SWX:VAHN Cash Flow Statement

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

Millions CHF. 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	156.26	147.01	132.49	130.89	134.18
Depreciation & Amortization	13.25	21.26	17.06	15.72	14.51
Gain (Loss) on Sale of Investments	-122.69	-37.73	-118.9	-45.5	-44.02
Change in Accounts Receivable	9.36	-3.58	1.46	-4.47	-7.03
Reinsurance Recoverable	3.89	3.07	3.21	17.97	2.3
Change in Insurance Reserves / Liabilities	13.81	-57.95	-20.43	-59.91	5.87
Change in Other Net Operating Assets	0.49	-2.72	-11.04	-26.63	20.54
Other Operating Activities	122.63	47.11	-24.13	-155.69	140.85
Operating Cash Flow	273.01	118.53	81.43	72.83	148.4
Operating Cash Flow Growth	130.33%	45.56%	11.82%	-50.93%	146.36%
Capital Expenditures	-35.47	-12.32	-8.3	-6.37	-10.08
Purchase / Sale of Intangible Assets	-22.83	-42.75	-31.26	-12.76	-24.56
Investment in Securities	-2.76	-19.39	-3.35	-2.12	-36.24
Other Investing Activities	0	-	-	0	-
Investing Cash Flow	-61.05	-74.46	-43.1	-21.25	-70.27
Long-Term Debt Issued	-	5.56	-	123.16	5
Total Debt Repaid	-33.6	-5.3	-1.14	-1.59	-
Net Debt Issued (Repaid)	-33.6	0.26	-1.14	121.57	5
Issuance of Common Stock	11.28	-	-	-	-
Repurchases of Common Stock	-	-	-	-11.32	-
Common Dividends Paid	-66.99	-57.07	-59.63	-52.34	-55.37
Other Financing Activities	-2.85	-2.73	-3.04	-0.89	-0.09
Financing Cash Flow	-92.16	-59.53	-63.81	57.01	-50.46
Foreign Exchange Rate Adjustments	0.79	-0.53	0.49	0.04	-
Miscellaneous Cash Flow Adjustments	-	-	-	-0	0
Net Cash Flow	120.59	-16	-24.98	108.63	27.68
Free Cash Flow	237.54	106.21	73.13	66.46	138.32
Free Cash Flow Growth	123.66%	45.23%	10.04%	-51.95%	159.36%
Free Cash Flow Margin	45.83%	7.07%	5.17%	4.98%	9.84%
Free Cash Flow Per Share	-	36.68	25.26	22.76	47.32
Levered Free Cash Flow	-1,255	19.07	42.98	5.57	88.57
Unlevered Free Cash Flow	-1,253	20.78	44.88	6.13	88.63
Change in Working Capital	27.54	-61.18	-26.8	-73.04	21.68

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.