Welby 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
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Net Income	-532	-816	-502
Depreciation & Amortization	28	22	2
Loss (Gain) From Sale of Assets	94	161	81
Other Operating Activities	2	-1	-5
Change in Accounts Receivable	41	-1	325
Change in Inventory	3	-7	-
Change in Accounts Payable	8	-13	-13
Change in Other Net Operating Assets	27	52	-62
Operating Cash Flow	-329	-603	-174
Capital Expenditures	-3	-2	-3
Cash Acquisitions	-	-65	-
Sale (Purchase) of Intangibles	-98	-170	-81
Investment in Securities	-	-	-30
Other Investing Activities	-4	2	-
Investing Cash Flow	-105	-235	-114
Short-Term Debt Issued	235	400	-
Long-Term Debt Issued	378	-	-
Total Debt Issued	613	400	-
Short-Term Debt Repaid	-208	-202	-7
Total Debt Repaid	-208	-202	-7
Net Debt Issued (Repaid)	405	198	-7
Issuance of Common Stock	-	498	-
Other Financing Activities	1	-	348
Financing Cash Flow	406	696	341
Miscellaneous Cash Flow Adjustments	-1	-	-1
Net Cash Flow	-29	-142	52
Free Cash Flow	-332	-605	-177
Free Cash Flow Margin	-52.28%	-114.58%	-30.78%
Free Cash Flow Per Share	-40.12	-74.15	-22.60
Cash Interest Paid	2	1	-
Cash Income Tax Paid	3	1	5
Levered Free Cash Flow	-277.38	-502.38	-
Unlevered Free Cash Flow	-276.13	-501.75	-
Change in Working Capital	79	31	250

Source: S&P Capital IQ. Standard template. Financial Sources.