Pan Ocean 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	301,407	268,143	245,041	677,081	549,305
Depreciation & Amortization	520,676	469,054	490,261	666,302	360,390
Loss (Gain) From Sale of Assets	-1,080	743	1,059	-1,094	1,947
Asset Writedown & Restructuring Costs	39,169	59,276	58,084	59,395	623
Loss (Gain) From Sale of Investments	-11,849	4,201	-8,997	-1,961	3
Loss (Gain) on Equity Investments	-29,079	-25,904	6,426	-26,602	-8,929
Provision & Write-off of Bad Debts	-1,900	-3,263	2,105	1,378	471
Other Operating Activities	-97,986	-81,576	-65,890	5,943	-7,137
Change in Accounts Receivable	21,998	-31,344	47,713	-4,776	-85,066
Change in Inventory	4,057	12,729	12,296	-13,618	-44,272
Change in Accounts Payable	-40,162	2,110	-25,885	-9,184	81,416
Change in Other Net Operating Assets	-2,599	1,999	-11,421	57,899	-81,064
Operating Cash Flow	702,652	676,168	750,792	1,410,763	767,687
Operating Cash Flow Growth	3.92%	-9.94%	-46.78%	83.77%	76.99%
Capital Expenditures	-221,569	-384,968	-313,364	-344,680	-333,650
Sale of Property, Plant & Equipment	9,312	47	1,999	16,651	213
Sale (Purchase) of Intangibles	-618	-164	-3,234	-1,151	-143
Investment in Securities	45,165	-164,847	222,671	-284,624	-33,932
Other Investing Activities	-95,492	-110,488	7,481	36,365	16,344
Investing Cash Flow	-263,202	-660,420	-84,447	-577,439	-351,168
Long-Term Debt Issued	783,762	628,365	404,724	209,782	610,969
Long-Term Debt Repaid	-1,170,091	-789,678	-788,810	-781,616	-732,230
Net Debt Issued (Repaid)	-386,329	-161,313	-384,086	-571,834	-121,261
Dividends Paid	-64,139	-45,434	-80,179	-53,454	-26,727
Other Financing Activities	-	-	-5,871	-17,448	-10,000
Financing Cash Flow	-450,468	-206,747	-470,136	-642,736	-157,988
Foreign Exchange Rate Adjustments	-15,159	104,062	11,943	32,449	25,501
Net Cash Flow	-26,177	-86,937	208,152	223,037	284,032
Free Cash Flow	481,083	291,200	437,428	1,066,083	434,037
Free Cash Flow Growth	65.21%	-33.43%	-58.97%	145.62%	160.18%
Free Cash Flow Margin	8.86%	5.64%	10.03%	16.61%	9.40%
Free Cash Flow Per Share	899.95	544.74	818.28	1994.28	811.94
Cash Interest Paid	252,766	199,859	144,625	75,325	46,002
Cash Income Tax Paid	42,447	4,568	5,202	4,996	4,332
Levered Free Cash Flow	447,745	189,047	435,324	849,875	225,031
Unlevered Free Cash Flow	581,935	272,746	511,915	897,411	252,266
Change in Working Capital	-16,706	-14,506	22,703	30,321	-128,986

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