a decline in trade and other receivables, but the lower figure derived from lower accrued
alcohol tax of ¥14.6 billion, income taxes refund (paid) of ¥5.0 billion, loss before tax of ¥4.3 billion,
increase or decrease in retirement benefit asset or liability of ¥4.2 billion, and lower trade and otherpayables of ¥2.5 billion.
(Cash flows from investing activities)
Cash used in investing activities was ¥3.6 billion (lower by ¥1.8 billion year-on-year). Although there
was proceeds from sale of property, plant and equipment of ¥2.7 billion, the decline was due topurchase of investment property of ¥3.5 billion and purchase of property, plant and equipment of ¥1.4
billion.
(Cash flows from financing activities)
Cash provided by financial activities was ¥11.6 billion (higher by ¥10.3 billion year-on-year).
Although ¥5.0 billion was expended for repayment of long-term borrowings, commercial papers
increased by ¥15.0 billion.
(4) Consolidated Earnings Forecast
The consolidated earnings forecast for the full fiscal year to December 31, 2022, is unchanged
from the forecast announced by the Company on February 10, 2022.

－ 8－

2. Consolidated Financial Statements(1) Consolidated Statement of Financial Position(Millions of yen)
December 31, 2021
AssetsCurrent assets
Cash and cash equivalents
Trade and other receivables
Inventories
Other financial assets
Other current assets
Subtotal
Assets held for sale
Total current assets
Non-current assets
Property, plant and equipment
Investment property
Goodwill
Intangible assets
Investments accounted for using equity
methodOther financial assets
Retirement benefit asset
Other non-current assets
Deferred tax assets
Total non-current assets
Total assets－ 9 －March 31, 2022

17,36891,53039,178
3,985
5,627
157,687
10,119167,806

25,72264,241
41,9907,623
8,092
147,668
8,157
155,825

120,624
203,224
19,176
7,893

120,452
204,694
19,479
8,028

1,345

1,336

65,650
－
4,682
4,151
426,745594,551

64,492
7,396
4,429
4,134
434,441590,266

(Millions of yen)
December 31, 2021
Liabilities and equity
Liabilities
Current liabilities
Trade and other payables
Bonds and borrowings
Lease liabilities
Income taxes payable
Other financial liabilities
Provisions
Other current liabilities
Subtotal
Liabilities directly associated with assets
held for sale
Total current liabilities
Non-current liabilities
Bonds and borrowings
Lease liabilities
Other financial liabilities
Retirement benefit liability
Provisions
Other non-current liabilities
Deferred tax liabilities
Total non-current liabilities
Total liabilities
EquityShare capital
Capital surplus
Treasury shares
Retained earnings
Other components of equity
Total equity attributable to owners of parent
Non-controlling interests
Total equity
Total liabilities and equity

－ 10

－

March 31, 2022

33,22861,163
4,712
5,577
37,575
7,704
54,458204,418

31,40673,797
4,769
573
39,526
9,352
36,257
195,680

6,118

5,585

210,535

201,266

136,936
17,25744,376
318
2,078
139
19,585
220,688431,224

139,422
17,12046,355
4,253
1,828
122
19,782
228,883
430,148

53,88740,596(1,785)44,791
25,080
162,570
757
163,327594,551

53,88740,606(1,785)37,46329,143
159,314803
160,117590,266

(2) Consolidated Statement of Profit or Loss
(Millions of yen)Three months ended
March 31, 2021

Three months ended
March 31, 2022

Revenue
Cost of sales
Gross profit

89,89465,617
24,277

93,246
68,27924,967

Selling, general and administrative expenses
Other operating income
Other operating expenses
Operating loss

31,128
1,299
607(6,160)31,3682,517
624(4,508)Finance income
Finance costs
Share of profit of investments accounted forusing equity method
Loss before tax

376
449

556
369

3

19

(6,230)(4,302)

Income tax expense
Loss

(982)
(5,248)(312)(3,990)Loss attributable to
Owners of parent
Non-controlling interests
Loss(5,199)(49)(5,248)(3,993)3(3,990)

Basic loss per share
Diluted loss per share(66.75)(66.75)(51.26)(51.26)－ 11 －

(3) Consolidated Statement of Comprehensive Income(Millions of yen)Three months ended
March 31, 2021
Loss
Other comprehensive income
Items that will not be reclassified to profit or loss
Net change in fair value of equity instruments
designated as measured at fair value throughother comprehensive income
Remeasurements of defined benefit plans
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
or loss
Total other comprehensive income, net of tax
Comprehensive income
Comprehensive income attributable to
Owners of parent
Non-controlling interests
Comprehensive income

－ 12

－

Three months ended
March 31, 2022

(5,248)(3,990)

1,813

1,468

218

(333)

2,031

1,135

2,585

2,888

17

24

2,602

2,912

4,633
(615)

4,047
58

(597)
(19)
(615)

12
46
58

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

Balance as of January 1,
2021

Share
capitalCapitalsurplusTreasurysharesRetainedearnings

53,88740,853(1,787)33,459Loss

Exchange differenceson translation offoreign operations

Effective portion of
cash flow hedges(1,806)

(40)

2,554

17

2,554

17

(5,199)Other comprehensive
incomeComprehensive income--

Purchase of treasury
shares(1)

Dividends(3,277)

Share-based
remunerationtransactions(17)

Transfer from othercomponents of equity toretained earnings
Total transactions withownersBalance as of March 31,
2021(5,199)

426
-

(17)

(1)

(2,851)--53,887

40,837(1,789)25,408748(22)

Other components of equity

Balance as of January 1,
2021

Total equity
attributable toowners ofparentNoncontrollinginterests

Total equity

Financial assets
measured at fair value
through othercomprehensive income

Remeasurementsof defined benefit
plans

Total othercomponentsof equity

25,215-23,370149,781(231)

149,551-(5,199)(49)(5,248)Loss
Other comprehensive
income

1,813

218

4,603

4,603

30

4,633

Comprehensive income

1,813

218

4,603

(597)

(19)

(615)

Purchase of treasury
shares

-

(1)

-

(1)

Dividends-(3,277)-(3,277)

Share-based
remunerationtransactions
Transfer from othercomponents of equity toretained earnings
Total transactions withownersBalance as of March 31,
2021

(17)

(17)

(208)

(218)

(426)

-

-

-

(208)

(218)

(426)

(3,295)-(3,295)26,820-27,546

145,889(249)

145,640－ 13 －

(Millions of yen)
Other components of equity

Balance as of January 1,
2022

Share
capitalCapitalsurplusTreasurysharesRetainedearnings

53,88740,596(1,785)44,791

Loss

Exchange differenceson translation offoreign operations

Effective portion of
cash flow hedges

1,782

(15)

2,845

24

2,845

24

(3,993)

Other comprehensive
incomeComprehensive income
Purchaseshares
Disposal
sharesoftreasuryoftreasury

-

-

(1)

0

0

Dividends(3,277)

Share-based paymenttransactions
Transfer to retained
earnings
Total transactions withownersBalance as of March 31,
2022(3,993)

10
(59)
-

10

(1)

(3,336)--53,88740,606(1,785)37,463

4,627

9

Other components of equity

Balance as of January 1, 2022

Total equity
attributable toowners of parent

Noncontrollinginterests

Total equity

Financial assets measured
at fair value through othercomprehensive income

Remeasurements ofdefined benefit plans

Total othercomponentsof equity

23,313-25,080

162,570

757

163,327-(3,993)3(3,990)Loss
Other comprehensive
income

1,468

(333)

4,004

4,004

43

4,047

Comprehensive income

1,468

(333)

4,004

12

46

58

Purchase of treasury shares

-

(1)

-

(1)

Disposal of treasury shares

-

0

-

0

Dividends-(3,277)-(3,277)

Share-based paymenttransactions

-

10

-

10

Transfer to retained
earnings

(274)

333

59

-

-

-

Total transactions with owners

(274)

333

59

(3,268)-(3,268)

Balance as of March 31, 2022

24,507-

29,143

159,314803

160,117－ 14－

(5) Consolidated Statement of Cash Flows(Millions of yen)

Cash flows from operating activities
Loss before tax
Depreciation and amortization
Impairment losses
Interest and dividend income
Interest expenses
Share of loss (profit) of investments accounted forusing equity method
Loss (gain) on sale and retirement of property, plantand equipment, and intangible assets
Decrease (increase) in trade and other receivables
Decrease (increase) in inventories
Increase (decrease) in trade and other payables
Increase (decrease) in accrued alcohol tax
Increase or decrease in retirement benefit asset or
liability
Other
SubtotalInterest and dividends received
Interest paid
Income taxes refund (paid)
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of investment property
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Payments for investments in capital
Purchase of investments in associates
Payments for loans receivableCollection of loans receivable
Other
Net cash provided by (used in) investing activities－ 15 －

Three months ended
March 31, 2021

Three months ended
March 31, 2022

(6,230)
5,662
250
(125)
447

(4,302)
5,168
248
(202)
367

(3)

(19)

(827)

(1,245)24,222(3,174)(1,797)(11,911)28,438(1,989)(2,505)(14,603)(328)(4,153)

1,552
7,738
165
(508)
(5,308)
2,086

(822)
4,383
252
(459)
(4,977)(801)(2,312)
1,310(3,091)
(381)
(2)
1,226
(1,300)
(900)
(20)
25
16
(5,428)(1,391)
2,704(3,543)(434)(1,225)
566
－
－
(24)
25
(278)
(3,599)(Millions of yen)

Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Net increase (decrease) in commercial papers
Proceeds from long-term borrowings
Repayments of long-term borrowings
Redemption of bonds
Dividends paid
Repayments of lease liabilities
Other
Net cash provided by (used in) financing activities
Effect of exchange rate changes on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents included in assets ofdisposal groups classified as held for sale
Cash and cash equivalents at end of period

－ 16

－

Three months ended
March 31, 2021

Three months ended
March 31, 2022

480
16,0004,000(4,457)(10,007)(3,140)(1,529)
(1)
1,346

2,340
15,0002,500(5,018)(26)(3,117)(1,493)
1,427
11,613

1,363

1,481

(632)
19,734

8,694
17,368－(340)

19,101

25,722

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