Grandblue Environment 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	2,132	1,973	1,664	1,430	1,142	1,163
Depreciation & Amortization	1,639	1,639	1,099	1,138	958.04	870.36
Other Amortization	50.96	50.96	53.57	52.36	45.58	39.67
Loss (Gain) on Sale of Assets	-5.63	-5.63	-11.19	-1.77	-4.33	-2.07
Loss (Gain) on Sale of Investments	-263.58	-263.58	-116.82	-69.08	-54.71	-72.88
Asset Writedown	13.49	13.49	57.1	65.3	41.68	93.94
Change in Accounts Receivable	-627.09	-627.09	-179.3	-1,268	-2,224	-1,958
Change in Inventory	-66.71	-66.71	9.66	28.7	4.77	282.86
Change in Accounts Payable	140.64	140.64	39.33	432.54	-69.58	-124.09
Other Operating Activities	871.35	1,140	530.94	544.52	515.93	497.02
Operating Cash Flow	3,908	4,018	3,273	2,482	422.47	878.29
Operating Cash Flow Growth	10.78%	22.77%	31.85%	487.50%	-51.90%	-55.09%
Capital Expenditures	-1,752	-1,545	-1,665	-2,048	-2,394	-2,003
Sale of Property, Plant & Equipment	95.65	93.58	1	3.29	25.24	3.2
Cash Acquisitions	-8,154	-8,154	-27.76	-	-3	-8.32
Investment in Securities	3,855	-60.8	-213.95	-268.93	-19.15	-54.32
Other Investing Activities	608.98	589.07	69.27	76.84	56.64	54.83
Investing Cash Flow	-5,347	-9,077	-1,837	-2,237	-2,334	-2,008
Long-Term Debt Issued	-	16,360	8,504	10,209	9,488	8,680
Long-Term Debt Repaid	-	-11,939	-7,463	-9,238	-7,121	-6,630
Net Debt Issued (Repaid)	3,745	4,421	1,041	970.77	2,368	2,050
Common Dividends Paid	-1,802	-1,665	-889.72	-728.48	-718.28	-627.19
Other Financing Activities	733.71	661.55	1,156	-55.09	38.51	-0.27
Financing Cash Flow	1,877	3,417	1,308	187.2	1,688	1,422
Foreign Exchange Rate Adjustments	2.5	7.13	-0.3	-	-	-
Net Cash Flow	440.13	-1,635	2,744	432.37	-224.01	292.65
Free Cash Flow	2,156	2,473	1,607	433.97	-1,972	-1,125
Free Cash Flow Growth	10.74%	53.85%	270.42%	-	-	-
Free Cash Flow Margin	14.38%	17.75%	13.52%	3.46%	-15.31%	-9.55%
Free Cash Flow Per Share	2.64	3.03	1.97	0.53	-2.42	-1.40
Cash Income Tax Paid	1,087	1,087	703	535.59	302.49	303.55
Levered Free Cash Flow	1,728	-1,109	450.87	-535.09	-2,043	-2,256
Unlevered Free Cash Flow	2,325	-590.01	781.46	-213.55	-1,730	-1,959
Change in Working Capital	-631.9	-631.9	-78.92	-782.72	-2,269	-1,773

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