Huayu Expressway Group 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	-36.14	-8.51	329.43	49.03	86.43
Depreciation & Amortization	38.46	39.89	38.97	64.07	64.03
Loss (Gain) From Sale of Assets	-0.32	-0.42	0.02	0.43	0.16
Loss (Gain) From Sale of Investments	-	-	-	-	0.32
Loss (Gain) on Equity Investments	6.79	-12.53	-0.23	-4.2	-14.17
Stock-Based Compensation	-	-	-	1.3	34.77
Other Operating Activities	4.73	-0.23	-312	29.16	101.23
Change in Accounts Receivable	-1.85	-25.59	18.81	71.25	-101.74
Change in Inventory	-11.18	-133.98	-96.7	-78.17	-2.24
Change in Unearned Revenue	-0.59	-64.95	39.62	12.63	19.76
Change in Other Net Operating Assets	15.46	-44.21	-7.12	2.21	8.5
Operating Cash Flow	15.34	-250.52	63.57	198.7	197.05
Operating Cash Flow Growth	-	-	-68.01%	0.84%	66.90%
Capital Expenditures	-115.89	-177.56	-49.68	-10.07	-25.67
Cash Acquisitions	4.8	-	15.4	-	-127.2
Divestitures	-	67.37	356.89	-	-
Sale (Purchase) of Intangibles	-	-	-	-18.29	-5.72
Investment in Securities	-0.3	13.5	-177.3	-98.09	-4.8
Other Investing Activities	-0.94	3.15	1.17	9.83	18.66
Investing Cash Flow	-112.33	-93.54	146.48	-116.62	-144.73
Long-Term Debt Issued	221.7	295.59	50	100	1,053
Long-Term Debt Repaid	-174.38	-53.17	-192.53	-161.53	-983.71
Net Debt Issued (Repaid)	47.32	242.42	-142.53	-61.53	69.22
Common Dividends Paid	-	-45.57	-43.77	-	-
Other Financing Activities	-9.18	20.61	29.14	-32.89	-36.63
Financing Cash Flow	38.14	217.46	-157.16	-94.42	12.28
Foreign Exchange Rate Adjustments	-0.09	-1.36	0.76	0.5	-0.18
Net Cash Flow	-58.94	-127.96	53.65	-11.84	64.42
Free Cash Flow	-100.55	-428.08	13.88	188.63	171.38
Free Cash Flow Growth	-	-	-92.64%	10.07%	49.43%
Free Cash Flow Margin	-71.61%	-216.04%	3.41%	46.02%	24.89%
Free Cash Flow Per Share	-0.24	-1.04	0.03	0.46	0.41
Cash Interest Paid	9.18	5.26	15.7	44.79	53.53
Cash Income Tax Paid	-	4.83	37.34	35.97	46.76
Levered Free Cash Flow	-124.54	-323.92	225.78	-260.85	78.64
Unlevered Free Cash Flow	-121.29	-320.73	226.94	-259.89	80.31
Change in Working Capital	1.84	-268.73	-45.39	7.92	-75.72

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