STATEMENT of CASH FLOWS
Consolidated Statements of Cash Flows
(thousands of yen)
| For the fiscal year ended February 28, 2025 | For the fiscal year ended February 28, 2026 | |
| Cash flows from operating activities | ||
| Profit before income taxes | 334,519 | 5,106,254 |
| Depreciation | 10,756,289 | 11,087,024 |
| Loss (gain) on sale and retirement of non-current assets | 87,557 | 41,213 |
| Increase (decrease) in provision for bonuses | (52,447) | (30,787) |
| Increase (decrease) in retirement benefit liability | (39,418) | (75,657) |
| Interest income | (88,978) | (77,812) |
| Interest expenses | 767,149 | 1,009,078 |
| Foreign exchange losses (gains) | 457,036 | (1,821,795) |
| Insurance claim income | (65,962) | (94,569) |
| Gain on cancellation of leases | (349,109) | (215,874) |
| Gain on reversal of impairment losses | (20,916) | (7,113) |
| Impairment losses | 2,612,930 | 2,023,477 |
| Loss (gain) on valuation of investment securities | － | 5,323 |
| Decrease (increase) in trade receivables | (62,565) | (45,771) |
| Decrease (increase) in deposits paid from sales | (153,421) | (2,768,798) |
| Decrease (increase) in inventories | (316,309) | (555,975) |
| Increase (decrease) in trade payables | 665 | 199,237 |
| Other, net | 739,317 | 591,478 |
| Subtotal | 14,606,336 | 14,368,933 |
| Interest received | 34,683 | 27,711 |
| Interest paid | (785,001) | (998,819) |
| Income taxes paid | (1,502,917) | (1,799,544) |
| Net cash provided by (used in) operating activities | 12,353,100 | 11,598,281 |
| Cash flows from investing activities | ||
| Purchase of property, plant and equipment | (9,825,205) | (13,908,990) |
| Proceeds from sale of property, plant and equipment | 41,810 | 88,039 |
| Purchase of intangible assets | (395,218) | (376,535) |
| Payments for increase in long-term prepaid expenses | (228,154) | (227,653) |
| Payments of leasehold and guarantee deposits | (640,496) | (496,279) |
| Proceeds from refund of leasehold and guarantee deposits | 439,858 | 383,518 |
| Other, net | (250,851) | (318,986) |
| Net cash provided by (used in) investing activities | (10,858,257) | (14,856,886) |
| Cash flows from financing activities | ||
| Net increase (decrease) in short-term borrowings | (12,152,303) | 5,176,758 |
| Proceeds from long-term borrowings | 16,205,919 | 6,662,950 |
| Repayments of long-term borrowings | (3,371,577) | (3,776,443) |
| Dividends paid | (197,728) | － |
| Repayments of lease liabilities | (2,752,159) | (2,757,735) |
| Repayments of installment payables | (573,008) | (579,770) |
| Other, net | (365) | (409) |
| Net cash provided by (used in) financing activities | (2,841,223) | 4,725,349 |
| Effect of exchange rate change on cash and cash equivalents | (3,949) | 184,944 |
| Net increase (decrease) in cash and cash equivalents | (1,350,329) | 1,651,688 |
| Cash and cash equivalents at beginning of period | 7,491,499 | 6,141,169 |
| Cash and cash equivalents at end of period | 6,141,169 | 7,792,858 |
Last updated: April 9, 2026