What does Nippon Aqua do with its cash?

Cash conversion (operating CF ÷ operating income)

54.4%

Cash vs. profit gap

-¥385.4M（純利益の -20.3%）

Shareholder payments — dividends

of net income 57.2% · of FCF 107.8%

CapEx intensity (capex ÷ revenue)

1.5%

Investing CF relative to operating CF

39.9%

Nonpositive profit and free cash flow are omitted as ratio denominators. Amounts use the period's reported currency.

• Operating cash flow is the cash the core business actually brought in, including changes in receivables and inventory.
• Free cash flow = operating cash flow − capital expenditure: a gauge of cash available for other uses.
• Large "borrowing" or "cash drawdown" flows mean the company spent more than it generated that year.