FRA:IRES Cash Flow Statement

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

Millions EUR. 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	29.97	-6.68	-116.01	-11.82	67.55	58.26
Depreciation & Amortization	0.67	0.59	0.54	0.54	0.52	0.53
Other Amortization	1.66	1.36	2.08	2	1.64	1.41
Gain (Loss) on Sale of Assets	-2.67	-1.62	0.42	-2.8	-0.91	-4.43
Asset Writedown	0.93	33.75	141.79	45.6	-34.93	-19.09
Stock-Based Compensation	0.34	0.31	0.15	0.12	0.28	0.32
Change in Accounts Receivable	0.47	-0.43	0.46	-0.3	-0.13	-0.77
Change in Accounts Payable	-0.56	-0.08	1.87	-3	4.27	0.3
Change in Other Net Operating Assets	1.28	1.7	-1.23	-0.01	0.64	0.05
Other Operating Activities	21.57	21.71	27.05	15.54	13.53	10.99
Operating Cash Flow	53.77	50.75	57.02	46.58	53.09	48.56
Operating Cash Flow Growth	-0.19%	-11.00%	22.41%	-12.25%	9.32%	10.63%
Acquisition of Real Estate Assets	-9.07	-9.19	-7.62	-92.6	-76.96	-43.92
Sale of Real Estate Assets	22.75	18.4	88.7	54.93	4.36	47.9
Net Sale / Acq. of Real Estate Assets	13.68	9.21	81.08	-37.67	-72.6	3.98
Cash Acquisition	-	-	-	-2.76	-5.47	-5.44
Other Investing Activities	-	-	0	-	-	-
Investing Cash Flow	13.68	9.21	81.09	-40.43	-78.07	-1.46
Long-Term Debt Issued	-	12.8	10.7	93	89.5	213.34
Total Debt Issued	373.54	12.8	10.7	93	89.5	213.34
Long-Term Debt Repaid	-	-30.42	-95.12	-56.41	-23.9	-218.39
Total Debt Repaid	-384.86	-30.42	-95.12	-56.41	-23.9	-218.39
Net Debt Issued (Repaid)	-11.31	-17.62	-84.42	36.59	65.6	-5.04
Issuance of Common Stock	-	-	-	0.13	4.47	3.54
Common Dividends Paid	-	-	-	-	-	-0.02
Other Financing Activities	-28.44	-22.31	-24.94	-17.76	-13.66	-10.86
Net Cash Flow	1.09	-0.51	0.9	-3.38	-0.85	4.21
Cash Interest Paid	22.06	22.28	24.58	15.45	12.83	10.77
Cash Income Tax Paid	1.49	1.49	0.09	0.01	-	-
Levered Free Cash Flow	14.53	13.44	21.52	29.81	29.55	22.91
Unlevered Free Cash Flow	28.78	29.38	37.96	39.09	37.25	29.64
Change in Working Capital	1.19	1.19	1.1	-3.31	4.79	-0.42

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