Prime Office 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	45.07	59.65	55.22	109.02	153.34
Depreciation & Amortization	0.02	0.02	0.04	0.07	0.11
Asset Writedown	-10.59	-28.75	-31.37	-80.25	-186.92
Change in Accounts Receivable	-11.44	-4.23	24.11	-8.88	2.24
Change in Other Net Operating Assets	-5.56	34.83	13.07	10.14	-6.71
Other Operating Activities	33.59	37.2	51.22	49.88	120.51
Operating Cash Flow	51.08	98.72	112.29	79.97	82.57
Operating Cash Flow Growth	-48.26%	-12.08%	40.42%	-3.14%	15.84%
Acquisition of Real Estate Assets	-323.08	-559.47	-74.42	-53.82	-22.35
Sale of Real Estate Assets	35.79	25.63	34.28	11.71	24.87
Net Sale / Acq. of Real Estate Assets	-287.29	-533.85	-40.14	-42.1	2.52
Investing Cash Flow	-287.29	-533.85	-40.14	-42.1	2.52
Long-Term Debt Issued	354.18	390.5	161.96	-	-
Long-Term Debt Repaid	-7.14	-36.74	-72.94	-3.58	-24.04
Net Debt Issued (Repaid)	347.04	353.75	89.02	-3.58	-24.04
Common Dividends Paid	-	-	-11.34	-	-18.87
Other Financing Activities	-152.66	-33.53	-7.77	-9.56	-7.32
Foreign Exchange Rate Adjustments	0.17	0.28	0.33	-0.02	-0.03
Miscellaneous Cash Flow Adjustments	-	-	-	15.39	-
Net Cash Flow	-41.66	-114.62	142.39	40.1	34.83
Cash Interest Paid	43.41	43.02	41.55	23.3	26.69
Cash Income Tax Paid	5.01	5.44	8.65	7.4	2.53
Levered Free Cash Flow	57.67	54.26	59.6	33.08	44.2
Unlevered Free Cash Flow	93.78	100.26	98.01	47.64	62.16
Change in Working Capital	-17	30.6	37.18	1.26	-4.47

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