SGX:BWM Cash Flow Statement

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

Millions CNY. 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	724.78	618.48	281.65	325.02	432.46
Depreciation & Amortization	813.14	781.99	699.46	663.17	604.08
Other Amortization	3.2	1.66	2.98	2.39	2.68
Loss (Gain) on Sale of Assets	0.25	31.19	0.28	0.65	0.44
Loss (Gain) on Sale of Investments	-	-	-2.26	-0.42	0.56
Loss (Gain) on Equity Investments	-8.27	-2.38	8.35	-2.85	12.47
Asset Writedown	-	2.67	167.78	-	30.2
Change in Accounts Receivable	-322.51	-395.38	-167.32	19.99	-767.27
Change in Inventory	17.09	10.75	-18.16	-46.16	-5.43
Change in Accounts Payable	16.05	-186.85	140.5	181.23	347.55
Change in Other Net Operating Assets	-80.48	-61.49	-293.16	-326.25	-637.85
Other Operating Activities	364.99	474.78	431.71	614.88	296.95
Operating Cash Flow	1,526	1,289	1,323	1,432	322.75
Operating Cash Flow Growth	18.34%	-2.54%	-7.65%	343.81%	-24.75%
Capital Expenditures	-1,408	-1,226	-940.39	-1,058	-1,091
Sale of Property, Plant & Equipment	9.56	3.62	0.94	0.38	12.65
Cash Acquisitions	-	-	-6.52	-	-
Divestitures	-	0.15	-	114.26	-
Sale (Purchase) of Intangibles	-0.93	-2.82	-1.05	-7.32	-2.96
Investment in Securities	-	-1.35	9.74	143.81	-3.65
Other Investing Activities	308.74	29.93	73.9	23.65	30.77
Investing Cash Flow	-1,091	-1,196	-863.38	-783.12	-1,054
Long-Term Debt Issued	11,787	8,957	8,607	7,871	5,115
Total Debt Issued	11,787	8,957	8,607	7,871	5,115
Long-Term Debt Repaid	-11,855	-8,083	-8,554	-7,343	-3,312
Total Debt Repaid	-11,855	-8,083	-8,554	-7,343	-3,312
Net Debt Issued (Repaid)	-67.8	873.26	53.45	527.48	1,803
Repurchase of Common Stock	-27.29	-18.35	-	-	-
Common Dividends Paid	-182.64	-98.98	-	-	-
Other Financing Activities	-244.42	-711.59	-679.99	-939.14	-1,042
Financing Cash Flow	-522.15	44.35	-626.54	-411.66	760.92
Foreign Exchange Rate Adjustments	-1.66	0.52	2.52	1.61	-2.74
Net Cash Flow	-88.93	137.96	-164.62	239.25	26.49
Free Cash Flow	117.51	63.57	382.39	374.52	-768.5
Free Cash Flow Growth	84.86%	-83.38%	2.10%	-	-
Free Cash Flow Margin	3.10%	1.70%	10.20%	9.19%	-18.74%
Free Cash Flow Per Share	0.08	0.04	0.26	0.26	-0.53
Cash Interest Paid	359.18	454.58	477.31	478.55	439.56
Cash Income Tax Paid	105.79	58.21	58.94	51.47	78.82
Levered Free Cash Flow	385.5	-1,216	-281.11	-133.06	-1,270
Unlevered Free Cash Flow	603.26	-940.97	-32.68	127.84	-1,044
Change in Working Capital	-369.84	-632.97	-338.14	-171.19	-1,063

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