HORNG SHIUE HOLDING 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	84.59	16.73	-144.34	-28.64	-79.48
Depreciation & Amortization	96.78	102.32	111.05	113.73	116.42
Loss (Gain) From Sale of Assets	-0.05	0.21	0.27	0.65	2.91
Loss (Gain) From Sale of Investments	-	-	0.05	-0.43	-
Stock-Based Compensation	-	-	-	3.02	6.68
Provision & Write-off of Bad Debts	9.09	-2.71	4.08	-21.13	-57.68
Other Operating Activities	7.55	21.02	24.35	61.31	45.67
Change in Accounts Receivable	113.7	-7.55	-81.38	-589.87	-174.31
Change in Inventory	-286.79	339.49	101.7	158.61	-188.05
Change in Accounts Payable	36.4	-34.09	179.36	-232.27	177.55
Change in Unearned Revenue	176.17	-204.93	-192.45	109.96	198.25
Change in Other Net Operating Assets	-124.58	99.28	38.23	470.85	269.9
Operating Cash Flow	112.86	329.77	40.91	46.22	317.86
Operating Cash Flow Growth	-65.78%	706.15%	-11.49%	-85.46%	585.45%
Capital Expenditures	-63.98	-8.87	-36.87	-7.31	-48.27
Sale of Property, Plant & Equipment	2.4	-	0.86	5.8	-
Sale (Purchase) of Intangibles	-6.45	-5.6	-8.3	-7.72	-4.97
Investment in Securities	-	-	-	-	5.62
Other Investing Activities	-3.86	-18.91	2.16	18.62	14.59
Investing Cash Flow	-71.88	-33.38	-42.15	9.39	-33.03
Short-Term Debt Issued	415.08	288.8	-	-	341.46
Long-Term Debt Issued	21.85	180.78	66.16	176.96	-
Total Debt Issued	436.93	469.58	66.16	176.96	341.46
Short-Term Debt Repaid	-322.45	-212.87	-13.23	-150.42	-
Long-Term Debt Repaid	-139.3	-197.25	-107.6	-342.26	-465.83
Total Debt Repaid	-461.76	-410.12	-120.83	-492.68	-465.83
Net Debt Issued (Repaid)	-24.83	59.45	-54.67	-315.72	-124.37
Issuance of Common Stock	-	-	278.99	-	-
Other Financing Activities	-	-	-204.56	204.56	-
Financing Cash Flow	-24.83	59.45	19.75	-111.15	-124.37
Foreign Exchange Rate Adjustments	-17.65	-108.31	-2.1	18.96	10.52
Net Cash Flow	-1.5	247.54	16.41	-36.58	170.99
Free Cash Flow	48.87	320.91	4.04	38.91	269.59
Free Cash Flow Growth	-84.77%	7839.29%	-89.61%	-85.57%	-
Free Cash Flow Margin	2.81%	16.79%	0.24%	2.29%	17.97%
Free Cash Flow Per Share	0.70	4.63	0.06	0.88	6.16
Cash Interest Paid	21.1	20.92	31.82	19.18	28.13
Levered Free Cash Flow	63.9	34.56	-4.94	37.17	280.57
Unlevered Free Cash Flow	79.08	52.5	19.15	78.86	330.76
Change in Working Capital	-85.11	192.2	45.46	-82.28	283.35

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