Beijing Jingneng Thermal 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	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	81.94	66.77	54.62	30.88	27.38	28.55
Depreciation & Amortization	84.14	84.14	91.29	96.52	99.75	70.91
Other Amortization	25.14	25.14	30.99	41.93	50.95	49.49
Loss (Gain) on Sale of Assets	0.02	0.02	-0.07	0.11	-0.1	0
Loss (Gain) on Sale of Investments	-6.22	-6.22	-0.85	-4.7	-1.87	-9.88
Asset Writedown	0.5	0.5	-0.4	-0.06	14.15	17.6
Change in Accounts Receivable	-7.01	-7.01	62.72	-145.63	5.01	30.18
Change in Inventory	-34.72	-34.72	28.82	-8.1	-12.24	15.62
Change in Accounts Payable	58.63	58.63	-55.64	180.57	11.57	-58.45
Change in Other Net Operating Assets	-	-	-	-	-	-6.69
Other Operating Activities	-43.51	35.5	36.15	42.2	48.14	44.67
Operating Cash Flow	174.51	238.34	260.55	257.85	240.5	176.97
Operating Cash Flow Growth	327.60%	-8.53%	1.05%	7.22%	35.89%	-13.77%
Capital Expenditures	-118.66	-29.45	-16.85	-81.54	-109.36	-135.81
Sale of Property, Plant & Equipment	-	-	0	2.47	0.14	0.01
Cash Acquisitions	-20.1	-4.07	-	-	-	-156.41
Divestitures	-	-	-	5.44	-	-
Investment in Securities	-2.4	-	-	12.13	1	-78.82
Other Investing Activities	-	-	-	-	0.45	-128.96
Investing Cash Flow	-141.16	-33.53	-16.85	-61.51	-107.77	-499.99
Long-Term Debt Issued	-	300	400	738.45	483.45	651.42
Long-Term Debt Repaid	-	-383.15	-510.3	-808.89	-660.19	-614.61
Net Debt Issued (Repaid)	-78.96	-83.15	-110.3	-70.45	-176.74	36.81
Issuance of Common Stock	1.75	1.75	422.89	-	-	-
Repurchase of Common Stock	-	-	-	-	-12.69	-14.42
Common Dividends Paid	-34.56	-30.86	-24.04	-32.6	-27.19	-49.93
Other Financing Activities	33.62	-	-15.06	-0.81	-2.94	-2.94
Financing Cash Flow	-78.14	-112.26	273.48	-103.86	-219.56	-30.48
Net Cash Flow	-44.8	92.56	517.19	92.49	-86.83	-353.49
Free Cash Flow	55.85	208.89	243.71	176.31	131.14	41.17
Free Cash Flow Growth	106.05%	-14.29%	38.23%	34.44%	218.56%	-67.18%
Free Cash Flow Margin	4.54%	19.53%	22.46%	17.14%	13.05%	4.33%
Free Cash Flow Per Share	0.21	0.78	1.16	0.86	0.67	0.20
Cash Income Tax Paid	59.01	14.13	10.41	-62.99	2.39	6.01
Levered Free Cash Flow	36.31	226.13	217.84	60.64	67.18	122.98
Unlevered Free Cash Flow	43.05	232.47	227.61	84.63	96.96	151.92
Change in Working Capital	4.6	4.6	38.41	25.23	2.09	-24.36

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