Powell Max Cash Flow Statement

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

Millions HKD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Net Income	-39.22	-18.07	7.08	-0.1
Depreciation & Amortization	3.74	4.44	5.02	5.05
Provision & Write-off of Bad Debts	0.99	0.53	0.99	1.19
Other Operating Activities	-0.59	1.69	0.5	-0.23
Change in Accounts Receivable	0.31	-4.08	-5.65	-0.48
Change in Accounts Payable	-0.93	4.29	0.96	0.27
Change in Unearned Revenue	-0.09	-0.21	-1.78	-0.22
Operating Cash Flow	-35.79	-11.41	7.11	5.47
Operating Cash Flow Growth	-	-	29.95%	-
Capital Expenditures	-1.03	-1.49	-0.29	-0.47
Other Investing Activities	0.37	0.29	0.05	0
Investing Cash Flow	-27.74	-1.2	-0.24	-0.47
Short-Term Debt Issued	-	20.59	-	-
Total Debt Issued	15.59	20.59	-	-
Short-Term Debt Repaid	-	-0.92	-0.72	-0.05
Long-Term Debt Repaid	-	-3.69	-3.71	-4.01
Total Debt Repaid	-4.44	-4.62	-4.43	-4.06
Net Debt Issued (Repaid)	11.15	15.98	-4.43	-4.06
Issuance of Common Stock	53.55	35.36	-	-
Other Financing Activities	5.64	-0.15	-0.18	-0.15
Financing Cash Flow	70.35	51.18	-4.61	-4.21
Net Cash Flow	6.82	38.56	2.26	0.79
Free Cash Flow	-36.82	-12.9	6.83	5.01
Free Cash Flow Growth	-	-	36.33%	-
Free Cash Flow Margin	-97.73%	-35.38%	13.89%	13.25%
Free Cash Flow Per Share	-17.89	-7.83	4.37	3.20
Cash Interest Paid	0.13	0.15	0.18	0.15
Levered Free Cash Flow	-37.81	-19	3.69	-
Unlevered Free Cash Flow	-36.37	-17.74	4.04	-
Change in Working Capital	-0.71	0	-6.48	-0.43

Source: S&P Capital IQ. Standard template. Financial Sources.