HOTLAND HOLDINGS Cash Flow Statement

Financials in millions JPY. Fiscal year is January - December.

Millions JPY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	1,191	2,670	1,651	1,906	3,184
Depreciation & Amortization	1,983	1,547	1,408	1,339	1,185
Loss (Gain) From Sale of Assets	829	702	949	637	378
Loss (Gain) From Sale of Investments	-	-22	-	-	-
Other Operating Activities	-1,014	-820	-562	-299	1,767
Change in Accounts Receivable	-31	-263	-216	246	316
Change in Inventory	-438	-37	-151	-45	150
Change in Accounts Payable	512	823	307	210	458
Change in Other Net Operating Assets	-432	-647	-448	-1,098	-2,287
Operating Cash Flow	2,600	3,953	2,938	2,896	5,151
Operating Cash Flow Growth	-34.23%	34.55%	1.45%	-43.78%	643.29%
Capital Expenditures	-3,913	-2,864	-2,180	-1,644	-1,514
Sale of Property, Plant & Equipment	7	109	-	21	-
Cash Acquisitions	-652	-512	-	-	-113
Sale (Purchase) of Intangibles	-84	-10	-49	-19	-6
Investment in Securities	-16	-84	-202	14	-6
Other Investing Activities	-352	-398	-246	-207	-192
Investing Cash Flow	-5,009	-3,761	-2,684	-1,835	-2,398
Short-Term Debt Issued	-	-	1,802	-	-
Long-Term Debt Issued	6,244	2,792	252	2,100	-
Total Debt Issued	6,244	2,792	2,054	2,100	-
Short-Term Debt Repaid	-374	-95	-	-808	-325
Long-Term Debt Repaid	-1,679	-1,467	-1,477	-1,809	-1,121
Total Debt Repaid	-2,053	-1,562	-1,477	-2,617	-1,446
Net Debt Issued (Repaid)	4,191	1,230	577	-517	-1,446
Issuance of Common Stock	-	-	-	23	10
Repurchase of Common Stock	-	-	-785	-	-
Common Dividends Paid	-277	-212	-152	-150	-
Other Financing Activities	-411	-373	-380	-265	-379
Financing Cash Flow	3,503	645	-740	-909	-1,815
Foreign Exchange Rate Adjustments	-21	10	1	40	15
Miscellaneous Cash Flow Adjustments	-	1	-	1	-
Net Cash Flow	1,073	848	-485	193	953
Free Cash Flow	-1,313	1,089	758	1,252	3,637
Free Cash Flow Growth	-	43.67%	-39.46%	-65.58%	-
Free Cash Flow Margin	-2.57%	2.36%	1.96%	3.89%	12.26%
Free Cash Flow Per Share	-61.75	51.23	35.05	58.01	167.98
Cash Interest Paid	143	64	38	39	34
Cash Income Tax Paid	1,051	820	562	1,186	129
Levered Free Cash Flow	-1,097	688.63	13.13	408.25	1,497
Unlevered Free Cash Flow	-1,008	728.63	36.88	432.63	1,518
Change in Working Capital	-389	-124	-508	-687	-1,363

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