REF Holdings Cash Flow Statement

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

Millions HKD. Fiscal year is Jan - Dec.

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%
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
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
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	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
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
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
Change in Working Capital	9.8	-12.11	2.17	-18.53	-10.1

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