Bell Equipment Cash Flow Statement

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

Millions ZAR. 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	384.03	440.44	763.61	456.85	286.77
Depreciation & Amortization	211.91	187.63	200.33	200.47	214.83
Other Amortization	37.95	34.95	35.99	44.53	36.36
Loss (Gain) From Sale of Assets	-7.01	-2.41	0.16	-1.83	-8.53
Asset Writedown & Restructuring Costs	33.24	5.11	-	3.56	-
Loss (Gain) From Sale of Investments	-9.17	40.75	-8.85	-9.95	-10.72
Stock-Based Compensation	-14.65	29.97	32.44	18.2	-
Provision & Write-off of Bad Debts	15.01	0.46	-4.08	12.69	17.5
Other Operating Activities	-61.83	20.76	80.53	216.47	202.97
Change in Accounts Receivable	19.17	653.67	-666.76	-240.29	-131.98
Change in Inventory	334.4	560.77	-769.35	-1,207	-115.87
Change in Accounts Payable	231.7	-174.91	519.07	415.36	215.43
Change in Unearned Revenue	-77.57	-37.33	50.63	32.97	-20.98
Change in Other Net Operating Assets	-16.98	166.28	17.65	-157.98	-91.93
Operating Cash Flow	1,080	1,926	251.36	-216.3	593.86
Operating Cash Flow Growth	-43.92%	666.29%	-	-	-27.46%
Capital Expenditures	-151.32	-180.31	-212.31	-130.74	-103.65
Sale of Property, Plant & Equipment	21.2	15.69	4.48	5.01	13.22
Investment in Securities	-2.78	4.18	-	3.46	-
Investing Cash Flow	-132.89	-160.44	-207.83	-122.28	-90.43
Long-Term Debt Issued	1,027	4,269	4,749	1,245	322.46
Long-Term Debt Repaid	-1,371	-5,574	-5,208	-843.58	-744.07
Net Debt Issued (Repaid)	-344.17	-1,304	-459.67	401.65	-421.61
Common Dividends Paid	-153.74	-1.64	-86.66	-47.63	-0.19
Other Financing Activities	-1.39	-1.35	-1.29	-1.2	-
Financing Cash Flow	-499.31	-1,307	-547.62	352.82	-421.8
Net Cash Flow	448.01	458.33	-504.09	14.24	81.64
Free Cash Flow	928.89	1,746	39.05	-347.04	490.21
Free Cash Flow Growth	-46.79%	4371.09%	-	-	-33.22%
Free Cash Flow Margin	8.33%	14.93%	0.29%	-3.38%	6.12%
Free Cash Flow Per Share	8.96	16.39	0.38	-2.71	4.45
Cash Interest Paid	79.42	191.26	214.08	122.17	97.71
Cash Income Tax Paid	164.35	216.2	330.49	157.84	26.36
Levered Free Cash Flow	880.54	1,104	-709.82	-546.4	449.88
Unlevered Free Cash Flow	927.12	1,219	-586.84	-460.79	510.12
Change in Working Capital	490.72	1,168	-848.76	-1,157	-145.32

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