S.A.F. Special Steel PCL Cash Flow Statement

Financials in millions THB. Fiscal year is January - December.

Millions THB. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-3.05	-2.4	1.27	10	15.53
Depreciation & Amortization	5.75	4.61	4.91	6.04	6.52
Other Amortization	0.85	0.98	0.77	0.72	0.78
Loss (Gain) From Sale of Assets	0.59	-0.28	-1.42	-0.18	-0.08
Asset Writedown & Restructuring Costs	0	0	-	-	0.15
Provision & Write-off of Bad Debts	0.22	-0.07	-0.28	-0.01	0.37
Other Operating Activities	4.88	4.83	5.41	3.54	6.93
Change in Accounts Receivable	0.46	8.5	3.42	1.36	-5.78
Change in Inventory	11.63	18.45	-17.74	-21.24	-5.36
Change in Accounts Payable	-0.74	14.16	-13.75	9.51	-8.26
Change in Other Net Operating Assets	-0.26	0.26	-0.95	0.21	-0.6
Operating Cash Flow	20.32	49.03	-18.36	9.95	10.2
Operating Cash Flow Growth	-58.55%	-	-	-2.49%	-51.85%
Capital Expenditures	-0.69	-13.91	-75.26	-0.23	-0
Sale of Property, Plant & Equipment	1.04	2.77	1.57	0.18	0.14
Sale (Purchase) of Intangibles	-0.51	-0.72	-2.75	-0.58	-
Investment in Securities	-0.01	-0.01	-0	-0	11
Other Investing Activities	0.12	20.25	0.07	0.06	0.12
Investing Cash Flow	-0.05	8.39	-76.38	-0.57	11.25
Short-Term Debt Issued	1.13	-	-	23.74	-
Long-Term Debt Issued	-	30	4	-	24
Total Debt Issued	1.13	30	4	23.74	24
Short-Term Debt Repaid	-	-32.95	-34.99	-	-25.45
Long-Term Debt Repaid	-11.15	-8.15	-6.55	-6.79	-2.51
Total Debt Repaid	-11.15	-41.09	-41.53	-6.79	-27.97
Net Debt Issued (Repaid)	-10.02	-11.09	-37.53	16.95	-3.97
Issuance of Common Stock	-	-	154.4	20	-
Common Dividends Paid	-3	-3	-10.5	-41.8	-11.7
Other Financing Activities	-4.84	-5.1	-6.43	-5.46	-3.61
Financing Cash Flow	-17.86	-19.19	99.94	-10.32	-19.27
Net Cash Flow	2.41	38.23	5.2	-0.94	2.18
Free Cash Flow	19.63	35.12	-93.63	9.72	10.2
Free Cash Flow Growth	-44.12%	-	-	-4.71%	-51.07%
Free Cash Flow Margin	11.74%	21.65%	-54.86%	4.43%	4.75%
Free Cash Flow Per Share	0.07	0.12	-0.32	0.05	0.06
Cash Interest Paid	4.84	5.1	4.83	5.46	3.61
Cash Income Tax Paid	0.17	0.15	0.65	3.96	2.26
Levered Free Cash Flow	14.33	29.74	-100.11	4.18	4.45
Unlevered Free Cash Flow	17.35	32.9	-97.08	7.59	6.71
Change in Working Capital	11.09	41.36	-29.02	-10.17	-20.01

Source: S&P Global Market Intelligence. Standard template. Financial Sources.