Anhui Expressway Company Cash Flow Statement

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

Millions CNY. 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	1,745	1,669	1,660	1,445	1,514	869.26
Depreciation & Amortization	873.54	873.54	921.56	942.42	926.26	940.12
Other Amortization	9.52	9.52	-	-	4.58	-
Loss (Gain) From Sale of Assets	-7.41	-7.41	-2.85	-8.65	4.54	2.68
Asset Writedown & Restructuring Costs	0.06	0.06	9.52	0.22	4.17	-0
Loss (Gain) From Sale of Investments	-37.26	-37.26	50.33	-38.7	-110.21	-131.92
Other Operating Activities	127.94	104.85	142.95	134.49	213.05	172.17
Change in Accounts Receivable	-22.48	-22.48	-49.47	-308.51	-447.54	-234.58
Change in Inventory	0.02	0.02	0.25	0.69	1.9	-0.76
Change in Accounts Payable	38.95	38.95	-49.49	-258.1	15.64	105.45
Change in Unearned Revenue	-	-	-	-	-	-4.98
Change in Other Net Operating Assets	6.69	6.69	3.47	3.82	-0.37	-3.93
Operating Cash Flow	2,728	2,629	2,653	1,938	2,097	1,706
Operating Cash Flow Growth	-4.72%	-0.93%	36.94%	-7.60%	22.90%	-6.39%
Capital Expenditures	-3,548	-2,348	-2,116	-1,316	-422.25	-564.53
Sale of Property, Plant & Equipment	16.4	14.25	3.78	13.44	13.62	1.65
Investment in Securities	-306.3	237.5	-1,063	-1,247	496.33	-759.82
Other Investing Activities	362.95	136.46	58.03	72.27	112.48	97.68
Investing Cash Flow	-3,475	-1,960	-3,118	-2,477	200.18	-1,225
Long-Term Debt Issued	-	4,148	480	1,993	3,833	630.78
Long-Term Debt Repaid	-	-2,493	-671.57	-484.66	-1,154	-436.77
Net Debt Issued (Repaid)	6,661	1,655	-191.57	1,508	2,679	194.01
Common Dividends Paid	-1,267	-1,216	-1,146	-1,153	-519.69	-475.14
Other Financing Activities	-4,316	45.18	-140.22	-272.25	-3,070	-141.62
Financing Cash Flow	1,557	484.45	-1,477	83.27	-911.04	-422.74
Net Cash Flow	809.88	1,153	-1,941	-456.07	1,386	58.56
Free Cash Flow	-819.88	280.46	536.98	621.72	1,675	1,142
Free Cash Flow Growth	-	-47.77%	-13.63%	-62.88%	46.68%	94.74%
Free Cash Flow Margin	-11.75%	3.96%	8.10%	11.94%	42.71%	38.92%
Free Cash Flow Per Share	-0.49	0.17	0.32	0.38	1.01	0.69
Cash Income Tax Paid	764.73	637.07	739.87	873.95	784.45	385.12
Levered Free Cash Flow	-1,343	-159.56	369.31	-1,020	3,571	-82.71
Unlevered Free Cash Flow	-1,184	-50.41	503.04	-878.32	3,730	73.9
Change in Working Capital	16.66	16.66	-128.36	-538.14	-447.46	-144.28

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