BKK:WINNER 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	139.68	90.18	113.77	9.4	108.68
Depreciation & Amortization	29.11	29.6	33.27	34.67	34.89
Other Amortization	3.3	2.23	2.29	3.13	3.74
Loss (Gain) From Sale of Assets	-0.05	-0.01	0.39	-0.07	0.38
Asset Writedown & Restructuring Costs	0.58	0.22	0.71	94.73	0.24
Loss (Gain) From Sale of Investments	7.47	-	-	-	-
Loss (Gain) on Equity Investments	7.83	4.03	3.59	0.91	-3.17
Provision & Write-off of Bad Debts	1.51	0.45	-0.46	-0.08	-0.05
Other Operating Activities	5.3	30.58	2.06	10.28	8.73
Change in Accounts Receivable	35.45	2.78	14.35	-51.72	-12.27
Change in Inventory	-9.21	-66.53	61.42	-103.81	-92.87
Change in Accounts Payable	-36.53	5.62	17.39	-0.8	-32.25
Change in Other Net Operating Assets	-0.96	-6.36	0.19	-0.59	-10.86
Operating Cash Flow	183.49	92.78	248.98	-3.93	5.2
Operating Cash Flow Growth	97.77%	-62.73%	-	-	-96.66%
Capital Expenditures	-29.18	-22.8	-13.59	-11.89	-3.79
Sale of Property, Plant & Equipment	0.05	0.02	1.05	0.09	2.99
Sale (Purchase) of Intangibles	-0.36	-3.73	-4.75	-3.68	-0.84
Investment in Securities	0.28	-	-	-6.75	-14.2
Other Investing Activities	0.74	0.15	0.13	0.04	0.06
Investing Cash Flow	-28.48	-26.36	-17.17	-22.2	-15.79
Short-Term Debt Issued	-	37.63	-	157.08	167.35
Total Debt Issued	-	37.63	-	157.08	167.35
Short-Term Debt Repaid	-47.48	-	-133.62	-	-
Long-Term Debt Repaid	-9.97	-9.64	-14.44	-26.92	-117.1
Total Debt Repaid	-57.45	-9.64	-148.05	-26.92	-117.1
Net Debt Issued (Repaid)	-57.45	27.99	-148.05	130.16	50.25
Common Dividends Paid	-108	-84	-84	-107.99	-45.55
Financing Cash Flow	-165.45	-56	-232.05	22.16	4.7
Net Cash Flow	-10.43	10.42	-0.24	-3.96	-5.89
Free Cash Flow	154.31	69.98	235.38	-15.82	1.4
Free Cash Flow Growth	120.50%	-70.27%	-	-	-99.02%
Free Cash Flow Margin	6.68%	3.27%	11.36%	-0.78%	0.08%
Free Cash Flow Per Share	0.26	0.12	0.39	-0.03	0.00
Cash Interest Paid	8.17	8.78	8.82	5.44	6.04
Cash Income Tax Paid	34.09	25.75	39.09	36.88	28.45
Levered Free Cash Flow	115.32	49.83	203.52	-41.24	-22.1
Unlevered Free Cash Flow	120.3	55.43	208.85	-37.63	-18.14
Change in Working Capital	-11.24	-64.49	93.35	-156.91	-148.25

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