July 12, 2017

Summary of Consolidated Business Results for Fiscal 2016
For the fiscal year ended May 31, 2017
Toyo Denki Seizo K.K.
Stock Code: 6505
Representative:
Inquiries:

Stock Exchange: 1st Section of the Tokyo Stock Exchange
URL https://www.toyodenki.co.jp/
Kenzo Terashima, President
Takatoshi Ohtsuka, General Manager, Management Planning Division
TEL +81-3-5202-8122
Scheduled date of convention of ordinary general meeting of shareholders: August 29, 2017
Scheduled date of commencement of dividend payments:
August 30, 2017
Scheduled date of submission of financial report:
August 30, 2017
Preparation of financial report supplemental explanatory materials:
Yes
Holding of financial results briefing:
Yes (for institutional investors andanalysts)
Note: Amounts less than one million yen in financial statements and the supplementary data are rounded down.

1. Consolidated Business Results for Fiscal 2016
(June 1, 2016 to May 31, 2017)(1) Consolidated Operating Results(In millions of yen, except where noted; percentage figures show year-on-year increase or decrease.)

Net Sales
Fiscal 2016
Fiscal 2015

40,66839,746

Operating Income
2.3%
0.3%

(4.1%)
2.7%(Note) Comprehensive income: Fiscal 2016: 1,513 million yen [－%]
Fiscal 2015: (925) million yen [－%]Net Income per
Share (Yen)
Fiscal 2016
Fiscal 2015

123.87
92.33

1,571
1,638

Diluted Net
Income per
Share (Yen)－－(Reference) Equity method investment gain or loss for:Net Income
Attributable to
Owners of the Parent
11.5%
1,174
32.0%
(27.4%)
889 (19.5%)

Ordinary Income
1,663
1,492

Net Income to
Shareholders’Equity Ratio
4.9
3.7

Ordinary
Income to Total
Assets Ratio
3.2
2.9

Operating
Income to Net
Sales Ratio
3.9
4.1

Fiscal 2016: 68 million yen
Fiscal 2015: 76 million yen* The Company conducted a share consolidation of its common shares at the ratio of 5 shares to 1 share effective
December 1, 2016. Net income per share is calculated on the assumption that the share consolidation was
conducted at the beginning of the previous fiscal year.
(2) Consolidated Financial Position(In millions of yen, except where noted)

Total Assets
As of May 31, 2017
As of May 31, 2016

54,92750,233

Shareholders’ Equity
Net Assets
Ratio (%)
24,60344.8
23,676
47.1

Net Assets per Share(Yen)
2,605.09
2,457.05(Reference) Shareholders’ equity: As of May 31, 2017: 24,603 million yen
As of May 31, 2016: 23,676 million yen* The Company conducted a share consolidation of its common shares at the ratio of 5 shares to 1 shareeffective December 1, 2016. Net assets per share are calculated on the assumption that the share consolidation
was conducted at the beginning of the previous fiscal year.

1(3) Consolidated Cash Flows(In millions of yen, except where noted)

Cash Flow fromOperating Activities

Cash Flow from
Investing Activities

Cash Flow from
Financing Activities

1,505
1,135

(4,691)
(937)

2,868
(1,341)

Fiscal 2016
Fiscal 2015

Cash and Cash
Equivalents
at the End of
the Fiscal Year
2,091
2,401

2. Dividend Information
Annual Dividend (Yen)
Fiscal1Q Interim 3Q
Year-End
－
0.00
－
6.00
－
0.00
－
30.00

Total

Total Annual
Dividends

Dividend
Payout Ratio

Dividend on
Equity Ratio(Millions of yen)(consolidated, %) (consolidated, %)Fiscal 2015
6.00
289
32.5
1.2
Fiscal 2016
30.00
283
24.2
1.9
Fiscal 2017
－
0.00
－
30.00
30.00
19.0
(Forecast)* The Company conducted a share consolidation of its common shares at the ratio of 5 shares to 1 shareeffective December 1, 2016. Dividend information for fiscal 2015 is the actual amount paid before the shareconsolidation.

3. Consolidated Performance Forecast for Fiscal 2017 (June 1, 2017 to May 31, 2018)(In millions of yen, except where noted; percentage figures show year-on-year increase or decrease.)

Net SalesFirst half
Full year

19,50043,0007.5%
5.7%

Operating Income

Ordinary Income

200
1,700

300
1,900

11.6%
8.2%

(10.4)%
14.2%

Net Income
Attributable to
Owners of the
Parent
300
25.5%
1,500
27.7%

Net Income
per Share
(Yen)
31.65
158.24

Notes:(1) Transfers of major subsidiaries during the period (transfers of specified subsidiaries accompanied by changes
in the scope of consolidation): No(2) Changes in accounting policies, changes in accounting estimates, and restatement(a) Changes in accounting policies in accordance with revisions to accounting standards and related practices: Yes(b) Any changes other than (a) above: No(c) Changes in accounting estimates: No(d) Restatement: No
Notes on changes in accounting policies, changes in accounting estimates, and restatement(3) Shares outstanding (common stock)(a) Number of shares outstanding as of the end of the period (including treasury stock):
May 31, 2017: 9,735,000 shares
May 31, 2016: 9,735,000 shares(b) Number of shares of treasury stock as of the end of the period:
May 31, 2017: 290,569 shares
May 31, 2016: 98,695 shares(c) Average number of shares for the period (fiscal year-to-date):
Fiscal 2016: 9,479,492 sharesFiscal 2015: 9,636,997 shares* The Company conducted a share consolidation of its common shares at the ratio of 5 shares to 1 shareeffective December 1, 2016. Number of shares outstanding (common stock) is calculated on the assumption thatthe share consolidation was conducted at the beginning of the previous fiscal year.
2

(Reference) Summary of Non-Consolidated Business Results

1. Non-Consolidated Business Results for Fiscal 2016 (June 1, 2016 to May 31, 2017)(1) Non-Consolidated Operating Results(In millions of yen, except where noted; percentage figures show year-on-year increase or decrease.)

Fiscal 2016
Fiscal 2015

Net Sales
33,708
1.4%
33,231(3.9)%

Operating Income
684 (29.6)%
972(8.1)%

Fiscal 2016
Fiscal 2015

Net Income per Share
(Yen)
82.71
53.46

Diluted Net Income
per Share (Yen)－－

Ordinary Income
1,180
10.4%
1,070 (36.8)%

Net Income
784
52.2%
515 (37.7)%* The Company conducted a share consolidation of its common shares at the ratio of 5 shares to 1 shareeffective December 1, 2016. Net income per share is calculated on the assumption that the share consolidation
was conducted at the beginning of the previous fiscal year.
(2) Non-Consolidated Financial Position(In millions of yen, except where noted)

Total Assets
As of May 31, 2017
As of May 31, 2016
(Reference) Shareholders’ equity:

50,37445,788

Shareholders’ Equity
Net Assets
Ratio (%)
20,551
40.8
19,978
43.6

Net Assets per Share(Yen)
2,176.01
2,073.24

As of May 31, 2017: 20,551 million yen
As of May 31, 2016: 19,978 million yen* The Company conducted a share consolidation of its common shares at the ratio of 5 shares to 1 shareeffective December 1, 2016. Net assets per share are calculated on the assumption that the share consolidation
was conducted at the beginning of the previous fiscal year.
Statements Regarding the Implementation Status of Audit ProceduresThis summary of consolidated business result is not subject to audit procedures as prescribed under the Financial
Instruments and Exchange Act. As of the date of report disclosure, audit procedures pursuant to the aforementioned
Act were yet to be completed.
Disclaimer concerning the Proper Use of Business Results Forecasts and Other Relevant Specific Items
The forecasts of business results presented in this document are based on management’s assumptions and beliefs inlight of currently available information. Toyo Denki Seizo K.K. (hereinafter Toyo Denki) cautions readers that due
to a variety of factors actual results may differ materially from forecasts. Please refer to “1. Overview of businessresults, etc.” in Accompanying Materials on page 2 for details relating to operating results forecasts.

3

Accompanying Materials Contents
1.

Overview of Results of Operations, etc……………………………………………………………...
(1) Overview of Results of Operations in the Fiscal Year under Review……………………………….
(2) Overview of Financial Position in the Fiscal Year under Review …………………………………..
(3) Overview of Cash Flows in the Fiscal Year under Review………………………………………….
(4) Future Outlook………………………………. ………………………………..…………………….
2.
Basic Concept behind the Choice of Accounting Standards………………………………………...
3.
Consolidated Financial Statements and Important Notes……………………………………………
(1) Consolidated Balance Sheets ………………………………. ………………………………..……...
(2) Consolidated Statements of Income and Comprehensive Income…………………………………...
(3) Consolidated Statements of Changes in Net Assets………………………………..………………...
(4) Consolidated Statements of Cash Flows……………………………………………………………..

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6
7
7
7
8
8
10
12
14

1. Overview of Results of Operations, etc.
(1) Overview of Results of Operations in the Fiscal Year under Review
In fiscal 2016, the fiscal year ended May 31, 2017, with regard to the economic environment surrounding the Toyo
Denki Group, while there was a sense of caution to UK's withdrawal from EU at the beginning of the fiscal year underreview and economic conditions slowed down in China and ASEAN countries, business confidence improved in thelatter half of the fiscal year under review against the backdrop of economic recovery in the United States andexpectation to the new government’s policies. Investments in railway infrastructure continued expanding in China and
ASEAN countries. Japanese economy also remained strong, mainly due to response to inbound tourism demand inJapan.
Under these circumstances, the Toyo Denki Group has been working in unison to thoroughly strengthen its
management foundation and drastically improve its corporate value according to “Next 100: Beyond 100 years, Ver. 2,”
the medium-term management plan which will conclude at the end of fiscal 2018.
The Toyo Denki Group’s performance in fiscal 2016 was as follows.
Orders received increased 8.7% compared with the previous fiscal year to 43,355 million yen, due to increases inorders received in the Transportation Systems segment, the Industrial Systems segment and the Information
Equipment Systems segment.
Net sales increased 2.3% year on year to 40,668 million yen, due to surges in sales in the Transportation Systems
segment and the Industrial Systems segment, despite a decrease in sales in the Industrial Systems segment.
From a profit perspective, operating income decreased 4.1% compared with the previous fiscal year to 1,571
million yen, due to decreased profit in the Industrial Systems segment, despite increases in profits in theTransportation Systems segment and the Industrial Systems segment. On the other hand, due to a significant decreasein loss on foreign currency exchange, ordinary income increased 11.5% year on year to 1,663 million yen, and net
income attributable to owners of the parent increased 32.0% year on year to 1,174 million yen.
Information by business segment is presented as follows.
Transportation Systems
Orders received increased 8.4% compared with the previous fiscal year to 29,366 million yen, led by upturn in Japan,
mainly due to an increase in demand toward the holding of the Tokyo Olympic.
Net sales in this segment totaled 28,199 million yen, a 5.4% increase from the previous year, due to an increase insales in Japan.
Segment profit increased 3.9% compared with the previous fiscal year to 3,079 million yen.
Industrial Systems
Orders received increased 6.8% compared with the previous fiscal year to 12,194 million yen, due to increases inorders received for processing equipment and outside Japan.
Net sales decreased 7.9% compared with the previous fiscal year to 11,073 million yen, due to decreases in sales oftesting equipment and processing equipment.
Segment profit decreased 26.7% compared with the previous fiscal year to 747 million yen, due to the effect of
decreased profit and development cost of multifunctional testing equipment.
Information Equipment Systems
Orders received in this segment increased 30.6% compared with the previous fiscal year to 1,788 million yen, due tothe receipt of a large-scale order of railway station operating equipment.
Net sales in this segment increased 45.4% year on year to 1,388 million yen, due to the same reason as the orders
received in this segment.
Segment profit increased 218.8% compared with the previous fiscal year to 304 million yen.
(2) Overview of Financial Position in the Fiscal Year under Review(Assets)
Total assets as of May 31, 2017 stood at 54,927 million yen, an increase of 4,693 million yen compared with the endof the previous fiscal year. The increase in total assets was largely attributable to increases in trade notes and accounts
receivable of 2,040 million yen, fixed assets of 3,261 million yen and investment securities of 758 million yen.

5

(Liabilities)
Total liabilities as of May 31, 2017 amounted to 30,324 million yen, an increase of 3,767 million yen compared withthe previous fiscal year end. The increase in total liabilities was largely attributable to an increase in debt of 3,450
million yen.
(Net Assets)
Net assets as of May 31, 2017 stood at 24,603 million yen, an increase of 926 million yen compared with the end of
the previous fiscal year. This increase was largely attributable to an 871 million yen increase in retained earnings and a
410 million yen increase in unrealized holding gain on available-for-sale securities.
(3) Overview of Cash Flows in the Fiscal Year under Review
The balance of consolidated cash and cash equivalents as of May 31, 2017 stood at 2,091 million yen, a decrease of
310 million yen compared with the previous fiscal year-end.
Principal movements in operating, investing and financing cash flows for the fiscal year under review are presented
briefly as follows.
Cash flows from operating activities
Net cash provided by operating activities amounted to 1,505 million yen. Principal cash inflow was income before
income taxes at 1,707 million yen and depreciation and amortization at 801 million yen.
Cash flows from investing activities
Net cash used in investing activities totaled 4,691 million yen for the fiscal year under review and mainly comprised
funds used for the purchases of property, plant and equipment at 3,901 million yen and the purchases of intangible
assets at 619 million yen.
Cash flows from financing activities
Net cash provided by financing activities was 2,868 million yen, mainly due to an increase in long-term debt at 3,500
million yen and proceeds from sales of treasury stock at 302 million yen.
(4) Future Outlook
The environment surrounding the Toyo Denki Group for the time being is expected to maintain a moderate recovery
trend in general, despite a risk of downward pressures on the economy arising from overseas situations. Investments inrailway infrastructure are expected to continue expanding in China and ASEAN countries, and Japanese economy isalso expected to remain strong, mainly due to an increase in demand toward the holding of the Tokyo Olympic.
Under these circumstances, the Toyo Denki Group has focused on “re-establishment of the production system” and“establishment of a stable profit structure” based on the basic policy of “NEXT 100: Beyond 100 years, Ver.2,” themedium-term management plan of the Toyo Denki Group. Construction work of Shigaryuou Works (tentative)commenced in March 2017 will be completed in January 2018 and the operation of the Works will be partially started
in March 2018.
The present consolidated earnings estimates for the fiscal year ending May 31, 2018 are as follows: net sales at
43,000 million yen; operating income at 1,700 million yen; ordinary income at 1,900 million yen; net income
attributable to owners of the parent at 1,500 million yen.
Note: The aforementioned forecasts of business results are based on management assumptions and beliefs in light ofcurrently available information. Toyo Denki cautions readers that actual results could differ materially from forecasts
due to a variety of factors.
2. Basic Concept behind the Choice of Accounting Standards
To sustain comparability of consolidated financial statements between periods as well as between companies, theGroup shall, for the time being, prepare consolidated financial statements under the Japanese GAAP. We willappropriately respond to the application of the International Financial Reporting Standards (IFRS) considering various
circumstances in Japan and overseas.

6

2. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)
As of May 31, 2016

As of May 31, 2017

AssetsCurrent assets
Cash and cash equivalents

2,401

2,091

Trade notes and accounts receivable

13,79015,830965

531Electronically recorded monetary claims - operating
Products and finished goods

1,490

870

Work in process

3,172

3,373

Raw materials and stored goods

2,657

2,234

Advances

26

26

Other accounts receivable

273

165

Deferred tax assets

517

576

Other

229

99

Allowance for doubtful accounts

(2)

(1)

25,52025,799

7,171

7,415

Accumulated depreciation(4,536)(4,710)

Buildings and structures, net

2,634

2,704

6,728

7,030

(6,013)(6,239)

715

791

Land

289

1,345

Construction in progress

269

2,336

Total current assets
Fixed assets
Property, plant and equipment
Buildings and structures

Machinery and equipment
Accumulated depreciation
Machinery and equipment, net

Other

3,281

3,363

(2,828)(2,920)

452

443

4,361

7,622

Software199

163

Software in progress

333

906

Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets

Other

11

11

Total intangible assets

544

1,081

17,39618,154

Investments and other assets
Investment securities
Deferred tax assets

55

66

Other

2,368

2,215

Allowance for doubtful accounts

(12)

(12)

Total investments and other assets

19,807

20,424

24,712

29,12850,23354,927

Total fixed assets
Total assets-7-

(Millions of yen)
As of May 31, 2016

As of May 31, 2017

Trade notes and accounts payable

3,742

3,346

Electronically recorded obligations - operating

5,277

5,489

Short-term debt

1,017

4,969

253

437

Liabilities
Current liabilities

Income taxes payable

87

134

1,250

1,069

Advances received

82

119

Deposits received

221

235

Consumption and other taxes payable
Accrued expenses

Reserve for directors’ bonuses

37

33

Reserve for employees’ bonuses

928

952

Reserve for order losses

294

365

Other

389

389

13,583

17,543

7,288

6,786

Total current liabilities
Long-term liabilities
Long-term debt
Long-term payables

157

157

Deferred tax liabilities

1,636

1,792

Net defined benefit liability

3,852

3,913

37

131

12,972

12,78026,55630,324

Capital stock

4,998

4,998

Capital surplus

3,177

3,177

Retained earnings

9,298

10,170

Other
Total long-term liabilities
Total liabilities
Net assets
Shareholders’ equity

Treasury stock

(175)

(477)

Total shareholders’ equity

17,29917,868

6,469

6,879

Accumulated other comprehensive income
Unrealized holding gain on available-for-sale securities
Foreign currency translation adjustments

260

156

Remeasurements of defined benefit plans

(351)

(300)

Total accumulated other comprehensive income

6,377

6,735

23,676

24,60350,23354,927

Total net assets
Total liabilities and net assets-8-(2) Consolidated Statements of Income and Comprehensive Income(Consolidated Statements of Income)(Millions of yen)
For the fiscal year
ended May 31, 2016

For the fiscal year
ended May 31, 2017

Net sales

39,746

40,668

Cost of sales

30,626

31,446Gross profit

9,119

9,221

Selling, general and administrative expenses

7,480

7,649

Operating income

1,638

1,571

Non-operating income
Interest income

00Dividend income
Equity in profit of unconsolidated subsidiaries andaffiliates

233

227

76

68

Life insurance dividend income

69

47

Miscellaneous income

67

41

Total non-operating income

447

385

Interest expense

125

122

Loss on foreign currency exchange

418

17

Commission fee

2

84

Loss on disposal of fixed assets

19

4

Miscellaneous loss

2864

Non-operating expenses

Total non-operating expenses

593

294

1,492

1,663

Gain on sales of investment securities－

67

Total extraordinary income－

67

Ordinary income
Extraordinary income

Extraordinary loss

72－

Loss on sales of non-current assets－

23

Loss on sales of investment securities

11－

Fixed assets removal expenses

Other

4

－

Total extraordinary losses

88

23

Income before income taxes

1,404

1,707

Income taxes:
Current

368

662

Deferred

145

(128)

Total income taxes

514

533

Net income

889

1,174

Net income attributable to owners of the parent

889

1,174

-9-

(Consolidated Statements of Comprehensive Income)(Millions of yen)
For the fiscal year
ended May 31, 2016
Net income

For the fiscal year
ended May 31, 2017
889

1,174

(1,847)410

Foreign currency translation adjustments

48

(11)

Remeasurements of defined benefit plans
Share of other comprehensive income of affiliates towhich the equity method is applied
Total other comprehensive income

31

50

(48)

(109)

Other comprehensive income
Unrealized holding gain (loss) on available-for-salesecurities

Comprehensive income(1,815)

339

(925)

1,513

(925)

1,513

－

－

Comprehensive income attributable to:
Owners of the parent
Non-controlling interests- 10 -

(3) Consolidated Statements of Changes in Net Assets
For the fiscal year ended May 31, 2016 (June 1, 2015 to May 31, 2016)(Millions of yen)
Shareholders’ equity
Capitalstock
Balance as of the beginning of
the fiscal period under review

CapitalsurplusRetainedearnings

Treasury
stock

Total
shareholders’equity

4,998

3,177

8,698

(171)

16,702Distribution ofretained earnings

－

－

(289)

－

(289)

Net income attributable toowners of the parent

－

－

889

－

889

Acquisition of treasury stock

－

－

－

(3)

(3)

Net changes of items otherthan shareholders’ equity

－

－

－

－

－

Total change during fiscal
period under review

－

－

600

(3)

597

4,998

3,177

9,298

(175)

17,299Change during fiscal period
under review

Balance as of the end of fiscal
period under review

Accumulated other comprehensive income
Total
Remeasurements accumulatedof definedotherbenefit planscomprehensive
incomeValuationdifference on
available-forsale securities

Foreigncurrencytranslation
adjustment

8,317

259

(383)

8,193

24,895Distribution ofretained earnings

－

－

－

－

(289)

Net income attributable toowners of the parent

－

－

－

－

889

－

－

－

－

(3)

Net changes of items otherthan shareholders’ equity(1,847)0

31(1,815)(1,815)

Total change during fiscal
period under review(1,847)0

31(1,815)(1,218)

6,469

260

(351)

6,377

23,676

Balance as of the beginning of
the fiscal period under review

Total net
assetsChange during fiscal period
under review

Acquisition of treasury stock

Balance as of the end of fiscal
period under review- 11 -

For the fiscal year ended May 31, 2017 (June 1, 2016 to May 31, 2017)(Millions of yen)
Shareholders’ equity
Capitalstock
Balance as of the beginning of the fiscal
period under review

CapitalsurplusRetainedearnings

Treasury
stock

Total
shareholders’equity

4,998

3,177

9,298

(175)

17,299Distribution of retained
earnings

－

－

(289)

－

(289)

Changes in scope of
application of equity method

－

－

(13)

－

(13)

Net income attributable to owners of
the parent

－

－

1,174

－

1,174

Acquisition of treasury stock

－

－

－

(302)

(302)

Net changes of items other thanshareholders’ equity

－

－

－

－

－

Total change during fiscal period underreview

－

－

871

(302)

568

Balance as of the end of fiscal period
under review

4,998

3,177

10,170(477)

17,868Change during fiscal period underreview

Accumulated other comprehensive income
Total
Remeasurements accumulatedof definedothercomprehensive
benefit plansincomeValuationdifference on
available-forsale securities

Foreigncurrencytranslation
adjustment

6,469

260

(351)

6,377

23,676

Distribution of retained
earnings

－

－

－

－

(289)

Changes in scope of
application of equity method

－

－

－

－

(13)

Net income attributable to owners of
the parent

－

－

－

－

1,174

Acquisition of treasury stock

－

－

－

－

(302)

Net changes of items other thanshareholders’ equity

410

(103)

50

357

357

Total change during fiscal period underreview

410

(103)

50

357

926

6,879

156

(300)

6,735

24,603

Balance as of the beginning of the fiscal
period under review

Total net
assetsChange during fiscal period under review

Balance as of the end of fiscal period underreview- 12 -

(4) Consolidated Statements of Cash Flows(Millions of yen)
For the fiscal year
ended May 31, 2016

For the fiscal year
ended May 31, 2017

Income before income taxes

1,404

1,707

Depreciation and amortization

850

801

Increase (decrease) in allowance for doubtful accounts

(37)

(1)

Increase (decrease) in reserve for employees’ bonuses

024Cash flows from operating activities

Increase (decrease) in allowance for environmental development

(65)

－

Increase (decrease) in net defined benefit liability

116

60

(233)

(228)

Interest and dividends income
Interest expenses

125

122

Loss (gain) on sales of investment securities

11

(67)

Loss (gain) on sales of non-current assets
Decrease (increase) in notes
and accounts receivable- trade
Decrease (increase) in inventories

－

23

(3)

(1,617)

Increase (decrease) in trade notes
and accounts payable
Increase (decrease) in reserve for order losses

(957)

828

972

(167)

1

69

(205)

37

Increase (decrease) in accrued expenses

274

(182)

Other

(87)

158

Subtotal

2,167

1,570

241

235

Increase (decrease) in advances received

Interest and dividends income received
Interest expenses paid

(129)

(117)

(1,144)

(182)

1,135

1,505

Purchases of property, plant and equipment(451)(3,901)

Purchases of intangible assets

(336)

(619)

Purchases of investment securities

(13)

(320)

(Payments for) refund of corporate and other taxes
Net cash provided by operating activities
Cash flows from investing activities

Proceeds from sales of investment securities
Payments for investments incapital of subsidiaries andassociates
Other

19

93

(196)

－

41

57

Net cash used in investing activities(937)(4,691)- 13 -

(Millions of yen)
For the fiscal year
ended May 31, 2016

For the fiscal year
ended May 31, 2017

Cash flows from financing activities
Increase (decrease) in short-term loans payable, net
Increase in long-term debt
Repayment of long-term debt
Proceeds from sales of treasury stock
Cash dividends paid
Other
Cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Increase (decrease) in cash and cash equivalents
Balance of cash and cash equivalents at the beginning of
the period
Balance of cash and cash equivalents at the end of theperiod- 14 -

(247)

313

－

3,500

(794)

(352)

(3)

(302)

(295)

(289)

(0)

(0)

(1,341)

2,868

(26)

6

(1,169)

(310)

3,570

2,401

2,401

2,091