Japan Excellent Cash Flow Statement

Financials in millions JPY. Fiscal year is January - December.

Millions JPY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	8,195	7,944	7,933	7,606	7,822	9,923
Depreciation & Amortization	3,642	3,743	3,743	3,871	3,754	3,774
Other Amortization	14.59	-	25.54	25.71	12.86	49.32
Change in Accounts Receivable	-30.36	-75	67.59	-113.17	16.44	54.25
Change in Accounts Payable	151.83	1,266	-428.86	124.27	225.61	-180.73
Change in Other Net Operating Assets	1,899	-	22,903	5,093	-576.72	14,172
Other Operating Activities	13,730	15,232	-155.09	-10.23	3.19	-62.8
Operating Cash Flow	27,602	28,110	34,088	16,596	11,257	27,729
Operating Cash Flow Growth	115.72%	-17.54%	105.40%	47.43%	-59.40%	107.75%
Acquisition of Real Estate Assets	-19,623	-16,288	-22,721	-9,540	-16,895	-11,345
Net Sale / Acq. of Real Estate Assets	-19,623	-16,288	-22,721	-9,540	-16,895	-11,345
Investment in Marketable & Equity Securities	5,115	-	40.62	-5,241	-	-44.73
Other Investing Activities	263.71	377	-150.08	123.23	204.48	-261.27
Investing Cash Flow	-14,244	-15,911	-22,858	-14,719	-16,691	-11,651
Short-Term Debt Issued	-	-	5,000	3,000	-	5,000
Long-Term Debt Issued	-	-	17,739	13,750	-	15,565
Total Debt Issued	23,544	22,144	22,739	16,750	4,000	20,565
Short-Term Debt Repaid	-	-	-3,000	-	-	-14,000
Long-Term Debt Repaid	-	-	-19,770	-13,750	-	-10,600
Total Debt Repaid	-28,800	-21,229	-22,770	-13,750	-4,000	-24,600
Net Debt Issued (Repaid)	-5,256	915	-31.2	3,000	-	-4,035
Issuance of Common Stock	-	-	-	-	-	7,909
Repurchase of Common Stock	-4,000	-	-	-2,000	-	-
Common Dividends Paid	-7,443	-7,526	-7,490	-7,591	-8,033	-7,814
Other Financing Activities	1	-2,000	-	-	-	-
Miscellaneous Cash Flow Adjustments	-1	-1	0	-	-1	-0
Net Cash Flow	-3,341	3,587	3,709	-4,714	-13,468	12,138
Cash Interest Paid	1,137	978	872.23	912.97	945.81	948.36
Cash Income Tax Paid	0.7	-	1.35	1.35	1.58	2.1
Levered Free Cash Flow	-	-6,564	10,254	11,431	-	-
Unlevered Free Cash Flow	-	-5,719	10,980	12,175	-	-
Change in Working Capital	2,021	1,191	22,542	5,104	-334.67	14,046

Updated Jun 30, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.