CITIC Offshore Helicopter 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	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022
Net Income	308.67	303.23	239.12	194.23	246.48
Depreciation & Amortization	449.34	427.81	376.85	328.09	322.91
Other Amortization	77.35	65.25	63.89	75.13	85.26
Loss (Gain) From Sale of Assets	18.61	-3.59	-24	0.27	-
Asset Writedown & Restructuring Costs	-3	0.31	0.26	-	0.22
Loss (Gain) From Sale of Investments	6.68	2.6	-0.63	-1.73	-2.19
Provision & Write-off of Bad Debts	1.11	-3.53	10.06	36.45	3.08
Other Operating Activities	30.06	31.47	26.95	23.45	77.3
Change in Accounts Receivable	263.41	73.39	265.91	244.88	82.96
Change in Inventory	-11.2	-10.73	-0.76	-22.01	6.65
Change in Accounts Payable	-151.91	-263.96	-377.91	-238.49	-123.05
Operating Cash Flow	988.07	612.96	583.18	594.91	728.95
Operating Cash Flow Growth	61.20%	5.11%	-1.97%	-18.39%	55.02%
Capital Expenditures	-231.55	-165.04	-272.66	-554.47	-295.64
Sale of Property, Plant & Equipment	267.72	4.48	60.25	1.42	0
Cash Acquisitions	-	-	-	-	68.15
Investment in Securities	-1,034	-851.01	-	-	6.84
Other Investing Activities	651.02	-	-	1.91	2.03
Investing Cash Flow	-347.15	-1,012	-212.42	-551.14	-218.61
Short-Term Debt Issued	20.27	-	-	-	-
Long-Term Debt Issued	-	-	53.75	200	-
Total Debt Issued	20.27	-	53.75	200	-
Long-Term Debt Repaid	-227.05	-253.05	-508.22	-594.03	-216.73
Net Debt Issued (Repaid)	-206.78	-253.05	-454.47	-394.03	-216.73
Issuance of Common Stock	-	-	-	-	1,081
Common Dividends Paid	-145.85	-63.77	-58.36	-76.07	-69.14
Other Financing Activities	-	-1.34	-72.25	53.14	-123.71
Financing Cash Flow	-352.63	-318.17	-585.08	-416.95	671.67
Foreign Exchange Rate Adjustments	-0.22	2.33	0.25	1.19	-0.16
Net Cash Flow	288.07	-714.45	-214.07	-372	1,182
Free Cash Flow	756.52	447.92	310.51	40.44	433.31
Free Cash Flow Growth	68.90%	44.25%	667.88%	-90.67%	23.04%
Free Cash Flow Margin	33.84%	20.71%	15.76%	2.25%	25.78%
Free Cash Flow Per Share	0.98	0.58	0.40	0.05	0.65
Cash Interest Paid	-	-	-	48.43	4.65
Cash Income Tax Paid	171.01	119.67	111.61	-196.48	103.6
Levered Free Cash Flow	747.65	452.6	286.01	-8.69	319.42
Unlevered Free Cash Flow	775.01	473.21	306.04	18.86	358.02
Change in Working Capital	99.26	-210.57	-109.33	-60.99	-4.1

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