HKG:1503 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
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-184.77	-172.32	-209.54	267.7
Depreciation & Amortization	0.1	0.12	0.08	0.11
Other Amortization	-	-	4.6	4.8
Asset Writedown	393.22	394.45	-32.91	-81.51
Change in Accounts Receivable	-4.06	3.81	2.55	-1.29
Change in Accounts Payable	-5.8	-8	-65.5	11.6
Change in Other Net Operating Assets	1.59	14.36	23.09	-5.27
Other Operating Activities	67.56	44.98	473.21	38.97
Operating Cash Flow	268.1	274.91	200.37	235.09
Operating Cash Flow Growth	-2.48%	37.20%	-14.77%	20.74%
Acquisition of Real Estate Assets	-57.1	-102.56	-74.4	-20.49
Sale of Real Estate Assets	0.06	-	-	-
Net Sale / Acq. of Real Estate Assets	-57.04	-102.56	-74.4	-20.49
Cash Acquisition	-	-	-1,083	-
Investment in Marketable & Equity Securities	-51	5.22	77.3	129.51
Other Investing Activities	11.24	29.79	11.9	10.26
Investing Cash Flow	-96.81	-67.55	-1,068	119.28
Long-Term Debt Issued	48.45	2,563	5,553	256.88
Total Debt Issued	48.45	2,563	5,553	256.88
Short-Term Debt Repaid	-0.49	-0.01	-0.01	-
Long-Term Debt Repaid	-16.06	-2,562	-4,041	-
Total Debt Repaid	-16.55	-2,562	-4,041	-
Net Debt Issued (Repaid)	31.9	1.07	1,512	256.88
Issuance of Common Stock	-	66.95	116.37	61.34
Common Dividends Paid	-108.14	-181.95	-275.19	-239.5
Other Financing Activities	-187.5	-155.14	-78.75	-54.32
Foreign Exchange Rate Adjustments	0.04	-	-	-
Net Cash Flow	-92.4	-61.7	406.62	378.77
Cash Interest Paid	131.09	144.53	80.92	54.32
Cash Income Tax Paid	71.05	63.26	49.98	48.78
Levered Free Cash Flow	137.8	137.79	265.32	290.28
Unlevered Free Cash Flow	220.21	223.52	320.01	322.51
Change in Working Capital	-8.27	10.17	-39.86	5.04

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