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Moving on to cash flows, we see that net cash provided by operating activities totaled 111.3 billion yen for an increase of 111.8 billion yen year on year. This uptick is due to steady production and sales during this fiscal year as opposed to last year when we experienced a decrease in working capital as a result of stagnant production following on the heels of the March 11 earthquake.
Net cash provided by investment activities dropped 43.0 billion yen year on year to hit negative 46.7 billion yen. This decline was due to a gain on the sale of the Subaru Building posted last year as well as from boosting production capacity at our main factory.
Free cash flows increased by 68.8 billion yen to reach 64.6 billion yen.
Net cash provided by financing activities dropped 74.6 billion yen year on year to hit minus 43.9 billion yen. While last year we increased loans to continue operating in the wake of the earthquake, this year we cut interest-bearing debt by redeeming corporate bonds.
Cash and cash equivalents were up 51.1 billion yen from the beginning of this fiscal year to total 304.6 billion yen. The increase was due in part to the 21.3 billion yen gain from the consolidation of overseas subsidiaries.