SPIC Green Energy Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022	Dec '20 Dec 31, 2020
Net Income	468.35	1,099	908.42	674.62	500.04	478.08
Depreciation & Amortization	3,849	3,849	3,529	3,340	2,831	2,159
Other Amortization	42.67	42.67	24.33	19.88	6.04	30.28
Loss (Gain) on Sale of Assets	-7.26	-7.26	6.44	0.01	-13.18	4.99
Loss (Gain) on Sale of Investments	-27.63	-27.63	-65.69	-82.73	-22.33	-53.6
Asset Writedown	116.52	116.52	28.91	57.67	37.24	28.26
Change in Accounts Receivable	-2,110	-2,110	1,187	515.03	-1,802	-2,385
Change in Inventory	-160.13	-160.13	125.29	144.74	-121.44	-186.64
Change in Accounts Payable	602.65	602.65	-2,569	268.21	-74.35	1,681
Change in Other Net Operating Assets	0.32	0.32	16.65	7.7	56.84	-
Other Operating Activities	3,882	2,044	2,149	2,351	2,012	1,621
Operating Cash Flow	6,682	5,474	5,445	7,328	3,437	3,337
Operating Cash Flow Growth	11.00%	0.54%	-25.70%	113.21%	3.02%	24.02%
Capital Expenditures	-6,781	-6,893	-6,785	-6,692	-7,077	-10,572
Sale of Property, Plant & Equipment	0.14	7.21	31.03	1.53	65.61	8.93
Cash Acquisitions	-1.13	-46.76	-535.41	-52.14	-153.7	-1,221
Investment in Securities	7.87	-12.83	-190.46	-495.77	-79.99	-462.32
Other Investing Activities	17.15	5.38	1,671	-	28.36	38.12
Investing Cash Flow	-6,757	-6,940	-5,810	-7,239	-7,217	-12,163
Long-Term Debt Issued	-	28,404	33,885	38,640	36,399	35,980
Long-Term Debt Repaid	-	-28,974	-30,374	-41,255	-32,825	-26,095
Net Debt Issued (Repaid)	-3,650	-569.52	3,510	-2,616	3,574	9,885
Issuance of Common Stock	4,184	4,184	-	-	-	-
Common Dividends Paid	-1,647	-1,674	-1,413	-1,807	-1,530	-1,246
Other Financing Activities	2,458	-698.73	-1,829	4,591	2,153	-184.04
Financing Cash Flow	1,345	1,242	268.26	168.24	4,197	8,455
Net Cash Flow	1,270	-224.17	-96.17	258.09	417.85	-371.53
Free Cash Flow	-98.97	-1,419	-1,340	636.24	-3,640	-7,236
Free Cash Flow Margin	-0.74%	-10.32%	-9.28%	4.25%	-27.46%	-71.93%
Free Cash Flow Per Share	-0.03	-0.49	-0.49	0.23	-1.38	-3.33
Cash Income Tax Paid	1,065	1,070	950.29	-42.12	540.56	479.63
Levered Free Cash Flow	-2,396	-3,582	-1,816	-1,396	-5,620	-9,111
Unlevered Free Cash Flow	-1,563	-2,673	-882.07	-246.21	-4,585	-8,297
Change in Working Capital	-1,711	-1,711	-1,249	913.3	-1,929	-901.27

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Utility template. Financial Sources.