The Kosei Securities 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	-463	444	-394	-209	196
Depreciation & Amortization, Total	61	58	53	69	71
Gain (Loss) On Sale of Investments	-17	75	-	-	-
Change in Other Net Operating Assets	-1,202	262	760	-903	290
Other Operating Activities	-72	-5	-36	-49	-
Operating Cash Flow	-1,693	831	383	-1,092	557
Capital Expenditures	-4	-61	-6	-6	-
Sale (Purchase) of Intangibles	-	-	-7	-	-
Investment in Securities	-689	-465	-240	-117	-747
Other Investing Activities	206	104	93	328	126
Investing Cash Flow	-487	-419	-160	205	-621
Repurchase of Common Stock	-	-	-	-	-2
Common Dividends Paid	-160	-47	-47	-123	-66
Other Financing Activities	-	-	-1	-	-1
Financing Cash Flow	-160	-47	-48	-123	-69
Net Cash Flow	-2,341	364	174	-1,010	-132
Free Cash Flow	-1,697	770	377	-1,098	557
Free Cash Flow Growth	-	104.24%	-	-	-24.11%
Free Cash Flow Margin	-307.99%	53.25%	89.34%	-253.58%	52.11%
Free Cash Flow Per Share	-179.58	81.48	39.89	-116.18	58.92
Cash Income Tax Paid	71	5	39	49	-

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