This graph shows annual net interest-bearing debt, which is total interest-bearing debt minus cash and cash equivalents.
Net interest-bearing debt at the end of the fiscal year rose 22.0 billion yen year on year to total 136.2 billion yen. This increased debt is due to increased cash needs from production capacity expansion in growth areas, the acquisition of Moatech Co. equity, the purchase of the new Tokyo Headquarters building and other factors.
While free cash flow for the fiscal year amounted to negative 14.8 billion yen, for the fiscal year ending March 31, 2014, we expect to see a positive free cash flow at 6.2 billion yen as profits increase. We also plan to reduce net interest-bearing debt by utilizing the improved cash flow from the reduction of investments, inventory levels, etc.
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