LON:0RES 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	726.8	939.7	1,182	1,476	1,391	677.9
Depreciation & Amortization	420.3	400.4	355.5	333	340.1	382.3
Other Amortization	17.3	17.3	19.2	19.2	18.9	23.5
Loss (Gain) From Sale of Assets	-1.7	-1.7	0.4	-139.5	-18.3	-
Asset Writedown & Restructuring Costs	2.1	2.1	0.3	0.1	2.5	116.2
Loss (Gain) on Equity Investments	-25.4	-25.4	-29.4	-40.4	-31.5	-18.7
Provision & Write-off of Bad Debts	4.3	4.3	-37.6	-6.9	-1	24.7
Other Operating Activities	87.4	-19.2	-107.1	114.6	-128.4	85.3
Change in Accounts Receivable	-148.3	-148.3	-113.8	-26.9	-9.4	58.9
Change in Inventory	135.5	135.5	-16.6	-228.1	41.5	-41.8
Change in Other Net Operating Assets	-19.4	-125.6	93.7	-108.9	-38.3	277.1
Operating Cash Flow	1,199	1,179	1,347	1,393	1,567	1,585
Operating Cash Flow Growth	12.73%	-12.46%	-3.27%	-11.12%	-1.18%	21.99%
Capital Expenditures	-154.7	-216	-199	-264.1	-211.6	-156.5
Sale of Property, Plant & Equipment	10	2.9	2.4	245.8	57.2	1.6
Cash Acquisitions	-8.4	-575.6	-581.7	-3.7	-3.9	-1,560
Sale (Purchase) of Intangibles	-14.9	-48.3	-109.4	-125.4	-28.8	-44.2
Other Investing Activities	12.3	12.9	12.4	15.6	9.6	7.5
Investing Cash Flow	-155.7	-824.1	-875.3	-131.8	-177.5	-1,752
Long-Term Debt Issued	-	2,638	581	138.3	-	7,550
Long-Term Debt Repaid	-	-1,453	-72	-71.4	-58.8	-7,369
Net Debt Issued (Repaid)	-212.8	1,185	509	66.9	-58.8	180.2
Repurchase of Common Stock	-123.1	-773.6	-180.6	-776.4	-607.1	-188.5
Common Dividends Paid	-669.3	-709.8	-714.6	-692	-626.7	-608.3
Other Financing Activities	-0.1	-	-	-	-45.2	14.7
Financing Cash Flow	-1,005	-298.8	-386.2	-1,402	-1,338	-601.9
Foreign Exchange Rate Adjustments	-5.3	4.3	-8.1	-10.6	5.2	-12.3
Net Cash Flow	32.6	60.5	77.4	-151.4	56.6	-780.5
Free Cash Flow	1,044	963.1	1,148	1,128	1,355	1,429
Free Cash Flow Growth	24.67%	-16.11%	1.74%	-16.73%	-5.17%	18.47%
Free Cash Flow Margin	11.41%	10.47%	13.15%	12.88%	16.46%	17.85%
Free Cash Flow Per Share	13.26	11.72	13.25	12.42	14.16	14.34
Cash Interest Paid	288.2	226.1	248.7	199.2	118	312.2
Cash Income Tax Paid	180	351.1	389.6	253.6	374.2	228
Levered Free Cash Flow	1,039	423.14	908.93	929.84	808.95	1,293
Unlevered Free Cash Flow	1,216	548.7	1,004	991.15	857.2	1,353
Change in Working Capital	-32.2	-138.4	-36.7	-363.9	-6.2	294.2

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