Consolidated Statement of Cash Flows

I Cash flows from operating activities

¥ million

  Apr.'14 - Mar.'15 Apr.'15 - Mar.'16 Apr.'16 - Mar.'17 Apr.'17 - Mar.'18 Apr.'18 - Mar.'19
Income before income taxes 540,022 328,887 327,525 307,299 494,042
Depreciation and amortization 52,520 86,791 91,159 92,805 106,899
Impairment loss 35,132 45,884 6,366 79,970 25,236
Amortization of goodwill 6,760 6,760 6,760 6,760 6,760
Provision for allowance for recoverable accounts under production sharing 20,307 29,843 15,934 (21,190) 1,241
Provision for exploration projects (600) (4,399) (240) (458) 3,660
Other provisions 3,419 (4,352) 7,144 6,810 (5,781)
Liability for retirement benefits (873) 945 (1,483) 19 383
Interest and dividend income (17,895) (21,579) (13,262) (11,255) (14,405)
Interest expense 2,946 3,464 5,228 7,075 17,333
Foreign exchange loss (gain) 3,973 15,085 4,896 11,048 (1,047)
Equity in losses (earnings) of affiliates 13,443 20,696 (2,175) (4,192) (28,363)
Gain on transfer of participating interests (27,520) - - - -
Loss (Gain) on sales of marketable securities (18,146) (25,986) - - -
Loss (Gain) on sales of investment securities - - (4,999) - -
Recovery of recoverable accounts under production sharing (capital expenditures) 75,585 64,199 79,873 53,465 33,127
Recoverable accounts under production sharing (operating expenditures) (60,763) (45,833) (2,823) 9,632 4,639
Accounts receivable-trade 25,201 15,193 (16,350) 2,846 (25,372)
Inventories (797) (2,551) 5,592 (2,097) (11,359)
Accounts payable-trade 6,309 (4,389) 4,299 20,604 (13,427)
Accounts receivable-other (1,440) 41,632 11,569 (287) (11,666)
Accounts payable-other (11,246) (13,746) 4,181 12,221 14,408
Advances received (125) 2,882 280 4,848 4,443
Other 23,580 9,625 23,311 12,467 17,017
Subtotal 669,795 549,053 552,790 588,395 617,768
Interest and dividends received 28,194 31,446 18,773 24,459 21,120
Interest paid (2,376) (3,205) (2,911) (5,077) (12,242)
Income taxes paid (478,863) (393,586) (292,840) (329,238) (388,080)
Net cash provided by (used in) operating activities 216,749 183,707 275,810 278,539 238,566

II Cash flows from investing activities

¥ million

  Apr.'14 - Mar.'15 Apr.'15 - Mar.'16 Apr.'16 - Mar.'17 Apr.'17 - Mar.'18 Apr.'18 - Mar.'19
Payments for time deposits (326,025) (544,330) (355,238) (259,990) (249,615)
Proceeds from time deposits 698,139 790,267 921,781 593,900 249,616
Payments for long-term time deposits (112,181) (439,989) - - -
Payments for purchases of tangible fixed assets (448,381) (476,788) (278,359) (271,324) (210,732)
Proceeds from sales of tangible fixed assets 245 1,131 4,610 236 209
Payments for purchases of intangible assets (15,445) (26,897) (21,953) (1,364) (809)
Proceeds from sales and redemptions of marketable securities 214,527 175,584 - - -
Payments for purchases of investment securities (26,767) (6,876) (80,224) (127,785) (104,766)
Proceeds from sales and redemptions of investment securities 68,937 27,700 10,600 - -
Investment in recoverable accounts under production sharing (capital expenditures) (70,430) (60,442) (37,325) (24,135) (31,631)
Decrease (Increase) in short-term loans receivable (3,824) (4,120) (1,322) 50 813
Long-term loans made (111,387) (215,709) (133,478) (172,533) (262,671)
Collection of long-term loans receivable 259 384,759 275 273 264
Payments for acquisitions of participating interests (18,424) (134,516) - (100,906) (107,862)
Proceeds from transfer of participating interests 59,405 - - - -
Other 10,266 (13,305) 24,118 11,671 35,179
Net cash provided by (used in) investing activities (81,086) (543,534) 53,483 (351,908) (682,005)

III Cash flows from financing activities

¥ million

  Apr.'14 - Mar.'15 Apr.'15 - Mar.'16 Apr.'16 - Mar.'17 Apr.'17 - Mar.'18 Apr.'18 - Mar.'19
Increase (Decrease) in short-term loans 1,489 92 (96) 392 1,840
Proceeds from long-term debt 27,712 127,120 11,760 77,612 497,777
Repayments of long-term debt (18,683) (26,868) (62,903) (39,250) (76,185)
Proceeds from non-controlling interests for additional shares 16,730 87,279 16,109 27,570 14,118
Cash dividends paid (26,287) (26,297) (26,286) (26,291) (26,290)
Cash dividends paid to non-controlling interests (4,991) (4,524) (3,939) (2,523) (5,832)
Other (147) (74) (72) (2,766) (242)
Net cash provided by (used in) financing activities (4,177) 156,726 (65,428) 34,742 405,184

IV Effect of exchange rate changes on cash and cash equivalents

¥ million

  Apr.'14 - Mar.'15 Apr.'15 - Mar.'16 Apr.'16 - Mar.'17 Apr.'17 - Mar.'18 Apr.'18 - Mar.'19
Effect of exchange rate changes on cash and cash equivalents 11,962 (4,064) (887) (2,083) 1,827

V Net increase (decrease) in cash and cash equivalents

¥ million

  Apr.'14 - Mar.'15 Apr.'15 - Mar.'16 Apr.'16 - Mar.'17 Apr.'17 - Mar.'18 Apr.'18 - Mar.'19
Net increase (decrease) in cash and cash equivalents 143,447 (207,164) 262,977 (40,711) (36,427)

VI Cash and cash equivalents at beginning of the period

¥ million

  Apr.'14 - Mar.'15 Apr.'15 - Mar.'16 Apr.'16 - Mar.'17 Apr.'17 - Mar.'18 Apr.'18 - Mar.'19
Cash and cash equivalents at beginning of the period 117,530 260,978 53,813 316,790 276,079

VII Cash and cash equivalents at end of the period

¥ million

  Apr.'14 - Mar.'15 Apr.'15 - Mar.'16 Apr.'16 - Mar.'17 Apr.'17 - Mar.'18 Apr.'18 - Mar.'19
Cash and cash equivalents at end of the period 260,978 53,813 316,790 276,079 239,652

I Cash flows from operating activities

¥ million

  Apr.'17 - Mar.'18 Apr.'18 - Jun.'18 Apr.'18 - Sep.'18 Apr.'18 - Dec.'18 Apr.'18 - Mar.'19
Income before income taxes 307,299 116,222 246,977 378,053 494,042
Depreciation and amortization 92,805 21,998 41,710 69,489 106,899
Impairment loss 79,970 - - - 25,236
Amortization of goodwill 6,760 1,690 3,380 5,070 6,760
Provision for allowance for recoverable accounts under production sharing (21,190) 567 1,720 3,227 1,241
Provision for exploration projects (458) (340) (241) 757 3,660
Other provisions 6,810 2,614 3,848 2,227 (5,781)
Liability for retirement benefits 19 301 234 281 383
Interest and dividend income (11,255) (2,641) (5,531) (9,008) (14,405)
Interest expense 7,075 2,088 4,794 10,468 17,333
Foreign exchange loss (gain) 11,048 (2,189) (4,355) (1,419) (1,047)
Equity in losses (earnings) of affiliates (4,192) (4,822) (10,565) (17,669) (28,363)
Recovery of recoverable accounts under production sharing (capital expenditures) 53,465 2,449 10,007 24,370 33,127
Recoverable accounts under production sharing (operating expenditures) 9,632 8,367 9,833 5,611 4,639
Accounts receivable-trade 2,846 (28,542) (34,355) (38,232) (25,372)
Inventories (2,097) (89) (1,626) (9,196) (11,359)
Accounts payable-trade 20,604 (19,326) (18,602) (12,856) (13,427)
Accounts receivable-other (287) - - - (11,666)
Accounts payable-other 12,221 - - - 14,408
Advances received 4,848 - - - 4,443
Other 12,467 10,165 28,370 (4,762) 17,017
Subtotal 588,395 108,513 275,599 406,412 617,768
Interest and dividends received 24,459 3,443 8,562 15,124 21,120
Interest paid (5,077) (158) (3,439) (4,741) (12,242)
Income taxes paid (329,238) (70,050) (169,866) (281,597) (388,080)
Net cash provided by (used in) operating activities 278,539 41,747 110,855 135,198 238,566

II Cash flows from investing activities

¥ million

  Apr.'17 - Mar.'18 Apr.'18 - Jun.'18 Apr.'18 - Sep.'18 Apr.'18 - Dec.'18 Apr.'18 - Mar.'19
Payments for time deposits (259,990) (207,289) (248,107) (250,110) (249,615)
Proceeds from time deposits 593,900 - 88,231 233,438 249,616
Payments for purchases of tangible fixed assets (271,324) (64,137) (116,988) (163,412) (210,732)
Proceeds from sales of tangible fixed assets 236 23 30 46 209
Payments for purchases of intangible assets (1,364) (167) (531) (409) (809)
Payments for purchases of investment securities (127,785) (1,424) (1,449) (83,696) (104,766)
Investment in recoverable accounts under production sharing (capital expenditures) (24,135) (9,064) (15,319) (27,439) (31,631)
Decrease (Increase) in short-term loans receivable 50 (23) (230) 693 813
Long-term loans made (172,553) (154,809) (182,578) (263,077) (262,671)
Collection of long-term loans receivable 273 114 129 256 264
Payments for acquisitions of participating interests (100,906) - - (105,800) (107,862)
Other 11,671 12,158 19,022 19,711 35,179
Net cash provided by (used in) investing activities (351,908) (424,617) (457,790) (639,801) (682,005)

III Cash flows from financing activities

¥ million

  Apr.'17 - Mar.'18 Apr.'18 - Jun.'18 Apr.'18 - Sep.'18 Apr.'18 - Dec.'18 Apr.'18 - Mar.'19
Increase (Decrease) in commercial papers - 150,000 72,000 108,000 -
Increase (Decrease) in short-term loans 392 - - 23,480 1,840
Proceeds from long-term debt 77,612 144,105 295,389 392,138 497,777
Repayments of long-term debt (39,250) (17,925) (23,069) (45,591) (76,185)
Proceeds from non-controlling interests for additional shares 27,570 - 50 2,030 14,118
Cash dividends paid (26,291) (10,651) (13,146) (26,295) (26,290)
Cash dividends paid to non-controlling interests (2,523) (3,521) (5,832) (5,832) (5,832)
Other (2,766) (6) (195) (234) (242)
Net cash provided by (used in) financing activities 34,742 261,999 325,195 447,695 405,184

IV Effect of exchange rate changes on cash and cash equivalents

¥ million

  Apr.'17 - Mar.'18 Apr.'18 - Jun.'18 Apr.'18 - Sep.'18 Apr.'18 - Dec.'18 Apr.'18 - Mar.'19
Effect of exchange rate changes on cash and cash equivalents (2,083) 1,383 6,687 (1,020) 1,827

V Net increase (decrease) in cash and cash equivalents

¥ million

  Apr.'17 - Mar.'18 Apr.'18 - Jun.'18 Apr.'18 - Sep.'18 Apr.'18 - Dec.'18 Apr.'18 - Mar.'19
Net increase (decrease) in cash and cash equivalents (40,711) (119,486) (15,052) (57,927) (36,427)

VI Cash and cash equivalents at beginning of the period

¥ million

  Apr.'17 - Mar.'18 Apr.'18 - Jun.'18 Apr.'18 - Sep.'18 Apr.'18 - Dec.'18 Apr.'18 - Mar.'19
Cash and cash equivalents at beginning of the period 316,790 276,079 276,079 276,079 276,079

VII Cash and cash equivalents at end of the period

¥ million

  Apr.'17 - Mar.'18 Apr.'18 - Jun.'18 Apr.'18 - Sep.'18 Apr.'18 - Dec.'18 Apr.'18 - Mar.'19
Cash and cash equivalents at end of the period 276,079 156,592 261,027 218,151 239,652