LJSE:ZVTG Cash Flow Statement

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

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	136.25	130.89	16.08	-6.84	112.76
Depreciation & Amortization	28.69	27.36	25.35	26.54	23.56
Gain (Loss) on Sale of Assets	-5.61	-2.28	-0.89	-9.05	-
Gain (Loss) on Sale of Investments	-	-	-	-	-73.91
Change in Accounts Receivable	270.66	173.7	78.29	-34.99	-14.47
Change in Income Taxes	-28.78	-7.4	-29.46	-19.74	-17.81
Change in Other Net Operating Assets	-40.14	-37.75	-11.32	-1.62	-6.88
Other Operating Activities	-56.85	-141.68	-63.69	118.25	111.5
Operating Cash Flow	304.22	142.69	13.68	72.55	137.36
Operating Cash Flow Growth	113.21%	943.04%	-81.14%	-47.19%	15.37%
Capital Expenditures	-14.78	-9.42	-7.48	-10.12	-9.51
Sale of Property, Plant & Equipment	4.31	0.48	2.61	0.55	3.52
Purchase / Sale of Intangible Assets	-20.08	-12.98	-13.92	-12.39	-7.88
Cash Acquisitions	-	-	-	-	-4.47
Investment in Securities	-270.9	-225.4	33.34	-1.6	-118.59
Other Investing Activities	47.85	38.85	37.66	31.38	43.07
Investing Cash Flow	-232.65	-211.02	58.16	29.83	-93.86
Long-Term Debt Issued	-	99.43	-	-	-
Total Debt Issued	-	99.43	-	-	-
Total Debt Repaid	-5.69	-3.9	-3.75	-2.66	-2.03
Net Debt Issued (Repaid)	-5.69	95.52	-3.75	-2.66	-2.03
Common Dividends Paid	-63.58	-39.74	-56.78	-84.05	-38.61
Other Financing Activities	-6.37	-2.91	-2.96	-2.63	-2.46
Financing Cash Flow	-75.64	52.87	-63.49	-89.33	-43.1
Foreign Exchange Rate Adjustments	-	-	-	-	0.02
Net Cash Flow	-4.07	-15.47	8.35	13.04	0.42
Free Cash Flow	289.44	133.26	6.2	62.42	127.85
Free Cash Flow Growth	117.19%	2047.84%	-90.06%	-51.17%	21.24%
Free Cash Flow Margin	16.97%	9.60%	0.51%	5.04%	9.56%
Free Cash Flow Per Share	12.75	5.86	0.27	2.74	5.63
Cash Interest Paid	6.36	2.91	2.96	2.63	2.46
Cash Income Tax Paid	28.78	7.4	29.46	19.74	17.81
Levered Free Cash Flow	-486.56	-26.28	-162.54	-1,676	114.41
Unlevered Free Cash Flow	-481	-22.99	-161.18	-1,674	116.08
Change in Working Capital	201.74	128.55	37.51	-56.36	-39.16

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