Value Creation Cash Flow Statement

Financials in millions JPY. Fiscal year is March - February.

Millions JPY. Fiscal year is Mar - Feb.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2021
Period Ending	Feb '25 Feb 28, 2025	Feb '24 Feb 29, 2024	Feb '23 Feb 28, 2023	Feb '21 Feb 28, 2021
Net Income	86.37	114.36	86.03	-
Depreciation & Amortization	18.8	10.96	4.12	-
Other Operating Activities	-46.12	10.63	34.28	-
Change in Accounts Receivable	-493.58	124.29	862.9	-
Change in Accounts Payable	638.55	53.63	-835.23	-
Change in Other Net Operating Assets	26.74	-	-	-
Operating Cash Flow	230.76	313.88	152.1	-
Operating Cash Flow Growth	-26.48%	106.36%	-	-
Capital Expenditures	-94.82	-3.43	-8.09	-
Cash Acquisitions	-32.9	-	-	-
Sale (Purchase) of Intangibles	-	-27.27	-	-
Investment in Securities	-150	-	-	-
Other Investing Activities	20.63	-56.77	-1.54	-
Investing Cash Flow	-257.09	-87.47	-9.63	-
Short-Term Debt Issued	-	-	20.84	-
Long-Term Debt Issued	230	250	350	-
Total Debt Issued	230	250	370.84	-
Short-Term Debt Repaid	-	-20.84	-	-
Long-Term Debt Repaid	-263.25	-324	-292.13	-
Total Debt Repaid	-263.25	-344.83	-292.13	-
Net Debt Issued (Repaid)	-33.25	-94.83	78.71	-
Issuance of Common Stock	-	247.68	-	-
Common Dividends Paid	-13.8	-	-	-
Other Financing Activities	-	-0.08	-	-
Financing Cash Flow	-47.05	152.76	78.71	-
Miscellaneous Cash Flow Adjustments	-	0	-	-
Net Cash Flow	-73.38	379.16	221.18	-
Free Cash Flow	135.94	310.45	144.02	-
Free Cash Flow Growth	-56.21%	115.56%	-	-
Free Cash Flow Margin	3.96%	10.53%	5.10%	-
Free Cash Flow Per Share	53.31	132.86	72.01	-
Cash Interest Paid	10.14	10.74	9.34	-
Cash Income Tax Paid	70.68	45.82	24.65	-
Levered Free Cash Flow	121.99	275.4	-	-
Unlevered Free Cash Flow	128.33	282.11	-	-
Change in Working Capital	171.71	177.92	27.67	-

Source: S&P Global Market Intelligence. Standard template. Financial Sources.