Consolidated Statements of Cash Flows

(Million yen)
  FY2016 FY2017 FY2018
Cash flows from operating activities
Income before income taxes and minority interests 4,905 6,644 5,243
Depreciation 683 730 1,014
Increase (decrease) in allowance for doubtful accounts (1) 4 6
Increase (decrease) in provision for bonuses (18) 27 (25)
Increase (decrease) in construction warranty reserve 21 2 (9)
Increase (decrease) in net defined benefit liability 12 11 7
Interest and dividend income (1) (1) (1)
Interest expenses 647 619 703
Share issuance cost 15
Share-based compensation expenses 47 18 24
Reversal of deposits received (60)
Refund of real estate acquisition tax 0 12
Amortization of bond issuance cost 1 6 13
Loss (gain) on sales of non-current assets (0) (29) (0)
Loss on retirement of non-current assets 0 0
Reversal of consumption taxes for prior period (136)
Loss from prior period of consumption tax 791
Gain on reversal of share acquisition rights (6)
Decrease (increase) in notes and accounts receivable - trade 1 4 (10)
Decrease (increase) in inventories (12,939) 3,174 (11,001)
Increase (decrease) in notes and accounts payable - trade (99) (98) (122)
Increase (decrease) in accrued consumption taxes 352 75 (410)
Decrease (increase) in consumption taxes refund receivable 82 17 (626)
Increase (decrease) in lease and guarantee deposits received 268 (69) 140
Decrease (increase) in other current assets 145 (514) 624
Increase (decrease) in other current liabilities 111 (506) (70)
Other 26 (5) 9
Subtotal (5,005) 9,976 (4,488)
Interest and dividend income received 1 1 1
Interest expenses paid (658) (606) (688)
Income taxes paid (3,061) (2,104) (2,045)
Net cash provided by (used in) operating activities (8,723) 7,266 (7,220)
Cash flows from investing activities  
Payments into time deposits (1,574) (1,932) (1,936)
Proceeds from withdrawal of time deposits 1,249 1,768 1,897
Purchase of property, plant and equipment (874) (107) (64)
Proceeds from sales of property, plant and equipment 0 187 2
Purchase of intangible assets (37) (3) (3)
Payments for investments in capital (7) (36)
Net cash provided by (used in) investing activities (1,242) (124) (104)
Cash flows from financing activities
Net increase (decrease) in short-term loans payable (114) 957 (1,779)
Proceeds from long-term loans payable 34,061 26,004 32,996
Repayments of long-term loans payable (25,042) (30,674) (26,215)
Proceeds from issuance of bonds 882 1,574 736
Proceeds from issuance of common stock 1,904
Proceeds from exercise of share options (210) (592)
Purchase of treasury shares (0)
Proceeds from exercise of share options 2 0
Repayments of lease obligations (2) (2) (2)
Cash dividends paid (352) (511) (608)
Net cash provided by (used in) financing activities 11,338 (2,862) 4,534
Net increase (decrease) in cash and cash equivalents 1,372 4,279 (2,790)
Cash and cash equivalents at the beginning of the period 6,291 7,663 11,942
Cash and cash equivalents at the end of the period 7,663 11,942 9,151
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