Daiwa Securities Group Cash Flow Statement

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	Sep '25 Sep 30, 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
Net Income	155,547	219,026	179,997	96,766	141,666	144,567
Depreciation & Amortization, Total	45,080	45,820	47,151	45,772	46,159	42,336
Gain (Loss) On Sale of Investments	-4,232	-1,806	-5,966	-2,925	-3,124	-2,273
Change in Other Net Operating Assets	1,134,612	-620,620	504,419	-283,024	-491,001	221,677
Other Operating Activities	54,851	-53,565	-10,236	-21,424	-40,133	-13,681
Operating Cash Flow	1,430,025	-454,066	705,124	-183,745	-353,467	390,979
Capital Expenditures	-44,380	-46,823	-27,781	-47,702	-62,564	-29,329
Sale (Purchase) of Intangibles	-41,421	-38,471	-36,714	-33,546	-23,023	-29,271
Investment in Securities	-414,660	-311,655	-160,973	51,842	-148,975	-30,131
Other Investing Activities	-27,318	32,416	-17,581	8,288	4,972	-7,575
Investing Cash Flow	-500,407	-353,443	-223,986	7,457	-218,534	-91,641
Short-Term Debt Issued	-	109,729	-	-	264,984	419,571
Long-Term Debt Issued	-	182,878	504,432	164,970	225,550	89,077
Total Debt Issued	902,498	292,607	504,432	164,970	490,534	508,648
Short-Term Debt Repaid	-	-	-32,234	-428,321	-	-
Long-Term Debt Repaid	-	-65,676	-365,980	-232,138	-14,933	-43,664
Total Debt Repaid	-1,089,639	-65,676	-398,214	-660,459	-14,933	-43,664
Net Debt Issued (Repaid)	-187,141	226,931	106,218	-495,489	475,601	464,984
Issuance of Common Stock	9,223	9,954	9,446	803	1,817	1,086
Repurchase of Common Stock	-39,394	-10	-60,012	-19,733	-29,297	-9
Common Dividends Paid	-79,108	-74,521	-44,746	-39,905	-63,790	-30,429
Other Financing Activities	31,916	36,665	-13,753	-11,554	-7,241	2,435
Financing Cash Flow	-264,504	199,019	-2,847	-565,878	377,090	438,067
Foreign Exchange Rate Adjustments	9,675	-3,763	38,101	23,349	25,760	6,796
Net Cash Flow	674,787	-612,253	516,392	-718,816	-169,150	790,375
Free Cash Flow	1,385,645	-500,889	677,343	-231,447	-416,031	361,650
Free Cash Flow Growth	-	-	-	-	-	148.74%
Free Cash Flow Margin	176.68%	-36.51%	53.02%	-26.72%	-67.16%	62.80%
Free Cash Flow Per Share	971.37	-349.28	467.26	-156.93	-274.96	236.55
Cash Interest Paid	3,194	2,811	2,013	2,199	2,875	615
Cash Income Tax Paid	53,552	61,053	14,566	25,515	42,108	21,888

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