BUL:BREF Cash Flow Statement

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

Millions BGN. 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	24.41	20.36	16.49	12.53	3.91
Depreciation & Amortization	0.01	0.01	0.01	0.01	0.03
Gain (Loss) on Sale of Assets	-	-0.04	-0.03	-4.58	-0.07
Asset Writedown	-	-15.46	-13.94	-6.29	-0.57
Change in Accounts Receivable	-	0.78	-0.69	0.27	0.31
Change in Accounts Payable	-	4.86	-0.23	-0.51	1.74
Other Operating Activities	-30.15	0.95	0.94	0.93	0.75
Operating Cash Flow	-5.74	11.48	2.56	2.39	6.12
Operating Cash Flow Growth	-	349.02%	6.95%	-60.97%	72.51%
Acquisition of Real Estate Assets	-1.87	-2.73	-1.23	-3.99	-35.82
Sale of Real Estate Assets	38.72	0.12	0.58	15.64	0.88
Net Sale / Acq. of Real Estate Assets	36.86	-2.61	-0.65	11.65	-34.94
Investing Cash Flow	36.86	-2.61	-0.65	11.65	-34.94
Long-Term Debt Issued	-	-	-	1.5	31.7
Long-Term Debt Repaid	-13.17	-4.63	-4.48	-3.08	-1.27
Net Debt Issued (Repaid)	-13.17	-4.63	-4.48	-1.58	30.44
Common Dividends Paid	-3.66	-	-3.91	-1.68	-2.88
Total Dividends Paid	-3.66	-	-3.91	-1.68	-2.88
Other Financing Activities	-0.75	-0.9	-0.88	-0.88	-0.67
Net Cash Flow	13.55	3.34	-7.37	9.91	-1.92
Cash Interest Paid	0.75	0.9	0.88	0.88	0.67
Levered Free Cash Flow	39.31	-16.38	-3.27	5.1	2.61
Unlevered Free Cash Flow	39.8	-15.79	-2.68	5.67	3.08
Change in Working Capital	-	5.63	-0.92	-0.23	2.05

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.