Twinhead International Cash Flow Statement

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

Millions TWD. 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	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	196.34	164.72	108.82	79.6	28.18	21.39
Depreciation & Amortization	41.84	40.78	44.31	40.42	40.59	44.41
Loss (Gain) From Sale of Assets	-	-	-17.21	-	-	-
Provision & Write-off of Bad Debts	-	-	0.02	0.07	-	-0.89
Other Operating Activities	0.1	-0.72	0.97	-1.03	-2	-4.68
Change in Accounts Receivable	15.38	-23.53	37.76	-19.85	-7.41	22.47
Change in Inventory	-53.52	-39.12	-4.24	-43.25	-4.78	-0.92
Change in Accounts Payable	32.17	40.93	-9.66	34.43	-54.4	0.15
Change in Unearned Revenue	24.68	51.31	9.48	-7.88	-	-
Change in Other Net Operating Assets	20.96	20.3	9.28	21.98	0.6	9.76
Operating Cash Flow	277.95	254.67	179.53	104.49	0.79	91.68
Operating Cash Flow Growth	14.06%	41.86%	71.81%	13210.96%	-99.14%	172.91%
Capital Expenditures	-12.4	-6.7	-3.75	-2.93	-1.73	-2.14
Sale of Property, Plant & Equipment	-	-	20.07	-	-	-
Investment in Securities	-0.01	-	0.58	-	5.19	6.68
Other Investing Activities	-15.41	-12.46	-14.12	-10.61	-6.43	-2.22
Investing Cash Flow	-27.83	-19.16	2.78	-13.54	-2.97	2.32
Short-Term Debt Issued	-	613	120	80	210	160
Total Debt Issued	1,095	613	120	80	210	160
Short-Term Debt Repaid	-	-700	-147	-121	-210	-130
Long-Term Debt Repaid	-	-20.14	-20.14	-16.89	-16.42	-16.19
Total Debt Repaid	-1,146	-720.14	-167.14	-137.89	-226.42	-146.19
Net Debt Issued (Repaid)	-50.71	-107.14	-47.14	-57.89	-16.42	13.81
Preferred Dividends Paid	-0	-0	-0	-0.41	-	-
Common Dividends Paid	-	-	-	-24.8	-	-
Dividends Paid	-0	-0	-0	-25.2	-	-
Other Financing Activities	-1.23	-1.61	-0.7	-0.63	-1.07	-9.44
Financing Cash Flow	-51.94	-108.74	-47.84	-83.72	-17.49	4.38
Foreign Exchange Rate Adjustments	1.4	-1.39	0.02	-13.31	3.6	0.73
Net Cash Flow	199.58	125.38	134.49	-6.07	-16.08	99.1
Free Cash Flow	265.55	247.97	175.78	101.56	-0.94	89.54
Free Cash Flow Growth	11.14%	41.07%	73.08%	-	-	241.84%
Free Cash Flow Margin	17.84%	19.84%	16.27%	10.87%	-0.11%	10.37%
Free Cash Flow Per Share	5.04	4.71	3.35	1.93	-0.02	1.71
Cash Interest Paid	11.55	13.47	12.58	11.13	11.14	11.72
Cash Income Tax Paid	1.63	1.98	0.7	0.27	0.5	0.05
Levered Free Cash Flow	174.54	144.74	119.91	28.99	-28.93	68.65
Unlevered Free Cash Flow	181.79	153.02	127.84	36.15	-22.15	75.95
Change in Working Capital	39.67	49.89	42.62	-14.57	-65.99	31.45

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.