BUL:BREF Cash Flow Statement

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

Millions BGN. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2016 - 2020
Period Ending	Jun '25 Jun 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	2016 - 2020
Net Income	21.39	20.36	16.49	12.53	3.91	2.84	Upgrade
Depreciation & Amortization	0.01	0.01	0.01	0.01	0.03	0.02	Upgrade
Gain (Loss) on Sale of Assets	-0.04	-0.04	-0.03	-4.58	-0.07	-	Upgrade
Asset Writedown	-15.46	-15.46	-13.94	-6.29	-0.57	-	Upgrade
Change in Accounts Receivable	0.78	0.78	-0.69	0.27	0.31	-	Upgrade
Change in Accounts Payable	4.86	4.86	-0.23	-0.51	1.74	-	Upgrade
Other Operating Activities	0.56	0.95	0.94	0.93	0.75	0.69	Upgrade
Operating Cash Flow	12.12	11.48	2.56	2.39	6.12	3.55	Upgrade
Operating Cash Flow Growth	138.11%	349.02%	6.95%	-60.97%	72.51%	-17.61%	Upgrade
Acquisition of Real Estate Assets	-2.55	-2.73	-1.23	-3.99	-35.82	-	Upgrade
Sale of Real Estate Assets	0.06	0.12	0.58	15.64	0.88	-	Upgrade
Net Sale / Acq. of Real Estate Assets	-2.49	-2.61	-0.65	11.65	-34.94	-	Upgrade
Investment in Marketable & Equity Securities	-	-	-	-	-	-16.67	Upgrade
Investing Cash Flow	-2.49	-2.61	-0.65	11.65	-34.94	-16.67	Upgrade
Long-Term Debt Issued	-	-	-	1.5	31.7	-	Upgrade
Long-Term Debt Repaid	-	-4.63	-4.48	-3.08	-1.27	-1.21	Upgrade
Net Debt Issued (Repaid)	-4.7	-4.63	-4.48	-1.58	30.44	-1.21	Upgrade
Common Dividends Paid	-	-	-3.91	-1.68	-2.88	-4.3	Upgrade
Total Dividends Paid	-	-	-3.91	-1.68	-2.88	-4.3	Upgrade
Other Financing Activities	-0.85	-0.9	-0.88	-0.88	-0.67	-0.24	Upgrade
Net Cash Flow	4.08	3.34	-7.37	9.91	-1.92	-18.87	Upgrade
Cash Interest Paid	0.85	0.9	0.88	0.88	0.67	0.24	Upgrade
Levered Free Cash Flow	-12.46	-16.38	-3.27	5.1	2.61	2.74	Upgrade
Unlevered Free Cash Flow	-11.92	-15.79	-2.68	5.67	3.08	2.9	Upgrade
Change in Working Capital	5.63	5.63	-0.92	-0.23	2.05	-	Upgrade

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