Analysis of Financial PositionAssets at the end of the year were 826,737million yen, a decrease of 40,375 million yen compared with the end of the prior fiscal year-end period. This is mainly due to a decrease in “cash and cash equivalents” resulting from redemption of bonds, and a decrease in “property, plant and equipment” because of balance sheet improvement through consolidation of sales centers, while the Akashi Mega DC was newly established.Analysis of Cash FlowsThe Cash Flows from Operation Activities Net cash generated from operating activities was 41,717 million yen (35,982 million net cash generated in the previous year period). This results mainly from the 12,491 million yen net loss before tax, “Depreciation and amortization,” “Increase in other liabilities,” etc. alongside “Gain on sale of property, plant and equipment” and “Increase in other liabilities,” etc.The Cash Flows from Investing Activities Net cash used in from investing activities was 23,090 million yen (15,271 million yen outflow in the previous year period). This resulted mainly from “Acquisitions of property, plant and equipment and intangible assets” etc., as a result of strategic, investments that Capital ExpendituresThe Group implemented capital expenditure totaling 42,540 million yen in the fiscal year ended on December 31, 2022. The expenditures were mainly for the introduction of vending machines to the market with the aim of strengthening sales capabilities, improvement of manufacturing efficiency, acquisition of new product Research and DevelopmentNo relevant matters apply.Policies for Profit Distribution and DividendsWe periodically review its capital structure and dividend payout ratio to maximize shareholder returns while maintaining flexibility to pursue growth opportunities. We seek to use retained earnings to fund investment for sustainable growth for our business and further enhancement of corporate value. We set a basic policy regarding dividends, which includes active redistribution of profits while placing the highest priority on paying dividends in a stable manner, by comprehensively reviewing the business performance and level of retained earnings. In addition, we have set a payout ratio target of Liabilities at the end of the year were 350,378 million yen which decreased by 24,282 million yen from the end of the prior year period. This is mainly due to a decrease in “Bonds and debts” under current liabilities upon the redemption of bonds.Equity at the end of the year was 476,358 million yen, a decrease of 16,093 million yen from the end of the prior year period. This is mainly due to a decrease in “Retained earnings” as a result of dividend payments.serve as a foundation for growth, alongside “Proceeds from sales of property, plant and equipment and intangible assets” as part of the efforts to optimize the balance sheet.The Cash Flows from Financing Activities Net cash used in financing activities was 46,050 million yen (67,134million yen net cash used in the previous year period), driven by “Payments for bond redemption” and “Dividends paid.”As a result of these activities, cash, and cash equivalents at the end of the year was 84,074 million yen, a decrease of 26,422 million yen from the end of the prior fiscal year-end.support facilities, and investments in Akashi Mega DC for optimization of logistics networks in the Kansai area. Capital expenditures include tangible fixed assets, right-to-use assets, and intangible assets.30% or more for net income attributable to owners of the parent. We pay interim and year-end dividends.We paid an interim dividend of 25 yen per share and a year-end dividend of 25 yen per share for a total annual dividend of 50 yen per share in the fiscal year ending December 31, 2022.On future shareholder returns, we stay committed by comprehensively reviewing its business performance trends and financial conditions, and examining the best approaches that could be taken by including the share repurchase program.80
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