Consolidated Statements of Cash Flows

(unit: million yen)

  FY2014 FY2015 FY2016 FY2017 FY2018
Cash flows from operating activities 51,071 43,512 58,873 47,764 56,690
Cash flows from investing activities -35,483 -40,647 -44,357 -61,637 -88,804
Cash flows from financing activities -7,940 -8,115 -8,553 4,489 40,905
Effect of exchange rate changes on cash and cash equivalents 24 -100 -293 -104 -266
Net increase (decrease) in cash and cash equivalents 7,671 -5,351 5,669 -9,487 8,524
Cash and cash equivalents at beginning of year 20,751 28,763 23,595 30,412 22,433
Increase in cash and cash equivalents resulting from merger - 102 538 72 81
Increase in cash and cash equivalents from newly consolidated subsidiary 340 82 608 1,436 430
Cash and cash equivalents at end of year 28,763 23,595 30,412 22,433 31,470