HKG:0405 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	-694.28	-336.59	-3.96	-510.94	674.56
Depreciation & Amortization	147.18	151.67	149.98	146.88	144.68
Other Amortization	-	19.34	21.9	27.08	28.17
Gain (Loss) on Sale of Assets	-	-0.05	0.01	0.08	-
Asset Writedown	-	342.73	-27.58	95.81	-78.67
Change in Accounts Receivable	-	4.14	10.44	-6.51	-8.49
Change in Accounts Payable	-	2.25	-10.93	-2.37	8.32
Change in Other Net Operating Assets	-	22.63	217.54	-59.6	85.99
Other Operating Activities	967.5	11.63	93.17	663.43	-81.09
Operating Cash Flow	420.4	218.65	451.11	354.14	774.54
Operating Cash Flow Growth	92.28%	-51.53%	27.38%	-54.28%	11.47%
Acquisition of Real Estate Assets	-72.23	-62.9	-68.03	-69.66	-70.29
Sale of Real Estate Assets	0.04	0.45	0.04	0.01	0.03
Net Sale / Acq. of Real Estate Assets	-72.19	-62.45	-67.99	-69.65	-70.26
Cash Acquisition	-	-	-	-3,641	-4,117
Investment in Marketable & Equity Securities	-10	60	-60	-26.48	-0.39
Other Investing Activities	3,672	24.62	36.18	25.51	26.14
Investing Cash Flow	4,546	22.17	-91.81	-3,711	-4,162
Short-Term Debt Issued	650	-	-	-	-
Long-Term Debt Issued	4,730	5,969	6,776	5,445	7,708
Total Debt Issued	5,380	5,969	6,776	5,445	7,708
Long-Term Debt Repaid	-4,830	-5,945	-6,810	-4,602	-3,785
Net Debt Issued (Repaid)	549.84	24.36	-33.5	842.85	3,923
Issuance of Common Stock	-	-	-	3,222	-
Common Dividends Paid	-300.57	-335.23	-453.74	-893.24	-682.35
Other Financing Activities	-1.33	40.89	210.26	102.75	-205.25
Foreign Exchange Rate Adjustments	-30.6	7.59	1.63	-36.69	2.38
Net Cash Flow	5,184	-21.57	83.95	-119.58	-349.14
Cash Interest Paid	742.98	886.7	854.72	539.96	326.48
Cash Income Tax Paid	119.89	140.81	146.26	139.32	87.25
Levered Free Cash Flow	131.81	244.74	261.96	39.98	748.15
Unlevered Free Cash Flow	615.26	804.36	818.72	373.75	942.09
Change in Working Capital	-	29.23	217.06	-68.3	86.84

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