Ten Pao Group 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	383.9	328.86	296.9	378.62
Depreciation & Amortization	153.3	166.83	152.06	125.84
Other Amortization	2.58	1.95	2.39	2.03
Loss (Gain) From Sale of Assets	3.19	-1.82	1.75	0.95
Asset Writedown & Restructuring Costs	30.79	13.32	11.82	2.41
Loss (Gain) From Sale of Investments	-8.76	-7.11	5.25	-0.08
Provision & Write-off of Bad Debts	10.31	0.42	1.03	1.8
Other Operating Activities	-47.45	-7.56	-33.12	7.78
Change in Accounts Receivable	-360.26	-144.07	185.16	-63.62
Change in Inventory	-293.99	167.03	243.74	-153.13
Change in Accounts Payable	937.29	-31.43	-276.87	-68.6
Change in Other Net Operating Assets	2.74	-1.73	5.82	11.15
Operating Cash Flow	813.65	484.7	595.93	245.16
Operating Cash Flow Growth	67.87%	-18.67%	143.08%	-55.62%
Capital Expenditures	-388.23	-306.54	-192.96	-583.67
Sale of Property, Plant & Equipment	44.14	45.41	10.22	2.41
Cash Acquisitions	-	-21.57	-	-
Sale (Purchase) of Intangibles	-4.51	-1.14	-2.36	-2.47
Investment in Securities	-10.16	-11.13	-22.39	-41.59
Other Investing Activities	-	-	-20.5	14.22
Investing Cash Flow	-358.76	-294.97	-227.99	-611.09
Long-Term Debt Issued	743.47	1,130	1,711	1,706
Long-Term Debt Repaid	-746.63	-937.67	-1,844	-1,453
Total Debt Repaid	-746.63	-937.67	-1,844	-1,453
Net Debt Issued (Repaid)	-3.15	192.56	-133.85	253.16
Common Dividends Paid	-164.1	-62.85	-57.18	-112.05
Other Financing Activities	-109.18	-506.98	-109.34	79.27
Financing Cash Flow	-276.43	-377.28	-300.38	220.38
Foreign Exchange Rate Adjustments	-0.83	-3.37	-14.61	7.42
Net Cash Flow	177.63	-190.92	52.95	-138.13
Free Cash Flow	425.42	178.16	402.97	-338.51
Free Cash Flow Growth	138.78%	-55.79%	-	-
Free Cash Flow Margin	7.90%	3.69%	7.35%	-5.32%
Free Cash Flow Per Share	0.41	0.17	0.40	-0.34
Cash Interest Paid	8.67	10.85	19.35	5.13
Cash Income Tax Paid	55.48	56.86	75.29	91.71
Levered Free Cash Flow	197.16	-408.22	237.43	-339.9
Unlevered Free Cash Flow	202.58	-401.43	246.53	-335.22
Change in Working Capital	285.78	-10.19	157.85	-274.19

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