Company: TGE
Filing Date: 2025-03-21
Form Type: DRS/A
Source: 0001013762-25-001106
Chunk: 352

Company: Generation Essentials Group
Filing Date: 2025-03-21
Form: DRS/A
Chunk 352
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 was mainly due to the increase in depreciation of our hotel property and the increase in our hotel joint venture’s finance costs. Finance costs Our finance costs increased from US$2.6 million in 2022 to US$7.1 million in 2023, mainly due to (i) an increase in our borrowings and the interests payable thereon, and (ii) an increase in average interest rate charged by the banks due to global interest rate hike in 2023. Income tax expense Our income tax increased from US$0.6 million in 2022 to US$1.8 million in 2023, mainly due to the increase in the assessable profits generated from our operations. Profit for the year As a result of the foregoing, our profit decreased from US$23.1 million in 2022 to US$17.2 million in 2023. Liquidity and Capital Resources Cash Flows and Working Capital To date, we have financed our operating and investing activities primarily through cash generated from operations, funding from our Controlling Shareholder and bank borrowings. We had cash and bank balances of US$6.1 million and US$20.0 million as of December 31, 2023 and December31, 2024, respectively. Cash and bank balances include demand deposits at banks, earning interest at floating rates based on daily bank deposit rates for all the periods. The bank balances are deposited with creditworthy banks with no recent history of default. 220

The following table sets forth a summary of our cash flows for the years indicated.

| 2022                                                 |     | For the Year Ended December 31, | 2023 |     |        | 2024 |     |        |   |
|:-----------------------------------------------------|:----|--------------------------------:|:-----|:----|-------:|:-----|:----|-------:|:--|
| US$                                                  |     |                                 | US$  |     |        | US$  |     |        |   |
| (in thousands)                                       |     |                                 |      |     |        |      |     |        |   |
| Net cash (used in) from operating activities         |     |                          (1,421 | )    |     |  1,132 |      |     |  4,567 |   |
| Net cash from investing activities                   |     |                             247 |      |     |  6,700 |      |     |