■ Cash Flows from Investing ActivitiesNet cash generated from investing activities was 15,271 million yen (52,076 million yen outflow from investing activities the previous year period), as cash used for acquisition of fixed assets was controlled, accounting for the current operating environment and sales of Qʼsai share resulted in proceeds from sales of shares of subsidiaries.■ Cash Flows from Financing ActivitiesNet cash used for financing activities was 67,134 million yen (20,912 million yen net cash generated from financing activities in the previous year period), driven by decrease of short-term loans for operating capital, payment of dividends and repayments of lease liabilities.As a result of these activities, cash and cash equivalents at the end of the year was 110,497 million yen, a decrease of 15,881 million yen from the end of the prior fiscal year-end.Governance and Financial FrameworkFinancial Information42Analysis of Financial PositionThe Groupʼs percentage of equity attributable to owners of the parent at the end of the consolidated fiscal year was 56.8%. We believe that the Companyʼs financial structure remains sound.As of December 31, 2021, total assets were 867,111million yen, a decrease of 72,492 million yen to compared with the end of the prior fiscal year-end period. Primarily due to the sales of the Qʼsai shares on February 1, 2021, resulting in a decrease of the assets held for sale and decrease on property, plant and equipment as a result of restrained investment in sales equipment and selling idle assets.Total liabilities at the end of the year were 374,660 million yen which decreased by 62,851 million yen from the end of the prior year period. This is mainly due to decrease in bonds and borrowings with the repayment of short-term loans, and the sales of the Qʼsai shares which could decreasing the liabilities directly associated with assets held for sale.Total shareholderʼs equity at the end of the year were 492,451 million yen, a decrease of 9,642 million yen from the end of the prior year period. This mainly reflects a decrease in retained earnings as a result of dividend payments.Analysis of Cash Flows■ Cash Flows from Operating Activities Net cash generated from operating activities was 35,982 million yen (43,716 million net cash generated from operations in the previous year period). This results mainly from the 21,683 million yen net loss before tax from continuing operation, depreciation, increase in trade and other payables and decrease in other assets etc., offset by gain on sale of property, plant and equipment, increase in trade and other receivables and payment of income taxes, etc.Capital ExpendituresThe Group implemented capital expenditure totaling 40,184 million yen in the fiscal year ended on December 31, 2021.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 support facilities, and investments in Saitama Mega DC for optimization of logistics networks in the Kanto area.Capital expenditures include tangible fixed assets, right-to-use assets and intangible assets.Research and DevelopmentNo relevant matters apply.Policies for Profit Distribution and DividendsWe periodically review our capital structure and dividend payout ratio to maximize shareholder returns while maintaining the flexibility to pursue growth opportunities. We seek to use retained earnings for sustainable growth investments, and to pursue business growth and the further enhancement of corporate value. The Company sets the active redistribution of profits as its basic policy regarding dividends, placing the highest priority on the stable payment of dividends. The Company has set a payout ratio target of 30% or more for net income attributable to owners of the parent, and pays dividends to allocate surpluses two times per year (interim and year-end dividends), comprehensively taking business performance and retained earnings into account.As dividends for the year ended December 2021, the Company paid an interim dividend of 25 yen per share and a year-end dividend of 25 yen per share, for an annual dividend of 50 yen per share.On future shareholder returns, the Company stays committed to maximizing the value 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.
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