Air China Cargo 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	2,585	1,953	1,153	3,081	4,303
Depreciation & Amortization	1,496	1,269	1,120	991.12	1,003
Other Amortization	68.5	49.06	24.74	5.97	10.36
Loss (Gain) From Sale of Assets	-0.58	-1.19	-0.93	-14.34	-0.6
Asset Writedown & Restructuring Costs	1.87	0.32	1.42	-	-
Loss (Gain) From Sale of Investments	-	-	-	-18.71	-9.58
Provision & Write-off of Bad Debts	9.95	0.12	8.53	-2.14	7.68
Other Operating Activities	19.65	34.44	40.3	65.92	35.29
Change in Accounts Receivable	-550.18	-337.06	-224.75	1,541	-1,578
Change in Inventory	-0.17	-0.27	0.52	-0.13	-0.55
Change in Accounts Payable	641.13	135.46	223.97	-1,514	459.87
Change in Unearned Revenue	-2.09	-2.09	-7.51	-8.12	-9.24
Operating Cash Flow	4,257	3,115	2,377	4,166	4,153
Operating Cash Flow Growth	36.63%	31.08%	-42.95%	0.31%	10.02%
Capital Expenditures	-4,526	-5,486	-2,362	-3,295	-666.6
Sale of Property, Plant & Equipment	0.96	5.39	2	2.84	1.81
Divestitures	-	-	-	15.03	-
Investment in Securities	-2,886	-37.27	-	704.29	-704.29
Other Investing Activities	5.44	2.3	7	16.75	10.09
Investing Cash Flow	-7,405	-5,516	-2,353	-2,556	-1,359
Long-Term Debt Repaid	-219.89	-178.77	-227.4	-2,474	-642.88
Net Debt Issued (Repaid)	-219.89	-178.77	-227.4	-2,474	-642.88
Issuance of Common Stock	451.71	2,986	-	-	4,711
Common Dividends Paid	-793.58	-	-9.93	-2,505	-2.44
Other Financing Activities	-8.34	-52.85	-75.48	0.09	-
Financing Cash Flow	-570.1	2,754	-312.81	-4,979	4,066
Foreign Exchange Rate Adjustments	-1.38	1.69	5.39	15.36	-39.3
Net Cash Flow	-3,720	355.47	-283.35	-3,353	6,821
Free Cash Flow	-269.15	-2,371	15.07	871.35	3,487
Free Cash Flow Growth	-	-	-98.27%	-75.01%	10.17%
Free Cash Flow Margin	-1.18%	-11.52%	0.10%	3.82%	14.55%
Free Cash Flow Per Share	-0.02	-0.22	0.00	0.08	0.33
Cash Income Tax Paid	297.05	337.84	-19.74	1,023	1,213
Levered Free Cash Flow	-816.7	-2,932	-173.12	424.3	2,200
Unlevered Free Cash Flow	-811.01	-2,923	-160.66	438.47	2,218
Change in Working Capital	76.48	-189.84	29.15	57.1	-1,195

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