MUSCAT GROUP Cash Flow Statement

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

Millions JPY. Fiscal year is Apr - Mar.

Fiscal Year	FY 2026	FY 2025	FY 2024	FY 2023
Period Ending	Mar '26 Mar 31, 2026	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023
Net Income	-87	115	89	-
Depreciation & Amortization	219	83	55	-
Loss (Gain) From Sale of Assets	289	1	-	-
Loss (Gain) From Sale of Investments	-710	-1	-	-
Other Operating Activities	-93	-21	5	-
Change in Accounts Receivable	31	-156	-64	-
Change in Inventory	-59	-39	-61	-
Change in Accounts Payable	-204	-373	69	-
Change in Other Net Operating Assets	-59	-16	-1	-
Operating Cash Flow	-673	-407	92	-
Capital Expenditures	-9	-28	-5	-
Sale of Property, Plant & Equipment	409	-	-	-
Cash Acquisitions	-1,239	-971	-	-
Divestitures	1,007	-	-	-
Sale (Purchase) of Intangibles	-94	-39	-24	-
Investment in Securities	-244	30	-	-
Other Investing Activities	-13	513	1	-
Investing Cash Flow	-629	-966	-28	-
Short-Term Debt Issued	300	-	50	-
Long-Term Debt Issued	1,160	1,293	410	-
Total Debt Issued	1,460	1,293	460	-
Short-Term Debt Repaid	-	-5	-	-
Long-Term Debt Repaid	-493	-268	-106	-
Total Debt Repaid	-493	-273	-106	-
Net Debt Issued (Repaid)	967	1,020	354	-
Issuance of Common Stock	293	299	-	-
Other Financing Activities	45	-14	-1	-
Financing Cash Flow	1,305	1,305	353	-
Miscellaneous Cash Flow Adjustments	142	-1	-1	-
Net Cash Flow	145	-69	416	-
Free Cash Flow	-682	-435	87	-
Free Cash Flow Margin	-16.52%	-14.57%	3.67%	-
Free Cash Flow Per Share	-224.72	-143.09	31.76	-
Cash Interest Paid	58	22	4	-
Cash Income Tax Paid	91	17	-2	-
Levered Free Cash Flow	-162.38	-767.13	32.5	-
Unlevered Free Cash Flow	-127.38	-754	35	-
Change in Working Capital	-291	-584	-57	-

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