NetLink NBN Trust Cash Flow Statement

Financials in millions SGD. Fiscal year is April - March.

Millions SGD. Fiscal year is Apr - Mar.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022	Mar '21 Mar 31, 2021
Net Income	95.35	103.21	109.25	91.26	94.81
Depreciation & Amortization	177.57	172.93	169.67	169.72	167.79
Other Amortization	-	-	0.95	1.53	0.82
Loss (Gain) From Sale of Assets	-	-1.12	-0.01	-0.01	-
Asset Writedown & Restructuring Costs	3.18	8.84	2.38	1.22	9.29
Stock-Based Compensation	1.54	0.72	0.7	0.59	0.57
Provision & Write-off of Bad Debts	-0.03	0	0	-0.08	-0.15
Other Operating Activities	-43.66	-10.88	-7.78	-6.76	-16.64
Change in Accounts Receivable	3.57	15.35	-0.25	-25.08	11.11
Change in Inventory	1.02	2.18	-2.69	1.06	-0.93
Change in Accounts Payable	7.77	-3.28	5.72	12.88	-2.16
Change in Unearned Revenue	12.41	0.67	7.75	-	-
Operating Cash Flow	258.71	288.61	285.69	258.73	264.51
Operating Cash Flow Growth	-10.36%	1.02%	10.42%	-2.19%	0.76%
Capital Expenditures	-134.76	-124.29	-88.57	-73.88	-60.25
Sale of Property, Plant & Equipment	0.03	4.69	0.01	0.01	-
Sale (Purchase) of Intangibles	-8.92	-8.03	-8.17	-	-
Investing Cash Flow	-143.65	-127.63	-96.73	-73.87	-60.25
Long-Term Debt Issued	91	30	225	-	-
Total Debt Issued	91	30	225	-	-
Long-Term Debt Repaid	-3.62	-3.33	-159.25	-3.86	-4.25
Total Debt Repaid	-3.62	-3.33	-159.25	-3.86	-4.25
Net Debt Issued (Repaid)	87.38	26.67	65.76	-3.86	-4.25
Common Dividends Paid	-207.71	-205.37	-202.25	-199.14	-197.19
Other Financing Activities	-0.06	-0.08	-1.58	-2.59	-0.92
Financing Cash Flow	-120.39	-178.77	-138.07	-205.58	-202.35
Net Cash Flow	-5.34	-17.79	50.89	-20.72	1.91
Free Cash Flow	123.95	164.33	197.12	184.85	204.27
Free Cash Flow Growth	-24.57%	-16.64%	6.64%	-9.50%	9.24%
Free Cash Flow Margin	30.15%	39.63%	48.67%	48.91%	55.15%
Free Cash Flow Per Share	0.03	0.04	0.05	0.05	0.05
Cash Interest Paid	20.72	19.79	14.94	7.59	16.91
Cash Income Tax Paid	42.2	10.93	9.53	3.93	7.09
Levered Free Cash Flow	87.36	120.68	161.06	146.12	188.9
Unlevered Free Cash Flow	100.77	133.45	170.79	150.07	199.17
Change in Working Capital	24.76	14.92	10.52	-11.13	8.01

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