Heiwa Real Estate 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	12,434	12,409	13,260	12,544	10,216
Depreciation & Amortization	5,730	5,835	5,724	5,474	5,131
Loss (Gain) From Sale of Assets	16	86	169	-293	27
Loss (Gain) From Sale of Investments	-799	-1,034	-3,543	-761	-
Other Operating Activities	-3,440	-4,948	-5,312	-1,080	-3,988
Change in Accounts Receivable	-797	328	440	-115	-1,711
Change in Inventory	3,584	6,273	11,012	18,578	-410
Change in Accounts Payable	-1,720	952	490	293	-1,508
Change in Other Net Operating Assets	1,040	-317	1,712	-451	535
Operating Cash Flow	16,048	19,584	23,952	34,189	8,292
Operating Cash Flow Growth	-18.06%	-18.24%	-29.94%	312.31%	-71.09%
Capital Expenditures	-23,717	-18,190	-38,239	-18,218	-26,894
Sale of Property, Plant & Equipment	-	-	-	984	4
Sale (Purchase) of Intangibles	-900	-74	-2,374	-2,156	-4,231
Investment in Securities	1,136	526	1,843	-630	1,304
Other Investing Activities	-1,358	-1,618	-1,480	-685	-383
Investing Cash Flow	-24,839	-19,356	-40,250	-20,705	-30,200
Short-Term Debt Issued	-	-	-	-	3,000
Long-Term Debt Issued	43,639	23,327	37,650	25,010	34,150
Total Debt Issued	43,639	23,327	37,650	25,010	37,150
Short-Term Debt Repaid	-	-3,000	-	-5,450	-
Long-Term Debt Repaid	-20,632	-19,698	-17,840	-29,050	-8,399
Total Debt Repaid	-20,632	-22,698	-17,840	-34,500	-8,399
Net Debt Issued (Repaid)	23,007	629	19,810	-9,490	28,751
Repurchase of Common Stock	-9,058	-14	-2,704	-2,820	-2,015
Common Dividends Paid	-5,974	-4,012	-3,761	-3,176	-2,366
Other Financing Activities	-259	3,677	649	-4	-43
Financing Cash Flow	7,716	280	13,994	-15,490	24,327
Miscellaneous Cash Flow Adjustments	1	-	1	532	-
Net Cash Flow	-1,074	508	-2,303	-1,474	2,419
Free Cash Flow	-7,669	1,394	-14,287	15,971	-18,602
Free Cash Flow Margin	-18.23%	3.14%	-32.09%	27.62%	-53.08%
Free Cash Flow Per Share	-113.48	19.48	-198.79	217.18	-247.93
Cash Interest Paid	1,864	1,650	1,457	1,407	1,320
Cash Income Tax Paid	3,467	4,984	5,315	1,088	4,006
Levered Free Cash Flow	-21,007	-14,895	-20,646	10,201	-31,722
Unlevered Free Cash Flow	-19,793	-13,824	-19,686	11,120	-30,856
Change in Working Capital	2,107	7,236	13,654	18,305	-3,094

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