Consolidated Statements of Cash Flows

(Million yen)
  FY2015 FY2016 FY2017
Cash flows from operating activities
Income before income taxes and minority interests 5,602 4,905 6,644
Depreciation 493 683 730
Increase (decrease) in allowance for doubtful accounts 6 (1) 4
Increase (decrease) in provision for bonuses 16 (18) 27
Increase (decrease) in provision for directors' retirement benefits 6
Increase (decrease) in construction warranty reserve 10 21 2
Increase (decrease) in net defined benefit liability 10 12 2
Interest and dividend income (1) (1) (1)
Interest expenses 508 647 619
Share issuance cost 15
Share-based compensation expenses 47 47 18
Reversal of deposits received (60)
Amortization of bond issuance cost 1 6
Loss (gain) on sales of non-current assets (28) (0) (29)
Loss on retirement of non-current assets 0
Reversal of consumption taxes for prior period (136)
Loss from prior period of consumption tax 791
Decrease (increase) in notes and accounts receivable - trade (15) 1 4
Decrease (increase) in inventories (12,322) (12,939) 3,174
Increase (decrease) in notes and accounts payable - trade 217 (99) (98)
Increase (decrease) in accrued consumption taxes (2) 352 75
Decrease (increase) in consumption taxes refund receivable 16 82 17
Increase (decrease) in lease and guarantee deposits received 83 268 (69)
Decrease (increase) in other current assets (3) 145 (514)
Increase (decrease) in other current liabilities 148 111 (506)
Other 2 26 (5)
Subtotal (5,204) (5,005) 9,976
Interest and dividend income received 1 1 1
Interest expenses paid (498) (658) (606)
Income taxes paid (1,590) (3,061) (2,104)
Net cash provided by (used in) operating activities (7,292) (8,723) 7,266
Cash flows from investing activities  
Payments into time deposits (1,106) (1,574) (1,932)
Proceeds from withdrawal of time deposits 917 1,249 1,768
Purchase of property, plant and equipment (897) (874) (107)
Proceeds from sales of property, plant and equipment 151 0 187
Purchase of intangible assets (57) (37) (3)
Payments for investments in capital (2) (7) (36)
Net cash provided by (used in) investing activities (996) (1,242) (124)
Cash flows from financing activities
Net increase (decrease) in short-term loans payable (677) (114) 957
Proceeds from long-term loans payable 30,887 34,061 26,004
Repayments of long-term loans payable (19,047) (25,042) (30,674)
Proceeds from issuance of bonds 882 1,574
Proceeds from issuance of common stock 1,904
Proceeds from exercise of share options (210)
Repayments of lease obligations (3) (2) (2)
Cash dividends paid (186) (352) (511)
Net cash provided by (used in) financing activities 10,978 11,338 (2,862)
Net increase (decrease) in cash and cash equivalents 2,689 1,372 4,279
Cash and cash equivalents at the beginning of the period 3,601 6,291 7,663
Cash and cash equivalents at the end of the period 6,291 7,663 11,942
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