Expanding business scale through sustainable growth and M&A

「The Group has adopted a holding company structure and consists of the Company, 13 consolidated subsidiaries and 9 equity-method affiliates.」

「Strengthening sales capabilities through M&A, investments and business alliances」

「The Group has adopted a holding company structure and consists of the Company, 12 consolidated subsidiaries and 7 equity-method affiliates.」

「Cash paid for acquisition of businesses - 550 Cash paid for acquisition of investments in affiliates - 149」

「The Group has adopted a holding company structure and consists of the Company, 11 consolidated subsidiaries and 6 equity-method affiliates.」

「The Group lost control of エフエルシープレミアム株式会社 because エフエルシープレミアム株式会社 carried out a capital increase for INEST株式会社 on 8 December 2023 and, on 27 December 2023, acquired all shares in エフエルシープレミアム株式会社 held by the Company as treasury shares.」

「We decided to subscribe for a third-party allotment by DREAMBEER社 because we believe that mutually leveraging management resources with DREAMBEER社, which operates a home beer-server rental and alcoholic-beverage sales business, will enable us to provide services with greater customer satisfaction, further improve operating efficiency and strengthen competitiveness, leading to expansion in our business areas and scale and an increase in corporate value.」

「During the third quarter of the current fiscal year, プレミアムウォーター中部株式会社 was newly established and included in the scope of consolidation.」

「During the first quarter of the current fiscal year, 深圳日商沃徳管理諮詢有限公司 was excluded from the scope of consolidation because its liquidation was completed in May 2019. During the first quarter of the current fiscal year, 株式会社SPScorporation was excluded from the scope of equity-method accounting following the sale of all issued shares held by the Company.」

「Following its establishment, 寧波普瑞咪雅水業有限公司 was included in the scope of consolidation from the second quarter of the current fiscal year. During the second quarter of the current fiscal year, 株式会社Bestライフソリューション was excluded from the scope of equity-method accounting following the sale of its shares. During the third quarter of the current fiscal year, Premium Water Million Club株式会社 was excluded from the scope of equity-method accounting following completion of its liquidation.」

「During the first quarter of the current fiscal year, 株式会社Patch was excluded from the scope of equity-method accounting because, as of 14 May 2018, the shares held by the Company consisted solely of a class of shares without voting rights.」

「In addition, through newly acquired shares, 株式会社Patch, ハイコムビジネスサポート株式会社 and Premium Water Million Club株式会社 were included within the scope of equity-method accounting. Meanwhile, プレミアムウォーター株式会社 and 株式会社ウェルウォータ, formerly consolidated subsidiaries, ceased to exist following their absorption by 株式会社ウォーターダイレクト, another consolidated subsidiary and the surviving company, which changed its corporate name to プレミアムウォーター株式会社 on 1 April 2017. They were therefore excluded from the scope of consolidation from the first quarter of the current fiscal year. エフエルシーイノベーション株式会社, formerly a consolidated subsidiary, ceased to exist following its absorption by プレミアムウォーター株式会社, the surviving company, and was excluded from the scope of consolidation from the second quarter. エフエルシークリエイション株式会社, also formerly a consolidated subsidiary, ceased to exist following its absorption by エフエルシープロモーション株式会社, another consolidated subsidiary and the surviving company, which changed its corporate name to エフエルシープレミアム株式会社 on 1 July 2017. It was therefore excluded from the scope of consolidation from the third quarter of the current fiscal year. As a result, as of 31 December 2017, the Group consisted of the Company, 7 consolidated subsidiaries and 6 equity-method affiliates.」

「During the second quarter of the current fiscal year, エフエルシーイノベーション株式会社, formerly a consolidated subsidiary, ceased to exist following its absorption by プレミアムウォーター株式会社, another consolidated subsidiary and the surviving company. It was therefore excluded from the scope of consolidation from the second quarter of the current fiscal year. As a result, as of 30 September 2017, the Group consisted of the Company, 8 consolidated subsidiaries and 4 equity-method affiliates.」

「In addition, through newly acquired shares, Patch Co., Ltd. was included within the scope of equity-method accounting. Premium Water Co., Ltd. and Well Water Co., Ltd., which had been consolidated subsidiaries, ceased to exist following an absorption-type merger in which Water Direct Co., Ltd., also a consolidated subsidiary, was the surviving company. Water Direct changed its corporate name to Premium Water Co., Ltd. on 1 April 2017. Accordingly, these companies were excluded from the scope of consolidation from the first quarter of the current fiscal year. As of 30 June 2017, the Group consisted of the Company, 9 consolidated subsidiaries and 4 equity-method affiliates.」

「At a meeting of the Board of Directors held on 5 August 2016, the Company resolved to merge its consolidated subsidiary Water Direct Co., Ltd., as the surviving company, with Ideal Life Co., Ltd. and D-Action Co., Ltd., subsidiaries of Water Direct, as the absorbed companies. The merger was completed on 1 October 2016.」

「In addition, through newly acquired shares, Best Life Solution Co., Ltd. and Nihon no Mizu Co., Ltd. were included within the scope of equity-method accounting. As a result, as of 30 September 2016, the Group consisted of the Company, 13 consolidated subsidiaries and 2 equity-method affiliates.」

「We agreed to integrate the two companies under a holding-company structure because combining their respective expertise and management resources would not only expand the scale of the business and capital base, but also enable us to secure the competitiveness needed to lead the home-delivery water industry and thereby enhance corporate value.」

「We intend to achieve these future goals through sustainable growth and M&A. As the first step toward achieving them, we will integrate our management with FLC Corporation and focus on the following priorities.」