Chinese Estates 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	-388.5	-2,108	76.83	1,152	-3,515
Depreciation & Amortization	79.18	106.48	104.6	120.03	124.77
Gain (Loss) on Sale of Assets	-3.13	35.78	0.03	-0.35	-0.26
Gain (Loss) on Sale of Investments	-39.36	23.84	23.14	155.67	1,825
Asset Writedown	358.42	1,736	31.01	-528.48	1,377
Income (Loss) on Equity Investments	131.37	111.17	-296.27	-45.38	106.68
Change in Accounts Receivable	42.99	55.66	-0.13	29.48	-30.79
Change in Other Net Operating Assets	-348.38	281.5	-3.84	-75.53	19.85
Other Operating Activities	-94.51	151.87	176.57	-738.83	653.57
Operating Cash Flow	-276.38	336.47	249.66	-140.09	1,406
Operating Cash Flow Growth	-	34.77%	-	-	-82.06%
Acquisition of Real Estate Assets	-189.61	-327.07	-296.41	-341.83	-192.49
Sale of Real Estate Assets	4.74	1,661	27.6	2.54	0.26
Net Sale / Acq. of Real Estate Assets	-184.88	1,334	-268.81	-339.29	-192.23
Cash Acquisition	-	-	-	-	-161.11
Investment in Marketable & Equity Securities	-54.66	-13.4	-200.21	264.46	1,394
Other Investing Activities	-145.59	-523.31	194.8	254.75	379.8
Investing Cash Flow	-358.72	1,807	-274.21	179.92	1,420
Short-Term Debt Issued	-	97.58	282.21	-	420.22
Long-Term Debt Issued	2,609	2,349	995.23	2,035	3,836
Total Debt Issued	2,609	2,446	1,277	2,035	4,256
Short-Term Debt Repaid	-	-97.58	-282.21	-	-420.22
Long-Term Debt Repaid	-3,228	-3,069	-2,186	-2,382	-5,709
Total Debt Repaid	-3,228	-3,166	-2,468	-2,382	-6,129
Net Debt Issued (Repaid)	-618.96	-720.36	-1,191	-346.5	-1,873
Common Dividends Paid	-76.31	-	-	-	-19.08
Other Financing Activities	-97.62	-232.06	-230.48	-119.39	-91.51
Foreign Exchange Rate Adjustments	6.79	-41.17	-0.71	-15.05	17.97
Net Cash Flow	-1,421	1,150	-1,447	-441.11	860.97
Cash Interest Paid	97.62	232.06	230.46	119.39	91.51
Cash Income Tax Paid	6.51	13.42	16.78	16.45	67.98
Levered Free Cash Flow	-762.83	-509.99	-128.81	854.6	471.25
Unlevered Free Cash Flow	-707.93	-381.47	9.84	933.65	528.01
Change in Working Capital	-319.88	279.6	133.75	-254.99	838.79

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