Data Section4.4Capital investment(¥ billion)12.010.08.06.04.02.0011.24.02.88.355Capital InvestmentFANCL newly launched the Kansai Logistics Center while opening new and renovating existing stores as a common activity across all businesses. In the Nutritional Supplements Business, the Company made investments in connection with the opening of Mishima Factory, a supplement production base.Financial Position and Cash FlowsAssets increased ¥2,587 million from the end of the previous fiscal year, to ¥100,121 million, primarily due to an increase of ¥3,582 million in current assets and a decrease of ¥994 million in fixed assets. The primary factors contributing to the increase in current assets were a ¥4,620 million increase in cash and cash equivalents, a ¥1,046 million increase in other current assets due to an increase in accounts receivable — other, and a ¥1,677 million decrease in accounts receivable. The primary factors contributing to the decrease in fixed assets were a ¥1,700 million decrease in tangible fixed assets due to depreciation, a ¥334 million increase in intangible fixed assets — other due to an increase in software, and a ¥749 million increase in deferred tax assets.Introductionagriculture, pharmacy, and science. Furthermore, FANCL began promoting joint research projects with the R&D Division of Kirin Holdings Company, Limited in accordance with the capital and business alliance agreement concluded with that company in August 2019. Synergies have begun to emerge, including the launch of a FANCL undertook capital investment including intangible fixed asset investment totaling ¥4,401 million. Looking at the amount of capital investment by segment, FANCL allocated funds of ¥1,353 million, ¥2,320 million, ¥209 million, and ¥518 million to the Cosmetics, Nutritional Supplements, Other Businesses, and Other, respectively.Meanwhile, the Company did not dispose of or sell any major facilities.Liabilities decreased ¥269 million from the end of the previous fiscal year, to ¥26,048 million. The primary contributing factors were a decrease of ¥425 million in current liabilities and an increase of ¥155 million in long-term liabilities. Factors contributing to the decrease in current liabilities included a ¥803 million decrease in accounts payable—other, a ¥2,014 million decrease in provision for points, and a ¥2,461 million increase in contract liability. The primary factor contributing to the increase in long-term liabilities was a ¥108 million increase in provision for share awards for directors. The decrease in provision for points and increase in contract liability were the result of the adoption of the Accounting Standard for Revenue Recognition.Net assets increased ¥2,857 million, to ¥74,073 million. Contributing factors included a ¥7,421 million increase in retained earnings due to the recording of net income attributable to owners of the parent company, and a ¥4,102 million decrease in retained earnings due to dividend payments, and a ¥602 million decrease in retained earnings at the beginning of the period due to the adoption of the Accounting Standard for Revenue Recognition.As a result, the shareholders’ equity ratio increased 1.0 percentage points compared with the end of the previous fiscal year, to 73.3%.Cash and cash equivalents (“funds”) as of March 31, 2022 were ¥30,108 million, ¥4,620 million higher than at the end of the previous consolidated fiscal year.ManagementBusiness Modelproduct in 2021 that applies the technology created through this joint research project. Looking ahead, we will pursue joint projects in a number of wide-ranging fields including cosmetic development as well as brain function and intestinal environment research in a bid to secure additional research results.The main contributing factors to cash flows during the consolidated fiscal year ended March 31, 2022 are as follows:Cash Flows from Operating ActivitiesCash flow gained from operating activities during the period under review was ¥13,097 million, compared with an inflow of ¥10,011 million in the previous fiscal year. Factors increasing operating cash flow included income before income taxes of ¥9,575 million, depreciation of ¥4,563 million, and a decrease in accounts receivable of ¥1,779 million. The main factors decreasing operating cash flow included income taxes paid of ¥3,304 million.Cash Flows from Investing ActivitiesCash flow used in investing activities during the period under review was ¥4,673 million, compared with an outflow of ¥8,135 million in the previous fiscal year. This was primarily due to outlays of ¥4,007 million for acquisitions of tangible fixed assets, and outlays of ¥1,081 million for acquisitions of intangible fixed assets.Cash Flows from Financing ActivitiesCash flow used in financing activities during the period under review was ¥4,155 million, compared with an outflow of ¥4,170 million in the previous fiscal year. The main factor reducing cash flow from financing activities was ¥4,097 million for dividend payments.Free cash flow, which is the sum of cash flow from operating activities and cash flow from investing activities came to ¥8,424 million in FY Mar/2022.The Company’s cash requirements are primarily due to the purchase of raw materials for the manufacture of its products, and to cover its ongoing operations including manufacturing, selling, general and administrative expenses. Operating expenses comprise mainly advertising and other marketing expenses, with the majority of research and development costs for quality improvement being recorded as expenses.In addition, FANCL issued Euro Yen convertible bonds due in 2024 in April 2019. The main uses of these funds are for the Kansai Logistics Center and Mishima Factory (supplements factory).(Fiscal years ended March 31)FY2018FY2019FY2020SustainabilityFY2021FY2022
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