Shihlin Paper Cash Flow Statement

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

Millions TWD. 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	345.22	-21.01	86.35	211.78	84.25
Depreciation & Amortization	10.3	9.47	13.05	13.4	14.22
Other Amortization	-	1.46	1.49	1.46	1.39
Loss (Gain) From Sale of Assets	-219.34	-0.05	0.16	9.89	-0.27
Loss (Gain) From Sale of Investments	-0.63	-0.22	-0.26	-0.01	-0.02
Other Operating Activities	42.67	45.91	41.09	27.82	18.86
Change in Accounts Receivable	-0.21	5.33	0.03	-2.78	-1.05
Change in Inventory	-3.5	4.9	-2.15	4.95	55.73
Change in Accounts Payable	1.82	-5.64	-1.79	0.36	3.26
Change in Unearned Revenue	-1.63	5.42	4.28	28.99	5.24
Change in Other Net Operating Assets	-12.88	-17.28	-5.4	-19.35	-4.62
Operating Cash Flow	161.83	28.3	136.87	276.5	176.99
Operating Cash Flow Growth	471.94%	-79.33%	-50.50%	56.22%	-
Capital Expenditures	-336.69	-356.23	-261.44	-162.68	-4.97
Sale of Property, Plant & Equipment	0.19	0.05	-	-	0.27
Sale (Purchase) of Intangibles	-0.32	-	-	-0.22	-0.19
Sale (Purchase) of Real Estate	215.32	-2.88	-2.58	-26.24	-3
Investment in Securities	140.43	-106.45	-35.49	14.23	0.65
Other Investing Activities	54.92	-3.01	-4.04	-47.94	0.13
Investing Cash Flow	73.85	-468.52	-303.56	-222.84	-7.11
Short-Term Debt Issued	13,169	16,593	11,289	13,086	12,027
Long-Term Debt Issued	106.68	211.21	185.74	105.29	0.32
Total Debt Issued	13,276	16,804	11,474	13,191	12,027
Short-Term Debt Repaid	-13,172	-16,279	-11,255	-13,081	-12,157
Long-Term Debt Repaid	-0.07	-0.03	-	-	-
Total Debt Repaid	-13,172	-16,279	-11,255	-13,081	-12,157
Net Debt Issued (Repaid)	103.61	525.29	219.74	109.79	-129.68
Other Financing Activities	-51.93	-45.23	-41.72	-26.56	-26.01
Financing Cash Flow	51.68	480.06	178.02	83.23	-155.69
Net Cash Flow	287.36	39.84	11.33	136.89	14.2
Free Cash Flow	-174.86	-327.93	-124.57	113.82	172.02
Free Cash Flow Growth	-	-	-	-33.83%	-
Free Cash Flow Margin	-114.07%	-210.52%	-72.81%	68.96%	52.76%
Free Cash Flow Per Share	-0.67	-1.26	-0.48	0.44	0.66
Cash Interest Paid	-	45.52	41.31	26.34	23.16
Cash Income Tax Paid	-	-	-	-	8.25
Levered Free Cash Flow	-437.98	-355.25	-267.94	-194.37	37.96
Unlevered Free Cash Flow	-405.36	-326.42	-242.26	-176.99	52.17
Change in Working Capital	-16.39	-7.26	-5.02	12.16	58.57

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.