BUL:HES 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	4.94	4.03	4.13	9.59	7.65	Upgrade
Depreciation & Amortization	4.29	4.11	3.53	3.47	3.05	Upgrade
Other Amortization	0.24	0.11	0.18	0.2	0.2	Upgrade
Other Operating Activities	-5.23	-5.38	-2.54	-12.5	-10.88	Upgrade
Operating Cash Flow	4.24	2.87	5.3	0.76	0.03	Upgrade
Operating Cash Flow Growth	47.89%	-45.82%	599.47%	2928.00%	-99.00%	Upgrade
Capital Expenditures	-3.15	-2.79	-5.46	-3.86	-3.74	Upgrade
Sale of Property, Plant & Equipment	-	0.02	0	0.01	0.04	Upgrade
Investing Cash Flow	-3.15	-2.78	-5.46	-3.85	-3.69	Upgrade
Short-Term Debt Issued	3.5	3.3	6.5	6	-	Upgrade
Total Debt Issued	3.5	3.3	6.5	6	-	Upgrade
Short-Term Debt Repaid	-3.5	-4	-5.5	-3	-	Upgrade
Long-Term Debt Repaid	-	-	-0	-0.02	-0.03	Upgrade
Total Debt Repaid	-3.5	-4	-5.5	-3.02	-0.03	Upgrade
Net Debt Issued (Repaid)	-	-0.7	1	2.98	-0.03	Upgrade
Other Financing Activities	-0.12	-0.13	-0.1	-0.04	-	Upgrade
Financing Cash Flow	-0.12	-0.83	0.9	2.94	-0.03	Upgrade
Net Cash Flow	0.97	-0.74	0.74	-0.16	-3.7	Upgrade
Free Cash Flow	1.09	0.08	-0.16	-3.1	-3.71	Upgrade
Free Cash Flow Growth	1353.33%	-	-	-	-	Upgrade
Free Cash Flow Margin	1.33%	0.10%	-0.19%	-3.26%	-5.25%	Upgrade
Free Cash Flow Per Share	0.06	0.00	-0.01	-0.17	-0.20	Upgrade
Cash Interest Paid	0.12	0.13	0.1	0.04	-	Upgrade
Cash Income Tax Paid	0.56	0.44	0.47	1.09	0.9	Upgrade
Levered Free Cash Flow	3.88	-1.07	6.46	3.33	0.26	Upgrade
Unlevered Free Cash Flow	3.96	-0.98	6.67	3.42	0.26	Upgrade

Source: S&P Capital IQ. Standard template. Financial Sources.