Banyan Tree Holdings Cash Flow Statement

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

Millions SGD. 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	42.49	42.1	31.71	0.77	-55.19
Depreciation & Amortization	35.74	33.06	25.98	23.8	22.8
Other Amortization	-	0.79	0.81	0.81	0.74
Loss (Gain) From Sale of Assets	0.07	-0.1	-11.25	0.13	-0.73
Asset Writedown & Restructuring Costs	-9.53	-6.08	-8.19	-5.64	-0.38
Loss (Gain) From Sale of Investments	4.41	-	-33.52	-	-
Loss (Gain) on Equity Investments	-2.86	0.22	6.17	5.33	-2.65
Stock-Based Compensation	0.18	0.28	0.15	0.12	0.16
Provision & Write-off of Bad Debts	-	2.09	-1.15	-0.06	2.67
Other Operating Activities	33.11	3.6	30.12	-26.97	27.28
Change in Accounts Receivable	-61.89	-9.64	-46.31	-6.02	10.39
Change in Inventory	-42.21	-48.29	-11.81	17.51	85.1
Change in Accounts Payable	-6.18	34.45	59.28	53.47	26.43
Change in Other Net Operating Assets	4.23	6.01	-1.17	27.65	2.77
Operating Cash Flow	-2.45	58.5	40.84	90.89	119.41
Operating Cash Flow Growth	-	43.23%	-55.06%	-23.88%	-
Capital Expenditures	-48.31	-34.75	-27.76	-18.74	-6.75
Sale of Property, Plant & Equipment	0.24	1.31	2.99	0.43	1.03
Cash Acquisitions	-4.47	-	-35.7	-	-
Sale (Purchase) of Intangibles	-0.35	-	-	-0.24	-
Sale (Purchase) of Real Estate	-4.21	-0.03	40.55	-0.08	-
Investment in Securities	-3.88	-	25.69	-0.05	-
Other Investing Activities	0.2	0.3	0.74	0.77	0.49
Investing Cash Flow	-60.77	-33.17	6.51	-17.91	-5.23
Long-Term Debt Issued	112.82	90.31	129.73	5.96	69.39
Long-Term Debt Repaid	-37.58	-121.42	-137.2	-96.69	-119.69
Net Debt Issued (Repaid)	75.24	-31.11	-7.47	-90.73	-50.3
Repurchase of Common Stock	-0.06	-0.33	-	-	-
Common Dividends Paid	-11.27	-10.41	-	-	-
Other Financing Activities	-6.23	-1.34	-0.2	-0.2	-0.21
Financing Cash Flow	57.69	-43.19	-7.66	-90.93	-50.52
Foreign Exchange Rate Adjustments	0.94	2.59	-1.78	-1.58	-2.62
Net Cash Flow	-4.59	-15.28	37.91	-19.53	61.04
Free Cash Flow	-50.76	23.75	13.08	72.15	112.66
Free Cash Flow Growth	-	81.53%	-81.87%	-35.95%	-
Free Cash Flow Margin	-10.63%	6.24%	3.99%	26.59%	50.92%
Free Cash Flow Per Share	-0.06	0.03	0.01	0.08	0.13
Cash Interest Paid	15.36	29.35	15.27	20.05	21.86
Cash Income Tax Paid	6.59	2.97	4.36	5.83	2.68
Levered Free Cash Flow	-91.37	22.38	70.55	41.24	69.06
Unlevered Free Cash Flow	-76.24	38.13	84.5	55.42	94.05
Change in Working Capital	-106.06	-17.46	-0	92.62	124.7

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