Horizon Securities Cash Flow Statement

Financials in millions TWD. Fiscal year is January - December.

Millions TWD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	86.47	337.46	179.8	-220.18	1,239	414.72
Depreciation & Amortization, Total	109.57	106.28	109.94	101.22	79.4	73.59
Gain (Loss) On Sale of Investments	59.78	89.89	-124.22	170.77	99.93	-180.9
Change in Accounts Receivable	-261.22	-213.72	-1,431	2,345	-363.6	-1,556
Change in Accounts Payable	236.73	167.01	1,465	-2,275	342.71	1,503
Change in Other Net Operating Assets	210.62	-241.06	1,003	-1,240	-242.91	-25.48
Other Operating Activities	0.08	82.7	5.46	-127.21	128.99	31.01
Operating Cash Flow	437.07	617.37	-416.59	318.89	1,580	-37.89
Capital Expenditures	-54.13	-25.12	-15.07	-63	-23.3	-12.15
Cash Acquisitions	-	-30.73	-	-	-	-
Sale (Purchase) of Intangibles	-17.44	-11.91	-17.85	-20.85	-27.5	-10.71
Investment in Securities	-	-	-	-	-200	-
Other Investing Activities	-4.88	4.33	12.64	10.09	-21.91	-13.93
Investing Cash Flow	-76.45	-63.43	-20.28	-73.76	-272.7	-36.79
Short-Term Debt Issued	-	93,618	45,460	66,062	139,356	131,608
Long-Term Debt Issued	-	605.86	-	-	822.37	-
Total Debt Issued	81,286	94,224	45,460	66,062	140,179	131,608
Short-Term Debt Repaid	-	-93,503	-45,212	-66,212	-139,357	-131,508
Long-Term Debt Repaid	-	-560.95	-95.72	-128.55	-66.69	-63.61
Total Debt Repaid	-81,240	-94,064	-45,308	-66,340	-139,423	-131,572
Net Debt Issued (Repaid)	45.9	160.54	151.98	-278.57	755.3	35.76
Repurchase of Common Stock	-3.21	-	-	-	-	-96.71
Common Dividends Paid	-195.95	-87.81	-	-596.47	-165.41	-51.78
Other Financing Activities	-48.37	-58.37	-42.43	-20.17	-10.32	-24.94
Financing Cash Flow	-201.63	14.37	109.55	-895.2	579.57	-137.68
Net Cash Flow	159	568.3	-327.32	-650.07	1,887	-212.36
Free Cash Flow	382.95	592.25	-431.66	255.89	1,557	-50.04
Free Cash Flow Growth	-40.96%	-	-	-83.56%	-	-
Free Cash Flow Margin	33.27%	40.85%	-36.79%	39.41%	59.13%	-3.92%
Free Cash Flow Per Share	0.92	1.43	-1.10	0.73	4.15	-0.14
Cash Interest Paid	53.09	62.57	45.65	21.46	10.71	25.59
Cash Income Tax Paid	82.71	25.76	37.03	144.98	-2.25	-0.64

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