Brødrene A & O Johansen Cash Flow Statement

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

Millions DKK. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
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
Net Income	181.2	163.4	206.1	294.47	253.82	172.87
Depreciation & Amortization	114.5	97.6	98.2	85.55	78.78	81.2
Other Amortization	22.5	22.5	15.2	22.95	21.74	23.34
Loss (Gain) From Sale of Assets	-0.2	-0.2	-0.3	-0.48	-0.03	-0.08
Other Operating Activities	6.8	-5	33.9	-5.47	-3.47	-4.98
Change in Accounts Receivable	-125.9	-65	84.6	-107.16	-71.06	-33.54
Change in Inventory	-57	-2.4	99.7	-219.34	-103.85	-19.1
Change in Accounts Payable	304.1	-11.7	-191	145.28	132.13	155.67
Operating Cash Flow	446	199.2	346.4	215.79	308.06	375.38
Operating Cash Flow Growth	321.04%	-42.49%	60.52%	-29.95%	-17.93%	23.99%
Capital Expenditures	-118.1	-116.2	-94.8	-164.53	-170.48	-37.3
Cash Acquisitions	1.1	-305.1	-1.5	-127.76	-25.16	-5.5
Divestitures	-	-	-	-	15.55	-
Sale (Purchase) of Intangibles	-52.7	-44.1	-33.9	-41.01	-32.4	-23.53
Investment in Securities	-	-	-	-	-0.25	-
Investing Cash Flow	-169.7	-465.4	-130.2	-333.3	-212.74	-66.33
Long-Term Debt Issued	-	375.7	92.7	247.97	25	-
Long-Term Debt Repaid	-	-41.7	-111.7	-110.14	-75.84	-239.93
Net Debt Issued (Repaid)	-165.9	334	-19	137.83	-50.84	-239.93
Common Dividends Paid	-81.5	-101.9	-142.7	-122.29	-40.76	-16.31
Financing Cash Flow	-247.4	232.1	-161.7	15.54	-91.6	-256.24
Net Cash Flow	28.8	-34.1	54.5	-101.97	3.72	52.82
Free Cash Flow	327.9	83	251.6	51.26	137.58	338.08
Free Cash Flow Growth	3392.01%	-67.01%	390.80%	-62.74%	-59.30%	22.22%
Free Cash Flow Margin	5.47%	1.53%	4.78%	0.95%	2.87%	8.25%
Free Cash Flow Per Share	12.14	3.04	9.24	1.89	5.06	12.44
Cash Interest Paid	48.3	48.3	33.7	-	2.2	1.94
Cash Income Tax Paid	50.6	55.2	25.2	89.97	71.06	57.57
Levered Free Cash Flow	229.91	-43.98	179.67	-133.14	90.05	254.33
Unlevered Free Cash Flow	259.35	-13.79	196.86	-127.42	92.75	258.67
Change in Working Capital	121.2	-79.1	-6.7	-181.22	-42.78	103.03

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