SHUI-MU 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	-97.26	-48.48	17.02	-210.62	-260.75
Depreciation & Amortization	194.63	193.87	193.83	200.13	224.44
Loss (Gain) From Sale of Assets	2.28	0.72	1.2	3.18	9.31
Loss (Gain) From Sale of Investments	-7.14	-4.91	-4.12	9.57	0.83
Loss (Gain) on Equity Investments	-0.98	-0.62	-0.5	-0.27	0.06
Provision & Write-off of Bad Debts	1.55	-	-	-0.5	0.82
Other Operating Activities	0.52	-0.58	-0.44	74.2	15.65
Change in Accounts Receivable	19.4	-11.51	1.66	21.86	12.57
Change in Inventory	24.94	-3.42	114.02	-7.23	33.16
Change in Accounts Payable	-3.74	-5.81	-21.51	-7.34	33.79
Change in Unearned Revenue	-1.67	14.54	16.74	8.64	20.99
Change in Other Net Operating Assets	5.17	-2.67	-3.48	-3.04	-0.14
Operating Cash Flow	137.71	127.51	318.4	89.28	142.29
Operating Cash Flow Growth	8.00%	-59.95%	256.65%	-37.26%	-17.58%
Capital Expenditures	-31.96	-13.82	-9.16	-17.21	-23.69
Sale (Purchase) of Intangibles	-0.53	-2.75	-1.88	-1.58	-0.83
Investment in Securities	29.98	-19.99	-43.1	23.59	39.78
Other Investing Activities	1.74	-0.83	0.21	0.84	8.92
Investing Cash Flow	-0.77	-37.38	-53.94	5.63	24.18
Long-Term Debt Repaid	-143.85	-140.04	-140.82	-143.27	-155.09
Total Debt Repaid	-143.85	-140.04	-140.82	-143.27	-155.09
Net Debt Issued (Repaid)	-143.85	-140.04	-140.82	-143.27	-155.09
Common Dividends Paid	-13.36	-	-	-	-10.02
Other Financing Activities	-0.78	-0.06	-0.06	1.34	-0.24
Financing Cash Flow	-157.99	-140.1	-140.88	-141.94	-165.35
Foreign Exchange Rate Adjustments	-	-5.69	-0.02	7.26	-0.89
Net Cash Flow	-21.04	-55.66	123.58	-39.76	0.24
Free Cash Flow	105.76	113.7	309.24	72.07	118.6
Free Cash Flow Growth	-6.98%	-63.23%	329.11%	-39.24%	11.50%
Free Cash Flow Margin	9.46%	10.01%	26.25%	5.81%	10.94%
Free Cash Flow Per Share	1.59	1.70	4.63	1.08	1.78
Cash Interest Paid	8.71	7.78	6.05	6.05	9.68
Cash Income Tax Paid	0.19	0.19	0.04	0.31	-0.24
Levered Free Cash Flow	133.67	117.42	289.17	111.58	151.19
Unlevered Free Cash Flow	139.11	122.28	292.95	115.37	157.24
Change in Working Capital	44.1	-12.49	111.4	13.59	151.94

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