Pigeon Cash Flow Statement

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

Millions JPY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	12,872	11,154	13,143	13,531	15,836
Depreciation & Amortization	4,876	5,079	4,947	4,161	3,972
Loss (Gain) From Sale of Assets	1,110	368	322	283	110
Loss (Gain) From Sale of Investments	-	-	-	-50	134
Other Operating Activities	-3,307	-4,468	-4,708	-5,550	-4,278
Change in Accounts Receivable	-2,765	2,453	1,631	469	1,351
Change in Inventory	467	2,544	-1,816	-466	-42
Change in Accounts Payable	556	-2,079	24	-2,725	61
Change in Other Net Operating Assets	472	-528	-333	1,240	1,256
Operating Cash Flow	14,281	14,523	13,210	10,893	18,400
Operating Cash Flow Growth	-1.67%	9.94%	21.27%	-40.80%	19.64%
Capital Expenditures	-2,066	-5,484	-5,315	-5,659	-3,601
Sale of Property, Plant & Equipment	465	61	14	29	24
Divestitures	94	-	-	-	8
Sale (Purchase) of Intangibles	-184	-166	-249	-234	-222
Investment in Securities	-1	-1	-1	324	13
Other Investing Activities	555	123	-108	-53	-37
Investing Cash Flow	-1,137	-5,467	-5,659	-5,593	-3,815
Short-Term Debt Issued	-	76	-	-	-
Total Debt Issued	-	76	-	-	-
Short-Term Debt Repaid	-98	-	-	-	-
Total Debt Repaid	-98	-	-	-	-
Net Debt Issued (Repaid)	-98	76	-	-	-
Issuance of Common Stock	-	47	44	-	-
Repurchase of Common Stock	-	-199	-	-	-389
Common Dividends Paid	-9,098	-9,109	-8,974	-8,741	-8,517
Other Financing Activities	-1,443	-1,071	-736	48	-325
Financing Cash Flow	-10,639	-10,256	-9,666	-8,693	-9,231
Foreign Exchange Rate Adjustments	2,339	1,275	1,180	1,560	-718
Miscellaneous Cash Flow Adjustments	-1	-1	1	1	-2
Net Cash Flow	4,843	74	-934	-1,832	4,634
Free Cash Flow	12,215	9,039	7,895	5,234	14,799
Free Cash Flow Growth	35.14%	14.49%	50.84%	-64.63%	26.96%
Free Cash Flow Margin	11.73%	9.57%	8.32%	5.62%	14.89%
Free Cash Flow Per Share	102.14	75.57	65.98	43.75	123.66
Cash Interest Paid	75	100	93	63	12
Cash Income Tax Paid	3,427	4,364	4,662	5,565	4,322
Levered Free Cash Flow	10,275	6,382	5,614	2,994	11,177
Unlevered Free Cash Flow	10,322	6,443	5,673	3,044	11,197
Change in Working Capital	-1,270	2,390	-494	-1,482	2,626

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.