Vrancart 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	-33.56	-18.27	5.42	22.95	6.35
Depreciation & Amortization	57.93	48.49	42.99	38.74	35.14
Other Operating Activities	-6.05	25.28	26.29	-14.58	-12.69
Operating Cash Flow	18.32	55.5	74.71	47.11	28.79
Operating Cash Flow Growth	-67.00%	-25.71%	58.56%	63.63%	-56.36%
Capital Expenditures	-19.18	-134	-144.41	-87.94	-47.39
Sale of Property, Plant & Equipment	28.17	2.11	4.13	1.35	0.38
Other Investing Activities	0.13	-0.15	0.01	-1.88	-2
Investing Cash Flow	7.27	-132.04	-140.28	-88.47	-49.01
Long-Term Debt Issued	65.18	137.26	101.56	154.57	48.47
Long-Term Debt Repaid	-83.72	-151.69	-61.33	-98.37	-4.66
Net Debt Issued (Repaid)	-18.54	-14.44	40.24	56.2	43.81
Issuance of Common Stock	-	31.96	48.89	0.48	16.74
Common Dividends Paid	-	-	-11.81	-4.95	-9.84
Other Financing Activities	-6.75	58.04	-12.49	-9.17	-33.68
Financing Cash Flow	-25.29	75.56	64.83	42.55	17.03
Net Cash Flow	0.29	-0.98	-0.74	1.2	-3.19
Free Cash Flow	-0.87	-78.51	-69.71	-40.83	-18.6
Free Cash Flow Margin	-0.21%	-16.13%	-13.91%	-6.72%	-4.10%
Free Cash Flow Per Share	-	-0.04	-0.05	-0.03	-0.02
Cash Interest Paid	10.97	13.59	12.49	9.17	33.68
Cash Income Tax Paid	4.43	1.64	2.9	2.56	2.85
Levered Free Cash Flow	17.71	-102.46	-89.11	-59.78	-28.94
Unlevered Free Cash Flow	29.01	-96.29	-81.1	-52.64	-26.02

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