Hainan Expressway 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	157.25	61.5	90.51	250.16	51.37
Depreciation & Amortization	35.8	12.45	25.96	11.07	9.59
Other Amortization	2.64	3.92	3.45	1.94	0.92
Loss (Gain) From Sale of Assets	-1.06	-37.04	-0.12	-38.67	-2.98
Asset Writedown & Restructuring Costs	101.58	1.25	0.74	0.64	0.02
Loss (Gain) From Sale of Investments	-362.88	-130	-177.43	-255.26	-113.91
Provision & Write-off of Bad Debts	-	7.32	2.41	-0.07	3.09
Other Operating Activities	28.82	20.18	-16.15	-65.9	-32.91
Change in Accounts Receivable	-537.75	-469.49	-807.77	-309.33	-37.61
Change in Inventory	15	-456.69	-155.25	29.85	35.41
Change in Accounts Payable	399.23	274.48	723.48	336.4	-77.22
Change in Other Net Operating Assets	1.92	-2.65	0.58	-10.05	0.09
Operating Cash Flow	-168.57	-714.14	-287.46	-52.67	-161.57
Capital Expenditures	-101.3	-49.24	-115.58	-133.53	-7.41
Sale of Property, Plant & Equipment	9.37	4.59	2.02	8.96	4.38
Cash Acquisitions	-	-39.8	-	-	-7.32
Sale (Purchase) of Real Estate	-	-	-0.93	-0.13	-0.1
Investment in Securities	-115.33	254.53	225.4	826.9	231.08
Other Investing Activities	2.18	17.92	42.08	60.79	-83.98
Investing Cash Flow	-205.08	188.01	153	762.99	136.65
Long-Term Debt Issued	315.48	167.35	0.3	-	3
Long-Term Debt Repaid	-43.34	-10.87	-18.27	-2.98	-0.62
Net Debt Issued (Repaid)	272.13	156.48	-17.97	-2.98	2.38
Issuance of Common Stock	-	26	-	-	-
Common Dividends Paid	-12.71	-70.36	-49.27	-49.11	-49.8
Other Financing Activities	13.51	0.78	-0.04	2.98	-6.76
Financing Cash Flow	272.93	112.9	-67.28	-49.11	-54.18
Net Cash Flow	-100.72	-413.23	-201.74	661.21	-79.11
Free Cash Flow	-269.87	-763.38	-403.03	-186.19	-168.98
Free Cash Flow Margin	-41.07%	-327.97%	-324.60%	-110.07%	-133.23%
Free Cash Flow Per Share	-0.27	-0.77	-0.41	-0.19	-0.16
Cash Income Tax Paid	30.8	89.57	71.14	84.28	71.97
Levered Free Cash Flow	-162.97	-740.27	-404.84	-141.16	-103.46
Unlevered Free Cash Flow	-162.97	-739.53	-404.49	-141.08	-103.43
Change in Working Capital	-130.73	-653.71	-216.82	43.42	-76.78

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