REF Holdings Cash Flow Statement

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

Millions HKD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
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
Net Income	4.84	5.67	11.71	11.16	8.63	18.27
Depreciation & Amortization	18.44	20.47	23.5	24.02	22.16	21.63
Loss (Gain) From Sale of Assets	-	-	-	0.04	3.09	-
Asset Writedown & Restructuring Costs	0.11	0.11	-	-	-	0.43
Loss (Gain) From Sale of Investments	0.52	0.4	0.11	0.68	3.06	5.03
Stock-Based Compensation	1.4	1.4	-	-	-	-
Provision & Write-off of Bad Debts	-1.38	1.52	0.01	2.32	0.12	1.83
Other Operating Activities	0.02	-0.49	-1.34	1.84	2.16	-5.27
Change in Accounts Receivable	5.17	-0.63	2.49	-13.14	6.38	1.33
Change in Accounts Payable	-2.49	-1.51	-0.53	0.34	-1.24	0.39
Change in Unearned Revenue	-2.7	-6.89	-2.35	-4.98	-10.72	-7.49
Change in Other Net Operating Assets	-1.7	-3.09	2.56	-0.74	-4.53	0.35
Operating Cash Flow	22.23	16.96	36.17	21.53	29.1	36.49
Operating Cash Flow Growth	-8.38%	-53.10%	67.95%	-26.01%	-20.23%	-11.42%
Capital Expenditures	-0.41	-0.27	-0.14	-0.63	-13.51	-0.03
Sale of Property, Plant & Equipment	-	-	-	0.08	0.01	-
Cash Acquisitions	-	-	-	-	-	-3.21
Investment in Securities	29.91	18.01	40.99	-59.22	18.25	208.18
Other Investing Activities	1.6	1.64	1.64	0.99	0.75	2.66
Investing Cash Flow	31.11	19.38	42.5	-58.78	5.5	207.6
Long-Term Debt Repaid	-	-15.72	-20.83	-20.7	-15.88	-19.46
Total Debt Repaid	-17.32	-15.72	-20.83	-20.7	-15.88	-19.46
Net Debt Issued (Repaid)	-17.32	-15.72	-20.83	-20.7	-15.88	-19.46
Common Dividends Paid	-	-	-38.4	-51.2	-76.8	-51.2
Other Financing Activities	-1.7	-1.55	-0.59	-1.06	-0.84	-0.95
Financing Cash Flow	-19.01	-17.28	-59.82	-72.96	-93.52	-71.61
Foreign Exchange Rate Adjustments	0.02	0.01	0.02	-	-	-
Net Cash Flow	34.34	19.08	18.86	-110.21	-58.92	172.48
Free Cash Flow	21.82	16.69	36.03	20.91	15.59	36.45
Free Cash Flow Growth	-9.35%	-53.68%	72.36%	34.07%	-57.22%	-10.27%
Free Cash Flow Margin	22.62%	15.69%	29.05%	16.12%	11.54%	24.71%
Free Cash Flow Per Share	0.08	0.07	0.14	0.08	0.06	0.14
Cash Interest Paid	3.21	3.06	3.81	1.06	0.84	0.95
Cash Income Tax Paid	-	-	-0.94	0.04	0.43	6.48
Levered Free Cash Flow	19.49	17.72	29.29	15.86	16.5	24.94
Unlevered Free Cash Flow	20.57	18.69	29.66	16.52	17.03	25.53
Change in Working Capital	-1.73	-12.11	2.17	-18.53	-10.1	-5.42

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