Ares International 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	171.75	157.38	172.97	143.42	114.53
Depreciation & Amortization	23.4	20.18	19.35	20.02	19.9
Loss (Gain) From Sale of Assets	0.16	-1.34	-	-	-
Loss (Gain) From Sale of Investments	-	-2.96	-61.78	-	-
Loss (Gain) on Equity Investments	-24.36	-21.02	-18.56	-27.19	-24.39
Provision & Write-off of Bad Debts	-3.39	4.85	-3.43	5.14	0.18
Other Operating Activities	12.79	5.03	-13.34	9.99	11.34
Change in Accounts Receivable	-0.96	-21.41	11.51	11.21	-48.55
Change in Accounts Payable	-14.36	3.8	19.35	-11.88	11.94
Change in Unearned Revenue	64.02	23.07	18.57	14.84	-33.36
Change in Other Net Operating Assets	9.17	-40.26	-15.84	6.51	-30.45
Operating Cash Flow	238.24	127.32	128.8	172.06	21.15
Operating Cash Flow Growth	87.11%	-1.14%	-25.14%	713.55%	-85.99%
Capital Expenditures	-8.55	-52.08	-1.75	-2.22	-2.05
Sale of Property, Plant & Equipment	-	1.34	-	-	-
Sale (Purchase) of Intangibles	-0.17	-0.12	-0.96	-	-0.31
Investment in Securities	9.42	126.19	-16.07	-38.43	-2.35
Other Investing Activities	19.72	16.87	20.94	12.39	6.35
Investing Cash Flow	20.42	92.19	2.16	-28.26	1.64
Long-Term Debt Repaid	-20.28	-17.68	-17.26	-16.59	-17.48
Net Debt Issued (Repaid)	-20.28	-17.68	-17.26	-16.59	-17.48
Common Dividends Paid	-144.56	-155.33	-133.95	-106.03	-70.88
Other Financing Activities	0.06	0.1	-0	0.06	0.05
Financing Cash Flow	-164.78	-172.91	-151.21	-122.56	-88.32
Net Cash Flow	93.88	46.6	-20.25	21.24	-65.54
Free Cash Flow	229.69	75.24	127.05	169.84	19.1
Free Cash Flow Growth	205.28%	-40.78%	-25.19%	789.42%	-87.24%
Free Cash Flow Margin	22.97%	8.57%	15.09%	21.16%	2.38%
Free Cash Flow Per Share	4.79	1.57	2.67	3.54	0.40
Cash Income Tax Paid	20.33	28.96	35.24	18.33	13.77
Levered Free Cash Flow	201.01	26.18	107.11	122	9.59
Unlevered Free Cash Flow	201.66	26.54	107.53	122.27	10.02
Change in Working Capital	57.87	-34.79	33.58	20.68	-100.42

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