ADZZF Cash Flow Statement

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

Millions JPY. Fiscal year is Feb - Jan.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jul '25 Jul 31, 2025	Jan '25 Jan 31, 2025	Jan '24 Jan 31, 2024	Jan '23 Jan 31, 2023	Jan '22 Jan 31, 2022	Jan '21 Jan 31, 2021
Net Income	16,453	15,147	15,968	15,564	15,108	14,871
Depreciation & Amortization	7,241	7,074	6,851	5,864	5,701	5,601
Other Amortization	16.64	19.43	-	26.81	27.55	27.03
Change in Accounts Receivable	31.36	-23.21	7	-16.07	58.81	32.44
Change in Accounts Payable	369.71	63.77	-59	84.81	-81.03	227.02
Change in Other Net Operating Assets	4,143	2,399	-2	1,041	677.39	4,280
Other Operating Activities	-11.3	-31.22	2,499	-12.73	-21.97	-7.07
Operating Cash Flow	28,246	24,650	25,264	22,551	21,470	25,031
Operating Cash Flow Growth	9.16%	-2.43%	12.03%	5.03%	-14.22%	-2.14%
Acquisition of Real Estate Assets	-10,292	-21,931	-17,565	-15,390	-7,114	-13,732
Net Sale / Acq. of Real Estate Assets	-10,292	-21,931	-17,565	-15,390	-7,114	-13,732
Investment in Marketable & Equity Securities	2,000	-2,000	-	-	-5,000	10,000
Other Investing Activities	5.83	-95.83	-1,967	53.5	-90.98	-25.83
Investing Cash Flow	-8,286	-24,027	-19,532	-15,336	-12,204	-3,757
Short-Term Debt Issued	-	8,100	-	2,000	2,700	1,500
Long-Term Debt Issued	-	36,850	-	32,410	31,299	25,940
Total Debt Issued	28,850	44,950	5,000	34,410	33,999	27,440
Short-Term Debt Repaid	-	-11,100	-	-2,100	-3,100	-2,000
Long-Term Debt Repaid	-	-22,350	-	-23,710	-28,978	-26,570
Total Debt Repaid	-25,050	-33,450	-8,800	-25,810	-32,078	-28,570
Net Debt Issued (Repaid)	3,800	11,500	-3,800	8,600	1,921	-1,130
Issuance of Common Stock	-	-	15,263	-	-	2,500
Common Dividends Paid	-17,050	-16,941	-16,189	-15,896	-15,577	-15,585
Other Financing Activities	-2,000	-	-32	-	-22.97	-19.5
Miscellaneous Cash Flow Adjustments	-	-	-1	-0	-	-0
Net Cash Flow	4,709	-4,817	973	-81.3	-4,413	7,039
Cash Interest Paid	1,568	1,421	1,341	1,351	1,454	1,544
Cash Income Tax Paid	5.21	1.7	-	1.22	1.2	1.2
Levered Free Cash Flow	-	18,918	-885.76	15,752	15,503	15,281
Unlevered Free Cash Flow	-	19,795	189.87	16,586	16,400	16,242
Change in Working Capital	4,544	2,440	-54	1,109	655.17	4,539

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