Initiator Pharma Cash Flow Statement

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

Millions DKK. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2019 - 2016
Period Ending	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	2019 - 2016
Net Income	-12.93	-22.87	-38.46	-21.06	-8.7	Upgrade
Depreciation & Amortization	-	-	-	0.01	0.03	Upgrade
Other Operating Activities	2.93	0.67	-3.03	-1.64	0.14	Upgrade
Change in Accounts Receivable	-	2.26	13.03	-15.63	0.13	Upgrade
Change in Accounts Payable	-	2.3	-4.24	4.22	0.34	Upgrade
Change in Other Net Operating Assets	-2.08	-	-	-	-	Upgrade
Operating Cash Flow	-12.08	-17.65	-32.7	-34.1	-8.06	Upgrade
Other Investing Activities	-	-	-0.02	-	-	Upgrade
Investing Cash Flow	-	-	-0.02	-	-	Upgrade
Long-Term Debt Issued	-	2.86	-	13.29	-	Upgrade
Long-Term Debt Repaid	-15.44	-	-	-	-	Upgrade
Net Debt Issued (Repaid)	-15.44	2.86	-	13.29	-	Upgrade
Issuance of Common Stock	17.24	0.01	37.48	41.65	13.59	Upgrade
Repurchase of Common Stock	-0.69	-	-	-	-	Upgrade
Other Financing Activities	-	-0	-	-	0.41	Upgrade
Financing Cash Flow	1.12	2.87	37.48	54.94	14.01	Upgrade
Miscellaneous Cash Flow Adjustments	-	0	-	-	-	Upgrade
Net Cash Flow	-10.97	-14.78	4.77	20.84	5.94	Upgrade
Free Cash Flow	-12.08	-17.65	-32.7	-34.1	-8.06	Upgrade
Free Cash Flow Per Share	-0.21	-0.31	-0.61	-0.97	-0.29	Upgrade
Cash Income Tax Paid	-	-5.5	-3.18	-1.54	-1.69	Upgrade
Levered Free Cash Flow	-8.42	-12.09	-21.12	-28.19	-5.14	Upgrade
Unlevered Free Cash Flow	-8.21	-11.67	-19.62	-27.45	-5.14	Upgrade
Change in Net Working Capital	-0.85	-5.23	-6.47	13.04	-1.42	Upgrade

Updated Feb 28, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.