Shang Properties Cash Flow Statement

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

Millions PHP. 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	7,648	9,357	5,518	3,634	2,124	1,470
Depreciation & Amortization	238.03	396.35	377.13	387.94	995.49	1,113
Gain (Loss) on Sale of Assets	-0.27	-0.27	-1.31	-0.37	-7.89	-0.36
Gain (Loss) on Sale of Investments	1.38	2.51	-4.01	-0.58	2.81	2.65
Asset Writedown	-5,201	-5,201	-	-	-	-
Restructuring Activities	-	-	-	-	-	33.99
Income (Loss) on Equity Investments	-1,617	-2,527	-2,461	-1,422	-404.71	-185.53
Change in Accounts Receivable	-8,739	-1,835	-1,282	-1,215	-89.83	208.11
Change in Accounts Payable	10,722	47.44	367.74	370.27	-825.48	-340.01
Change in Other Net Operating Assets	-2,186	-1,150	-1,259	-38.58	-256.32	-224.6
Other Operating Activities	2,837	2,191	1,229	809.85	-1,166	-30.35
Operating Cash Flow	1,768	-495.45	1,237	1,181	-353.63	1,028
Operating Cash Flow Growth	1016.47%	-	4.72%	-	-	-75.04%
Acquisition of Real Estate Assets	-3,676	-4,715	-1,349	-735.35	-584.47	-519.89
Sale of Real Estate Assets	153.84	0.04	7.62	8.74	9.78	0.7
Net Sale / Acq. of Real Estate Assets	-3,523	-4,715	-1,342	-726.61	-574.69	-519.18
Investment in Marketable & Equity Securities	-390.2	-145.6	-10.49	-23.91	-5.41	-10.76
Other Investing Activities	794.67	803.74	8.17	0.67	11.66	-452.89
Investing Cash Flow	-3,118	-4,056	-1,344	-749.86	-568.44	-982.83
Long-Term Debt Issued	-	8,740	3,175	3,460	3,256	2,550
Long-Term Debt Repaid	-	-760	-1,370	-2,865	-1,433	-2,603
Net Debt Issued (Repaid)	3,780	7,980	1,805	595	1,823	-53.33
Common Dividends Paid	-850.63	-922.2	-1,369	-786.35	-602.61	-718.75
Other Financing Activities	-1,113	-745.98	-240.8	-321.8	-477.84	-360.72
Foreign Exchange Rate Adjustments	14.81	3.54	2.11	24.26	6.36	-2.52
Net Cash Flow	481.04	1,763	89.54	-57.88	-173.49	-1,090
Cash Interest Paid	69.06	33.62	54.04	110.58	88.36	106.06
Cash Income Tax Paid	-	722.81	475.94	307.35	468.12	609.63
Levered Free Cash Flow	4,110	870.66	2,524	940.13	888.72	595.44
Unlevered Free Cash Flow	4,174	910.74	2,556	1,008	963.37	682.26
Change in Working Capital	-2,892	-5,467	-3,421	-2,228	-1,897	-1,384

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