Guangshen Railway Company Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	1,307	1,060	1,058	-1,995	-973.12	-557.88
Depreciation & Amortization	1,972	1,972	1,932	1,905	1,855	1,728
Other Amortization	32.23	32.23	22.95	23.6	27.38	19.34
Loss (Gain) From Sale of Assets	-19.78	-19.78	-94.98	30.19	53.85	-1,189
Asset Writedown & Restructuring Costs	-	-	120.82	-	16.8	177.09
Loss (Gain) From Sale of Investments	-	-	-	-	-	-29.9
Loss (Gain) on Equity Investments	-	-	-	-52.17	-18.14	-
Provision & Write-off of Bad Debts	13.01	13.01	5.39	4.09	-40.61	-0.36
Other Operating Activities	-250.09	73.47	44.93	-568.66	-320.72	49.1
Change in Accounts Receivable	231.74	231.74	-1,749	-264.81	-637.54	677.92
Change in Inventory	-41.11	-41.11	-26.88	8.9	28.87	2
Change in Accounts Payable	-1,023	-1,023	-595.42	412.58	993.46	594
Change in Other Net Operating Assets	-	-	-	302.67	17.73	-
Operating Cash Flow	2,634	2,710	1,116	-193.45	1,002	1,336
Operating Cash Flow Growth	7.55%	142.78%	-	-	-24.98%	-44.22%
Capital Expenditures	-741.47	-1,295	-1,022	-1,652	-1,060	-853.35
Sale of Property, Plant & Equipment	11.51	9.62	16.29	135.03	123	164.69
Investment in Securities	-	-	99.73	-20	-	-238.85
Other Investing Activities	74.26	9.44	83.45	111.52	11.15	-
Investing Cash Flow	-655.7	-1,276	-822.84	-1,426	-926.11	-927.51
Long-Term Debt Issued	-	400	1,200	1,500	-	-
Long-Term Debt Repaid	-	-1,090	-1,269	-68.26	-62.13	-60.75
Net Debt Issued (Repaid)	-1,285	-690.27	-69.41	1,432	-62.13	-60.75
Common Dividends Paid	-324.95	-349.6	-41.28	-	-	-425.01
Other Financing Activities	162.77	57.62	-	-12.25	-	-
Financing Cash Flow	-1,447	-982.24	-110.7	1,419	-62.13	-485.76
Foreign Exchange Rate Adjustments	0.07	0.16	-	-	-	-
Net Cash Flow	530.7	452.44	182.83	-199.83	14.23	-77.1
Free Cash Flow	1,892	1,415	94.06	-1,846	-57.79	482.83
Free Cash Flow Growth	46.73%	1404.93%	-	-	-	-
Free Cash Flow Margin	6.69%	5.22%	0.36%	-9.26%	-0.29%	2.95%
Free Cash Flow Per Share	0.27	0.20	0.01	-0.26	-0.01	0.07
Cash Interest Paid	-	-	-	12.25	-	-
Cash Income Tax Paid	48.98	-	-	1.99	0.41	566.66
Levered Free Cash Flow	2,027	483.99	-892.97	-1,594	432.39	764.6
Unlevered Free Cash Flow	2,077	549.13	-824.79	-1,543	474.67	800.62
Change in Working Capital	-420.77	-420.77	-1,974	459.35	402.51	1,140

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.