K.R.S. Cash Flow Statement

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

Millions JPY. Fiscal year is Dec - Nov.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Nov '25 Nov 30, 2025	Nov '24 Nov 30, 2024	Nov '23 Nov 30, 2023	Nov '22 Nov 30, 2022	Nov '21 Nov 30, 2021
Net Income	4,755	4,855	-56	3,075	3,184
Depreciation & Amortization	7,769	7,332	7,090	6,768	6,246
Loss (Gain) From Sale of Assets	2	115	3,525	-11	113
Loss (Gain) From Sale of Investments	-	8	-	-35	-6
Loss (Gain) on Equity Investments	-18	22	-1	-	-4
Other Operating Activities	-1,877	-1,083	-791	-1,333	-867
Change in Accounts Receivable	-1,127	-2,647	62	-493	-595
Change in Inventory	14	-42	-36	27	-71
Change in Accounts Payable	708	2,980	-90	-183	367
Change in Other Net Operating Assets	-655	785	-610	301	-799
Operating Cash Flow	9,571	12,325	9,093	8,116	7,568
Operating Cash Flow Growth	-22.35%	35.54%	12.04%	7.24%	41.06%
Capital Expenditures	-11,270	-11,269	-7,627	-6,980	-11,556
Sale of Property, Plant & Equipment	158	186	101	222	85
Cash Acquisitions	-175	-	-	-467	-
Sale (Purchase) of Intangibles	-1,242	-1,492	-765	-402	-326
Investment in Securities	-11	-12	-11	94	37
Other Investing Activities	-72	-30	-11	-247	7
Investing Cash Flow	-12,597	-12,592	-8,286	-7,756	-11,335
Short-Term Debt Issued	-	1,814	-	2,110	1,188
Long-Term Debt Issued	11,494	9,346	7,002	4,765	2,800
Total Debt Issued	11,494	11,160	7,002	6,875	3,988
Short-Term Debt Repaid	-193	-	-1,109	-	-
Long-Term Debt Repaid	-7,016	-6,937	-5,554	-5,271	-4,633
Total Debt Repaid	-7,209	-6,937	-6,663	-5,271	-4,633
Net Debt Issued (Repaid)	4,285	4,223	339	1,604	-645
Common Dividends Paid	-634	-571	-572	-571	-571
Other Financing Activities	-1,542	-1,764	-1,617	-534	-941
Financing Cash Flow	2,109	1,888	-1,850	499	-2,157
Foreign Exchange Rate Adjustments	-25	-8	-85	327	414
Miscellaneous Cash Flow Adjustments	1	1	-1	-	1
Net Cash Flow	-941	1,614	-1,129	1,186	-5,509
Free Cash Flow	-1,699	1,056	1,466	1,136	-3,988
Free Cash Flow Growth	-	-27.97%	29.05%	-	-
Free Cash Flow Margin	-0.84%	0.54%	0.79%	0.63%	-2.27%
Free Cash Flow Per Share	-68.35	42.48	58.98	45.70	-160.44
Cash Interest Paid	1,188	1,103	816	649	618
Cash Income Tax Paid	1,902	1,201	796	1,277	869
Levered Free Cash Flow	-3,017	-748.13	727.13	723	-3,214
Unlevered Free Cash Flow	-2,277	-63.13	1,238	1,129	-2,829
Change in Working Capital	-1,060	1,076	-674	-348	-1,098

Updated Nov 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.