Ming Fai International Holdings Limited (HKG:3828)

HKG:3828 Cash Flow Statement

Financials in millions HKD. Fiscal year is January - December.

Operating Activities

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	100.74	143.23	104.18	75.51	-93.54
Depreciation & Amortization	62.78	67.96	61.25	64.41	64.81
Other Amortization	0.71	0.64	0.61	0.65	0.81
Loss (Gain) From Sale of Assets	1.32	-0.19	0.85	-0.03	0.12
Asset Writedown & Restructuring Costs	0.14	1.97	-	-1.97	4.76
Loss (Gain) From Sale of Investments	-	-	-	15.35	47.98
Loss (Gain) on Equity Investments	-2.11	-1.38	-0.35	-0.3	0.52
Provision & Write-off of Bad Debts	-3.48	11.83	-1.52	-	-
Other Operating Activities	-27.73	-14.87	13.16	13.81	-11.65
Change in Accounts Receivable	109.63	-138.83	-57.6	-57.34	-71.24
Change in Inventory	20.94	12.67	-85.49	-4.14	-43.86
Change in Accounts Payable	-4.1	-10.51	119.81	1.83	35.68
Change in Other Net Operating Assets	-53.08	40.61	73.75	21.98	-33.05
Operating Cash Flow	205.76	113.13	228.66	129.75	-98.65
Operating Cash Flow Growth	81.87%	-50.52%	76.22%	-	-

Investing Activities

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Capital Expenditures	-30.38	-77.79	-57.61	-24.21	-44.32
Sale of Property, Plant & Equipment	1.05	1.91	0.52	0.34	1.54
Sale (Purchase) of Intangibles	-0.97	-0.64	-0.47	-0.81	-0.45
Investment in Securities	-	-	-	-	0.97
Other Investing Activities	4.37	7	4.28	1.03	3.47
Investing Cash Flow	-25.93	-69.52	-53.29	-23.64	-38.79

Financing Activities

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Short-Term Debt Issued	-	-	-	0.29	-
Long-Term Debt Issued	27.17	-	33.15	5	47.67
Total Debt Issued	27.17	-	33.15	5.29	47.67
Short-Term Debt Repaid	-	-0.09	-0.17	-	-
Long-Term Debt Repaid	-47.29	-28.5	-100.23	-41.3	-33.09
Total Debt Repaid	-47.29	-28.58	-100.4	-41.3	-33.09
Net Debt Issued (Repaid)	-20.12	-28.58	-67.25	-36.01	14.58
Repurchase of Common Stock	-	-	-	-2.15	-
Common Dividends Paid	-72.34	-57.87	-36.16	-7.23	-10.92
Other Financing Activities	-	-	-	-	-11.69
Financing Cash Flow	-92.46	-86.45	-103.41	-45.39	-8.03

Net Cash Flow

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Foreign Exchange Rate Adjustments	2.37	-3.63	-2.22	-6.53	3.69
Net Cash Flow	89.74	-46.47	69.74	54.19	-141.79

Free Cash Flow

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Free Cash Flow	175.37	35.34	171.05	105.55	-142.97
Free Cash Flow Growth	396.22%	-79.34%	62.06%	-	-
Free Cash Flow Margin	7.83%	1.53%	8.27%	5.89%	-9.96%
Free Cash Flow Per Share	0.24	0.05	0.24	0.14	-0.20
Levered Free Cash Flow	141.26	6.09	165.98	92.23	-114.64
Unlevered Free Cash Flow	142.08	7.9	169.89	95.18	-113.13

Additional Metrics

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash Interest Paid	1.32	2.89	6.25	4.72	2.43
Cash Income Tax Paid	53.63	45.63	38.77	-4.03	33.07
Change in Working Capital	73.39	-96.07	50.47	-37.67	-112.47

Data Source: S&P Global Market Intelligence Last updated: Dec 31, 2025

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every six months for this company.

Update frequency:

Semi-annually

Last checked:

Jul 31, 2026

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