Novarese 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	1,849	975	1,230	-	-
Depreciation & Amortization	2,503	2,481	2,344	-	-
Loss (Gain) From Sale of Assets	191	391	33	-	-
Loss (Gain) on Equity Investments	-26	-1	-1	-	-
Other Operating Activities	-621	-299	-160	-	-
Change in Accounts Receivable	-98	-56	-107	-	-
Change in Inventory	-42	-13	-10	-	-
Change in Accounts Payable	381	224	-157	-	-
Change in Other Net Operating Assets	619	189	-176	-	-
Operating Cash Flow	4,756	3,891	2,996	-	-
Operating Cash Flow Growth	22.23%	29.87%	-	-	-
Capital Expenditures	-2,484	-1,396	-1,944	-	-
Sale of Property, Plant & Equipment	1	1	-	-	-
Sale (Purchase) of Intangibles	-64	-38	-29	-	-
Other Investing Activities	-122	-37	-81	-	-
Investing Cash Flow	-2,651	-1,450	-2,034	-	-
Short-Term Debt Issued	182	211	58	-	-
Long-Term Debt Issued	1,165	10,791	11,947	-	-
Total Debt Issued	1,347	11,002	12,005	-	-
Long-Term Debt Repaid	-2,557	-10,659	-13,129	-	-
Net Debt Issued (Repaid)	-1,210	343	-1,124	-	-
Other Financing Activities	-1,009	-964	-920	-	-
Financing Cash Flow	-2,219	-621	-2,044	-	-
Foreign Exchange Rate Adjustments	-16	9	-1	-	-
Miscellaneous Cash Flow Adjustments	-	-1	-1	-	-
Net Cash Flow	-130	1,828	-1,084	-	-
Free Cash Flow	2,272	2,495	1,052	-	-
Free Cash Flow Growth	-8.94%	137.17%	-	-	-
Free Cash Flow Margin	10.31%	12.93%	5.76%	-	-
Free Cash Flow Per Share	90.70	99.80	42.08	-	-
Cash Interest Paid	363	286	235	-	-
Cash Income Tax Paid	688	376	236	-	-
Levered Free Cash Flow	3,376	2,287	26	-	-
Unlevered Free Cash Flow	3,650	2,529	229.75	-	-
Change in Working Capital	860	344	-450	-	-

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