Milbon 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	3,438	6,968	5,432	7,823	7,133
Depreciation & Amortization	2,317	2,289	2,275	2,080	1,777
Loss (Gain) From Sale of Assets	-276.95	19	39	6	-
Loss (Gain) From Sale of Investments	806.18	-19	-	-	24
Loss (Gain) on Equity Investments	29.64	11	110	112	151
Other Operating Activities	-1,034	-1,114	-2,543	-2,458	-1,904
Change in Accounts Receivable	101.48	-646	-63	-546	-467
Change in Inventory	-123.48	-1,053	-469	-2,148	-612
Change in Accounts Payable	-47.68	474	-251	108	122
Change in Other Net Operating Assets	173.95	696	235	31	412
Operating Cash Flow	5,384	7,625	4,765	5,008	6,636
Operating Cash Flow Growth	-29.39%	60.02%	-4.85%	-24.53%	1.34%
Capital Expenditures	-2,948	-2,194	-2,598	-3,061	-3,828
Sale of Property, Plant & Equipment	400.63	-	-	1	-
Sale (Purchase) of Intangibles	-386	-346	-612	-761	-659
Investment in Securities	-228.75	36	-	200	660
Other Investing Activities	148.51	-27	170	-174	-23
Investing Cash Flow	-3,014	-2,531	-3,109	-3,865	-3,995
Short-Term Debt Repaid	-	-	-	-42	-
Total Debt Repaid	-	-	-	-42	-
Net Debt Issued (Repaid)	-	-	-	-42	-
Repurchase of Common Stock	-2,000	-	-1	-1	-3
Common Dividends Paid	-2,865	-2,861	-2,796	-2,534	-1,916
Other Financing Activities	0.12	-1	-	-1	-
Financing Cash Flow	-4,865	-2,862	-2,797	-2,578	-1,919
Foreign Exchange Rate Adjustments	230.39	253	175	381	283
Miscellaneous Cash Flow Adjustments	-0	1	-	-	-
Net Cash Flow	-2,265	2,486	-966	-1,054	1,005
Free Cash Flow	2,436	5,431	2,167	1,947	2,808
Free Cash Flow Growth	-55.15%	150.62%	11.30%	-30.66%	-45.58%
Free Cash Flow Margin	4.61%	10.58%	4.54%	4.30%	6.75%
Free Cash Flow Per Share	75.28	166.82	66.60	59.87	86.38
Cash Income Tax Paid	2,112	1,112	2,428	2,456	1,905
Levered Free Cash Flow	674.86	4,389	646.13	616	1,813
Unlevered Free Cash Flow	674.86	4,389	646.13	616	1,813
Change in Working Capital	104.26	-529	-548	-2,555	-545

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