Cresco (4674) AGM 2023 summary

Opening remarks and agenda

• The 35th AGM was held on June 16, 2023; proceedings prioritized explanations and votes on resolutions, followed by a combined Q&A and voting process.

• A shareholder-only livestream covered the meeting, but online viewers could not submit questions, motions, or votes and were not legally counted as attending.

Financial performance review

• FY2022 revenue was ¥48.3bn and operating profit ¥4.9bn, against FY2023 targets of ¥50.0bn and ¥5.0bn, respectively.

• FY2024 targets: revenue ¥52.5bn (+8.5% YoY), operating profit ¥5.2bn (+5.0%), ordinary profit ¥5.3bn (+4.6%), and net profit ¥3.5bn (+7.6%).

• Structured-note derivatives recorded a ¥226m valuation loss as US rate hikes and recession concerns weighed on US equities.

Board and executive committee updates

• The proposed board of seven directors included six incumbents and one additional independent outside director, Sano Miyuki, to strengthen governance.

• The FY36 roster lists four inside directors and three independent outside directors; Sano joined as a new outside director.

• All three audit and supervisory committee directors were listed for reappointment; the FY36 roster retained Takaishi Satoshi, Sato Haruo, and Maekawa Masayuki.