Western Region Gold 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	471.96	253.61	-273.96	177.44	367.53
Depreciation & Amortization	487.89	367.48	553.1	361.03	368.9
Other Amortization	26.67	30.07	21	14.62	9.28
Loss (Gain) From Sale of Assets	-0.25	-0.06	1.58	-3.47	0.01
Asset Writedown & Restructuring Costs	18.83	27.74	64.61	9.12	15.46
Loss (Gain) From Sale of Investments	92.94	51.86	53.22	2.76	-43.45
Provision & Write-off of Bad Debts	4.08	-0.38	1.67	0.94	1.76
Other Operating Activities	155.27	51.95	35.99	111.83	212.6
Change in Accounts Receivable	-541.05	-267.25	-227.64	-346.11	-335.55
Change in Inventory	-1,097	-32.93	-104.15	54.68	-91.24
Change in Accounts Payable	191.16	-91.21	-163.11	5.1	-76.41
Operating Cash Flow	-284.98	355.66	-92.96	367.56	413.08
Operating Cash Flow Growth	-	-	-	-11.02%	-5.41%
Capital Expenditures	-966.53	-812.88	-154.92	-283.74	-205.74
Sale of Property, Plant & Equipment	2.58	3.7	-	5.76	1.83
Cash Acquisitions	-	1.28	-	-	-
Investment in Securities	-129.57	-51.15	-128.07	71.32	-55.8
Other Investing Activities	-	-	2.03	1.44	13.54
Investing Cash Flow	-1,094	-859.06	-280.96	-205.22	-246.16
Short-Term Debt Issued	-	-	-	-	2,008
Long-Term Debt Issued	7,043	2,922	1,496	1,932	471.36
Total Debt Issued	7,043	2,922	1,496	1,932	2,479
Short-Term Debt Repaid	-	-	-	-	-1,713
Long-Term Debt Repaid	-3,227	-2,092	-817.79	-2,510	-703.07
Total Debt Repaid	-3,227	-2,092	-817.79	-2,510	-2,416
Net Debt Issued (Repaid)	3,815	829.99	678.24	-577.97	63.29
Issuance of Common Stock	-	-	-	386.58	45.78
Common Dividends Paid	-147.53	-65.18	-72.76	-48.3	-241.54
Other Financing Activities	-1,867	177.34	1.7	-17.63	-
Financing Cash Flow	1,801	942.15	607.17	-257.32	-132.48
Net Cash Flow	422.11	438.76	233.25	-94.98	34.44
Free Cash Flow	-1,252	-457.22	-247.88	83.82	207.34
Free Cash Flow Growth	-	-	-	-59.57%	-41.42%
Free Cash Flow Margin	-9.22%	-6.53%	-5.55%	1.86%	3.74%
Free Cash Flow Per Share	-1.37	-0.50	-0.27	0.10	0.27
Cash Income Tax Paid	376.67	243	218.55	313.53	224.09
Levered Free Cash Flow	-1,700	117.55	-175.04	184.72	106.39
Unlevered Free Cash Flow	-1,621	162.1	-152.33	214.62	137.13
Change in Working Capital	-1,542	-426.61	-550.18	-306.72	-519

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