Heng Sheng Holding Group Cash Flow Statement

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

Millions KRW. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	-2,170	2,338	-829.29	-1,955	610.69	5,130
Depreciation & Amortization	6,648	6,051	5,447	5,134	6,393	5,085
Loss (Gain) From Sale of Assets	3.41	41.84	-	149.69	-	-
Loss (Gain) From Sale of Investments	206.06	330.28	-	2,131	-625.6	-
Loss (Gain) on Equity Investments	236.4	11.42	-	-	-	-
Provision & Write-off of Bad Debts	-131.24	154.96	145.98	-213.94	-385.23	-540.5
Other Operating Activities	2,388	2,278	1,200	2,374	2,039	-6,122
Change in Accounts Receivable	12,725	-8,415	-7,353	10,479	19,237	27,033
Change in Inventory	1,162	-2,920	783.72	1,072	-316.03	956.77
Change in Accounts Payable	-3,091	3,379	-860.76	-1,934	-1,483	-337.51
Change in Other Net Operating Assets	-2,044	-37.44	564.35	-1,107	-221.53	-1,907
Operating Cash Flow	15,932	3,213	-901.79	16,130	25,248	29,297
Operating Cash Flow Growth	50.43%	-	-	-36.11%	-13.82%	-46.75%
Capital Expenditures	-55.06	-2.99	-234.93	-5,345	-	-12,589
Sale of Property, Plant & Equipment	10.93	169.96	-	-	-	-
Divestitures	7.34	-	-	-	-	-
Investment in Securities	4,735	3,752	2,905	-2,044	-	-
Other Investing Activities	-	-0	-0	181.46	894.05	604.89
Investing Cash Flow	4,650	3,919	2,670	-7,207	894.05	-11,985
Long-Term Debt Issued	-	59,268	47,639	45,584	52,232	47,350
Long-Term Debt Repaid	-	-50,954	-51,589	-44,333	-49,048	-48,866
Total Debt Repaid	-45,547	-50,954	-51,589	-44,333	-49,048	-48,866
Net Debt Issued (Repaid)	-10,292	8,314	-3,949	1,252	3,184	-1,517
Issuance of Common Stock	6,297	6,165	955.82	926.01	-	-
Other Financing Activities	-	0	-	-	-	-
Financing Cash Flow	-3,996	14,479	-2,994	2,178	3,184	-1,517
Foreign Exchange Rate Adjustments	-336.32	-83.98	133.83	466.22	-6.6	-78.16
Miscellaneous Cash Flow Adjustments	3,640	5,562	-783.32	-	-0	-
Net Cash Flow	19,891	27,089	-1,875	11,567	29,320	15,718
Free Cash Flow	15,877	3,210	-1,137	10,785	25,248	16,708
Free Cash Flow Growth	49.88%	-	-	-57.28%	51.12%	-69.59%
Free Cash Flow Margin	15.24%	2.74%	-1.29%	8.20%	20.72%	11.64%
Free Cash Flow Per Share	88.69	22.78	-13.19	131.15	315.60	208.85
Cash Interest Paid	2,523	2,277	2,130	2,405	2,228	2,009
Cash Income Tax Paid	340.81	1,773	93.52	2,310	2,513	7,040
Levered Free Cash Flow	14,601	3,253	-2,629	10,130	17,564	15,172
Unlevered Free Cash Flow	16,158	4,735	-1,275	11,717	18,891	16,457
Change in Working Capital	8,752	-7,993	-6,866	8,510	17,216	25,745

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.