Cash Flow Statement

Operating Cash Flow

+39%

+10%

10Y

Currency: JPY

	Dec-2005	Jun-2006	Dec-2006	Jun-2007	Dec-2007	Jun-2008	Dec-2008	Jun-2009	Dec-2009	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Sep-2020	Mar-2021	Sep-2021	Mar-2022	Sep-2022	Mar-2023	Sep-2023	Mar-2024	Sep-2024	Mar-2025	Sep-2025
Operating Cash Flow
Net Income	(2 851)	(597)	3 539	513	1 147	(597)	(266)	459	(95)	(1 305)	1 387	240	9 171	12 737	13 438	12 889	13 966	14 145	15 159	16 187	15 512	15 174	13 755	13 451	14 092	14 202	15 122	15 680	15 032	15 624	14 868	15 380	16 443	16 916	17 066	16 135	15 870	15 359	14 949	15 369	11 829	11 738	12 706	12 628	12 922	11 515	12 087	11 855	12 863	22 338	24 544	21 291	20 657	18 041	17 331	18 845	21 262	20 838	22 435	25 230
Depreciation & Amortization	225	23	437	301	854	399	1 244	120	282	21	2 378	267	9 562	9 801	9 865	10 054	10 195	10 194	10 291	10 480	10 674	10 792	10 974	11 106	11 215	11 543	11 846	12 093	12 302	12 413	12 539	12 629	12 849	12 959	13 047	13 208	13 278	13 544	13 761	13 944	14 133	14 262	14 520	14 714	15 395	16 076	16 810	17 702	18 056	18 381	18 668	19 588	20 880	21 559	21 402	21 463	22 441	23 173	23 854	24 977
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	21	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	2 600	13	(2 278)	21	(169)	245	879	(201)	(270)	1 588	1 715	1 017	3 864	2 138	2 481	2 543	2 555	2 888	2 676	2 701	1 856	1 826	1 561	1 590	(767)	(917)	(854)	(1 744)	925	995	1 215	2 025	1 347	982	899	921	1 653	1 582	1 657	1 701	3 762	3 643	3 734	3 735	2 750	3 115	2 981	3 188	4 567	4 989	4 785	4 170	4 159	3 842	6 233	6 364	5 847	5 166	4 506	5 344
Cash Taxes Paid	1 333	(336)	(242)	538	864	19	46	(1 257)	(1 750)	861	846	1 054	4 245	6 370	6 382	7 361	7 408	6 851	6 853	6 955	7 046	6 661	6 653	6 489	6 336	6 101	6 106	5 700	5 712	5 271	5 236	5 107	5 116	6 414	5 911	6 095	6 186	5 613	5 919	6 061	5 920	5 398	5 354	5 057	5 041	6 142	5 945	6 249	6 708	6 960	7 069	11 006	12 687	8 006	7 477	8 713	8 431	7 832	8 206	8 895
Cash Interest Paid	11	(15)	(3)	47	173	17	37	(21)	(78)	(6)	133	(36)	512	507	497	474	487	481	512	559	594	644	688	702	737	748	760	786	784	783	791	767	766	745	728	738	704	721	688	690	680	676	683	670	673	748	737	812	818	837	834	809	753	728	733	713	716	782	961	1 167
Change in Working Capital	566	2 006	(741)	(1 424)	(237)	823	(3 097)	2 205	5 643	(1 300)	(3 628)	(1 337)	(2 275)	(5 471)	(5 950)	(5 810)	(7 525)	(5 425)	(6 071)	(8 501)	(6 904)	(6 153)	(8 016)	(6 631)	(5 342)	(6 633)	(4 907)	(1 960)	(6 003)	(6 793)	(7 167)	(8 664)	(7 649)	(6 201)	(6 640)	(7 148)	(8 531)	(7 605)	(3 225)	(4 372)	(1 937)	(2 832)	(3 986)	(4 577)	(3 699)	(3 823)	(1 541)	(1 768)	(1 612)	(5 570)	(3 861)	(17 270)	(21 334)	(11 486)	(8 738)	(7 211)	(11 102)	(9 521)	(13 024)	(11 221)
Cash from Operating Activities	540 N/A	1 445 +168%	957 -34%	(589) N/A	1 595 N/A	870 -45%	(1 240) N/A	2 583 N/A	5 560 +115%	(996) N/A	1 852 N/A	187 -90%	20 322 +10 767%	19 205 -5%	19 834 +3%	19 676 -1%	19 191 -2%	21 802 +14%	22 055 +1%	20 867 -5%	21 138 +1%	21 639 +2%	18 274 -16%	19 516 +7%	19 198 -2%	18 195 -5%	21 207 +17%	24 069 +13%	22 256 -8%	22 239 0%	21 455 -4%	21 370 0%	22 990 +8%	24 656 +7%	24 372 -1%	23 116 -5%	22 270 -4%	22 880 +3%	27 142 +19%	26 642 -2%	27 787 +4%	26 811 -4%	26 974 +1%	26 500 -2%	27 368 +3%	26 883 -2%	30 337 +13%	30 977 +2%	33 874 +9%	40 138 +18%	44 136 +10%	27 779 -37%	24 362 -12%	31 956 +31%	36 228 +13%	39 461 +9%	38 448 -3%	39 656 +3%	37 771 -5%	44 330 +17%
Investing Cash Flow
Capital Expenditures	4 349	(359)	(4 268)	(672)	(672)	(2 362)	(3 571)	3 500	6 721	(477)	(3 258)	(1 672)	(12 837)	(12 744)	(12 513)	(13 375)	(15 690)	(16 552)	(19 400)	(20 699)	(18 962)	(19 548)	(21 098)	(20 671)	(21 911)	(22 012)	(20 861)	(19 596)	(17 942)	(17 915)	(16 275)	(15 976)	(17 086)	(16 521)	(17 050)	(18 063)	(20 682)	(22 528)	(23 948)	(25 234)	(23 040)	(21 366)	(19 789)	(19 689)	(23 606)	(25 754)	(26 914)	(26 623)	(24 149)	(26 744)	(28 231)	(26 728)	(26 845)	(25 975)	(25 476)	(26 204)	(25 201)	(28 464)	(34 036)	(37 998)
Other Items	1 565	(1 882)	(4 277)	1 629	1 611	467	2 826	(196)	(1 892)	818	369	591	(1 589)	(1 875)	(2 684)	(3 083)	(2 103)	(2 975)	(1 817)	(2 478)	(1 999)	(1 278)	(1 838)	(1 670)	(1 835)	(2 088)	(1 995)	753	2 282	1 923	2 310	(30)	(1 959)	(1 101)	(1 415)	(1 211)	(887)	(1 725)	(1 519)	(1 441)	(1 218)	(560)	(2 251)	(2 036)	(8 015)	(8 092)	(6 720)	(8 387)	(2 466)	(1 515)	94	(537)	116	735	(241)	(422)	(854)	(2 029)	(5 856)	(5 018)
Cash from Investing Activities	5 914 N/A	(2 241) N/A	(8 545) -281%	957 N/A	939 -2%	(1 895) N/A	(745) +61%	3 304 N/A	4 829 +46%	341 -93%	(2 889) N/A	(1 081) +63%	(14 426) -1 235%	(14 619) -1%	(15 197) -4%	(16 458) -8%	(17 793) -8%	(19 527) -10%	(21 217) -9%	(23 177) -9%	(20 961) +10%	(20 826) +1%	(22 936) -10%	(22 341) +3%	(23 746) -6%	(24 100) -1%	(22 856) +5%	(18 843) +18%	(15 660) +17%	(15 992) -2%	(13 965) +13%	(16 006) -15%	(19 045) -19%	(17 622) +7%	(18 465) -5%	(19 274) -4%	(21 569) -12%	(24 253) -12%	(25 467) -5%	(26 675) -5%	(24 258) +9%	(21 926) +10%	(22 040) -1%	(21 725) +1%	(31 621) -46%	(33 846) -7%	(33 634) +1%	(35 010) -4%	(26 615) +24%	(28 259) -6%	(28 137) +0%	(27 265) +3%	(26 729) +2%	(25 240) +6%	(25 717) -2%	(26 626) -4%	(26 055) +2%	(30 493) -17%	(39 892) -31%	(43 016) -8%
Financing Cash Flow
Net Issuance of Common Stock	2 372	0	(7 025)	0	0	0	(685)	0	0	0	0	(1)	(2)	0	0	0	(1)	0	0	0	0	0	0	0	0	0	0	0	87	0	0	0	(1 181)	0	0	0	29	0	0	0	25	0	0	25	6 471	0	0	0	0	0	4	0	15	0	(284)	0	17	(2 259)	(2 110)	179
Net Issuance of Debt	(9 964)	1 532	13 841	132	2 789	3 051	1 932	(1 775)	(11 507)	88	(4 339)	1 240	(586)	(1 954)	2 551	318	(1 088)	90	3 341	3 835	4 343	3 267	949	5 373	7 528	6 664	5 762	(943)	(2 184)	(1 929)	(150)	1 503	(3 821)	6 320	(3 312)	(2 697)	(1 237)	(10 029)	(1 268)	497	(1 193)	(2 036)	(847)	(1 711)	3 222	4 469	2 968	5 669	2 894	553	(7 139)	(6 778)	(584)	(5 745)	(8 339)	(4 889)	(798)	(1 049)	1 702	5 366
Cash Paid for Dividends	(122)	(95)	(145)	(30)	(131)	(57)	(106)	(23)	(20)	(3)	(55)	1	(1 019)	(1 124)	(1 120)	(1 224)	(1 222)	(1 331)	(1 325)	(1 444)	(1 430)	(1 491)	(1 489)	(1 542)	(1 544)	(1 592)	(1 595)	(1 655)	(1 646)	(1 716)	(1 699)	(1 761)	(1 753)	(1 850)	(1 848)	(1 943)	(1 943)	(2 044)	(2 045)	(2 141)	(2 149)	(2 302)	(2 305)	(2 361)	(2 356)	(2 523)	(2 525)	(2 687)	(2 690)	(2 796)	(2 848)	(2 904)	(2 958)	(3 011)	(3 066)	(3 120)	(3 172)	(3 494)	(3 524)	(3 593)
Other	(43)	19	(61)	6	4	(2)	(53)	(44)	(150)	(52)	(182)	(144)	0	(33)	(41)	(62)	28	8	(11)	(39)	1	(52)	(117)	(186)	(1)	(67)	(109)	(124)	(2)	(8)	0	(61)	(3)	(49)	(133)	(192)	(17)	(66)	(76)	(129)	94	24	(81)	(116)	(35)	(130)	307	590	(755)	(401)	(489)	(593)	(588)	(569)	(640)	(618)	(605)	(640)	(759)	(757)
Cash from Financing Activities	(7 757) N/A	1 456 N/A	6 610 +354%	108 -98%	3 272 +2 930%	2 992 -9%	1 088 -64%	(1 842) N/A	(10 992) -497%	33 N/A	(4 576) N/A	1 096 N/A	(1 607) N/A	(3 113) -94%	1 388 N/A	(969) N/A	(2 283) -136%	(1 234) +46%	2 004 N/A	2 351 +17%	2 914 +24%	1 724 -41%	(657) N/A	3 645 N/A	5 983 +64%	5 005 -16%	4 058 -19%	(2 722) N/A	(3 745) -38%	(3 566) +5%	(1 762) +51%	(232) +87%	(6 758) -2 813%	3 240 N/A	(6 474) N/A	(6 013) +7%	(3 168) +47%	(12 110) -282%	(3 360) +72%	(1 744) +48%	(3 223) -85%	(4 289) -33%	(3 208) +25%	(4 163) -30%	7 302 N/A	8 287 +13%	7 221 -13%	10 043 +39%	(551) N/A	(2 644) -380%	(10 472) -296%	(10 271) +2%	(4 115) +60%	(9 310) -126%	(12 329) -32%	(8 911) +28%	(4 558) +49%	(7 442) -63%	(4 691) +37%	1 195 N/A
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	7	15	32	(15)	(10)	(4)	(29)	33	51	(145)	(77)	11	(123)	53	0	(119)	(21)	(43)	(255)	(199)	(76)	23	178	155	(73)	(28)	(2)	87	113	(50)	(176)	(456)	(116)	(487)	(246)	(337)	(252)	0	9	(76)	(84)	4	3	(2)	(37)
Net Change in Cash	(1 303) N/A	660 N/A	(978) N/A	476 N/A	5 806 +1 120%	1 967 -66%	(897) N/A	4 045 N/A	(603) N/A	(622) -3%	(5 613) -802%	202 N/A	4 289 +2 023%	1 473 -66%	6 025 +309%	2 256 -63%	(870) N/A	1 073 N/A	2 827 +163%	31 -99%	3 087 +9 858%	2 508 -19%	(5 286) N/A	871 N/A	1 290 +48%	(977) N/A	2 420 N/A	2 381 -2%	2 904 +22%	2 681 -8%	5 609 +109%	5 111 -9%	(2 856) N/A	10 019 N/A	(766) N/A	(2 247) -193%	(2 444) -9%	(13 305) -444%	(1 530) +89%	(1 850) -21%	278 N/A	594 +114%	1 813 +205%	725 -60%	2 999 +314%	1 148 -62%	3 468 +202%	5 894 +70%	6 221 +6%	8 989 +44%	5 190 -42%	(10 009) N/A	(6 482) +35%	(2 585) +60%	(1 894) +27%	3 840 N/A	7 839 +104%	1 724 -78%	(6 814) N/A	2 472 N/A
Free Cash Flow
Free Cash Flow	4 889 N/A	1 086 -78%	(3 311) N/A	(1 261) +62%	923 N/A	(1 492) N/A	(4 811) -222%	6 083 N/A	12 281 +102%	(1 473) N/A	(1 406) +5%	(1 485) -6%	7 485 N/A	6 461 -14%	7 321 +13%	6 301 -14%	3 501 -44%	5 250 +50%	2 655 -49%	168 -94%	2 176 +1 195%	2 091 -4%	(2 824) N/A	(1 155) +59%	(2 713) -135%	(3 817) -41%	346 N/A	4 473 +1 193%	4 314 -4%	4 324 +0%	5 180 +20%	5 394 +4%	5 904 +9%	8 135 +38%	7 322 -10%	5 053 -31%	1 588 -69%	352 -78%	3 194 +807%	1 408 -56%	4 747 +237%	5 445 +15%	7 185 +32%	6 811 -5%	3 762 -45%	1 129 -70%	3 423 +203%	4 354 +27%	9 725 +123%	13 394 +38%	15 905 +19%	1 051 -93%	(2 483) N/A	5 981 N/A	10 752 +80%	13 257 +23%	13 247 0%	11 192 -16%	3 735 -67%	6 332 +70%

Income Statement Balance Sheet Cash Flow Statement

Valor Holdings Co Ltd
TSE:9956

Cash Flow Statement

Cash Flow Statement
Valor Holdings Co Ltd

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Valor Holdings Co Ltd TSE:9956

Cash Flow Statement

Cash Flow Statement Valor Holdings Co Ltd

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Valor Holdings Co Ltd
TSE:9956

Cash Flow Statement
Valor Holdings Co Ltd