Vario Secure Cash Flow Statement

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

Millions JPY. Fiscal year is Mar - Feb.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	May '25 May 31, 2025	Feb '25 Feb 28, 2025	Feb '24 Feb 29, 2024	Feb '23 Feb 28, 2023	Feb '22 Feb 28, 2022	Feb '21 Feb 28, 2021
Net Income	346.54	342.23	347.6	383.32	500.48	491.53
Depreciation & Amortization	203.13	200.79	185.26	177.44	125.45	117.67
Other Operating Activities	108.7	6.66	-68.25	98.53	12.43	-42.28
Change in Accounts Receivable	-22.82	6.14	-14.31	20.84	-3.43	-20.82
Change in Inventory	-30.69	44.81	70.92	-42.18	-98.36	-14.71
Change in Accounts Payable	36.81	1.89	24.9	-53.41	26.22	-15.33
Change in Other Net Operating Assets	-208.89	-242.99	-131.22	-62.26	-72.58	8.17
Operating Cash Flow	432.79	359.54	414.9	522.29	490.21	524.23
Operating Cash Flow Growth	2.37%	-13.35%	-20.56%	6.54%	-6.49%	-45.60%
Capital Expenditures	-74.95	-60.58	-66.19	-26.26	-12.85	-14.81
Sale (Purchase) of Intangibles	-60.4	-63.04	-107.72	-112.41	-95.43	-97.4
Other Investing Activities	-1.87	-1.87	-	-	-0	-
Investing Cash Flow	-137.22	-125.48	-173.91	-138.67	-108.29	-112.21
Long-Term Debt Issued	-	-	-	1,600	-	-
Long-Term Debt Repaid	-	-296.03	-278.11	-1,998	-451.87	-469.47
Net Debt Issued (Repaid)	-295.29	-296.03	-278.11	-397.77	-451.87	-469.47
Issuance of Common Stock	-	-	2.22	818.47	14.9	20.15
Repurchase of Common Stock	-	-	-	-0.04	-0.05	-
Common Dividends Paid	-0.09	-0.41	-182.76	-153.41	-148.11	-
Other Financing Activities	-0	-	-	-0.75	-1	-1
Financing Cash Flow	-295.38	-296.44	-458.65	266.5	-586.14	-450.32
Foreign Exchange Rate Adjustments	-	-	-	-0.01	0.13	0.01
Miscellaneous Cash Flow Adjustments	-0	-	-0	0	-	-0
Net Cash Flow	0.18	-62.39	-217.66	650.12	-204.08	-38.3
Free Cash Flow	357.83	298.96	348.72	496.04	477.36	509.42
Free Cash Flow Growth	1.94%	-14.27%	-29.70%	3.91%	-6.29%	-45.98%
Free Cash Flow Margin	13.25%	11.21%	13.21%	18.83%	18.60%	20.02%
Free Cash Flow Per Share	78.92	65.92	76.37	118.00	121.25	128.48
Cash Interest Paid	14.42	13.33	11.05	14.78	16.98	19.02
Cash Income Tax Paid	81.94	129.7	181.76	183.52	221.89	296.05
Levered Free Cash Flow	220.56	193.79	372.18	367.04	316.04	284.1
Unlevered Free Cash Flow	229.66	203.4	379.45	391.36	347.45	319.34
Change in Working Capital	-225.58	-190.15	-49.71	-137	-148.15	-42.7

Updated May 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.