Prime Office 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	45.07	59.65	55.22	109.02	153.34	Upgrade
Depreciation & Amortization	0.02	0.02	0.04	0.07	0.11	Upgrade
Asset Writedown	-10.59	-28.75	-31.37	-80.25	-186.92	Upgrade
Change in Accounts Receivable	-11.44	-4.23	24.11	-8.88	2.24	Upgrade
Change in Other Net Operating Assets	-5.56	34.83	13.07	10.14	-6.71	Upgrade
Other Operating Activities	33.59	37.2	51.22	49.88	120.51	Upgrade
Operating Cash Flow	51.08	98.72	112.29	79.97	82.57	Upgrade
Operating Cash Flow Growth	-48.26%	-12.08%	40.42%	-3.14%	15.84%	Upgrade
Acquisition of Real Estate Assets	-323.08	-559.47	-74.42	-53.82	-22.35	Upgrade
Sale of Real Estate Assets	35.79	25.63	34.28	11.71	24.87	Upgrade
Net Sale / Acq. of Real Estate Assets	-287.29	-533.85	-40.14	-42.1	2.52	Upgrade
Investing Cash Flow	-287.29	-533.85	-40.14	-42.1	2.52	Upgrade
Long-Term Debt Issued	354.18	390.5	161.96	-	-	Upgrade
Long-Term Debt Repaid	-7.14	-36.74	-72.94	-3.58	-24.04	Upgrade
Net Debt Issued (Repaid)	347.04	353.75	89.02	-3.58	-24.04	Upgrade
Common Dividends Paid	-	-	-11.34	-	-18.87	Upgrade
Other Financing Activities	-152.66	-33.53	-7.77	-9.56	-7.32	Upgrade
Foreign Exchange Rate Adjustments	0.17	0.28	0.33	-0.02	-0.03	Upgrade
Miscellaneous Cash Flow Adjustments	-	-	-	15.39	-	Upgrade
Net Cash Flow	-41.66	-114.62	142.39	40.1	34.83	Upgrade
Cash Interest Paid	43.41	43.02	41.55	23.3	26.69	Upgrade
Cash Income Tax Paid	5.01	5.44	8.65	7.4	2.53	Upgrade
Levered Free Cash Flow	57.67	54.26	59.6	33.08	44.2	Upgrade
Unlevered Free Cash Flow	93.78	100.26	98.01	47.64	62.16	Upgrade
Change in Working Capital	-17	30.6	37.18	1.26	-4.47	Upgrade

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