Daiwa Securities Group Cash Flow Statement

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

Millions JPY. Fiscal year is Apr - Mar.

Fiscal Year	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Mar '26 Mar 31, 2026	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022
Net Income	175,281	219,026	179,997	96,766	141,666
Depreciation & Amortization, Total	45,950	45,820	47,151	45,772	46,159
Gain (Loss) On Sale of Investments	-12,197	-1,806	-5,966	-2,925	-3,124
Change in Other Net Operating Assets	1,338,987	-620,620	504,419	-283,024	-491,001
Other Operating Activities	43,532	-53,565	-10,236	-21,424	-40,133
Operating Cash Flow	438,963	-454,066	705,124	-183,745	-353,467
Capital Expenditures	-68,585	-46,823	-27,781	-47,702	-62,564
Cash Acquisitions	-14,196	-	-	-	-
Sale (Purchase) of Intangibles	-43,156	-38,471	-36,714	-33,546	-23,023
Investment in Securities	-481,419	-311,655	-160,973	51,842	-148,975
Other Investing Activities	-23,601	32,416	-17,581	8,288	4,972
Investing Cash Flow	-583,599	-353,443	-223,986	7,457	-218,534
Short-Term Debt Issued	271,261	109,729	-	-	264,984
Long-Term Debt Issued	984,515	182,878	504,432	164,970	225,550
Total Debt Issued	1,255,776	292,607	504,432	164,970	490,534
Short-Term Debt Repaid	-	-	-32,234	-428,321	-
Long-Term Debt Repaid	-899,298	-65,676	-365,980	-232,138	-14,933
Total Debt Repaid	-899,298	-65,676	-398,214	-660,459	-14,933
Net Debt Issued (Repaid)	356,478	226,931	106,218	-495,489	475,601
Issuance of Common Stock	11,110	9,954	9,446	803	1,817
Repurchase of Common Stock	-50,011	-10	-60,012	-19,733	-29,297
Common Dividends Paid	-79,869	-74,521	-44,746	-39,905	-63,790
Other Financing Activities	-38,285	36,665	-13,753	-11,554	-7,241
Financing Cash Flow	199,423	199,019	-2,847	-565,878	377,090
Foreign Exchange Rate Adjustments	-21,861	-3,763	38,101	23,349	25,760
Net Cash Flow	32,926	-612,253	516,392	-718,816	-169,150
Free Cash Flow	370,378	-500,889	677,343	-231,447	-416,031
Free Cash Flow Margin	42.77%	-36.51%	53.02%	-26.72%	-67.16%
Free Cash Flow Per Share	262.33	-349.28	467.26	-156.93	-274.96
Cash Interest Paid	3,663	2,811	2,013	2,199	2,875
Cash Income Tax Paid	52,533	61,053	14,566	25,515	42,108

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