Morinaga&Co. 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	24,284	20,576	13,884	39,216	18,944
Depreciation & Amortization	9,918	9,492	10,185	10,130	8,007
Loss (Gain) From Sale of Assets	1,127	1,235	2,175	787	826
Loss (Gain) From Sale of Investments	-3,306	-782	-274	-21,951	-
Loss (Gain) on Equity Investments	184	-	-4	25	16
Other Operating Activities	-10,126	1,664	-15,159	-2,399	-12,416
Change in Accounts Receivable	3,706	-6,689	-1,128	-2,127	1,013
Change in Inventory	-8,534	3,293	-7,138	-3,752	-1,290
Change in Accounts Payable	-1,636	68	2,171	2,039	751
Change in Other Net Operating Assets	-4,854	1,317	-7,678	2,857	-3,724
Operating Cash Flow	10,763	30,174	-2,966	24,825	12,127
Operating Cash Flow Growth	-64.33%	-	-	104.71%	-42.24%
Capital Expenditures	-13,579	-9,091	-13,304	-15,307	-19,853
Sale of Property, Plant & Equipment	480	7,666	176	369	10
Cash Acquisitions	-598	-	-	-	-
Divestitures	-	-	-	-	387
Sale (Purchase) of Intangibles	-2,318	-1,382	-282	-15	-21
Investment in Securities	6,901	-1,246	188	24,602	102
Other Investing Activities	-598	-1,292	-987	-337	-487
Investing Cash Flow	-9,837	-5,345	-14,209	9,312	-19,862
Long-Term Debt Issued	-	-	18,948	-	-
Total Debt Issued	-	-	18,948	-	-
Long-Term Debt Repaid	-	-	-10,000	-	-
Total Debt Repaid	-	-	-10,000	-	-
Net Debt Issued (Repaid)	-	-	8,948	-	-
Issuance of Common Stock	81	-	20	51	-
Repurchase of Common Stock	-12,460	-8,685	-11,250	-1,467	-12
Common Dividends Paid	-4,987	-4,712	-4,497	-4,025	-3,623
Other Financing Activities	-642	-676	-569	-502	-449
Financing Cash Flow	-18,008	-14,073	-7,348	-5,943	-4,084
Foreign Exchange Rate Adjustments	826	267	454	384	-39
Miscellaneous Cash Flow Adjustments	-	1	1	-	-
Net Cash Flow	-16,256	11,024	-24,068	28,578	-11,858
Free Cash Flow	-2,816	21,083	-16,270	9,518	-7,726
Free Cash Flow Margin	-1.23%	9.88%	-8.37%	5.25%	-3.86%
Free Cash Flow Per Share	-31.94	230.39	-168.82	94.69	-76.80
Cash Interest Paid	108	104	34	33	31
Cash Income Tax Paid	10,123	-1,052	15,290	2,400	7,599
Levered Free Cash Flow	-10,804	21,625	-12,565	7,700	-12,168
Unlevered Free Cash Flow	-10,733	21,690	-12,498	7,721	-12,148
Change in Working Capital	-11,318	-2,011	-13,773	-983	-3,250

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