Toa Road Cash Flow Statement

Financials in millions JPY. Fiscal year is April - March.

Millions JPY. Fiscal year is Apr - Mar.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	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	6,256	5,680	4,875	5,566	7,219
Depreciation & Amortization	2,287	2,194	2,060	2,141	2,128
Loss (Gain) From Sale of Assets	-379	31	-5	24	38
Loss (Gain) From Sale of Investments	-643	-	90	-	-
Loss (Gain) on Equity Investments	-2	-	-1	-1	-1
Other Operating Activities	-1,895	-1,762	-1,564	-2,548	-1,614
Change in Accounts Receivable	-577	2,674	-2,224	-1	-4,751
Change in Inventory	888	-782	-409	2,994	3,509
Change in Accounts Payable	-6,993	1,667	-203	-900	258
Change in Other Net Operating Assets	-696	1,209	-439	-2,691	-98
Operating Cash Flow	-1,754	10,911	2,180	4,584	6,688
Operating Cash Flow Growth	-	400.50%	-52.44%	-31.46%	-
Capital Expenditures	-2,615	-4,085	-2,245	-2,521	-1,884
Sale of Property, Plant & Equipment	556	141	102	122	78
Sale (Purchase) of Intangibles	-103	-	-	-	-
Investment in Securities	1,050	-7	-653	-376	-100
Other Investing Activities	-7	-109	-77	-100	-127
Investing Cash Flow	-1,222	-3,995	-2,971	-2,842	-2,089
Short-Term Debt Issued	5,000	-	1,088	300	-
Long-Term Debt Issued	-	1,350	-	-	-
Total Debt Issued	5,000	1,350	1,088	300	-
Short-Term Debt Repaid	-	-1,488	-	-	-216
Long-Term Debt Repaid	-600	-548	-816	-1,738	-2,208
Total Debt Repaid	-600	-2,036	-816	-1,738	-2,424
Net Debt Issued (Repaid)	4,400	-686	272	-1,438	-2,424
Issuance of Common Stock	-	-	100	57	27
Repurchase of Common Stock	-1,175	-1,002	-284	-611	-690
Common Dividends Paid	-1,974	-855	-857	-780	-709
Other Financing Activities	-194	-150	-84	-84	-92
Financing Cash Flow	1,057	-2,693	-853	-2,856	-3,888
Miscellaneous Cash Flow Adjustments	-	-1	-	-1	-1
Net Cash Flow	-1,919	4,222	-1,644	-1,115	710
Free Cash Flow	-4,369	6,826	-65	2,063	4,804
Free Cash Flow Growth	-	-	-	-57.06%	-
Free Cash Flow Margin	-3.45%	5.78%	-0.06%	1.84%	4.30%
Free Cash Flow Per Share	-94.45	143.84	-1.37	42.52	97.03
Cash Interest Paid	67	13	22	31	48
Cash Income Tax Paid	1,851	1,762	1,563	2,544	1,613
Levered Free Cash Flow	-4,592	6,092	-384.13	1,144	4,499
Unlevered Free Cash Flow	-4,575	6,100	-371	1,162	4,528
Change in Working Capital	-7,378	4,768	-3,275	-598	-1,082

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.