CPH:WMA 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	0.87	10.6	-11.08	-1.96	-1.95
Depreciation & Amortization	19.44	13.08	13.71	19.44	9.4
Other Amortization	-	6.54	6.9	-	-
Loss (Gain) From Sale of Assets	-	-	-	-	-0.37
Other Operating Activities	2.6	-1.2	4.2	-2.35	-1.71
Change in Accounts Receivable	-	-4.51	-4.13	-9.57	-3.81
Change in Inventory	-	-1.81	4.48	10.16	-20.04
Change in Accounts Payable	-	0.79	3.95	-7.25	13.42
Change in Other Net Operating Assets	5.55	4.66	3.26	5.93	-1.71
Operating Cash Flow	28.46	28.15	21.3	14.39	-6.77
Operating Cash Flow Growth	1.10%	32.16%	48.01%	-	-
Capital Expenditures	-1.56	-15.05	-1.35	-1.84	-2.23
Cash Acquisitions	-	-0.65	-0.62	-0.37	-
Sale (Purchase) of Intangibles	-7.82	-1.89	-4.18	-7.31	-20.14
Investing Cash Flow	-9.37	-17.59	-6.15	-9.51	-22.37
Short-Term Debt Issued	-	1.28	-	2.82	30.21
Total Debt Issued	-	1.28	-	2.82	30.21
Short-Term Debt Repaid	-	-	-5.34	-	-
Long-Term Debt Repaid	-11.62	-11.15	-10.45	-9.26	-
Total Debt Repaid	-11.62	-11.15	-15.79	-9.26	-
Net Debt Issued (Repaid)	-11.62	-9.87	-15.79	-6.44	30.21
Issuance of Common Stock	-	-	-	-	1.5
Repurchase of Common Stock	-0.57	-	-	-	-
Common Dividends Paid	-5.95	-	-	-	-
Financing Cash Flow	-18.14	-9.87	-15.79	-6.44	31.71
Foreign Exchange Rate Adjustments	-0.36	0.22	0.11	-0.04	0.26
Net Cash Flow	0.58	0.91	-0.53	-1.6	2.83
Free Cash Flow	26.91	13.1	19.95	12.55	-9
Free Cash Flow Growth	105.42%	-34.34%	58.89%	-	-
Free Cash Flow Margin	10.02%	4.45%	8.38%	5.20%	-4.26%
Free Cash Flow Per Share	182.63	90.30	147.62	92.90	-62.00
Cash Interest Paid	-	7.83	7.02	7.69	2.96
Cash Income Tax Paid	-	2.78	2.36	5.04	2.55
Levered Free Cash Flow	18.27	0.61	18.13	11.11	-27.64
Unlevered Free Cash Flow	22.95	3.22	20.97	12.93	-25.79
Change in Working Capital	5.55	-0.87	7.56	-0.74	-12.14

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