Davide Campari-Milano Cash Flow Statement

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

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	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	201.6	330.5	333	284.8	187.9
Depreciation & Amortization	111.3	94.2	75.2	66.7	66
Other Amortization	16.4	16	15.3	13	12
Loss (Gain) From Sale of Assets	0.8	-7.6	-2.2	1.3	0.6
Asset Writedown & Restructuring Costs	56.8	11.9	3.1	8	45.7
Stock-Based Compensation	27.1	22.1	19.8	-	-
Other Operating Activities	131.8	29.8	18.2	39	-71.6
Change in Accounts Receivable	-54.5	-	-	-	-
Change in Inventory	6.5	-	-	-	-
Change in Accounts Payable	126.1	-	-	-	-
Change in Other Net Operating Assets	46.6	-340.4	-82	70.9	37.5
Operating Cash Flow	670.5	156.5	380.4	483.7	278.1
Operating Cash Flow Growth	328.44%	-58.86%	-21.36%	73.93%	-23.39%
Capital Expenditures	-424.2	-293.4	-338.6	-121	-69.9
Sale of Property, Plant & Equipment	19.6	19.6	12.1	10.1	4.9
Cash Acquisitions	-1,110	2	-395.7	-3.1	-92
Sale (Purchase) of Intangibles	-35.9	-21.9	-16.7	-24.8	-14.8
Investment in Securities	-89.9	-6.9	-36.6	-13.2	-
Other Investing Activities	38.3	22.8	-30.4	-1.2	-80.6
Investing Cash Flow	-1,602	-277.8	-805.9	-153.2	-252.4
Short-Term Debt Issued	69.2	-	-	19.1	80.7
Long-Term Debt Issued	886.6	748.5	443.8	130	740.1
Total Debt Issued	955.8	748.5	443.8	149.1	820.8
Short-Term Debt Repaid	-	-50.6	-76.7	-	-
Long-Term Debt Repaid	-364.9	-266	-111.9	-174	-608.7
Total Debt Repaid	-364.9	-316.6	-188.6	-174	-608.7
Net Debt Issued (Repaid)	590.9	431.9	255.2	-24.9	212.1
Issuance of Common Stock	655.5	54.8	7	68.2	19.4
Repurchase of Common Stock	-6.4	-21	-127.9	-71	-290.5
Common Dividends Paid	-78.1	-67.5	-67.6	-61.6	-62.9
Other Financing Activities	-180.1	-78.6	-28.5	-26.3	-17.8
Financing Cash Flow	981.8	319.6	38.2	-115.6	-139.7
Foreign Exchange Rate Adjustments	-4.4	-13.4	31.5	28.3	-42.4
Miscellaneous Cash Flow Adjustments	-	0.1	-0.1	-	-
Net Cash Flow	46	185	-355.9	243.2	-156.4
Free Cash Flow	246.3	-136.9	41.8	362.7	208.2
Free Cash Flow Growth	-	-	-88.48%	74.21%	-23.17%
Free Cash Flow Margin	8.02%	-4.69%	1.55%	16.69%	11.75%
Free Cash Flow Per Share	0.20	-0.12	0.04	0.32	0.18
Cash Interest Paid	93.7	63.6	26	22.5	30
Cash Income Tax Paid	85.3	195	141	79.1	119.7
Levered Free Cash Flow	-319.43	-280.56	-57	236.35	185.43
Unlevered Free Cash Flow	-250.61	-236.31	-37.31	254.04	207.55
Change in Working Capital	124.7	-340.4	-82	70.9	37.5

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