Derwent London Cash Flow Statement

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

Millions GBP. 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	161.1	115.9	-476.4	-280.5	252.3
Depreciation & Amortization	0.8	1	1.1	1	0.9
Gain (Loss) on Sale of Assets	-2	-1.9	-1.2	-25.6	-
Asset Writedown	-52.2	2.7	581.5	422.1	-
Stock-Based Compensation	2	3.1	2.5	2.1	-
Income (Loss) on Equity Investments	-	-	0.3	-	-
Change in Accounts Receivable	7.3	-8.8	-3.7	-0.5	-
Change in Other Net Operating Assets	5.4	9.5	17.5	19.3	-
Other Operating Activities	1.1	-3.6	2.6	-17.4	-124.3
Operating Cash Flow	228	64.6	97	111.4	128.9
Operating Cash Flow Growth	252.94%	-33.40%	-12.93%	-13.58%	11.22%
Acquisition of Real Estate Assets	-172.8	-188.5	-156	-260.3	-425.5
Sale of Real Estate Assets	79.1	85.5	65.4	206.7	297.5
Net Sale / Acq. of Real Estate Assets	-93.7	-103	-90.6	-53.6	-128
Investment in Marketable & Equity Securities	-	-	-	-0.3	-64.1
Other Investing Activities	-3	1.1	-7.4	2.2	5.5
Investing Cash Flow	-96.7	-101.9	-98	-51.7	-186.6
Short-Term Debt Issued	-	-	0.3	7.4	-
Long-Term Debt Issued	330.4	209	84	-	358.3
Total Debt Issued	330.4	209	84.3	7.4	358.3
Long-Term Debt Repaid	-305.5	-83	-	-10.1	-145.8
Net Debt Issued (Repaid)	24.9	126	84.3	-2.7	212.5
Issuance of Common Stock	-	-	-	1.2	1.8
Common Dividends Paid	-90.8	-89.6	-88.7	-86.8	-84.3
Other Financing Activities	-5.1	-0.7	1.8	-0.3	-55.3
Net Cash Flow	60.3	-1.6	-3.6	-28.9	17
Cash Interest Paid	45.5	38.3	38.1	37.1	21.9
Cash Income Tax Paid	0.3	-	1.3	0.5	0.5
Levered Free Cash Flow	202.49	-140.48	-52.13	118.81	189.36
Unlevered Free Cash Flow	234.05	-114.54	-26.19	143.63	206.93
Change in Working Capital	117.2	-52.6	-13.4	9.7	-

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.