VALUE GOLF Cash Flow Statement

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

Millions JPY. Fiscal year is Feb - Jan.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jan '25 Jan 31, 2025	Jan '24 Jan 31, 2024	Jan '23 Jan 31, 2023	Jan '22 Jan 31, 2022	Jan '21 Jan 31, 2021
Net Income	40	49	163	189	28
Depreciation & Amortization	43	14	11	28	67
Loss (Gain) From Sale of Assets	32	-	-	-	60
Other Operating Activities	-35	-49	-51	-18	-21
Change in Accounts Receivable	-36	-13	10	23	109
Change in Inventory	29	56	-146	-134	61
Change in Accounts Payable	-44	1	-73	37	77
Change in Other Net Operating Assets	-62	-50	96	-69	-16
Operating Cash Flow	-33	8	10	56	365
Operating Cash Flow Growth	-	-20.00%	-82.14%	-84.66%	225.89%
Capital Expenditures	-9	-24	-1	-3	-4
Cash Acquisitions	21	-	-	-	-
Sale (Purchase) of Intangibles	-17	-6	-8	-12	-
Investment in Securities	-59	-	-	-	-
Other Investing Activities	-16	-	-6	5	1
Investing Cash Flow	-80	-30	-26	-10	-3
Short-Term Debt Issued	-	200	100	159	-
Long-Term Debt Issued	-	-	-	80	70
Total Debt Issued	-	200	100	239	70
Short-Term Debt Repaid	-100	-	-	-	-9
Long-Term Debt Repaid	-121	-43	-56	-86	-93
Total Debt Repaid	-221	-43	-56	-86	-102
Net Debt Issued (Repaid)	-221	157	44	153	-32
Issuance of Common Stock	-	-	-	7	-
Common Dividends Paid	-45	-35	-36	-17	-17
Other Financing Activities	-	-2	-1	-1	-1
Financing Cash Flow	-266	120	7	142	-50
Foreign Exchange Rate Adjustments	-	2	1	-	-
Miscellaneous Cash Flow Adjustments	-2	-	1	-1	-
Net Cash Flow	-381	100	-7	187	312
Free Cash Flow	-42	-16	9	53	361
Free Cash Flow Growth	-	-	-83.02%	-85.32%	234.26%
Free Cash Flow Margin	-1.02%	-0.44%	0.20%	1.24%	8.45%
Free Cash Flow Per Share	-23.25	-8.86	4.98	29.37	201.39
Cash Interest Paid	10	7	7	6	5
Cash Income Tax Paid	36	48	52	19	34
Levered Free Cash Flow	-5	-2.63	14.5	22.5	340.5
Unlevered Free Cash Flow	1.25	1.75	18.88	26.25	343.63
Change in Working Capital	-113	-6	-113	-143	231

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