BELEX:AERO Cash Flow Statement

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

Millions RSD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2015 - 2019
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	2015 - 2019
Net Income	636.09	287.44	237.11	20.23	-290.01	-799.12	Upgrade
Depreciation & Amortization	649.25	698.87	663.41	593.61	596.04	683.92	Upgrade
Other Operating Activities	-368.5	1,223	-598.9	-348.89	-348.89	49.14	Upgrade
Operating Cash Flow	916.84	2,209	301.61	264.95	-42.86	-66.06	Upgrade
Operating Cash Flow Growth	-58.58%	632.35%	13.84%	-	-	-	Upgrade
Capital Expenditures	-80.75	-110.26	-116.16	-127.43	-96.19	-99.27	Upgrade
Investment in Securities	-2,006	-941.52	-410.11	-	-	-	Upgrade
Other Investing Activities	135.49	46.94	12.57	4.74	4.66	6	Upgrade
Investing Cash Flow	-1,951	-1,005	-513.69	-122.69	-91.53	-93.27	Upgrade
Common Dividends Paid	-	-	-	-	-1.51	-	Upgrade
Other Financing Activities	-	-	-	-	-	-0.05	Upgrade
Financing Cash Flow	-	-	-	-	-1.51	-0.05	Upgrade
Foreign Exchange Rate Adjustments	19.26	17.19	-11.82	16.46	22.72	-25.42	Upgrade
Net Cash Flow	-1,015	1,221	-223.9	158.72	-113.19	-184.8	Upgrade
Free Cash Flow	836.09	2,099	185.45	137.52	-139.05	-165.33	Upgrade
Free Cash Flow Growth	-60.56%	1031.60%	34.86%	-	-	-	Upgrade
Free Cash Flow Margin	96.98%	255.85%	25.63%	23.10%	-24.70%	-61.02%	Upgrade
Free Cash Flow Per Share	23.87	59.91	5.29	3.93	-3.97	-4.72	Upgrade
Levered Free Cash Flow	291.83	2,190	702.24	95.08	337.81	-1,011	Upgrade
Unlevered Free Cash Flow	291.83	2,190	702.24	95.09	337.82	-1,011	Upgrade

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