FRA:HSC2 Cash Flow Statement

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

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2015 - 2019
Period Ending	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	2015 - 2019
Net Income	307.4	-1,019	7.98	473.84	2.39	Upgrade
Depreciation & Amortization	7.33	8.83	8.99	8.11	7.14	Upgrade
Gain (Loss) on Sale of Assets	-15.06	-3.54	-5.94	1.26	-1.61	Upgrade
Asset Writedown	-101.06	1,427	148.12	-443.21	78.51	Upgrade
Income (Loss) on Equity Investments	-1.65	-	-	-	-	Upgrade
Change in Accounts Receivable	-23.35	14.99	5.26	-11.27	18.19	Upgrade
Change in Accounts Payable	5.83	1.75	8.13	17.23	-25.79	Upgrade
Change in Other Net Operating Assets	1.23	-63.39	-8.24	32.98	-12.64	Upgrade
Other Operating Activities	106.58	-95.83	115.66	195.77	157.55	Upgrade
Operating Cash Flow	362.41	265.01	255.39	268.1	221.53	Upgrade
Operating Cash Flow Growth	36.75%	3.77%	-4.74%	21.02%	-31.16%	Upgrade
Acquisition of Real Estate Assets	-168.25	-203.11	-707.14	-306.24	-206.42	Upgrade
Sale of Real Estate Assets	168.99	475.29	81.94	346.7	299.13	Upgrade
Net Sale / Acq. of Real Estate Assets	0.74	272.18	-625.21	40.45	92.71	Upgrade
Investment in Marketable & Equity Securities	-2.06	3.66	-3.06	2.67	4.78	Upgrade
Other Investing Activities	0.01	0.01	-	-	-	Upgrade
Investing Cash Flow	-4.59	272.31	-630.41	40.82	94.94	Upgrade
Long-Term Debt Issued	130	179.2	1,086	1,395	1,204	Upgrade
Long-Term Debt Repaid	-399.58	-392.7	-505.3	-1,311	-1,179	Upgrade
Net Debt Issued (Repaid)	-269.58	-213.5	580.4	83.57	25.07	Upgrade
Issuance of Common Stock	345.41	1.45	0.28	-	-	Upgrade
Repurchase of Common Stock	-26.12	-	-	-44.35	-23.05	Upgrade
Common Dividends Paid	-143.61	-132.87	-127.54	-111.09	-101.55	Upgrade
Other Financing Activities	-159.01	85.44	-137.11	-286.66	-165.17	Upgrade
Net Cash Flow	104.93	277.83	-58.99	-49.61	51.77	Upgrade
Cash Interest Paid	117.91	116.8	106.31	141.34	131.04	Upgrade
Cash Income Tax Paid	0.65	2.72	5.16	14.44	29.79	Upgrade
Levered Free Cash Flow	288.13	398.53	-222.68	302.85	18.87	Upgrade
Unlevered Free Cash Flow	351.75	460.09	-176.21	350	71.78	Upgrade
Change in Working Capital	62.26	-53.83	-20.91	31.13	-24	Upgrade

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