Ganso 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	139.57	248.76	276.33	266.37	339.86
Depreciation & Amortization	180.13	192.62	204.6	210.7	187.12
Other Amortization	52.93	52.21	49.48	42.77	44.34
Loss (Gain) From Sale of Assets	5.62	9.24	5.05	1.76	-8.99
Asset Writedown & Restructuring Costs	16.57	2.45	1.97	2.21	1.87
Loss (Gain) From Sale of Investments	-24.68	-20.1	-19.31	-7.31	-13.11
Provision & Write-off of Bad Debts	-	0.47	0.12	0.01	-0.09
Other Operating Activities	13.82	26.09	28.56	38.56	33.43
Change in Accounts Receivable	38.34	-46.92	-13.88	3.15	5.51
Change in Inventory	-2.4	4.38	22.63	-38.42	-22.53
Change in Accounts Payable	-31.05	-96	-25.29	39.09	86.18
Operating Cash Flow	380.37	374.43	529.69	556.11	652.23
Operating Cash Flow Growth	1.58%	-29.31%	-4.75%	-14.74%	35.12%
Capital Expenditures	-71.84	-104.78	-105.83	-80.51	-89.53
Sale of Property, Plant & Equipment	3.99	6.68	5.49	4.32	2.54
Investment in Securities	170	295	-45.35	36.5	-285
Other Investing Activities	-485.17	41.02	36.72	32.72	34.24
Investing Cash Flow	-383.02	237.92	-108.97	-6.97	-337.75
Long-Term Debt Repaid	-	-154.14	-181.03	-170.39	-164.83
Net Debt Issued (Repaid)	-	-154.14	-181.03	-170.39	-164.83
Common Dividends Paid	-240	-240	-240	-240	-240
Other Financing Activities	-156.65	-	-	-	-
Financing Cash Flow	-396.65	-394.14	-421.03	-410.39	-404.83
Foreign Exchange Rate Adjustments	-0.37	0.59	0.08	1.92	-0.46
Net Cash Flow	-399.67	218.8	-0.24	140.67	-90.82
Free Cash Flow	308.53	269.65	423.86	475.6	562.69
Free Cash Flow Growth	14.42%	-36.38%	-10.88%	-15.48%	35.59%
Free Cash Flow Margin	14.83%	11.65%	15.94%	18.38%	21.77%
Free Cash Flow Per Share	1.28	1.13	1.76	1.98	2.35
Cash Income Tax Paid	229.98	285.67	300.01	307.21	305.04
Levered Free Cash Flow	293	212.3	367.06	404.6	546.82
Unlevered Free Cash Flow	293	221.81	377.19	414.92	556.9
Change in Working Capital	-3.59	-137.3	-17.12	1.04	67.8

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