Hang Lung Properties 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	1,806	2,153	3,970	3,836	3,868
Depreciation & Amortization	150	117	88	78	61
Gain (Loss) on Sale of Assets	-27	-17	1	4	-16
Asset Writedown	1,051	937	9	345	-460
Stock-Based Compensation	54	74	83	88	66
Income (Loss) on Equity Investments	-5	-28	-38	-24	-9
Change in Accounts Receivable	501	221	60	-252	-243
Change in Other Net Operating Assets	815	-389	588	-23	908
Other Operating Activities	1,865	1,729	1,524	1,104	1,965
Operating Cash Flow	5,864	4,956	3,712	4,139	2,732
Operating Cash Flow Growth	18.32%	33.51%	-10.32%	51.50%	-19.95%
Acquisition of Real Estate Assets	-2,356	-3,252	-3,080	-2,699	-2,855
Sale of Real Estate Assets	148	23	19	15	139
Net Sale / Acq. of Real Estate Assets	-2,208	-3,229	-3,061	-2,684	-2,716
Investment in Marketable & Equity Securities	-31	-24	-	41	1,176
Other Investing Activities	-182	80	121	87	116
Investing Cash Flow	-2,421	-3,173	-2,940	-2,556	-1,424
Long-Term Debt Issued	40,805	44,599	44,273	34,860	25,402
Long-Term Debt Repaid	-45,432	-37,664	-38,983	-33,994	-18,100
Net Debt Issued (Repaid)	-4,627	6,935	5,290	866	7,302
Issuance of Common Stock	-	-	-	-	29
Common Dividends Paid	-727	-1,164	-3,509	-3,509	-3,463
Other Financing Activities	-2,394	-2,566	-2,388	-1,925	-1,892
Foreign Exchange Rate Adjustments	59	-61	-42	-258	73
Net Cash Flow	-4,246	4,927	123	-3,243	3,357
Cash Interest Paid	1,894	2,022	1,874	1,415	1,427
Cash Income Tax Paid	1,210	1,431	1,295	1,359	1,469
Levered Free Cash Flow	3,703	3,171	2,044	2,019	2,362
Unlevered Free Cash Flow	4,223	3,692	2,425	2,294	2,628
Change in Working Capital	970	-9	-1,925	-1,292	-2,743

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.