Polaris Holdings 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	1,889	3,007	553	-1,812	-2,084
Depreciation & Amortization	1,470	703	204	189	161
Loss (Gain) From Sale of Assets	3	-	537	101	279
Loss (Gain) From Sale of Investments	-	-	2	9	-
Other Operating Activities	316	-40	10	-16	-1
Change in Accounts Receivable	-720	-629	-358	-281	-168
Change in Inventory	-13	5,782	-17	-5,964	72
Change in Accounts Payable	240	351	170	92	93
Change in Other Net Operating Assets	1,100	-1,435	-1,210	-136	139
Operating Cash Flow	4,285	7,739	-109	-7,818	-1,509
Operating Cash Flow Growth	-44.63%	-	-	-	-
Capital Expenditures	-480	-235	-	-2	-482
Cash Acquisitions	-3,423	-22	-265	-	-
Investment in Securities	-	-	-	-204	-
Other Investing Activities	27	-1,402	-6	-209	-168
Investing Cash Flow	-3,876	-1,659	-728	-415	-650
Short-Term Debt Issued	-	450	-	709	-
Long-Term Debt Issued	14,555	521	600	5,085	2,560
Total Debt Issued	14,555	971	600	5,794	2,560
Short-Term Debt Repaid	-4,808	-54	-212	-304	-53
Long-Term Debt Repaid	-5,770	-7,305	-345	-325	-450
Total Debt Repaid	-10,578	-7,359	-557	-629	-503
Net Debt Issued (Repaid)	3,977	-6,388	43	5,165	2,057
Issuance of Common Stock	326	612	2,183	2,647	60
Other Financing Activities	-260	-1,167	-41	986	829
Financing Cash Flow	4,043	-6,943	2,185	8,798	2,946
Foreign Exchange Rate Adjustments	19	14	-	-	-
Miscellaneous Cash Flow Adjustments	1	2	-2	-1	-2
Net Cash Flow	4,472	-847	1,346	564	785
Free Cash Flow	3,805	7,504	-109	-7,820	-1,991
Free Cash Flow Growth	-49.29%	-	-	-	-
Free Cash Flow Margin	13.65%	33.28%	-1.55%	-210.67%	-67.01%
Free Cash Flow Per Share	24.53	60.17	-1.00	-111.03	-35.85
Cash Interest Paid	831	647	180	134	78
Cash Income Tax Paid	-432	124	12	16	4
Levered Free Cash Flow	3,218	6,961	772.5	-7,102	-1,503
Unlevered Free Cash Flow	3,667	7,418	896.88	-7,019	-1,436
Change in Working Capital	607	4,069	-1,415	-6,289	136

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