COFACE Cash Flow Statement

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

Millions EUR. 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	222.01	261.07	240.5	240.44	223.82
Depreciation & Amortization	17.02	38.13	43.01	44.4	37.6
Other Amortization	22.14	-	-	-	-
Gain (Loss) on Sale of Investments	-2.79	2.48	21.68	-	1.37
Change in Accounts Receivable	5.08	-155.25	-5.61	-282.82	-456.77
Change in Other Net Operating Assets	-60.1	224.15	-67.15	237.2	383.6
Other Operating Activities	33.52	-14.43	64.32	218.92	138.59
Operating Cash Flow	236.25	353.36	294.27	455.95	326.96
Operating Cash Flow Growth	-33.14%	20.08%	-35.46%	39.45%	68.23%
Capital Expenditures	-35.61	-26.71	-25.44	-32.75	-17.17
Sale of Property, Plant & Equipment	-	3.24	0.48	1.62	0.73
Cash Acquisitions	0.41	1.14	4.05	3.59	7.29
Investment in Securities	64.66	156.5	-306.92	-92.27	-198.79
Other Investing Activities	-	-0	-	-	-
Investing Cash Flow	29.46	134.17	-327.82	-119.82	-207.94
Long-Term Debt Issued	-	-	296.04	410.1	-
Total Debt Repaid	-18.52	-247.7	-18.68	-290.01	-16.76
Net Debt Issued (Repaid)	-18.52	-247.7	277.36	120.08	-16.76
Issuance of Common Stock	-	0.65	-	-	-
Repurchases of Common Stock	-5.76	-	-4.46	-3.43	-14.89
Common Dividends Paid	-209.06	-194.32	-226.95	-224.03	-81.98
Other Financing Activities	-26.97	-49.41	-32.02	-32.49	-20.74
Financing Cash Flow	-260.3	-490.78	13.93	-139.87	-134.36
Foreign Exchange Rate Adjustments	-11.78	15.53	-38.6	-4.92	-23.19
Miscellaneous Cash Flow Adjustments	0	-	0	0	0
Net Cash Flow	-6.38	12.27	-58.23	191.35	-38.53
Free Cash Flow	200.64	326.65	268.82	423.19	309.79
Free Cash Flow Growth	-38.58%	21.51%	-36.48%	36.61%	93.07%
Free Cash Flow Margin	10.36%	17.22%	14.30%	23.08%	19.43%
Free Cash Flow Per Share	1.34	2.19	1.80	2.84	2.08
Cash Interest Paid	40.19	49.4	32.01	32.48	20.73
Cash Income Tax Paid	71.5	77.97	98.85	95.45	87.08
Levered Free Cash Flow	263.23	446.97	-563.04	-119.55	-73.75
Unlevered Free Cash Flow	288.79	473.82	-541.62	-101.04	-60.33
Change in Working Capital	-55.02	68.89	-72.76	-45.62	-73.17

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