Shenzhen Energy Group 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	2,103	2,005	2,046	2,199	2,391
Depreciation & Amortization	5,500	5,051	4,757	4,407	3,919
Other Amortization	107.3	133.62	94.31	83.97	73.12
Loss (Gain) on Sale of Assets	-109.53	-340.08	-2.64	-25.42	-61.06
Loss (Gain) on Sale of Investments	-26.95	-42.22	27.63	105.02	36.85
Asset Writedown	539.77	705.6	1,289	133.82	223.57
Change in Accounts Receivable	-315.58	-3,023	-1,461	-1,896	-5,035
Change in Inventory	87.65	313.91	176.12	6.01	-717.99
Change in Accounts Payable	635.79	2,077	2,010	2,422	2,046
Change in Other Net Operating Assets	70.75	96.85	-	-	-
Other Operating Activities	3,127	2,496	2,339	1,980	1,449
Operating Cash Flow	11,817	9,612	11,930	9,625	4,605
Operating Cash Flow Growth	22.94%	-19.43%	23.95%	109.03%	-25.64%
Capital Expenditures	-11,342	-12,629	-14,849	-11,077	-12,551
Sale of Property, Plant & Equipment	138.68	448.75	100.67	99.43	421.13
Cash Acquisitions	-	-95.42	-6.93	-	-988.95
Divestitures	-	1.15	-	-	752.41
Investment in Securities	750.68	-113.12	-430.72	-3,712	434.88
Other Investing Activities	550.04	673.27	583.74	493.8	498.04
Investing Cash Flow	-9,903	-11,715	-14,602	-14,195	-11,433
Long-Term Debt Issued	26,479	36,985	43,664	30,996	26,056
Short-Term Debt Repaid	-	-	-	-	-270.7
Long-Term Debt Repaid	-21,674	-35,480	-35,292	-27,320	-13,928
Total Debt Repaid	-21,674	-35,480	-35,292	-27,320	-14,199
Net Debt Issued (Repaid)	4,805	1,505	8,371	3,676	11,857
Issuance of Common Stock	-	-	180.04	-	-
Common Dividends Paid	-4,111	-3,241	-3,362	-3,263	-4,864
Other Financing Activities	4,779	-290.88	500.92	5,026	72.42
Financing Cash Flow	5,473	-2,027	5,691	5,439	7,065
Foreign Exchange Rate Adjustments	-23.34	-68.01	74.88	32.27	-17.5
Net Cash Flow	7,364	-4,198	3,094	900.77	218.4
Free Cash Flow	474.71	-3,018	-2,919	-1,452	-7,946
Free Cash Flow Margin	1.09%	-7.32%	-7.21%	-3.87%	-24.60%
Free Cash Flow Per Share	0.10	-0.63	-0.61	-0.30	-1.67
Cash Income Tax Paid	2,167	1,568	1,264	259.29	1,196
Levered Free Cash Flow	-3,826	-4,475	-6,967	-6,256	-9,096
Unlevered Free Cash Flow	-2,265	-2,919	-5,376	-4,771	-7,705
Change in Working Capital	351.91	-471.14	469.35	595.52	-3,437

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