Puxing Energy Cash Flow Statement

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

Millions CNY. 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	38.34	59.9	70.84	51.93	103.83
Depreciation & Amortization	89.86	105.59	90.56	87.92	88.09
Other Amortization	0	0	0	0	0
Loss (Gain) on Sale of Assets	6.5	0.69	0.44	0.48	1.52
Loss (Gain) on Equity Investments	-14.77	-	-	-	-
Change in Accounts Receivable	9.06	1.42	12.23	20.06	-44.68
Change in Inventory	-0.01	0.09	0.14	0.25	0.11
Change in Accounts Payable	3.87	6.32	0.55	-22.34	7.14
Change in Other Net Operating Assets	-1.81	-9.54	-9.21	-4.21	-8.42
Other Operating Activities	3.84	9.54	7.02	-15.43	21.48
Operating Cash Flow	134.87	174.02	172.57	118.67	169.08
Operating Cash Flow Growth	-22.50%	0.84%	45.42%	-29.81%	-6.86%
Capital Expenditures	-58.96	-188.48	-5.57	-9.39	-17.58
Divestitures	127.94	-	-	-	-
Sale (Purchase) of Intangibles	-	-0.09	-	-2.54	-0.36
Investment in Securities	-2.69	-	-	-	-
Other Investing Activities	32.27	1.27	0.62	0.58	0.37
Investing Cash Flow	98.56	-187.29	-4.95	-11.34	-17.57
Long-Term Debt Issued	186.25	580	418.01	438	524
Long-Term Debt Repaid	-226.64	-582.99	-448.49	-410.09	-583.51
Net Debt Issued (Repaid)	-40.39	-2.99	-30.49	27.91	-59.51
Common Dividends Paid	-5.86	-	-	-21.9	-37.87
Other Financing Activities	-	-	-95.85	-100	-110
Financing Cash Flow	-46.25	-2.99	-126.34	-93.98	-207.38
Net Cash Flow	187.18	-16.26	41.29	13.34	-55.88
Free Cash Flow	75.91	-14.46	167	109.28	151.5
Free Cash Flow Growth	-	-	52.82%	-27.87%	-8.57%
Free Cash Flow Margin	20.61%	-2.71%	32.52%	14.51%	25.18%
Free Cash Flow Per Share	0.17	-0.03	0.36	0.24	0.33
Cash Interest Paid	15.7	26.19	41.84	39.46	49.23
Cash Income Tax Paid	25.92	26.07	24.81	47.17	33.07
Levered Free Cash Flow	10.74	88.67	57.97	112	126.27
Unlevered Free Cash Flow	23.6	107.71	80.31	138.69	159.86
Change in Working Capital	11.11	-1.71	3.7	-6.24	-45.85

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