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Consolidated Financial Statements

<J GAAP> Historical data (2015-2001)

Consolidated Statement of Cash Flows

(JPY million)

  2019 2020 2021 2022 2023
Cash flows from (used in) operating activities          
Profit before tax 197,391 125,399 199,826 205,992 241,871
Depreciation and amortization expenses 113,036 123,277 134,815 140,419 147,992
Impairment losses 57 8,819 13,442 18,490 2,183
Interest and dividend income -3,103 -3,536 -2,880 -2,656 -7,450
Interest expenses 7,390 11,164 12,700 12,306 14,269
Share of profit (loss) of entities accounted for using equity method -872 -285 -687 -667 -875
Gain on sales of investments accounted for using equity method 2,300
Gain (loss) on sales of stocks of subsidiaries and affiliates -298
Loss (gain) on sales and retirement of non-current assets 3,926 -1,839 -31,083 -9,540 3,564
Increase (decrease) in trade receivables 22,881 48,666 -11,812 -826 -23,608
Increase (decrease) in inventories -10,722 3,306 -14,566 -27,957 -24,447
Increase (decrease) in trade payables 2,955 -3,302 9,598 25,737 32,898
Decrease (increase) in accrued alcohol tax -9,214 -16,609 9,106 -4,062 2,984
Increase (decrease) in net defined benefit assets and liabilities 1,338 1,627 2,084 1,441 1,073
Other -14,572 37,994 75,992 3,369 36,027
Subtotal 310,192 336,982 396,535 362,049 426,484
Interest and dividends received 3,818 4,182 3,116 3,344 7,624
Inrerest paid -6,875 -10,049 -11,224 -10,839 -12,646
Income taxes paid -53,666 -55,256 -50,615 -88,562 -73,914
Net cash flows from (used in) operating activities 253,469 275,859 337,812 265,991 347,547
Cash flows from (used in) investing activities          
Purchase of property, plant and equipment -74,312 -80,775 -80,803 -83,049 -89,580
Proceeds from sales of property, plant and equipment 4,564 12,095 46,321 25,109 11,710
Purchase of intangible assets -11,009 -9,968 -11,832 -16,796 -20,248
Proceeds from intangible assets 18,740 868
Purchase of investment securities -5,841 -10,237 -464 -552 -1,292
Proceeds from sales of financial assets 8,856 11,869 30,159 8,483 3,387
Proceeds from sales of investment in an entity accounted for using equity method 1,552 676
Purchase of shares of subsidiaries and others resulting in change in scope of consolidation -23,942 -1,165,974 -14,762 -2,661 -3,551
Proceeds from sales of subsidiaries and others relating to the change of scope of consolidation 741 83 396 0
Payments for contingent consideration -2,357 -18,574
Other -2,721 -2,017 -2,103 1,091 434
Net cash flows from (used in) investing activities -103,666 -1,243,372 -14,348 -69,186 -117,713
Cash flows from (used in) financing activities          
Increase (decrease) in short-term borrowings 38,736 489,155 -440,775 -8,527 -200,705
Payments of finance lease liabilities -22,113 -21,238 -25,215 -23,307 -24,555
Proceeds from long-term borrowings 1,579 191,000 0 50,000
Repayments of long-term borrowings -94,569 -100,076 -183,688 -51,460 -43,062
Proceeds from issuance of bonds 607,600 282,048 60,000 150,000
Redemption of bonds -35,000 -125,000 -88,328 -140,000 100,000
Proceeds from issuance of new shares 75,027
Purchase of treasury shares -31 -309 -26 -263 -25
Proceeds from disposal of treasury shares 81,307 135
Dividends paid -48,556 -46,265 -54,220 -55,738 -57,761
Proceeds from share issuance to non-controlling shareholders 201
Other 1,113 -3,642 -1,254 -258 -635
Net cash flows from (used in) financing activities -158,841 956,759 -320,325 -219,556 -226,746
Effect of exchange rate changes on cash and cash equivalents 209 10,725 1,144 7,447 20,004
Net increase (decrease) in cash and cash equivalents -8,828 -29 4,283 -15,304 23,093
Cash and cash equivalents at beginning of period 57,317 48,489 48,460 52,743 37,438
Increase (decrease) in cash and cash equivalents resulted from change in scope of consolidation -586
Cash and cash equivalents at the end of period 48,489 48,460 52,743 37,438 59,945
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