Ningbo Ocean Shipping 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	654.09	553.74	504.03	669.89	520.6
Depreciation & Amortization	400.74	365.64	250.75	213.38	150.65
Other Amortization	2.04	1.8	1.42	2.89	3.11
Loss (Gain) From Sale of Assets	-0.31	-0.32	-2.48	-0.01	-2.34
Asset Writedown & Restructuring Costs	-	-	-	8.88	0.01
Loss (Gain) From Sale of Investments	-16.48	-1.83	-0.15	-6.91	-
Provision & Write-off of Bad Debts	-2.64	4.05	0.15	-0.19	0.64
Other Operating Activities	16.9	22.43	17.36	39.37	-16.56
Change in Accounts Receivable	170.63	-151.08	-65.64	-91.6	-78.75
Change in Inventory	-10.08	-8.39	-7.48	-12.91	-21.2
Change in Accounts Payable	94.18	274.09	38.31	146.97	-49.18
Change in Other Net Operating Assets	-0.5	-0	-0	1.35	0.45
Operating Cash Flow	1,407	1,087	828.49	1,011	537.08
Operating Cash Flow Growth	29.47%	31.15%	-18.09%	88.32%	47.41%
Capital Expenditures	-1,494	-893.75	-878.67	-728.46	-1,164
Sale of Property, Plant & Equipment	0.53	0.57	24.41	0.15	9.26
Investment in Securities	7.6	8.24	3.03	-	-1.3
Other Investing Activities	-	-	3.76	24.94	15.62
Investing Cash Flow	-1,486	-884.95	-847.48	-703.37	-1,141
Long-Term Debt Issued	772.95	896.4	150	656.75	1,036
Total Debt Issued	772.95	896.4	150	656.75	1,036
Long-Term Debt Repaid	-473.71	-1,096	-54.56	-1,054	-465.33
Total Debt Repaid	-473.71	-1,096	-54.56	-1,054	-465.33
Net Debt Issued (Repaid)	299.24	-199.95	95.44	-397.22	570.25
Issuance of Common Stock	1.92	-	-	1,039	723.54
Common Dividends Paid	-295.5	-172.18	-220.96	-38.54	-324.91
Other Financing Activities	-0.23	-0.23	-3.8	-6.88	-403.95
Financing Cash Flow	5.43	-372.36	-129.33	596.74	564.92
Foreign Exchange Rate Adjustments	-17.83	8.49	5.99	33.47	-14.4
Net Cash Flow	-91.65	-162.24	-142.32	938.29	-53
Free Cash Flow	-87.38	192.82	-50.18	282.99	-627.11
Free Cash Flow Margin	-1.43%	3.66%	-1.12%	5.93%	-16.44%
Free Cash Flow Per Share	-0.07	0.15	-0.04	0.24	-0.54
Cash Income Tax Paid	-97.2	-54.8	125	196.01	214.89
Levered Free Cash Flow	-858.31	-253.48	132.85	-48.69	-1,097
Unlevered Free Cash Flow	-847.95	-240.8	145.53	-24.08	-1,084
Change in Working Capital	352.43	141.08	57.41	84.15	-119.03

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