Jeudan 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	946.77	112.61	-828.3	3,359	2,352	450.91
Depreciation & Amortization	29.68	26.95	26.65	20.44	20.08	18.86
Asset Writedown	-1.8	-1.8	-8.16	-4.78	-0.21	-0.66
Stock-Based Compensation	-0.21	-0.36	-0.03	-0.7	8.01	-
Change in Accounts Receivable	13.3	3.67	-19.36	-6.94	-126.95	29.06
Change in Accounts Payable	1.62	-79.67	22.28	-46.5	18.56	107.77
Change in Other Net Operating Assets	0.43	1.02	1.2	1.27	0.44	1.02
Other Operating Activities	-344.69	492.07	929.38	-2,644	-1,588	284.54
Operating Cash Flow	645.09	554.5	123.67	677.95	683.49	891.49
Operating Cash Flow Growth	1.81%	348.39%	-81.76%	-0.81%	-23.33%	30.58%
Acquisition of Real Estate Assets	-691	-781.61	-572.14	-1,026	-1,172	-1,564
Sale of Real Estate Assets	87.08	25.12	1.89	68.33	122.41	18.78
Net Sale / Acq. of Real Estate Assets	-603.92	-756.48	-570.25	-957.94	-1,050	-1,546
Cash Acquisition	-	-	-	-1,094	-	-
Other Investing Activities	-	-	-	-	108.8	-43.8
Investing Cash Flow	-603.92	-756.48	-570.25	-2,052	-940.81	-1,589
Long-Term Debt Issued	-	2,970	1,860	1,808	5,824	1,748
Total Debt Issued	1,006	2,970	1,860	1,808	5,824	1,748
Long-Term Debt Repaid	-	-2,562	-1,258	-306.33	-5,526	-821.53
Total Debt Repaid	-776.28	-2,562	-1,258	-306.33	-5,526	-821.53
Net Debt Issued (Repaid)	229.44	407.92	601.42	1,501	297.91	926.3
Issuance of Common Stock	9.07	9.56	9.74	10.75	-	-
Repurchase of Common Stock	-7.94	-8.89	-10.37	-8.02	-10.67	-3.66
Common Dividends Paid	-166.3	-166.04	-166.1	-132.91	-133	-
Other Financing Activities	10.24	7.87	25.44	14.97	12.81	-10.07
Net Cash Flow	115.69	48.42	13.56	12.42	-90.27	214.59
Cash Interest Paid	504.82	520.73	443.95	181.39	118.14	112.9
Cash Income Tax Paid	-	-18.25	563.46	100.23	4.27	-2.62
Levered Free Cash Flow	401.84	345.19	-175.89	1,162	594.43	550.59
Unlevered Free Cash Flow	716.98	670.55	101.69	1,276	668.12	621.2
Change in Working Capital	15.34	-74.98	4.13	-52.18	-107.95	137.85

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