Millions of yen
FY2017 FY2018 FY2019 FY2020 FY2021
Operating activities:
Net income (loss) 144,244 157,124 138,298 183,457 216,445
Adjustments to reconcile net income to net cash provided by operating activities:
 Depreciation and amortization 127,642 129,932 122,653 123,423 132,999
 Gain on remeasurement of step acquisitions (20,838) - - - -
 (Gains) losses on equity securities (50,999) 244 22,085 (48,778) (4,453)
 Deffered income taxes (11,130) 12,359 (6,708) 7,638 8,514
 Equity in net earnings (losses) of affiliated
 companies, less dividends received
1,142 4,719 (13) (2,571) (12,194)
 Changes in operating assets and liabilities:
  Notes and accounts receivable 41,342 4,885 53,277 20,576 34,741
  Inventories (7,518) (12,287) (11,505) 9,215 (68,273)
  Notes and accounts payable - trade (19,999) (12,469) (10,558) (9,713) 21,007
  Accrued income taxes and other liabilities 68,551 (80,408) (10,572) 46,099 28,794
 Other (11,285) 45,244 (41,290) 91,515 (33,646)
 Subtotal 116,908 92,219 117,369 237,404 107,489
Net cash provided by operating activities 261,152 249,343 255,667 420,861 323,934

Investing activities:
Purchases of property, plant and equipment (63,043) (68,549) (84,677) (100,063) (126,054)
Purchases of software (18,541) (20,471) (25,047) (25,544) (39,853)
Proceeds from sales and maturities of marketable and investment securities 73,270 2,545 151 26,239 15,119
Purchases of marketable and investment securities (5,063) (23,349) (3,230) (1,685) (2,860)
(Increase) decrease in time deposits, net 40,691 (3,630) (10) (3,090) (4,959)
(Increase) decrease in investments in and advances to affiliated companies (3,052) (10,456) (1,501) (2,945) (459)
Acquisitions of businesses, net of cash acquired (127,269) (84,310) (121,789) (173,515) (10,714)
Proceeds from sale of businesses, net of cash and cash equivalents disposed of - - - - 24,480
Proceeds from sale of subsidiaries, net of cash and cash equivalents disposed of - - - 14,707 -
Other (8,779) (365) (8,747) (13,485) (8,242)
Net cash used in investing activities (111,786) (208,585) (244,850) (279,381) (153,542)

Financing activities:
Proceeds from long-term debt 2,100 100,035 200,669 4,073 2,079
Repayments of long-term debt (165,416) (25,947) (163,541) (78,650) (61,929)
Increase (decrease) in short-term debt, net (7,171) (8,123) 50,390 (50,625) 2,364
Cash dividends paid to shareholders (31,714) (33,166) (35,817) (37,975) (43,032)
Subsidiaries' cash dividends paid to noncontrolling interests (6,521) (7,752) (9,813) (1,314) (783)
Net purchases of stock for treasury (50,023) (100,018) (51,624) (20) (31)
Capital transactions with noncontrolling interests and other (216) (78,551) (241,207) 1,418 (3,852)
Net cash used in financing activities (258,961) (153,522) (250,943) (163,093) (105,184)

Effect of exchange rate changes on cash and cash equivalents 1,883 (735) (18,530) 20,317 26,325
Net increase (decrease) in cash and cash equivalents (107,712) (113,499) (258,656) (1,296) 91,533
Cash and cash equivalents at beginning of year 875,958 768,246 654,747 396,091 394,795
Cash and cash equivalents at end of year 768,246 654,747 396,091 394,795 486,328