Polestar Investor Presentation
Appendix
Reconciliation of financials
EBITDA, $mn
2021E
2022E
2023E
2024E
2025E
Net income
(1,020)
(670)
(40)
610
1,560
(+) Income Tax
0
0
0
0
0
EBIT
(960)
(600)
30
690
1,590
(+) Depreciation & Amortization
270
180
310
460
550
EBITDA
(700)
(430)
340
1,160
2,140
Free Cash Flow, $mn
2021E
2022E
2023E
2024E
2025E
EBITDA
(700)
(430)
340
1,160
2,140
(+) Change in NWC
(170)
(600)
(160)
(340)
(120)
(+) Cash Taxes
0
0
0
0
0
(+) Total Capex
Free Cash Flow
(670)
(590)
(550)
(700)
(660)
(1,590)
(1,670)
(440)
40
1,340
(+) Payables Equitisation¹
Adjusted Free Cash Flow
0
500
0
0
0
(1,590)
(1,170)
(440)
40
1,340
Note: EBIT, EBITDA and Free Cash Flow are non-GAAP financial measures and should not be considered in isolation or as alternatives to measures derived in
accordance with GAAP. Financials rounded to the closest $10mn.
1. Estimated projected related party payables and related party accrued liabilities balance of -$650mn at transaction close, net of -$500mn payables equitisation.
Source: Management estimates.
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