Financial Results
for the nine months ended September 30, 2022 — Consolidated(Based on IFRS)
November 9, 2022
Company name

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
Satoshi Funakoshi, Director of the Corporate Planning Department
Telephone+81-3-5423-7407
Scheduled dates:
Filing of quarterly financial report
November 11, 2022
Commencement of dividend payments
Supplementary information to the quarterly earnings results
Available
Yes
Quarterly earnings results briefing held
(mainly targeted at institutional
investors and analysts)
1. Consolidated Financial Results for the nine months ended September 30, 2022
(January 1 – September 30, 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%

Nine months ended
September 30, 2022

million yen%

million yen

345,812

11.9

5,750

272.4

7,533

(68.5)

5,327(66.0)

Nine months ended
September 30, 2021

309,061

(2.0)

1,544

31.7

23,948_15,661_

Profit attributable toowners of parent

Total comprehensive
incomemillion yen

million yen

%

%

%

million yen%

Basic earnings
per share

Diluted earnings
per share

Yen

Yen

Nine months ended
September 30, 2022

5,299

(66.3)

14,076(34.9)

68.02

68.01

Nine months ended
September 30, 2021

15,731_

21,617_201.95

197.72

Note: Profit before tax
Nine months ended September 30, 2022
8,989 million yen
Nine months ended September 30, 2021
23,883 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%

Nine months ended
September 30, 2022

640,004

174,132

173,245

27.1

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

—

0.00

—

Year ending December
31, 2022

—

0.00

—

Year ending December
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

Revenuemillion yen

operating profit

Operating profit%

million yen%

million yen%

9.5

10,000

22.8

7,300

(66.9)

Profit attributable

Basic

to

earnings perowners of parent

share

Profitmillionyen%

million
yen

%

yen

Year
endingDecember

478,700

5,000

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

2 －(59.3)

5,000(59.5)

64.19

4. Other(1) Changes to scope of consolidation: Yes
New: Stone Brewing Co.,LLC(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):
September 30, 2022: 78,794,298 shares
December 31, 2021: 78,794,298 shares
2) Number of shares held in treasury at end of period:
September 30, 2022: 896,510 shares
December 31, 2021: 896,510 shares

3) Average number of outstanding shares during the period:
Nine months ended September 30, 2022: 77,897,741 shares
Nine months ended September 30, 2021: 77,898,123 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 9.

－ 3 －1. Analysis of Operating Results and Financial Condition(1) Operating Results
In the first nine months of 2022 (January 1 to September 30, 2022), the Group had been
affected by the spread of COVID-19 in Japan and overseas since the beginning of the year.
However, the lifting of restrictions on behavior after April led to year-on-year increases in Group ontrade beer sales and the sales of beer halls and other dining-out establishments. On the other
hand, the outlook remains uncertain, with concerns over rising prices due to factors such as thesituation in Ukraine, the rapid depreciation of the yen, and surging prices of raw materials will leadto consumers becoming more cautious with their spending.
In this context, despite a decrease in revenue from the Food & Soft Drinks and Real Estatebusinesses, overall consolidated revenue increased year-on-year. This was thanks to an increased
revenue from the Alcoholic Beverages business due to factors such as a recovery in demand foron-trade market, an increasingly weak yen, and strong sales volumes in the United States.
Overall consolidated core operating profits increased year-on-year, despite decreased profits
from the Real Estate business. This was thanks to the contribution of the Alcoholic Beverages
business to increased revenue, etc., and the contribution of the Food & Soft Drinks business to
profit structure improvements.
1) Summary in key figures (Q3)
Millions of yen, except percentages
RevenueCore operating profit

Operating profit

Profit attributable toowners of parent

Nine months ended September
30, 2022

345,812

5,750

7,533

5,299

Nine months ended September
30, 2021

309,061

1,544

23,94815,731

11.9

272.4

(68.5)(66.3)

Change (%)*Core operating profit is the Sapporo Group’s unique profit benchmark for measuring the performance of its regular businessand 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 thanks to factors such as the recovery of the on-trade market
and strong off-trade market sales in the United States.
Core operating profit and operating profit both increased year-on-year, despite increased
variable costs due to factors such as increased raw material prices. This was thanks to the effects
of increased revenue as well as the effects of profit structure improvements of the Restaurants
business.
■Revenue: ¥241.0 billion (up ¥38.9 billion, or 19.3% year on year)■Core operating profit: ¥4.9 billion (compared with a profit of ¥0.0 billion a year earlier)■Operating profit: ¥6.8 billion (compared with a loss of ¥0.2 billion a year earlier)
Details of Alcoholic Beverages (Japan and Overseas) and Restaurants in the Alcoholic
Beverages business were as follows.
Japan
On-trade market demand temporarily declined due to the rapid increase of infectedindividuals during the seventh wave of COVID-19. However, the impact on establishments thatserve alcohol was milder than that of restrictions on the serving of alcohol during declarationsof state of emergency, etc. last year. In addition, due in part to increased demand ahead of－

4 －price revisions, total domestic demand for beer and beer-type beverages was estimated tohave been about 109% year-on-year.
In this context, the Group’s total domestic sales volumes of beer and beer-like beverages
was 111% year-on-year. This was thanks to an increase in sales volume of on-trade products
and an increase in sales of off-trade products due to last-minute demand ahead of pricerevisions.
Overseas
COVID countermeasures promoted economic resumption and commercial market demand
was in recovery mode over the previous year, but in overall North American beer demand boththe U.S. and Canada posted year-on-year declines.
In this context, sales of overseas beer brands exceeded that of the previous year thanks toa recovery of the on-trade market in Canada.
Sales of RTDs*, something we are focusing on, are trending above those of the same
period last year. In addition, sales of Sapporo brand beer remained strong thanks to therecovery of the on-trade market in the United States, the success of strengthening efforts in theoff-trade market, and other factors.
Further, the Group acquired Stone Brewing Co., LLC (Hereinafter, Stone) and made it aconsolidated subsidiary at the end of August. This was done for a number of purposes. One
was to secure a manufacturing base for further growing the Sapporo brand beer, particularly in
the United States. Another was to expand our Beer business by acquiring new brands.
Restaurants
Demand remains unstable in the pub, restaurant, and izakaya industry due to the impact of
COVID-19. However, our Restaurants business has shifted to a gradual recovery since thelifting of operating restrictions in April, though additional waves of COVID-19 and other factors
do lead to demand fluctuations.
*: RTD, or ready-to-drink beverages, are pre-mixed, low-alcohol cocktail-like beverages thatcan be consumed as is immediately after opening.
Food & Soft Drinks
Revenue decreased year-on-year due to factors such as decreased sales due to the reductionof unprofitable vending machines and the sell-off of the Cafe business in April.
Core operating profit and operating profit both increased year-on-year, despite increased raw
material costs. This was thanks to the contribution of improved profits due to profit structure
improvements such as the reduction of unprofitable vending machines and the sell-off of the Cafebusiness.
■Revenue: ¥89.5 billion (down ¥0.9 billion, or 1.0% year on year)■Core operating profit: ¥0.8 billion (compared with a loss of ¥0.3 billion a year earlier)■Operating profit: ¥1.3 billion (compared with a loss of ¥0.0 billion a year earlier)Although COVID continues to have an impact, the on-trade market and vending machine
demand recovered thanks to the relaxation of restrictions, with total domestic beverage demand
estimated to be around 109% that of the previous year.
In this context, while lemon beverages trended well thanks to consumers’ heightened healthconsciousness, domestic beverage sales volume decreased due to the reduction of unprofitablevending machines, falling to 99% of the previous year.
As for overseas, domestic revenue in Singapore increased to 104% year-on-year due to theloosening of the country’s COVID-19 pandemic restrictions. Exports out of Singapore have also
remained strong, growing to 128% year-on-year.
－ 5 －Furthermore, in April, we transferred all shares of Pokka Create Co., which operates the Cafede Crie coffee shop chain, to focus management resources on growth areas, particularly thegrowing lemon business.
Real Estate
Revenue decreased year-on-year due to a number of factors, such as the sale of Ebisu First
Square last June, as well as the renovation of the Center Plaza at Yebisu Garden Place ahead of
its reopening this November.
Core operating profit decreased year-on-year due to the decrease in revenue.
Operating profit decreased year-on-year in reaction to the gain on sale of investment properties
in the previous year, among other factors.
■Revenue: ¥15.2 billion (down ¥1.3 billion, or 7.8% year on year)■Core operating profit: ¥4.8 billion (down ¥1.6 billion, or 24.6% year on year)■Operating profit: ¥4.1 billion (down ¥24.4 billion, or 85.5% year on year)
The office leasing market in the Greater Tokyo area has yet to see a recovery in occupancy
rates and average rent levels since the beginning of the year.
In this context, the Group’s Real Estate business saw the office occupancy ratio of its large
multi-purpose complex, Yebisu Garden Place, decline due to deteriorating market conditions,repairs and upgrades of its HVAC system, and other factors.

－

6 －(2) Consolidated Financial Condition
As of the end of this Q3 consolidated accounting period, the following were the change 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 September 30, 2022

Change167,806

166,247(1,559)426,745473,758

47,013594,551

640,004

45,453

210,535

218,453

7,918

220,688

247,419

26,731

431,224

465,872

34,649163,327

174,132

10,805594,551

640,004

45,453At the end of Q3, assets increased by ¥45.5 billion relative to the previous fiscal year-end to¥640 billion. This was due in part to the increase of assets including goodwill, property, plant andequipment due to the acquisition of Stone. It was despite a decrease in assets including assets
held for sale due to the sale of a consolidated subsidiary, and trade and other receivables due tothe fact that the end of the previous fiscal year was a holiday.
On the same comparative basis, liabilities increased by ¥34.6 billion to ¥465.9 billion. This wasdue in part to an increase in liabilities such as bonds and borrowings (current) and other financial
liabilities (non-current). It was despite a decrease in liabilities including other current liabilities due
in part to the fact that the end of the previous fiscal year was a holiday.
On the same comparative basis, equity increased by ¥10.8 billion to ¥174.1 billion. This wasdue to an increase in other components of equity due to changes in exchange rates, as well as anincrease in retained earnings due to the posting of profit attributable to owners of parent. It was
despite the payment of year-end dividends.

－ 7 －(3) Consolidated Cash FlowsAt end-Q3, cash and cash equivalents (hereinafter “cash”) increased by ¥2.1 billion (12%) to¥19.5 billion, relative to the previous consolidated fiscal year-end.
Consolidated cash flows for the first nine months of 2022, and the main factors affecting thoseflows were as follows.
(Millions of yen)
Category

As of September
30, 2021

As of September
30, 2022

26,931

13,457(13,474)

17,652(41,942)(59,594)

44,583(28,485)(73,068)(51,525)30,75282,277

498

(168)

(667)

(6,444)

2,099

8,542

19,734

17,368(2,366)

13,29019,467

6,177

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 at end of period

Change(Cash flows from operating activities)
Operating activities provided net cash amounting to ¥13.5 billion (down ¥13.5 billion, or 50% year
on year). This was mainly due to the positive factors of a ¥15.6 billion decrease in depreciation andamortization, ¥12.9 billion in trade and other receivables, and ¥9.0 billion in profit before tax, which
offset negative factors of a ¥10.2 billion decrease in income taxes paid, ¥9.8 billion in accrued alcohol
tax, and ¥5.5 billion in increase or decrease in retirement benefit asset or liability.
(Cash flows from investing activities)
Cash used in investing activities was ¥41.9 billion (compared to ¥17.7 billion provided in the previous
fiscal year). Although there was proceeds from sale of property, plant and equipment of ¥2.8 billion,
the decline was due to payments for acquisition of subsidiaries of ¥22.6 billion, purchase of investment
property of ¥11.6 billion, and purchase of property, plant and equipment of ¥6.3 billion.
(Cash flows from financing activities)
Cash provided by financial activities was ¥30.8 billion (compared to ¥51.5 used in the previous fiscal
year). The main inflows were ¥40.0 billion in proceeds from long-term borrowings, which outweighed¥14.0 billion for repayment of long-term borrowings.

－

8 －(4) Consolidated Earnings Forecast[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.
[Medium-Term Management Plan]
The Group’s Board of Directors, at a meeting held on November 9, 2022, decided on a four-year"Medium-Term Management Plan (2023-2026)" starting from the beginning of the fiscal year 2023.
In our Medium-Term Management Plan, we sort forth a basic policy of “Beyond150 - New Growth
Through Business Structure Transformation -” and we will decisively implement structural reforms
based on a reorganization of our business portfolio, aiming to realize growth of our overseas andcore businesses.
Aiming to improve our cash ability to generate cash in line with growth and returns in excess ofthe cost of capital, we have set financial targets and indicators of a return on equity (ROE) ratio of
8%, an average annual EBITDA growth rate of approximately 10%, and an average annual overseas
sales growth rate of approximately 10%.
Further, when developing the Medium-Term Management Plan, we completely revised our key
sustainability issues in response to changes in the social conditions and business environment
surrounding the Group. We will set new goals for each of issue and promote efforts to achieve themwhile monitoring the progress of these efforts.

－ 9 －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

－

10 －

September 30, 2022

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

19,467
81,97447,163
8,118
9,524
166,247－
166,247

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

135,108
207,643
37,524
10,013

1,345

1,339

65,650
－
4,682
4,151
426,745594,551

68,631
5,849
3,952
3,699
473,758
640,004

(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－ 11 －

September 30, 2022

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

33,67590,5653,796
890
36,724
9,234
43,570218,453

6,118－

210,535

218,453

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

145,352
21,74853,523
4,112
1,891
268
20,526
247,419465,872

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

53,88740,603(1,784)45,681
34,858173,245887
174,132
640,004

(2) Consolidated Statement of Profit or Loss
(Millions of yen)
Nine months ended
September 30, 2021

Nine months ended
September 30, 2022

Revenue
Cost of sales
Gross profit

309,061
215,155
93,905345,812244,948
100,864

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

92,361
25,5303,126
23,948

95,114
3,674
1,891
7,533

Finance income
Finance costs
Share of profit of investments accounted forusing equity method
Loss before tax

1,150
1,243

2,611
1,210

27

54

23,883

8,989

Income tax expense
Profit8,223
15,661

3,661
5,327

Profit attributable to
Owners of parent
Non-controlling interests
Profit15,731(70)
15,661

5,299
28
5,327

Basic profit per share
Diluted profit per share

201.95
197.72

68.02
68.01

－

12 －

(3) Consolidated Statement of Comprehensive Income(Millions of yen)
Nine months ended
September 30, 2021
ProfitNine months ended
September 30, 2022

15,661

5,327

1,193

2,271

2,055

(1,405)

3,248

866

2,677

7,857

31

26

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

2,708

7,883

5,956
21,617

8,748
14,076Comprehensive income attributable to
Owners of parent
Non-controlling interests
Comprehensive income

21,656(39)
21,617

13,945130
14,076－ 13 －

(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)33,459ProfitExchange differenceson translation offoreign operations

Effective portion of
cash flow hedges(1,806)

(40)

2,646

31

2,646

31

15,731Other comprehensive
incomeComprehensive income-

Purchase of treasury
shares
Disposal of treasury
shares

-

(4)

0

8

Dividends(3,277)

Changes in ownershipinterest in subsidiaries
Share-based
remunerationtransactions

(50)
(24)

Transfer to retained
earnings

1,964

Other
Total transactions withownersBalance as of September
30, 2021

15,731

(182)

182

-

(257)

4

(1,131)--53,88740,596(1,784)48,059840(9)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-

15,731(70)

15,661

ProfitOther comprehensive
income

1,193

2,055

5,925

5,925

31

5,956

Comprehensive income

1,193

2,055

5,925

21,656(39)

21,617

-

(4)

-

(4)

-

8

-

8

-

(3,277)(1)(3,278)

-

(50)

-

(50)

-

(24)

-

(24)

(2,954)

(990)

990

-

-

-

-

-

Purchase of treasury
shares
Disposal of treasury
sharesDividends
Changes in ownershipinterest in subsidiaries
Share-based
remunerationtransactions
Transfer to retained
earnings(899)(2,055)

Other
Total transactions withownersBalance as of September
30, 2021(899)(2,055)(2,954)(4,338)989(3,349)25,509-26,340167,099719

167,818－

14 －(Millions of yen)
Other components of equity

Balance as of January 1,
2022

Share
capitalCapitalsurplusTreasurysharesRetainedearnings

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

ProfitExchange differenceson translation offoreign operations

Effective portion of
cash flow hedges

1,782

(15)

7,755

26

7,755

26

5,299

Other comprehensive
incomeComprehensive income-

Purchase of treasury
shares
Disposal of treasury
shares

-

-

5,299

(3)
0

3

Dividends(3,277)

Share-based paymenttransactions
Transfer to retained
earnings
Total transactions withownersBalance as of September
30, 20227(1,132)-7

0(4,409)--53,88740,603(1,784)45,681

9,537

11

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

-

5,299

28

5,327

ProfitOther comprehensive income

2,271(1,405)

8,646

8,646

102

8,748

Comprehensive income

2,271(1,405)

8,646

13,945130

14,076

Purchase of treasury shares

-

(3)

-

(3)

Disposal of treasury shares

-

3

-

3

Dividends-(3,277)(1)(3,278)

Share-based paymenttransactions

-

7

-

7

Transfer to retained earnings

(274)

1,405

1,132

-

-

-

Total transactions with owners

(274)

1,405

1,132

(3,270)(1)(3,271)

Balance as of2022

25,311-

34,858173,245887

174,132

September 30,－ 15 －

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

Cash flows from operating activities
Profit 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
Proceeds from sale of investment property
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Payments for acquisition of subsidiaries
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

－

16 －

Nine months ended
September 30, 2021

Nine months ended
September 30, 2022

23,883
17,046
623
(551)
1,241

8,989
15,636
662
(675)
1,210

(27)

(54)

(22,849)(989)

22,178(3,414)(934)(13,133)

12,875(3,849)(2,044)(9,781)(302)(5,542)

3,618
27,378557(1,246)242
26,931

7,790
24,228701(1,249)(10,223)
13,457(10,097)
1,389(4,683)34,078(854)(1,834)
3,272(2,737)(1,300)
(900)
(57)
72
1,303
17,652(6,293)
2,796(11,575)－(1,064)(4,183)579(22,602)
－
－
(47)
67
380
(41,942)(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 at end of period－ 17 －

Nine months ended
September 30, 2021

Nine months ended
September 30, 2022

589
(5,000)4,000(13,180)(30,008)(3,275)(4,654)
4(51,525)

10,243
10,00040,000(14,044)(10,026)(3,275)(3,535)
1,388
30,752498(168)(6,444)
19,734
13,2902,099
17,36819,467

(6) Notes on the Going-concern Assumption
Not applicable－18 －