CEC Africa Investments Cash Flow Statement

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

Millions ZMW. Fiscal year is Jan - Dec.

Fiscal Year	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Period Ending	Dec '20 Dec 31, 2020	Dec '19 Dec 31, 2019	Dec '18 Dec 31, 2018	Dec '17 Dec 31, 2017	Dec '16 Dec 31, 2016
Net Income	-469	2,098	-1,508	-1,572	-2,069
Depreciation & Amortization	270.19	191.65	200.57	137.68	240.59
Other Amortization	6.03	4.71	2.92	1.39	0.75
Loss (Gain) on Sale of Assets	-6.35	-0.18	-	-	-
Loss (Gain) on Sale of Investments	-	-	-	-	142.49
Loss (Gain) on Equity Investments	1.36	-86.03	95.05	-46.23	-106.64
Asset Writedown	13.81	2.09	-	-	-
Change in Accounts Receivable	979.82	-670.33	-827.36	169.65	351.61
Change in Inventory	5.37	5.75	-3.04	2.92	23.99
Change in Accounts Payable	1,568	2,457	1,687	2,778	-977.68
Other Operating Activities	-659.67	-4,485	-1,311	-315.73	-144.01
Operating Cash Flow	2,008	384.41	-829.22	1,430	-1,819
Operating Cash Flow Growth	422.37%	-	-	-	-
Capital Expenditures	-360.85	-150.96	-249.96	-298.66	-237.03
Sale of Property, Plant & Equipment	0.06	0.66	0.07	-	-
Sale (Purchase) of Intangibles	-2.08	-47.41	-42.92	-3.41	-0.72
Investment in Securities	-	-	-322.49	-34.7	-
Other Investing Activities	36.98	-21.45	77.61	42.73	1.37
Investing Cash Flow	-325.89	-219.16	-537.7	-294.03	-236.38
Long-Term Debt Issued	-	-	1,084	47.72	22.69
Long-Term Debt Repaid	-125.95	-284.1	-72.72	-183.41	-47.42
Net Debt Issued (Repaid)	-125.95	-284.1	1,011	-135.69	-24.73
Issuance of Common Stock	-	-	-	-	40
Other Financing Activities	-500.82	-	-	-	-
Financing Cash Flow	-626.77	-284.1	1,011	-135.69	15.27
Foreign Exchange Rate Adjustments	-206.88	-63.8	649.21	-1,145	1,954
Net Cash Flow	848.52	-182.65	293.27	-144.89	-86.57
Free Cash Flow	1,647	233.45	-1,079	1,131	-2,056
Free Cash Flow Growth	605.59%	-	-	-	-
Free Cash Flow Margin	22.33%	2.32%	-34.06%	51.87%	-89.27%
Free Cash Flow Per Share	1.01	0.14	-0.66	0.70	-19.74
Cash Interest Paid	503.58	395.85	-	173.29	139.12
Cash Income Tax Paid	-	5.5	26.28	17.26	-
Levered Free Cash Flow	296.15	-4,650	-292.69	1,002	-1,769
Unlevered Free Cash Flow	616.36	-4,516	373.3	1,677	-1,611
Change in Working Capital	2,553	1,793	857.09	2,951	-602.08

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