Clínica Baviera Cash Flow Statement

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

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
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
Net Income	42.06	40.21	35.97	29.52	27.39
Depreciation & Amortization	22.13	19.98	16.46	14.8	13.89
Other Amortization	1.76	0.9	0.52	0.2	0.2
Asset Writedown & Restructuring Costs	0.1	-0.03	0.03	0.47	0.03
Loss (Gain) From Sale of Investments	-0.37	-1.22	-	-	-
Provision & Write-off of Bad Debts	0.18	0.06	-0.02	0.18	0.06
Other Operating Activities	2.69	4.41	3.09	3.25	1.44
Change in Accounts Receivable	0.28	0.22	-0.43	0.18	-0.91
Change in Inventory	-0.04	-0.25	-0.31	-0.23	-0.29
Change in Accounts Payable	8.05	-1.78	2.5	5.02	5.04
Operating Cash Flow	76.84	62.51	57.81	53.38	46.86
Operating Cash Flow Growth	22.93%	8.12%	8.31%	13.92%	48.96%
Capital Expenditures	-30.01	-26.51	-22.68	-14.03	-10.58
Cash Acquisitions	-0.92	-11.11	-	-	-0.05
Divestitures	20.34	30.58	-	-	-
Investment in Securities	-35.95	-14.16	-21.79	1.4	-6.46
Other Investing Activities	1.52	0.3	0.15	0.07	0
Investing Cash Flow	-45.02	-20.9	-44.31	-12.56	-17.08
Long-Term Debt Issued	3	7.2	-	-	0.08
Long-Term Debt Repaid	-12.86	-11.79	-10.52	-13.69	-13.43
Net Debt Issued (Repaid)	-9.86	-4.59	-10.52	-13.69	-13.35
Issuance of Common Stock	3.16	1.43	0.71	0.6	0.5
Repurchase of Common Stock	-2.39	-10.24	-0.71	-0.62	-0.49
Common Dividends Paid	-25.13	-25.09	-13.04	-16.79	-17.15
Other Financing Activities	-2.24	-1.17	-0.81	-0.95	-0.31
Financing Cash Flow	-36.45	-39.66	-24.37	-31.45	-30.8
Foreign Exchange Rate Adjustments	0.08	-0.12	-	-	-
Net Cash Flow	-4.55	1.83	-10.87	9.37	-1.02
Free Cash Flow	46.83	36	35.13	39.35	36.28
Free Cash Flow Growth	30.08%	2.46%	-10.71%	8.45%	53.50%
Free Cash Flow Margin	15.36%	13.55%	15.47%	19.83%	20.94%
Free Cash Flow Per Share	2.92	2.25	2.15	2.41	2.23
Cash Interest Paid	0.69	0.18	0.11	0.46	0.11
Cash Income Tax Paid	17.33	13.08	11.64	9.63	11.28
Levered Free Cash Flow	40.45	30.98	26.81	33.33	31.68
Unlevered Free Cash Flow	41.88	31.74	27.16	33.59	31.96
Change in Working Capital	8.29	-1.81	1.76	4.96	3.84

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