BVMT:ARTES Cash Flow Statement

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

Millions TND. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	46.71	42.19	26.91	29.18	41.29	33.24
Depreciation & Amortization	1.5	1.58	1.1	1.06	1.06	0.87
Other Amortization	0.16	0.15	-	0.16	-	-
Loss (Gain) From Sale of Assets	-1.04	-1.62	-0	-0	-0	-0.02
Loss (Gain) From Sale of Investments	0.1	0.1	-	-	0.26	-
Loss (Gain) on Equity Investments	-	-	-	-0.43	-0.41	-0.37
Provision & Write-off of Bad Debts	0.97	0.97	-	-	0.39	-
Other Operating Activities	-1.1	-0.57	-0.02	0.06	-0.13	0
Change in Accounts Receivable	-7.7	-7.66	-1.23	18.43	-0.73	2.95
Change in Inventory	-24.49	-38.09	-38.1	11.13	50.69	-3.79
Change in Accounts Payable	47.96	83.57	3.61	22.12	-36.52	-20.29
Change in Other Net Operating Assets	-8.99	-0.04	-2.87	0.26	5.18	2.3
Operating Cash Flow	54.58	81.07	-10.06	82.58	61.71	15.46
Operating Cash Flow Growth	83.10%	-	-	33.82%	299.05%	-57.81%
Capital Expenditures	-2.99	-2.9	-0.46	-0.18	-0.65	-1.61
Sale of Property, Plant & Equipment	0.16	0.16	0	0.03	0.07	0.19
Investment in Securities	-18.24	-7.07	-14.9	0.6	-0.72	0.75
Investing Cash Flow	-21.07	-9.81	-15.36	0.45	-1.3	-0.67
Issuance of Common Stock	-	-	-	-	1	-
Common Dividends Paid	-49.73	-19.13	-38.25	-30.6	-30.6	-10.98
Other Financing Activities	-0.5	-0.3	-0.56	0.17	0.07	0.72
Financing Cash Flow	-50.22	-19.42	-38.81	-30.43	-29.53	-10.26
Net Cash Flow	-16.72	51.83	-64.22	52.6	30.88	4.53
Free Cash Flow	51.59	78.17	-10.52	82.4	61.06	13.85
Free Cash Flow Growth	75.77%	-	-	34.96%	340.77%	-61.09%
Free Cash Flow Margin	13.91%	25.41%	-5.88%	46.91%	22.58%	6.52%
Free Cash Flow Per Share	1.35	2.04	-0.28	2.15	1.60	0.36
Levered Free Cash Flow	29.1	68.11	-21.56	73.22	48.27	3.99
Unlevered Free Cash Flow	29.1	68.11	-21.56	73.22	48.27	3.99
Change in Working Capital	6.78	37.78	-38.59	51.93	18.62	-18.83

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