Guangzhou R&F Properties 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	-17,710	-20,164	-15,737	-16,469
Depreciation & Amortization	1,597	2,063	2,001	1,792
Other Amortization	44.11	49.7	122.37	125.49
Loss (Gain) From Sale of Assets	1,895	-179.14	43.83	-808.52
Asset Writedown & Restructuring Costs	1,104	3,149	2,146	-683.27
Loss (Gain) From Sale of Investments	360.47	547.12	2,064	1,717
Loss (Gain) on Equity Investments	104.46	26.39	-618.51	-532.25
Other Operating Activities	10,657	15,098	8,449	6,122
Change in Accounts Receivable	1,193	1,988	917.79	5,486
Change in Inventory	-828.18	9,908	10,820	18,577
Change in Unearned Revenue	-5,566	-17,114	-3,920	2,128
Change in Other Net Operating Assets	5,618	3,065	-7,514	-4,220
Operating Cash Flow	-1,531	-1,563	-1,223	13,235
Operating Cash Flow Growth	-	-	-	-31.51%
Capital Expenditures	-74.71	-528.72	-900.98	-1,805
Sale of Property, Plant & Equipment	0.4	798.15	62.8	31.08
Cash Acquisitions	-	-22.84	-44.35	412.92
Divestitures	407.88	296.26	1,204	1,955
Sale (Purchase) of Intangibles	-7.7	-4.51	-5.4	-40.87
Sale (Purchase) of Real Estate	45.56	-46.28	26.56	-130.14
Investment in Securities	420.6	-12.57	0.8	-4,256
Other Investing Activities	93.35	295.33	285.65	387.59
Investing Cash Flow	885.38	774.83	629.26	-3,445
Short-Term Debt Issued	224.87	501.2	2,276	6,773
Long-Term Debt Issued	883.66	3,189	6,515	31,018
Total Debt Issued	1,109	3,690	8,791	37,791
Short-Term Debt Repaid	-218.35	-76.09	-894.88	-9,026
Long-Term Debt Repaid	-1,281	-5,994	-11,735	-61,658
Total Debt Repaid	-1,499	-6,070	-12,630	-70,684
Net Debt Issued (Repaid)	-390.35	-2,379	-3,838	-32,893
Common Dividends Paid	-	-	-	-2,335
Other Financing Activities	70.02	2,710	291.14	6,083
Financing Cash Flow	-320.33	330.52	-3,547	-29,145
Foreign Exchange Rate Adjustments	25.95	7.6	59.68	-59.32
Net Cash Flow	-939.82	-449.82	-4,082	-19,414
Free Cash Flow	-1,606	-2,091	-2,124	11,430
Free Cash Flow Growth	-	-	-	-35.68%
Free Cash Flow Margin	-9.07%	-5.77%	-6.04%	14.99%
Free Cash Flow Per Share	-0.43	-0.56	-0.57	3.05
Cash Interest Paid	1,400	3,104	5,976	12,477
Cash Income Tax Paid	449.77	257.01	840.03	5,469
Levered Free Cash Flow	7,132	4,849	4,379	17,538
Unlevered Free Cash Flow	10,624	8,349	8,024	20,219
Change in Working Capital	416.97	-2,153	304.15	21,971

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