Apex Ace Holding 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	6.72	-16.16	-32.39	6.74
Depreciation & Amortization	14.58	13.5	11.88	10.19
Loss (Gain) From Sale of Assets	0.05	0.01	0.02	-
Asset Writedown & Restructuring Costs	1.8	3	-0.2	-
Stock-Based Compensation	-1.4	0.57	1.31	0.9
Provision & Write-off of Bad Debts	-5.71	8.19	-7.59	40.39
Other Operating Activities	38.6	43.06	27.52	26.41
Change in Accounts Receivable	236.88	-257.18	-12.67	-25.53
Change in Inventory	-153.18	-55.84	68.09	-27.57
Change in Accounts Payable	54.8	32.86	-24.68	-28.05
Change in Other Net Operating Assets	62.98	-51.11	-7.32	-2.26
Operating Cash Flow	256.6	-279.55	27.83	3.57
Operating Cash Flow Growth	-	-	678.65%	-
Capital Expenditures	-1.62	-1.1	-2	-1.84
Sale of Property, Plant & Equipment	0.26	0.02	-	-
Other Investing Activities	-3.52	-0.66	-13.16	-
Investing Cash Flow	-4.88	-1.73	-15.16	-1.84
Short-Term Debt Issued	19.19	276.33	19.34	64.38
Long-Term Debt Issued	64.63	71.26	-	-
Total Debt Issued	83.82	347.59	19.34	64.38
Short-Term Debt Repaid	-193.18	-5.54	-73.03	-4.61
Long-Term Debt Repaid	-49.7	-26.1	-1.58	-1.4
Total Debt Repaid	-242.88	-31.63	-74.6	-6.01
Net Debt Issued (Repaid)	-159.06	315.96	-55.26	58.37
Issuance of Common Stock	-	-	25.57	-
Repurchase of Common Stock	-0.8	-2.99	-2.2	-
Common Dividends Paid	-0.05	-0.05	-0.05	-
Other Financing Activities	-74.72	-34.29	-32.51	-12.21
Financing Cash Flow	-234.62	278.63	-64.45	46.16
Foreign Exchange Rate Adjustments	-1.32	-0.7	-2.44	0.81
Net Cash Flow	15.78	-3.35	-54.23	48.7
Free Cash Flow	254.97	-280.65	25.83	1.73
Free Cash Flow Growth	-	-	1392.03%	-
Free Cash Flow Margin	8.35%	-11.09%	0.96%	0.07%
Free Cash Flow Per Share	0.23	-0.27	0.03	0.00
Cash Interest Paid	43.13	34.09	19.19	9.58
Cash Income Tax Paid	5.33	4.82	2.05	4.52
Levered Free Cash Flow	207.22	-307.77	21.76	-10.9
Unlevered Free Cash Flow	227.21	-289.92	31.39	-6.72
Change in Working Capital	201.49	-331.27	23.41	-83.4

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