SDS HOLDINGS 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	-70	-106	-66	-281	-332	-347
Depreciation & Amortization	82	62	42	48	-	-
Loss (Gain) From Sale of Assets	16	16	-	-	17	5
Other Operating Activities	-35	-29	15	-8	-	-2
Change in Accounts Receivable	48	20	59	163	-213	58
Change in Inventory	-728	-97	861	-586	2	47
Change in Accounts Payable	60	-12	-56	-63	67	-286
Change in Other Net Operating Assets	-52	-68	69	10	-26	10
Operating Cash Flow	-679	-214	924	-717	-485	-515
Capital Expenditures	-776	-643	-149	-464	-12	-
Sale of Property, Plant & Equipment	-	-	-	2	-	-
Cash Acquisitions	-	-	-	-180	-	-
Sale (Purchase) of Intangibles	-307	-307	-3	-	-	-
Investment in Securities	-1	-25	-3	-45	-	-
Other Investing Activities	-3	2	1	18	-1	41
Investing Cash Flow	-1,087	-973	-150	-657	-13	41
Short-Term Debt Issued	-	2,827	2,172	2,779	-	200
Long-Term Debt Issued	-	806	318	602	-	-
Total Debt Issued	4,261	3,633	2,490	3,381	-	200
Short-Term Debt Repaid	-	-2,396	-2,815	-1,876	-	-400
Long-Term Debt Repaid	-	-321	-470	-431	-	-
Total Debt Repaid	-2,805	-2,717	-3,285	-2,307	-	-400
Net Debt Issued (Repaid)	1,456	916	-795	1,074	-	-200
Issuance of Common Stock	87	87	242	213	854	345
Other Financing Activities	2	1	1	-	-	-
Financing Cash Flow	1,545	1,004	-552	1,287	854	145
Miscellaneous Cash Flow Adjustments	-	1	-1	-	-	2
Net Cash Flow	-221	-182	221	-87	356	-327
Free Cash Flow	-1,455	-857	775	-1,181	-497	-515
Free Cash Flow Margin	-33.30%	-21.24%	18.74%	-34.72%	-48.07%	-61.02%
Free Cash Flow Per Share	-143.65	-86.32	86.92	-137.89	-82.12	-108.38
Cash Interest Paid	99	76	67	59	-	3
Cash Income Tax Paid	28	26	8	11	1	2
Levered Free Cash Flow	-1,952	-1,138	372.75	-2,474	-366.13	-401.38
Unlevered Free Cash Flow	-1,895	-1,091	416.5	-2,438	-366.13	-399.5
Change in Working Capital	-672	-157	933	-476	-170	-171

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