Activation Group Holdings 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	79.24	107.99	23.63	92.49
Depreciation & Amortization	4.84	4.99	5	6.07
Other Amortization	0.26	0.2	0.12	0.13
Loss (Gain) From Sale of Assets	-	-	-	-0.7
Asset Writedown & Restructuring Costs	-	-	0.09	-
Loss (Gain) From Sale of Investments	0.17	3.81	0.66	-0.22
Loss (Gain) on Equity Investments	-4.41	-4.2	-0.32	3.82
Stock-Based Compensation	16.58	9.75	18.62	-
Provision & Write-off of Bad Debts	5.29	1.03	8.96	1.42
Other Operating Activities	-3.4	19.69	-0.96	16.85
Change in Accounts Receivable	127.42	-89.81	-86.13	-10.41
Change in Accounts Payable	-44.7	49.81	67.84	78.3
Change in Other Net Operating Assets	-11.68	11.85	23.48	-12.38
Operating Cash Flow	169.61	115.12	61	175.36
Operating Cash Flow Growth	47.33%	88.72%	-65.21%	-
Capital Expenditures	-1.86	-0.66	-3.18	-4.25
Sale of Property, Plant & Equipment	0.03	0.03	0	0.02
Divestitures	0.09	0.2	-	0.7
Sale (Purchase) of Intangibles	-0.1	-0.75	-0.1	-0.21
Investment in Securities	-3	-	-36.79	2.4
Other Investing Activities	4.57	0.68	1.36	1.68
Investing Cash Flow	-0.28	-0.5	-38.71	0.35
Long-Term Debt Repaid	-2.82	-3.13	-1.81	-5.53
Total Debt Repaid	-2.82	-3.13	-1.81	-5.53
Net Debt Issued (Repaid)	-2.82	-3.13	-1.81	-5.53
Issuance of Common Stock	-	-	-	9.62
Repurchase of Common Stock	-0.78	-18.69	-23.87	-5.84
Common Dividends Paid	-85.04	-81.74	-13.91	-6.46
Other Financing Activities	-9.06	-0.41	-10.96	-17.27
Financing Cash Flow	-97.71	-103.97	-127.44	-68.91
Foreign Exchange Rate Adjustments	0.49	-3.84	-0.41	-3.92
Net Cash Flow	72.11	6.81	-105.55	102.88
Free Cash Flow	167.75	114.46	57.82	171.11
Free Cash Flow Growth	46.55%	97.98%	-66.21%	-
Free Cash Flow Margin	19.79%	11.83%	8.32%	18.93%
Free Cash Flow Per Share	0.23	0.15	0.08	0.23
Cash Interest Paid	0.42	0.41	0.53	0.61
Cash Income Tax Paid	42.76	36.17	31.86	33.93
Levered Free Cash Flow	153.64	98.03	48.75	152.55
Unlevered Free Cash Flow	153.9	98.28	49.08	152.93
Change in Working Capital	71.04	-28.15	5.19	55.5

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