Air China 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	-1,770	-237.31	-1,046	-38,619	-16,642
Depreciation & Amortization	30,594	29,109	27,121	21,245	20,946
Other Amortization	251.97	92.44	79.03	68.3	127.91
Loss (Gain) From Sale of Assets	-133.76	-977.95	-919.24	-26.73	-23.15
Asset Writedown & Restructuring Costs	96.29	143.24	184.17	62.58	293.31
Loss (Gain) From Sale of Investments	-3,489	-2,897	-3,050	23.09	735.63
Provision & Write-off of Bad Debts	4.57	6.14	22.79	-10.33	11.47
Other Operating Activities	3,367	4,421	6,894	3,772	1,841
Change in Accounts Receivable	646.07	-1,088	-5,284	2,894	-796.87
Change in Inventory	-589.93	-432.41	-623.65	-468.19	-294.89
Change in Accounts Payable	11,434	5,810	12,361	-4,970	9,690
Operating Cash Flow	42,045	34,546	35,418	-16,762	12,888
Operating Cash Flow Growth	21.71%	-2.46%	-	-	815.21%
Capital Expenditures	-17,561	-20,104	-22,769	-7,638	-6,075
Sale of Property, Plant & Equipment	1,886	1,674	1,324	673.2	213.25
Cash Acquisitions	-	-	5,392	-	-
Investment in Securities	-584.88	-921.2	-8.03	-424.04	1,150
Other Investing Activities	1,179	1,489	815.72	518.12	258.78
Investing Cash Flow	-15,082	-17,863	-15,246	-6,871	-4,453
Long-Term Debt Issued	81,027	67,311	51,226	125,506	70,323
Long-Term Debt Repaid	-111,689	-79,098	-77,936	-100,828	-63,318
Net Debt Issued (Repaid)	-30,662	-11,788	-26,710	24,677	7,005
Issuance of Common Stock	-	7,812	14,993	-	-
Common Dividends Paid	-5,671	-6,562	-7,514	-6,579	-5,757
Other Financing Activities	2,682	-20.21	3,383	-0.64	463.6
Financing Cash Flow	-33,651	-10,558	-15,847	18,097	1,711
Foreign Exchange Rate Adjustments	-56.55	-102.61	83.63	208.6	-49.59
Net Cash Flow	-6,744	6,023	4,409	-5,327	10,097
Free Cash Flow	24,484	14,441	12,649	-24,400	6,813
Free Cash Flow Growth	69.54%	14.17%	-	-	-
Free Cash Flow Margin	14.28%	8.66%	8.96%	-46.13%	9.14%
Free Cash Flow Per Share	1.47	0.91	0.82	-1.78	0.50
Cash Income Tax Paid	2,096	1,687	491.77	-3,781	1,708
Levered Free Cash Flow	8,838	12,308	5,907	-14,005	8,449
Unlevered Free Cash Flow	12,309	16,307	10,247	-9,959	11,883
Change in Working Capital	13,124	4,886	6,133	-3,277	5,598

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