Baltic Sea Properties AS Cash Flow Statement

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

Millions NOK. 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	53.43	55.33	28.97	46.98	81.9	14.8
Depreciation & Amortization	0.75	0.79	0.47	0.44	0.89	26.37
Other Amortization	0.27	0.27	0.19	0.08	0.05	-
Gain (Loss) on Sale of Assets	-	-	-	-	-6.6	-
Asset Writedown	-34.27	-41.68	-3.59	-17.55	-56.95	5.75
Change in Accounts Receivable	-0.65	11.68	-3.46	13.86	1.23	0.2
Change in Accounts Payable	-	-	-	-	-	-9.25
Change in Other Net Operating Assets	-7.01	-1.02	3.63	0.86	-1.11	-32.25
Other Operating Activities	55.95	56.94	40.57	17.2	24.93	-17.2
Operating Cash Flow	68.45	82.31	66.79	61.86	44.34	-11.58
Operating Cash Flow Growth	-	23.24%	7.95%	39.52%	-	-
Acquisition of Real Estate Assets	-95.25	-96.22	-31.54	-211.17	-184.33	-106.76
Sale of Real Estate Assets	-	-	-	-	-	109.52
Net Sale / Acq. of Real Estate Assets	-95.25	-96.22	-31.54	-211.17	-184.33	2.76
Investment in Marketable & Equity Securities	0.22	-	-	-0.63	11.3	0.09
Other Investing Activities	0.41	0.69	0.31	0.16	118.19	-
Investing Cash Flow	-94.62	-95.54	-31.23	-211.63	-54.84	2.85
Long-Term Debt Issued	-	42.2	64.26	244.6	270.86	93.59
Total Debt Issued	96.91	42.2	64.26	244.6	270.86	93.59
Short-Term Debt Repaid	-	-	-	-	-	-141.78
Long-Term Debt Repaid	-	-39.38	-54.28	-76.48	-219.02	-
Total Debt Repaid	-16.78	-39.38	-54.28	-76.48	-219.02	-141.78
Net Debt Issued (Repaid)	80.13	2.82	9.98	168.12	51.84	-48.19
Issuance of Common Stock	0.13	95.44	-	-	-	-
Common Dividends Paid	-17.38	-11.69	-10.6	-10.03	-9.98	-
Other Financing Activities	-31.76	-35.41	-38.11	-15.93	-15.76	10.44
Foreign Exchange Rate Adjustments	-0.3	2.17	-0.02	-1.1	-1.7	-
Miscellaneous Cash Flow Adjustments	-	-	-	-	-	0
Net Cash Flow	4.64	40.1	-3.19	-8.71	13.9	-46.47
Cash Interest Paid	31.76	35.41	38.11	15.93	15.76	-
Cash Income Tax Paid	-	-	0.36	-1.33	0.5	-8.31
Levered Free Cash Flow	27.26	38.05	16.31	21.35	17.63	-109.49
Unlevered Free Cash Flow	49.66	63.53	36.94	32.38	27.48	-97.32
Change in Working Capital	-7.66	10.67	0.17	14.72	0.12	-41.3

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