Solar 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	26	151	347	660	531	222
Depreciation & Amortization	273	253	230	201	185	183
Other Amortization	65	65	61	65	54	67
Asset Writedown & Restructuring Costs	50	50	22	-	-	139
Loss (Gain) From Sale of Investments	-	-	-	-	23	-104
Loss (Gain) on Equity Investments	1	1	-	1	2	12
Other Operating Activities	-55	-127	2	47	19	10
Change in Accounts Receivable	82	-64	182	-394	-229	173
Change in Inventory	240	113	230	-433	-319	126
Change in Other Net Operating Assets	-177	96	-219	-131	517	-15
Operating Cash Flow	505	538	855	16	783	813
Operating Cash Flow Growth	1.20%	-37.08%	5243.75%	-97.96%	-3.69%	172.82%
Capital Expenditures	-365	-162	-170	-167	-143	-33
Sale of Property, Plant & Equipment	143	61	1	-	18	8
Cash Acquisitions	-2	-10	-133	-24	-	-
Sale (Purchase) of Intangibles	-122	-154	-102	-59	-58	-50
Investment in Securities	-	-	-1	1	-8	237
Investing Cash Flow	-346	-265	-405	-249	-191	162
Short-Term Debt Issued	-	11	149	519	-	-
Long-Term Debt Issued	-	100	150	185	-	53
Total Debt Issued	134	111	299	704	-	53
Short-Term Debt Repaid	-	-	-	-	-9	-205
Long-Term Debt Repaid	-	-146	-145	-128	-194	-373
Total Debt Repaid	-260	-146	-145	-128	-203	-578
Net Debt Issued (Repaid)	-126	-35	154	576	-203	-525
Issuance of Common Stock	-	-	-	-	2	-
Common Dividends Paid	-110	-219	-329	-329	-204	-102
Other Financing Activities	-1	-1	-	-	-	-
Financing Cash Flow	-237	-255	-175	-82	-515	-627
Net Cash Flow	-78	18	275	-315	77	348
Free Cash Flow	140	376	685	-151	640	780
Free Cash Flow Growth	-63.06%	-45.11%	-	-	-17.95%	314.89%
Free Cash Flow Margin	1.14%	3.08%	5.26%	-1.09%	5.18%	6.80%
Free Cash Flow Per Share	19.13	51.29	93.46	-20.60	87.38	106.74
Cash Interest Paid	109	114	106	33	50	47
Cash Income Tax Paid	42	69	138	155	81	65
Levered Free Cash Flow	126.63	160.75	497	-346.5	379.88	664
Unlevered Free Cash Flow	198.5	232	563.25	-325.88	396.75	684.63
Change in Working Capital	145	145	193	-958	-31	284

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