BUL:VAM 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	0.7	-0.6	-0.05	-0.28	-0.13	Upgrade
Depreciation & Amortization	0.92	0.9	0.81	1.14	0.82	Upgrade
Other Operating Activities	2.5	11.38	4.56	2.01	2.94	Upgrade
Operating Cash Flow	4.12	11.68	5.32	2.88	3.63	Upgrade
Operating Cash Flow Growth	-64.70%	119.41%	85.08%	-20.79%	-	Upgrade
Acquisition of Real Estate Assets	-0.67	-2.76	-0.88	-5.91	-5.58	Upgrade
Sale of Real Estate Assets	0.16	-	-	-	-	Upgrade
Net Sale / Acq. of Real Estate Assets	-0.51	-2.76	-0.88	-5.91	-5.58	Upgrade
Cash Acquisition	-	-	-	-0.8	4.39	Upgrade
Investment in Marketable & Equity Securities	9.83	-5.45	1.91	-7.24	-28.22	Upgrade
Other Investing Activities	0.87	0.53	0.28	0.56	1.03	Upgrade
Investing Cash Flow	11.83	-7.6	2.01	-13.56	-28.38	Upgrade
Long-Term Debt Issued	1.47	12.53	0.3	17.04	29.03	Upgrade
Long-Term Debt Repaid	-13.44	-12.58	-3.6	-2.45	-1.36	Upgrade
Net Debt Issued (Repaid)	-11.97	-0.05	-3.3	14.58	27.68	Upgrade
Other Financing Activities	-4.06	-3.98	-4.4	-3.84	-3.1	Upgrade
Net Cash Flow	-0.07	0.06	-0.37	0.06	-0.18	Upgrade
Cash Interest Paid	-	4.41	4.18	3.58	2.96	Upgrade
Cash Income Tax Paid	-	0.1	-0.01	0.08	0.17	Upgrade
Levered Free Cash Flow	8.09	6.92	-1.21	-24.98	-25.91	Upgrade
Unlevered Free Cash Flow	10.96	9.66	1.58	-22.59	-23.8	Upgrade

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