Havanna Holding Cash Flow Statement

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

Millions ARS. 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	9,257	12,937	15,637	7,358	895.06	-847.9
Depreciation & Amortization	4,865	4,916	3,850	1,559	548.29	397.96
Other Amortization	14.71	14.71	27.88	13.89	5.84	3.64
Loss (Gain) From Sale of Assets	-4.2	-74.41	-274.15	-46.14	-36	-36.51
Asset Writedown & Restructuring Costs	-46.36	-	-	-	0.03	4.18
Provision & Write-off of Bad Debts	70.59	13.55	32.86	25.18	26.43	8.33
Other Operating Activities	-3,261	18,382	18,463	7,333	2,203	673.32
Change in Accounts Receivable	606.93	-4,587	-2,632	1,267	-420.44	233.27
Change in Inventory	-1,688	-3,214	-935.11	-1,377	-	168.24
Change in Accounts Payable	-1,618	3,380	1,273	-300.52	-3.45	15.68
Change in Income Taxes	-1,896	-10,630	-11,924	-3,803	-274.33	-185.99
Change in Other Net Operating Assets	1,177	3,090	-1,513	457.87	-50.16	-177.84
Operating Cash Flow	7,477	24,228	22,006	12,488	2,895	256.39
Operating Cash Flow Growth	-83.76%	10.10%	76.21%	331.42%	1029.00%	-68.16%
Capital Expenditures	-9,123	-11,409	-10,319	-3,653	-445.39	-83.66
Sale of Property, Plant & Equipment	1,709	1,802	2,438	386.95	242.01	210.23
Sale (Purchase) of Intangibles	17.48	-48.75	-138.11	-55.63	-17.21	-1.47
Investment in Securities	-5,831	-2,764	-	-	-	-
Other Investing Activities	-431.43	-725	-1,742	-	-	-
Investing Cash Flow	-13,659	-13,145	-9,761	-3,322	-220.6	125.09
Long-Term Debt Issued	-	45,262	7,727	2,905	795.41	1,902
Long-Term Debt Repaid	-	-39,461	-12,248	-9,438	-2,789	-1,603
Net Debt Issued (Repaid)	-12,547	5,801	-4,520	-6,532	-1,994	298.8
Common Dividends Paid	-	-17,021	-8,904	-1,371	-	-711.81
Other Financing Activities	17,736	-487.06	898.09	-510.7	104.47	-359.79
Financing Cash Flow	5,189	-11,707	-12,526	-8,414	-1,889	-772.8
Foreign Exchange Rate Adjustments	1,635	48.75	-246.19	-159.85	-49.06	-
Miscellaneous Cash Flow Adjustments	1,342	104.1	1,159	115.82	13.61	15.61
Net Cash Flow	1,984	-470.58	631.26	708.16	749.34	-375.7
Free Cash Flow	-1,646	12,819	11,686	8,835	2,449	172.73
Free Cash Flow Growth	-	9.69%	32.27%	260.72%	1318.00%	-41.08%
Free Cash Flow Margin	-1.37%	10.87%	12.08%	20.49%	22.92%	4.17%
Free Cash Flow Per Share	-35.04	272.89	248.78	188.07	52.14	3.68
Levered Free Cash Flow	-3,595	-225.12	-340.54	4,230	270.46	-396.15
Unlevered Free Cash Flow	-349.32	4,924	3,748	5,476	1,084	-50.73
Change in Working Capital	-3,418	-11,961	-15,730	-3,755	-748.38	53.36

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