Kudan Cash Flow Statement

Financials in millions JPY. Fiscal year is April - March.

Millions JPY. Fiscal year is Apr - Mar.

Fiscal Year	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Mar '26 Mar 31, 2026	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022
Net Income	-187	-800	-68	-414	-2,203
Loss (Gain) From Sale of Assets	12	57	18	20	1,474
Loss (Gain) on Equity Investments	-	-	-	-	403
Other Operating Activities	54	38	123	14	-8
Change in Accounts Receivable	-127	-58	-41	36	-6
Change in Inventory	-15	-27	-12	5	36
Change in Accounts Payable	17	4	-	-15	-14
Change in Other Net Operating Assets	-386	-29	-510	-265	-196
Operating Cash Flow	-632	-815	-490	-619	-514
Capital Expenditures	-12	-57	-18	-20	-4
Cash Acquisitions	-	-	-	-	188
Investment in Securities	-	-100	-400	-	-
Other Investing Activities	-1	-4	-7	-	-
Investing Cash Flow	-13	-161	-432	-20	-137
Short-Term Debt Issued	-	-	-	200	-
Total Debt Issued	-	-	-	200	-
Net Debt Issued (Repaid)	-	-	-	200	-
Issuance of Common Stock	18	1,850	1,759	670	17
Other Financing Activities	-	-	-	-	-8
Financing Cash Flow	18	1,850	1,759	870	9
Foreign Exchange Rate Adjustments	19	-	31	16	16
Miscellaneous Cash Flow Adjustments	1	-	-1	-	-
Net Cash Flow	-607	874	867	247	-626
Free Cash Flow	-644	-872	-508	-639	-518
Free Cash Flow Margin	-53.85%	-168.66%	-103.67%	-192.47%	-191.14%
Free Cash Flow Per Share	-57.06	-79.24	-57.25	-76.17	-65.70
Cash Interest Paid	4	4	3	3	-
Cash Income Tax Paid	-5	8	-16	44	13
Levered Free Cash Flow	-490.75	-625.88	-407.75	-469.25	-252.25
Unlevered Free Cash Flow	-488.25	-623.38	-405.88	-467.38	-252.25
Change in Working Capital	-511	-110	-563	-239	-180

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