Cemat Cash Flow Statement

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

Millions DKK. 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	61.75	12.21	10.28	20.33	24.2
Depreciation & Amortization	0.07	0.05	0.04	0.03	0.04
Change in Accounts Receivable	-	4.82	-4.24	-0.69	-0.09
Change in Accounts Payable	-	44.48	16.09	-1.8	-0.18
Change in Other Net Operating Assets	20.94	-	-	-	-
Other Operating Activities	-30.2	-7.06	-6.96	-17.53	-21.16
Operating Cash Flow	52.56	-6.61	5.77	-3.61	-0.28
Acquisition of Real Estate Assets	-3.41	-6.46	-3.45	-5.02	-1.24
Net Sale / Acq. of Real Estate Assets	-3.41	-6.46	-3.45	-5.02	-1.24
Investing Cash Flow	-3.41	-6.46	-3.45	-5.02	-1.24
Short-Term Debt Issued	34.47	62.91	3.94	-	0.95
Total Debt Issued	34.47	62.91	3.94	-	0.95
Short-Term Debt Repaid	-52.85	-51.55	-1.81	-	-
Long-Term Debt Repaid	-0.08	-0.06	-0.06	-0.03	-0.04
Total Debt Repaid	-52.92	-51.61	-1.87	-0.03	-0.04
Net Debt Issued (Repaid)	-18.45	11.29	2.08	-0.03	0.91
Other Financing Activities	-0.69	-0.32	-0.19	-0.11	-0.77
Miscellaneous Cash Flow Adjustments	0.22	0.26	0.75	-0.29	-0.17
Net Cash Flow	30.22	-1.83	4.96	-9.07	-1.55
Cash Interest Paid	1.92	1.7	0.93	1	0.89
Cash Income Tax Paid	6.15	2.04	1.32	0.7	-0.07
Levered Free Cash Flow	0.72	-12.79	1.59	-9.15	-23.25
Unlevered Free Cash Flow	1.8	-11.74	2.22	-8.42	-22.6
Change in Working Capital	20.94	-11.81	2.41	-6.43	-3.36

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