ARE Holdings Balance Sheet

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

Millions JPY. Fiscal year is Apr - Mar.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022	Mar '21 Mar 31, 2021
Cash & Equivalents	7,314	17,555	6,881	17,952	6,127	10,023
Cash & Short-Term Investments	7,314	17,555	6,881	17,952	6,127	10,023
Cash Growth	-57.56%	155.12%	-61.67%	193.00%	-38.87%	-56.25%
Accounts Receivable	667,479	304,306	155,268	154,046	151,437	100,775
Other Receivables	326	-	77	1,345	3,958	2,833
Receivables	667,805	304,306	155,345	155,391	155,395	103,608
Inventory	107,828	51,178	33,879	40,854	63,398	63,515
Prepaid Expenses	-	761	508	476	434	366
Other Current Assets	74,694	45,830	57,160	23,701	16,424	14,449
Total Current Assets	857,641	419,630	253,773	238,374	241,778	191,961
Property, Plant & Equipment	40,958	36,464	33,192	42,553	43,748	37,904
Long-Term Investments	30,981	30,474	29,424	761	4,842	4,804
Goodwill	19	19	19	1,003	1,040	1,040
Other Intangible Assets	1,576	1,439	1,580	1,255	712	697
Long-Term Deferred Tax Assets	1,133	2,007	5	3,498	6,262	8,392
Other Long-Term Assets	3,009	4	5	4	5	5
Total Assets	935,317	490,037	317,998	287,448	298,387	244,803
Accounts Payable	177,036	45,096	27,180	26,024	27,711	26,465
Accrued Expenses	-	1,343	1,162	1,827	1,998	1,703
Short-Term Debt	-	212,946	64,985	91,494	108,263	79,337
Current Portion of Long-Term Debt	452,215	33,454	4,985	-	-	-
Current Income Taxes Payable	3,813	2,473	2,985	304	1,044	5,993
Other Current Liabilities	74,570	15,939	11,704	5,831	9,610	6,070
Total Current Liabilities	707,634	311,251	113,001	125,480	148,626	119,568
Long-Term Debt	54,628	43,462	71,190	52,867	42,662	25,501
Pension & Post-Retirement Benefits	128	108	99	107	93	106
Long-Term Deferred Tax Liabilities	11,655	6,324	4,432	275	576	968
Other Long-Term Liabilities	369	2,544	2,800	1,762	1,293	757
Total Liabilities	774,414	363,689	191,522	180,491	193,250	146,900
Common Stock	7,790	7,790	7,790	7,790	7,790	7,790
Additional Paid-In Capital	12,182	12,080	12,245	12,103	11,955	11,952
Retained Earnings	133,684	121,679	113,837	96,319	92,353	80,604
Treasury Stock	-6,039	-6,066	-5,925	-5,925	-1,819	-957
Comprehensive Income & Other	13,270	-9,182	-1,471	-3,330	-5,142	-1,486
Total Common Equity	160,887	126,301	126,476	106,957	105,137	97,903
Minority Interest	16	47	-	-	-	-
Shareholders' Equity	160,903	126,348	126,476	106,957	105,137	97,903
Total Liabilities & Equity	935,317	490,037	317,998	287,448	298,387	244,803
Total Debt	506,843	289,862	141,160	144,361	150,925	104,838
Net Cash (Debt)	-499,529	-272,307	-134,279	-126,409	-144,798	-94,815
Net Cash Per Share	-5765.00	-3164.08	-1555.37	-1453.39	-1635.85	-1190.16
Filing Date Shares Outstanding	76.63	76.61	76.64	76.64	78.64	78.7
Total Common Shares Outstanding	76.63	76.61	76.64	76.64	78.64	78.7
Working Capital	150,007	108,379	140,772	112,894	93,152	72,393
Book Value Per Share	2099.55	1648.55	1650.19	1395.52	1336.89	1244.05
Tangible Book Value	159,292	124,843	124,877	104,699	103,385	96,166
Tangible Book Value Per Share	2078.74	1629.52	1629.33	1366.06	1314.61	1221.98

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