2. Analysis of consolidated financial standing Consolidated cash flows from operating activities in the first quarter of the fiscal year ending March 31, 2009 were 158.3 billion yen as a result of net income, amortization and depreciation costs and decreases in accounts payable, trade and accrued payroll for the quarter. Consolidated cash flows from investing activities showed outlays of 521.4 billion yen. While 569.1 billion yen was spent for the acquisition of fixed and other assets, there were 37.2 billion yen in proceeds from the sale of long-term investments. Consolidated cash flows from financing activities were of 123.8 billion yen. While outlays of 227.6 billion yen for repayment of long-term borrowing obligations and of 61.4 billion yen for the payment of dividends were made, this was more than offset by proceeds of 353.4 billion yen from the increase in long-term borrowings. As a result of the foregoing, NTT Group's cash and cash equivalents as of June 30, 2008 were 926.5 billion yen. Copyright (c) 2008 Nippon telegraph and telephone corporation