BVMF:HGBS11 Cash Flow Statement

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

Millions BRL. Fiscal year is Jan - Dec.

Fiscal Year	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	2018 - 2014
Period Ending	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	Dec '19 Dec 31, 2019	2018 - 2014
Net Income	337.58	230.03	18.39	-136.99	299.81	Upgrade
Gain (Loss) on Sale of Investments	-	-	49.89	-	-	Upgrade
Asset Writedown	-	-	36.42	-	-	Upgrade
Other Operating Activities	-180.1	-68.93	-15.4	200.29	-197.06	Upgrade
Operating Cash Flow	157.48	161.1	89.29	63.3	102.75	Upgrade
Operating Cash Flow Growth	-2.25%	80.41%	41.06%	-38.40%	28.08%	Upgrade
Acquisition of Real Estate Assets	-219.6	-14.41	-100.02	-155.03	-280.72	Upgrade
Net Sale / Acq. of Real Estate Assets	-219.6	-14.41	-100.02	-155.03	-280.72	Upgrade
Investment in Marketable & Equity Securities	-167.77	0.83	74.31	-225.74	-293.08	Upgrade
Other Investing Activities	133.46	-	16.43	-3.33	-60.18	Upgrade
Investing Cash Flow	-253.91	-13.58	-9.28	-384.1	-633.98	Upgrade
Issuance of Common Stock	606.95	-	-	-	-	Upgrade
Common Dividends Paid	-	-	-	-	-123.79	Upgrade
Other Financing Activities	-205.06	-151	-81.1	-79.51	1,058	Upgrade
Net Cash Flow	305.46	-3.48	-1.08	-400.31	403.18	Upgrade
Cash Interest Paid	216.69	151	81.1	79.51	-	Upgrade
Cash Income Tax Paid	1.72	0	-	3.91	6.27	Upgrade
Levered Free Cash Flow	388.86	112.9	21.26	-128.23	159.06	Upgrade
Unlevered Free Cash Flow	388.86	112.9	21.26	-128.23	159.06	Upgrade
Change in Net Working Capital	-232.09	-7.46	7.39	53.62	-23.66	Upgrade

Source: S&P Capital IQ. Real Estate template. Financial Sources.