Invincible Investment 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	31,055	28,039	19,948	6,092	-2,584
Depreciation & Amortization	10,862	9,349	7,965	7,522	7,740
Other Amortization	18.09	15.61	170.27	12.5	12.5
Asset Writedown	99.85	24.99	-	-	-
Change in Accounts Receivable	-1,761	-2,674	11.08	-2,551	-575.83
Change in Accounts Payable	-1,432	-762.48	10.29	-514.63	-74.09
Change in Other Net Operating Assets	3,109	3,258	-3,241	781.55	7,116
Other Operating Activities	756.45	547.48	1,693	1,057	1,189
Operating Cash Flow	42,704	37,798	26,556	12,399	12,824
Operating Cash Flow Growth	12.98%	42.33%	114.18%	-3.31%	-51.00%
Acquisition of Real Estate Assets	-43,300	-110,598	-57,117	-1,534	-1,097
Net Sale / Acq. of Real Estate Assets	-43,300	-110,598	-57,117	-1,534	-1,097
Investment in Marketable & Equity Securities	-	-	2,800	-	-1,472
Other Investing Activities	-197.36	-661.58	-3,201	-34.14	-185.12
Investing Cash Flow	-43,498	-111,259	-57,518	-1,568	-2,754
Short-Term Debt Issued	-	-	39,559	114,515	72,926
Long-Term Debt Issued	-	-	151,636	1,790	1,582
Total Debt Issued	56,444	101,524	191,195	116,305	74,508
Short-Term Debt Repaid	-	-	-117,554	-71,786	-35,987
Long-Term Debt Repaid	-	-	-45,405	-48,667	-56,164
Total Debt Repaid	-30,987	-47,503	-162,959	-120,453	-92,151
Net Debt Issued (Repaid)	25,457	54,021	28,236	-4,148	-17,643
Issuance of Common Stock	-	55,808	34,247	-	-
Common Dividends Paid	-29,644	-23,959	-13,994	-2,024	-1,113
Other Financing Activities	-903.69	-2,017	-3,157	-863.16	-765.01
Foreign Exchange Rate Adjustments	-0.09	0.14	0.07	-0.13	-0.08
Miscellaneous Cash Flow Adjustments	1	-0	-0	-0	-0
Net Cash Flow	-5,883	10,390	14,371	3,796	-9,451
Cash Interest Paid	3,854	2,487	1,182	1,161	1,283
Cash Income Tax Paid	0.61	0.61	1.21	1.21	1.21
Levered Free Cash Flow	-	-	13,015	6,335	5,936
Unlevered Free Cash Flow	-	-	13,763	7,056	6,734
Change in Working Capital	-87.8	-178.51	-3,220	-2,285	6,467

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