Aizawa Securities Group Co Ltd Cash Flow Statement - Aizawa Securities Group Co Ltd

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Price: 1 548 JPY 3.06% Market Closed

Market Cap: ¥61.2B

	Aizawa Securities Group Co Ltd TSE:8708	JP
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E	Energy of Minas Gerais Co F:CID	BR
T	Traton SE XHAM:8TRA	DE
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C	Constellium SE XMUN:3OK	FR
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Financial profile · Q2 FY2027

A fee-led securities franchise with thin, market-sensitive operating margins

Recurring trust and wrap fees sit alongside transaction-linked brokerage and investment-related revenue, creating both repeatable and market-sensitive earnings streams. Operating profit has been volatile around a thin cost base, while working-capital swings—not fixed-asset spending—have driven sharp variation in reported cash generation.

What is developing

The latest September quarter improved operating profit from a year earlier, but net income and EPS declined as the tax charge rose. This is progress in operating contribution, not evidence that the historically thin-margin, volatile cash-conversion model has fundamentally changed.

What matters next

Whether trailing operating margins improve further as recurring trust and wrap-fee revenue continues to grow.

Metric	FY2017 Mar 2017	FY2018 Mar 2018	FY2019 Mar 2019	FY2020 Mar 2020	FY2021 Mar 2021	FY2022 Mar 2022	FY2023 Mar 2023	FY2024 Mar 2024	FY2025 Mar 2025	FY2026 Mar 2026
Net Income	1.3B	2.6B	801m	1.3B	6.3B	4.7B	(1.9B)	4.3B	4.7B	4.2B
Depreciation & Amortization	289m	322m	380m	307m	457m	566m	473m	285m	268m	401m
Other Non-Cash Items	(1.8B)	(1.1B)	(4.1B)	(762m)	(5.1B)	(5.7B)	(945m)	(3B)	(3.4B)	(4.6B)
Cash Taxes Paid	313m	237m	257m	134m	292m	1.7B	1.3B	(149m)	2.2B	1.5B
Cash Interest Paid	106m	187m	121m	119m	98m	85m	103m	132m	237m	292m
Change in Working Capital	10B	(3.1B)	4.2B	8B	(3.3B)	(3.5B)	(7.1B)	6.9B	(7.3B)	4.5B
Cash from Operating Activities	9.8B	(1.3B)	1.3B	8.8B	(1.6B)	(3.9B)	(9.5B)	8.6B	(5.8B)
Capital Expenditures	(159m)	(258m)	(188m)	(109m)	(362m)	(337m)	(241m)	(215m)	(487m)	(225m)
Other Items	(7B)	(759m)	611m	(3.2B)	4.5B	5.1B	715m	1.7B	1.7B	3.7B
Cash from Investing Activities	(7.2B)	(1B)	423m	(3.3B)	4.1B	4.7B	474m	1.5B	1.2B	3.5B
Net Issuance of Common Stock	0	0	(204m)	(397m)	(1.8B)	(1.5B)	(662m)	(756m)	(10.7B)	34m
Net Issuance of Debt	(2m)	(351m)	(951m)	0	934m	2.1B	5.2B	359m	8.4B	4.1B
Cash Paid for Dividends	(1.3B)	(863m)	(953m)	(1.1B)	(926m)	(1.4B)	(1.1B)	(1B)	(2.5B)	(3.1B)
Other	(1m)	(1m)	(2m)	(1m)	(1m)	1.7B	392m	(118m)	(66m)	99m
Cash from Financing Activities	(1.3B)	(1.2B)	(2.1B)	(1.5B)	(1.8B)	959m	3.8B	(1.5B)	(4.9B)	1.2B
Effect of Foreign Exchange Rates	(76m)	(49m)	(60m)	(270m)	360m	656m	255m	461m	(82m)	82m
Net Change in Cash	1.2B	(3.6B)	(491m)	3.7B	1.1B	2.4B	(4.9B)	9B	(9.5B)	9.2B
Free Cash Flow	9.7B	(1.6B)	1.1B	8.7B	(2B)	(4.3B)	(9.7B)	8.3B	(6.2B)