For the year ended April 3, 21
38 21
Consolidated Financial Data millions s 1997.4 1998.4 1999.4 2.4 21.4-1 Net Sales 121,67 137,32 156,557 173,966 192,79 Tea Leaves 24,68 26,28 27,994 28,196 28,275 Beverages 95,27 19,319 126,696 141,898 161,92 Others 1,719 1,791 1,866 3,871 3,341 Operating Income 7,369 9,64 12,568 14,266 15,666 Ordinary Income 6,679 8,262 11,668 13,79 15,68 Net Income 2,433 3,45 5,325 6,53 8,17 Capital Expenditure 819 1,852 1,377 2,636 1,839 R&D Expenses 1,12 1,19 1,87 Depreciation and Amortization 1,98 1,57 1,128 1,95 1,182 Earnings per Share (Yen) 58.81 79.26 117.44 143.18 175.79 Diluted Net Income per Share (Yen) 52.68 74.23 Gross Cash Flow 3,531 4,462 6,453 7,625 9,199 Total Stockholders Equity 25,3 34,841 39,81 4,783 47,31 Total Assets 7,545 77,233 83,86 82,386 91,645 Return on Equity 1. 11.4 14.3 16.2 18.2 Return on Assets 3.4 4.6 6.6 7.9 9.2 2, Net Sales millions 1, Net Income millions 15, 7,5 1, 5, 5, 2,5 97 98 99 2 21 97 98 99 2 21 1, Gross Cash Flow millions 6, Total Stockholders Equity millions 7,5 5, 45, 3, 2,5 15, 97 98 99 2 21 97 98 99 2 21 1 21
2 21
24,25 1,779 2,211 28,196 67,325 15,146 24,74 9,88 11,816 4,768 2,342 6,544 141,898 3,871 173,966 23,532 2,13 2,729 28,275 78,368 17,425 28,134 9,686 13,567 4,647 2,434 6,828 161,92 3,341 192,79 2.8 13.2 23.4.3 % 16.4 15. 16.9 2. 14.8 2.5 4. 4.3 13.5 13.7 1.8 3 21
6 552 1997 1998 1999 2 4.7% 5.7% 6.6% 9.6% 54.6% 49.5% 5.2% 49.5% 4.4% 38.3% 37.5% 34.6% 28.4% 29.3% 3.% 3.4% 3 47-3 1999 2 34,88 35,287 47 1,619 2,171 552 2,32 2,512 192 1,362 1,456 94 1,721 1,745 24 9,26 9,223 17 327 342 15 1,95 1,952 2 983 977 6 2,2 2,193 7 4,573 4,474 99 1,857 1,755 12 6,761 6,489 272 1, 9, 8, 7, 6, 5, 4, 3, 2, 1, 3,682 5,742 9,844 2,473 2,171 1,461 1,619 3,52 1,78 55 588 663 754 1,146 5.7 6.6 9.6 1.9 17 2 3 (%) 4 21
1998 1999 2 82,6 88,5 7.1% 89,3.9% 6,399 12,47 88.3% 14,328 18.9% 652 755 15.8% 684 9.4% 98,8 98,8.% 11,38 2.6% 12,298 14,254 15.9% 16,463 15.5% 5.7% 6.6% 9.6% 5 21
1997 4 2,665 1998 4 2,855 1999 4 3,474 2 4 4,149 21 4 4,322 6 21
7 21
: 1998-1999 1999-2 38,32 49,22 28.4% 57,37 82,146 43.3% 95,626 131,365 37.4% 1,1,925 1,64,54 5.3% 8 21
9 21
1 21
11 21
2 4 21 4 1,19 1,87 128 138 12 21
13 26 71 16 25 31 169 21
millions 28, 4 millions 8, 4 14.7% 21, 3 6, 3 14, 2 4, 2 7, 1 4.7% 2, 1 97 98 99 2 21 97 98 99 2 21 14 21
millions 2, 4 4, 4 millions 15, 3 5.% 3, 3 1, 2 14.6% 2, 2 9.% 5, 1 1, 1 97 98 99 2 21 97 98 99 2 21 15 21
millions 16, 4 millions 2, 4 7. % 12, 3 9. % 15, 3 8, 2 1, 2 4, 1 5, 1 97 98 99 2 21 97 98 99 2 21 16 21
4, Beverage Market departures of products: 1 million yen 1, Domestic Tea Leaf Production Capacity tons 3, 75, 2, 5, 1, 25, 96 97 98 99 2 96 97 98 99 2 24, Japanese Tea Beverage Market 1 thousand cases 16, Oolong Tea Beverage Market 1 thousand cases 18, 12, 12, 8, 6, 4, 96 97 98 99 2 96 97 98 99 2 s 1996 1997 1998 1999 2 Beverage Market departures of products: 1 million yen, percentage change Japanese Tea Beverages 2,438 22.7% 2,968 21.8% 3,439 15.9% 3,667 6.6% 4,258* 16.1% Oolong Tea Beverages 2,4 2.9 2,193 8.6 1,922 12.3 1,95 1.4 1,952*.1 Coffee Beverages 8,555 1.4 8,556. 9,7 6. 9,26 1.5 9,223*.2 Fruit and Vegetable Beverages 4,829 6.6 4,522 6.3 5,498 21.6 5,935 8. 5,929*.1 Black Tea Beverages 1,87 18. 1,995 6.7 2,71 3.8 1,857 1.3 1,755* 5.5 Carbonated Beverages 7,11 1.1 7,15 1.2 6,57 6.3 6,761 2.9 6,489* 4. Other Beverages 4,619 1.7 4,958 7.3 5,212 5.1 5,53 5.6 5,681* 3.2 Total 31,812 2.6% 32,27 1.2% 333,782 4.9% 34,88 3.2% 335,287* 1.2% s 1996 1997 1998 1999 2 Domestic Tea Leaf Production Capacity 88,7 91,2 82,6 88,5 89,3 1 thousand cases 13,567 15,622 17,62 18,478 22,44* Japanese Tea Beverage Market 1 thousand cases 13,14 12,96 12,43 12,63 12,78* Oolong Tea Beverage Market * 17 21
16, Operating Income & Operating Profit Ratio millions 12 16, Ordinary Income & Ordinary Profit Ratio millions 8 12, 9 12, 6 8, 6 8, 4 4, 3 4, 2 97 98 99 2 21 97 98 99 2 21 8, Net Income & Return on Sales millions 4 1, Cost of Sales & Ratio of Cost of Sales millions 8 6, 3 75, 6 4, 2 5, 4 2, 1 25, 2 97 98 99 2 21 97 98 99 2 21 millions s 1997.4 1998.4 1999.4 2.4 21.4 Operating Income Consolidated 7,369 9,64 12,568 14,266 15,666 Non-Consolidated 7,235 8,923 12,57 13,788 15,185 Operating Profit Ratio (%) Consolidated 6.1 6.6 8. 8.2 8.1 Non-Consolidated 6.1 6.6 8.1 8. 8. Ordinary Income Consolidated 6,679 8,262 11,668 13,79 15,68 Non-Consolidated 6,565 8,166 11,677 13,317 14,598 Ordinary Profit Ratio (%) Consolidated 5.5 6. 7.5 7.9 7.8 Non-Consolidated 5.5 6.1 7.6 7.8 7.7 Net Income Consolidated 2,433 3,45 5,325 6,53 8,17 Non-Consolidated 2,441 3,117 5,444 6,32 7,852 Return on Sales (%) Consolidated 2. 2.5 3.4 3.8 4.2 Non-Consolidated 2.1 2.3 3.5 3.7 4.1 Cost of Sales Consolidated 68,36 75,276 83,225 9,593 98,171 Non-Consolidated 66,752 73,834 81,883 89,739 97,292 Ratio of Cost of Sales (%) Consolidated 56.2 54.8 53.2 52.1 5.9 Non-Consolidated 56.2 54.8 53.2 52.3 51.1 18 21
2 Sales Compound Growth Rate 4 Operating Income Compound Growth Rate 15 1 5 3 2 1 4 Ordinary Income Compound Growth Rate 4 Gross Cash Flow Compound Growth Rate 3 3 2 2 1 1 s Sales Compound Growth Rate (%) Consolidated 1.8 1.9 12. 12.2 12.2 Non-Consolidated 1.8 11.2 12.2 12.5 12.5 Operating Income Compound Growth Rate (%) Consolidated 9.8 11.6 2. 2.7 18.9 Non-Consolidated 1.1 1.2 19.4 2.4 18.7 Ordinary Income Compound Growth Rate (%) Consolidated 9.3 13.6 22.2 22.6 2.4 Non-Consolidated 9.6 11.8 21.4 22.1 2.1 Gross Cash Flow Compound Growth Rate (%) Consolidated 2.6 19.4 27.3 27. 19.7 Non-Consolidated 22.4 17.8 3.3 27.2 19.9 19 21
1, Total Assets & Asset Turnover millions times 2.4 2, Inventories & Inventory Turnover millions times 16 75, 1.8 15, 12 5, 1.2 1, 8 25,.6 5, 4 97 98 99 2 21 97 98 99 2 21 48, Total Stockholders Equity & Equity Ratio millions 52 6, Current Assets & Current Ratio millions 2 36, 39 45, 15 24, 26 3, 1 12, 13 15, 5 97 98 99 2 21 97 98 99 2 21 millions s 1997.4 1998.4 1999.4 2.4 21.4 Total Assets Consolidated 7,545 77,233 83,86 82,386 91,645 Non-Consolidated 7,168 76,583 83,599 82,68 91,539 Asset Turnover (times) Consolidated 1.7 1.9 1.9 2.1 2.2 Non-Consolidated 1.7 1.8 1.9 2.1 2.2 Inventories Consolidated 11,932 11,86 12,83 12,865 17,427 Non-Consolidated 11,182 11,13 12,234 12,328 16,86 Inventory Turnover (times) Consolidated 11.4 11.5 12.7 13.5 12.7 Non-Consolidated 11.9 12.1 13.2 14. 13.1 Total Stockholders Equity Consolidated 25,3 34,841 39,81 4,783 47,31 Non-Consolidated 25,12 34,559 39,945 41,458 47,491 Equity Ratio (%) Consolidated 35.4 45.1 47.5 49.5 51.6 Non-Consolidated 35.6 45.1 47.8 5.1 51.9 Current Assets Consolidated 38,72 45,419 5,49 5,13 58,395 Non-Consolidated 37,933 44,287 49,918 49,177 57,193 Current Ratio (%) Consolidated 113.5 118.4 162.7 174.2 175.7 Non-Consolidated 111.6 116.2 162.5 172.6 172.9 2 21
1 Interest Coverage Ratio times 6, Total Liabilities & Debt/Equity Ratio millions 2 75 45, 15 5 3, 1 25 15, 5 97 98 99 2 21 97 98 99 2 21 Capital Expenditure & Depreciation and Amortization millions 2,8 1,2 1,6 R&D Expenses millions 2,1 9 1,2 1,4 6 8 7 3 4 97 98 99 2 21 97 98 99 2 21 millions s 1997.4 1998.4 1999.4 2.4 21.4 Interest Coverage Ratio (times) Consolidated 21. 36.7 45.3 66.2 9.4 Non-Consolidated 2.7 36.3 45.3 63.9 87.8 Total Liabilities Consolidated 45,542 42,392 43,938 41,536 44,282 Non-Consolidated 45,155 42,23 43,654 41,222 44,48 Debt/Equity Ratio (%) Consolidated 182.1 121.7 11.4 11.8 93.6 Non-Consolidated 18.5 121.6 19.3 99.4 92.8 Capital Expenditure Consolidated 819 1,852 1,377 2,636 1,839 Non-Consolidated 613 1,678 1,167 2,514 1,655 Depreciation and Amortization Consolidated 1,98 1,57 1,128 1,95 1,182 Non-Consolidated 952 89 954 928 1,21 R&D Expenses Consolidated 1,12 1,19 1,87 Non-Consolidated 1,12 1,19 1,87 21 21
2 2 15 1 5 97 98 99 2 21 2 15 1 5 97 98 99 2 21 15 1 5 1, 75 5 25 97 98 99 2 21 97 98 99 2 21 s 1997.4 1998.4 1999.4 2.4 21.4 ROE Return on Equity (%) Consolidated 1. 11.4 14.3 16.2 18.2 Non-Consolidated 1. 1.5 14.6 15.5 17.7 ROA Return on Assets (%) Consolidated 3.4 4.6 6.6 7.9 9.2 Non-Consolidated 3.5 4.2 6.8 7.6 9. EPSEarnings per Share Consolidated 58.81 79.26 117.44 143.18 175.79 Non-Consolidated 59.1 72.55 12.7 138.59 172.18 CFPSCash Flow per Share Consolidated 85.34 13.87 142.33 167.21 21.71 Non-Consolidated 82.3 93.28 141.11 158.95 194.59 BPSBook Value per Share Consolidated 64.28 776.28 872.71 894.25 1,37.37 Non-Consolidated 64.49 77. 875.87 99.6 1,41.33 22 21
4 Compound Growth Rate 8 times 3 2 1 6 4 2 97 98 99 2 21 Cash Dividends per Share & Payout Ratio 4 6 8 3 45 6 2 3 4 1 15 2 97 98 99 2 21 97 98 99 2 21 s EPS EPS Compound Growth Rate (%) Consolidated 22.8 22.3 3.4 31.5 21.6 Non-Consolidated 24.2 19.7 33.4 3.7 21.8 CFPS CFPS Compound Growth Rate (%) Consolidated 2.6 19. 24.8 24. 17.4 Non-Consolidated 22.4 17.4 27.8 24.1 17.5 BPS BPS Compound Growth Rate (%) Consolidated 16. 9. 1.1 14.5 12.5 Non-Consolidated 14.6 9. 1.6 14.6 12.6 s 1997.4 1998.4 1999.4 2.4 21.4 PER Price Earnings Ratio (times) Consolidated 4.6 48.8 7.2 74.7 43. Non-Consolidated 4.5 53.3 68.6 77.2 43.8 PCFR Price Cash Flow Ratio (times) Consolidated 28. 37.3 57.9 64. 37.4 Non-Consolidated 29.1 41.5 58.4 67.3 38.8 PBR Price Book Value Ratio (times) Consolidated 4. 4.8 9.4 12. 7.3 Non-Consolidated 4. 5. 9.4 11.8 7.3 Cash Dividends per Share ( ) Non-Consolidated 3 3 35 35 4 Payout Ratio (%) Non-Consolidated 5.8 43.2 29.3 25.3 23.2 DOE Dividends on Equity (%) Non-Consolidated 5. 3.9 4. 3.9 4.1 23 21
Consolidated Balance Sheets millions s 1996.4 1997.4 1998.4 1999.4 2.4 21.4 ASSETS Current Assets 37,22 38,72 45,419 5,49 5,13 58,395 Cash and Deposits 8,488 7,44 12,513 16,43 17,78 16,35 Notes and Accounts Receivable Trade 14,499 12,245 14,28 13,522 13,847 16,48 Marketable Securities 348 621 198 Inventories 9,433 11,932 11,86 12,83 12,865 17,427 Accounts Receivable Other 3,953 5,943 5,965 6,647 4,943 6,396 Deferred Income Taxes 252 468 53 589 834 Others 417 428 511 638 727 964 Allowance for Doubtful Accounts 117 18 125 137 4 57 Fixed Assets 33,296 31,49 31,594 32,919 32,372 33,249 Property, Plant and Equipment 22,52 21,961 22,976 23,311 19,717 2,64 Buildings and Structures 8,935 8,72 8,679 8,587 1,93 9,962 Land 11,972 12,8 13,68 13,56 8,17 8,11 Construction in Progress 5 19 35 431 1,78 Others 1,139 1,213 1,193 1,235 1,517 1,452 Intangible Assets 35 289 296 356 889 976 Goodwill 77 67 68 59 51 57 Softwaer 558 622 Consolidation Difference 4 Others 227 221 227 292 278 296 Investments and Other Assets 1,939 9,239 8,321 9,251 11,765 11,669 Investments in Securities 5,545 3,977 2,872 2,765 2,684 2,324 Long-term Prepaid Expenses 624 41 426 398 81 92 Deposits Received 1,951 2,62 2,252 2,533 2,717 2,914 Deferred Income Taxes 9 47 1,239 1,27 Deferred Income Taxes Related to Revaluated Land 2,179 2,179 Others 2,84 2,8 2,774 3,87 2,96 3,3 Allowance for Doubtful Accounts 22 11 13 5 43 79 Foreign Statements Translation Adjustments 533 335 219 477 Total Assets 7,853 7,545 77,233 83,86 82,386 91,645 24 21
millions s 1996.4 1997.4 1998.4 1999.4 2.4 21.4 LIABILITIES Current Liabilities 29,19 34,111 38,355 3,975 28,711 33,227 Notes and Accounts Payable 19,44 17,781 18,362 16,216 14,936 19,91 Short-term Borrowings 2,5 4,65 6,645 2,67 2,79 1,19 Convertible Bonds due within One Year 4,666 1,73 Income Taxes Payable 1,983 1,9 2,679 3,857 3,238 3,94 Enterprise Taxes Payable 562 38 775 Consumption Taxes Payable 39 383 883 724 748 689 Accrued Expenses 3,96 3,627 5,1 5,193 4,816 5,218 Accrued Bonuses 1,313 1,413 1,594 1,777 1,889 2,4 Others 38 316 582 536 292 319 Non-current Liabilities 17,755 11,317 3,923 12,962 12,825 11,54 Convertible Bonds 9,798 5,125 Long-term Debt 7,36 5,425 3,15 11,435 9,295 8,255 Retirement Benefits for Employees 112 128 141 381 2,46 Retirement Benefits for Employees 1,622 Retirement Benefits for Directors and Statutory Auditors 316 475 651 868 1,86 1,138 Deferred Income Taxes 135 Consolidation Difference 9 7 Others 167 28 26 278 27 3 Minority Interests 112 113 113 Total Liabilities 47,58 45,542 42,392 43,938 41,536 44,282 MINORITY INTERESTS 66 65 52 STOCKHOLDERS EQUITY Common Stock 7,929 7,933 11,789 12,655 12,655 12,655 Additional Paid-In Capital 8,276 8,28 12,136 13,2 13,2 13,2 Revaluation Differential 3,34 3,34 Consolidated Retained Earnings 14,144 18,894 25,244 Legal Reserve 389 52 65 Retained Earnings 7,21 8,272 1,266 Revaluation Difference of Other Marketable Securities 161 Treasury Stock 2 2 2 1 Foreign Statements Translation Adjustments 733 393 Total Stockholders Equity 23,794 25,3 34,841 39,81 4,783 47,31 Total Liabilities, Minority Interests and Stockholders Equity 83,86 82,386 91,645 Total Liabilities and Stockholders Equity 7,853 7,545 77,233 25 21
Consolidated Statements of Income millions s 1996.4 1997.4 1998.4 1999.4 2.4 21.4 Net Sales 18,216 121,67 137,32 156,557 173,966 192,79 Cost of Sales 6,545 68,36 75,276 83,225 9,593 98,171 Selling, General and Administrative Expenses 41,82 45,931 52,979 6,763 69,16 78,871 Operating Income 6,588 7,369 9,64 12,568 14,266 15,666 Non-operating Income 278 244 297 35 233 286 Interest and Dividend Income 126 112 122 88 68 79 Others 151 132 174 217 165 26 Non-operating Expenses 916 934 1,99 1,25 79 883 Interest Expenses 4 356 25 279 216 174 Loss on Disposal of Obsolete Inventories 425 417 412 673 322 513 Loss from Equity Method Applied Others 9 161 436 252 17 195 Ordinary Income 5,95 6,679 8,262 11,668 13,79 15,68 Extraordinary Income 47 12 4 354 99 8 Gain on Sales of Fixed Assets 37 13 Gain on Sales of Investments in Securities 317 Others 9 12 3 24 98 8 Extraordinary Expenses for Doubtful Accounts 191 1,784 1,29 1,21 2,7 231 Loss on Sales and Disposal of Fixed Assets 6 8 27 62 21 95 Loss on Revaluation of Investments in Securities 52 1,635 1,133 72 12 11 Loss on Sales of Investments in Securities 3 13 Retirement Benefits Costs for Employees-Prior Years 211 1,59 Retirement Benefits for Directors and Statutory Auditors-Prior Years 123 118 118 118 12 Amortization of Prior Service Pension Costs 495 Others 1 21 6 47 361 35 Income before Income Taxes and Other Adjustments 5,86 4,97 6,976 11,1 11,882 14,845 Income Taxes-Current 3,1 2,44 3,853 Income Taxes-Current and Enterprise Tax 6,19 6,225 6,93 Income Taxes-Deferred 19 27 285 513 872 75 Minority Interests in Net Income 11 6 5 1 Income from Equity Method Applied 2 Foreign Statements Translation Adjustments 24 Net Income 2,738 2,433 3,45 5,325 6,53 8,17 26 21
Consolidated Cash Flow Statements millions s 1999.4 2.4 21.4 Cash Flows from Operating Activities: Income before Income Taxes and Other Adjustments 11,1 11,882 14,845 Foreign Exchange Gain 1 Depreciation and Amortization 1,128 1,95 1,182 Gain on Sales of Investments in Securities 318 Loss on Revaluation of Investments in Securities 72 12 11 Loss on Sales of Investments in Securities 13 Loss on Devaluation of Golf Membership 361 22 Amortization of Prior Service Pension Costs 495 Allowance for Doubtful Accounts 3 58 45 Accrued Bonuses 183 111 114 Retirement Benefits for Employees 239 2,25 Retirement Benefits for Employees 783 Retirement Benefits for Directors and Statutory Auditors 216 218 52 Interests and Dividends Income 88 68 79 Interest Expenses 279 216 174 Bonuses Paid to Directors and Statutory Corporate Auditors 69 71 71 Notes and Accounts Receivable-Trade 491 293 2,614 Inventories 1,1 3 4,532 Other Current Assets 818 1,615 1,682 Other Non-Current Assets 141 12 166 Notes and Accounts Payable 2,142 1,327 4,955 Income Taxes Payable 159 2 59 Other Current Liabilities 188 62 428 Others 13 218 79 Sub Total 9,184 14,841 12, Interests and Dividends Income Received in Cash 91 69 79 Interest Expenses Paid in Cash 286 212 172 Income Paid in Cash 5,788 6,849 6,238 Net Cash Provided by Operating Activities 3,2 7,849 5,669 Cash Flows from Investing Activities: Cash Payment to Time Deposits 1,48 Cash Return from Time Deposits 1,99 554 234 Acquisition of Investments in Securities 1,344 22 18 Sales of Investments in Securities 1,871 Acquisition of Assets and Long-Term Prepaid Expenses 1,698 3,53 2,125 Acquisition of Golf Memberships and Other Investments 465 277 87 Others 46 91 3 Net Cash Used in Investing Activities 1,88 2,76 1,999 Cash Flows from Financing Activities: Net Decrease in Short-Term Borrowings 1,45 38 5 Proceeds from Long-Term Debt 12,5 Repayment of Long-Term Debt 6,245 2,52 2,14 Dividends Paid 2,3 1,71 1,596 Others 2 Net Cash (Used in) Provided by Financing Activities 2,327 3,849 4,237 Translation Losses to Cash and Cash Equivalents 17 3 74 Net Increase in Cash and Cash Equivalents 4,421 1,263 493 Cash and Cash Equivalents at Beginning of Year 11,159 15,581 16,844 Cash and Cash Equivalents at End of Year 15,581 16,844 16,35 Notes to Condidated Statements of Cash Flows Conversion of Convertible Bonds into Common Stock 1,73 Breakdown of Cash and Cash Equivalents Cash and Deposits 16,43 17,78 16,35 Deposits with Maturities More Than Three Months 822 234 Cash and Cash Equivalents at End of Year 15,581 16,844 16,35 27 21
Non-Consolidated Financial Data millions s 1997.4 1998.4 1999.4 2.4 21.4-1 Net Sales 118,819 134,655 153,957 171,628 19,242 Tea Leaves 24,328 25,761 27,555 27,877 28,35 Japanese Tea Beverages 34,536 45,443 57,198 67,18 78,17 Chinese Tea Beverages 16,789 16,588 15,45 15,28 17,257 Fruit and Vegetable Beverages 25,158 26,111 3,585 33,285 37,15 Coffee Beverages 7,62 8,338 1,76 11,596 13,316 Black Tea Beverages and Others 1,944 12,411 12,865 16,732 16,421 Operating Income 7,235 8,923 12,57 13,788 15,185 Ordinary Income 6,565 8,166 11,677 13,317 14,598 Net Income 2,441 3,117 5,444 6,32 7,852 Capital Expenditure 613 1,678 1,167 2,514 1,655 R&D Expenses 1,12 1,19 1,87 Depreciation and Amortization 952 89 954 928 1,21 Earnings per Share (Yen) 59.1 72.55 12.7 138.59 172.18 Diluted Net Income per Share (Yen) 52.86 67.93 Gross Cash Flow 3,394 4,7 6,398 7,248 8,874 Total Stockholders Equity 25,12 34,559 39,945 41,458 47,491 Total Assets 7,168 76,583 83,599 82,68 91,539 Return on Equity 1. 1.5 14.6 15.5 17.7 Return on Assets 3.5 4.2 6.8 7.6 9. 2, Net Sales millions 8, Net Income millions 15, 6, 1, 4, 5, 2, 97 98 99 2 21 97 98 99 2 21 1, Gross Cash Flow millions 48, Total Stockholders Equity millions 7,5 36, 5, 24, 2,5 12, 97 98 99 2 21 97 98 99 2 21 28 21
Sales by Product Sales by Region Sales by Business Category Tea Leaves Beverages Others /Green Tea /Japanese Tea Beverages /Coffee Beverages Products /Oolong Tea /Chinese Tea Beverages /Black Tea Beverages /Other Leaves /Vegetable Beverages /Carbonated Beverages /Fruit Beverages /Other Beverages Tohoku/Hokkaido Kanto Kansai Chubu Chugoku/Shikoku Kyushu Route Large wholesalers Directly managed wholesalers Supermarkets Convenience stores WholesalersVending machines GeneralDepartment stores Vending Machine Installation units 8, 7, 6, 5, 4, 3, 2, 1, 18 15 12 9 6 3 Sales Offices offices 4, 3,2 2,4 1,6 8 Employees people 97 98 99 2 21 97 98 99 2 21 97 98 99 2 21 s 1997.4 1998.4 1999.4 2.4 21.4 Vending Machine Installation (units) 37,862 45,7 52,44 61,75 7,93 Number of Sales Offices (offices) 113 127 142 156 17 Number of Employees (people) 2,73 2,974 3,253 3,521 3,73 29 21
Non-Consolidated Balance Sheets millions s 1996.4 1997.4 1998.4 1999.4 2.4 21.4 ASSETS Current Assets 36,35 37,933 44,287 49,918 49,177 57,193 Cash and Deposits 7,95 6,91 11,959 15,676 16,294 15,516 Notes Receivable Trade 2,978 2,184 2,828 1,953 785 2,13 Accounts Receivable Trade 11,192 9,777 1,962 11,343 12,87 14,41 Marketable Securities 92 33 Treasury Stock 2 2 2 1 Inventories 8,851 11,182 11,13 12,234 12,328 16,86 Accounts Receivable Other 4,37 6,26 6,4 6,665 5,128 6,54 Advances or Loans to Subsidiaries 1,24 1,251 1,85 1,75 635 555 Deferred Income Taxes 472 541 786 Others 386 415 468 66 689 934 Allowance for Doubtful Accounts 12 111 127 19 34 56 Fixed Assets 33,993 32,234 32,296 33,681 33,53 34,346 Property, Plant and Equipment 2,172 2,31 21,5 21,41 17,885 18,644 Buildings and Structures 7,828 7,661 7,551 7,479 9,51 8,841 Land 11,63 11,667 12,715 12,718 7,749 7,753 Construction in Progress 5 411 1,47 Others 77 72 738 8 1,84 1,2 Intangible Assets 65 71 76 159 77 769 Investments and Other Assets 13,755 12,131 11,214 12,111 14,99 14,932 Investments in Securities 5,514 3,948 2,843 2,737 2,657 2,35 Investments in Subsidiaries 3,151 3,186 3,23 3,351 3,621 3,769 Deposits Received 1,942 2,55 2,244 2,515 2,696 2,892 Deferred Income Taxes 32 1,63 1,35 Deferred Income Taxes Related to Revaluated Land 2,179 2,179 Others 3,156 2,953 2,98 3,189 2,734 2,827 Allowance for Doubtful Accounts 9 11 12 4 43 77 Total Assets 7,343 7,168 76,583 83,599 82,68 91,539 3 21
millions s 1996.4 1997.4 1998.4 1999.4 2.4 21.4 LIABILITIES Current Liabilities 28,754 33,987 38,115 3,717 28,496 33,79 Notes Payable 4,64 Accounts Payable 14,768 17,883 18,49 16,269 14,657 19,434 Short-term Borrowings 2,5 4,65 6,645 2,67 2,79 1,19 Convertible Bonds due within One Year 4,666 1,73 Income Taxes Payable 1,943 981 2,615 3,89 2,984 3,777 Enterprise Taxes Payable 551 3 757 Consumption Taxes Payable 36 369 852 7 696 676 Accrued Expenses 2,999 3,545 5,2 5,68 5,262 5,757 Accrued Bonuses 1,262 1,361 1,538 1,723 1,822 1,939 Others 358 274 564 475 282 33 Non-current Liabilities 17,742 11,167 3,98 12,936 12,726 1,969 Convertible Bonds 9,798 5,125 Long-term Debt 7,36 5,425 3,15 11,435 9,295 8,255 Long-term Accounts Payables 154 252 Retirement Benefits for Employees 99 113 125 354 2,334 Retirement Benefits for Employees 1,551 Retirement Benefits for Directors and Statutory Auditors 316 475 651 868 1,7 1,134 Others 12 28 26 25 26 28 Total Liabilities 46,497 45,155 42,23 43,654 41,222 44,48 STOCKHOLDERS EQUITY Common Stock 7,929 7,933 11,789 12,655 12,655 12,655 Additional Paid-In Capital 8,276 8,28 12,136 13,2 13,2 13,2 Legal Reserve 379 58 637 85 1,3 1,21 Revaluation Differential 3,34 3,34 Retained Earnings 7,26 8,29 9,995 13,436 17,84 23,819 General Reserve 4,17 5,24 6,128 7,249 1,542 14,896 Unappropriated Retained Earnings 3,242 3,49 3,866 6,187 7,262 8,922 (Including Net Income for the year) (2,657) (2,441) (3,117) (5,444) (6,32) (7,852) Revaluation Diffirence of Other Marketable Securities 161 Total Stockholders Equity 23,846 25,12 34,559 39,945 41,458 47,491 Total Liabilities and Stockholders Equity 7,343 7,168 76,583 83,599 82,68 91,539 31 21
Non-Consolidated Statements of Income millions s 1996.4 1997.4 1998.4 1999.4 2.4 21.4 Net Sales 15,619 118,819 134,655 153,957 171,628 19,242 Cost of Sales 59,125 66,752 73,834 81,883 89,739 97,292 Selling, General and Administrative Expenses 4,47 44,831 51,898 59,566 68,11 77,764 Operating Income 6,446 7,235 8,923 12,57 13,788 15,185 Non-operating Income 291 255 31 328 211 284 Interest and Dividend Income 165 139 158 146 74 14 Others 126 115 151 181 137 179 Non-operating Expenses 91 924 1,67 1,157 682 871 Interest Expenses 4 356 25 279 217 174 Loss on Disposal of Obsolete Inventories 421 412 389 664 313 57 Others 8 155 427 214 151 189 Ordinary Income 5,836 6,565 8,166 11,677 13,317 14,598 Extraordinary Income 45 11 1 336 77 2 Gain on Sales of Fixed Assets 37 Gain on Sales of Investments in Securities 317 Others 8 11 1 19 77 2 Extraordinary Expenses for Doubtful Accounts 19 1,782 1,284 946 1,95 187 Loss on Sales and Disposal of Fixed Assets 4 8 23 57 14 62 Loss on Revaluation of Investments in Securities 52 1,634 1,132 72 12 93 Loss on Sales of Investments in Securities 3 13 Loss on Devaluation of Golf Memberships 355 19 Retirement Benefits Costs for Employees-Prior Years 188 1,478 Retirement Benefits for Directors and Statutory Auditors-Prior Years 123 118 118 118 Amortization of Prior Service Pension Costs 495 Others 1 2 6 12 Income before Income Taxes 5,691 4,795 6,882 11,68 11,444 14,413 Income Taxes-Current 3,34 2,353 3,765 Income Taxes-Current and Enterprise Tax 6,112 5,935 6,661 Income Taxes-Deferred 489 812 1 Net Income 2,657 2,441 3,117 5,444 6,32 7,852 Retained Earnings Brought Forward 585 68 749 823 1,819 1,947 Adjustment of Occured Income Taxes 33 Reversal of Reserves for Future Deferred Income Taxes Related to Fixed Assets 368 Mid-term Dividends 684 798 798 Retained Reserves for Mid-term Dividends 68 79 79 Unappropriated Retained Earnings 3,242 3,49 3,866 6,187 7,262 8,922 32 21
Non-Consolidated Cash Flow Statements millions s 1999.4 2.4 21.4 Cash Flows from Operating Activities: Income before Income Taxes 11,68 11,444 14,413 Depreciation and Amortization 954 928 1,21 Foreign Exchange Gain 1 Gain on Sales of Fixed Assets Gain on Sales of Investments in Securities 318 Loss on Disposal of Fixed Assets 57 14 62 Loss on Revaluation of Investments in Securities 72 12 93 Loss on Sales of Investments in Securities 13 Loss on Devaluation of Golf Membership 355 19 Loss on Sale of Golf Membership 1 Amortization of Prior Service Pension Costs Allowance for Doubtful Accounts 495 26 36 5 Accrued Bonuses 185 98 117 Retirement Benefits for Employees 228 1,98 Retirement Benefits for Employees 783 Retirement Benefits for Directors and Statutory Auditors 216 22 64 Interests and Dividends Income 146 74 14 Interest Expenses 279 217 174 Bonuses Paid to Directors and Statutory Corporate Auditors 63 62 62 Notes and Accounts Receivable-Trade 494 296 2,552 Inventories 1,13 93 4,478 Other Current Assets 798 1,448 1,621 Other Non-Current Assets Notes and Accounts Payable 127 2,139 97 1,612 27 4,776 Income Taxes Payable 151 3 2 Other Current Liabilities 263 516 Other Non-Current Liabilities 252 2 Sub Total 8,9 14,262 11,473 Interests and Dividends Income Received in Cash 15 75 14 Interest Expenses Paid in Cash 286 212 172 Income Paid in Cash 5,675 6,761 5,868 Net Cash Provided by Operating Activities 3,88 7,363 5,536 Cash Flows from Investing Activities: Cash Payment to Time Deposits 81 Cash Return from Time Deposits 1,4 5 Acquisition of Investments in Securities 1,344 22 18 Sales of Investments in Securities 1,68 Acquisition of Assets and Long-Term Prepaid Expenses 1,477 2,929 1,918 Sales of Assets,and Long-Term Prepaid Expenses 29 Acquisition of Investments in Affiliates Long-term Loans 12 27 147 9 Collection of Loans to Affiliates 1 44 8 Acquisition of Golf Memberships and Other Investments 465 276 75 Sales of Golf Memberships and Other Investments 16 12 1 Net Cash Used in Investing Activities 1,19 2,515 2,88 Cash Flows from Financing Activities: Net Decrease in Short-Term Borrowings 1,45 5 5 Proceeds from Long-Term Debt 12,5 Repayment of Long-Term Debt 6,245 2,52 2,14 Dividends Paid 2,3 1,71 1,596 Others 2 Net Cash (Used in) Provided by Financing Activities 2,327 3,729 4,237 Effect of Exchanges on cash and cash equivalents 1 Net Increase in Cash and Cash Equivalents 4,37 1,118 778 Cash and Cash Equivalents at Beginning of Year 1,869 15,176 16,294 Cash and Cash Equivalents at End of Year 15,176 16,294 15,516 Notes to Condidated Statements of Cash Flows Conversion of Convertible Bonds into Common Stock 1,73 Breakdown of Cash and Cash Equivalents Cash and Deposits 15,676 16,294 15,516 Deposits with Maturities More Than Three Months 5 Cash and Cash Equivalents at End of Year 15,176 16,294 15,516 33 21
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Stock Market thousands of shares s 1997.4 1998.4 1999.4 2.4 21.4 Total Number of Outstanding Shares 41,378 44,882 45,66 45,66 45,66 Capitalization millions s 1997.4 1998.4 1999.4 2.4 21.4 Capital Increases 3 3,856 865 Capitalization after Increases 7,933 11,789 12,655 12,655 12,655 Stockholders / Percentage of Total Shares s 1999.4 2.4 21.4 Private Investments and Others 3,915 83.3 5,444 86.9 1,56 92.9.2 1.1 4.5 1.3 Financial Institutions 83 1.8 118 1.9 121 1.1 Securities Firms 26.5 32.5 28.2 Domestic Companies 532 11.3 513 8.2 56 4.5 Foreign Companies etc. 145 3.1 158 2.5 152 1.3 92.9 Total 4,71 1. 6,265 1. 11,367 1. Stock Breakdown by Holders / Percentage of Total Shares s 1999.4 2.4 21.4 Private Investments and Others 99,67 21.8 87,818 19.3 95,29 2.8 Financial Institutions 132,186 29. 144,597 31.7 14,29 3.8 Securities Firms 72.2 1,48.2 1,867.4 Domestic Companies 165,337 36.3 167,147 36.7 168,887 37. Foreign Companies etc. 58,147 12.7 55,393 12.1 5,13 11. Total 455,997 1. 456,3 1. 456,5 1. 37. 11. 2.8 3.8.4 Stock Price 15, Stock Price Stock Turnover 1, 5, thousands of shares 8, 6, 4, 2, 36 21
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