Mustang Industrial 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	-10.24	13.2	-11.99	-19.93	0.45
Depreciation & Amortization	39.13	48.68	86.17	98.38	95.18
Other Amortization	-	0.15	0.17	0.16	0.28
Loss (Gain) From Sale of Assets	0.13	0.01	0	0.01	0.02
Asset Writedown & Restructuring Costs	1.08	-	-	-	-
Loss (Gain) From Sale of Investments	-0.68	-0.11	-1.02	-0.46	-0.79
Other Operating Activities	-2.88	3.95	1.55	1.61	3.69
Change in Accounts Receivable	18.49	2.93	23.13	53.73	-3.28
Change in Inventory	-17.01	-24.48	-13.48	-16.17	-65.25
Change in Accounts Payable	1.38	-6.05	-9.33	-16.68	-16.7
Change in Other Net Operating Assets	-6.84	-0.78	-5.82	-0.62	-16.74
Operating Cash Flow	37.83	27.73	61.01	95.8	30.5
Operating Cash Flow Growth	36.41%	-54.55%	-36.31%	214.07%	-81.39%
Capital Expenditures	-2.62	-0.85	-0.09	-7.64	-1.38
Sale of Property, Plant & Equipment	-	-	-	0	0.01
Sale (Purchase) of Intangibles	-0.59	-	-	-0.08	-
Investment in Securities	-74.68	-87.44	-75.82	-34.81	-68.4
Investing Cash Flow	-77.88	-88.29	-75.91	-42.53	-69.78
Long-Term Debt Repaid	-2.48	-2.51	-2.49	-2.45	-2.47
Net Debt Issued (Repaid)	-2.48	-2.51	-2.49	-2.45	-2.47
Issuance of Common Stock	-	0.01	-	-	-
Repurchase of Common Stock	-	-	-	-	-24.49
Common Dividends Paid	-	-	-	-	-6.12
Other Financing Activities	0.06	0.02	-0.36	0.01	0.01
Financing Cash Flow	-2.42	-2.48	-2.84	-2.44	-33.07
Foreign Exchange Rate Adjustments	1.13	7.73	-6.46	2.82	0.27
Net Cash Flow	-41.35	-55.32	-24.2	53.65	-72.08
Free Cash Flow	35.21	26.88	60.92	88.15	29.12
Free Cash Flow Growth	31.00%	-55.88%	-30.89%	202.75%	-66.72%
Free Cash Flow Margin	15.09%	9.71%	17.02%	22.83%	5.82%
Free Cash Flow Per Share	0.58	0.46	1.04	1.50	0.48
Cash Interest Paid	0.11	0.05	0.08	0.11	0.1
Cash Income Tax Paid	0.49	0.09	2.24	0.93	1.63
Levered Free Cash Flow	42.33	51.1	89.31	126.48	143.34
Unlevered Free Cash Flow	42.4	51.14	89.36	126.55	143.4
Change in Working Capital	11.28	-38.16	-13.87	16.02	-68.34

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