The Wharf (Holdings) Cash Flow Statement

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

Millions HKD. 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	50	-3,224	945	-1,705	6,019
Depreciation & Amortization	705	708	706	717	754
Gain (Loss) on Sale of Assets	-	1	-6	-	-
Change in Accounts Receivable	75	79	119	261	413
Change in Accounts Payable	-1,831	999	-189	927	1,555
Change in Other Net Operating Assets	42	-68	44	36	-108
Other Operating Activities	6,568	7,799	2,732	5,620	-238
Operating Cash Flow	4,018	3,830	2,379	6,183	2,554
Operating Cash Flow Growth	4.91%	60.99%	-61.52%	142.09%	-75.13%
Acquisition of Real Estate Assets	-360	-808	-774	-1,015	-1,000
Sale of Real Estate Assets	-	5	6	9	3,146
Net Sale / Acq. of Real Estate Assets	-360	-803	-768	-1,006	2,146
Investment in Marketable & Equity Securities	6,627	-1,784	-2,781	5,318	8,864
Investing Cash Flow	6,416	-2,587	-3,549	4,312	11,314
Long-Term Debt Issued	4,269	4,745	10,997	8,258	35,123
Long-Term Debt Repaid	-3,632	-7,115	-11,416	-24,379	-40,678
Net Debt Issued (Repaid)	637	-2,370	-419	-16,121	-5,555
Issuance of Common Stock	-	-	-	-	75
Common Dividends Paid	-1,222	-1,222	-1,222	-1,222	-1,222
Other Financing Activities	-67	-128	-104	-209	-712
Foreign Exchange Rate Adjustments	143	-152	-140	-1,854	437
Net Cash Flow	9,925	-2,629	-3,055	-8,911	6,891
Cash Interest Paid	455	841	1,283	797	918
Cash Income Tax Paid	372	481	2,311	2,084	2,800
Levered Free Cash Flow	1,223	3,440	1,628	6,425	861.88
Unlevered Free Cash Flow	1,818	3,398	2,172	6,754	975
Change in Working Capital	-3,305	-1,454	-1,998	1,551	-3,981