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Ensuring food safety and security Ensuring stable supply, safety and reliability as a pharmaceutical company Provide pharmaceuticals for Unmet Medical Needs Support for maintaining the immune system Ensuring occupational health and safety Support for the prevention of non-communicable diseases Implementation of health management Helping to improve the performance of brain function and prevent decline Improvement of access to nutrition Community Engagement Respect for human rights Sustainable development of communities in raw material production areas and business development regions Creating bonds and trust for people's well-being Enhancing the sustainability of food economy Sustainable supply chain Community Topics Respect for human rights Kirin Group Human Rights Policy Embedding the Kirin Group Human Rights Policy in practice Implementing Human Rights Due Diligence The Environment Sustainable use of biological resources Sustainable use of water resources Sustainable recycling of containers and packaging Overcoming climate change Kirin Group's Environmental Vision 2050 Message from Top Management Engagement Vision / Policies / Structure Environmental management and CSV Holistic Environmental Management Information Disclosure Based on the TCFD Framework, TNFD Framework Draft, etc. Our Holistic Approach Third-Party Evaluations of environment Environmental Topics A Responsible Alcohol Producer Dealing with alcohol-related problems Policy and System Food and Beverages Kirin Brewery Company, Limited Lion Pty Ltd Kirin Beverage Company, Limited Mercian Coca-Cola Beverages Northeast, Inc. Health Science domain Message from Senior Executive Officer of Health Science Strategy Kirin Holdings Company, Limited Kyowa Hakko Bio Co., Ltd. Koiwai Dairy Products Co., Ltd. Kirin Beverage Company, Limited Core technology that assures value creation Accelerating intellectual property activities that leverage technological capabilities for the business Diversity and inclusion, culture for innovation Strengthening the human capital capability Diversity Cultivating the organizational culture Corporate Policy Achieving "Joy brings us together" The Story Behind Kirin Beer Labels Corporate Overview Barrier-free route to Kirin Group Head Office Group Companies Kirin Brewery Company, Limited Kirin Beverage Company, Limited Mercian Corporation Company History 1885‐1949 1950‐1989 1990‐1999 2000‐2009 2010‐2019 2020‐ Our Approaches in Quality Quality management Ensuring Product Safety and Reliability in the Food & Beverages Domain Ensuring Product Safety and Reliability in the Health Science Domain Chart Generator Yearly Data Quarterly Data Management Policy Corporate Disclosure Policy Financial Data Message from the Chief Financial Officer Management Analysis Of Financial Position, Operating Results, And Cash Flows Business Segments Consolidated Balance Sheets Consolidated Statements of Income Statements of Cash Flows Non-Financial Information Message from Senior Executive Officer of CSV Strategy ESG Databook Guideline Content Index Share-related Information General Meetings of Shareholders Dividend Payments and Own-share Repurchase Stock Information Share Data Stock Quote Bonds and Rating Analyst Coverage Articles of Incorporation and Regulations Public Notice IR Library Financial Results（Financial Results/Presentations/Financial Statements） IR News Releases IR Events Releases and Presentations Archive Integrated Report Investor’s Guide Market data and Sales Kirin Group Environmental Report Management Plan Releases and Presentations Long-term (Archive) Medium-term (Archive) Current Fiscal Year (Archive) Management Structure Interview with Independent Non-executive Directors 2022-2024 CSV Commitments 2019-2021 CSV Commitments Social contribution activities The Pink Ribbon Activity JICA-KIRIN Fellowship Program Marketing Communication Policy(MCP) Guidelines of Product Labeling Respect for human rights Kirin Group Human Rights Policy Embedding the Kirin Group Human Rights Policy in practice Implementing Human Rights Due Diligence Sustainable development of communities in raw material production areas and business development regions Japanese hops Tea Leaves Vineyards Sustainable supply chain Policy on Sustainable Procurement Activities to Promote Sustainable Procurement Working Together with Suppliers Engagement Dialogue 01 Dialogue 02 Dialogue 03 Dialogue 04 Dialogue 05 Holistic Environmental Management Information Disclosure Based on the TCFD Framework, TNFD Framework Draft, etc. Risks and Opportunities Dealing with alcohol-related problems What is Slow Drinking? 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establishment of the 2018 Human Rights Policy Activities to Promote Sustainable Procurement Past Reports on human rights impact assessments of supply chains JICA-KIRIN Fellowship Program Greetings from the Host Institution Representatives Overview Fellow Introduction About United Nations University-Kirin Fellowship KIRIN CSV REPORT 2020 Message from Top Management Past and Present Special Feature: Growth Strategies for the Health Science Domain Strengthening Organizational Capabilities Financial and Non-financial Highlights Message from the Chief Financial Officer Interview with the Non-executive Director KIRIN CSV REPORT 2019 Message from Top Management Interview with the Chief Financial Officer Strengthening Our Non-Financial Assets CSV Stories CASE1 Pharmaceuticals business CSV Stories CASE2 Businesses bridging Pharmaceuticals and Food & Beverages CSV Stories CASE3 Community Engagement CSV Stories CASE4 The Environment CSV Stories CASE5 A Responsible Alcohol Producer Discussion with Management Interview with an Outside Director Financial and Non-financial Highlights Past and Present KIRIN REPORT 2018 Message from Top Management Discussion with Management, Part1 Discussion with Management, Part2 Interview with an Outside Director CASE1 Kirin Ichiban Shibori Relaunch and Craft Beer Market Development CASE2 Pharmaceuticals for Worldwide Markets CASE3 Lactococcus lactis strain Plasma Stars in New Products CASE4 Advanced High-Efficiency Facilities at Myanmar Brewery History of the Kirin Group The Kirin Group Today Overview by segment and business for fiscal 2017 Management's discussion & analysis Financial & Non-Financial Highlights KIRIN REPORT 2016 To Our Stakeholders Long-Term Management Vision and Medium-Term Business Plan CFO’s Message Overview of the Kirin Group’s Business Kirin’s Foundation for Value Creation Interview with an Outside Director KIRIN REPORT 2015 KEY POINTS ABOUT KIRIN Long-Term Management Vision and Medium-Term Business Plan KIRIN’S GROWTH STRATEGIES A Conversation between Outside Directors Management Issues for Sustainable Growth (Group Materiality Matrix) Technology (R&D) Foundation SCM Foundation Human Resources Foundation Fellow Introduction 2019 Fellow Researchers and Research Themes 2018 Fellow Researchers and Research Themes 2017 Fellow Researchers and Research Themes About United Nations University-Kirin Fellowship List of Former United Nations University-Kirin Fellows Special Feature: Growth Strategies for the Health Science Domain Strategic Decisions in 2019 / Message from the Officer in Charge of Health Business Strategy Part1 Interview with the Executive Officer of R&D Strategy Part2 Creating Synergies with FANCL Corporation Strengthening Organizational Capabilities Enhancing Kirin Beverage's marketing capabilities Development of our human resources Strengthening Our Non-Financial Assets Honkirin and our marketing reform R&D Strategy:Technology creating trusted value Human resources strategies:Diversity and inclusion, culture for innovation Financial & Non-Financial Highlights Financial Highlights Non-Financial Highlights To Our Stakeholders Kirin’s Management Environment,Vision, and Strategies Progress with the Medium-Term Business Plan Issues and Future Initiatives Aiming to Be a Company That Is Completely Trusted Long-Term Management Vision and Medium-Term Business Plan Long-Term Management Vision Medium-Term Business Plan Recognizing the Challenges and Future Initiatives Kirin’s Foundation for Value Creation The Kirin Group’s Value Creation Marketing Research & Development Supply Chain KEY POINTS ABOUT KIRIN Business Structure / Earnings Structure Kirin's History of Progress Long-Term Management Vision and Medium-Term Business Plan Long-Term Management Vision Medium-Term Business Plan List of Former United Nations University-Kirin Fellows 2016 Fellow's Research Projects 2015 Fellow's Research Projects 2014 Fellow's Research Projects 2013 Fellow's Research Projects 2012 Fellow's Research Projects 2011 Fellow's Research Projects 2010 Fellow's Research Projects 2009 Fellow's Research Projects Close Home Investors Financial Data Management Analysis Of Financial Position, Operating Results, And Cash Flows Integrated Report Contents Integrated Report TopPage About Kirin Group Long-term Management Vision and Medium-Term Business Plan CSV Purpose&Commitments Message from Top Management Message from the Chief Financial Officer Message from Senior Executive Officer of CSV Strategy Scenario Analysis (TCFD) Holistic Approach to environmental issues Message from Senior Executive Officer of Health Science Strategy Interview with Independent Non-executive Directors INPUT INPUT Diversity and inclusion, culture for innovation Core-technology that assures value creation Consumer centric marketing expertise ICT accelerating value creation BUSINESS BUSINESS Food & Beverages domain Health Science domain Pharmaceuticals domain OUTPUT OUTPUT Financial and Non-financial Highlights Management Analysis Of Financial Position, Operating Results, And Cash Flows OUTCOME OUTCOME Health and well-being Community Engagement The Environment A Responsible Alcohol Producer Corporate Governance Corporate Governance Overview Management Structure Management, Leadership & Advisory Remuneration System for Executive Officers Compliance Kirin Group Tax Policy Risk Management Management Analysis Of Financial Position, Operating Results, And Cash Flows (1)Operating Results ①Overall business conditions In 2022, in addition to the prolonged COVID-19 pandemic, the emergence of geopolitical risks, global inflation, and the weak yen, among others had a significant impact on corporate management. In terms of consumer behavior, it was a year of major changes in society, including a further increase in health consciousness and further polarization of consumption. In this environment, the Kirin Group accelerated its efforts to respond to changes in society under its Kirin Group Vision 2027 (KV2027) long-term management plan, including increasing profits in the Food & Beverages domain, strengthening the global foundation of the Pharmaceuticals domain, and expanding the Health Science domain. Kirin Holdings has been developing its pharmaceutical business for more than 40 years on the strength of fermentation and biotechnology cultivated through the beer business, which has continued for more than 100 years since its foundation, and Kirin Holdings is promoting its health science business, newly launched under KV2027, by leveraging these core technologies. Kirin Holdings believes that using its superior fermentation technologies and biological knowledge to grow the health science business—leading to solutions to health issues—will ensure the future of the Kirin Group's continued existence and sustainable growth as a company. Kirin Holdings will use the strengths of the Kirin Group to solve not only health issues, but also other issues facing society, while at the same time creating economic value as a company and maximizing corporate value. During the fiscal year under review, Kirin Holdings pursued the following initiatives under the Kirin Group 2022–2024 Medium-Term Business Plan (2022–2024 MTBP), the second of three medium-term business plans toward achievement of KV2027. Food & Beverages domain While building a strong brand system by concentrating on its mainstay brands, Kirin Holdings also worked to expand products and services that offer new value propositions. In response to soaring raw materials and fuel prices, each Group company worked to improve profitability through productivity improvements and product price revisions. Pharmaceuticals domain As a Japan-based Global Specialty Pharmaceutical company, Kirin Holdings worked to strengthen the foundation in Japan as well as overseas. In addition to steadily growing global strategic products, Kirin Holdings promoted the development of next-generation strategic products. Health Science domain Kirin Holdings accelerated the development of Lactococcus lactis strain Plasma (LC-Plasma) to expand its business domain. In addition to the development of its own group products such as beverages and supplements, Kirin Holdings promoted sales of raw material to external partner companies and expanded the number of functional food products. As a result, the sales amount of LC-Plasma-related business increased 40% from the previous year. In addition, Kirin Holdings continued its efforts to raise awareness of “immune care” and contributed to solving consumers' health issues. Kirin Holdings has also received high praise from outside the company in terms of ESG. For the second year in a row, Kirin Holdings received an “AA” rating in the MSCI ESG Ratings by the U.S.-based Morgan Stanley Capital International (MSCI), Inc. on a par with the world's leading CSV companies. In a survey conducted by CDP, an international non-profit organization, Kirin Holdings also received the highest rating of “A-List” in the two themes of “climate change” and “water security” for four consecutive years. In Japan, Kirin Holdings also received the highest overall ranking in the Nikkei SDGs Management Survey for four consecutive years, as well as the “SDGs Strategy and Economic Value Award” at the 4th Nikkei SDGs Management Grand Prix. In response to increasing demands for disclosure of non-financial information, Kirin Holdings has been proactive in disclosing non-financial indicators. Kirin Holdings has set non-financial targets in the areas of “Environment,” “Health,” and “Employees” as key performance indicators in the 2022-2024 MTBP, and has promoted specific initiatives. (¥ billions, unless otherwise stated)  FY2022FY2021Change Consolidated revenue 1,989.5 1,821.6 167.9 9.2% Consolidated normalized operating profit 191.2 165.4 25.7 15.6% Consolidated operating profit 116.0 68.1 47.9 70.4% Consolidated profit before tax 191.4 99.6 91.8 92.1% Profit attributable to owners of the Company 111.0 59.8 51.2 85.7% (Key performance indicators) ROIC 8.5% 4.2% – – Normalized EPS (yen) 171 156 15 9.6% Consolidated revenue for this fiscal year increased due to increases in sales of the Oceania Adult Beverages Business, Pharmaceuticals Business, and Coca-Cola Beverages Northeast. The Japan Non-alcoholic Beverages Business and Kyowa Hakko Bio Co., Ltd. posted a decrease in profits, but the Oceania Adult Beverages Business, Pharmaceuticals Business, and Coca-Cola Beverages Northeast saw an increase in profits, resulting in an overall increase in consolidated normalized operating profit. Profit attributable to owners of the Company increased mainly due to the sale of China Resources Kirin Beverages (Greater China) Company, Limited, despite the recording of an impairment loss related to Kyowa Hakko Bio Co. Among the key performance indicators, ROIC improved from the previous year to 8.5% due to an increase in consolidated normalized operating profit. Normalized EPS increased 15 yen from the previous year to a record high of 171 yen, mainly due to an increase in consolidated normalized operating profit and the impact of treasury shares completed in September. ②Performance by reportable segment Results by segment are as follows. (¥ billions, unless otherwise stated)  FY2022FY2021Change Consolidated revenue 1,989.5 1,821.6 167.9 9.2% Japan Beer and Spirits 663.5 661.3 2.2 0.3% Japan Non-alcoholic Beverages 243.3 244.4 (1.1) (0.5%) Oceania Adult Beverages 255.9 216.3 39.6 18.3% Pharmaceuticals 397.9 351.7 46.2 13.1% Others 428.9 347.9 81.0 23.3% Consolidated normalized operating profit191.2165.425.715.6% Japan Beer and Spirits 74.7 70.5 4.1 5.8% Japan Non-alcoholic Beverages 18.8 21.1 (2.3) (11.0%) Oceania Adult Beverages 31.5 26.6 5.0 18.8% Pharmaceuticals 82.5 61.2 21.3 34.7% Others (16.3) (14.0) (2.3) – Corporate expenses and inter-segment eliminations are included in Others. Japan Beer and Spirits Business Financial Information by Business Segment The domestic alcoholic beverages market was affected by soaring raw material and fuel prices as well as the prolonged COVID-19, but overall the market was on a recovery trend. Kirin Brewery focused on its mainstay brand KIRIN ICHIBAN and KIRIN ICHIBAN Zero Sugar, to capture health-conscious consumers. As a result, overall sales volume of the KIRIN ICHIBAN brand increased 3% year-on-year. In the craft beer category, Kirin Brewery focused on efforts to broaden the appeal of a variety of beers. From the SPRING VALLEY brand, in addition to SPRING VALLEY Hojun 496, SPRING VALLEY Silk Ale [White] was newly launched. Kirin Home Tap, a beer server for home use that allows consumers to enjoy authentic draft and craft beer at home, delivered the taste of freshly brewed beer to consumers nationwide. The Tap Marché beer server for restaurants, which can serve four kinds of craft beer from various regions of Japan, brought the enjoyment of a wide range of craft beer to consumers with 14 participating breweries. In addition, Kirin Brewery has been rolling out TAPPY, a next-generation beer server that maintains the freshness of beer and helps reduce food loss, and the number of restaurants that have installed TAPPY has surpassed 10,000. In the RTD category, the mainstay Kirin Hyoketsu brand sold well. In particular, the Hyoketsu Sugar Free series received strong support, with sales exceeding 14 million cases, approximately 1.2 times the target set at the beginning of the year. In the non-alcoholic beer-taste beverage category, Kirin Brewery revamped Kirin GREENS FREE, which helped revitalize the market.As a result, revenue increased by 0.3% to ¥663.5 billion due to a recovery in sales of the on-premise channels, coupled with the impact of price revisions. Normalized operating profit increased by 5.8% to ¥74.7 billion due to the control of selling expenses. Japan Non-alcoholic Beverages Business Financial Information by Business Segment The domestic beverage market is on a recovery trend due to increased opportunities to go out, but the external environment surrounding the market became more intense due to soaring raw material and fuel prices, etc. At Kirin Beverage, sales of mainstay brands were strong, with sales of both Kirin Gogo-no-Kocha and Kirin Nama-cha exceeding those of the previous year. In particular, sales of Kirin Gogo-no-Kocha Oishii Muto (sugar free) were up 17% from the previous year. In the Health Science area, where Kirin Beverage is focusing its efforts, Kirin iMUSE Morning Immune Care, a small-volume PET-bottled beverage, was launched nationwide to strengthen efforts to make “immune care” a habit in consumers. In addition, Kirin Beverage renewed and strengthened sales of Kirin iMUSE Lemon and Kirin iMUSE Yogurt Taste, resulting in a 23% year-on-year growth in sales volume of beverages containing LC-Plasma. On top of that, KIRIN naturals, a service for corporate consumers to promote health management, was renewed as a service to improve employees' lifestyle habits and raise their health awareness.However, revenue decreased by 0.5% to ¥243.3 billion. Normalized operating profit decreased 11.0% to ¥18.8 billion due to soaring raw material costs and other factors, despite efforts to reduce sales promotion and advertising expenses. Oceania Adult Beverages Business Financial Information by Business Segment In the Australian alcoholic beverage market, while the on-premise market was recovering from the impact of COVID-19, the off-premise market remained soft. Lion strengthened marketing activities centered on its mainstay XXXX (“four-ex”) and worked to revitalize the brand. In the craft beer business, which is positioned and focused as a growth area, Lion acquired Fermentum Pty Ltd. in Australia in 2021 and expanded its premium portfolio. In 2022, Lion acquired Bell's Brewery, Inc. in the United States, and together with New Belgium Brewing Company, proceeded to build a craft platform in North America. As a result, yen-based revenue increased by 18.3% to ¥255.9 billion. Yen-based normalized operating profit increased by 18.8% to ¥31.5 billion due to supply chain optimization and other cost reduction efforts. Pharmaceuticals Business Financial Information by Business Segment In 2022, the second year of the company's 2021-2025 Medium Term Business Plan, Kyowa Kirin continued its efforts to grow as a Japan-based Global Specialty Pharmaceutical company. While the global therapeutic environment is changing due to COVID-19, global strategic products Crysvita and Poteligeo continued to show steady growth. As for next-generation strategic products, development of KHK4083 (generic name: Rocatinlimab) and KHK7791 (generic name: Tenapanor Hydrochloride) made steady progress. On the other hand, the development of KW-6356 was discontinued, and the decision was made to discontinue the development of ME-401 outside Japan. In Kyowa Kirin’s “patient advocacy” activities, which aim to resolve business and social issues by listening to the voices of people facing illnesses, Kyowa Kirin actively promoted support for rare and intractable diseases in Japan and overseas, including participation in the community of ASrid, a Japanese non-profit organization. As a result, revenue increased by 13.1% to ¥397.9 billion due to an increase in overseas pharmaceutical sales, particularly of global strategic products. Normalized operating profit increased by 34.7% to ¥82.5 billion due to an increase in gross profit resulting from higher revenue, despite an increase in selling, general and administrative expenses and research and development expenses related to sales of global strategic products. Other Business Kyowa Hakko Bio Co., Ltd. (Kyowa Hakko Bio) Kyowa Hakko Bio was forced to suspend manufacturing at its Shanghai plant in China (SHANGHAI KYOWA AMINO ACID CO., LTD.), one of its production bases, following the spread of a new COVID-19 strain, and sales were also constrained. In addition, sales of Citicoline, a key ingredient, were weak due to factors such as the impact of inflation in the United States, the largest dietary supplement market. Profitability was worsened due to soaring raw material and fuel prices. On the other hand, despite the severe business environment, Kyowa Hakko Bio completed a production facility for HMOs (human milk oligosaccharides)—for which demand is expected to grow worldwide—in its own factory in Thailand (THAI KYOWA BIOTECHNOLOGIES CO., LTD.). As a result, revenue decreased by 3.7% to ¥51.1 billion, and business loss amounted to ¥3.9 billion. Mercian Corporation (Mercian) At Mercian, while its mainstay wine business was greatly affected by the sharp depreciation of the yen, it worked to nurture its own highly profitable brands. Mercian began developing a new brand, Mercian Wines, co-created with winemakers around the world, and responded to ethical consumption which has been on the rise in recent years. In Japanese wines, Mercian has strengthened its efforts with the Château Mercian flagship brand. Mercian also launched a consulting business to raise the standard of the Japanese wine industry as a whole. Mercian aims to grow Château Mercian while contributing to local economies. However, revenue increased by 4.5% to ¥60.5 billion, and business loss amounted to ¥0.6 billion. Coca-Cola Beverages Northeast, Inc. (Coke Northeast) In the United States, the beverage market grew significantly, as strong consumer demand continued despite rising inflation. Coke Northeast also worked to increase demand while revising product prices, and as a result, sales remained strong. The company also improved profitability by working on a more profitable product mix. As a result, revenue increased by 39.6% to ¥216.2 billion, and normalized operating profit increased 59.3% to ¥26.3 billion. Myanmar Beverages Business The Company reached an agreement with Myanma Economic Holdings Public Company Limited (MEHPCL), a joint venture partner of the Company’s consolidated subsidiaries Myanmar Brewery Limited (MBL) and Mandalay Brewery Limited (MDL), and transferred all the shares (51% of the total number of shares issued) of MBL and MDL held by Kirin Holdings Singapore Pte, Ltd., a consolidated subsidiary of the Company, to MBL and MDL (share repurchase by MBL and MDL) on January 23, 2023. (2)FINANCIAL POSITION ①General overview Total assets at the end of this fiscal year were ¥2,542.3 billion, an increase of ¥70.3 billion from the end of the previous fiscal year. Property, plant and equipment, and goodwill increased by ¥52.1 billion in total from the end of the previous year. This was primarily as a result of making Bell's Brewery, Inc., a subsidiary and the effect of foreign exchange rate fluctuations. Inventories increased by ¥42.9 billion from the end of the previous fiscal year. In contrast, equity-accounted investees decreased by ¥37.6 billion, mainly due to the sale of China Resources Kirin Beverages (Greater China) Company, Limited. Equity increased by ¥105.2 billion from the end of the previous fiscal year to ¥1,253.2 billion due to an increase in retained earnings of ¥65.6 billion and an increase in reserves of ¥69.8 billion. The increase in reserve was mainly attributable to an increase in foreign currency translation differences on foreign operations of ¥72.5 billion due to a weak yen. Liabilities decreased by ¥34.9 billion from the end of the previous fiscal year to ¥1,289.1 billion. Despite the issuance of straight bonds worth ¥20.0 billion in June 2022, bonds and borrowings decreased by ¥28.4 billion due to a reduction in interest-bearing liabilities. The reduction was attributable to the fact that the amount procured was kept below the repayment amount mainly resulting from increased capital efficiency in line with the implementation of a global cash management system. As a result, the equity ratio attributable to owners of the Company and the gross debt equity ratio stood at 38.5% and 0.53 times, respectively. ②Financial status of reportable segments Japan Beer and Spirits Segment assets of the Japan Beer and Spirits Business at the end of this fiscal year decreased by ¥0.7 billion to ¥432.1 billion from the end of the previous fiscal year Japan Non-alcoholic Beverages Segment assets of the Japan Non-alcoholic Beverages Business at the end of this fiscal year decreased by ¥6.0 billion to ¥133.2 billion from the end of the previous fiscal year mainly due to a decrease in other financial assets. Oceania Adult Beverages Segment assets of the Oceania Adult Beverages Business at the end of this fiscal year increased by ¥70.9 billion to ¥546.7 billion from the end of the previous fiscal year. This was mainly because goodwill and property, plant and equipment increased primarily as a result of making Bell's Brewery, Inc., a subsidiary and exchange rate fluctuations. Pharmaceuticals Segment assets of the Pharmaceuticals Business at the end of this fiscal year increased by ¥18.2 billion to ¥880.3 billion from the end of the previous fiscal year mainly due to increases in property, plant and equipment, trade and other receivables, and inventories, despite an impairment loss on intangible assets. (3)Cash Flows ①Cash flows and liquidity status The balance of cash and cash equivalents (hereinafter, “net cash”) at the end of this fiscal year was ¥88.1 billion, a decrease of ¥61.4 billion from the end of the previous fiscal year. Cash flows for each activity were as follows: Cash flows from operating activities Net cash provided by operating activities decreased by ¥83.7 billion year on year to ¥135.6 billion. Although profit before tax increased by ¥91.8 billion, a ¥12.6 billion increase in outflow of working capital, a ¥13.2 billion reversal of impairment loss, which is a non-cash item, and a ¥48.1 billion gain on sale of equity-accounted investees resulted in a decrease of ¥48.0 billion in the sub-total. Below the sub-total line, cash flows from operating activities decreased year on year due to a ¥39.2 billion increase in income taxes paid. Cash flows from investing activities Net cash used in investing activities decreased by ¥46.0 billion year on year to ¥10.4 billion. The decrease was mainly because proceeds from sale of equity-accounted investees increased by ¥117.1 billion year on year to ¥122.2 billion as a result of the sale of China Resources Kirin Beverages (Greater China) Company, Limited in this fiscal year. Meanwhile, acquisition of shares of subsidiaries, net of cash acquired increased by ¥0.7 billion year on year to ¥46.2 billion as a result of making Bell’s Brewery a subsidiary in this fiscal year, while making Fermentum a subsidiary in the same period of the previous fiscal year. Outflow for acquisition of property, plant and equipment and intangible assets increased by ¥12.1 billion year on year to ¥98.5 billion. There was inflow of ¥7.9 billion for sale of investments through our continuous efforts to reduce cross-shareholdings Cash flows from financing activities Net cash used in financing activities decreased by ¥12.6 billion year on year to ¥167.8 billion. The Company continued to provide dividends based on a consolidated dividend payout ratio on normalized EPS of at least 40%. As a result, dividends paid, including to non-controlling interests, amounted to ¥65.5 billion. The Company also acquired ¥50.0 billion of treasury shares to increase shareholder returns. In addition, interest-bearing liabilities decreased by ¥36.9 billion in this fiscal year. The reduction was attributable to the fact that the amount procured was kept below the repayment amount mainly resulting from increased capital efficiency in line with the implementation of a global cash management system. These initiatives enabled us to stabilize our capital structure through stable and continuous shareholder returns and the reduction of interest-bearing liabilities, while investing in existing businesses and making growth investment. The 2022–2024 MTBP sets out the outline of financial strategy, under which cash generated from “cash generation through BS (balance sheet) / PF (portfolio) management” will be allocated to disciplined investment to acquire growth drivers as well as a flexible shareholder return policy. By steadily implementing this strategy, we will achieve our financial targets of a normalized EPS CAGR of at least 11% by 2024 and ROIC of at least 10% as of 2024, so as to improve corporate value. ②Basic capital policy Based on the capital policy formulated in the 2022–2024 MTBP, the Company will allocate resources to its businesses and distribute profits to its shareholders as set out below. Regarding resource allocation to businesses, giving top priority to growth investment with a focus on the Health Science domain, the Company will make investments that contribute to enhancement of existing businesses and profitability improvement. The Company will also implement a stable and continuous allocation of resources to intangible value (such as brands, research and development, information and communication technology (ICT), and human resources) as well as new business creation that sustain the growth of future cash flows. The Company will take a disciplined approach to investments in terms of maintaining and improving the Kirin Group’s capital efficiency. We view the distribution of profits to shareholders as a key management matter. Since its foundation in 1907, the Company has continued to pay dividends to shareholders every financial year without fail. The Company has stably and continuously provided dividends based on a consolidated dividend payout ratio on normalized EPS of at least 40%. In addition, we will consider opportunities to acquire treasury shares as additional shareholder returns, comprehensively taking into account various factors including optimum capital structure, market conditions and reserve funds after investments. With regard to financing, priority is given to debt financing, while maintaining a high credit rating that is not affected by financial conditions, in preparation for rapid changes in the economic environment and other factors. The Company fulfills its accountability to its shareholders by carefully considering the impact on stakeholders and other factors when raising funds for investments required to achieve medium- to long-term goals, which may result in a change in control or a large-scale dilution, after verification and review by the Board. Financial Data Message from the Chief Financial Officer Management Analysis Of Financial Position, Operating Results, And Cash Flows Business Segments Consolidated Financial Statements Integrated Report Share Please do not forward or share information about alcoholic beverages with anyone under the legal drinking age. Purpose Message from Top Management CSV Purpose Long-term Management Vision and Medium-Term Business Plan KIRIN’s HISTORY Corporate Governance Risk Management Value Creation Model Impact CSV management Management Issues for Sustainable Growth (Group Materiality Matrix) A Responsible Alcohol Producer Health and Well-Being Community Engagement The Environment Other material agenda and governance Domains Product brand Food & Beverages Health Science Pharmaceuticals Drivers Core technology that assures value creation Consumer centric marketing ICT accelerating value creation Diversity and inclusion, culture for innovation Financial Strategy Profile Investors Careers Newsroom Contact Us Terms and Conditions Privacy Policy Site Map You must be of legal drinking age to consume alcohol. Don't drink and drive. Enjoy responsibly. It is advisable not to drink alcohol during pregnancy and breastfeeding. Do not litter! Let's recycle after drinking! © 2007-2024 Kirin Holdings Company, Limited. TOP