White Horse Berhad Cash Flow Statement

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

Millions MYR. 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	-7.33	-10.86	-16.58	0.79	16.74
Depreciation & Amortization	18.19	17.1	18.6	29.08	31.63
Loss (Gain) From Sale of Assets	-8.21	-0.25	-2.58	-11.9	-74.66
Asset Writedown & Restructuring Costs	5.01	3.96	0.01	0.06	6.32
Provision & Write-off of Bad Debts	-1.35	2.26	-0.32	-1.5	2.84
Other Operating Activities	2.3	0.85	-8.55	-4.98	-6.95
Change in Accounts Receivable	13.67	-3.18	-8.41	17.91	-4.21
Change in Inventory	15.64	8.36	44.63	-66.91	81.81
Change in Accounts Payable	-11	-1.68	-1.33	-0.36	-41.52
Change in Other Net Operating Assets	2.63	0.44	4.6	-3.93	2.36
Operating Cash Flow	29.55	16.99	30.08	-41.74	14.36
Operating Cash Flow Growth	73.89%	-43.50%	-	-	-78.11%
Capital Expenditures	-9.51	-4.3	-2.04	-3.08	-3.8
Sale of Property, Plant & Equipment	21.58	0.43	3.7	0.56	114.16
Other Investing Activities	12.21	8.63	-2.15	-55.54	-2.38
Investing Cash Flow	24.27	4.76	-0.49	-58.06	107.98
Short-Term Debt Issued	-	-	-	39.01	-
Long-Term Debt Issued	-	-	17	-	-
Total Debt Issued	-	-	17	39.01	-
Short-Term Debt Repaid	-13.65	-14.33	-17.18	-14.04	-37.92
Long-Term Debt Repaid	-7.01	-4.87	-2.98	-2.75	-6.22
Total Debt Repaid	-20.67	-19.2	-20.16	-16.79	-44.14
Net Debt Issued (Repaid)	-20.67	-19.2	-3.16	22.22	-44.14
Repurchase of Common Stock	-	-	-	-	-5.41
Common Dividends Paid	-	-	-	-6.62	-
Other Financing Activities	-4.03	-5.47	-4.71	-19.62	-2.98
Financing Cash Flow	-24.69	-24.67	-7.87	-4.02	-52.53
Foreign Exchange Rate Adjustments	-9.39	-8.2	4.06	3.15	-0.6
Net Cash Flow	19.74	-11.11	25.77	-100.67	69.21
Free Cash Flow	20.04	12.7	28.04	-44.82	10.56
Free Cash Flow Growth	57.86%	-54.72%	-	-	-82.96%
Free Cash Flow Margin	5.27%	2.90%	6.65%	-10.84%	2.64%
Free Cash Flow Per Share	0.09	0.06	0.13	-0.20	0.05
Cash Interest Paid	4.35	5.21	4.71	3.22	2.98
Cash Income Tax Paid	0.89	2.1	1.42	6.76	8.44
Levered Free Cash Flow	23.19	15.04	30.53	-56.21	91.2
Unlevered Free Cash Flow	25.91	18.29	33.48	-54.2	98.48
Change in Working Capital	20.94	3.94	39.49	-53.29	38.44

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