ADRIATIC osiguranje d.d. Cash Flow Statement

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

Millions EUR. 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	0.06	4.06	3.61	5.55	9.73	9.08
Depreciation & Amortization	2.42	2.65	2.41	0.21	2.1	2.84
Other Amortization	-	-	-	0.15	0.09	0.05
Gain (Loss) on Sale of Assets	0.22	-0.08	-0.04	2.63	-0.21	-0.43
Change in Accounts Receivable	44.72	27.18	6.08	23.12	-1.16	-23.55
Reinsurance Recoverable	-1.29	1.51	-0.42	-0.29	-3.19	-1.39
Change in Income Taxes	1.21	2.33	6.05	-1.28	-0.51	2.63
Change in Deferred Taxes	-0.86	1.13	-0.72	-2.85	-	-
Change in Insurance Reserves / Liabilities	-	-	-	-	30.29	23.88
Change in Other Net Operating Assets	-20.06	-11.52	-5.02	-8.19	0.63	-3.59
Other Operating Activities	14.68	12.27	9.28	-0.19	-2.8	13.2
Operating Cash Flow	37.58	35.42	16.94	19.85	33.77	20.08
Operating Cash Flow Growth	22.80%	109.07%	-14.65%	-41.23%	68.23%	99.08%
Capital Expenditures	-0.58	-0.61	-0.59	-	-4.08	-9.22
Sale of Property, Plant & Equipment	0.09	0.09	0	0.09	0.53	0.15
Purchase / Sale of Intangible Assets	-0.03	-0.03	-0.03	-1.28	-8.34	-1.22
Investment in Securities	-	-	-	-	-10.11	-8.68
Other Investing Activities	-16.63	-12.46	-22.39	-4.61	-0.71	-0.28
Investing Cash Flow	-17.15	-13	-23.01	-5.81	-18.61	-15.57
Long-Term Debt Issued	-	-	-	0.21	4.39	7.76
Total Debt Repaid	-2.64	-2.73	-3.74	-3.4	-7.38	-8.99
Net Debt Issued (Repaid)	-2.43	-2.73	-3.74	-3.19	-2.99	-1.23
Common Dividends Paid	-6.01	-	-	-3.6	-3.92	-
Other Financing Activities	-0.04	-0.04	-0.08	-0.18	-	-
Financing Cash Flow	-8.47	-2.78	-3.83	-6.97	-6.91	-1.23
Net Cash Flow	11.96	19.64	-9.89	7.08	8.25	3.27
Free Cash Flow	37.01	34.81	16.35	19.85	29.69	10.85
Free Cash Flow Growth	25.51%	112.94%	-17.63%	-33.16%	173.61%	60.47%
Free Cash Flow Margin	14.39%	14.41%	7.87%	10.38%	19.77%	9.46%
Free Cash Flow Per Share	296.05	278.49	130.79	158.78	237.55	86.82
Cash Interest Paid	0.04	0.04	0.08	0.18	-	-
Cash Income Tax Paid	0.91	1.13	1.84	3.13	2.76	1.87
Levered Free Cash Flow	-2.01	4.03	43.62	-179.75	21.27	9.14
Unlevered Free Cash Flow	-2.01	4.03	43.62	-179.75	21.27	9.14
Change in Working Capital	25.37	21.09	22.61	10.5	26.06	-2.03

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