Mulsanne Group Holding Cash Flow Statement

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

Millions CNY. 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	30.95	39.57	12.43	-89.68
Depreciation & Amortization	180.9	173.11	202.65	180.39
Other Amortization	7.82	6.8	5.56	4.42
Loss (Gain) From Sale of Assets	2.36	3.18	8.83	8.44
Asset Writedown & Restructuring Costs	2.24	0.94	9	1.94
Loss (Gain) From Sale of Investments	-	-	-	-0.67
Loss (Gain) on Equity Investments	-	-	-	-0.72
Provision & Write-off of Bad Debts	-9.11	6.96	7.51	142.1
Other Operating Activities	19.29	19.89	-13.75	138
Change in Accounts Receivable	-9.34	-24.66	-19.41	16.58
Change in Inventory	-14.05	143.06	177.84	-69.64
Change in Accounts Payable	38.21	-64.73	-35.56	-146.22
Change in Unearned Revenue	-3.2	-27.85	-14.94	13.14
Change in Other Net Operating Assets	-74.4	21.52	-95.46	-20.35
Operating Cash Flow	171.68	297.78	244.71	177.73
Operating Cash Flow Growth	-42.35%	21.69%	37.69%	-27.92%
Capital Expenditures	-130.37	-79.97	-114.09	-149.68
Sale of Property, Plant & Equipment	0.06	1.66	0.03	0.76
Cash Acquisitions	-0.6	-	-	-
Sale (Purchase) of Intangibles	-2.47	-5.81	-12.03	-20.23
Investing Cash Flow	-106.38	-114.12	-126.09	-169.15
Long-Term Debt Issued	1,792	1,006	1,943	695.15
Total Debt Issued	1,792	1,006	1,943	695.15
Long-Term Debt Repaid	-2,279	-1,516	-1,359	-735.98
Total Debt Repaid	-2,279	-1,516	-1,359	-735.98
Net Debt Issued (Repaid)	-487.43	-510.73	583.98	-40.83
Other Financing Activities	418.4	268.46	-1,148	-56.57
Financing Cash Flow	-69.03	-242.27	-563.79	-97.4
Foreign Exchange Rate Adjustments	-1.81	-1.17	20.14	-5.64
Net Cash Flow	-5.53	-59.77	-425.04	-94.46
Free Cash Flow	41.31	217.8	130.62	28.05
Free Cash Flow Growth	-81.03%	66.75%	365.73%	-75.45%
Free Cash Flow Margin	1.82%	9.35%	5.62%	1.04%
Free Cash Flow Per Share	0.04	0.24	0.14	0.03
Cash Interest Paid	51.35	69.76	58.66	57.66
Cash Income Tax Paid	21.04	5.06	27.38	40.19
Levered Free Cash Flow	47.58	439.86	-475.54	131.51
Unlevered Free Cash Flow	80.84	482.22	-436.12	168.64
Change in Working Capital	-62.78	47.34	12.47	-206.49

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