Consolidated Statements of Cash Flows

(Million yen)
  FY2017 FY2018 FY2019
Cash flows from operating activities
Income before income taxes and minority interests 6,644 5,243 2,500
Depreciation 730 1,014 978
Increase (decrease) in allowance for doubtful accounts 4 6 2
Increase (decrease) in provision for bonuses 27 (25) (12)
Increase (decrease) in construction warranty reserve 2 (9) (7)
Increase (decrease) in net defined benefit liability 11 7 0
Interest and dividend income (1) (1) (1)
Interest expenses 619 703 635
Share-based compensation expenses 18 24 5
Refund of real estate acquisition tax 0 12 3
Amortization of bond issuance cost 6 13 18
Loss (gain) on sales of non-current assets (29) (0) (0)
Loss on retirement of non-current assets 0
Reversal of consumption taxes for prior period (136)
Gain on reversal of share acquisition rights (6) (6)
Decrease (increase) in notes and accounts receivable - trade 4 (10) (1)
Decrease (increase) in inventories 3,174 (11,001) 798
Increase (decrease) in notes and accounts payable - trade (98) (122) 67
Increase (decrease) in accrued consumption taxes 75 (410) 290
Decrease (increase) in consumption taxes refund receivable 17 (626) 624
Increase (decrease) in lease and guarantee deposits received (69) 140 (97)
Decrease (increase) in other current assets (514) 624 (172)
Increase (decrease) in other current liabilities (506) (70) (1)
Other (5) 9 18
Subtotal 9,976 (4,488) 5,642
Interest and dividend income received 1 1 1
Interest expenses paid (606) (688) (632)
Income taxes paid (2,104) (2,045) (1,735)
Net cash provided by (used in) operating activities 7,266 (7,220) 3,276
Cash flows from investing activities  
Payments into time deposits (1,932) (1,936) (1,966)
Proceeds from withdrawal of time deposits 1,768 1,897 1,892
Purchase of property, plant and equipment (107) (64) (780)
Proceeds from sales of property, plant and equipment 187 2 0
Purchase of intangible assets (3) (3) (9)
Payments for investments in capital (36) (8)
Net cash provided by (used in) investing activities (124) (104) (872)
Cash flows from financing activities
Net increase (decrease) in short-term loans payable 957 (1,779) (971)
Proceeds from long-term loans payable 26,004 32,996 21,330
Repayments of long-term loans payable (30,674) (26,215) (20,590)
Proceeds from issuance of bonds 1,574 736 2,720
Proceeds from exercise of share options (210) (592) (819)
Purchase of treasury shares (0) (223)
Proceeds from exercise of share options 0
Repayments of lease obligations (2) (2) (2)
Cash dividends paid (511) (608) (730)
Net cash provided by (used in) financing activities (2,862) 4,534 712
Net increase (decrease) in cash and cash equivalents 4,279 (2,790) 3,116
Cash and cash equivalents at the beginning of the period 7,663 11,942 9,151
Cash and cash equivalents at the end of the period 11,942 9,151 12,268
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