ELEMENTS Cash Flow Statement

Financials in millions JPY. Fiscal year is December - November.

Millions JPY. Fiscal year is Dec - Nov.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Nov '25 Nov 30, 2025	Nov '24 Nov 30, 2024	Nov '23 Nov 30, 2023	Nov '22 Nov 30, 2022	Nov '21 Nov 30, 2021
Net Income	-1,013	-27	-368	-672	-
Depreciation & Amortization	362	221	15	8	-
Loss (Gain) From Sale of Assets	823	-	-	-	-
Loss (Gain) From Sale of Investments	-	-	5	6	-
Loss (Gain) on Equity Investments	13	25	28	-4	-
Other Operating Activities	-46	-126	-3	9	-
Change in Accounts Receivable	120	46	-204	27	-
Change in Inventory	3	-2	2	-	-
Change in Accounts Payable	-573	44	13	15	-
Change in Other Net Operating Assets	-186	41	171	44	-
Operating Cash Flow	-497	222	-341	-567	-
Capital Expenditures	-183	-238	-43	-10	-
Cash Acquisitions	-1,039	-362	-	-	-
Divestitures	-	-	-452	-	-
Sale (Purchase) of Intangibles	-772	-298	-120	-	-
Investment in Securities	-	50	-50	-	-
Other Investing Activities	94	11	-19	-	-
Investing Cash Flow	-1,900	-837	-684	-10	-
Short-Term Debt Issued	409	-	15	284	-
Long-Term Debt Issued	870	575	936	170	-
Total Debt Issued	1,279	575	951	454	-
Short-Term Debt Repaid	-	-499	-	-	-
Long-Term Debt Repaid	-88	-65	-2	-84	-
Total Debt Repaid	-88	-564	-2	-84	-
Net Debt Issued (Repaid)	1,191	11	949	370	-
Issuance of Common Stock	1,736	389	659	-	-
Other Financing Activities	-1	219	96	-	-
Financing Cash Flow	2,926	619	1,704	370	-
Miscellaneous Cash Flow Adjustments	-	-	-1	-33	-
Net Cash Flow	529	4	678	-240	-
Free Cash Flow	-680	-16	-384	-577	-
Free Cash Flow Margin	-17.46%	-0.63%	-19.79%	-34.95%	-
Free Cash Flow Per Share	-27.31	-0.68	-18.22	-40.56	-
Cash Interest Paid	42	25	18	12	-
Cash Income Tax Paid	46	127	1	1	-
Levered Free Cash Flow	-1,208	-238.63	-526.38	-360.75	-
Unlevered Free Cash Flow	-1,182	-223	-517.63	-354.5	-
Change in Working Capital	-636	129	-18	86	-

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