Havas Cash Flow Statement

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

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2016
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '16 Dec 31, 2016
Net Income	176	173	167	171	113	177
Depreciation & Amortization	111	115	134	145	116	39
Other Amortization	10	10	9	5	11	9
Loss (Gain) From Sale of Assets	3	3	5	5	-2	2
Asset Writedown & Restructuring Costs	-8	-11	-12	-7	9	-
Stock-Based Compensation	13	11	-	-	-	-
Other Operating Activities	14	12	27	11	46	12
Change in Accounts Receivable	86	98	-57	-60	-328	-97
Change in Inventory	-14	-22	20	-6	56	-
Change in Accounts Payable	-174	-188	10	174	157	29
Change in Other Net Operating Assets	52	41	38	-68	154	88
Operating Cash Flow	269	242	341	370	332	276
Operating Cash Flow Growth	-9.12%	-29.03%	-7.84%	11.45%	20.29%	16.95%
Capital Expenditures	-29	-29	-30	-37	-26	-71
Sale of Property, Plant & Equipment	2	1	1	1	-	-
Cash Acquisitions	-30	-28	-96	-41	-14	-
Divestitures	1	1	-	5	4	-
Sale (Purchase) of Intangibles	-7	-5	-5	-	-	-9
Investment in Securities	-	-	-	-	-	-42
Other Investing Activities	25	141	38	-112	23	-
Investing Cash Flow	-39	82	-94	-184	-16	-118
Short-Term Debt Issued	-	-	-	-	275	-
Long-Term Debt Issued	-	-	-	-	-	117
Total Debt Issued	315	-	-	-	275	117
Short-Term Debt Repaid	-	-	-	-390	-	-
Long-Term Debt Repaid	-	-85	-85	-90	-76	-62
Total Debt Repaid	-86	-85	-85	-480	-76	-62
Net Debt Issued (Repaid)	229	-85	-85	-480	199	55
Issuance of Common Stock	-	-	1	-	1	14
Repurchase of Common Stock	-4	-	-	-	-	-
Common Dividends Paid	-229	-235	-85	-77	-33	-48
Other Financing Activities	-73	-127	-74	-81	-91	-59
Financing Cash Flow	-77	-447	-243	-638	76	-38
Foreign Exchange Rate Adjustments	-44	23	-28	22	44	-1
Miscellaneous Cash Flow Adjustments	-	-	1	-	-	-
Net Cash Flow	109	-100	-23	-430	436	119
Free Cash Flow	240	213	311	333	306	205
Free Cash Flow Growth	-9.77%	-31.51%	-6.61%	8.82%	49.27%	8.47%
Free Cash Flow Margin	8.26%	7.44%	10.83%	12.04%	13.07%	9.01%
Free Cash Flow Per Share	2.39	2.13	3.14	7.81	7.18	4.90
Cash Interest Paid	45	42	39	30	59	-
Cash Income Tax Paid	92	87	89	91	63	78
Levered Free Cash Flow	265.25	323.63	305.5	222	-	159
Unlevered Free Cash Flow	266.5	326.75	309.63	228.88	-	173.38
Change in Working Capital	-50	-71	11	40	39	20

Updated Jun 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.