Bell Food Group AG Cash Flow Statement

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

Millions CHF. 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	69.6	123.7	129.6	127.8	127.4
Depreciation & Amortization	240.7	171.2	162.1	162.9	162.3
Other Amortization	12.6	12.6	11.8	-	-
Loss (Gain) From Sale of Assets	0.7	-0.3	0.6	-2.3	-0.2
Asset Writedown & Restructuring Costs	-	-	-	-	1
Loss (Gain) From Sale of Investments	-11.6	-	0.2	0.1	-
Loss (Gain) on Equity Investments	-0.7	-0.4	0.7	-4.8	-3.8
Other Operating Activities	17.2	-1.9	9.2	12.9	6.2
Change in Accounts Receivable	-29.5	-4.5	-6.5	11.7	11.7
Change in Inventory	-18.2	-29.8	-3.8	-80.3	-30.1
Change in Unearned Revenue	-	-	8	-	-
Change in Other Net Operating Assets	-6	30.7	-0.2	13.4	19
Operating Cash Flow	274.8	301.3	311.7	241.4	293.5
Operating Cash Flow Growth	-8.79%	-3.34%	29.12%	-17.75%	19.31%
Capital Expenditures	-262	-302.8	-318.7	-243	-220.4
Sale of Property, Plant & Equipment	2.9	1.9	1.2	4.4	1.8
Cash Acquisitions	-	-	-	0.1	-
Divestitures	33.3	0.6	3.3	1.1	0.4
Sale (Purchase) of Intangibles	-9.3	-10	-11.4	-12.2	-17.9
Investment in Securities	-4.2	-0.8	-0.3	-5.2	-10.4
Other Investing Activities	0.1	0.1	-	-	-0.1
Investing Cash Flow	-239.2	-311	-325.9	-254.8	-246.6
Short-Term Debt Issued	48	-	-	64.2	-
Long-Term Debt Issued	220	-	270	300	-
Total Debt Issued	268	-	270	364.2	-
Short-Term Debt Repaid	-	-	-101.8	-	-0.9
Long-Term Debt Repaid	-300	-200	-	-175	-
Total Debt Repaid	-300	-200	-101.8	-175	-0.9
Net Debt Issued (Repaid)	-32	-200	168.2	189.2	-0.9
Issuance of Common Stock	-	-	0.7	-	2
Repurchase of Common Stock	-4.2	-1.6	-	-0.6	-
Common Dividends Paid	-43.9	-43.9	-43.9	-43.9	-40.7
Other Financing Activities	-	-	-0.1	-	-
Financing Cash Flow	-80.1	-245.5	124.9	144.7	-39.6
Foreign Exchange Rate Adjustments	-0.2	-0.3	-0.7	-1	-0.6
Miscellaneous Cash Flow Adjustments	-	0.6	-	0.1	0.1
Net Cash Flow	-44.7	-254.9	110	130.4	6.8
Free Cash Flow	12.8	-1.5	-7	-1.6	73.1
Free Cash Flow Growth	-	-	-	-	130.60%
Free Cash Flow Margin	0.26%	-0.03%	-0.15%	-0.04%	1.76%
Free Cash Flow Per Share	2.04	-0.24	-1.11	-0.26	11.65
Levered Free Cash Flow	3.05	-61.64	-36.21	-6.7	29.9
Unlevered Free Cash Flow	12.74	-52.45	-30.4	-1.39	34.53
Change in Working Capital	-53.7	-3.6	-2.5	-55.2	0.6

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