BVB:WINE 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	48.89	55.68	60.37	64.82	47.01
Depreciation & Amortization	21.75	19.39	19.43	14.59	13.76
Loss (Gain) From Sale of Assets	0.27	-1.63	-0.95	0.31	-0.71
Asset Writedown & Restructuring Costs	0.28	-0.08	-0.08	-0.08	-0.08
Loss (Gain) From Sale of Investments	-1.61	-2.71	-0.71	-0.02	-6.49
Loss (Gain) on Equity Investments	-	-	-	-	0.56
Stock-Based Compensation	3.9	1.88	0.82	3.01	6.39
Provision & Write-off of Bad Debts	0.13	1.58	0.92	-0.12	2.55
Other Operating Activities	10.23	12.53	0.35	-13.74	-1.03
Change in Accounts Receivable	-38	-17.02	-3	-17.08	-8.26
Change in Inventory	-33.65	-39.72	-46.66	-31.63	-38.63
Change in Accounts Payable	14.35	7.26	18.51	-5.09	22.52
Change in Other Net Operating Assets	5.12	-0.27	1.62	0.7	-3.39
Operating Cash Flow	31.64	36.89	50.63	15.68	34.2
Operating Cash Flow Growth	-14.23%	-27.12%	222.82%	-54.15%	-5.81%
Capital Expenditures	-75.8	-58.76	-41.48	-32.9	-25.13
Sale of Property, Plant & Equipment	2.74	2.5	3.48	0.86	3
Cash Acquisitions	-	-13.95	-3.72	-4.35	-3.23
Sale (Purchase) of Intangibles	-1.87	-0.2	-0.35	-0.59	-0.7
Investment in Securities	-	-	-	-	0.93
Other Investing Activities	2.31	6.49	3.03	0.69	4.68
Investing Cash Flow	-72.62	-63.93	-38.58	-37.86	-21.28
Long-Term Debt Issued	287.55	272.22	205.42	118.05	65.76
Long-Term Debt Repaid	-218.36	-215.18	-197.64	-84.33	-67.45
Net Debt Issued (Repaid)	69.18	57.04	7.78	33.72	-1.69
Issuance of Common Stock	-	1.18	-	-	1.18
Repurchase of Common Stock	-	-	-0.19	-	-4.94
Common Dividends Paid	-26.16	-26.23	-22.03	-20.38	-27.58
Other Financing Activities	-2.77	-3.31	-2.19	-1.42	-0.01
Financing Cash Flow	40.25	28.67	-16.63	11.92	-33.04
Foreign Exchange Rate Adjustments	-1.32	0.44	-0.25	1.61	1.43
Net Cash Flow	-2.05	2.09	-4.84	-8.64	-18.69
Free Cash Flow	-44.16	-21.87	9.15	-17.22	9.08
Free Cash Flow Growth	-	-	-	-	-39.34%
Free Cash Flow Margin	-10.10%	-5.72%	2.47%	-5.69%	3.66%
Free Cash Flow Per Share	-1.08	-0.54	0.23	-0.43	0.23
Cash Interest Paid	10.85	9.86	6.47	3.94	3.88
Cash Income Tax Paid	15.08	11.88	12.07	9.62	11.88
Levered Free Cash Flow	-73.54	-46.2	-33.13	-105.51	35.1
Unlevered Free Cash Flow	-66.35	-39.63	-28.36	-102.67	37.56
Change in Working Capital	-52.18	-49.75	-29.53	-53.1	-27.76

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