BUD:BIF Cash Flow Statement

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

Millions HUF. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	10,817	10,802	10,568	10,034	8,269
Depreciation & Amortization	141.11	98.94	59.41	61.53	38.14
Gain (Loss) on Sale of Assets	0.19	-12.15	-0.89	1.42	-3.85
Asset Writedown	-2,899	-2,933	-5,497	-1,987	-5,862
Change in Accounts Receivable	-430.1	-261.93	49.2	-221.81	136.59
Change in Accounts Payable	418.75	532.49	-593.01	-760.28	-314.87
Change in Other Net Operating Assets	-139.73	1,578	72.01	1,613	953.4
Other Operating Activities	27.69	-10.81	10.94	135.22	6.88
Operating Cash Flow	7,945	9,795	4,863	8,901	3,360
Operating Cash Flow Growth	-18.88%	101.42%	-45.37%	164.96%	-15.57%
Acquisition of Real Estate Assets	-1,768	-4,901	-1,655	-6,324	-5,826
Sale of Real Estate Assets	23.6	12.15	0.89	5.45	576.1
Net Sale / Acq. of Real Estate Assets	-1,744	-4,889	-1,655	-6,318	-5,250
Investing Cash Flow	-933.07	-6,569	-1,655	-6,318	-5,250
Long-Term Debt Issued	-	952.67	257.49	2,386	1,452
Long-Term Debt Repaid	-1,806	-1,614	-1,447	-1,348	-909.01
Net Debt Issued (Repaid)	-1,806	-661.79	-1,189	1,038	542.97
Issuance of Common Stock	-	5,000	5,000	-	-
Common Dividends Paid	-2,752	-	-8,809	-5,034	-
Foreign Exchange Rate Adjustments	-13.28	42.84	-4.35	-4.86	6.99
Net Cash Flow	2,441	7,607	-1,794	-1,418	-1,341
Cash Interest Paid	417.54	445.18	434.64	321.54	226.17
Cash Income Tax Paid	91.26	95.99	24.12	28.12	18.69
Levered Free Cash Flow	1,661	266.31	-560.79	-883.61	-3,797
Unlevered Free Cash Flow	1,922	544.54	-289.14	-682.64	-3,656
Change in Working Capital	-151.08	1,849	-471.8	630.85	775.12