Emperor Watch & Jewellery Cash Flow Statement

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

Millions HKD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun '25 Jun 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	268.5	256.74	299.22	222.13	204.7	33.99
Depreciation & Amortization	432.71	428.22	396.02	353.84	394.95	384.11
Loss (Gain) From Sale of Assets	2.92	2.92	2.59	2.07	1.37	1.58
Asset Writedown & Restructuring Costs	5.13	5.13	-	0.63	14.67	15.94
Provision & Write-off of Bad Debts	-	-	-	-	-0.67	0.54
Other Operating Activities	271.91	114.03	7.23	18.12	44.4	-15.42
Change in Accounts Receivable	59.63	59.63	-41.32	24.57	-14.63	-7.2
Change in Inventory	-71.01	-71.01	-361.67	-27.67	311.18	151.37
Change in Accounts Payable	-51.79	-51.79	104.5	12.25	11.09	7.87
Change in Unearned Revenue	17.35	17.35	-0.38	-5.27	8.78	-2.08
Change in Other Net Operating Assets	11.23	11.23	-2.6	4.92	-2.28	6.14
Operating Cash Flow	946.58	772.44	403.59	605.58	973.56	576.84
Operating Cash Flow Growth	165.60%	91.39%	-33.35%	-37.80%	68.78%	33.15%
Capital Expenditures	-79.57	-79.57	-101.9	-37.23	-34.29	-15.93
Sale of Property, Plant & Equipment	0.29	0.29	-	0	-	0.01
Investment in Securities	127.44	127.44	39.11	-198.2	-	-
Other Investing Activities	-484.07	13.85	-3.69	14.99	16.85	25.94
Investing Cash Flow	-435.9	62.01	-66.48	-220.44	-17.44	10.02
Long-Term Debt Issued	-	80	-	300	400	129.52
Long-Term Debt Repaid	-	-348.91	-240.6	-709.88	-1,145	-523.64
Net Debt Issued (Repaid)	-268.91	-268.91	-240.6	-409.88	-744.77	-394.12
Common Dividends Paid	-76.72	-82.03	-93.56	-49.49	-47.46	-
Other Financing Activities	253.24	-24.12	-10.23	-6.9	-16.38	-33.14
Financing Cash Flow	-92.39	-375.06	-344.38	-466.27	-808.6	-427.26
Foreign Exchange Rate Adjustments	4.7	-1.78	-0.17	-9.02	3.71	5.6
Net Cash Flow	422.99	457.61	-7.44	-90.15	151.23	165.2
Free Cash Flow	867.01	692.87	301.69	568.34	939.27	560.91
Free Cash Flow Growth	240.69%	129.66%	-46.92%	-39.49%	67.45%	48.11%
Free Cash Flow Margin	15.98%	13.25%	6.25%	15.43%	23.92%	21.36%
Free Cash Flow Per Share	0.12	0.10	0.04	0.08	0.14	0.08
Cash Interest Paid	24.12	24.12	10.23	6.9	16.38	33.14
Cash Income Tax Paid	67.94	67.94	54.89	33.91	31.45	42.38
Levered Free Cash Flow	788.83	625.11	247.9	557.87	871.64	474.06
Unlevered Free Cash Flow	802.78	640.18	254.29	562.18	881.88	494.78
Change in Working Capital	-34.6	-34.6	-301.47	8.79	314.14	156.11

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