China Tower Corporation Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	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	10,729	9,750	8,787	7,329	6,428
Depreciation & Amortization	50,229	49,049	49,532	49,837	47,396
Other Amortization	-	-	-	145	119
Asset Writedown & Restructuring Costs	-526	396	1,448	868	1,100
Loss (Gain) on Equity Investments	-	-	-	1	-
Stock-Based Compensation	-	-	-	-285	38
Provision & Write-off of Bad Debts	1,445	869	636	455	-
Other Operating Activities	2,422	2,553	2,996	3,412	3,604
Change in Accounts Receivable	-17,377	-30,293	-8,066	-3,536	-4,400
Change in Accounts Payable	1,721	988	612	1,176	-501
Change in Other Net Operating Assets	825	-472	9,189	1,101	3,375
Operating Cash Flow	49,468	32,840	65,134	60,503	57,548
Operating Cash Flow Growth	50.63%	-49.58%	7.65%	5.13%	15.25%
Capital Expenditures	-29,783	-33,464	-28,639	-32,513	-37,800
Sale of Property, Plant & Equipment	1,810	1,573	1,005	1,160	101
Sale (Purchase) of Intangibles	-6	-14	-23	-162	-198
Investing Cash Flow	-27,979	-31,905	-27,657	-31,515	-37,897
Short-Term Debt Issued	-	-	-	-	19,000
Long-Term Debt Issued	20,736	50,596	30,770	65,201	86,819
Total Debt Issued	20,736	50,596	30,770	65,201	105,819
Short-Term Debt Repaid	-	-	-	-11,000	-25,000
Long-Term Debt Repaid	-33,537	-45,069	-62,776	-74,624	-96,444
Total Debt Repaid	-33,537	-45,069	-62,776	-85,624	-121,444
Net Debt Issued (Repaid)	-12,801	5,527	-32,006	-20,423	-15,625
Issuance of Common Stock	-	-	-	-	83
Repurchase of Common Stock	-	-358	-369	-495	-59
Common Dividends Paid	-8,442	-5,653	-4,618	-3,934	-2,561
Other Financing Activities	-1,602	-1,612	-1,832	-2,708	-2,675
Financing Cash Flow	-22,845	-2,096	-38,825	-27,560	-20,837
Foreign Exchange Rate Adjustments	-1	-1	-6	1	5
Net Cash Flow	-1,357	-1,162	-1,354	1,429	-1,181
Free Cash Flow	19,685	-624	36,495	27,990	19,748
Free Cash Flow Growth	-	-	30.39%	41.74%	-10.79%
Free Cash Flow Margin	20.13%	-0.66%	39.59%	32.33%	24.35%
Free Cash Flow Per Share	1.13	-0.04	2.09	1.60	1.13
Cash Interest Paid	1,602	1,612	1,832	2,708	2,675
Cash Income Tax Paid	3,606	3,400	2,755	2,619	2,220
Levered Free Cash Flow	21,290	-5,546	25,631	14,537	15,403
Unlevered Free Cash Flow	22,940	-3,779	27,508	16,877	17,877
Change in Working Capital	-14,831	-29,777	1,735	-1,259	-1,526

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