Shanghai Electric Power 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	5,293	2,046	1,593	334.2	-1,836
Depreciation & Amortization	7,706	7,015	6,646	5,853	4,908
Other Amortization	112.81	75.99	26.85	125.14	45.23
Loss (Gain) on Sale of Assets	-41.06	10.36	-27.57	-90.98	-1.44
Loss (Gain) on Sale of Investments	-1,548	-1,531	-1,251	-685.39	-374.48
Asset Writedown	90.98	118.63	98.14	-25.22	702.33
Change in Accounts Receivable	-1,765	-6,512	-4,792	333.04	-4,338
Change in Inventory	129.99	-18.84	215.79	52.71	-958.34
Change in Accounts Payable	-17.84	918.54	-667.61	1,144	-90.57
Change in Other Net Operating Assets	34.31	149.98	74.03	-4.57	-23.91
Other Operating Activities	3,112	5,632	5,537	5,120	3,383
Operating Cash Flow	13,076	8,172	7,406	12,268	1,536
Operating Cash Flow Growth	60.00%	10.35%	-39.63%	698.74%	-78.90%
Capital Expenditures	-17,800	-13,239	-8,067	-8,846	-11,512
Sale of Property, Plant & Equipment	162.8	111.51	146.47	224.12	2.66
Cash Acquisitions	-	-961.96	-729.92	-271	-1,419
Divestitures	100.86	-	-	-	-
Investment in Securities	-156.34	-148.54	-3,812	-695.97	-1,556
Other Investing Activities	820.49	706.39	1,101	68.44	-281.33
Investing Cash Flow	-16,872	-13,532	-11,361	-9,521	-14,766
Long-Term Debt Issued	126,569	90,460	89,930	76,823	86,924
Short-Term Debt Repaid	-	-	-	-	-1,456
Long-Term Debt Repaid	-117,772	-80,523	-89,411	-78,988	-73,901
Total Debt Repaid	-117,772	-80,523	-89,411	-78,988	-75,357
Net Debt Issued (Repaid)	8,798	9,937	518.83	-2,166	11,567
Issuance of Common Stock	9,404	25.44	5,601	7,612	-
Repurchase of Common Stock	-	-	-3,800	-3,200	-
Common Dividends Paid	-4,319	-4,356	-3,565	-3,386	-3,341
Other Financing Activities	-5,911	-1,166	4,439	48.46	5,143
Financing Cash Flow	7,972	4,440	3,195	-1,091	13,368
Foreign Exchange Rate Adjustments	-140.8	-151.68	23.68	25.19	-118.48
Net Cash Flow	4,035	-1,071	-736.81	1,682	19.47
Free Cash Flow	-4,724	-5,067	-660.81	3,422	-9,976
Free Cash Flow Margin	-11.29%	-11.86%	-1.56%	8.72%	-32.35%
Free Cash Flow Per Share	-1.49	-1.80	-0.21	0.75	-3.56
Cash Income Tax Paid	3,711	2,906	3,198	1,159	1,265
Levered Free Cash Flow	5,883	-7,346	-12,145	1,791	-6,402
Unlevered Free Cash Flow	5,883	-5,270	-9,932	3,972	-4,526
Change in Working Capital	-1,649	-5,480	-5,221	1,634	-5,455

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