Comvex Cash Flow Statement

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

Millions RON. 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	63.46	78.81	189.72	104.36	32.39
Depreciation & Amortization	20.16	20.84	22.4	26.25	21.52
Loss (Gain) From Sale of Assets	7.09	0.04	1.67	0.08	0.12
Loss (Gain) From Sale of Investments	-2.1	0.27	-2.36	8.01	0.47
Other Operating Activities	-10.47	-10.29	0.96	5.22	1.28
Change in Accounts Receivable	-17.54	-2.17	0.47	-27.2	-7.8
Change in Inventory	0.34	-1.27	-11.89	-3.84	-3.56
Change in Accounts Payable	19.14	-9.64	1.38	31.73	-2.35
Operating Cash Flow	80.08	76.59	202.35	144.61	42.07
Operating Cash Flow Growth	4.56%	-62.15%	39.93%	243.75%	781.04%
Capital Expenditures	-51.94	-39.07	-19.28	-19.96	-12.08
Sale of Property, Plant & Equipment	-	0.01	0.63	0.2	0.22
Other Investing Activities	12.28	10.6	3.37	0	0
Investing Cash Flow	-39.66	-28.45	-15.28	-19.76	-11.86
Long-Term Debt Issued	27.86	12.45	-	9.72	4.95
Long-Term Debt Repaid	-35.01	-25.48	-28.23	-27.65	-30.19
Net Debt Issued (Repaid)	-7.15	-13.03	-28.23	-17.92	-25.24
Common Dividends Paid	-44.37	-99.88	-154.44	-21.21	-
Other Financing Activities	2.61	-1.07	0.19	-0.88	1.83
Financing Cash Flow	-48.91	-113.98	-182.48	-40.01	-23.41
Miscellaneous Cash Flow Adjustments	-	-0	-	-	-
Net Cash Flow	-8.49	-65.84	4.6	84.84	6.8
Free Cash Flow	28.14	37.53	183.07	124.65	29.99
Free Cash Flow Growth	-25.01%	-79.50%	46.87%	315.61%	-
Free Cash Flow Margin	11.29%	13.44%	43.00%	32.62%	17.67%
Free Cash Flow Per Share	2.41	3.22	15.71	10.69	2.57
Cash Interest Paid	5	7.05	7.42	4.01	3.99
Cash Income Tax Paid	8.63	21.92	28.59	16.32	0.13
Levered Free Cash Flow	23.93	60.32	123.76	93.67	17.75
Unlevered Free Cash Flow	27.06	64.72	128.39	96.17	20.25
Change in Working Capital	1.94	-13.08	-10.04	0.7	-13.71

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