Jadranski naftovod 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	44.15	48.38	51.97	40.73	35.39	38.16
Depreciation & Amortization	28.8	28.81	29.75	30.98	28.74	23.53
Loss (Gain) From Sale of Assets	-2.45	-	-	-	-	-
Asset Writedown & Restructuring Costs	-0.8	-0.8	11.58	0.97	0.48	-1.04
Loss (Gain) From Sale of Investments	-	-	1.64	-	-	-
Provision & Write-off of Bad Debts	2.47	2.47	2.86	-	-	-
Other Operating Activities	-5.41	-8.21	-1.49	3.84	1.32	-0.32
Change in Accounts Receivable	2.62	-4.63	-7.88	-10.61	0.87	4.4
Change in Inventory	-3.37	-3.52	-0.33	-0.13	0.23	-0.47
Change in Other Net Operating Assets	-8.82	-9.3	-1.4	2.89	-9.32	-5.46
Operating Cash Flow	57.18	53.2	86.7	68.67	57.71	58.79
Operating Cash Flow Growth	-4.25%	-38.63%	26.26%	18.99%	-1.84%	21.75%
Capital Expenditures	-29.03	-27.07	-18.07	-12	-13.98	-55.33
Sale of Property, Plant & Equipment	0	-	-	-	-	-
Sale (Purchase) of Intangibles	-0.51	-0.51	-1.26	-0.68	-0.54	-6.62
Investment in Securities	-33.8	-36.63	-22.03	-32.68	-	-
Other Investing Activities	66.34	6.74	3.45	0.06	-0.38	1.5
Investing Cash Flow	20.42	-57.47	-37.91	-45.3	-14.9	-60.46
Long-Term Debt Repaid	-	-0.3	-0.28	-0.27	-0.37	-0.42
Net Debt Issued (Repaid)	-0.29	-0.3	-0.28	-0.27	-0.37	-0.42
Common Dividends Paid	-29.03	-31.19	-11.61	-10.08	-10.93	-9.89
Financing Cash Flow	-29.32	-31.49	-11.88	-10.35	-11.3	-10.31
Net Cash Flow	48.7	-35.75	36.9	13.02	31.51	-11.97
Free Cash Flow	28.15	26.14	68.63	56.67	43.72	3.46
Free Cash Flow Growth	-33.63%	-61.92%	21.10%	29.60%	1164.14%	-
Free Cash Flow Margin	22.60%	20.69%	46.71%	48.83%	42.63%	3.41%
Free Cash Flow Per Share	27.94	25.94	68.10	56.24	43.39	3.43
Cash Income Tax Paid	11.05	13.16	8.94	8.09	8.3	8.24
Levered Free Cash Flow	59.86	19.17	53.89	45.65	30.55	-9.69
Unlevered Free Cash Flow	59.93	19.27	53.91	45.67	30.57	-9.67
Change in Working Capital	-9.57	-17.45	-9.61	-7.86	-8.23	-1.53

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