Consolidated Statements of Cash Flows

(Millions of yen)

	Year ended March 31, 2020	Year ended March 31, 2021	Year ended March 31, 2022	Year ended March 31, 2023	Year ended March 31, 2024	Year ended March 31, 2025
Cash flows from operating activities
Profit for the period	7,823	30,995	92,302	75,051	52,620	55,181
Depreciation and amortization	68,416	69,852	64,595	68,696	68,682	72,142
Impairment loss and reversal of impairment loss	581	7,823	1,460	1,966	1,339	1,256
Finace (income) costs	(156)	2,820	(2,569)	(6,604)	(12,537)	(3,280)
Share of (profit) loss of investments accounted for using the equity method	(77)	(99)	(113)	(105)	(23)	(7)
Loss (gain) on sales and disposal of property, plant and equipment, intangible assets and investment property	672	316	232	(716)	532	92
Income taxes	31,889	13,937	4,859	28,703	17,473	23,214
Decrease (increase) in trade receivables	12,407	(1,004)	3,006	(22,131)	4,370	3,500
Decrease (increase) in inventories	9,224	(12,865)	(28,230)	(60,253)	71,097	(15,780)
Increase (decrease) in trade payables	(11,420)	13,151	2,175	(1,645)	(7,921)	2,562
Increase (decrease) in net defined benefit liabilities	1,863	2,888	1,532	(799)	663	1,648
Other	(10,136)	14,779	(6,428)	11,100	(10,957)	17,241
Subtotal	111,088	142,595	132,823	93,260	185,340	157,773
Interest and dividend income received	2,084	1,365	1,470	3,339	4,931	6,187
Interest expenses paid	(1,181)	(1,111)	(1,071)	(1,208)	(1,821)	(1,543)
Payments for loss on litigation	-	-	-	-	-	-
Proceeds from insurance income	2,614	339	-	-	-	-
Income taxes paid	(12,281)	(9,966)	(22,420)	(34,080)	(22,879)	(24,341)
Net cash provided by (used in) operating activities	102,324	133,222	110,801	61,311	165,570	138,075
Cash flows from investing activities
Purchase of investment securities	(1,041)	(297)	(747)	(827)	(1,371)	(1,092)
Proceeds from sales of investment securities	25	26	622	154	1,004	5,708
Purchase of property, plant and equipment	(65,250)	(47,504)	(38,602)	(50,551)	(49,570)	(59,369)
Proceeds from sales of property, plant and equipment	840	467	245	1,058	404	621
Purchase of intangible assets	(10,457)	(8,371)	(5,242)	(8,545)	(7,023)	(10,897)
Proceeds from sales of intangible assets	14	21	33	21	15	13
Proceeds from sales of investment property	16	-	352	1,985	-	88
Purchase of investments in subsidiaries	-	-	-	-	-	(85,483)
Other	(280)	(1,790)	(746)	(4,897)	(2,440)	(375)
Net cash provided by (used in) investing activities	(76,131)	(57,448)	(44,083)	(61,602)	(58,981)	(150,787)
Cash flows from financing activities
Net increase (decrease) in current borrowings	(9,816)	(889)	-	9	502	(567)
Proceeds from non-current borrowings	29,948	-	500	-	-	-
Repayments of non-current borrowings	-	(14,000)	(500)	(18,000)	-	(9,000)
Proceeds from issuance of bonds issued	29,846	69,676	-	-	-	39,823
Redemption of bonds issued	(10,000)	-	(20,000)	-	(30,000)	(10,000)
Payments of lease obligations	(8,203)	(9,667)	(8,275)	(10,003)	(10,033)	(10,989)
Dividends paid	(21,646)	(21,449)	(21,451)	(21,313)	(25,862)	(24,372)
Dividends paid to non-controlling interests	(188)	(519)	(394)	(0)	(0)	(0)
Payments for purchase of subsidiaries' equity from non-controlling interests	-	-	(1,648)	-	-	-
Purchase of treasury shares	(10,224)	(1)	(1)	(30,042)	(1)	(30,022)
Net cash provided by (used in) financing activities	(283)	23,150	(51,771)	(79,349)	(65,395)	(45,129)
Effect of exchange rate changes on cash and cash equivalents	(4,901)	8,837	16,285	11,781	19,907	(3,640)
Net increase (decrease) in cash and cash equivalents	21,007	107,761	31,232	(67,859)	61,100	(61,481)
Cash and cash equivalents at beginning of period	175,238	196,245	304,007	335,239	267,380	328,481
Cash and cash equivalents at end of period	196,245	304,007	335,239	267,380	328,481	267,000