ValueMax Group Cash Flow Statement

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

Millions SGD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun '25 Jun 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	95.43	82.83	52.85	44.43	41.51	33.87
Depreciation & Amortization	8.44	7.48	7.27	6.94	6.65	5.85
Other Amortization	-	-	-	0.13	0.18	0.25
Loss (Gain) From Sale of Assets	-	-	-	-0	-	-
Asset Writedown & Restructuring Costs	0.07	0.1	-0.02	-0.02	-	0
Loss (Gain) From Sale of Investments	-10.14	-10.14	-	-	-	-
Loss (Gain) on Equity Investments	-7.18	-6.27	-5.34	-4.26	-3.91	-5.54
Provision & Write-off of Bad Debts	1.09	2.58	2	0.61	1.72	-0.56
Other Operating Activities	6.97	5.36	1.96	2.47	1.28	4.29
Change in Accounts Receivable	-146.83	-140.87	-31.79	-192.94	-198.13	-23.79
Change in Inventory	-1.39	4.37	-15.91	-20.47	-4.34	-2.08
Change in Accounts Payable	6.46	-0.37	-7.59	-0.25	0.35	-0.98
Change in Other Net Operating Assets	-2.26	-1.37	0.1	-0.71	-0.06	1.72
Operating Cash Flow	-49.35	-56.31	3.53	-164.08	-154.77	13.04
Capital Expenditures	-14.51	-11.41	-5.23	-0.47	-2.36	-0.56
Cash Acquisitions	-4.65	-	-0.66	-	-0.26	-2.13
Divestitures	-	-	-	-	-	0.43
Investment in Securities	0.01	-	-	-	-	-
Other Investing Activities	0.1	0.12	0.82	0.72	1.04	0.18
Investing Cash Flow	-19.05	-11.28	-5.07	0.25	-1.58	-2.09
Long-Term Debt Issued	-	525.41	402.24	347.2	195.67	75.6
Total Debt Issued	542.44	525.41	402.24	347.2	195.67	75.6
Long-Term Debt Repaid	-	-464	-404.55	-189.22	-66.46	-79.01
Total Debt Repaid	-449.2	-464	-404.55	-189.22	-66.46	-79.01
Net Debt Issued (Repaid)	93.23	61.41	-2.3	157.98	129.21	-3.41
Issuance of Common Stock	24.12	23.24	23.42	-	41.9	-
Common Dividends Paid	-25.06	-19.1	-14.63	-1.78	-10.47	-1.2
Other Financing Activities	-0.75	-0.69	-0.5	-0.57	-0.88	-0.49
Financing Cash Flow	91.55	64.87	5.99	155.63	159.77	-5.1
Net Cash Flow	23.14	-2.72	4.46	-8.2	3.42	5.84
Free Cash Flow	-63.86	-67.71	-1.69	-164.55	-157.13	12.47
Free Cash Flow Margin	-12.91%	-14.84%	-0.51%	-57.32%	-57.03%	4.52%
Free Cash Flow Per Share	-0.07	-0.07	-0.00	-0.23	-0.24	0.02
Cash Interest Paid	29.11	30.7	34.07	16.55	8.53	8.93
Cash Income Tax Paid	11.11	9.37	8.31	7.42	6.96	3.82
Levered Free Cash Flow	-63.42	54.09	-58.89	-263.46	-34.87	-7.82
Unlevered Free Cash Flow	-58.54	59.68	-54.77	-261.5	-33.43	-5.39
Change in Working Capital	-144.03	-138.24	-55.19	-214.37	-202.19	-25.13

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