Valterra Platinum 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	15,420	7,059	13,040	49,153	78,978
Depreciation & Amortization	8,198	7,836	6,331	5,795	4,871
Loss (Gain) From Sale of Assets	-20	11	890	-678	-12
Asset Writedown & Restructuring Costs	1,904	1,868	177	456	27
Loss (Gain) From Sale of Investments	23	276	-538	2,438	-4,451
Loss (Gain) on Equity Investments	540	1,296	-219	227	-952
Stock-Based Compensation	464	339	297	262	197
Provision & Write-off of Bad Debts	-	30	17	-195	186
Other Operating Activities	5,257	-586	607	3,037	-1,479
Change in Accounts Receivable	-1,340	-110	-1,990	-1,340	-661
Change in Inventory	-3,542	7,107	13,752	-10,472	7,874
Change in Accounts Payable	-1,424	-1,465	-1,547	1,590	1,845
Change in Other Net Operating Assets	3,373	3,171	-14,263	-4,915	10,063
Operating Cash Flow	28,853	26,832	16,554	45,358	96,486
Operating Cash Flow Growth	7.53%	62.09%	-63.50%	-52.99%	315.89%
Capital Expenditures	-17,319	-18,972	-20,892	-16,896	-13,631
Sale of Property, Plant & Equipment	30	48	24	28	128
Divestitures	-	336	3,746	5,378	3,495
Investment in Securities	256	-21	-392	-655	-542
Other Investing Activities	821	1,003	1,218	893	706
Investing Cash Flow	-16,212	-17,606	-16,296	-10,958	-9,836
Long-Term Debt Issued	23,631	6,000	7,035	-	-
Long-Term Debt Repaid	-25,866	-7,240	-94	-144	-281
Net Debt Issued (Repaid)	-2,235	-1,240	6,941	-144	-281
Repurchase of Common Stock	-367	-391	-169	-165	-12
Common Dividends Paid	-16,933	-5,058	-12,149	-23,865	-27,904
Other Financing Activities	-370	-1,637	-2,371	-2,606	-1,800
Financing Cash Flow	-19,905	-8,326	-7,748	-57,516	-57,811
Foreign Exchange Rate Adjustments	-1,557	170	2,250	1,226	2,653
Net Cash Flow	-8,821	1,070	-5,240	-21,890	31,492
Free Cash Flow	11,534	7,860	-4,338	28,462	82,855
Free Cash Flow Growth	46.74%	-	-	-65.65%	503.50%
Free Cash Flow Margin	9.92%	7.21%	-3.48%	17.34%	38.62%
Free Cash Flow Per Share	43.71	29.82	-16.45	107.98	314.48
Cash Interest Paid	1,107	1,021	512	301	235
Cash Income Tax Paid	2,182	2,620	3,656	14,428	27,902
Levered Free Cash Flow	5,655	8,068	-6,437	24,716	70,803
Unlevered Free Cash Flow	6,343	8,671	-6,117	24,904	70,943
Change in Working Capital	-2,933	8,703	-4,048	-15,137	19,121

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