TSG Star Travel 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	-10.05	86.86	105.32	-44.59	-42.62
Depreciation & Amortization	17.39	15.49	5.39	3.23	5.19
Loss (Gain) From Sale of Assets	-	-	0.09	-	-0.02
Loss (Gain) From Sale of Investments	-9.95	-84.4	-91.05	-	-
Stock-Based Compensation	2.6	4.03	5.42	2.09	-
Provision & Write-off of Bad Debts	1.21	-	3.23	-0.03	-
Other Operating Activities	-0.04	-0.95	-0.77	-0.29	0.31
Change in Accounts Receivable	5.49	1.01	-8.51	-9.68	0.28
Change in Inventory	-	-	0.68	0.27	-0.31
Change in Accounts Payable	-6.92	65.41	22.73	8.64	-2.48
Change in Unearned Revenue	-60.12	69.38	137.57	9.69	3.8
Change in Other Net Operating Assets	49.94	-107.12	-142.25	1.09	0.5
Operating Cash Flow	-10.46	-46.29	37.85	-29.58	-35.35
Capital Expenditures	-0.21	-8.86	-10.44	-1.98	-
Sale of Property, Plant & Equipment	-	-	-	-	0.14
Sale (Purchase) of Intangibles	-0.2	-0.37	-	-	-
Investment in Securities	54.6	-172.8	-16.03	-	1.42
Other Investing Activities	2.07	-0.45	-2.98	-57.13	0
Investing Cash Flow	56.26	-182.48	-29.45	-59.11	1.56
Long-Term Debt Issued	-	-	-	22.47	33.26
Long-Term Debt Repaid	-13.75	-19.42	-5.73	-81.46	-0.97
Net Debt Issued (Repaid)	-13.75	-19.42	-5.73	-58.99	32.3
Issuance of Common Stock	2.66	2.84	-	500.04	24
Other Financing Activities	0.01	0.01	-	-0.04	-0.05
Financing Cash Flow	-11.08	-16.57	-5.73	441.02	56.25
Net Cash Flow	34.72	-245.34	2.67	352.33	22.46
Free Cash Flow	-10.67	-55.15	27.41	-31.56	-35.35
Free Cash Flow Margin	-0.54%	-2.41%	2.50%	-38.58%	-106.68%
Free Cash Flow Per Share	-0.15	-0.80	0.40	-0.82	-1.95
Cash Interest Paid	2.42	2.78	2.06	2.89	2.04
Cash Income Tax Paid	-0.37	-0.06	0.1	0.01	-0.28
Levered Free Cash Flow	-85.31	-101.32	-34.94	-35.08	-31.49
Unlevered Free Cash Flow	-83.79	-99.61	-33.62	-33.33	-30.18
Change in Working Capital	-11.61	-67.32	10.22	10.01	1.79

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