Polestar Investor Presentation
Appendix
Reconciliation of financials
$mn
2021
2022E
2023E
2024E
2025E
Net income
(1,007)
(960)
(250)
280
1,220
(+) Income Tax
0
0
0
0
0
EBIT
(995)
(910)
(150)
400
1,340
(+) Depreciation & Amortization
239
180
310
480
570
EBITDA
(756)
(730)
160
880
1,910
Free Cash Flow, $mn
2021
2022E
2023E
2024E
2025E
EBITDA
(756)
(730)
160
880
1,910
(+) Change in NWC
348
(690)
(890)
(340)
(120)
(+) Total Investments
(130)
(1,200)
(550)
(700)
(660)
(+) Other cash & non-cash items
96
Unleveraged Free Cash Flow
(442)
(2,620)
(1,280)
(160)
1,130
(+) Related Party NWC adjustment
(540)
0
540
0
0
(+) Capex timing adjustment
(300)
300
0
0
0
(+) Payables Equitisation
0
590
0
0
0
Adjusted Unleveraged Free Cash Flow
(1,282)
(1,730)
(740)
(160)
1,130
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