Daiwa Securities Group Cash Flow Statement

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

Millions JPY. Fiscal year is Apr - Mar.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	2016 - 2020
Period Ending	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	2016 - 2020
Net Income	219,026	179,997	96,766	141,666	144,567	Upgrade
Depreciation & Amortization, Total	45,820	47,151	45,772	46,159	42,336	Upgrade
Gain (Loss) On Sale of Investments	-1,806	-5,966	-2,925	-3,124	-2,273	Upgrade
Change in Other Net Operating Assets	-620,620	504,419	-283,024	-491,001	221,677	Upgrade
Other Operating Activities	-53,565	-10,236	-21,424	-40,133	-13,681	Upgrade
Operating Cash Flow	-454,066	705,124	-183,745	-353,467	390,979	Upgrade
Capital Expenditures	-46,823	-27,781	-47,702	-62,564	-29,329	Upgrade
Sale (Purchase) of Intangibles	-38,471	-36,714	-33,546	-23,023	-29,271	Upgrade
Investment in Securities	-311,655	-160,973	51,842	-148,975	-30,131	Upgrade
Other Investing Activities	32,416	-17,581	8,288	4,972	-7,575	Upgrade
Investing Cash Flow	-353,443	-223,986	7,457	-218,534	-91,641	Upgrade
Short-Term Debt Issued	109,729	-	-	264,984	419,571	Upgrade
Long-Term Debt Issued	182,878	504,432	164,970	225,550	89,077	Upgrade
Total Debt Issued	292,607	504,432	164,970	490,534	508,648	Upgrade
Short-Term Debt Repaid	-	-32,234	-428,321	-	-	Upgrade
Long-Term Debt Repaid	-65,676	-365,980	-232,138	-14,933	-43,664	Upgrade
Total Debt Repaid	-65,676	-398,214	-660,459	-14,933	-43,664	Upgrade
Net Debt Issued (Repaid)	226,931	106,218	-495,489	475,601	464,984	Upgrade
Issuance of Common Stock	9,954	9,446	803	1,817	1,086	Upgrade
Repurchase of Common Stock	-10	-60,012	-19,733	-29,297	-9	Upgrade
Dividends Paid	-74,521	-44,746	-39,905	-63,790	-30,429	Upgrade
Other Financing Activities	36,665	-13,753	-11,554	-7,241	2,435	Upgrade
Financing Cash Flow	199,019	-2,847	-565,878	377,090	438,067	Upgrade
Foreign Exchange Rate Adjustments	-3,763	38,101	23,349	25,760	6,796	Upgrade
Net Cash Flow	-612,253	516,392	-718,816	-169,150	790,375	Upgrade
Free Cash Flow	-500,889	677,343	-231,447	-416,031	361,650	Upgrade
Free Cash Flow Growth	-	-	-	-	148.74%	Upgrade
Free Cash Flow Margin	-36.51%	53.02%	-26.72%	-67.16%	62.80%	Upgrade
Free Cash Flow Per Share	-349.28	467.26	-156.93	-274.96	236.55	Upgrade
Cash Interest Paid	2,811	2,013	2,199	2,875	615	Upgrade
Cash Income Tax Paid	61,053	14,566	25,515	42,108	21,888	Upgrade

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