Ares 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	152.56	157.38	172.97	143.42	114.53	97.75
Depreciation & Amortization	22.64	20.18	19.35	20.02	19.9	19.78
Loss (Gain) From Sale of Assets	0.09	-1.34	-	-	-	-
Loss (Gain) From Sale of Investments	-2.96	-2.96	-61.78	-	-	-
Loss (Gain) on Equity Investments	-23.07	-21.02	-18.56	-27.19	-24.39	-16.18
Provision & Write-off of Bad Debts	2.91	4.85	-3.43	5.14	0.18	4.75
Other Operating Activities	13.49	5.03	-13.34	9.99	11.34	6.37
Change in Accounts Receivable	-15.7	-21.17	11.51	11.21	-48.55	-17.8
Change in Accounts Payable	1.37	3.8	19.35	-11.88	11.94	6.98
Change in Unearned Revenue	94.08	23.07	18.57	14.84	-33.36	23.73
Change in Other Net Operating Assets	-31.14	-40.5	-15.84	6.51	-30.45	25.58
Operating Cash Flow	214.28	127.32	128.8	172.06	21.15	150.96
Operating Cash Flow Growth	150.62%	-1.14%	-25.14%	713.55%	-85.99%	-9.64%
Capital Expenditures	-55.59	-52.08	-1.75	-2.22	-2.05	-1.35
Sale of Property, Plant & Equipment	0.07	1.34	-	-	-	-
Sale (Purchase) of Intangibles	-	-0.12	-0.96	-	-0.31	-0.8
Investment in Securities	17.32	126.19	-16.07	-38.43	-2.35	8
Other Investing Activities	18.8	16.87	20.94	12.39	6.35	7.76
Investing Cash Flow	-19.41	92.19	2.16	-28.26	1.64	13.6
Long-Term Debt Repaid	-	-17.68	-17.26	-16.59	-17.48	-17.41
Net Debt Issued (Repaid)	-19.9	-17.68	-17.26	-16.59	-17.48	-17.41
Common Dividends Paid	-144.56	-155.33	-133.95	-106.03	-70.88	-67.32
Other Financing Activities	0.01	0.1	-0	0.06	0.05	0.07
Financing Cash Flow	-164.45	-172.91	-151.21	-122.56	-88.32	-84.66
Net Cash Flow	30.43	46.6	-20.25	21.24	-65.54	79.9
Free Cash Flow	158.69	75.24	127.05	169.84	19.1	149.6
Free Cash Flow Growth	93.74%	-40.78%	-25.19%	789.42%	-87.24%	-9.40%
Free Cash Flow Margin	16.40%	8.57%	15.09%	21.16%	2.38%	19.34%
Free Cash Flow Per Share	3.32	1.57	2.67	3.54	0.40	3.14
Cash Income Tax Paid	20.54	28.96	35.24	18.33	13.77	10.84
Levered Free Cash Flow	136.23	26.18	107.11	122	9.59	119.67
Unlevered Free Cash Flow	136.82	26.54	107.53	122.27	10.02	119.86
Change in Working Capital	48.61	-34.79	33.58	20.68	-100.42	38.48

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