GHW International 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	12.75	2.72	274.63	130.71
Depreciation & Amortization	16.33	13.88	11.73	8.69
Loss (Gain) From Sale of Assets	1.23	-0.72	9.14	5.23
Loss (Gain) From Sale of Investments	0.18	0.04	-0.32	-0.07
Loss (Gain) on Equity Investments	-	1.07	-	-
Provision & Write-off of Bad Debts	0.25	-4.06	1.13	1.45
Other Operating Activities	34.57	25.4	38.87	46.51
Change in Accounts Receivable	-62.62	-492.35	-412.49	-231.13
Change in Inventory	-9.44	77.98	-17.74	-91.41
Change in Accounts Payable	129.06	19	57.96	35.85
Change in Unearned Revenue	7.97	0.73	-14.42	20.43
Change in Other Net Operating Assets	-69.24	476.37	285.59	-48.8
Operating Cash Flow	61.04	120.07	234.08	-122.53
Operating Cash Flow Growth	-49.17%	-48.70%	-	-
Capital Expenditures	-124.44	-139.88	-274.37	-214.99
Sale of Property, Plant & Equipment	9.48	1.15	0.17	0.17
Sale (Purchase) of Intangibles	-10	-	-9.99	-
Investment in Securities	-9.23	-6.77	0.25	0.71
Other Investing Activities	-24.33	5.06	86.22	64.41
Investing Cash Flow	-158.52	-140.43	-197.72	-164.18
Long-Term Debt Issued	781.48	596.62	608.79	725.9
Total Debt Issued	781.48	596.62	608.79	725.9
Long-Term Debt Repaid	-650.93	-540.27	-563.04	-414.58
Total Debt Repaid	-650.93	-540.27	-563.04	-414.58
Net Debt Issued (Repaid)	130.55	56.35	45.75	311.32
Issuance of Common Stock	57.67	-	-	-
Repurchase of Common Stock	-24.21	-23.02	-	-
Other Financing Activities	-37.02	-38.3	-36.68	-26.34
Financing Cash Flow	126.98	-4.97	9.07	284.99
Foreign Exchange Rate Adjustments	-5.44	-0.46	-0.27	-2.16
Net Cash Flow	24.07	-25.79	45.16	-3.88
Free Cash Flow	-63.4	-19.81	-40.29	-337.52
Free Cash Flow Margin	-1.64%	-0.62%	-1.19%	-11.91%
Free Cash Flow Per Share	-0.07	-0.02	-0.04	-0.34
Cash Interest Paid	37.02	38.3	36.68	26.34
Cash Income Tax Paid	4.67	-1.12	14.52	3.73
Levered Free Cash Flow	-199.23	-122.54	-57.08	-196.19
Unlevered Free Cash Flow	-174.29	-98.04	-33.97	-177.55
Change in Working Capital	-4.28	81.74	-101.11	-315.06

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