GEPIC Energy Development Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	2,059	2,051	1,644	1,172	301.86	260.75
Depreciation & Amortization	1,493	1,493	1,454	1,179	779.92	756.47
Other Amortization	1.08	1.08	0.05	0.35	0.08	-
Loss (Gain) on Sale of Assets	-0.1	-0.1	0.01	-0.34	-0.57	-
Loss (Gain) on Sale of Investments	-158.42	-158.42	-131.86	-120.81	-134.32	-119.72
Asset Writedown	1.25	1.25	4.61	5.86	3.38	0.04
Change in Accounts Receivable	15.51	15.51	-231.27	-548.08	-81.81	42.92
Change in Inventory	-179.19	-179.19	52.52	-82.08	-1.51	-4.94
Change in Accounts Payable	540.35	540.35	-113.64	715.36	-37.44	-109.63
Other Operating Activities	1,598	1,390	1,228	956.29	459.36	484.31
Operating Cash Flow	5,367	5,152	3,914	3,340	1,287	1,320
Operating Cash Flow Growth	20.54%	31.64%	17.16%	159.63%	-2.56%	-18.16%
Capital Expenditures	-3,569	-3,750	-3,521	-3,843	-2,272	-270.8
Sale of Property, Plant & Equipment	15.1	15.11	3.14	5.39	1.89	0.77
Cash Acquisitions	-	-	-	-	-88.22	-
Divestitures	-	-	-	-	-0.03	-
Investment in Securities	124.06	124.06	51.6	-83.79	-	-44.06
Other Investing Activities	-0.01	-0.01	-5.93	-	116.75	71.68
Investing Cash Flow	-3,429	-3,611	-3,472	-3,922	-2,242	-242.41
Long-Term Debt Issued	-	4,407	2,295	4,448	4,447	303.69
Short-Term Debt Repaid	-	-	-	-1.84	-	-
Long-Term Debt Repaid	-	-3,622	-2,416	-3,925	-3,103	-2,107
Total Debt Repaid	-4,835	-3,622	-2,416	-3,927	-3,103	-2,107
Net Debt Issued (Repaid)	627.88	785.36	-120.89	521.54	1,344	-1,804
Issuance of Common Stock	-	-	1,900	638.04	1,197	1.47
Common Dividends Paid	-1,072	-1,081	-781.04	-1,157	-476.71	-624.09
Other Financing Activities	-431.31	-337.69	-1,087	27.86	112.76	415.74
Financing Cash Flow	-875.09	-633.34	-88.58	30.4	2,176	-2,011
Net Cash Flow	1,062	907.43	353.23	-550.65	1,221	-932.62
Free Cash Flow	1,798	1,402	393	-502.66	-985.8	1,050
Free Cash Flow Growth	38.48%	256.65%	-	-	-	-26.88%
Free Cash Flow Margin	19.50%	15.46%	4.52%	-7.21%	-48.17%	52.14%
Free Cash Flow Per Share	0.55	0.43	0.13	-0.16	-0.72	0.77
Cash Income Tax Paid	912.58	890.19	897.5	307.86	299.15	326.6
Levered Free Cash Flow	125.56	-67.88	-1,563	-1,399	-508.28	584.21
Unlevered Free Cash Flow	410	218.19	-1,201	-1,052	-249.4	851.58
Change in Working Capital	383.6	383.6	-293.06	86.18	-123.36	-61.82

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