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 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	62.58	107.61	122.21	134.31	106.5
Depreciation & Amortization	34.16	31.04	28.74	27.92	25.85
Loss (Gain) From Sale of Assets	0.07	0.04	0.02	0.63	-
Asset Writedown & Restructuring Costs	0.1	0.01	-	-	-
Provision & Write-off of Bad Debts	-1.65	3.2	-0.69	1.02	-0.36
Other Operating Activities	-2.97	-18.88	8.74	13.19	-3.49
Change in Accounts Receivable	26.13	-68.23	31.71	19.92	-27.89
Change in Inventory	28.45	-35.92	67.53	37.98	-120.12
Change in Accounts Payable	14.55	16.77	-35.95	-3.29	13.7
Change in Other Net Operating Assets	-2.69	-12.53	-25.59	25.97	22.62
Operating Cash Flow	158.74	23.11	196.7	257.65	16.82
Operating Cash Flow Growth	586.88%	-88.25%	-23.66%	1431.52%	-85.60%
Capital Expenditures	-14.73	-22.7	-13.57	-45.76	-39.61
Sale of Property, Plant & Equipment	0.36	0.03	0.08	0.05	-
Sale (Purchase) of Real Estate	-	-2.21	-	-	-
Other Investing Activities	-3.82	-18.54	8.08	-48.48	2.27
Investing Cash Flow	-18.19	-43.43	-5.41	-94.19	-37.34
Short-Term Debt Issued	107.16	71.95	4.48	189.76	109.52
Total Debt Issued	107.16	71.95	4.48	189.76	109.52
Short-Term Debt Repaid	-120.84	-53.36	-18.85	-234.15	-68.98
Long-Term Debt Repaid	-15.68	-13.78	-11.91	-12.52	-12.72
Total Debt Repaid	-136.53	-67.14	-30.75	-246.67	-81.7
Net Debt Issued (Repaid)	-29.37	4.81	-26.28	-56.91	27.82
Common Dividends Paid	-82.93	-93.7	-123.14	-96.21	-86.88
Other Financing Activities	-2.96	-2.31	-2.59	-4.03	-0.79
Financing Cash Flow	-115.25	-91.2	-152	-157.15	-59.85
Foreign Exchange Rate Adjustments	2.45	-0.31	-0.49	-2.31	1.34
Net Cash Flow	27.75	-111.83	38.8	4	-79.02
Free Cash Flow	144.01	0.41	183.13	211.89	-22.78
Free Cash Flow Growth	35370.20%	-99.78%	-13.58%	-	-
Free Cash Flow Margin	21.41%	0.06%	26.00%	25.73%	-2.99%
Free Cash Flow Per Share	0.40	0.00	0.51	0.59	-0.06
Cash Interest Paid	2.96	2.31	2.59	4.03	0.79
Cash Income Tax Paid	11.96	32.19	27.18	18.07	21.27
Levered Free Cash Flow	120.08	-31.54	156.21	178.69	-55.16
Unlevered Free Cash Flow	121.93	-30.09	157.83	181.17	-54.64
Change in Working Capital	66.45	-99.92	37.69	80.58	-111.68

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