| 2022/3 | 2023/3 |
Cash flows from operating activities | | |
Profit before income taxes | 21,348 | 32,460 |
Depreciation | 3,738 | 4,000 |
Impairment losses | 93 | 644 |
Amortization of goodwill | 110 | 54 |
Increase (decrease) in retirement benefit liability | 16 | -33 |
Increase (decrease) in provision for retirement benefits for directors (and other officers) | 16 | 20 |
Increase (decrease) in provision for bonuses for directors (and other officers) | 175 | 163 |
Increase (decrease) in allowance for doubtful accounts | 92 | 2,358 |
Interest and dividend income | -403 | -490 |
Interest expenses | 315 | 748 |
Share of loss (profit) of entities accounted for using equity method | 472 | -97 |
Loss (gain) on sale of non-current assets | -14 | -8 |
Loss on retirement of non-current assets | 13 | 37 |
Loss (gain) on sale of investment securities | -360 | -614 |
Loss (gain) on valuation of investment securities | 260 | 348 |
Reversal of estimated losses associated with fund leakage incident that involved our American subsidiary | -187 | - |
Decrease (increase) in trade receivables | -7,889 | -5,952 |
Decrease (increase) in inventories | -22,088 | 9,316 |
Increase (decrease) in trade payables | 2,451 | -11,503 |
Decrease (increase) in accounts receivable - other | 583 | 2,239 |
Increase (decrease) in accrued expenses | 887 | 994 |
Decrease (increase) in advance payments to suppliers | 1,349 | -417 |
Decrease (increase) in consumption taxes refund receivable | -822 | 2,340 |
Decrease (increase) in other current assets | -264 | -741 |
Increase (decrease) in other current liabilities | 2,030 | 393 |
Other, net | 797 | 922 |
Subtotal | 2,723 | 37,183 |
Interest and dividends received | 124 | 491 |
Interest paid | -315 | -732 |
Income taxes paid | -4,263 | -6,372 |
Other, net | 175 | - |
Net cash provided by (used in) operating activities | -1,554 | 30,569 |
Cash flows from investing activities | | |
Payments into time deposits | -856 | -397 |
Proceeds from withdrawal of time deposits | 474 | - |
Purchase of property, plant and equipment | -3,276 | -3,691 |
Proceeds from sale of property, plant and equipment | 32 | 34 |
Purchase of intangible assets | -1,377 | -467 |
Purchase of investment securities | -1,085 | -750 |
Proceeds from sale of investment securities | 834 | 1,102 |
Short-term loan advances | -388 | -421 |
Long-term loan advances | -1,180 | -7 |
Purchase of insurance funds | -4 | -4 |
Payments of guarantee deposits | -28 | -103 |
Proceeds from refund of guarantee deposits | 65 | 37 |
Other payments | -174 | -170 |
Other proceeds | 194 | 33 |
Net cash provided by (used in) investing activities | -6,772 | -4,805 |
Cash flows from financing activities | | |
Increase (decrease) in short-term borrowings | 7,636 | -5,555 |
Proceeds from long-term borrowings | 5,000 | 500 |
Repayments of long-term borrowings | -668 | -15,040 |
Proceeds from issuance of bonds | - | 9,945 |
Purchase of shares of subsidiaries not resulting in change in scope of consolidation | -3,811 | -21 |
Purchase of treasury shares | -3,681 | -2 |
Dividends paid | -2,551 | -4,590 |
Other, net | -767 | -784 |
Net cash provided by (used in) financing activities | 1,155 | -15,549 |
Effect of exchange rate change on cash and cash equivalents | 2,079 | 852 |
Net increase (decrease) in cash and cash equivalents | -5,092 | 11,066 |
Cash and cash equivalents at beginning of period | 44,333 | 39,240 |
Cash and cash equivalents at end of period | 39,240 | 50,307 |