The Sincere Company 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	-64.1	-40.14	-50.48	-60.76	-91.06
Depreciation & Amortization	15.83	32.64	35.13	46.61	55.5
Loss (Gain) From Sale of Assets	-0.08	-30.59	-0.22	-	-0.01
Asset Writedown & Restructuring Costs	-	-	-	-	2.4
Loss (Gain) From Sale of Investments	-	-	-	-	-0.16
Provision & Write-off of Bad Debts	9.65	0.14	-	-	0.01
Other Operating Activities	-9.68	2.64	-19.57	-19.99	-18.99
Change in Inventory	12.86	-8.77	0.89	7.29	12.16
Change in Accounts Payable	-4.23	3.44	10.11	-7.71	-10.95
Change in Unearned Revenue	-0.02	0.04	0.06	-0.8	1.67
Change in Other Net Operating Assets	6.7	-16.65	9.35	-8.98	-20.97
Operating Cash Flow	-32.36	-54.42	-14.86	-42.17	-64.48
Capital Expenditures	-1.4	-1.22	-0.85	-1.44	-0.1
Sale of Property, Plant & Equipment	0.13	207.59	0.22	-	0.01
Investment in Securities	-	-	-	27.62	0.16
Other Investing Activities	41.09	0.06	73	17.88	1.88
Investing Cash Flow	39.82	206.44	72.37	44.06	1.96
Short-Term Debt Issued	-	-	97.3	473.91	-
Long-Term Debt Issued	68.86	134.56	140.46	-	-
Total Debt Issued	68.86	134.56	237.76	473.91	405.45
Short-Term Debt Repaid	-	-	-74.66	-376.17	-
Long-Term Debt Repaid	-53.07	-368.33	-226.1	-55.52	-
Total Debt Repaid	-53.07	-368.33	-300.77	-431.7	-500.18
Net Debt Issued (Repaid)	15.79	-233.77	-63.01	42.21	-94.73
Issuance of Common Stock	-	-	-	-	122.98
Other Financing Activities	-	-	-	-	-6.36
Financing Cash Flow	15.79	-233.77	-63.01	42.21	21.89
Net Cash Flow	23.24	-81.75	-5.49	44.1	-40.63
Free Cash Flow	-33.76	-55.63	-15.71	-43.61	-64.57
Free Cash Flow Margin	-25.16%	-42.37%	-10.75%	-29.76%	-38.42%
Free Cash Flow Per Share	-0.03	-0.04	-0.01	-0.03	-0.05
Cash Interest Paid	16.02	23.09	26.81	27.71	30.86
Cash Income Tax Paid	-	-	-	0.01	0.02
Levered Free Cash Flow	-21.28	-18.82	95.29	25.12	-
Unlevered Free Cash Flow	-11.26	-4.38	112.08	42.48	-
Change in Working Capital	16.02	-19.1	20.28	-8.03	-12.17

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