Horizon Securities 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	299.01	337.46	179.8	-220.18	1,239
Depreciation & Amortization, Total	111.97	106.28	109.94	101.22	79.4
Gain (Loss) On Sale of Investments	-35.63	89.89	-124.22	170.77	99.93
Change in Accounts Receivable	-2,036	-213.72	-1,431	2,345	-363.6
Change in Accounts Payable	2,073	167.01	1,465	-2,275	342.71
Change in Other Net Operating Assets	189.39	-241.06	1,003	-1,240	-242.91
Other Operating Activities	7.17	82.7	5.46	-127.21	128.99
Operating Cash Flow	549.43	617.37	-416.59	318.89	1,580
Capital Expenditures	-20.45	-16.17	-15.07	-63	-23.3
Cash Acquisitions	-	-30.73	-	-	-
Sale (Purchase) of Intangibles	-15.6	-11.91	-17.85	-20.85	-27.5
Investment in Securities	-200	-	-	-	-200
Other Investing Activities	-18.93	4.33	12.64	10.09	-21.91
Investing Cash Flow	-288.65	-63.43	-20.28	-73.76	-272.7
Short-Term Debt Issued	77,067	93,618	45,460	66,062	139,356
Long-Term Debt Issued	-	605.86	-	-	822.37
Total Debt Issued	77,067	94,224	45,460	66,062	140,179
Short-Term Debt Repaid	-76,740	-93,503	-45,212	-66,212	-139,357
Long-Term Debt Repaid	-83.74	-560.95	-95.72	-128.55	-66.69
Total Debt Repaid	-76,823	-94,064	-45,308	-66,340	-139,423
Net Debt Issued (Repaid)	243.82	160.54	151.98	-278.57	755.3
Repurchase of Common Stock	-3.21	-	-	-	-
Common Dividends Paid	-195.95	-87.81	-	-596.47	-165.41
Other Financing Activities	-50.19	-58.37	-42.43	-20.17	-10.32
Financing Cash Flow	-5.54	14.37	109.55	-895.2	579.57
Net Cash Flow	255.25	568.3	-327.32	-650.07	1,887
Free Cash Flow	528.98	601.2	-431.66	255.89	1,557
Free Cash Flow Growth	-12.01%	-	-	-83.56%	-
Free Cash Flow Margin	35.95%	41.47%	-36.79%	39.41%	59.13%
Free Cash Flow Per Share	1.26	1.45	-1.10	0.73	4.15
Cash Interest Paid	54.37	62.57	45.65	21.46	10.71
Cash Income Tax Paid	84.77	25.76	37.03	144.98	-2.25

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