Macau E&M Holding Cash Flow Statement

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

Millions MOP. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2017 - 2019
Period Ending	Jun '25 Jun 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	2017 - 2019
Net Income	1.59	-2.49	-3.76	9.31	26.24	26.67	Upgrade
Depreciation & Amortization	1.18	1.18	1.44	1.7	1.06	1.12	Upgrade
Loss (Gain) From Sale of Assets	0	0	0	-	-	-	Upgrade
Provision & Write-off of Bad Debts	0.33	0.55	0.11	-0.13	0.04	-0.03	Upgrade
Other Operating Activities	-4.43	-4.86	-4.63	-3.56	-3.67	-9.13	Upgrade
Change in Accounts Receivable	37.81	19.85	23.18	-5.66	9.01	19.25	Upgrade
Change in Accounts Payable	-23.83	-16.82	8.95	-3.66	1.03	15	Upgrade
Change in Unearned Revenue	3.94	-1.32	2.31	-0.4	-10.78	-19.47	Upgrade
Operating Cash Flow	16.6	-3.91	27.61	-2.4	22.93	33.42	Upgrade
Operating Cash Flow Growth	121.75%	-	-	-	-31.39%	103.04%	Upgrade
Capital Expenditures	-	-	-2.7	-36.33	-0.14	-0.02	Upgrade
Investment in Securities	-13.7	-14.61	71.43	26.09	-61.88	-62.65	Upgrade
Other Investing Activities	4.84	4.53	5.11	1.59	-1	2.75	Upgrade
Investing Cash Flow	-8.86	-10.08	73.84	-8.66	-63.02	-59.91	Upgrade
Long-Term Debt Issued	-	-	-	13.55	-	-	Upgrade
Long-Term Debt Repaid	-	-0.62	-0.86	-1.28	-1.06	-1.02	Upgrade
Net Debt Issued (Repaid)	-0.65	-0.62	-0.86	12.27	-1.06	-1.02	Upgrade
Issuance of Common Stock	-	-	-	-	-	106.19	Upgrade
Common Dividends Paid	-	-	-5.57	-10.47	-	-	Upgrade
Other Financing Activities	-0.17	-0.19	-0.02	-0.18	-0.05	-21.89	Upgrade
Financing Cash Flow	-0.82	-0.81	-6.44	-18.86	-1.11	83.29	Upgrade
Net Cash Flow	6.92	-14.8	95.01	-29.91	-41.2	56.79	Upgrade
Free Cash Flow	16.6	-3.91	24.92	-38.73	22.79	33.4	Upgrade
Free Cash Flow Growth	121.78%	-	-	-	-31.76%	103.06%	Upgrade
Free Cash Flow Margin	22.04%	-4.25%	19.42%	-27.07%	12.35%	12.07%	Upgrade
Free Cash Flow Per Share	0.03	-0.01	0.05	-0.08	0.05	0.08	Upgrade
Cash Interest Paid	0.37	0.4	0.4	0.18	0.05	0.08	Upgrade
Cash Income Tax Paid	0.03	0.05	0.94	3.39	5.28	12.02	Upgrade
Levered Free Cash Flow	17.72	-1.65	15.12	-41.2	12.92	47.98	Upgrade
Unlevered Free Cash Flow	17.83	-1.53	15.13	-40.96	12.94	48.04	Upgrade
Change in Working Capital	17.92	1.7	34.44	-9.72	-0.74	14.78	Upgrade

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