Avicopter 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	651.87	555.87	604.06	387.94	913.21
Depreciation & Amortization	665.84	731.92	772.03	279.99	266.25
Other Amortization	47.26	2.23	1.6	-	-
Loss (Gain) From Sale of Assets	1.01	-0.55	-1.4	-0.07	0.92
Asset Writedown & Restructuring Costs	-0.23	0.28	-0	2.98	1.4
Loss (Gain) From Sale of Investments	-49.83	-53.28	-31.46	-6.33	-1.13
Provision & Write-off of Bad Debts	93.35	-24.45	96.47	28.12	20.56
Other Operating Activities	95.79	151.39	79.53	60.51	29.4
Change in Accounts Receivable	-8,942	-21,130	-2,168	-2,839	-301.69
Change in Inventory	-179.94	3,220	-53.88	348.06	2,323
Change in Accounts Payable	-3,278	19,139	-5,607	-223.68	-1,901
Change in Other Net Operating Assets	171.36	-21.83	-40.91	285.47	125.41
Operating Cash Flow	-10,776	2,568	-6,361	-1,686	1,450
Capital Expenditures	-784.62	-664.48	-927.43	-138.34	-133.7
Sale of Property, Plant & Equipment	0.45	1.12	2.84	2	1.16
Cash Acquisitions	-	-	2.35	-	-
Investment in Securities	350	-2,423	30	94	-344
Other Investing Activities	244.2	127.68	163.96	-	-
Investing Cash Flow	-189.97	-2,959	-728.28	-42.34	-476.54
Long-Term Debt Issued	5,301	7,019	3,543	2,201	482
Long-Term Debt Repaid	-4,527	-5,933	-4,162	-1,499	-616.08
Net Debt Issued (Repaid)	773.59	1,086	-619.72	701.98	-134.08
Issuance of Common Stock	762.87	2,967	-	-	-
Common Dividends Paid	-251.95	-241.79	-169.13	-300.73	-249.25
Other Financing Activities	15.93	82.18	69.4	35.27	27.85
Financing Cash Flow	1,300	3,893	-719.45	436.52	-355.48
Foreign Exchange Rate Adjustments	0.04	-0.86	0.12	0.06	-0.01
Net Cash Flow	-9,666	3,501	-7,809	-1,292	617.7
Free Cash Flow	-11,561	1,903	-7,289	-1,825	1,316
Free Cash Flow Margin	-39.75%	6.39%	-27.41%	-9.37%	6.04%
Free Cash Flow Per Share	-14.10	2.48	-9.96	-3.10	2.23
Cash Income Tax Paid	1,244	972.78	878.33	94.76	37.64
Levered Free Cash Flow	-11,659	1,366	6,625	-1,864	798.08
Unlevered Free Cash Flow	-11,595	1,443	6,676	-1,835	818.81
Change in Working Capital	-12,282	1,204	-7,882	-2,440	219.12

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