VALUE GOLF Cash Flow Statement

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

Millions JPY. Fiscal year is Feb - Jan.

Fiscal Year	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Jan '26 Jan 31, 2026	Jan '25 Jan 31, 2025	Jan '24 Jan 31, 2024	Jan '23 Jan 31, 2023	Jan '22 Jan 31, 2022
Net Income	-9	40	49	163	189
Depreciation & Amortization	46	43	14	11	28
Loss (Gain) From Sale of Assets	-	32	-	-	-
Other Operating Activities	-24	-35	-49	-51	-18
Change in Accounts Receivable	-50	-36	-13	10	23
Change in Inventory	-578	29	56	-146	-134
Change in Accounts Payable	72	-44	1	-73	37
Change in Other Net Operating Assets	72	-62	-50	96	-69
Operating Cash Flow	-471	-33	8	10	56
Operating Cash Flow Growth	-	-	-20.00%	-82.14%	-84.66%
Capital Expenditures	-13	-9	-24	-1	-3
Cash Acquisitions	-	21	-	-	-
Sale (Purchase) of Intangibles	-3	-17	-6	-8	-12
Investment in Securities	-	-59	-	-	-
Other Investing Activities	-63	-16	-	-6	5
Investing Cash Flow	-79	-80	-30	-26	-10
Short-Term Debt Issued	500	-	200	100	159
Long-Term Debt Issued	96	-	-	-	80
Total Debt Issued	596	-	200	100	239
Short-Term Debt Repaid	-	-100	-	-	-
Long-Term Debt Repaid	-130	-121	-43	-56	-86
Total Debt Repaid	-130	-221	-43	-56	-86
Net Debt Issued (Repaid)	466	-221	157	44	153
Issuance of Common Stock	-	-	-	-	7
Common Dividends Paid	-45	-45	-35	-36	-17
Other Financing Activities	-1	-	-2	-1	-1
Financing Cash Flow	420	-266	120	7	142
Foreign Exchange Rate Adjustments	-	-	2	1	-
Miscellaneous Cash Flow Adjustments	1	-2	-	1	-1
Net Cash Flow	-129	-381	100	-7	187
Free Cash Flow	-484	-42	-16	9	53
Free Cash Flow Growth	-	-	-	-83.02%	-85.32%
Free Cash Flow Margin	-10.94%	-1.02%	-0.44%	0.20%	1.24%
Free Cash Flow Per Share	-267.88	-23.25	-8.86	4.98	29.37
Cash Interest Paid	18	10	7	7	6
Cash Income Tax Paid	25	36	48	52	19
Levered Free Cash Flow	-499.13	-5	-2.63	14.5	22.5
Unlevered Free Cash Flow	-487.88	1.25	1.75	18.88	26.25
Change in Working Capital	-484	-113	-6	-113	-143

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