Consolidated Statements of Cash Flows

(Millions of yen)

	2007/3	2008/3	2009/3	2010/3	2011/3
Net cash provided by (used in) operatinfg activities
Income before income taxes and minority interests	1,157	2,537	3,882	3,992	3,125
Depreciation and amortization	509	759	1,082	1,428	1,616
Increase (decrease) in allowance for doubtful accounts	57	68	108	-19	90
Loss on retirement of noncurrent assets	-	-	-	-	126
Decrease (increase) in notes and accounts receivable-trade	-488	-419	-807	-1,167	777
Decrease (increase) in inventories	-0	-4	1	3	-
Decrease (increase) in accounts receivable-other	-114	-154	-188	-127	-0
Increase (decrease) in notes and accounts payable-trade	7	10	35	124	-115
Increase (decrease) in accounts payable-other	147	434	-130	32	464
Increase (decrease) in advances received	-16	-4	3	-11	-53
Increase (decrease) in asset retirement obligations	-	-	-	-	198
Increase (decrease) in provision for bonuses	-	-	-	70	411
Change in provision for points	-	-	-	-	78
Increase(decrease) in provision for office transfer expenses	-	-	-	423	-198
Other, net	76	218	44	93	54
Subtotal	1,337	3,446	4,030	4,842	6,574
Interest and dividends income received	2	9	10	4	4
Interest expenses paid	-	-	-4	-2	-4
Income taxes paid	-832	-628	-1,533	-1,971	-2,090
Net cash provided by (used in) operating activities	507	2,827	2,503	2,872	4,484

	2007/3	2008/3	2009/3	2010/3	2011/3
Net cash provided by (used in) investing activities
Proceeds from refunds of fixed deposits	-	-	-	-	50
Purchase of property,plant and equipment	-369	-117	-261	-194	-592
Purchase of software	-1,062	-953	-1,259	-1,106	-1,176
Payments for lease and guarantee deposits	-133	-245	-262	-17	-696
Proceeds from collection of lease and guarantee deposits	2	2	25	5	584
Purchase of investments in capital of subsidiaries	-	-	-67	-30	-
Purchase of investment securities	-	-79	-20	-	-
Payments for the purchases of consoridated subsidiaries' stock	-	-12	-	-	-
Other, net	150	-	-7	-6	-41
Net cash provided by (used in) investing activities	-1,413	-1,406	-1,852	-1,349	-1,872

	2007/3	2008/3	2009/3	2010/3	2011/3
Net cash provided by (used in) financing activities
Increase in short-term loans payable	-	-	103	-	4,500
Proceeds from stock issuance of common stock	17	5	4	9	-
Purchase of treasury stock	-502	-	-	-	-1,533
Cash dividends paid	-	-177	-279	-649	-548
Decrease in short-term loans payable	-	-	-103	-	-
Proceeds from stock issuance to minority shareholders	160	-	-	-	-
Other, net	-	-	-24	-61	-101
Net cash provided by (used in) financing activities	-325	-171	-299	-701	2,315

Effect of exchange rate on cash and cash equivalents	-5	2	-11	-1	-10
Net increase (decrease) in cash and cash equivalents	-1,236	1,251	339	819	4,917
Cash and cash equivalents at beginning of period	4,197	2,960	4,321	4,661	5,481
Net increase in cash and cash equivalents through merger	-	110	-	-	-
Cash and cash equivalents at end of period	2,960	4,321	4,661	5,481	10,398