FRA:2D2 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	Jun '25 Jun 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	11.9	15.5	11	28	36	25.6
Loss (Gain) From Sale of Assets	5.7	-0.1	2.2	7.1	-15.5	-13.8
Asset Writedown & Restructuring Costs	-	-	0.9	-6.7	-4.5	-
Other Operating Activities	-3.8	-3.4	-1.9	-13.7	-7.6	-6.8
Change in Accounts Receivable	-0.2	-0.2	0.8	-1	-0.9	101.8
Change in Accounts Payable	-0.2	-0.2	0.4	-1.2	3.2	-9.5
Change in Other Net Operating Assets	-0.5	-	-	-	-	-
Operating Cash Flow	12.9	11.6	13.4	12.5	10.7	97.3
Operating Cash Flow Growth	9.32%	-13.43%	7.20%	16.82%	-89.00%	278.60%
Sale (Purchase) of Real Estate	-0.5	-	-	-0.1	-70.6	-78.1
Investment in Securities	-16.4	-6.1	-4.6	1.8	-21	-65.9
Investing Cash Flow	-16.9	-6.1	-4.6	1.7	-91.6	-144
Long-Term Debt Issued	-	2.2	-	62.4	73.8	70.4
Total Debt Issued	6.2	2.2	-	62.4	73.8	70.4
Long-Term Debt Repaid	-	-	-3.5	-67	-2.8	-22.1
Total Debt Repaid	-	-	-3.5	-67	-2.8	-22.1
Net Debt Issued (Repaid)	6.2	2.2	-3.5	-4.6	71	48.3
Issuance of Common Stock	-	-	-	-	5.2	-
Repurchase of Common Stock	-5.5	-9.6	-6.2	-7.9	-	-8
Financing Cash Flow	0.7	-7.4	-9.7	-12.5	76.2	40.3
Net Cash Flow	-3.3	-1.9	-0.9	1.7	-4.7	-6.4
Free Cash Flow	12.9	11.6	13.4	12.5	10.7	97.3
Free Cash Flow Growth	9.32%	-13.43%	7.20%	16.82%	-89.00%	281.57%
Free Cash Flow Margin	51.39%	38.28%	53.39%	26.04%	34.29%	619.75%
Free Cash Flow Per Share	0.27	0.24	0.26	0.23	0.19	1.83
Cash Income Tax Paid	-	-	-0.4	0.3	1.6	0.1
Levered Free Cash Flow	9.56	12.75	11.78	20.24	18.84	101.63
Unlevered Free Cash Flow	12.56	16.25	14.96	20.86	19.65	102.25
Change in Working Capital	-0.9	-0.4	1.2	-2.2	2.3	92.3

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