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 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	Dec '21 Dec 31, 2021
Net Income	78.72	76.02	66.77	54.62	30.88	27.38
Depreciation & Amortization	97.6	97.6	84.14	91.29	96.52	99.75
Other Amortization	27.04	27.04	25.14	30.99	41.93	50.95
Loss (Gain) on Sale of Assets	-0.02	-0.02	0.02	-0.07	0.11	-0.1
Loss (Gain) on Sale of Investments	-	-	-6.22	-0.85	-4.7	-1.87
Asset Writedown	-1.78	-1.78	0.5	-0.4	-0.06	14.15
Change in Accounts Receivable	-487.16	-487.16	-7.01	62.72	-145.63	5.01
Change in Inventory	32.19	32.19	-34.72	28.82	-8.1	-12.24
Change in Accounts Payable	340.06	340.06	58.63	-55.64	180.57	11.57
Other Operating Activities	10.45	84.01	35.5	36.15	42.2	48.14
Operating Cash Flow	73.53	144.39	238.34	260.55	257.85	240.5
Operating Cash Flow Growth	-79.94%	-39.42%	-8.53%	1.05%	7.22%	35.89%
Capital Expenditures	-184.27	-138.91	-29.45	-16.85	-81.54	-109.36
Sale of Property, Plant & Equipment	-	-	-	0	2.47	0.14
Cash Acquisitions	-24.5	-20.75	-4.07	-	-	-
Divestitures	9.05	-	-	-	5.44	-
Investment in Securities	-1.39	-1.4	-	-	12.13	1
Other Investing Activities	-	-	-	-	-	0.45
Investing Cash Flow	-201.12	-161.06	-33.53	-16.85	-61.51	-107.77
Long-Term Debt Issued	-	449.15	300	400	738.45	483.45
Long-Term Debt Repaid	-	-445.24	-383.15	-510.3	-808.89	-660.19
Net Debt Issued (Repaid)	-92.5	3.91	-83.15	-110.3	-70.45	-176.74
Issuance of Common Stock	-	-	1.75	422.89	-	-
Repurchase of Common Stock	-6.5	-	-	-	-	-12.69
Common Dividends Paid	-37.12	-31.91	-30.86	-24.04	-32.6	-27.19
Other Financing Activities	32.45	30.26	-	-15.06	-0.81	-2.94
Financing Cash Flow	-103.67	2.27	-112.26	273.48	-103.86	-219.56
Net Cash Flow	-231.25	-14.4	92.56	517.19	92.49	-86.83
Free Cash Flow	-110.74	5.48	208.89	243.71	176.31	131.14
Free Cash Flow Growth	-	-97.38%	-14.29%	38.23%	34.44%	218.56%
Free Cash Flow Margin	-8.03%	0.41%	19.53%	22.46%	17.14%	13.05%
Free Cash Flow Per Share	-0.43	0.02	0.78	1.16	0.86	0.67
Cash Income Tax Paid	77.11	60.87	14.13	10.41	-62.99	2.39
Levered Free Cash Flow	-93.7	19.38	226.13	217.84	60.64	67.18
Unlevered Free Cash Flow	-93.7	19.38	232.47	227.61	84.63	96.96
Change in Working Capital	-138.48	-138.48	4.6	38.41	25.23	2.09

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