REF Holdings Limited (HKG:1631)
Hong Kong · Delayed Price · Currency is HKD 1.350
+0.080 (6.30%)
Jul 31, 2026, 3:58 PM HKT
REF Holdings Cash Flow Statement
Financials in millions HKD. Fiscal year is January - December.
Millions HKD. Fiscal year is Jan - Dec.
Operating Activities
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 |
Net Income | 2.98 | 5.67 | 11.71 | 11.16 | 8.63 |
Depreciation & Amortization | 17.91 | 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 | 0.09 | 0.4 | 0.11 | 0.68 | 3.06 |
Stock-Based Compensation | - | 1.4 | - | - | - |
Provision & Write-off of Bad Debts | 0.57 | 1.52 | 0.01 | 2.32 | 0.12 |
Other Operating Activities | -0.98 | -0.49 | -1.34 | 1.84 | 2.16 |
Change in Accounts Receivable | -0.54 | -0.63 | 2.49 | -13.14 | 6.38 |
Change in Accounts Payable | -0.12 | -1.51 | -0.53 | 0.34 | -1.24 |
Change in Unearned Revenue | 10.17 | -6.89 | -2.35 | -4.98 | -10.72 |
Change in Other Net Operating Assets | 0.29 | -3.09 | 2.56 | -0.74 | -4.53 |
Operating Cash Flow | 30.37 | 16.96 | 36.17 | 21.53 | 29.1 |
Operating Cash Flow Growth | 79.01% | -53.10% | 67.95% | -26.01% | -20.23% |
Investing Activities
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 |
Capital Expenditures | -0.24 | -0.27 | -0.14 | -0.63 | -13.51 |
Sale of Property, Plant & Equipment | - | - | - | 0.08 | 0.01 |
Investment in Securities | -0.12 | 18.01 | 40.99 | -59.22 | 18.25 |
Other Investing Activities | 1.65 | 1.64 | 1.64 | 0.99 | 0.75 |
Investing Cash Flow | 1.28 | 19.38 | 42.5 | -58.78 | 5.5 |
Financing Activities
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 |
Long-Term Debt Repaid | -17.16 | -15.72 | -20.83 | -20.7 | -15.88 |
Net Debt Issued (Repaid) | -17.16 | -15.72 | -20.83 | -20.7 | -15.88 |
Common Dividends Paid | - | - | -38.4 | -51.2 | -76.8 |
Other Financing Activities | -1.39 | -1.55 | -0.59 | -1.06 | -0.84 |
Financing Cash Flow | -18.55 | -17.28 | -59.82 | -72.96 | -93.52 |
Net Cash Flow
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 |
Foreign Exchange Rate Adjustments | -0.02 | 0.01 | 0.02 | - | - |
Net Cash Flow | 13.08 | 19.08 | 18.86 | -110.21 | -58.92 |
Free Cash Flow
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 |
Free Cash Flow | 30.12 | 16.69 | 36.03 | 20.91 | 15.59 |
Free Cash Flow Growth | 80.47% | -53.68% | 72.36% | 34.07% | -57.22% |
Free Cash Flow Margin | 32.64% | 15.69% | 29.05% | 16.12% | 11.54% |
Free Cash Flow Per Share | 0.12 | 0.07 | 0.14 | 0.08 | 0.06 |
Levered Free Cash Flow | 28.52 | 17.55 | 29.26 | 15.86 | 16.5 |
Unlevered Free Cash Flow | 29.43 | 18.56 | 29.63 | 16.52 | 17.03 |
Additional Metrics
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 Interest Paid | 1.39 | 1.55 | 0.59 | 1.06 | 0.84 |
Cash Income Tax Paid | 1.11 | 1.51 | 2.29 | 0.04 | 0.43 |
Change in Working Capital | 9.8 | -12.11 | 2.17 | -18.53 | -10.1 |