Tivoli A/S (CPH:TIV)

Tivoli Cash Flow Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Income	99.1	123.6	86.3	65.1	-41.5	-142.9
Depreciation & Amortization	101.5	98.5	96.4	101	102.2	117.1
Other Amortization	9.1	9.1	12.3	10.8	10.1	8
Asset Writedown & Restructuring Costs	-	-	0.7	7.5	9.9	6.9
Other Operating Activities	-4.4	-0.1	0.6	-10	59.9	-59.2
Change in Accounts Receivable	-21.5	-21.5	-17.7	-29.6	54.8	-30.9
Change in Inventory	-5	-5	-0.4	-2	-	3.1
Change in Accounts Payable	10.2	10.2	12.8	44	-31.1	-22.9
Operating Cash Flow	210.5	214.8	191	186.8	164.3	-120.8
Operating Cash Flow Growth	24.63%	12.46%	2.25%	13.69%	-	-
Capital Expenditures	-216.9	-163.4	-121.9	-83.6	-89.4	-83
Other Investing Activities	-	-	-	-	-	0.4
Investing Cash Flow	-216.9	-163.4	-121.9	-83.6	-89.4	-82.6
Short-Term Debt Issued	-	-	-	-	31.2	85
Total Debt Issued	57.1	-	-	-	31.2	85
Short-Term Debt Repaid	-	-	-12.9	-18.3	-85.1	-
Long-Term Debt Repaid	-	-30.6	-26.7	-34.7	-32.3	-34.8
Total Debt Repaid	-36.6	-30.6	-39.6	-53	-117.4	-34.8
Net Debt Issued (Repaid)	20.5	-30.6	-39.6	-53	-86.2	50.2
Common Dividends Paid	-30.9	-21.6	-16.3	-	-	-
Other Financing Activities	-	-	-1.3	-	-	-
Financing Cash Flow	-10.4	-52.2	-57.2	-53	-86.2	50.2
Net Cash Flow	-16.8	-0.8	11.9	50.2	-11.3	-153.2
Free Cash Flow	-6.4	51.4	69.1	103.2	74.9	-203.8
Free Cash Flow Growth	-	-25.61%	-33.04%	37.78%	-	-
Free Cash Flow Margin	-0.49%	3.89%	5.69%	9.13%	10.41%	-42.66%
Free Cash Flow Per Share	-1.12	8.99	12.09	18.05	13.10	-35.65
Cash Interest Paid	8	8.2	8.7	10.6	11.9	10.6
Cash Income Tax Paid	35.2	33.2	24.5	32.5	-65.8	18.4
Levered Free Cash Flow	-29.99	20.48	56.5	68.3	37.11	-317.65
Unlevered Free Cash Flow	-24.99	25.6	61.94	74.93	44.55	-311.03
Change in Working Capital	5.2	-16.3	-5.3	12.4	23.7	-50.7

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.