Forval Cash Flow Statement

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

Millions JPY. Fiscal year is Apr - Mar.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022	Mar '21 Mar 31, 2021
Net Income	4,055	3,734	2,940	3,280	2,470
Depreciation & Amortization	2,106	1,683	1,491	1,354	693
Loss (Gain) From Sale of Assets	115	130	31	-52	14
Loss (Gain) From Sale of Investments	-230	-106	-188	-	6
Loss (Gain) on Equity Investments	-119	-138	-119	-130	-2
Other Operating Activities	-1,010	-1,013	-1,024	-837	-1,147
Change in Accounts Receivable	-1,091	1,798	-1,007	-393	-194
Change in Inventory	-201	-91	-10	-24	-214
Change in Accounts Payable	1,117	-833	1,455	177	90
Change in Other Net Operating Assets	-603	-1,997	-286	-786	1,000
Operating Cash Flow	4,139	3,167	3,283	2,589	2,716
Operating Cash Flow Growth	30.69%	-3.53%	26.81%	-4.68%	99.56%
Capital Expenditures	-254	-926	-234	-278	-124
Sale of Property, Plant & Equipment	-	-	-	230	-
Cash Acquisitions	399	503	-61	-830	-421
Sale (Purchase) of Intangibles	-544	-689	-576	-588	-350
Investment in Securities	-843	273	-13	92	80
Other Investing Activities	-211	-192	-46	534	83
Investing Cash Flow	-1,364	-1,062	-912	-912	-712
Long-Term Debt Issued	1,700	100	-	-	200
Total Debt Issued	1,700	100	-	-	200
Short-Term Debt Repaid	-1,300	-464	-406	-1,606	-156
Long-Term Debt Repaid	-2,334	-345	-146	-243	-108
Total Debt Repaid	-3,634	-809	-552	-1,849	-264
Net Debt Issued (Repaid)	-1,934	-709	-552	-1,849	-64
Repurchase of Common Stock	-205	-	-	-	-
Common Dividends Paid	-732	-692	-665	-663	-653
Other Financing Activities	-443	-53	-172	-159	-128
Financing Cash Flow	-3,314	-1,454	-1,389	-2,671	-845
Foreign Exchange Rate Adjustments	-	12	7	8	3
Miscellaneous Cash Flow Adjustments	1	6	-	146	-
Net Cash Flow	-538	669	989	-840	1,162
Free Cash Flow	3,885	2,241	3,049	2,311	2,592
Free Cash Flow Growth	73.36%	-26.50%	31.93%	-10.84%	111.42%
Free Cash Flow Margin	5.35%	3.53%	5.12%	4.48%	5.21%
Free Cash Flow Per Share	148.81	87.14	118.75	90.22	101.83
Cash Interest Paid	55	18	18	21	29
Cash Income Tax Paid	1,044	1,013	1,025	882	1,170
Levered Free Cash Flow	3,802	703.88	2,767	1,949	1,925
Unlevered Free Cash Flow	3,837	714.5	2,778	1,962	1,943
Change in Working Capital	-778	-1,123	152	-1,026	682

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