FRA:5RF 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	Sep '25 Sep 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	922	950	935	960	1,008	912
Depreciation & Amortization	1,117	1,103	1,071	931	860	824
Asset Writedown & Restructuring Costs	1	1	50	63	-1	10
Other Operating Activities	15	-34	98	-87	-73	79
Change in Accounts Receivable	-523	-523	28	-280	-871	-146
Change in Inventory	817	817	945	-1,912	-1,614	16
Change in Accounts Payable	239	239	-1,350	644	1,208	601
Operating Cash Flow	2,544	2,553	1,777	319	517	2,296
Operating Cash Flow Growth	50.18%	43.67%	457.05%	-38.30%	-77.48%	62.84%
Capital Expenditures	-526	-652	-819	-1,068	-751	-454
Sale of Property, Plant & Equipment	24	12	8	5	54	9
Cash Acquisitions	-72	-6	-684	-414	-45	-60
Divestitures	-	-	-	-	1	-
Sale (Purchase) of Intangibles	-42	-39	-48	-38	-21	-48
Investment in Securities	100	-3	-1	6	3	22
Other Investing Activities	44	39	29	10	-10	-2
Investing Cash Flow	-489	-623	-1,521	-1,499	-924	-533
Short-Term Debt Issued	-	-	-	-	317	-
Long-Term Debt Issued	-	1,194	1,677	2,569	536	-
Total Debt Issued	-20	1,194	1,677	2,569	853	-
Short-Term Debt Repaid	-	-565	-494	-207	-	-945
Long-Term Debt Repaid	-	-1,613	-1,191	-332	-265	-360
Total Debt Repaid	-1,132	-2,178	-1,685	-539	-265	-1,305
Net Debt Issued (Repaid)	-1,152	-984	-8	2,030	588	-1,305
Issuance of Common Stock	181	46	94	-	-	11
Repurchase of Common Stock	-398	-291	-75	-292	-6	-
Common Dividends Paid	-367	-374	-353	-356	-335	-336
Other Financing Activities	-24	-25	-25	-5	-10	-
Financing Cash Flow	-1,760	-1,628	-367	1,377	237	-1,630
Miscellaneous Cash Flow Adjustments	-76	6	-17	25	25	-36
Net Cash Flow	219	308	-128	222	-145	97
Free Cash Flow	2,018	1,901	958	-749	-234	1,842
Free Cash Flow Growth	102.00%	98.43%	-	-	-	189.62%
Free Cash Flow Margin	5.90%	5.48%	2.57%	-2.30%	-0.97%	8.66%
Free Cash Flow Per Share	87.74	81.67	40.74	-31.66	-9.72	76.75
Cash Income Tax Paid	410	444	452	269	381	309
Levered Free Cash Flow	1,851	1,660	472.38	-1,409	-576.81	1,701
Unlevered Free Cash Flow	2,147	1,994	752.38	-1,304	-525.56	1,765
Change in Working Capital	489	533	-377	-1,548	-1,277	471

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