BVB:EL Cash Flow Statement

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

Millions RON. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	389.58	772.22	-240.35	-552.88
Depreciation & Amortization	585.12	518.31	492.42	476.29
Other Amortization	13.05	6.17	3.96	4.54
Loss (Gain) on Sale of Assets	-	-	-0.39	3.3
Loss (Gain) on Equity Investments	0.01	0.04	0.01	0
Asset Writedown	-1.9	-	-0.01	-3.94
Change in Accounts Receivable	-1,562	-309.16	-1,287	-391.4
Change in Inventory	3.76	-1.69	-41.01	-2.89
Change in Accounts Payable	-112.24	244.36	494.61	274.83
Change in Unearned Revenue	-1.21	-16.91	15.09	4.03
Change in Other Net Operating Assets	1,289	-1,218	-712.01	10.55
Other Operating Activities	-5.25	96.47	-18.14	-88.23
Operating Cash Flow	700.64	168.27	-1,181	-194.35
Operating Cash Flow Growth	316.38%	-	-	-
Capital Expenditures	-149.17	-10.39	-8.3	-10.49
Sale of Property, Plant & Equipment	-	0.23	0.61	1.47
Cash Acquisitions	-15.82	-8.23	-4.45	-
Sale (Purchase) of Intangibles	-1,102	-866.64	-545.61	-490.11
Investment in Securities	-	-4.15	-0	-25.81
Other Investing Activities	12.11	3.27	2.85	321.77
Investing Cash Flow	-1,255	-885.91	-554.9	-203.18
Short-Term Debt Issued	82.25	271.94	1,900	-
Long-Term Debt Issued	1,635	742.66	217.56	234.69
Total Debt Issued	1,718	1,015	2,118	234.69
Long-Term Debt Repaid	-1,046	-214.49	-117.09	-401.08
Total Debt Repaid	-1,046	-214.49	-117.09	-401.08
Net Debt Issued (Repaid)	671.64	800.11	2,001	-166.39
Common Dividends Paid	-39.98	-40.14	-152.29	-247.62
Financing Cash Flow	631.66	759.97	1,849	-414
Miscellaneous Cash Flow Adjustments	-	-	627.4	-
Net Cash Flow	77.24	42.33	740.46	-811.54
Free Cash Flow	551.47	157.88	-1,189	-204.84
Free Cash Flow Growth	249.30%	-	-	-
Free Cash Flow Margin	5.22%	1.20%	-9.36%	-2.82%
Free Cash Flow Per Share	1.62	0.47	-3.50	-0.60
Cash Interest Paid	294.91	278.46	149.4	24.11
Cash Income Tax Paid	147.32	58.99	1.23	31.37
Levered Free Cash Flow	-741.55	-719.14	-1,603	-110.62
Unlevered Free Cash Flow	-568.09	-543.85	-1,504	-95.55
Change in Working Capital	-382.34	-1,301	-1,530	-104.89

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