Cemat Cash Flow Statement

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

Millions DKK. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	2020 - 2016
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	2020 - 2016
Net Income	61.75	12.21	10.28	20.33	24.2	Upgrade
Depreciation & Amortization	0.07	0.05	0.04	0.03	0.04	Upgrade
Change in Accounts Receivable	-	4.82	-4.24	-0.69	-0.09	Upgrade
Change in Accounts Payable	-	44.48	16.09	-1.8	-0.18	Upgrade
Change in Other Net Operating Assets	20.94	-	-	-	-	Upgrade
Other Operating Activities	-30.2	-7.06	-6.96	-17.53	-21.16	Upgrade
Operating Cash Flow	52.56	-6.61	5.77	-3.61	-0.28	Upgrade
Acquisition of Real Estate Assets	-3.41	-6.46	-3.45	-5.02	-1.24	Upgrade
Net Sale / Acq. of Real Estate Assets	-3.41	-6.46	-3.45	-5.02	-1.24	Upgrade
Investing Cash Flow	-3.41	-6.46	-3.45	-5.02	-1.24	Upgrade
Short-Term Debt Issued	34.47	62.91	3.94	-	0.95	Upgrade
Total Debt Issued	34.47	62.91	3.94	-	0.95	Upgrade
Short-Term Debt Repaid	-52.85	-51.55	-1.81	-	-	Upgrade
Long-Term Debt Repaid	-0.08	-0.06	-0.06	-0.03	-0.04	Upgrade
Total Debt Repaid	-52.92	-51.61	-1.87	-0.03	-0.04	Upgrade
Net Debt Issued (Repaid)	-18.45	11.29	2.08	-0.03	0.91	Upgrade
Other Financing Activities	-0.69	-0.32	-0.19	-0.11	-0.77	Upgrade
Miscellaneous Cash Flow Adjustments	0.22	0.26	0.75	-0.29	-0.17	Upgrade
Net Cash Flow	30.22	-1.83	4.96	-9.07	-1.55	Upgrade
Cash Interest Paid	1.92	1.7	0.93	1	0.89	Upgrade
Cash Income Tax Paid	6.15	2.04	1.32	0.7	-0.07	Upgrade
Levered Free Cash Flow	0.72	-12.79	1.59	-9.15	-23.25	Upgrade
Unlevered Free Cash Flow	1.8	-11.74	2.22	-8.42	-22.6	Upgrade
Change in Working Capital	20.94	-11.81	2.41	-6.43	-3.36	Upgrade

Source: S&P Capital IQ. Real Estate template. Financial Sources.