Shinhan Seobu T&D REIT Cash Flow Statement

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

Millions KRW. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2025	FY 2024	FY 2024	FY 2023
Period Ending	Dec '25 Dec 31, 2025	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Jun '24 Jun 30, 2024	Dec '23 Dec 31, 2023
Net Income	3,902	-7,340	20,542	-2,236	10,627
Depreciation & Amortization	11,194	10,688	8,640	8,640	8,497
Loss (Gain) From Sale of Assets	-	-	-	5,241	-
Loss (Gain) on Equity Investments	-	-	-8,805	2,793	-
Other Operating Activities	15,080	13,261	-939.56	1,243	3,729
Change in Accounts Receivable	-565.13	-1,467	-163.04	-405.18	-956.25
Change in Unearned Revenue	-862.32	-7,312	2,012	-5,828	1,907
Change in Other Net Operating Assets	5,942	-2,430	-3,150	3,877	-3,318
Operating Cash Flow	34,691	5,400	18,137	13,325	20,485
Operating Cash Flow Growth	542.41%	-70.23%	36.11%	-34.95%	35.19%
Capital Expenditures	-	-302,932	-	-614,816	-114,453
Cash Acquisitions	-	-40,000	-	-29,884	-
Divestitures	-	-	3,325	-	-
Investment in Securities	8,605	3,121	3,000	8,000	-2,000
Investing Cash Flow	8,605	-339,811	6,325	-636,700	-116,453
Total Debt Issued	-	211,760	184,000	482,977	487,158
Total Debt Repaid	-15,104	-	-144,000	-	-390,146
Net Debt Issued (Repaid)	-15,104	211,760	40,000	482,977	97,012
Issuance of Common Stock	-	-	-	147,000	-
Dividends Paid	-19,303	-20,091	-13,206	-15,668	-16,787
Other Financing Activities	-547.7	107,507	-0	3,839	3,600
Financing Cash Flow	-34,955	299,176	26,794	618,148	83,825
Miscellaneous Cash Flow Adjustments	-0	-	0	0	0
Net Cash Flow	8,341	-35,235	51,256	-5,226	-12,142
Free Cash Flow	34,691	-297,532	18,137	-601,491	-93,967
Free Cash Flow Margin	58.94%	-552.12%	50.22%	-1715.56%	-285.22%
Free Cash Flow Per Share	604.48	-5313.80	324.13	-10749.38	-1679.31
Cash Interest Paid	29,571	26,514	15,352	15,194	8,458
Cash Income Tax Paid	56.85	-125.66	163.14	-197.98	110.77
Levered Free Cash Flow	-	-266,030	34,413	-605,528	-101,838
Unlevered Free Cash Flow	42,729	-244,995	46,198	-594,213	-94,484
Change in Working Capital	4,515	-11,208	-1,301	-2,355	-2,367

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