BUL:TBS 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	16.52	11.62	9.44	10.93	12.41
Depreciation & Amortization	7.21	5.68	3.85	2.88	2.69
Other Amortization	-	0.27	0.13	0.24	0.24
Loss (Gain) From Sale of Assets	-	-0.35	-0	-0	-0
Stock-Based Compensation	-	-0.1	0.11	0.07	0.39
Other Operating Activities	11.46	0.81	0.23	-0.56	-0.05
Change in Accounts Receivable	-	-6.7	-47.44	-4.61	-6.32
Change in Inventory	-	6.63	-6.77	-0.2	2.8
Change in Accounts Payable	-	2.49	44.64	6.52	2.42
Operating Cash Flow	35.19	20.34	4.15	15.26	14.58
Operating Cash Flow Growth	73.04%	389.91%	-72.79%	4.65%	-32.94%
Capital Expenditures	-3.59	-6.41	-3.34	-3.7	-1.22
Sale of Property, Plant & Equipment	-	0.36	0.01	-	0.05
Cash Acquisitions	-	-10.43	-	-	-
Divestitures	-	-	-	0	-
Sale (Purchase) of Intangibles	-	-0.36	-0.6	-0.45	-0.15
Investment in Securities	-2.6	-	-	-	-
Other Investing Activities	0.81	0.58	0.43	1.33	0
Investing Cash Flow	-5.37	-16.27	-3.5	-2.82	-1.31
Short-Term Debt Issued	-	101.76	59.35	14.12	9.71
Long-Term Debt Issued	16.4	-	-	-	-
Total Debt Issued	16.4	101.76	59.35	14.12	9.71
Short-Term Debt Repaid	-	-91.49	-58.05	-12.97	-9.99
Long-Term Debt Repaid	-18	-2.22	-1.38	-1.53	-1.88
Total Debt Repaid	-18	-93.7	-59.43	-14.5	-11.87
Net Debt Issued (Repaid)	-1.61	8.06	-0.07	-0.38	-2.16
Repurchase of Common Stock	-2.31	-0.18	-0.22	-0.08	-
Common Dividends Paid	-	-	-0.3	-9.72	-9.54
Other Financing Activities	-0.79	-1.14	-0.44	-0.56	-0.64
Financing Cash Flow	-4.7	6.74	-1.04	-10.73	-12.34
Foreign Exchange Rate Adjustments	-	0.09	-0.35	0.31	0.12
Net Cash Flow	25.12	10.89	-0.74	2.01	1.05
Free Cash Flow	31.6	13.92	0.81	11.56	13.36
Free Cash Flow Growth	127.01%	1616.65%	-92.99%	-13.48%	-34.43%
Free Cash Flow Margin	11.16%	6.24%	0.44%	7.45%	8.06%
Free Cash Flow Per Share	2.57	1.11	0.07	0.93	1.07
Cash Interest Paid	1.35	1.14	0.44	0.15	0.23
Cash Income Tax Paid	1.95	1.79	1.61	2.01	1.92
Levered Free Cash Flow	28.52	8.86	0.78	10.3	8.68
Unlevered Free Cash Flow	29.18	9.58	1.07	10.4	8.82
Change in Working Capital	-	2.42	-9.58	1.71	-1.1

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.