Milan Station Holdings Balance Sheet

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
Cash & Equivalents	8.06	11.25	10.34	18.48	28.55
Short-Term Investments	-	3.67	4.53	6.95	8.04
Trading Asset Securities	57.36	35.01	22.76	20.06	36.16
Cash & Short-Term Investments	65.42	49.93	37.63	45.49	72.76
Cash Growth	31.01%	32.71%	-17.28%	-37.48%	-11.56%
Accounts Receivable	7.34	2.18	1.84	5.73	4.78
Other Receivables	0.05	0.09	3.53	7.77	1.08
Receivables	10.25	5.93	11.13	26.25	18.94
Inventory	22.53	37.76	47.5	44.5	49.76
Prepaid Expenses	3.81	2.5	4.87	1.06	1.37
Total Current Assets	102.01	96.12	101.13	117.29	142.82
Property, Plant & Equipment	8.11	5.17	15.01	20.22	27.56
Other Long-Term Assets	2.19	2.41	1.69	3.08	2.56
Total Assets	112.3	103.7	117.83	140.58	172.94
Accounts Payable	0.6	1.99	1.45	0.47	1.42
Accrued Expenses	7.64	7.81	6.49	7.15	8.7
Short-Term Debt	2.1	-	-	-	-
Current Portion of Long-Term Debt	8.08	-	-	-	-
Current Portion of Leases	5.89	7.05	7.48	8.67	12.27
Current Income Taxes Payable	0.28	0.28	0.28	0.48	0.54
Current Unearned Revenue	0.16	0.01	0.06	0.3	2.3
Other Current Liabilities	1.09	2.33	4	3.27	6.56
Total Current Liabilities	25.84	19.46	19.76	20.34	31.78
Long-Term Debt	8.8	7.13	6.98	-	-
Long-Term Leases	4.16	4.6	5.99	7.27	6.21
Other Long-Term Liabilities	0.3	0.27	0.27	0.25	0.25
Total Liabilities	39.1	31.46	33.01	27.86	38.24
Common Stock	42.28	42.28	35.23	35.23	28.48
Additional Paid-In Capital	-	271.74	265.05	265.05	251.86
Retained Earnings	-	-218.54	-198.23	-170.35	-128.89
Comprehensive Income & Other	30.93	-23.25	-17.23	-17.21	-17.62
Total Common Equity	73.21	72.24	84.82	112.72	133.83
Minority Interest	-	-	-	-	0.88
Shareholders' Equity	73.21	72.24	84.82	112.72	134.7
Total Liabilities & Equity	112.3	103.7	117.83	140.58	172.94
Total Debt	29.03	18.78	20.45	15.95	18.48
Net Cash (Debt)	36.39	31.15	17.17	29.54	54.28
Net Cash Growth	16.82%	81.42%	-41.87%	-45.58%	-10.77%
Net Cash Per Share	0.03	0.03	0.02	0.04	0.08
Filing Date Shares Outstanding	1,057	1,057	880.79	880.79	711.93
Total Common Shares Outstanding	1,057	1,057	880.79	880.79	711.93
Working Capital	76.17	76.65	81.37	96.95	111.04
Book Value Per Share	0.07	0.07	0.10	0.13	0.19
Tangible Book Value	73.21	72.24	84.82	112.72	133.83
Tangible Book Value Per Share	0.07	0.07	0.10	0.13	0.19
Machinery	-	17.7	17.7	17.59	20.02
Leasehold Improvements	-	7.31	7.07	17.58	24.46

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