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	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	-4,459	2,338	-829.29	-1,955	610.69
Depreciation & Amortization	6,729	6,051	5,447	5,134	6,393
Loss (Gain) From Sale of Assets	48.98	41.84	-	149.69	-
Asset Writedown & Restructuring Costs	3,936	-	-	-	-
Loss (Gain) From Sale of Investments	2,574	330.28	-	2,131	-625.6
Loss (Gain) on Equity Investments	-	11.42	-	-	-
Provision & Write-off of Bad Debts	-230.75	154.96	145.98	-213.94	-385.23
Other Operating Activities	-2,592	2,278	1,200	2,374	2,039
Change in Accounts Receivable	13,669	-8,415	-7,353	10,479	19,237
Change in Inventory	1,227	-2,920	783.72	1,072	-316.03
Change in Accounts Payable	2,646	3,379	-860.76	-1,934	-1,483
Change in Other Net Operating Assets	1,437	-37.44	564.35	-1,107	-221.53
Operating Cash Flow	24,984	3,213	-901.79	16,130	25,248
Operating Cash Flow Growth	677.61%	-	-	-36.11%	-13.82%
Capital Expenditures	-114.66	-2.99	-234.93	-5,345	-
Sale of Property, Plant & Equipment	-	169.96	-	-	-
Divestitures	7.64	-	-	-	-
Investment in Securities	-	3,752	2,905	-2,044	-
Other Investing Activities	0	-0	-0	181.46	894.05
Investing Cash Flow	-162.19	3,919	2,670	-7,207	894.05
Long-Term Debt Issued	38,313	59,268	47,639	45,584	52,232
Long-Term Debt Repaid	-51,218	-50,954	-51,589	-44,333	-49,048
Net Debt Issued (Repaid)	-12,905	8,314	-3,949	1,252	3,184
Issuance of Common Stock	18,439	6,165	955.82	926.01	-
Other Financing Activities	-	0	-	-	-
Financing Cash Flow	5,534	14,479	-2,994	2,178	3,184
Foreign Exchange Rate Adjustments	171.58	-83.98	133.83	466.22	-6.6
Miscellaneous Cash Flow Adjustments	-	5,562	-783.32	-	-0
Net Cash Flow	30,528	27,089	-1,875	11,567	29,320
Free Cash Flow	24,870	3,210	-1,137	10,785	25,248
Free Cash Flow Growth	674.76%	-	-	-57.28%	51.12%
Free Cash Flow Margin	22.86%	2.74%	-1.29%	8.20%	20.72%
Free Cash Flow Per Share	1450.11	233.38	-131.94	1311.51	3156.02
Cash Interest Paid	1,758	2,277	2,130	2,405	2,228
Cash Income Tax Paid	591.08	1,773	93.52	2,310	2,513
Levered Free Cash Flow	22,775	1,983	-2,629	10,130	17,564
Unlevered Free Cash Flow	24,246	3,465	-1,275	11,717	18,891
Change in Working Capital	18,978	-7,993	-6,866	8,510	17,216

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