NEWS RELEASE
May 12, 2017
Daisuke Iwase, President
LIFENET INSURANCE COMPANY(Securities Code: 7157, TSE Mothers)

Financial Results for Fiscal 2016 Ended March 31, 2017
Ordinary income of 10,096 million yen, year on year 7.6% up
TOKYO, May 12, 2017 - LIFENET INSURANCE COMPANY (TSE Mothers 7157, President
Daisuke Iwase, URL: http://ir.lifenet-seimei.co.jp/en/) discloses financial results for fiscal 2016
ended March 31, 2017.
1．Overview of the financial results for fiscal 2016
(1) Business results
Condition of policies-in-force*1
Annualized premium of new business in 4Q ended March 31, 2017 was 406 million yen(128.2% of 4Q of fiscal 2015). The number of applications was 13,011 (143.2% of 4Q of fiscal
2015), with the number of new business at 9,142 (132.8% of 4Q of fiscal 2015). Annualized*1
premium of new business for fiscal 2016 was 1,361 million yen (114.5% of fiscal 2015). The
number of applications was 40,742 (122.1% of fiscal 2015), with the number of new business at
29,741 (118.3% of fiscal 2015).
*1
Annualized premium of policies-in-force as of March 31, 2017 stands at 10,088 million yen(107.6% of March 31, 2016). Sum insured of policies-in-force was 1,966,965 million yen (103.2%
of March 31, 2016). The number of policies-in-force resulted in a total of 239,800 (106.3% ofMarch 31, 2016) and exceeded 240,000 in April 2017. The number of policyholders was 152,545,*2
exceeding 150,000 in February 2017. Surrender and lapse ratio for fiscal 2016 was 6.6% (6.7%
for fiscal 2015).
*1: Annualized premium is the amount of money equivalent to what is to be paid to have the insurance coverage for one
year. All payments for Lifenet products are in monthly installments, we calculate annualized premium as multiplying
the monthly premium by 12 months.
*2: The surrender and lapse ratio is the annual equivalent of the monthly number of policies surrendered and/or lapsed
divided by the monthly average number of policies-in-force.

Results of operations
Insurance premiums and other for fiscal 2016 increased to 9,816 million yen (107.7% of fiscal
2015) due to an increase in the number of policies-in-force. Investment income was 216 million
yen (83.6% of fiscal 2015). Other ordinary income was 63 million yen. As a result, ordinary
income for fiscal 2016 amounted to 10,096 million yen (107.6% of fiscal 2015).
Insurance claims and other was 1,796 million yen (139.6% of fiscal 2015) mainly due to theincreased number of insurance claims. The ratio of insurance payment amounts to insurance
premiums increased to 16.0% for fiscal 2016, compared with 12.0% for fiscal 2015. Provision forpolicy reserves and other came to 3,638 million yen (95.1% of fiscal 2015). The ratio of provision
for policy reserves to insurance premiums was 37.8% for fiscal 2016, compared with 41.6% for2015. Operating expenses amounted to 4,047 million yen (124.9% of fiscal 2015). The
components of operating expenses were 1,822 million yen in marketing expenses including
advertising (139.9% of fiscal 2015), 569 million yen in customer service expenses (108.2% offiscal 2015), and 1,655 million yen in system and other expenses (117.4% of fiscal 2015).
Amortization of deferred assets under Article 113 of the Insurance Business Act totaled 2,120
million yen. Although the deferred assets recognized before fiscal 2012 were intended to beamortized using the straight-line method until fiscal 2017, the tenth year after business
commencement, they were written off by one-time amortization in fiscal 2016. Consequently,
Copyright© LIFENET INSURANCE COMPANY All rights reserved.

1

NEWS RELEASE
ordinary expenses for fiscal 2016 totaled 12,128 million yen (123.0% of fiscal 2015).
As a result, ordinary loss totaled 2,031 million yen for fiscal 2016, compared with 475 million
yen for fiscal 2015. Ordinary profit before amortization of deferred assets under Article 113 of the
Insurance Business Act recorded profitable of 88 million yen, compared with 584 million yen forfiscal 2015. Net loss was 1,889 million yen, compared with 429 million yen for fiscal 2015.
In addition, fundamental profit, which is one of the indicators for the profitability of life insurancecompanies, amounted to 1,936 million yen loss, compared with 450 million yen loss for fiscal 2015
mainly due to the one-time amortization of the deferred assets. The components of fundamental
profit were 2,293 million yen in mortality margin, 4,247 million yen loss in expense margin and 17
million yen in interest margin.
(2) Financial condition
Assets, liabilities and net assets
Total assets as of March 31, 2017 amounted to 31,934 million yen (30,317 million yen as ofMarch 31, 2016). The major account balance was 26,372 million yen in securities mainly
consisting of government bonds and corporate bonds with high credit ratings. Lifenet is holding
shares of Advance Create Co., Ltd., an insurance sales agent for the purpose of maintaining
equity and business partnerships, and Kyobo Lifeplanet Life Insurance Company, which is an
online life insurer jointly established with Kyobo Life Insurance Co., Ltd in Korea. The deferredassets under Article 113 of the Insurance Business Act became zero due to the one-time
amortization.
Liabilities amounted to 18,288 million yen as of March 31, 2017 (14,893 million yen as ofMarch 31, 2016), owing to an increase in policy reserves as a result of the increased insurance
premiums. The major account balances were 17,189 million yen in policy reserves (including
1,402 million yen in contingency reserves), and 311 million yen in reserves for outstanding
claims.
Net assets decreased to 13,645 million yen as of March 31, 2017 (15,423 million yen as ofMarch 31, 2016) mainly due to the recording of net loss for fiscal 2016.
Solvency margin ratio as of March 31, 2017 was 2,723.0% (2,805.5% as of March 31, 2016),
which indicated that an adequate level of payment capacity was maintained.
(3) Cash flows
For fiscal 2016, net cash provided by operating activities amounted to 3,904 million yen (4,610
million yen provided for fiscal 2015) due to an increase in insurance premiums and other despiteof increased insurance claims. Net cash used by investing activities amounted to 3,834 million
yen (5,639 million yen used for fiscal 2015) mainly due to acquisition of securities. Net cash
provided by financing activities amounted to 200 million yen (3,031 million yen provided for fiscal
2015).
Based on these activities described above, cash and cash equivalents as of March 31, 2017
totaled 3,004 million yen (2,734 million yen as of March 31, 2016).

Copyright© LIFENET INSURANCE COMPANY All rights reserved.

2

NEWS RELEASE(4) Business forecasts
Business forecasts for fiscal 2017 are as follows. Lifenet has disclosed forecasts of ordinary
income and ordinary profit (loss) before amortization of deferred assets under Article 113 of
the Insurance Business Act as business forecast indicators. Now we disclose ordinary income,ordinary profit (loss) and net income (loss) f rom fiscal 2017 because the deferred assets was

one-time amortized in fiscal 2016.

Business forecasts
for fiscal 2017

Ordinary income

Ordinary profit (loss)(In millions of yen)
Net income (loss)

11,000

(300)

(300)

10,096(2,031)*1(1,889)*1

8.9%

-

-

(Ref.)
Business results
for fiscal 2016
ChangeLifenet is forecasting ordinary income of 11 billion yen, ordinary loss of 300 million yen and net
loss of 300 million yen for fiscal 2017. With three channels, “online direct sales”, “KDDI(exclusive alliance agent)” and “over-the-counter agent” as the pillars, Lifenet will be
continuously aiming of the ordinary income growth by pursuing expansion of the new businessperformance. In terms of this purpose we plan to allocate our marketing expenses proactively infiscal 2017, therefore ordinary profit (loss) and net income (loss) are expected to be negative.
Actual results of ordinary profit (loss) and net income (loss) may greatly diverge from forecasts if
the amount of insurance claims and benefits fluctuates beyond our expectation.
*1: Amortization of the deferred assets under Article 113 of the Insurance Business Act was 2,120 million yen due tothe one-time amortization. The ordinary profit before amortization of deferred assets under Article 113 of the
Insurance Business Act was 88 million yen.

(5) Dividend policy
As stated in Article 17-6 of the Insurance Business Act, Lifenet was not permitted to distributeretained earnings as dividends while deferred assets under Article 113 of the Insurance
Business Act were held on its balance sheet. Though the one-time amortization of the deferredassets in fiscal 2016 lifted such restrictions under the Insurance Business Act with respect todistributing retained earnings as dividends, Lifenet has yet to determine its specific dividend
policies and dates for the start of distributing retained earnings as dividends because we stillrecord cumulative loss. Lifenet will consider paying dividends in the future.
Lifenet's Articles of Incorporation stipulates that a decision on the distribution of retained
earnings as specified in each Item of Paragraph 1, Article 459 of the Companies Act can bemade by a resolution of the Board of Directors, except as otherwise determined by law.

Copyright© LIFENET INSURANCE COMPANY All rights reserved.

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NEWS RELEASE
2．Business policy(1) Basic management policy
Returning to the original purpose of life insurance - mutual support - LIFENET INSURANCECOMPANY was founded with its manifesto of offering simple, convenient and competitively
priced products and services based on the highest levels of business integrity. We sell theseproducts and services directly to customers over the Internet. By using the Internet, we are able
to offer highly cost-competitive products and accept applications from customers at any given
time. Through collaborations with partner companies in addition to the online direct sales, weoffer life insurance products and services that match customer’s values and lifestyles.
Leveraging technologies, Lifenet will continue its quests for new initiatives that challenge thecommon sense within the life insurance industry, while pursuing the creation of the customer
value that only online life insurers can offer.
(2) Target indicator
Lifenet will strive to achieve sustainable growth in insurance premium income and profitability
in its business results by continual improvement of business efficiency as its key management
indicators. By aiming to maintain the high-level solvency margin ratio in addition to increasing theembedded value and the value of new business, Lifenet will pursue stabilization of its
management foundation and continuous improvement of its corporate value.
(3) Mid and long term business strategy and challenges
Lifenet formulated the Mid-term Business Plan through fiscal 2018 as follows, aiming toachieve its stable growth in the future.
Summary of Mid-term Business Plan
FY2018
Management
Goal

Business
Strategy

13.5 billion yen in ordinary income
Positive profitability of ordinary profit (loss)

1. The pillars of business: “Online direct sales”, “KDDI (exclusive
alliance agent)” and “Over-the-counter agent”
2. Continuous creation of unique sales point in all channels
3. Commitment to business development for future growth

Organizational
Strategy

Change, Challenge and Unity

Risk
Management
Area

Sophisticate systems for risk management and customer protectionthat support business strategy

Copyright© LIFENET INSURANCE COMPANY All rights reserved.

4NEWS RELEASEFirst, as the Management Goal of fiscal 2018, we will seek to achieve 13.5 billion yen in
ordinary income, pushing the company toward profitability on an ordinary profit (loss) basis infiscal 2018. In fiscal 2016, the first year of Mid-term Business Plan, new business performance
returned to growth, exceeding the performance of the previous year for the first time in five fiscal
years. Lifenet establishes a system that enhances the new business performance steadily andrealizes sustainable profitability in fiscal 2017. As a result of the foregoing efforts, we will
endeavor to achieve the Management Goal in fiscal 2018.
Aiming to achieve its stable growth in the future, Lifenet promotes its initiatives for the following
issues to be addressed based on its manifesto of “offering simple, convenient and competitively
priced products and services based on the highest levels of business integrity.”
1. Stable growth of new business performance with three core channels
With three channels as the pillars, Lifenet will pursue its stable growth to achieve its
Management Goal of Mid-term Business Plan.
First, in the online direct sales channel, we will strive to develop our new products andenhance our sales structure for the launch, aiming at enhanced recognition and sales of the new
products. In addition, by reinforcing approaches tailored to customer’s attributes and stages oflife and media utilization, we will work to increase the numbers of visitors to the website, andeventually gain new businesses with our current products. We will continuously explore efficientroutes for customer inflow other than TV commercials.
Secondly, in the KDDI (exclusive alliance agent) channel, we plan to start offering “au Life
Insurance” with Refunds at certain au shops on a trial basis as one of ways for sales expansion,in order to deliver the products to more customers leveraging the customer platform of KDDI
CORPORATION (“KDDI”). Together with initiatives to improve a comprehensive website of “auLife Insurance” for customer with our accumulated know-how as an online life insurer, we will aim
to establish a new product distribution model that mutually utilizes three sales routes of thewebsite, au Financial Support Center (KDDI’s call center) and au shops.
Lastly, in the agent channel, we will expand sales of a long-term disability insurance product,“Hataraku-Hito 2”, released in June 2016. We strengthen our sales structure so that each agent
can explain about our long-term disability insurance to customers comprehensively and enhance
our competitive advantage of long-term disability insurances, for which the market is growing.
2. Improvement of operating expenses efficiency
With the aim of the further growth of the new business performance in fiscal 2017, we plan toallocate our marketing expenses proactively, continuing from fiscal 2016. Meanwhile, with aiming
to achieve the positive profitability of ordinary profit (loss), one of the Management Goals of the
Mid-term Business Plan, we will strive to improve our operating expenses efficiency. In the online
direct sales channel, efforts to improve sales efficiency as well will be made by investing
advertising expenses including TV commercial efficiently. In each of the agent channels,
including KDDI, we will deliver our insurance products efficiently to the customers with different
characteristics than those in the online direct sales channel by leveraging each agent’s customer
platform and their brand. Furthermore, with regard to operating expenses for other purposes
than the insurance policy acquisition, we will pursue improved operating expenses efficiency bymeans of thorough cost control and enhanced operational productivity.

Copyright© LIFENET INSURANCE COMPANY All rights reserved.

5NEWS RELEASE
3. Realization of proactive product development and enhancement of services utilizing smartphones
Lifenet remains committed to developing products and services that meet the needs ofcustomers and the times. For that purpose, we will further strengthen our product development
structure, aiming at the proactive development of new products.
In addition, as the ratio of brochure request and applications via smartphones tends toincrease because we have offered services utilizing smartphone proactively. Using this feature,
we will strive to enhance services utilizing smartphones to strengthen contacts with ourpolicyholders. In particular, we will work to expand the scope of our service using LINE,
commenced in fiscal 2016 for customers who consider our products, to services after theconclusion of the insurance policy. We aim to maintain and strengthen long-term relationships
with trust and enhance customer satisfaction, by promoting communications with ourpolicyholders exceeding 150,000 through smartphone utilization, and bringing them a sense that
Lifenet is as close and ready to help after signing an insurance policy as ever.

About LIFENETURL: http://ir.lifenet-seimei.co.jp/en/

Returning to the original purpose of life insurance - mutual support - LIFENET INSURANCE
was founded with the goal of offering simple, convenient and competitively priced products andservices based on the highest levels of business integrity. We sell these products and services
directly to customers over the Internet. By using the Internet, we are able to offer highly
cost-competitive products and accept applications from customers at any given time.
Contact:
Investor Relations, Corporate Planning DepartmentTel:+81-3-5216-7900
e-mail: ir@lifenet-seimei.co.jp
Disclaimer: This is a summarized translation of the original Japanese document, prepared and provided
solely for readers' convenience. In case of any discrepancy or dispute, the Japanese document prevails.

Copyright© LIFENET INSURANCE COMPANY All rights reserved.

6

NEWS RELEASE
3. Non-consolidated Financial Statements(1) Balance Sheets(In millions of yen)March 31
2016

2017

ASSETSCash and deposits ·································································

734

1,004

Bank deposits ································································

734

1,004

Monetary claims bought ··························································

1,999

1,999

Money held in trust ································································

1,035

995

Securities ············································································

23,067

26,372Government bonds ·························································

10,102

9,876

Municipal bonds ·····························································

1,521

1,496

Corporate bonds ····························································

10,42811,751

Stocks ·········································································

211

334

Foreign securities ···························································

804

819

Other securities ·····························································

－

2,095

Tangible fixed assets ······························································

72

123

Buildings ······································································

11

16

Leased assets ·······························································

2

59

Other tangible fixed assets ···············································

59

46

Intangible fixed assets ····························································

437

502

Software·······································································

317

412

Software in progress ·······················································

103

54

Leased assets ·······························································

15

34

Other intangible fixed assets ·············································

10

Agency accounts receivable ····················································

0

1

Reinsurance accounts receivable ··············································

27

30

Other assets·········································································

2,941

904

Accounts receivable ························································

680

742

Prepaid expenses ··························································

28

45

Accrued income ·····························································

39

40

Deposits ·······································································

73

73

Suspense payments ·······················································

0

2

Deferred assets under Article 113 of the Insurance Business Act ··

2,120

－

Total assets ···························································

30,31731,934

Copyright© LIFENET INSURANCE COMPANY All rights reserved.

7

NEWS RELEASE(In millions of yen)March 31
2016

2017

Policy reserves and other ························································

13,90817,501

Reserves for outstanding claims ········································

357

311

Policy reserves ······························································

13,551

17,189Agency accounts payable ·······················································

8

39

Reinsurance accounts payable ·················································

56

68

Other liabilities ······································································

505

469

Income taxes payable ·····················································

73

1

Accounts payable ···························································

46

37

Accrued expenses ··························································

324

330

Deposits received ···························································

11

13

Lease liabilities ······························································

18

51

Asset retirement obligations··············································

30

33

Suspense receipt ···························································

1

2

Reserves under the special laws ···············································

12

19

Reserve for price fluctuations ············································

12

19

Deferred tax liabilities ·····························································

401

189

Total liabilities ·························································

14,893

18,288

Capital stock ········································································

12,02012,136

Capital surplus ······································································

12,02012,136

Legal capital surplus ·······················································

12,02012,136

Retained earnings ·································································(9,227)(11,116)

Other retained earnings ···················································(9,227)(11,116)

Retained earnings brought forward ·····························(9,227)(11,116)

Shareholders’ equity ·········································

14,813

13,157

Valuation difference on available-for-sale securities ······················

591

488

Valuation and translation adjustments ········································

591

488

Subscription rights to shares ····················································

19－

Total net assets ···············································

15,423

13,645

Total liabilities and net assets ·····························

30,31731,934

LIABILITIESNET ASSETS

Copyright© LIFENET INSURANCE COMPANY All rights reserved.

8

NEWS RELEASE(2) Statements of Operations

Ordinary income························································
Insurance premiums and other ······························
Premiums income ·······································
Reinsurance income ····································
Investment income ·············································
Interest, dividends and other income ···············
Interest from deposits ···························
Interest and dividends from securities ·······
Other interest and dividends ···················
Gain on money held in trust ···························
Gain on sales of securities ····························
Other ordinary income ·········································
Reversal of reserves for outstanding claims ······
Other ························································
Ordinary expenses ····················································
Insurance claims and other···································
Insurance claims ·········································
Benefits ····················································
Other refunds ·············································
Reinsurance commissions ····························
Provision for policy reserves and other ····················
Provision for reserves for outstanding claims·····
Provision for policy reserves ··························
Investment expenses ··········································
Interest expenses ········································
Other investment expenses ···························
Operating expenses ············································
Other ordinary expenses ······································
Taxes ·······················································
Depreciation ··············································
Amortization of deferred assets under Article
113 of the Insurance Business Act··················
Other ························································
Ordinary profit (loss) ··················································
Extraordinary losses ··················································
Provision of reserves under the special laws ············
Provision of reserve for price fluctuations ·········
Income (loss) before income taxes ································
Income taxes-current ·················································
Income taxes-deferred ················································
Income taxes ····························································Net income (loss) ······················································(In millions of yen)
Year ended March 31
2016
2017
9,387
10,096
9,117
9,816
9,007
9,628
110
187
259
216
190
215
0
0
189
215
1
0
33
0
35
－
10
63
－
45
10
18
9,863
12,128
1,287
1,796
635
1,005
443
535
0
0
209
256
3,824
3,638
79
－
3,744
3,638
0
0
0
0
0
0
3,239
4,047
1,510
2,646
218
282
220
239
1,060
11
(475)
3
3
3
(478)
74
(124)
(49)
(429)

Copyright© LIFENET INSURANCE COMPANY All rights reserved.

2,120
3(2,031)6
6
6(2,038)
22
(172)
(149)
(1,889)9NEWS RELEASE(3)

Statements of Changes in Net Assets(In millions of yen)
Year ended March 31
2016
2017

Shareholders' equity:
Capital stock
Capital stock ························································
Changes of items during the period
Issuance of new shares ···································
Issuance of new shares-exercise of subscription rights to shares ·······
Total changes of items during the period ··············
Capital stock ························································
Capital surplus
Legal capital surplus
Legal capital surplus ·······································
Changes of items during the period
Issuance of new shares ·······························
Issuance of new shares-exercise of subscription rights to shares ···Total changes of items during the period ··········
Legal capital surplus ··············································
Total capital surplus
Capital surplus ···············································
Changes of items during the period
Issuance of new shares ·······························
Issuance of new shares-exercise of subscription rights to shares ···Total changes of items during the period ··········
Capital surplus ···············································
Retained earnings
Other retained earnings
Retained earnings brought forward
Retained earnings brought forward·················
Total changes of items during the period
Net income (loss) ···································
Total changes of items during the period ·····
Retained earnings brought forward·················
Total retained earnings
Retained earnings ········································
Changes of items during the period
Net income (loss) ·····································
Total changes of items during the period ·······
Retained earnings ·······································
Total shareholders' equity
Shareholders' equity ···········································
Changes of items during the period
Issuance of new shares ···································
Issuance of new shares-exercise of subscription rights to shares ·······Net income (loss) ···········································
Total changes of items during the period ··············
Shareholders' equity ···········································

10,50012,020

1,520
－
1,520
12,020－
116
116
12,136

10,50012,020

1,520
－
1,520
12,020－
116
116
12,136

10,50012,020

1,520
－
1,520
12,020－
116
116
12,136(8,798)(9,227)

(429)
(429)
(9,227)(1,889)(1,889)(11,116)(8,798)(9,227)

(429)
(429)
(9,227)(1,889)(1,889)(11,116)

12,202

14,813

3,040
－
(429)
2,610
14,813－232(1,889)(1,656)
13,157

Copyright© LIFENET INSURANCE COMPANY All rights reserved.

10

NEWS RELEASE(In millions of yen)
Year ended March 31
2016
2017
Valuation and translation adjustments:
Valuation difference on available-for-sale securities
Valuation difference on available-for-sale securities ···Changes of items during the period
Net changes of items other than shareholders'equity ······················································
Total changes of items during the period ··········
Valuation difference on available-for-sale securities
Total valuation and translation adjustments
Total valuation and translation adjustments ··············
Changes of items during the period
Net changes of items other than shareholders'equity ······················································
Total changes of items during the period ··········
Total valuation and translation adjustments ··············
Subscription rights to shares:
Subscription rights to shares ········································
Changes of items during the period
Net changes of items other than shareholders' equity ·Total changes of items during the period ·················
Subscription rights to shares ········································Net assets:
Net assets ·······························································
Changes of items during the period
Issuance of new shares········································
Issuance of new shares-exercise of subscription rights to shares ···········Net income (loss) ················································Net changes of items other than shareholders' equity ·Total changes of items during the period ··················Net assets ·······························································

265

591

325
325
591

(102)
(102)
488

265

591

325
325
591

(102)
(102)
488

19

19

－
－
19

(19)
(19)
－

12,487

15,423

3,040
－
(429)
325
2,936
15,423－232(1,889)(122)(1,778)13,645

Copyright© LIFENET INSURANCE COMPANY All rights reserved.

11

NEWS RELEASE(4) Statements of Cash Flows(In millions of yen)
Year ended March 31
2016

2017

Cash flows from operating activities
Income (loss) before income taxes ·····································(478)(2,038)Depreciation and amortization ···········································

220

239

Increase (decrease) in reserves for outstanding claims ···········

79

(45)

Increase (decrease) in policy reserves ·································

3,744

3,638

Increase (decrease) in reserve for price fluctuations ···············

3

6

Interest, dividends and other income ···································

(190)

(215)

Loss (gain) related to securities ··········································

(35)

－

Interest expenses ···························································

01

Decrease (increase) in agency accounts receivable ···············

(0)

(1)

Decrease (increase) in reinsurance accounts receivable ··········

(3)

(3)

Decrease (increase) in other assets <excluding assets for investing and financing activities > ·

1,001

2,055

Increase (decrease) in agency accounts payable ························

3

31

Increase (decrease) in reinsurance accounts payable ·············

11

12

Increase (decrease) in other liabilities <excluding assets for investing and financing activities> ·51

8

Other, net ······································································

(31)

1

Subtotal ········································································

4,376

3,690

Interest and dividends income received ·······························
Interest expenses paid ·····················································

238
(0)

325
(1)

Income taxes paid ···························································

(3)

(111)

Net cash provided by (used in) operating activities ············

4,610

3,904

Cash flows from investing activities
Purchase of securities ······················································(8,441)(5,217)

Proceeds from sales and redemption of securities ······················

2,910

1,700

Total of net cash provided by (used in) investment transactions ···(5,530)(3,517)

Total of net cash provided by (used in) operating activities and investment transactions ···

(919)

386

Purchase of tangible fixed assets ·······································
Purchase of intangible fixed assets ·····································

(6)
(103)

(39)
(277)

Net cash provided by (used in) investing activities ·············(5,639)(3,834)

Cash flows from financing activities
Proceeds from issuance of common stock ····························

3,040

－

Proceeds from issuance of stock resulting from exercise of subscription rights to shares ···－213

Repayments of lease liabilities ···········································

(8)

(13)

Net cash provided by (used in) financing activities ············

3,031

200

Net increase (decrease) in cash and cash equivalents ················

2,002

270

Cash and cash equivalents, beginning of the year ······················

731

2,734

Cash and cash equivalents, end of the year ······························

2,734

3,004

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12