Chengdu Expressway 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	552.39	519.52	618.77	490.15	614.65
Depreciation & Amortization	366.65	377.62	385.78	318.89	328.26
Other Amortization	3.34	1.26	1.05	1.45	16.39
Loss (Gain) From Sale of Assets	-0.14	0.18	-3.79	-0.36	-35.67
Asset Writedown & Restructuring Costs	15.52	0.04	0.06	-26.47	0.18
Provision & Write-off of Bad Debts	4.98	1.65	-12.66	-	2.03
Other Operating Activities	126.95	105.6	111.41	151.06	143.39
Change in Accounts Receivable	-338.84	-47.6	-42.63	-32.21	-145.94
Change in Inventory	4.6	-4.08	-3.35	28.81	8.42
Change in Accounts Payable	-66.34	-148.35	62.97	-89.41	-112.03
Change in Unearned Revenue	16.99	-	-	-	-
Change in Other Net Operating Assets	14.16	-1.66	-4.01	1.31	5.15
Operating Cash Flow	733.15	806.01	1,115	850.37	828.49
Operating Cash Flow Growth	-9.04%	-27.69%	31.07%	2.64%	-20.65%
Capital Expenditures	-1,146	-502.23	-126.93	-189.03	-126.28
Sale of Property, Plant & Equipment	1.31	0.06	0.03	0.15	14.82
Investment in Securities	-510.06	-20	12	-116.87	-17.38
Other Investing Activities	23.79	58.87	39.68	40.11	37.69
Investing Cash Flow	-1,631	-463.31	-75.23	-265.63	-91.14
Short-Term Debt Issued	-	-	-	22.96	-
Long-Term Debt Issued	1,304	-	664.78	300	-
Total Debt Issued	1,304	-	664.78	322.96	-
Short-Term Debt Repaid	-	-	-	-40	-
Long-Term Debt Repaid	-299	-230.23	-809.78	-450.27	-223.83
Total Debt Repaid	-299	-230.23	-809.78	-490.27	-223.83
Net Debt Issued (Repaid)	1,005	-230.23	-145	-167.31	-223.83
Common Dividends Paid	-248.77	-421.32	-410.62	-356.55	-334.41
Other Financing Activities	-54.3	-48.43	-36.88	-46.92	-10.65
Financing Cash Flow	702.4	-699.98	-592.5	-570.78	-568.88
Foreign Exchange Rate Adjustments	0.33	-	-	-	-
Net Cash Flow	-194.82	-357.28	446.86	13.95	168.47
Free Cash Flow	-412.59	303.77	987.66	661.34	702.21
Free Cash Flow Growth	-	-69.24%	49.34%	-5.82%	-28.87%
Free Cash Flow Margin	-14.09%	10.42%	34.13%	25.47%	25.99%
Free Cash Flow Per Share	-0.25	0.18	0.60	0.40	0.42
Cash Income Tax Paid	306.23	297.27	215.65	199.18	232.7
Levered Free Cash Flow	-692.36	-31.92	561.58	228.89	384.73
Unlevered Free Cash Flow	-625.3	31.58	633.05	306.2	470.19
Change in Working Capital	-336.55	-199.87	13.98	-84.35	-240.74

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