TOP CULTURE Cash Flow Statement

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

Millions JPY. Fiscal year is Nov - Oct.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Oct '25 Oct 31, 2025	Oct '24 Oct 31, 2024	Oct '23 Oct 31, 2023	Oct '22 Oct 31, 2022	Oct '21 Oct 31, 2021
Net Income	-672	-684	-1,348	-240	-1,906
Depreciation & Amortization	441	438	491	343	645
Loss (Gain) From Sale of Assets	103	90	458	54	33
Loss (Gain) From Sale of Investments	20	10	-	-	-
Other Operating Activities	-46	-41	-34	13	-2,196
Change in Accounts Receivable	-74	-52	74	-96	23
Change in Inventory	671	348	49	284	97
Change in Accounts Payable	175	593	54	67	-1,054
Change in Other Net Operating Assets	280	93	52	-205	1,947
Operating Cash Flow	898	795	-204	220	-2,411
Operating Cash Flow Growth	12.96%	-	-	-	-
Capital Expenditures	-121	-64	-34	-68	-121
Sale of Property, Plant & Equipment	-	7	10	45	5
Cash Acquisitions	-	-	-119	-	-
Sale (Purchase) of Intangibles	-1	-	-2	-1	-2
Investment in Securities	-	30	69	-115	-10
Other Investing Activities	212	144	178	116	182
Investing Cash Flow	90	117	102	-23	204
Short-Term Debt Issued	300	-	100	1,200	1,400
Long-Term Debt Issued	-	-	300	600	-
Total Debt Issued	300	-	400	1,800	1,400
Long-Term Debt Repaid	-586	-644	-707	-1,187	-1,655
Total Debt Repaid	-586	-644	-707	-1,187	-1,655
Net Debt Issued (Repaid)	-286	-644	-307	613	-255
Issuance of Common Stock	-	-	649	-	2,039
Common Dividends Paid	-126	-172	-198	-120	-
Other Financing Activities	-361	-679	-55	-431	-476
Financing Cash Flow	-773	-1,495	89	62	1,308
Miscellaneous Cash Flow Adjustments	-	2	1	-1	2
Net Cash Flow	215	-581	-12	258	-897
Free Cash Flow	777	731	-238	152	-2,532
Free Cash Flow Growth	6.29%	-	-	-	-
Free Cash Flow Margin	4.48%	3.97%	-1.26%	0.73%	-9.59%
Free Cash Flow Per Share	49.77	46.83	-19.19	12.58	-209.52
Cash Interest Paid	129	112	109	97	100
Cash Income Tax Paid	37	32	30	4	40
Levered Free Cash Flow	1,103	641.88	274	235.13	-339
Unlevered Free Cash Flow	1,183	711.88	342.75	295.13	-276.5
Change in Working Capital	1,052	982	229	50	1,013

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