S.P.E.E.H. Hidroelectrica Cash Flow Statement

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

Millions RON. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	4,088	3,370	4,128	6,365	4,464	3,116
Depreciation & Amortization	883.65	882.83	904.97	1,036	772.15	760.5
Loss (Gain) on Sale of Assets	1.8	1.29	6.25	5.28	2.05	3.61
Asset Writedown	99.5	99.46	39.49	-	23.87	359.33
Change in Accounts Receivable	-75.27	-84.37	1,348	-1,777	-730.61	-332.32
Change in Inventory	-41.49	-30.3	-12.61	-3.12	-7.77	-2.05
Change in Accounts Payable	184.19	185.84	21.35	119.83	91.04	30.4
Change in Unearned Revenue	-17.73	-10.15	25.59	-4.66	-5.68	-2.86
Change in Other Net Operating Assets	-146.28	-2.68	296.14	-3.84	-207.87	186.15
Other Operating Activities	-25.69	-148.55	-470.44	-393.13	-209.33	-82.78
Operating Cash Flow	5,005	4,300	6,353	5,425	4,235	4,047
Operating Cash Flow Growth	2.28%	-32.31%	17.11%	28.08%	4.64%	77.78%
Capital Expenditures	-653.76	-541.38	-284.09	-189.41	-169.01	-176.81
Sale of Property, Plant & Equipment	15.37	8.83	-	-	0.2	-
Cash Acquisitions	-	-	-67.88	-	-	-598.26
Sale (Purchase) of Intangibles	-4.91	-17.51	-0.32	-1.27	-1.24	-2.39
Investment in Securities	400.41	-265	1,253	-1,320	-792.86	-818.41
Other Investing Activities	291.95	265.77	305.88	281.28	212.04	53.92
Investing Cash Flow	49.07	-549.3	1,207	-1,229	-750.86	-1,542
Long-Term Debt Issued	-	-	-	-	-	635.22
Long-Term Debt Repaid	-	-102.79	-98.79	-101.56	-97.67	-104.37
Net Debt Issued (Repaid)	-101.92	-102.79	-98.79	-101.56	-97.67	530.85
Issuance of Common Stock	-	-	-	2.68	-	0.02
Common Dividends Paid	-4,042	-4,042	-6,287	-4,349	-3,831	-2,286
Financing Cash Flow	-4,144	-4,145	-6,386	-4,448	-3,929	-1,756
Net Cash Flow	910.63	-393.88	1,174	-253.1	-444.16	750.05
Free Cash Flow	4,351	3,759	6,069	5,235	4,066	3,871
Free Cash Flow Growth	-5.78%	-38.06%	15.93%	28.74%	5.05%	83.50%
Free Cash Flow Margin	39.90%	38.96%	66.40%	42.95%	42.96%	59.65%
Free Cash Flow Per Share	9.67	8.36	13.49	11.65	9.07	8.63
Cash Interest Paid	10.93	12.24	18.84	15.19	2.66	1.63
Cash Income Tax Paid	531.68	531.68	836.25	1,200	928.25	675.89
Levered Free Cash Flow	3,684	3,015	4,888	3,658	3,156	2,865
Unlevered Free Cash Flow	3,697	3,029	4,904	3,675	3,163	2,875
Change in Working Capital	-96.58	58.34	1,679	-1,669	-860.88	-120.68

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