Densan System 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	3,711	2,626	3,167	3,258	3,081
Depreciation & Amortization	829	896	833	797	749
Loss (Gain) From Sale of Assets	2	460	417	-38	30
Loss (Gain) From Sale of Investments	116	-549	429	122	103
Loss (Gain) on Equity Investments	24	16	13	-133	-
Other Operating Activities	-677	-1,457	-1,162	-1,240	-1,344
Change in Accounts Receivable	-77	-952	269	-1,748	-1,150
Change in Inventory	-64	-154	449	-676	842
Change in Accounts Payable	1,851	1,011	-485	1,202	28
Change in Other Net Operating Assets	-1,550	1,124	1,576	363	189
Operating Cash Flow	4,165	3,021	5,506	1,907	2,528
Operating Cash Flow Growth	37.87%	-45.13%	188.73%	-24.57%	-7.40%
Capital Expenditures	-229	-295	-357	-297	-356
Sale of Property, Plant & Equipment	3	9	8	-	-
Cash Acquisitions	-225	-	-	-1,031	-658
Divestitures	-27	-	-	-	-
Sale (Purchase) of Intangibles	-403	-328	-466	-236	-256
Investment in Securities	-138	799	-23	-151	2
Other Investing Activities	164	54	-14	-3	42
Investing Cash Flow	-855	239	-852	-1,718	-1,226
Long-Term Debt Issued	-	-	600	948	-
Total Debt Issued	-	-	600	948	-
Short-Term Debt Repaid	-	-	-	-47	-6
Long-Term Debt Repaid	-319	-452	-557	-505	-406
Total Debt Repaid	-319	-452	-557	-552	-412
Net Debt Issued (Repaid)	-319	-452	43	396	-412
Issuance of Common Stock	129	108	55	-	-
Repurchase of Common Stock	-	-	-599	-	-
Common Dividends Paid	-863	-421	-388	-399	-304
Other Financing Activities	-	-	-52	-2	-3
Financing Cash Flow	-1,053	-765	-941	-5	-719
Foreign Exchange Rate Adjustments	-	12	-1	-6	-
Miscellaneous Cash Flow Adjustments	-1	1	-1	-1	-1
Net Cash Flow	2,256	2,508	3,711	177	582
Free Cash Flow	3,936	2,726	5,149	1,610	2,172
Free Cash Flow Growth	44.39%	-47.06%	219.81%	-25.87%	7.15%
Free Cash Flow Margin	5.78%	4.45%	8.64%	3.01%	4.31%
Free Cash Flow Per Share	368.28	256.14	482.19	149.24	201.39
Cash Interest Paid	22	14	11	9	5
Cash Income Tax Paid	748	1,359	1,169	1,035	1,345
Levered Free Cash Flow	3,987	3,412	4,145	70.13	1,432
Unlevered Free Cash Flow	4,001	3,421	4,152	75.75	1,436
Change in Working Capital	160	1,029	1,809	-859	-91

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