BELEX:IMPL Cash Flow Statement

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

Millions RSD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	2017 - 2013
Period Ending	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	Dec '19 Dec 31, 2019	Dec '18 Dec 31, 2018	2017 - 2013
Net Income	1,977	833.49	3.51	345.22	626.41	Upgrade
Depreciation & Amortization	551.98	465.2	424.63	454.52	424.63	Upgrade
Other Amortization	1.54	-	-	-	-	Upgrade
Other Operating Activities	-910.8	476.32	-460.13	729.78	-551.74	Upgrade
Operating Cash Flow	1,620	1,775	-31.99	1,530	499.31	Upgrade
Operating Cash Flow Growth	-8.73%	-	-	206.33%	-15.35%	Upgrade
Capital Expenditures	-388.67	-564.32	-704.54	-740.31	-823.87	Upgrade
Sale of Property, Plant & Equipment	0.41	-	-	144.6	-	Upgrade
Investment in Securities	4.53	4.29	-3.93	2.48	3.06	Upgrade
Investing Cash Flow	-383.73	-560.03	-708.47	-593.23	-820.81	Upgrade
Long-Term Debt Issued	-	-	644.79	-	326.84	Upgrade
Total Debt Issued	-	-	644.79	-	326.84	Upgrade
Long-Term Debt Repaid	-453.12	-587.95	-	-662.25	-	Upgrade
Total Debt Repaid	-453.12	-587.95	-	-662.25	-	Upgrade
Net Debt Issued (Repaid)	-453.12	-587.95	644.79	-662.25	326.84	Upgrade
Common Dividends Paid	-588.48	-235.2	-0	-44.76	-38.63	Upgrade
Financing Cash Flow	-1,042	-823.15	644.78	-707.01	288.21	Upgrade
Net Cash Flow	194.76	391.83	-95.68	229.28	-33.3	Upgrade
Free Cash Flow	1,231	1,211	-736.54	789.21	-324.56	Upgrade
Free Cash Flow Growth	1.71%	-	-	-	-	Upgrade
Free Cash Flow Margin	5.05%	5.70%	-5.99%	5.74%	-2.59%	Upgrade
Free Cash Flow Per Share	1306.84	1284.84	-781.65	837.55	-344.44	Upgrade
Cash Interest Paid	46.3	40.72	45.49	47.84	54.29	Upgrade
Cash Income Tax Paid	1.23	1.27	2.04	1.31	1.47	Upgrade
Levered Free Cash Flow	199.57	326	-820.77	551.77	-559.13	Upgrade
Unlevered Free Cash Flow	230.26	351.1	-792.4	581.23	-524.95	Upgrade
Change in Net Working Capital	1,726	336.41	532.38	-593.87	591.7	Upgrade

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