BVB:TTS 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	19.08	283.54	164.06	60.25
Depreciation & Amortization	103.56	86.09	72.94	61.59
Loss (Gain) From Sale of Assets	1.27	-0.63	2.48	-1.59
Asset Writedown & Restructuring Costs	-2.6	-2.36	4.8	-2.63
Loss (Gain) on Equity Investments	-0.27	-1.46	-0.52	-0.36
Stock-Based Compensation	-	2.97	-	-
Provision & Write-off of Bad Debts	-6.43	6.16	3.36	7
Other Operating Activities	-5.36	32.1	30.07	-0.02
Change in Accounts Receivable	9.07	18.43	-60.7	11.23
Change in Inventory	9.57	4.73	-10.17	-8.66
Change in Accounts Payable	-28.79	-17.69	18.45	-4.72
Operating Cash Flow	99.11	411.87	224.76	122.08
Operating Cash Flow Growth	-75.94%	83.25%	84.11%	13.56%
Capital Expenditures	-137.35	-249.53	-120.82	-97.24
Sale of Property, Plant & Equipment	1.54	7.99	4.49	5.93
Cash Acquisitions	-	-106.98	-	-
Investment in Securities	35.91	-35.91	-	-0.23
Other Investing Activities	9.83	16.47	1.31	0.21
Investing Cash Flow	-90.08	-367.96	-115.03	-91.33
Long-Term Debt Issued	22.52	57.45	24.48	19.94
Long-Term Debt Repaid	-23.59	-14.54	-24.8	-26.1
Net Debt Issued (Repaid)	-1.06	42.9	-0.33	-6.16
Repurchase of Common Stock	-2.97	-	-	-
Common Dividends Paid	-68.31	-33	-17.85	-16.2
Other Financing Activities	-1.16	-6.14	-4.42	-4.64
Financing Cash Flow	-73.5	3.77	-22.6	-27
Net Cash Flow	-64.47	47.68	87.13	3.74
Free Cash Flow	-38.25	162.35	103.94	24.84
Free Cash Flow Growth	-	56.19%	318.52%	-27.79%
Free Cash Flow Margin	-5.16%	13.72%	10.89%	4.15%
Free Cash Flow Per Share	-0.38	0.90	0.58	0.14
Cash Interest Paid	5.39	3.8	3.11	1.49
Cash Income Tax Paid	14.92	33.48	15.52	11.39
Levered Free Cash Flow	-19.74	98.78	35.36	9.74
Unlevered Free Cash Flow	-16.37	101.16	37.31	10.67
Change in Working Capital	-10.15	5.47	-52.42	-2.15

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