Munsin Garment 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	255.91	248.07	252.04	179.73	137.64
Depreciation & Amortization	53.1	54.78	49.96	38.97	30.37
Other Amortization	2.27	2.9	2.85	2.36	1.95
Loss (Gain) From Sale of Assets	1.13	0.7	-	0.37	0.4
Loss (Gain) on Equity Investments	-35.07	-29.87	-25.08	-10.14	-10.88
Stock-Based Compensation	-	17.47	-	-	-
Other Operating Activities	19.56	-15.63	27.91	25.15	12.23
Change in Accounts Receivable	23.05	-26.51	-33.02	7.54	-48.4
Change in Inventory	-38.62	-201.82	-47.67	-38.85	-31.97
Change in Accounts Payable	-9.31	0.82	-0.01	12.57	-4.07
Change in Other Net Operating Assets	1.36	7.45	19.87	8.83	4.62
Operating Cash Flow	273.38	58.36	246.83	226.53	91.91
Operating Cash Flow Growth	368.41%	-76.35%	8.96%	146.47%	-48.28%
Capital Expenditures	-135.41	-64.53	-215.15	-42.8	-20.42
Sale of Property, Plant & Equipment	-	-	-	-	0.25
Sale (Purchase) of Intangibles	-	-29.03	-3.6	-1.19	-0.15
Other Investing Activities	0.62	0.28	-0.09	1	-1.61
Investing Cash Flow	-134.79	-93.28	-218.84	-43	-21.93
Short-Term Debt Issued	26.62	27.15	65.58	10.03	56.69
Total Debt Issued	26.62	27.15	65.58	10.03	56.69
Long-Term Debt Repaid	-3.63	-3.44	-1.8	-21.77	-28.07
Total Debt Repaid	-3.63	-3.44	-1.8	-21.77	-28.07
Net Debt Issued (Repaid)	23	23.71	63.78	-11.74	28.62
Issuance of Common Stock	-	418.95	-	-	-
Common Dividends Paid	-232.66	-218.51	-163.88	-120.18	-81.94
Other Financing Activities	2.5	8	23.5	5	-0.06
Financing Cash Flow	-207.16	232.15	-76.61	-126.92	-53.38
Net Cash Flow	-68.57	197.24	-48.62	56.61	16.6
Free Cash Flow	137.98	-6.16	31.67	183.72	71.49
Free Cash Flow Growth	-	-	-82.76%	156.99%	-51.53%
Free Cash Flow Margin	7.05%	-0.32%	1.72%	11.66%	5.28%
Free Cash Flow Per Share	2.13	-0.10	0.58	3.34	1.30
Cash Interest Paid	3.83	5.25	1.68	1.03	0.82
Cash Income Tax Paid	59.89	89.72	43.44	26.28	19.93
Levered Free Cash Flow	62.1	-97.46	-38.03	143.64	22.91
Unlevered Free Cash Flow	64.96	-94.25	-36.62	144.31	23.43
Change in Working Capital	-23.52	-220.06	-60.84	-9.91	-79.81

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.