Emperor Watch & Jewellery 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	458.44	256.74	299.22	222.13	204.7
Depreciation & Amortization	412.11	428.22	396.02	353.84	394.95
Loss (Gain) From Sale of Assets	13.67	2.92	2.59	2.07	1.37
Asset Writedown & Restructuring Costs	1.06	5.13	-	0.63	14.67
Provision & Write-off of Bad Debts	-	-	-	-	-0.67
Other Operating Activities	39.45	114.03	7.23	18.12	44.4
Change in Accounts Receivable	7.66	59.63	-41.32	24.57	-14.63
Change in Inventory	49.07	-71.01	-361.67	-27.67	311.18
Change in Accounts Payable	61.7	-51.79	104.5	12.25	11.09
Change in Unearned Revenue	-1.85	17.35	-0.38	-5.27	8.78
Change in Other Net Operating Assets	6.49	11.23	-2.6	4.92	-2.28
Operating Cash Flow	1,097	772.44	403.59	605.58	973.56
Operating Cash Flow Growth	41.98%	91.39%	-33.35%	-37.80%	68.78%
Capital Expenditures	-128.94	-79.57	-101.9	-37.23	-34.29
Sale of Property, Plant & Equipment	1.82	0.29	-	0	-
Cash Acquisitions	-79.98	-	-	-	-
Investment in Securities	-479.86	127.44	39.11	-198.2	-
Other Investing Activities	22.84	13.85	-3.69	14.99	16.85
Investing Cash Flow	-664.12	62.01	-66.48	-220.44	-17.44
Long-Term Debt Issued	-	80	-	300	400
Long-Term Debt Repaid	-265.66	-348.91	-240.6	-709.88	-1,145
Net Debt Issued (Repaid)	-265.66	-268.91	-240.6	-409.88	-744.77
Issuance of Common Stock	79.34	-	-	-	-
Common Dividends Paid	-72.57	-82.03	-93.56	-49.49	-47.46
Other Financing Activities	189.76	-24.12	-10.23	-6.9	-16.38
Financing Cash Flow	-69.12	-375.06	-344.38	-466.27	-808.6
Foreign Exchange Rate Adjustments	12.28	-1.78	-0.17	-9.02	3.71
Net Cash Flow	375.74	457.61	-7.44	-90.15	151.23
Free Cash Flow	967.77	692.87	301.69	568.34	939.27
Free Cash Flow Growth	39.67%	129.66%	-46.92%	-39.49%	67.45%
Free Cash Flow Margin	16.79%	13.25%	6.25%	15.43%	23.92%
Free Cash Flow Per Share	0.13	0.10	0.04	0.08	0.14
Cash Interest Paid	20.7	24.12	10.23	6.9	16.38
Cash Income Tax Paid	82.98	67.94	54.89	33.91	31.45
Levered Free Cash Flow	485.53	625.11	247.9	557.87	871.64
Unlevered Free Cash Flow	498.47	640.18	254.29	562.18	881.88
Change in Working Capital	123.06	-34.6	-301.47	8.79	314.14

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