Shang Properties Cash Flow Statement

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

Millions PHP. 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	4,026	9,357	5,518	3,634	2,124
Depreciation & Amortization	417.51	396.35	377.13	387.94	995.49
Gain (Loss) on Sale of Assets	0.07	-0.27	-1.31	-0.37	-7.89
Gain (Loss) on Sale of Investments	-4.44	2.51	-4.01	-0.58	2.81
Asset Writedown	-	-5,201	-	-	-
Income (Loss) on Equity Investments	-1,354	-2,527	-2,461	-1,422	-404.71
Change in Accounts Receivable	2,482	-1,835	-1,282	-1,215	-89.83
Change in Accounts Payable	1,589	47.44	367.74	370.27	-825.48
Change in Other Net Operating Assets	-2,431	-532.66	-1,592	-38.58	-256.32
Other Operating Activities	350.46	2,191	1,229	809.85	-1,166
Operating Cash Flow	4,132	-495.45	1,237	1,181	-353.63
Operating Cash Flow Growth	-	-	4.72%	-	-
Acquisition of Real Estate Assets	-2,989	-4,715	-1,349	-735.35	-584.47
Sale of Real Estate Assets	-	0.04	7.62	8.74	9.78
Net Sale / Acq. of Real Estate Assets	-2,989	-4,715	-1,342	-726.61	-574.69
Investment in Marketable & Equity Securities	1,651	-145.6	-10.49	-23.91	-5.41
Other Investing Activities	0.15	803.74	8.17	0.67	11.66
Investing Cash Flow	-1,338	-4,056	-1,344	-749.86	-568.44
Long-Term Debt Issued	1,000	8,740	3,175	3,460	3,256
Long-Term Debt Repaid	-	-760	-1,370	-2,865	-1,433
Net Debt Issued (Repaid)	1,000	7,980	1,805	595	1,823
Common Dividends Paid	-1,300	-922.2	-1,369	-786.35	-602.61
Other Financing Activities	-1,198	-745.98	-240.8	-321.8	-477.84
Foreign Exchange Rate Adjustments	2.71	3.54	2.11	24.26	6.36
Net Cash Flow	1,299	1,763	89.54	-57.88	-173.49
Cash Interest Paid	84.71	33.62	54.04	110.58	88.36
Cash Income Tax Paid	1,345	722.81	475.94	307.35	468.12
Levered Free Cash Flow	4,369	725.22	2,613	940.13	888.72
Unlevered Free Cash Flow	4,444	765.3	2,645	1,008	963.37
Change in Working Capital	696.32	-5,467	-3,421	-2,228	-1,897

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