Millions of yen
FY2016/3 FY2017/3 FY2018/3 FY2019/3 FY2020/3
Operating activities:
Net income (loss) 133,495 147,190 144,244 157,124 138,298
Adjustments to reconcile net income to net cash provided by operating activities:
 Depreciation and amortization 124,960 117,635 127,642 129,932 122,653
 Gain on remeasurement of step acquisitions - - (20,838) - -
 (Gains) losses on equity securities (10,503) (22,510) (50,999) 244 22,085
 Deffered income taxes 8,219 (2,934) (11,130) 12,359 (6,708)
 Equity in net earnings (losses) of affiliated
 companies, less dividends received
2,302 4,546 1,142 4,719 (13)
 Changes in operating assets and liabilities:
  Notes and accounts receivable (20,061) 3,444 41,342 4,885 53,277
  Inventories 5,784 4,891 (7,518) (12,287) (11,505)
  Notes and accounts payable - trade 1,680 5,692 (19,999) (12,469) (10,558)
  Accrued income taxes and other liabilities (12,057) (5,997) 68,551 (80,408) (16,055)
 Other (10,340) 36,662 (11,285) 45,244 (35,807)
 Subtotal 89,984 141,429 116,908 92,219 117,369
Net cash provided by operating activities 223,479 288,619 261,152 249,343 255,667

Investing activities:
Purchases of property, plant and equipment (63,810) (74,647) (63,043) (68,549) (84,677)
Purchases of software (22,278) (22,318) (18,541) (20,471) (25,047)
Proceeds from sales and maturities of marketable and investment securities 45,254 63,801 73,270 2,545 151
Purchases of marketable and investment securities (30,798) (20,055) (5,063) (23,349) (3,230)
(Increase) decrease in time deposits, net (271) (38,589) 40,691 (3,630) (10)
(Increase) decrease in investments in and advances to affiliated companies (3,950) (5,527) (3,052) (10,456) (1,501)
Acquisitions of businesses, net of cash acquired (36,697) (1,334) (127,269) (84,310) (121,789)
Other (44,770) (17,770) (8,779) (365) (8,747)
Net cash used in investing activities (157,320) (116,439) (111,786) (208,585) (244,850)

Financing activities:
Proceeds from long-term debt 2,955 226,495 2,100 100,035 200,669
Repayments of long-term debt (6,110) (6,777) (165,416) (25,947) (163,541)
Increase (decrease) in short-term debt, net 20,808 (26,233) (7,171) (8,123) 50,390
Cash dividends paid to shareholders (31,974) (30,165) (31,714) (33,166) (35,817)
Subsidiaries' cash dividends paid to noncontrolling interests (7,295) (6,371) (6,521) (7,752) (9,813)
Net purchases of stock for treasury (150,049) (50,021) (50,023) (100,018) (51,624)
Capital transactions with noncontrolling interests and other - 4,362 (216) (78,551) (241,207)
Net cash used in financing activities (171,665) 111,290 (258,961) (153,522) (250,943)

Effect of exchange rate changes on cash and cash equivalents (20,485) (8,409) 1,883 (735) (18,530)
Net increase (decrease) in cash and cash equivalents (125,991) 275,061 (107,712) (113,499) (258,656)
Cash and cash equivalents at beginning of year 726,888 600,897 875,958 768,246 654,747
Cash and cash equivalents at end of year 600,897 875,958 768,246 654,747 396,091

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