Thungela Resources 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	-7,085	3,592	5,162	16,988	6,429
Depreciation & Amortization	2,914	2,452	1,557	1,197	1,018
Loss (Gain) From Sale of Assets	-298	-587	8	17	-8
Asset Writedown & Restructuring Costs	8,785	278	266	656	982
Stock-Based Compensation	183	145	127	113	87
Other Operating Activities	-3,348	-492	-1,354	1,431	762
Change in Accounts Receivable	532	-1,055	1,581	-381	-960
Change in Inventory	433	452	212	-632	-1,352
Change in Accounts Payable	252	504	944	395	-842
Operating Cash Flow	2,368	5,289	8,503	19,784	6,116
Operating Cash Flow Growth	-55.23%	-37.80%	-57.02%	223.48%	3722.50%
Capital Expenditures	-3,051	-3,333	-3,116	-1,923	-2,312
Sale of Property, Plant & Equipment	278	-	-	-	9
Cash Acquisitions	-481	-	-2,770	-	158
Divestitures	-	186	-	-	-
Sale (Purchase) of Intangibles	-36	-63	-172	-	-11
Investment in Securities	-484	-1,179	-210	-443	-294
Other Investing Activities	504	469	488	-474	71
Investing Cash Flow	-3,270	-3,920	-5,780	-2,840	-2,379
Long-Term Debt Issued	-	113	-	-	2,570
Long-Term Debt Repaid	-49	-47	-32	-35	-3,167
Net Debt Issued (Repaid)	-49	66	-32	-35	-597
Issuance of Common Stock	-	-	-	-	5,466
Repurchase of Common Stock	-772	-724	-259	-165	-183
Common Dividends Paid	-1,670	-1,630	-6,920	-10,483	-
Other Financing Activities	-141	-120	-38	-75	-58
Financing Cash Flow	-2,632	-2,408	-7,249	-10,758	4,628
Foreign Exchange Rate Adjustments	-498	183	186	377	177
Net Cash Flow	-4,032	-856	-4,340	6,563	8,542
Free Cash Flow	-683	1,956	5,387	17,861	3,804
Free Cash Flow Growth	-	-63.69%	-69.84%	369.53%	-
Free Cash Flow Margin	-2.31%	5.50%	17.59%	35.19%	14.47%
Free Cash Flow Per Share	-5.27	14.39	38.53	131.29	36.02
Cash Interest Paid	111	76	43	33	58
Cash Income Tax Paid	683	1,342	2,119	6,567	197
Levered Free Cash Flow	-777.88	362.13	5,043	16,351	-448.75
Unlevered Free Cash Flow	-97.88	1,085	5,683	16,812	-23.75
Change in Working Capital	1,217	-99	2,737	-618	-3,154

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