Basic 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
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Net Income	344.96	-162.54	-424.39
Depreciation & Amortization	4.41	2.34	2.59
Loss (Gain) From Sale of Investments	-	-	-18
Provision & Write-off of Bad Debts	1.29	-0.58	0.19
Other Operating Activities	-94.79	-34.15	8.08
Change in Accounts Receivable	-22.96	-47.32	-43.86
Change in Inventory	0.29	-0.58	-
Change in Accounts Payable	-4.79	11.19	-32.27
Change in Unearned Revenue	18.16	18.71	32.03
Change in Other Net Operating Assets	-13.88	-44.73	43.37
Operating Cash Flow	232.69	-257.65	-432.27
Sale (Purchase) of Intangibles	-36.97	-	-
Investment in Securities	-	-	18
Other Investing Activities	-	-	-3.55
Investing Cash Flow	-36.97	-	14.45
Long-Term Debt Issued	-	-	400
Long-Term Debt Repaid	-255.75	-72.78	-69.97
Net Debt Issued (Repaid)	-255.75	-72.78	330.03
Financing Cash Flow	-255.75	-72.78	330.03
Miscellaneous Cash Flow Adjustments	-	-	0
Net Cash Flow	-60.04	-330.43	-87.79
Cash Interest Paid	10.04	15.33	6.44
Cash Income Tax Paid	2.42	2.3	2.29
Levered Free Cash Flow	107.9	-184.24	-
Unlevered Free Cash Flow	114.18	-174.65	-
Change in Working Capital	-23.19	-62.73	-0.74

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