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 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	1,863	1,877	1,907	1,660	1,445	1,514
Depreciation & Amortization	1,357	1,357	1,062	921.56	942.42	926.26
Other Amortization	1.82	1.82	-	-	-	4.58
Loss (Gain) From Sale of Assets	4.23	4.23	-7.41	-2.85	-8.65	4.54
Asset Writedown & Restructuring Costs	-	-	0.06	9.52	0.22	4.17
Loss (Gain) From Sale of Investments	-83.89	-83.89	-37.26	50.33	-38.7	-110.21
Other Operating Activities	82.13	224.84	104.67	143.34	134.49	213.05
Change in Accounts Receivable	3.1	3.1	-21.29	-49.47	-308.51	-447.54
Change in Inventory	-0.05	-0.05	0.02	0.25	0.69	1.9
Change in Accounts Payable	139.46	139.46	30.77	-49.49	-258.1	15.64
Change in Other Net Operating Assets	14.08	14.08	7.41	3.47	3.82	-0.37
Operating Cash Flow	3,382	3,539	3,040	2,653	1,938	2,097
Operating Cash Flow Growth	8.39%	16.43%	14.56%	36.94%	-7.60%	22.90%
Capital Expenditures	-1,889	-2,202	-2,369	-2,116	-1,316	-422.25
Sale of Property, Plant & Equipment	6.3	5.08	14.25	3.78	13.44	13.62
Investment in Securities	-3,268	-1,020	237.5	-1,063	-1,247	496.33
Other Investing Activities	465.19	170.17	136.46	58.03	72.27	112.48
Investing Cash Flow	-4,685	-3,047	-1,981	-3,118	-2,477	200.18
Long-Term Debt Issued	-	8,483	4,148	480	1,993	3,833
Long-Term Debt Repaid	-	-2,175	-2,493	-671.57	-484.66	-1,154
Net Debt Issued (Repaid)	1,929	6,308	1,655	-191.57	1,508	2,679
Issuance of Common Stock	478.28	478.28	-	-	-	-
Common Dividends Paid	-1,342	-1,290	-1,216	-1,146	-1,153	-519.69
Other Financing Activities	-106.61	-4,664	-302.58	-140.22	-272.25	-3,070
Financing Cash Flow	959.15	831.93	136.69	-1,477	83.27	-911.04
Net Cash Flow	-343.72	1,325	1,196	-1,941	-456.07	1,386
Free Cash Flow	1,493	1,338	671.07	536.98	621.72	1,675
Free Cash Flow Growth	275.27%	99.32%	24.97%	-13.63%	-62.88%	46.68%
Free Cash Flow Margin	27.28%	19.90%	8.72%	8.10%	11.94%	42.71%
Free Cash Flow Per Share	0.88	0.79	0.41	0.32	0.38	1.01
Cash Income Tax Paid	1,003	880.51	755.09	739.87	873.95	784.45
Levered Free Cash Flow	1,100	2,371	9.01	369.31	-1,020	3,571
Unlevered Free Cash Flow	1,287	2,558	118.17	503.04	-878.32	3,730
Change in Working Capital	157.6	157.6	10.37	-128.36	-538.14	-447.46

Source: S&P Global Market Intelligence. Standard template. Financial Sources.