Makuake Cash Flow Statement

Financials in millions JPY. Fiscal year is October - September.

Millions JPY. Fiscal year is Oct - Sep.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '25 Sep 30, 2025	Sep '24 Sep 30, 2024	Sep '23 Sep 30, 2023	Sep '22 Sep 30, 2022	Sep '21 Sep 30, 2021
Net Income	425	-132	-503	-1,264	326
Depreciation & Amortization	177	120	35	172	110
Loss (Gain) From Sale of Assets	18	-	-	1,009	-
Loss (Gain) From Sale of Investments	35	78	24	-47	-
Other Operating Activities	-8	-10	49	-96	-213
Change in Accounts Receivable	-78	63	-144	212	-21
Change in Accounts Payable	156	-14	5	-260	-282
Change in Other Net Operating Assets	260	-1,199	195	-553	231
Operating Cash Flow	985	-1,094	-339	-827	151
Operating Cash Flow Growth	-	-	-	-	-94.11%
Capital Expenditures	-14	-3	-7	-21	-7
Sale (Purchase) of Intangibles	-138	-383	-575	-488	-306
Investment in Securities	10	-	-	32	-148
Other Investing Activities	61	110	-	2	-125
Investing Cash Flow	-81	-276	-582	-475	-586
Issuance of Common Stock	4	18	14	33	3,915
Financing Cash Flow	4	18	14	33	3,915
Miscellaneous Cash Flow Adjustments	-	-	-	-	1
Net Cash Flow	908	-1,352	-907	-1,269	3,481
Free Cash Flow	971	-1,097	-346	-848	144
Free Cash Flow Growth	-	-	-	-	-94.37%
Free Cash Flow Margin	21.21%	-30.04%	-9.08%	-20.16%	3.12%
Free Cash Flow Per Share	76.03	-86.40	-27.46	-67.69	11.46
Cash Income Tax Paid	10	10	-49	96	214
Levered Free Cash Flow	665.38	-1,450	-755.63	-1,231	-195.38
Unlevered Free Cash Flow	665.38	-1,450	-755.63	-1,231	-195.38
Change in Working Capital	338	-1,150	56	-601	-72

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