Broad Enterprise 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	770	564	363	125	533
Depreciation & Amortization	65	72	80	69	42
Loss (Gain) From Sale of Assets	2	1	6	3	3
Other Operating Activities	-5	3	-13	-208	-43
Change in Accounts Receivable	-3,132	-1,183	-1,687	-1,232	-1,134
Change in Inventory	184	41	-54	-479	-1
Change in Accounts Payable	330	101	5	204	120
Change in Other Net Operating Assets	-738	-695	669	958	53
Operating Cash Flow	-2,524	-1,096	-631	-560	-427
Capital Expenditures	-106	-2	-7	-46	-258
Cash Acquisitions	-	-10	-	-	-
Sale (Purchase) of Intangibles	-	-4	-7	-1	-6
Investment in Securities	-	-	-	2	83
Other Investing Activities	-24	-10	-7	-163	-5
Investing Cash Flow	-130	-26	-21	-208	-186
Short-Term Debt Issued	2,181	908	405	104	300
Long-Term Debt Issued	1,150	900	850	500	510
Total Debt Issued	3,331	1,808	1,255	604	810
Long-Term Debt Repaid	-730	-740	-543	-542	-467
Net Debt Issued (Repaid)	2,601	1,068	712	62	343
Issuance of Common Stock	2	2	16	1	1,315
Other Financing Activities	-19	-19	47	17	-
Financing Cash Flow	2,584	1,051	775	80	1,658
Miscellaneous Cash Flow Adjustments	-1	-	-1	-	-1
Net Cash Flow	-71	-71	122	-688	1,044
Free Cash Flow	-2,630	-1,098	-638	-606	-685
Free Cash Flow Margin	-35.48%	-23.38%	-16.12%	-20.25%	-27.40%
Free Cash Flow Per Share	-427.69	-178.12	-103.84	-198.96	-264.64
Cash Interest Paid	63	30	25	13	17
Cash Income Tax Paid	2	-2	14	210	46
Levered Free Cash Flow	-2,694	-1,242	-709.75	1,732	-646.13
Unlevered Free Cash Flow	-2,658	-1,223	-694.13	1,740	-635.5
Change in Working Capital	-3,356	-1,736	-1,067	-549	-962

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