HKG:2281 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	109.19	177.24	209.9	203.22	241.93
Depreciation & Amortization	346.71	339.05	330.94	307.79	286.71
Other Amortization	34.06	29.13	28.05	27.6	21.25
Loss (Gain) on Sale of Assets	0.18	-1.85	4.71	0.3	-1.29
Loss (Gain) on Sale of Investments	0.03	-5.16	3.04	-0.59	-0.67
Asset Writedown	-	-	-	-	12.22
Change in Accounts Receivable	-71.38	-109.22	-70.51	-87.29	-265.98
Change in Inventory	-2.85	4.36	15.38	-35.75	35.61
Change in Accounts Payable	3.57	-34.58	-26.46	11.01	56.52
Other Operating Activities	105.92	107.4	91.5	151.36	136.74
Operating Cash Flow	563.2	536.25	609.19	597.24	537.2
Operating Cash Flow Growth	5.03%	-11.97%	2.00%	11.18%	45.41%
Capital Expenditures	-276.34	-352.54	-522.65	-678.39	-754.36
Sale of Property, Plant & Equipment	0.03	0.01	3.99	0.06	2.48
Divestitures	-	5.61	-	-	-
Investment in Securities	10	2.9	41.62	-	1.11
Investing Cash Flow	-266.31	-344.01	-477.04	-678.33	-750.76
Short-Term Debt Issued	0.21	3.15	2.65	-	-
Long-Term Debt Issued	591.64	620.64	735.83	1,101	754.23
Total Debt Issued	591.85	623.79	738.48	1,101	754.23
Long-Term Debt Repaid	-599.22	-619.09	-909.56	-1,095	-521.32
Net Debt Issued (Repaid)	-7.36	4.7	-171.08	6.42	232.91
Common Dividends Paid	-113.13	-134.06	-160.65	-187.32	-198.97
Other Financing Activities	-17.59	-6.2	-19.67	-0	15.18
Financing Cash Flow	-138.08	-135.56	-351.4	-180.9	49.12
Net Cash Flow	158.81	56.68	-219.25	-261.99	-164.45
Free Cash Flow	286.86	183.72	86.54	-81.15	-217.16
Free Cash Flow Growth	56.14%	112.28%	-	-	-
Free Cash Flow Margin	23.19%	13.81%	6.73%	-6.00%	-15.85%
Free Cash Flow Per Share	0.34	0.22	0.10	-0.10	-0.25
Cash Interest Paid	-	-	-	-	0.21
Cash Income Tax Paid	82.17	126.18	101.34	107.38	117.87
Levered Free Cash Flow	165.49	97.78	-58.25	-364.3	-586.71
Unlevered Free Cash Flow	221.94	153.37	-9.82	-282.21	-507.04
Change in Working Capital	-77.8	-145.37	-83.62	-120.58	-176.35

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