Tianjin Tianbao Energy Cash Flow Statement

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

Millions CNY. 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	8.36	4.53	0.26	7.89	0.43
Depreciation & Amortization	50.32	51.03	46.7	43.07	43.28
Other Amortization	0.81	0.82	1.01	1.14	0.75
Loss (Gain) on Sale of Assets	0.35	-0.12	0.01	-	-1.24
Asset Writedown	-	-	-	0.02	-0.03
Change in Accounts Receivable	0.98	-12.48	-16.12	-42.59	-23.5
Change in Inventory	-0.19	4.7	3.23	1.42	1.74
Change in Accounts Payable	-13.14	-20.25	-51.19	57.77	50.6
Change in Unearned Revenue	-1.35	1.77	-1.28	-14.95	-0.27
Change in Other Net Operating Assets	12.42	16.38	-28.25	-37.73	-16.06
Other Operating Activities	11.38	20.59	9.54	20.91	16.54
Operating Cash Flow	69.05	67.46	-35.35	36.95	72.25
Operating Cash Flow Growth	2.36%	-	-	-48.86%	-30.61%
Capital Expenditures	-14.06	-31.03	-74.28	-153.74	-3.96
Sale of Property, Plant & Equipment	0.02	0.23	0.01	-	1.6
Cash Acquisitions	-	-13.89	-	-	-
Divestitures	-	0.18	-	-	-
Other Investing Activities	1.16	-	-	30	-
Investing Cash Flow	-12.88	-44.51	-74.28	-123.74	-2.36
Long-Term Debt Issued	134.43	270.38	348.9	216.13	216.75
Total Debt Issued	134.43	270.38	348.9	216.13	216.75
Long-Term Debt Repaid	-228.16	-287.28	-226.74	-188.22	-115.9
Total Debt Repaid	-228.16	-287.28	-226.74	-188.22	-115.9
Net Debt Issued (Repaid)	-93.73	-16.9	122.16	27.9	100.85
Repurchase of Common Stock	-	-	-	-	-88.38
Common Dividends Paid	-2.24	-	-3.84	-	-8
Other Financing Activities	-17.59	-21.76	-17.87	24.88	-14.73
Financing Cash Flow	-113.56	-38.66	100.46	52.78	-10.26
Foreign Exchange Rate Adjustments	0.15	0.19	0.16	1.18	-0.41
Net Cash Flow	-57.24	-15.51	-9.01	-32.83	59.23
Free Cash Flow	54.99	36.43	-109.63	-116.79	68.29
Free Cash Flow Growth	50.95%	-	-	-	-7.49%
Free Cash Flow Margin	7.11%	4.42%	-13.96%	-16.37%	11.06%
Free Cash Flow Per Share	0.34	0.23	-0.69	-0.73	0.43
Cash Interest Paid	12.1	16.26	12.37	11.04	9.83
Cash Income Tax Paid	6.05	4.36	4.3	3.54	3.82
Levered Free Cash Flow	43.63	27.99	-151.85	-90.75	-25.96
Unlevered Free Cash Flow	51.19	38.64	-143.6	-82.85	-17.66
Change in Working Capital	-1.28	-9.88	-93.6	-36.07	12.52

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