Havas Cash Flow Statement

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

Millions EUR. 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	189	173	167	171	113
Depreciation & Amortization	104	115	134	145	116
Other Amortization	-	10	9	5	11
Loss (Gain) From Sale of Assets	-	3	5	5	-2
Asset Writedown & Restructuring Costs	-	-11	-12	-7	9
Stock-Based Compensation	6	11	-	-	-
Other Operating Activities	37	12	27	11	46
Change in Accounts Receivable	-	98	-57	-60	-328
Change in Inventory	-	-22	20	-6	56
Change in Accounts Payable	-	-188	10	174	157
Change in Other Net Operating Assets	27	41	38	-68	154
Operating Cash Flow	363	242	341	370	332
Operating Cash Flow Growth	50.00%	-29.03%	-7.84%	11.45%	20.29%
Capital Expenditures	-36	-29	-30	-37	-26
Sale of Property, Plant & Equipment	-	1	1	1	-
Cash Acquisitions	-39	-28	-96	-41	-14
Divestitures	9	1	-	5	4
Sale (Purchase) of Intangibles	-	-5	-5	-	-
Other Investing Activities	17	141	38	-112	23
Investing Cash Flow	-53	82	-94	-184	-16
Short-Term Debt Issued	-	-	-	-	275
Long-Term Debt Issued	52	-	-	-	-
Total Debt Issued	52	-	-	-	275
Short-Term Debt Repaid	-	-	-	-390	-
Long-Term Debt Repaid	-78	-85	-85	-90	-76
Total Debt Repaid	-78	-85	-85	-480	-76
Net Debt Issued (Repaid)	-26	-85	-85	-480	199
Issuance of Common Stock	-	-	1	-	1
Repurchase of Common Stock	-25	-	-	-	-
Common Dividends Paid	-97	-85	-85	-77	-33
Other Financing Activities	-20	-127	-74	-81	-91
Financing Cash Flow	-168	-447	-243	-638	76
Foreign Exchange Rate Adjustments	-75	23	-28	22	44
Miscellaneous Cash Flow Adjustments	-	-	1	-	-
Net Cash Flow	67	-100	-23	-430	436
Free Cash Flow	327	213	311	333	306
Free Cash Flow Growth	53.52%	-31.51%	-6.61%	8.82%	49.27%
Free Cash Flow Margin	11.23%	7.44%	10.83%	12.04%	13.07%
Free Cash Flow Per Share	3.33	2.13	3.14	7.81	7.18
Cash Interest Paid	10	42	39	30	59
Cash Income Tax Paid	85	87	89	91	63
Levered Free Cash Flow	312.5	323.63	305.5	222	-
Unlevered Free Cash Flow	333.75	326.75	309.63	228.88	-
Change in Working Capital	27	-71	11	40	39

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