FRA:3S5 Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	-4,239	-2,983	-2,216	678.57	2,047	1,731
Depreciation & Amortization	546.9	546.9	679.08	336.55	744.87	727.99
Other Amortization	124.55	124.55	138.98	33.88	215.56	210.87
Gain (Loss) on Sale of Assets	-165.72	-165.72	-6.71	-2.86	-13.58	-1.37
Gain (Loss) on Sale of Investments	126.07	126.07	146.71	-0.63	-536.39	-206.05
Asset Writedown	2,206	2,206	1,324	1,301	-147.09	-405.18
Income (Loss) on Equity Investments	-	-	-	26.43	-	-
Change in Accounts Receivable	580.07	580.07	438.59	-1,218	300.65	-732.09
Change in Accounts Payable	-	-	-	-336.27	-	-
Change in Other Net Operating Assets	-2,568	-2,568	-1,708	161.11	104.5	-174.28
Other Operating Activities	4,932	2,502	2,613	2,852	2,604	2,755
Operating Cash Flow	1,391	216.37	2,364	3,879	5,381	4,160
Operating Cash Flow Growth	-	-90.85%	-39.07%	-27.91%	29.35%	1.61%
Acquisition of Real Estate Assets	-290.15	-370.28	-351.3	-1,016	-2,388	-2,897
Sale of Real Estate Assets	12.81	3.77	155.82	48.6	22.57	12.29
Net Sale / Acq. of Real Estate Assets	-277.34	-366.5	-195.48	-967.01	-2,366	-2,885
Cash Acquisition	-959.65	-2.05	-	-	-10.4	-1,601
Investment in Marketable & Equity Securities	645.1	747.86	1,006	899.22	-7.05	1,097
Other Investing Activities	439.93	217.46	-140.1	776.93	993.58	-1,990
Investing Cash Flow	-117.36	631.16	701.36	687.7	-126.81	-4,852
Long-Term Debt Issued	-	13,142	5,878	9,565	9,646	18,607
Long-Term Debt Repaid	-	-19,373	-6,070	-15,473	-16,606	-15,149
Net Debt Issued (Repaid)	-795.82	-6,231	-192.31	-5,908	-6,959	3,458
Issuance of Common Stock	-	-	300	-	3,701	-
Repurchase of Common Stock	-8.6	-	-	-5	-	-
Common Dividends Paid	-1,611	-1,932	-2,305	-740.26	-2,594	-3,584
Other Financing Activities	813.23	7,920	-968.23	-1,406	798.31	-56.4
Foreign Exchange Rate Adjustments	0.84	0.14	-0.51	2.83	-3.3	-1.06
Net Cash Flow	-328.27	605.03	-101.46	-3,490	196.92	-875.03
Cash Interest Paid	-	-	-	2,493	-	-
Cash Income Tax Paid	1,044	1,414	1,604	262.09	2,025	2,057
Levered Free Cash Flow	6,010	7,132	-1,378	1,259	5,337	-967.94
Unlevered Free Cash Flow	7,430	8,714	281.63	2,824	7,021	625.01
Change in Working Capital	-2,705	-2,705	-1,203	-1,731	68.42	-950.87

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