Upson International 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	396.87	481.51	464.19	537.86	403.64	206.74
Depreciation & Amortization	462.17	406.17	309.08	280.83	303.33	315.34
Other Operating Activities	182.95	192.8	54.72	129.77	100.99	158.12
Change in Accounts Receivable	-70.93	-75.5	-108.77	-24.35	51.89	-11.94
Change in Inventory	-922.09	-943.83	-687.18	-684.13	-520.23	-80.16
Change in Accounts Payable	286.26	-417.38	61.57	-527.96	607.29	-51.04
Change in Other Net Operating Assets	-166.59	-23.52	-25.18	-32.22	-23.9	-6.46
Operating Cash Flow	168.64	-379.74	68.43	-320.21	923.02	530.61
Operating Cash Flow Growth	-	-	-	-	73.95%	-7.74%
Capital Expenditures	-588.05	-176.31	-219.5	-109.23	-58.82	-45.5
Cash Acquisitions	-76	-76	-	-	-	-
Divestitures	-	-	-	-	-	157.64
Other Investing Activities	-	-	-	-	1,099	-61.03
Investing Cash Flow	-664.05	-252.31	-219.5	-109.23	1,040	51.11
Short-Term Debt Issued	-	-	-	-	-	4,123
Long-Term Debt Issued	-	2,883	2,611	2,870	2,855	-
Total Debt Issued	3,873	2,883	2,611	2,870	2,855	4,123
Short-Term Debt Repaid	-	-	-	-	-	-3,982
Long-Term Debt Repaid	-	-2,486	-2,798	-2,562	-4,220	-109.98
Total Debt Repaid	-3,555	-2,486	-2,798	-2,562	-4,220	-4,091
Net Debt Issued (Repaid)	317.87	397.12	-187.15	307.58	-1,365	31.36
Issuance of Common Stock	-	-	1,430	0	232.5	-
Common Dividends Paid	-187.5	-187.5	-413.31	-114.69	-307	-
Other Financing Activities	-169.86	-134.59	-119.32	-62.83	-103.55	-199.23
Financing Cash Flow	-39.49	75.03	710.53	130.06	-1,543	-167.87
Net Cash Flow	-534.9	-557.02	559.46	-299.38	419.95	413.85
Free Cash Flow	-419.41	-556.05	-151.07	-429.44	864.2	485.11
Free Cash Flow Growth	-	-	-	-	78.15%	-6.93%
Free Cash Flow Margin	-3.36%	-5.00%	-1.51%	-4.54%	10.09%	5.95%
Free Cash Flow Per Share	-0.13	-0.18	-0.05	-0.17	0.65	0.36
Cash Interest Paid	157.86	134.59	119.32	62.83	103.55	199.23
Cash Income Tax Paid	158.62	133.98	187.15	135.15	91.81	65.62
Levered Free Cash Flow	-895.55	-982.85	-814.57	-342.75	1,752	1,681
Unlevered Free Cash Flow	-786.95	-887.58	-737.39	-296.41	1,824	1,814
Change in Working Capital	-873.35	-1,460	-759.56	-1,269	115.06	-149.6

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