Town Ray Holdings Cash Flow Statement

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

Millions HKD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	107.61	122.21	134.31	106.5
Depreciation & Amortization	31.04	28.74	27.92	25.85
Loss (Gain) From Sale of Assets	0.04	0.02	0.63	-
Asset Writedown & Restructuring Costs	0.01	-	-	-
Provision & Write-off of Bad Debts	3.2	-0.69	1.02	-0.36
Other Operating Activities	-18.88	8.74	13.19	-3.49
Change in Accounts Receivable	-68.23	31.71	19.92	-27.89
Change in Inventory	-35.92	67.53	37.98	-120.12
Change in Accounts Payable	16.77	-35.95	-3.29	13.7
Change in Other Net Operating Assets	-12.53	-25.59	25.97	22.62
Operating Cash Flow	23.11	196.7	257.65	16.82
Operating Cash Flow Growth	-88.25%	-23.66%	1431.52%	-85.60%
Capital Expenditures	-22.7	-13.57	-45.76	-39.61
Sale of Property, Plant & Equipment	0.03	0.08	0.05	-
Sale (Purchase) of Real Estate	-2.21	-	-	-
Other Investing Activities	-18.54	8.08	-48.48	2.27
Investing Cash Flow	-43.43	-5.41	-94.19	-37.34
Short-Term Debt Issued	71.95	4.48	189.76	109.52
Total Debt Issued	71.95	4.48	189.76	109.52
Short-Term Debt Repaid	-53.36	-18.85	-234.15	-68.98
Long-Term Debt Repaid	-13.78	-11.91	-12.52	-12.72
Total Debt Repaid	-67.14	-30.75	-246.67	-81.7
Net Debt Issued (Repaid)	4.81	-26.28	-56.91	27.82
Common Dividends Paid	-93.7	-123.14	-96.21	-86.88
Other Financing Activities	-2.31	-2.59	-4.03	-0.79
Financing Cash Flow	-91.2	-152	-157.15	-59.85
Foreign Exchange Rate Adjustments	-0.31	-0.49	-2.31	1.34
Net Cash Flow	-111.83	38.8	4	-79.02
Free Cash Flow	0.41	183.13	211.89	-22.78
Free Cash Flow Growth	-99.78%	-13.58%	-	-
Free Cash Flow Margin	0.06%	26.00%	25.73%	-2.99%
Free Cash Flow Per Share	0.00	0.51	0.59	-0.06
Cash Interest Paid	2.31	2.59	4.03	0.79
Cash Income Tax Paid	32.19	27.18	18.07	21.27
Levered Free Cash Flow	-31.54	156.21	178.69	-55.16
Unlevered Free Cash Flow	-30.09	157.83	181.17	-54.64
Change in Working Capital	-99.92	37.69	80.58	-111.68

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.