Notes: 1. Figures for "operating cash flows," "personnel expenses," and "investment" are based on the "Financial Statements Statistics of Corporations by Industry, Annually." Excluding "finance and insurance." 2. Operating cash flows are defined as follows: Operating cash flows = net income – dividends + depreciation expenses + Δprovisions – Δinventories – Δtrade credits – Δnet amount of other current assets. 3.
Investment includes land purchasing expenses and excludes software and R&D investment. Personnel Expenses  %  Personnel expenses / (operating cash flows + personnel expenses)  60 FY 85  90  95  00  05  10  15  Source: Ministry of Finance. Notes: 1. Based on the "Financial Statements Statistics of Corporations by Industry, Annually." Excluding "finance and insurance." 2.