MH Ethanol 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	-2,384	-3,110	4,670	4,985	5,911
Depreciation & Amortization	12,232	14,639	14,266	14,521	14,852
Loss (Gain) From Sale of Assets	20,388	16.91	-91.06	185.81	-168.27
Asset Writedown & Restructuring Costs	-	16,463	-	-	-
Loss (Gain) on Equity Investments	-0.43	-0.59	-0.88	0.29	0.41
Provision & Write-off of Bad Debts	-	-	-	-4	-
Other Operating Activities	-16,943	-17,488	3,081	5,797	10,170
Change in Accounts Receivable	877.05	148.14	45.44	-2,366	-179.53
Change in Inventory	-256.43	1,119	-2,192	413.08	-828.3
Change in Accounts Payable	-0.01	-54.27	-663.25	697.57	-78.08
Change in Other Net Operating Assets	9,173	5,265	87.75	-7,752	-3,308
Operating Cash Flow	23,086	16,999	19,203	16,477	26,371
Operating Cash Flow Growth	35.81%	-11.48%	16.54%	-37.52%	38.90%
Capital Expenditures	-4,285	-5,992	-4,086	-5,067	-6,191
Sale of Property, Plant & Equipment	103.3	104.3	131.73	100.22	874.39
Sale (Purchase) of Intangibles	-	-	-	-	-591.71
Investment in Securities	-8,854	-536.85	9,927	-9,455	2,215
Other Investing Activities	1,781	2,509	-4,439	-2,396	978.58
Investing Cash Flow	-11,255	-3,915	1,533	-16,818	-2,715
Long-Term Debt Issued	51,321	49,341	53,211	189,175	46,764
Long-Term Debt Repaid	-75,868	-58,416	-61,147	-198,197	-54,049
Net Debt Issued (Repaid)	-24,547	-9,075	-7,936	-9,022	-7,285
Repurchase of Common Stock	-	-610.08	-	-	-
Dividends Paid	-1,602	-1,627	-1,627	-2,278	-2,278
Other Financing Activities	-1,956	-0	0	-0	-
Financing Cash Flow	-28,105	-11,312	-9,563	-11,300	-9,563
Foreign Exchange Rate Adjustments	-	-	-0.46	-	-0.27
Miscellaneous Cash Flow Adjustments	-	-0	-	0	-
Net Cash Flow	-16,274	1,772	11,173	-11,640	14,093
Free Cash Flow	18,801	11,007	15,117	11,410	20,181
Free Cash Flow Growth	70.81%	-27.19%	32.49%	-43.46%	40.67%
Free Cash Flow Margin	19.85%	10.96%	14.33%	10.30%	19.77%
Free Cash Flow Per Share	2934.28	1698.73	2322.66	1753.13	3100.64
Cash Interest Paid	8,753	10,544	12,297	9,046	7,989
Cash Income Tax Paid	2,076	1,607	970.01	2,487	1,269
Levered Free Cash Flow	13,644	16,151	7,095	7,657	28,842
Unlevered Free Cash Flow	19,003	23,318	14,715	14,976	36,426
Change in Working Capital	9,794	6,478	-2,722	-9,007	-4,394

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