J Trust 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	11,633	8,368	9,772	16,995	5,899
Depreciation & Amortization	3,910	4,798	5,369	4,532	2,791
Loss (Gain) From Sale of Assets	402	149	68	901	699
Loss (Gain) on Equity Investments	-201	-362	-615	-544	-347
Other Operating Activities	941	1,580	2,647	-2,059	5,161
Change in Accounts Receivable	-12,139	-4,564	-2,638	-1,268	-1,227
Change in Inventory	-1,691	1,714	-2,720	-2,761	-
Change in Accounts Payable	471	29	-654	-721	-261
Change in Other Net Operating Assets	8,971	5,412	-57,979	34,461	5,368
Operating Cash Flow	10,624	17,124	-47,079	49,518	15,408
Operating Cash Flow Growth	-37.96%	-	-	221.38%	126.16%
Capital Expenditures	-4,711	-2,455	-815	-794	-2,629
Sale of Property, Plant & Equipment	461	37	6,428	671	588
Cash Acquisitions	-	-	-333	18,757	-
Divestitures	591	-	280	-	6,490
Sale (Purchase) of Intangibles	-623	-578	-347	-519	-301
Investment in Securities	2,739	-1,934	-3,179	4,044	-2,527
Other Investing Activities	5,633	-2,473	2,465	-31,280	-11,623
Investing Cash Flow	9,090	-7,403	-501	-9,121	-10,002
Short-Term Debt Issued	10,191	2,762	-	-	-
Long-Term Debt Issued	29,000	34,108	25,445	17,791	31,489
Total Debt Issued	39,191	36,870	25,445	17,791	31,489
Short-Term Debt Repaid	-	-	-1,506	-395	-3,502
Long-Term Debt Repaid	-27,179	-29,373	-17,073	-8,980	-33,510
Total Debt Repaid	-27,179	-29,373	-18,579	-9,375	-37,012
Net Debt Issued (Repaid)	12,012	7,497	6,866	8,416	-5,523
Repurchase of Common Stock	-	-2,003	-7	-5	-
Common Dividends Paid	-1,858	-1,784	-1,286	-105	-
Other Financing Activities	-1,057	-1,482	-1,229	-1,017	-606
Financing Cash Flow	9,097	2,228	4,344	7,289	-6,129
Foreign Exchange Rate Adjustments	375	7,637	7,083	9,625	6,068
Miscellaneous Cash Flow Adjustments	1	-	9,932	-	8,709
Net Cash Flow	29,187	19,586	-26,221	57,311	14,054
Free Cash Flow	5,913	14,669	-47,894	48,724	12,779
Free Cash Flow Growth	-59.69%	-	-	281.28%	102.87%
Free Cash Flow Margin	4.76%	11.45%	-41.91%	59.12%	30.19%
Free Cash Flow Per Share	36.72	108.39	-353.50	427.20	120.70
Cash Interest Paid	44,959	49,605	42,768	21,857	13,431
Cash Income Tax Paid	2,276	1,408	2,172	2,267	1,544
Levered Free Cash Flow	21,926	11,216	-76,870	11,053	201,477
Unlevered Free Cash Flow	22,141	11,450	-76,656	11,136	201,556
Change in Working Capital	-4,388	2,591	-63,991	29,711	3,880

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