(Millions of yen) (Millions of U.S. dollars) Note 2013 2014 2014 Cash flows from operating activities Profit before tax ¥ 127,115 ¥121,975 $1,184 Depreciation and amortisation 51,167 64,304 624 Impairment losses and reversal of impairment losses 44,585 55,568 539 Finance income and expense (5,522) (5,169) (50) (Increase) decrease in inventories (4,284) 5,449 53 (Increase) decrease in trade and other receivables (193) (1,088) (11) Increase (decrease) in trade and other payables (2,786) (20,686) (201) Other (14,751) 37,029 360 Cash generated from operations 195,332 257,381 2,499 Income tax paid (44,406) (43,124) (419) Net cash flows from operating activities 150,926 214,257 2,080 Cash flows from investing activities Purchases of property, plant and equipment (31,342) (29,261) (284) Proceeds from sales of property, plant and equipment 577 8,652 84 Purchase of intangible assets (45,200) (26,885) (261) Purchase of available-for-sale financial assets (816) (1,577) (15) Proceeds from sales of available-for-sale financial assets 10,432 7,526 73 Proceeds from sales of subsidiaries 33 — 18,592 181 Interest and dividends received 2,675 3,322 32 Other 8,573 (7,221) (70) Net cash flows used in investing activities (55,101) (26,851) (261) Cash flows from financing activities Acquisition of treasury shares 25 (49,392) (30,075) (292) Dividends paid to owners of the parent 26 (60,051) (58,656) (569) Other (570) (664) (6) Net cash flows used in financing activities (110,013) (89,395) (868) Effect of exchange rate changes on cash and cash equivalents 26,721 28,450 276 Net increase (decrease) in cash and cash equivalents 12,533 126,461 1,228 Cash and cash equivalents at the beginning of the year 23 252,380 264,912 2,572 Cash and cash equivalents at the end of the year 23 ¥ 264,912 ¥391,374 $3,800 Astellas Pharma Inc. and Subsidiaries  For the years ended 31 March 2013 and 2014 consoliDateD stateMents of cash flows Annual Report 2014 _  Astellas Pharma Inc.  107 Financial Section