Consolidated Statements of Cash Flows

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(Millions of yen)
	FY2018 (2018/3)	FY2019 (2019/3)	FY2020 (2020/3)	FY2021 (2021/3)	FY2022 (2022/3)	FY2023 (2023/3)
Cash flows from operating activities	135,821	126,035	123,086	△32,501	81,844	132,091
Cash flows from investing activities	△88,351	△116,160	△128,498	△102,151	△96,442	△113,216
Purchases of property and equipment	△102,863	△137,809	△96,028	△136,958	△131,491	△92,775
Proceeds from sale of property and equipment	2,010	16,310	884	19,911	681	320
Purchases of investment securities	△7,807	△11,744	△27,660	△14,137	△5,142	△21,672
Proceeds from sale of investment securities	-	-	-	1,664	9,187	4,733
Purchases of shares in subsidiaries resulting in change in scope of consolidation	-	-	-	-	-	△28,636
Long-term loans advanced	-	△430	△23,767	△744	-	-
Receipt of contributions for construction works	21,222	18,252	19,631	29,249	31,242	22,680
Cash flows from financing activities	△43,242	△11,171	964	134,631	15,141	△8,981
Net increase (decrease) in short-term borrowings	△33,954	1,949	21,039	△17,446	△14,797	5,180
Net increase (decrease) in commercial paper	-	-	-	30,000	20,000	△40,000
Proceeds from long-term borrowings	56,140	30,450	28,330	103,350	30,360	60,210
Repayment of long-term debt	△43,293	△41,278	△34,365	△34,696	△44,971	△54,337
Proceeds from new bonds issued	-	19,866	29,766	99,474	49,712	29,841
Redemption of bonds	△10,000	-	△20,000	△25,000	△10,000	△7,000
Purchase of treasury stock	△10,689	△10,199	△9,960	△4,660	△47	△53
Dividends paid	△9,360	△9,896	△11,020	△12,188	△12,126	△12,125
Dividends paid to non-controlling interests	△363	△378	△526	△724	△564	△853
Proceeds from non-controlling interests associated with establishing consolidated subsidiaries	-	-	-	-	-	14,756
Proceeds from non-controlling interests	10,115	18	-	-	-	-
Effect of exchange rate changes on cash and cash equivalents	360	△551	△7	△354	1,441	1,904
Increase (decrease) in cash and cash equivalents	4,588	△1,868	△4,454	△375	1,983	11,797
Cash and cash equivalents at beginning of year	22,530	27,501	27,589	23,526	25,222	29,422
Increase in cash and cash equivalents from newly consolidated subsidiaries	383	1,935	391	2,072	2,215	-
Increase in cash and cash equivalents following merger with non-consolidated subsidiaries	-	-	-	-	-	155
Cash and cash equivalents at end of year	27,501	27,589	23,526	25,222	29,422	41,375

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(Free Cash Flow)
	47,470	9,875	△5,412	△134,652	△14,598	18,875

Fact Book