Clínica Baviera 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	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	40.48	40.21	35.97	29.52	27.39	13.94
Depreciation & Amortization	22.55	19.98	16.46	14.8	13.89	13.38
Other Amortization	0.9	0.9	0.52	0.2	0.2	0.16
Asset Writedown & Restructuring Costs	-0.03	-0.03	0.03	0.47	0.03	-
Provision & Write-off of Bad Debts	0.06	0.06	-0.02	0.18	0.06	0.01
Other Operating Activities	4.94	3.19	3.09	3.25	1.44	1.56
Change in Accounts Receivable	0.22	0.22	-0.43	0.18	-0.91	0.56
Change in Inventory	-0.25	-0.25	-0.31	-0.23	-0.29	-0.44
Change in Accounts Payable	-1.78	-1.78	2.5	5.02	5.04	2.29
Operating Cash Flow	72.09	62.51	57.81	53.38	46.86	31.46
Operating Cash Flow Growth	14.37%	8.12%	8.31%	13.92%	48.96%	23.83%
Capital Expenditures	-25.69	-26.51	-22.68	-14.03	-10.58	-7.82
Cash Acquisitions	-0.92	-11.11	-	-	-0.05	-
Investment in Securities	16.42	16.42	-21.79	1.4	-6.46	-13.59
Other Investing Activities	-0.68	0.3	0.15	0.07	0	0.01
Investing Cash Flow	-10.87	-20.9	-44.31	-12.56	-17.08	-21.4
Long-Term Debt Issued	-	7.2	-	-	0.08	10.04
Long-Term Debt Repaid	-	-11.79	-10.52	-13.69	-13.43	-12.93
Net Debt Issued (Repaid)	-9.8	-4.59	-10.52	-13.69	-13.35	-2.89
Issuance of Common Stock	1.43	1.43	0.71	0.6	0.5	0.2
Repurchase of Common Stock	-10.24	-10.24	-0.71	-0.62	-0.49	-0.19
Common Dividends Paid	-25.56	-25.09	-13.04	-16.79	-17.15	-
Other Financing Activities	8.28	-1.17	-0.81	-0.95	-0.31	-0.27
Financing Cash Flow	-35.9	-39.66	-24.37	-31.45	-30.8	-3.15
Foreign Exchange Rate Adjustments	0.12	-0.12	-	-	-	-
Net Cash Flow	25.44	1.83	-10.87	9.37	-1.02	6.9
Free Cash Flow	46.4	36	35.13	39.35	36.28	23.64
Free Cash Flow Growth	27.57%	2.46%	-10.71%	8.45%	53.50%	45.81%
Free Cash Flow Margin	15.63%	13.55%	15.47%	19.83%	20.94%	19.28%
Free Cash Flow Per Share	2.90	2.25	2.15	2.41	2.23	1.45
Cash Interest Paid	0.18	0.18	0.11	0.46	0.11	0.12
Cash Income Tax Paid	15.34	13.08	11.64	9.63	11.28	4.36
Levered Free Cash Flow	35.54	30.98	26.81	33.33	31.68	21.5
Unlevered Free Cash Flow	37.31	31.74	27.16	33.59	31.96	21.84
Change in Working Capital	3.18	-1.81	1.76	4.96	3.84	2.4

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.