Maeil Dairies Cash Flow Statement

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

Millions KRW. 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	56,122	45,459	55,008	14,395	74,245
Depreciation & Amortization	49,347	46,951	41,797	38,785	38,994
Loss (Gain) From Sale of Assets	-90.66	-45.32	27.32	-86.42	500.02
Asset Writedown & Restructuring Costs	-	-87.66	1,859	144.4	385.6
Loss (Gain) From Sale of Investments	-15,480	-756.98	-4,565	28,285	-7,917
Loss (Gain) on Equity Investments	-	1,320	-289.12	45.31	-118.83
Stock-Based Compensation	-	-	-	-	850
Provision & Write-off of Bad Debts	914.94	84.08	277	59.5	-16.11
Other Operating Activities	21,228	12,130	25,899	6,357	17,185
Change in Accounts Receivable	-7,666	-3,239	-12,827	-19,159	21,190
Change in Inventory	-33,942	-21,206	49,581	-64,257	-30,870
Change in Accounts Payable	4,240	1,248	8,788	6,346	14,520
Change in Other Net Operating Assets	-23,495	-7,304	-14,399	-13,815	-28,298
Operating Cash Flow	51,178	74,553	151,156	-2,901	100,650
Operating Cash Flow Growth	-31.35%	-50.68%	-	-	60.78%
Capital Expenditures	-17,169	-24,534	-30,646	-35,474	-53,664
Sale of Property, Plant & Equipment	34.61	306.12	273.17	144.47	269.82
Cash Acquisitions	-	-9,747	-1,415	-	-
Sale (Purchase) of Intangibles	-7,443	-11,690	-4,515	-4,484	-2,307
Investment in Securities	52,211	46,008	26,464	30,916	-140,804
Other Investing Activities	4,805	631.98	649.67	-613.06	1,968
Investing Cash Flow	32,443	1,052	-9,148	-9,411	-193,169
Short-Term Debt Issued	-	3,800	-	-	-
Long-Term Debt Issued	-	-	4,430	-	199,432
Total Debt Issued	-	3,800	4,430	-	199,432
Short-Term Debt Repaid	-	-3,800	-70,000	-	-30,000
Long-Term Debt Repaid	-11,766	-7,616	-4,757	-4,298	-4,108
Total Debt Repaid	-11,766	-11,416	-74,757	-4,298	-34,108
Net Debt Issued (Repaid)	-11,766	-7,616	-70,327	-4,298	165,325
Repurchase of Common Stock	-1,421	-	-2,237	-16,108	-15,951
Dividends Paid	-9,021	-8,617	-8,633	-8,873	-6,093
Other Financing Activities	-	-	-	1,000	-0
Financing Cash Flow	-22,209	-16,232	-81,197	-28,280	143,281
Foreign Exchange Rate Adjustments	131.01	875.13	-50.65	-876.54	545.67
Miscellaneous Cash Flow Adjustments	-	0	-0	-0	-
Net Cash Flow	61,544	60,248	60,760	-41,467	51,307
Free Cash Flow	34,009	50,019	120,510	-38,375	46,986
Free Cash Flow Growth	-32.01%	-58.49%	-	-	327.34%
Free Cash Flow Margin	1.85%	2.76%	6.76%	-2.28%	3.03%
Free Cash Flow Per Share	4680.62	6936.38	16821.77	-5240.01	6214.51
Cash Interest Paid	4,961	5,011	5,444	5,928	3,846
Cash Income Tax Paid	22,461	21,170	8,286	25,778	21,568
Levered Free Cash Flow	11,584	30,378	102,845	-36,401	27,674
Unlevered Free Cash Flow	14,780	33,578	106,299	-32,593	30,770
Change in Working Capital	-60,863	-30,501	31,143	-90,885	-23,458

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