MUGEN ESTATE 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	9,947	8,853	5,222	2,278	1,776
Depreciation & Amortization	1,077	832	742	686	655
Loss (Gain) From Sale of Assets	4	-2	-	30	-6
Loss (Gain) From Sale of Investments	-	7	13	-	-
Other Operating Activities	-3,430	-2,188	-996	-431	-803
Change in Accounts Receivable	-24	-28	-12	-3	-3
Change in Inventory	-15,605	-5,923	-410	-14,890	2,270
Change in Accounts Payable	393	-98	211	143	-156
Change in Other Net Operating Assets	882	1,147	604	696	-426
Operating Cash Flow	-6,756	2,600	5,374	-11,491	3,307
Operating Cash Flow Growth	-	-51.62%	-	-	-69.88%
Capital Expenditures	-3,827	-176	-510	-145	-1,162
Sale of Property, Plant & Equipment	4	3	-	-	28
Sale (Purchase) of Intangibles	-7	-	-5	-10	-10
Investment in Securities	-1,147	-129	48	11	-54
Other Investing Activities	2	-10	-31	-13	-20
Investing Cash Flow	-4,975	-312	-498	-157	-1,218
Short-Term Debt Issued	2,907	-	3,129	1,284	2,689
Long-Term Debt Issued	41,185	27,756	20,703	26,435	18,263
Total Debt Issued	44,092	27,756	23,832	27,719	20,952
Short-Term Debt Repaid	-	-1,334	-	-	-
Long-Term Debt Repaid	-30,209	-25,263	-25,512	-15,313	-21,232
Total Debt Repaid	-30,209	-26,597	-25,512	-15,313	-21,232
Net Debt Issued (Repaid)	13,883	1,159	-1,680	12,406	-280
Repurchase of Common Stock	-	-500	-	-198	-101
Common Dividends Paid	-3,472	-1,484	-469	-356	-239
Other Financing Activities	-8	-	-4	-5	-1
Financing Cash Flow	10,403	-825	-2,153	11,847	-621
Miscellaneous Cash Flow Adjustments	1	-1	-1	-	-2
Net Cash Flow	-1,327	1,462	2,722	199	1,466
Free Cash Flow	-10,583	2,424	4,864	-11,636	2,145
Free Cash Flow Growth	-	-50.16%	-	-	-76.69%
Free Cash Flow Margin	-15.50%	3.90%	9.42%	-37.24%	6.32%
Free Cash Flow Per Share	-450.41	102.74	205.47	-492.02	89.00
Cash Interest Paid	972	750	723	649	534
Cash Income Tax Paid	3,406	2,189	1,002	444	789
Levered Free Cash Flow	-10,973	-312.38	3,153	-12,452	5,341
Unlevered Free Cash Flow	-10,383	157	3,605	-12,042	5,665
Change in Working Capital	-14,354	-4,902	393	-14,054	1,685

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