Fulu Holdings 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	20.16	91.61	97.88	68.22
Depreciation & Amortization	11.78	10.77	8.17	4.38
Other Amortization	7.64	6.22	3.27	1.27
Loss (Gain) From Sale of Assets	-0.34	-2.37	0.04	-0.06
Loss (Gain) From Sale of Investments	-0.02	-0.93	0.04	-
Stock-Based Compensation	6.15	6.34	16.08	95.51
Other Operating Activities	-5.53	-13.01	-19.68	0.88
Change in Accounts Receivable	54.94	-64.74	-212.5	-150.85
Change in Accounts Payable	-22.87	16.14	54.71	7.73
Change in Other Net Operating Assets	133.1	-99.94	74.47	-150.94
Operating Cash Flow	205	-49.9	22.48	-123.87
Capital Expenditures	-1.08	-3.85	-2.92	-2.74
Sale of Property, Plant & Equipment	0.05	-	0.01	0.04
Divestitures	0.47	-2.07	-	-
Sale (Purchase) of Intangibles	-4.19	-11.36	-13.14	-10.28
Investment in Securities	-79.27	15	-9.22	-13.1
Other Investing Activities	3.24	3.81	2.86	6.49
Investing Cash Flow	-80.79	1.53	-22.41	-19.59
Long-Term Debt Issued	528.66	814.21	230.27	1,040
Total Debt Issued	528.66	814.21	230.27	1,040
Long-Term Debt Repaid	-506.43	-723.29	-206.72	-1,172
Total Debt Repaid	-506.43	-723.29	-206.72	-1,172
Net Debt Issued (Repaid)	22.22	90.92	23.55	-131.75
Common Dividends Paid	-0.06	-42.86	-60.94	-105.89
Other Financing Activities	16.33	-2.39	-22.48	136.32
Financing Cash Flow	38.5	45.66	-59.87	-101.32
Foreign Exchange Rate Adjustments	0.39	0.24	0.17	-3.67
Net Cash Flow	163.1	-2.48	-59.62	-248.45
Free Cash Flow	203.92	-53.75	19.56	-126.6
Free Cash Flow Margin	56.68%	-9.59%	4.08%	-31.71%
Free Cash Flow Per Share	0.50	-0.13	0.05	-0.32
Cash Interest Paid	3.67	3.56	1.51	1.82
Cash Income Tax Paid	11.15	16.23	5.51	5.53
Levered Free Cash Flow	192.41	-115.19	-39.2	-193.1
Unlevered Free Cash Flow	194.7	-112.97	-38.25	-192.69
Change in Working Capital	165.16	-148.54	-83.32	-294.07

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