REF Holdings Limited (HKG:1631)

REF Holdings Cash Flow Statement

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

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	5.67	11.71	11.16	8.63
Depreciation & Amortization	20.47	23.5	24.02	22.16
Loss (Gain) From Sale of Assets	-	-	0.04	3.09
Asset Writedown & Restructuring Costs	0.11	-	-	-
Loss (Gain) From Sale of Investments	0.4	0.11	0.68	3.06
Stock-Based Compensation	1.4	-	-	-
Provision & Write-off of Bad Debts	1.52	0.01	2.32	0.12
Other Operating Activities	-0.49	-1.34	1.84	2.16
Change in Accounts Receivable	-0.63	2.49	-13.14	6.38
Change in Accounts Payable	-1.51	-0.53	0.34	-1.24
Change in Unearned Revenue	-6.89	-2.35	-4.98	-10.72
Change in Other Net Operating Assets	-3.09	2.56	-0.74	-4.53
Operating Cash Flow	16.96	36.17	21.53	29.1
Operating Cash Flow Growth	-53.10%	67.95%	-26.01%	-20.23%
Capital Expenditures	-0.27	-0.14	-0.63	-13.51
Sale of Property, Plant & Equipment	-	-	0.08	0.01
Investment in Securities	18.01	40.99	-59.22	18.25
Other Investing Activities	1.64	1.64	0.99	0.75
Investing Cash Flow	19.38	42.5	-58.78	5.5
Long-Term Debt Repaid	-15.72	-20.83	-20.7	-15.88
Net Debt Issued (Repaid)	-15.72	-20.83	-20.7	-15.88
Common Dividends Paid	-	-38.4	-51.2	-76.8
Other Financing Activities	-1.55	-0.59	-1.06	-0.84
Financing Cash Flow	-17.28	-59.82	-72.96	-93.52
Foreign Exchange Rate Adjustments	0.01	0.02	-	-
Net Cash Flow	19.08	18.86	-110.21	-58.92
Free Cash Flow	16.69	36.03	20.91	15.59
Free Cash Flow Growth	-53.68%	72.36%	34.07%	-57.22%
Free Cash Flow Margin	15.69%	29.05%	16.12%	11.54%
Free Cash Flow Per Share	0.07	0.14	0.08	0.06
Cash Interest Paid	3.06	3.81	1.06	0.84
Cash Income Tax Paid	-	-0.94	0.04	0.43
Levered Free Cash Flow	17.72	29.29	15.86	16.5
Unlevered Free Cash Flow	18.69	29.66	16.52	17.03
Change in Working Capital	-12.11	2.17	-18.53	-10.1

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