Hulamin 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	-147.57	246.34	271.8	299.71	591.26
Depreciation & Amortization	152.47	145.1	120.67	92.14	75.72
Other Amortization	25.04	19.86	14.12	10.45	10.88
Loss (Gain) From Sale of Assets	59.73	-50.99	0.74	7.75	-39.51
Loss (Gain) From Sale of Investments	-0.36	-14.72	-2.08	-4.49	-4.43
Loss (Gain) on Equity Investments	-	0.67	4.05	-1.19	2.26
Stock-Based Compensation	14.23	27.96	15.64	6.5	8.7
Other Operating Activities	-9.36	62.61	-48.24	101.07	-100.02
Change in Accounts Receivable	417.17	-174.71	131.43	38.62	-324.42
Change in Inventory	-115	-682.39	279.59	-423.31	-736.2
Change in Accounts Payable	-112.55	454.53	-409.47	-80.98	768.37
Change in Other Net Operating Assets	-3.96	11.18	-14.99	13.91	6.86
Operating Cash Flow	279.84	45.44	363.25	60.18	244.55
Operating Cash Flow Growth	515.87%	-87.49%	503.61%	-75.39%	-
Capital Expenditures	-570.89	-630.17	-253.18	-222.33	-147.62
Sale of Property, Plant & Equipment	4.07	-	0.91	-	55
Cash Acquisitions	-	-18	-	-	-
Sale (Purchase) of Intangibles	-15.05	-8.86	-58.42	-8.82	-12.6
Other Investing Activities	-1.11	99.33	1.58	8.23	1.89
Investing Cash Flow	-582.98	-557.69	-309.11	-222.92	-103.33
Short-Term Debt Issued	-	283.16	77.18	116.76	11.02
Long-Term Debt Issued	1,621	-	-	-	-
Total Debt Issued	1,621	283.16	77.18	116.76	11.02
Short-Term Debt Repaid	-1,277	-	-	-	-
Long-Term Debt Repaid	-16.04	-10.76	-16.71	-16.59	-15.35
Total Debt Repaid	-1,293	-10.76	-16.71	-16.59	-15.35
Net Debt Issued (Repaid)	327.63	272.41	60.46	100.18	-4.33
Other Financing Activities	-	-	-	-	-32.15
Financing Cash Flow	327.63	272.41	60.46	100.18	-36.48
Foreign Exchange Rate Adjustments	-0.24	-0.46	-6.05	-5.61	6.69
Miscellaneous Cash Flow Adjustments	-	-	-0	-	-
Net Cash Flow	24.24	-240.31	108.56	-68.18	111.43
Free Cash Flow	-291.05	-584.73	110.08	-162.15	96.93
Free Cash Flow Margin	-2.23%	-4.56%	0.80%	-1.02%	0.74%
Free Cash Flow Per Share	-0.94	-1.74	0.34	-0.49	0.30
Cash Interest Paid	195.69	185.69	159.37	100.92	68.38
Cash Income Tax Paid	40.43	62.46	167.71	41.02	-15.23
Levered Free Cash Flow	-322.75	-580.1	-8.3	-230.36	-59.52
Unlevered Free Cash Flow	-199.88	-472.41	92.14	-166.48	-19.01
Change in Working Capital	185.66	-391.39	-13.44	-451.76	-285.39

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