The Wharf (Holdings) 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	-52	-3,224	945	-1,705	6,019	3,864
Depreciation & Amortization	706	708	706	717	754	724
Gain (Loss) on Sale of Assets	1	1	-6	-	-	-
Stock-Based Compensation	-	-	-	-	-	3
Change in Accounts Receivable	79	79	119	261	413	-142
Change in Accounts Payable	999	999	-189	927	1,555	-453
Change in Other Net Operating Assets	1,623	-68	44	36	-108	63
Other Operating Activities	4,397	7,799	2,732	5,620	-238	9,007
Operating Cash Flow	5,289	3,830	2,379	6,183	2,554	10,268
Operating Cash Flow Growth	115.09%	60.99%	-61.52%	142.09%	-75.13%	10.17%
Acquisition of Real Estate Assets	-802	-808	-774	-1,015	-1,000	-1,287
Sale of Real Estate Assets	5	5	6	9	3,146	23
Net Sale / Acq. of Real Estate Assets	-797	-803	-768	-1,006	2,146	-1,264
Investment in Marketable & Equity Securities	-1,784	-1,784	-2,781	5,318	8,864	-12,953
Investing Cash Flow	-1,648	-2,587	-3,549	4,312	11,314	-14,217
Long-Term Debt Issued	-	4,745	10,997	8,258	35,123	11,942
Long-Term Debt Repaid	-	-7,115	-11,416	-24,379	-40,678	-16,640
Net Debt Issued (Repaid)	-2,370	-2,370	-419	-16,121	-5,555	-4,698
Issuance of Common Stock	-	-	-	-	75	34
Common Dividends Paid	-1,222	-1,222	-1,222	-1,222	-1,222	-839
Other Financing Activities	2,416	-128	-104	-209	-712	-7
Foreign Exchange Rate Adjustments	-14	-152	-140	-1,854	437	1,036
Net Cash Flow	2,451	-2,629	-3,055	-8,911	6,891	-8,423
Cash Interest Paid	841	841	1,283	797	918	1,368
Cash Income Tax Paid	310	481	2,311	2,084	2,800	2,783
Levered Free Cash Flow	4,477	3,440	1,628	6,425	861.88	8,381
Unlevered Free Cash Flow	4,826	3,398	2,172	6,754	975	8,820
Change in Working Capital	237	-1,454	-1,998	1,551	-3,981	-3,330

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