MUN:PAG Cash Flow Statement

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

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2019	FY 2018
Period Ending	Dec '19 Dec 31, 2019	Dec '18 Dec 31, 2018
Net Income	62.78	8.25
Depreciation & Amortization	0.05	-
Gain (Loss) on Sale of Assets	-2.99	-
Gain (Loss) on Sale of Investments	13.64	0.25
Asset Writedown	-101.68	-8.26
Income (Loss) on Equity Investments	0.59	0.02
Change in Accounts Receivable	-0.83	-0.02
Change in Accounts Payable	0.32	0.05
Change in Other Net Operating Assets	9.35	22.44
Other Operating Activities	-4.31	-2.97
Operating Cash Flow	-9.2	22.48
Acquisition of Real Estate Assets	-243.15	-22.53
Sale of Real Estate Assets	15.53	-
Net Sale / Acq. of Real Estate Assets	-227.62	-22.53
Cash Acquisition	-32.71	-1.47
Other Investing Activities	-0	0
Investing Cash Flow	-209.22	-41.36
Long-Term Debt Issued	279.27	-
Long-Term Debt Repaid	-0.78	-
Net Debt Issued (Repaid)	278.49	-
Issuance of Common Stock	-	19.85
Net Cash Flow	60.08	0.97
Cash Interest Paid	7.92	0
Cash Income Tax Paid	0.17	0.01
Levered Free Cash Flow	-18.83	-11.75
Unlevered Free Cash Flow	-7.5	-11.7
Change in Working Capital	22.73	25.21

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