This graph shows net interest-bearing debts each year, which is total interest-bearing debts minus cash and cash equivalents.
Net interest-bearing debts increased 0.4 billion yen over the previous year to 110.0 billion yen at the end of the fiscal year. We were unfortunately unable to reduce the balance of net interest-bearing debts to our medium-term target of 100 billion yen. Factors for this included an increase in dividend payments due to the implementation of interim dividends, stock repurchases, two M&A's during the fiscal year, and a drastic decline in profits.
We expect that we will continue to face a tough earnings environment in the fiscal year ending March 31, 2010. We will step up our efforts in creating cash flows in order to increase free cash flow. We will also consider new investment opportunities and returns to shareholders in light of the overall operating environment.
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