SPIC Hydropower Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	35.96	54.01	-28.12	55.51
Depreciation & Amortization	412.58	417.67	416.95	399.62
Other Amortization	61.24	52.85	44.32	50.1
Loss (Gain) on Sale of Assets	-0.27	-0	0.06	15.8
Loss (Gain) on Sale of Investments	-15.74	-51.34	-19.26	-36.07
Asset Writedown	61.55	7.6	18.88	14.69
Change in Accounts Receivable	41.86	-74.72	-240.11	163.71
Change in Inventory	8.91	10.56	106.81	36.28
Change in Accounts Payable	142.47	13.9	-147.56	-273.1
Other Operating Activities	67.59	80.4	94.37	107.16
Operating Cash Flow	822.25	586.06	291.91	540.39
Operating Cash Flow Growth	40.30%	100.77%	-45.98%	505.80%
Capital Expenditures	-396.5	-185.94	-112.48	-199.8
Sale of Property, Plant & Equipment	0.01	0.04	0.11	30.54
Cash Acquisitions	-	-27.6	-67.2	-450.58
Divestitures	-5.58	14.96	57.63	45.88
Investment in Securities	-	-0.88	-36.07	85.98
Other Investing Activities	10.58	8.65	12.24	25.8
Investing Cash Flow	-391.49	-190.77	-145.77	-462.19
Long-Term Debt Issued	789.04	1,191	1,549	1,902
Total Debt Issued	789.04	1,191	1,549	1,902
Long-Term Debt Repaid	-1,256	-1,192	-1,320	-1,854
Total Debt Repaid	-1,256	-1,192	-1,320	-1,854
Net Debt Issued (Repaid)	-467.19	-1.72	228.58	47.31
Common Dividends Paid	-71.84	-73.81	-103.11	-
Other Financing Activities	-15.2	-171.37	-132.77	-132.07
Financing Cash Flow	-554.23	-246.9	-7.29	-84.76
Net Cash Flow	-123.47	148.39	138.85	-6.55
Free Cash Flow	425.75	400.12	179.43	340.59
Free Cash Flow Growth	6.40%	122.99%	-47.32%	-
Free Cash Flow Margin	9.01%	9.41%	4.34%	7.67%
Free Cash Flow Per Share	0.59	0.52	0.26	0.43
Cash Income Tax Paid	147.61	155.84	99.17	190.07
Levered Free Cash Flow	353.55	405.61	293.8	350.77
Unlevered Free Cash Flow	386.22	457.98	357.88	413.51
Change in Working Capital	182.49	-43.62	-266.87	-69.65

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