PAPANETS Balance Sheet

Financials in millions JPY. Fiscal year is March - February.

Millions JPY. Fiscal year is Mar - Feb.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Nov '25 Nov 30, 2025	Feb '25 Feb 28, 2025	Feb '24 Feb 29, 2024	Feb '23 Feb 28, 2023	Feb '22 Feb 28, 2022	Feb '21 Feb 28, 2021
Cash & Equivalents	876	935	884	984	922	1,030
Cash & Short-Term Investments	876	935	884	984	922	1,030
Cash Growth	-0.34%	5.77%	-10.16%	6.73%	-10.48%	151.22%
Accounts Receivable	792	687	573	556	615	470
Receivables	792	687	573	556	615	470
Inventory	33	55	60	39	32	25
Prepaid Expenses	31	26	21	13	12	20
Other Current Assets	1	4	6	4	4	2
Total Current Assets	1,733	1,707	1,544	1,596	1,585	1,547
Property, Plant & Equipment	426	358	360	369	274	281
Long-Term Investments	80	77	79	21	27	27
Other Intangible Assets	224	155	102	73	75	87
Long-Term Deferred Tax Assets	26	67	43	31	25	17
Other Long-Term Assets	2	2	1	1	1	2
Total Assets	2,491	2,366	2,129	2,091	1,987	1,961
Accounts Payable	54	73	66	76	26	5
Accrued Expenses	450	430	328	288	272	257
Current Portion of Long-Term Debt	104	108	151	151	151	175
Current Income Taxes Payable	91	113	100	70	85	40
Other Current Liabilities	32	37	24	19	17	21
Total Current Liabilities	731	761	669	604	551	498
Long-Term Debt	146	223	331	483	634	818
Pension & Post-Retirement Benefits	-	108	76	48	41	33
Other Long-Term Liabilities	6	5	5	6	5	6
Total Liabilities	883	1,097	1,081	1,141	1,231	1,355
Common Stock	102	50	50	50	50	50
Additional Paid-In Capital	175	114	114	114	114	114
Retained Earnings	1,426	1,212	991	785	592	441
Treasury Stock	-95	-107	-107	-	-	-
Comprehensive Income & Other	-	-	-	1	-	1
Shareholders' Equity	1,608	1,269	1,048	950	756	606
Total Liabilities & Equity	2,491	2,366	2,129	2,091	1,987	1,961
Total Debt	250	331	482	634	785	993
Net Cash (Debt)	626	604	402	350	137	37
Net Cash Growth	25.70%	50.25%	14.86%	155.47%	270.27%	-
Net Cash Per Share	355.93	378.68	2344.93	2028.99	794.20	214.49
Filing Date Shares Outstanding	1.92	1.6	0.17	0.17	0.17	0.17
Total Common Shares Outstanding	1.92	1.6	0.17	0.17	0.17	0.17
Working Capital	1,002	946	875	992	1,034	1,049
Book Value Per Share	839.30	795.61	6151.39	5507.25	4382.61	3513.04
Tangible Book Value	1,384	1,114	946	877	681	519
Tangible Book Value Per Share	722.39	698.43	5552.69	5084.06	3947.83	3008.70

Source: S&P Global Market Intelligence. Standard template. Financial Sources.