Nippon Carbon Cash Flow Statement

Financials in millions JPY. Fiscal year is January - December.

Millions JPY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	7,829	6,895	6,979	5,225	4,431
Depreciation & Amortization	3,534	2,986	2,666	2,484	2,385
Loss (Gain) From Sale of Assets	59	-79	87	156	20
Loss (Gain) From Sale of Investments	-3,530	-6	-22	-183	-179
Loss (Gain) on Equity Investments	-100	-166	-146	-79	-42
Other Operating Activities	-1,866	-1,688	-1,859	-1,238	1,076
Change in Accounts Receivable	-357	428	-1,578	-273	-2,302
Change in Inventory	244	-891	-2,243	-1,083	2,050
Change in Accounts Payable	-374	-973	-510	1,363	445
Change in Other Net Operating Assets	880	-1,272	-185	-574	-333
Operating Cash Flow	6,319	5,234	3,189	5,798	7,551
Operating Cash Flow Growth	20.73%	64.13%	-45.00%	-23.21%	95.98%
Capital Expenditures	-5,501	-4,667	-3,056	-1,775	-1,528
Sale of Property, Plant & Equipment	4	196	-	-	-
Sale (Purchase) of Intangibles	-27	-53	-55	-67	-117
Investment in Securities	3,326	-1,023	-1,315	241	1,038
Other Investing Activities	-	1	-	-	-1
Investing Cash Flow	-2,198	-5,546	-4,426	-1,601	-608
Short-Term Debt Issued	1,200	430	800	-	-
Long-Term Debt Issued	100	100	300	100	100
Total Debt Issued	1,300	530	1,100	100	100
Short-Term Debt Repaid	-	-	-	-300	-250
Long-Term Debt Repaid	-181	-171	-1,337	-1,275	-1,270
Total Debt Repaid	-181	-171	-1,337	-1,575	-1,520
Net Debt Issued (Repaid)	1,119	359	-237	-1,475	-1,420
Repurchase of Common Stock	2	42	-	-	-98
Common Dividends Paid	-2,206	-2,206	-2,203	-2,206	-2,206
Other Financing Activities	-180	-180	-174	-96	-38
Financing Cash Flow	-1,265	-1,985	-2,614	-3,777	-3,762
Foreign Exchange Rate Adjustments	25	68	57	37	84
Miscellaneous Cash Flow Adjustments	-	1	-	-1	-1
Net Cash Flow	2,881	-2,228	-3,794	456	3,264
Free Cash Flow	818	567	133	4,023	6,023
Free Cash Flow Growth	44.27%	326.32%	-96.69%	-33.21%	-
Free Cash Flow Margin	2.17%	1.49%	0.35%	11.24%	19.07%
Free Cash Flow Per Share	73.98	51.30	12.04	364.28	545.12
Cash Interest Paid	113	64	45	52	59
Cash Income Tax Paid	1,898	2,321	2,095	1,575	-498
Levered Free Cash Flow	26.25	1,130	-1,055	4,259	5,512
Unlevered Free Cash Flow	96.25	1,169	-1,028	4,291	5,550
Change in Working Capital	393	-2,708	-4,516	-567	-140

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