Baltic Horizon Fund (TAL:NHCBHFFT)

Baltic Horizon Fund Cash Flow Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Income	-4.34	-16.78	-22.97	3.94	1.41	-13.54
Depreciation & Amortization	0.01	0.01	0.01	0	0	-
Other Amortization	0.2	0.2	0.17	0.25	0.23	0.18
Gain (Loss) on Sale of Assets	1.6	0.86	4.05	0.42	0.07	-
Asset Writedown	3.07	15.58	21.88	2.91	7.16	25.25
Change in Accounts Receivable	0.43	-0.41	-0.62	-0.1	-0.91	-0.32
Change in Accounts Payable	-1.83	0.48	-0.3	1	0.46	-0.09
Change in Other Net Operating Assets	0.22	0.11	-0.54	-0.31	0.42	-0.76
Other Operating Activities	9	9.65	8.92	7.04	5.71	5.15
Operating Cash Flow	9.07	9.89	10.84	15.28	14.65	16.07
Operating Cash Flow Growth	3.08%	-8.74%	-29.07%	4.31%	-8.83%	-1.97%
Acquisition of Real Estate Assets	-6.43	-7.22	-5.7	-13.63	-8.48	-4.27
Sale of Real Estate Assets	15.3	-	25.96	3.97	15.33	-
Net Sale / Acq. of Real Estate Assets	8.87	-7.22	20.26	-9.66	6.85	-4.27
Other Investing Activities	0.23	0.2	0.1	0	0	0
Investing Cash Flow	9.1	-7.02	20.37	-9.65	6.85	-4.27
Short-Term Debt Issued	-	-	-	-	4	-
Long-Term Debt Issued	-	23.16	38.47	4	-	-
Total Debt Issued	6.47	23.16	38.47	4	4	-
Long-Term Debt Repaid	-	-17.56	-59.23	-8.2	-11.17	-0.41
Net Debt Issued (Repaid)	-11.82	5.6	-20.76	-4.2	-7.17	-0.41
Issuance of Common Stock	-	6.3	-	-	-	7.14
Common Dividends Paid	-	-	-	-5.38	-5.98	-9.69
Other Financing Activities	-10.34	-10.89	-9.61	-6.8	-5.59	-5.34
Net Cash Flow	-3.99	3.87	0.84	-10.75	2.77	3.5
Cash Interest Paid	10.17	10.58	8.65	5.99	5.47	5.34
Cash Income Tax Paid	0.06	0.04	-	0.01	0	0.19
Levered Free Cash Flow	-0.06	0.45	-0.42	5.48	6.94	8.79
Unlevered Free Cash Flow	5.5	6.54	5.05	9.12	10.27	12.07
Change in Working Capital	-1.18	0.18	-1.46	0.59	-0.03	-1.18

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