Tai Hing Group Holdings Cash Flow Statement

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

Millions HKD. 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	108.1	62.75	93.84	-43.15	99.72
Depreciation & Amortization	525.37	552.78	533.26	530.92	574.58
Loss (Gain) From Sale of Assets	2.18	6.67	11.43	25.08	16.34
Asset Writedown & Restructuring Costs	46.33	50.04	29.66	39.89	44.85
Stock-Based Compensation	-	-	-	0.81	0.86
Other Operating Activities	35.73	-6.32	10.34	-25.82	2.4
Change in Accounts Receivable	1.61	9.79	-10.75	-0.15	-3.52
Change in Inventory	-9.16	5.97	1.1	4.18	-16.97
Change in Accounts Payable	5.88	2.67	-15.29	-4.32	13.24
Change in Unearned Revenue	20.36	-2.39	6.4	-16.08	-3.2
Change in Other Net Operating Assets	-0.34	1.72	24.96	5.23	-39.39
Operating Cash Flow	736.05	683.68	684.94	516.59	688.9
Operating Cash Flow Growth	7.66%	-0.18%	32.59%	-25.01%	1.58%
Capital Expenditures	-95.99	-122.48	-135.39	-145.39	-125.09
Sale of Property, Plant & Equipment	1.36	0.59	5.6	1	2.52
Divestitures	-	0.09	-	-	-
Sale (Purchase) of Intangibles	-	-	-	-0.2	-
Sale (Purchase) of Real Estate	-	-	-	-	-12.3
Investment in Securities	-20	35	-3	-42	11.88
Other Investing Activities	-3.25	-7.42	-19.8	-31.48	-10.93
Investing Cash Flow	-117.87	-94.23	-152.6	-218.07	-133.92
Long-Term Debt Issued	-	-	-	-	120
Long-Term Debt Repaid	-436.35	-448.91	-429.96	-431.65	-682.81
Net Debt Issued (Repaid)	-436.35	-448.91	-429.96	-431.65	-562.81
Issuance of Common Stock	-	-	-	0.81	0.78
Repurchase of Common Stock	-25.12	-4.78	-	-	-
Common Dividends Paid	-131.14	-95.51	-59.32	-74.81	-89.41
Other Financing Activities	-	-1.11	-	-	-1.6
Financing Cash Flow	-592.61	-550.32	-489.28	-505.65	-653.05
Foreign Exchange Rate Adjustments	4.11	-1.52	-0.51	-4.89	0.46
Net Cash Flow	29.68	37.61	42.56	-212.02	-97.6
Free Cash Flow	640.06	561.2	549.55	371.2	563.82
Free Cash Flow Growth	14.05%	2.12%	48.05%	-34.16%	7.31%
Free Cash Flow Margin	18.09%	17.05%	17.11%	13.88%	17.77%
Free Cash Flow Per Share	0.66	0.56	0.55	0.37	0.56
Cash Interest Paid	-	-	-	-	1.6
Cash Income Tax Paid	23.19	35.46	16.2	15.57	5.3
Levered Free Cash Flow	568.7	510.57	521.66	283.42	517.07
Unlevered Free Cash Flow	593.93	533.96	540.42	301.83	538.85
Change in Working Capital	18.34	17.76	6.42	-11.13	-49.84

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