BUL:BREF Cash Flow Statement

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

Millions BGN. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	2020 - 2016
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	2020 - 2016
Net Income	24.41	20.36	16.49	12.53	3.91	Upgrade
Depreciation & Amortization	0.01	0.01	0.01	0.01	0.03	Upgrade
Gain (Loss) on Sale of Assets	-	-0.04	-0.03	-4.58	-0.07	Upgrade
Asset Writedown	-	-15.46	-13.94	-6.29	-0.57	Upgrade
Change in Accounts Receivable	-	0.78	-0.69	0.27	0.31	Upgrade
Change in Accounts Payable	-	4.86	-0.23	-0.51	1.74	Upgrade
Other Operating Activities	-30.15	0.95	0.94	0.93	0.75	Upgrade
Operating Cash Flow	-5.74	11.48	2.56	2.39	6.12	Upgrade
Operating Cash Flow Growth	-	349.02%	6.95%	-60.97%	72.51%	Upgrade
Acquisition of Real Estate Assets	-1.87	-2.73	-1.23	-3.99	-35.82	Upgrade
Sale of Real Estate Assets	38.72	0.12	0.58	15.64	0.88	Upgrade
Net Sale / Acq. of Real Estate Assets	36.86	-2.61	-0.65	11.65	-34.94	Upgrade
Investing Cash Flow	36.86	-2.61	-0.65	11.65	-34.94	Upgrade
Long-Term Debt Issued	-	-	-	1.5	31.7	Upgrade
Long-Term Debt Repaid	-13.17	-4.63	-4.48	-3.08	-1.27	Upgrade
Net Debt Issued (Repaid)	-13.17	-4.63	-4.48	-1.58	30.44	Upgrade
Common Dividends Paid	-3.66	-	-3.91	-1.68	-2.88	Upgrade
Total Dividends Paid	-3.66	-	-3.91	-1.68	-2.88	Upgrade
Other Financing Activities	-0.75	-0.9	-0.88	-0.88	-0.67	Upgrade
Net Cash Flow	13.55	3.34	-7.37	9.91	-1.92	Upgrade
Cash Interest Paid	0.75	0.9	0.88	0.88	0.67	Upgrade
Levered Free Cash Flow	39.31	-16.38	-3.27	5.1	2.61	Upgrade
Unlevered Free Cash Flow	39.8	-15.79	-2.68	5.67	3.08	Upgrade
Change in Working Capital	-	5.63	-0.92	-0.23	2.05	Upgrade

Source: S&P Capital IQ. Real Estate template. Financial Sources.