Consolidated statement of cash flows

Unit: Millions of yen

FY 2011
(Year ended March 20,2012)
FY 2012
(Year ended March 20,2013)
FY 2013
(Year ended March 20,2014)
FY 2014
(Year ended March 20,2015)
FY 2015
(Year ended March 20,2016)
Cash flows from business activities
Income before income taxes and minority interests 15,353 12,125 25,717 34,413 35,202
Depreciation and amortization 7,606 8,114 9,214 11,534 13,063
Goodwill amortization 434 753 1,232
Amount of financial impact associated with application of accounting standards of asset retirement obligation 332
Impairment loss 286 374 116
Increase in allowance for doubtful accounts -436 -225 161 1,290 -456
Increase in provision for employees’ retirement benefits -111 -4,909 392
Decrease in liability concerning retirement benefits -276 -930
Decrease in provision for directors’ retirement benefits 6 -72 4 -9 24
Loss on sales and retirement of fixed assets 87 105 66 40 347
Gain (Loss) on sales of investment securities 12 -51 -504 -105
Gain on sales of shares of affiliated companies -172 -445 149
Gain on sales of investment in affiliated companies -30 72
Loss on valuation of investment securities 170 219 1 33 283
Interest and dividend income -391 -535 -556 -706 -900
Interest expense 727 620 789 928 805
Increase (Decrease) in trade receivables 1,858 171 -1,945 -5,263 -103
Increase (Decrease) in inventories -2,632 7,084 -8,375 -1,395 3,627
Increase (decrease) in trade payables -10,289 -1,128 3,430 -6,190 -3,653
Increase (Decrease) in accrued expenses 111 1,176 77 1,855 -971
Increase (Decrease) in consumption tax receivable 234 634 -516 -403 -536
Other -524 4,477 824 1,153 -4,060
Subtotal 12,115 27,921 30,067 36,922 43,091
Interest and dividends received 549 983 1,097 1,272 1,735
Interest paid -706 -618 -780 -957 -796
Income taxes paid -5,566 -3,646 -6,411 -8,213 -12,075
Net cash provided by operating activities 6,391 24,640 23,972 29,023 31,954
Cash flows from investment activity
Purchase of property, plant and equipment and intangible assets -9,863 -11,278 -15,898 -18,509 -20,645
Proceeds from sales of property, plant and equipment and intangible assets 77 167 572 226 54
Purchases of investment securities -1,837 -2,453 -1,432 -3 -537
Proceeds from sales of investment securities 23 139 30 1,222 647
Purchase of investments in subsidiaries -1,279 -1,622
Purchase of shares of subsidiaries resulting in change in scope of consolidation -4,242 -100 -8,302
Income by the acquisition of the subsidiary investment with change in the range of the consolidation 198 90
Proceeds from purchase of shares of subsidiaries resulting in change in scope of consolidation -930 -212
Proceeds from sales of shares of subsidiaries resulting in change in scope of consolidation 158 76 96
Other -472 -641 -112 -373 -202
Net cash used in investing activities -11,874 -18,058 -16,942 -27,874 -22,421
Cash flows from financing activity
Decrease in short-term debt -936 -12,146 -3,911 -3,536 4,418
Proceeds from long-term debt 5,424 10,538 5,886 12,240 5,345
Repayments of long-term debt -3,536 -4,802 -4,794 -6,035 -6,028
Income by issue of debentures 15,000
Dividends paid -2,267 -2,519 -2,771 -3,526 -5,773
Dividends paid to minority shareholders -68 -86 -301 -472 -431
Other -24 -36 -92 -140 -131
Net cash used in financing activities 13,592 -9,053 -5,983 -1,471 -2,601
Effect of exchange rate changes on cash and cash equivalents -39 1,339 1,315 1,676 283
Net increase in cash and cash equivalents 8,068 -1,131 2,361 1,355 7,214
Cash and cash equivalents at beginning of year 11,885 20,206 19,389 22,992 24,347
Increase due to inclusion of subsidiaries in consolidation 251 36 1,183
Increase in cash and cash equivalents resulting from merger with unconsolidated subsidiaries 277 58 93
Cash and cash equivalents at the end of period 20,206 19,389 22,992 24,347 31,656

Consolidated cash flows

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