MT Højgaard Holding 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	271.5	188.8	103.2	11.7	117.6	100.4
Depreciation & Amortization	98.3	98.4	143.6	152.8	219.6	229.7
Asset Writedown & Restructuring Costs	13.9	13.9	24.3	100.1	23.9	21.9
Loss (Gain) on Equity Investments	55.9	-16.6	-29.6	-15.5	-42.9	10.2
Other Operating Activities	249.1	347.9	363	341	47.3	-76.5
Change in Accounts Receivable	-324.2	424.1	-52.5	-258.5	-310.5	-26.6
Change in Inventory	199.5	160.7	29.9	-114.2	74.8	-78.8
Change in Accounts Payable	-443.1	-347.6	211	115	-5.2	-154.3
Change in Other Net Operating Assets	367.5	-668.9	262.7	115.3	-53.7	114.4
Operating Cash Flow	391.3	25	792.6	212.8	58.9	136.6
Operating Cash Flow Growth	159.83%	-96.85%	272.46%	261.29%	-56.88%	10.88%
Capital Expenditures	-82.3	-65.7	-82.4	-76.4	-238.5	-83.6
Sale of Property, Plant & Equipment	96.2	69.5	29	40.5	78.2	61.6
Cash Acquisitions	-	-	-	-	-90	-28.2
Divestitures	7.1	12.7	19.9	-	536.5	210.5
Sale (Purchase) of Intangibles	-1.2	-2.7	-6.9	-9.2	-8.9	-1.8
Investment in Securities	35.3	21.1	0.9	-	-	-
Other Investing Activities	10	18.4	24.8	13.2	107.4	-
Investing Cash Flow	65.1	53.3	-14.7	-31.9	384.7	158.5
Long-Term Debt Issued	-	8.8	105	61.9	-	-
Short-Term Debt Repaid	-	-80	-80	-17.3	-	-
Long-Term Debt Repaid	-	-83.6	-238.9	-88.8	-339.9	-132.4
Total Debt Repaid	-319.6	-163.6	-318.9	-106.1	-339.9	-132.4
Net Debt Issued (Repaid)	-319.6	-154.8	-213.9	-44.2	-339.9	-132.4
Repurchase of Common Stock	-26.7	-3.7	-	-2.3	-18.5	-1.9
Other Financing Activities	-	-85	-14	-	-	-
Financing Cash Flow	-396.5	-243.5	-227.9	-46.5	-358.4	-134.3
Net Cash Flow	59.9	-165.2	550	134.4	85.2	160.8
Free Cash Flow	309	-40.7	710.2	136.4	-179.6	53
Free Cash Flow Growth	321.56%	-	420.67%	-	-	-
Free Cash Flow Margin	2.85%	-0.38%	7.26%	1.69%	-2.58%	0.92%
Free Cash Flow Per Share	39.65	-5.23	91.20	17.52	-23.06	6.81
Cash Interest Paid	44.7	52	61.1	47.8	57.4	57.6
Cash Income Tax Paid	4.8	20.4	3	14.5	7	16.2
Levered Free Cash Flow	403.56	102.61	770.8	257.58	-131.56	62.88
Unlevered Free Cash Flow	420.75	133.43	803.43	284.33	-108.63	86.81
Change in Working Capital	-200.3	-431.7	451.1	-142.4	-294.6	-145.3

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