DWH Cash Flow Statement - Daiwa House Industry Co Ltd

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Price: 13.4 EUR Market Closed

Market Cap: €8.8B

Financial profile · Q1 FY2027

A diversified developer pairing expanding earnings with investment-heavy cash conversion

The multi-year record shows expanding sales and generally improving reported operating margins, although FY2026 operating income included significant retirement-benefit actuarial adjustments. Property development and facility investment require substantial inventory and capital spending, making working-capital needs and free cash flow uneven and sometimes debt-funded.

What is developing

The June 2026 quarter extended revenue and operating-income growth, while FY2026 free cash flow turned negative after a positive prior year. The annual release linked cash demands to property-for-sale acquisitions and facility investment; earlier years also show volatile free cash flow, so this is a development in cash needs rather than proof of a lasting change in the earnings model.

What matters next

Whether cash tied up in property for sale eases enough for operating cash flow to cover capital spending.

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	294.9B	346.3B	352.2B	349.7B	311.2B	353.3B	440.5B	455.8B	488.8B	542.4B
Depreciation & Amortization	59.6B	64.2B	71B	75.2B	78.4B	100.3B	113.5B	117.2B	131.8B	140.3B
Other Non-Cash Items	5.4B	10.1B	22.4B	28.3B	36.8B	36.5B	22.4B	28.8B	70.7B	64.4B
Cash Taxes Paid	106.6B	100.9B	114.3B	130.6B	111.2B	112.1B	113.7B	111.7B	130.1B	163.3B
Cash Interest Paid	3.1B	3.1B	5.5B	7.6B	8.4B	11.9B	16.6B	29.4B	40.2B	43.2B
Change in Working Capital	(72.2B)	(38.2B)	(90B)	(303.6B)	3.9B	(153.5B)	(344.5B)	(299.5B)	(270.7B)	(557.9B)
Cash from Operating Activities	287.7B	382.4B	355.6B	149.7B	430.3B	336.6B	231.8B	302.3B	420.6B
Capital Expenditures	(323.2B)	(276.9B)	(255.9B)	(291.5B)	(334.7B)	(411B)	(486.5B)	(356B)	(381.8B)
Other Items	(20.5B)	(36.7B)	(58B)	(25.8B)	(55.3B)	(56.4B)	(18.7B)	45.6B	(111.6B)	(232.2B)
Cash from Investing Activities	(343.6B)	(313.7B)	(314B)	(317.3B)	(390B)	(467.4B)	(505.2B)	(310.4B)	(493.4B)	(726.1B)
Net Issuance of Common Stock	(3.7B)	3.8B	(3.7B)	626m	(25.4B)	4.3B	179m	(87.2B)	(100B)	3.2B
Net Issuance of Debt	139.3B	94.9B	(15.2B)	257.5B	204.5B	84.7B	376.2B	285.9B	150.3B	741.3B
Cash Paid for Dividends	(56.5B)	(64.6B)	(74.6B)	(79B)	(72.6B)	(79.2B)	(86.1B)	(87.5B)	(95.6B)	(95.9B)
Other	1B	7.7B	6.6B	(10B)	(3.8B)	14.7B	(2.8B)	(13.8B)	705m	(17.5B)
Cash from Financing Activities	80.1B	41.8B	(87B)	169.1B	102.7B	24.4B	287.5B	97.4B	(44.7B)	631.1B
Effect of Foreign Exchange Rates	252m	2.3B	(4.5B)	(1.7B)	(2.8B)	16.3B	5.8B	4.1B	4.9B	3.4B
Net Change in Cash	24.4B	112.8B	(49.8B)	(230m)	140.3B	(90.1B)	19.9B	93.4B	(112.6B)	97.6B
Free Cash Flow	(35.5B)	105.4B	99.7B	(141.8B)	95.6B	(74.3B)	(254.7B)	(53.8B)	38.8B