Cash Flow Statement

Operating Cash Flow

+55%

+14%

10Y

Currency: DKK

	Dec-2001	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Operating Cash Flow
Net Income	1 221	1 263	1 070	439	317	180	(21)	81	(101)	(139)	(106)	62	669	160	354	407	525	645	687	781	953	1 168	1 439	1 820	2 100	2 344	2 563	2 658	2 911	2 891	2 819	2 719	2 725	2 609	2 567	2 671	2 387	2 352	2 275	2 185	2 647	2 676	2 851	2 888	2 759	2 738	2 423	2 092	1 304	1 369	1 531	1 903	1 931	2 015	1 997	1 733	1 878	1 718	1 546	1 536	1 588	1 712	1 777	1 754	1 732	1 692	1 727	1 737	1 826	1 825	1 959	2 010	2 008	1 932	1 581	1 377	1 134	1 102	1 164	1 301	1 401	1 496	1 599	1 626	1 300	1 240	1 267	1 386	1 761	1 881	1 967	2 073	2 257	2 479	2 462	2 374
Depreciation & Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(1)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	44	0	0	0	12	0	0	0	14	0	0	0	40	0	0	0	58	0	0	0	0	0	0	0	29	10	20	30	37	31	31	32	43	43	43	38	43	43	45	49	39	39	39	38	42	42	41	41	45	45	45	47	13	13	13	13	0	25	18	11	15	19	23	26	25	28	27	19	53	30	35	51	57	58	61	61
Other Non-Cash Items	1 005	864	(27)	356	(115)	(45)	(271)	(464)	54	(97)	30	199	208	4 585	4 474	4 377	192	158	211	109	143	190	152	148	0	(47)	(119)	(32)	(117)	(109)	81	50	87	210	(123)	(27)	90	(76)	87	(95)	(86)	18	76	(80)	(156)	(339)	(239)	62	237	212	(49)	(305)	(304)	(144)	4	86	(219)	(429)	(413)	(434)	(156)	(39)	(117)	(118)	(153)	(249)	(471)	(457)	(522)	(548)	(288)	(318)	(242)	(176)	(107)	43	0	20	66	27	42	23	47	72	436	836	964	714	(605)	(542)	(898)	(491)	138	53	308	174
Cash Taxes Paid	95	109	65	86	69	66	93	93	91	78	123	(55)	89	64	(4)	167	76	106	136	151	172	178	204	267	399	492	579	590	664	611	465	456	411	467	542	501	458	458	620	630	0	876	835	825	708	637	673	752	682	723	620	526	411	301	266	364	338	424	451	349	441	422	300	343	329	302	362	343	380	377	345	347	311	302	342	333	368	381	423	468	537	601	562	494	471	472	660	793	850	896	818	791	876	885	884	756
Cash Interest Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	92	0	0	0	109	0	0	0	83	0	0	0	75	0	0	0	84	0	0	0	73	0	0	0	93	0	0	0	86	0	0	0	164	0	0	0	164	0	0	0
Change in Working Capital	(905)	(74)	387	651	512	487	181	33	(153)	(399)	(499)	(588)	(1 026)	(512)	(36)	57	1 035	1 118	507	697	201	(90)	12	(304)	(607)	(329)	(128)	500	(470)	(983)	(1 299)	(1 509)	(342)	(192)	154	(618)	(1 142)	(1 391)	(1 438)	(970)	(1 413)	(1 562)	(1 888)	(2 360)	(883)	(1 028)	(1 197)	(856)	(1 698)	(1 824)	(1 450)	(962)	(329)	(66)	(481)	(690)	(1 121)	(766)	(394)	(115)	15	(17)	(203)	(509)	(514)	(184)	(365)	(446)	(919)	(1 001)	(840)	(974)	(818)	(1 077)	(405)	(1)	287	619	485	(399)	6	(425)	(1 273)	(657)	(768)	(1 442)	(1 011)	(1 632)	(533)	(664)	(752)	(632)	(1 755)	(1 552)	(1 277)	(934)
Cash from Operating Activities	1 321 N/A	2 053 +55%	1 430 -30%	1 446 +1%	714 -51%	622 -13%	(111) N/A	(350) -215%	(200) +43%	(635) -217%	(575) +9%	(327) +43%	(149) +54%	4 233 N/A	4 792 +13%	4 841 +1%	1 752 -64%	1 921 +10%	1 405 -27%	1 586 +13%	1 297 -18%	1 268 -2%	1 603 +26%	1 665 +4%	1 493 -10%	1 968 +32%	2 316 +18%	3 126 +35%	2 324 -26%	1 799 -23%	1 601 -11%	1 260 -21%	2 470 +96%	2 627 +6%	2 598 -1%	2 026 -22%	1 335 -34%	885 -34%	924 +4%	1 120 +21%	1 148 +3%	1 132 -1%	1 039 -8%	448 -57%	1 720 +284%	1 371 -20%	987 -28%	1 298 +32%	(157) N/A	(243) -55%	32 N/A	636 +1 888%	1 298 +104%	1 805 +39%	1 520 -16%	1 129 -26%	538 -52%	523 -3%	739 +41%	987 +34%	1 447 +47%	1 656 +14%	1 457 -12%	1 127 -23%	1 065 -6%	1 259 +18%	891 -29%	834 -6%	385 -54%	276 -28%	831 +201%	718 -14%	948 +32%	679 -28%	1 069 +57%	1 419 +33%	1 421 +0%	1 741 +23%	1 715 -1%	929 -46%	1 449 +56%	1 094 -24%	373 -66%	1 041 +179%	968 -7%	634 -35%	1 220 +92%	468 -62%	623 +33%	675 +8%	317 -53%	950 +200%	640 -33%	980 +53%	1 493 +52%	1 614 +8%
Investing Cash Flow
Capital Expenditures	(1 016)	(994)	(870)	(756)	(701)	(659)	(718)	(765)	(752)	(655)	(503)	(351)	(440)	(217)	(225)	(238)	(216)	(203)	(210)	(224)	(282)	(344)	(367)	(410)	(448)	(464)	(578)	(680)	(785)	(775)	(681)	(526)	(336)	(292)	(259)	(325)	(626)	(667)	(755)	(827)	(789)	(888)	(960)	(981)	(1 105)	(1 060)	(1 068)	(1 059)	(697)	(621)	(457)	(348)	(507)	(493)	(470)	(420)	(211)	(167)	(236)	(249)	(262)	(271)	(248)	(268)	(265)	(292)	(379)	(450)	(508)	(523)	(424)	(386)	(419)	(407)	(381)	(380)	(349)	(333)	(327)	(291)	(295)	(295)	(305)	(326)	(333)	(349)	(394)	(468)	(499)	(532)	(583)	(647)	(698)	(727)	(806)	(699)
Other Items	769	597	1 210	1 475	1 677	2 695	2 081	1 751	1 285	148	158	118	4 314	34	23	101	272	269	273	73	(115)	(107)	(137)	(3 605)	(3 365)	(3 361)	(3 437)	159	(86)	(102)	(9)	(157)	(194)	(203)	(215)	(67)	(100)	(223)	(213)	(858)	(859)	(712)	(878)	(2 432)	(2 293)	(2 237)	(2 009)	211	130	90	(65)	(134)	(91)	727	817	933	961	145	163	119	68	54	61	55	152	172	241	272	223	195	(194)	(234)	(242)	(278)	4	9	(27)	15	10	18	22	108	99	(1 965)	(1 977)	(2 020)	(2 046)	299	242	345	447	157	190	63	27	29
Cash from Investing Activities	(247) N/A	(397) -61%	340 N/A	719 +111%	976 +36%	2 036 +109%	1 363 -33%	986 -28%	533 -46%	(507) N/A	(345) +32%	(233) +32%	3 874 N/A	(183) N/A	(202) -10%	(137) +32%	56 N/A	66 +18%	63 -5%	(151) N/A	(397) -163%	(451) -14%	(504) -12%	(4 015) -697%	(3 813) +5%	(3 825) 0%	(4 015) -5%	(521) +87%	(871) -67%	(877) -1%	(690) +21%	(683) +1%	(530) +22%	(495) +7%	(474) +4%	(392) +17%	(726) -85%	(890) -23%	(968) -9%	(1 685) -74%	(1 648) +2%	(1 600) +3%	(1 838) -15%	(3 413) -86%	(3 398) +0%	(3 297) +3%	(3 077) +7%	(848) +72%	(567) +33%	(531) +6%	(522) +2%	(482) +8%	(598) -24%	234 N/A	347 +48%	513 +48%	750 +46%	(22) N/A	(73) -232%	(130) -78%	(194) -49%	(217) -12%	(187) +14%	(213) -14%	(113) +47%	(120) -6%	(138) -15%	(178) -29%	(285) -60%	(328) -15%	(618) -88%	(620) 0%	(661) -7%	(685) -4%	(377) +45%	(371) +2%	(376) -1%	(318) +15%	(317) +0%	(273) +14%	(273) N/A	(187) +32%	(206) -10%	(2 291) -1 012%	(2 310) -1%	(2 369) -3%	(2 440) -3%	(169) +93%	(257) -52%	(187) +27%	(136) +27%	(490) -260%	(508) -4%	(664) -31%	(779) -17%	(670) +14%
Financing Cash Flow
Net Issuance of Common Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(26)	(13)	(6 164)	(6 213)	(6 300)	(6 300)	(144)	(97)	12	4	(1)	(6)	(2)	(7)	(7)	5	8	12	17	9	(99)	(101)	(135)	(200)	(90)	(92)	(60)	(110)	(153)	(150)	(584)	(662)	(660)	(662)	(230)	(171)	(185)	(184)	(171)	(33)	17	15	1	(1)	13	72	25	88	114	94	169	122	91	56	32	25	21	17	13	5	0	1	1	1 435	1 477	1 476	1 476	42	0	0	0	(1)	(1)	0	(20)	(19)	(20)	0	(35)	(528)
Net Issuance of Debt	(863)	(1 300)	(1 917)	(2 256)	(1 606)	(2 485)	(1 201)	(624)	(376)	967	872	579	(2 849)	(2 988)	(3 408)	(3 335)	(100)	(218)	70	(112)	(195)	(164)	(147)	1 433	832	378	395	(1 938)	(1 121)	(900)	(933)	(463)	(358)	(444)	(761)	(68)	(433)	(27)	205	(28)	83	93	2 339	3 636	2 567	2 966	1 975	543	1 444	1 339	246	(194)	(514)	(1 192)	(1 066)	(871)	(562)	(412)	(379)	(531)	(766)	(1 201)	(956)	(826)	(1 000)	(758)	(528)	(334)	(250)	58	(178)	(81)	266	330	(679)	(808)	(942)	(839)	(625)	(1 741)	(1 655)	(1 729)	(1 248)	2 411	1 772	1 831	1 690	(713)	(882)	(450)	(165)	(241)	(163)	(742)	(847)	(387)
Cash Paid for Dividends	(453)	(455)	(13)	(13)	(14)	(12)	(9)	(9)	(7)	0	0	0	(4)	0	0	0	(365)	0	(733)	(733)	(368)	0	(366)	(366)	(366)	0	(366)	(366)	(366)	0	0	(105)	(105)	0	(367)	(262)	(262)	(272)	(474)	(480)	(482)	0	(479)	(473)	(471)	0	(467)	(470)	(467)	(467)	(99)	(96)	(104)	(543)	(444)	(452)	(446)	(7)	(203)	(195)	(197)	0	(299)	(298)	(296)	0	(408)	(420)	(397)	0	(40)	(29)	(450)	0	0	0	0	(83)	(101)	(101)	(101)	(18)	(170)	(170)	(176)	0	(176)	(176)	(170)	0	(227)	(227)	(230)	0	(460)	(461)
Other	12	0	28	11	10	10	0	5	5	0	0	0	26	0	0	0	0	1	6 161	6 161	6 161	0	0	0	0	0	0	0	0	0	0	0	7	0	0	0	(16)	0	0	0	(3)	0	0	0	8	0	0	8	0	0	0	0	0	0	0	0	(145)	0	0	0	77	5	5	5	241	0	0	0	(22)	8	9	9	7	1	0	0	(14)	0	(11)	(11)	3	0	0	0	0	0	(13)	(13)	(13)	0	0	0	0	0	0	0
Cash from Financing Activities	(1 304) N/A	(1 744) -34%	(1 902) -9%	(2 258) -19%	(1 610) +29%	(2 487) -54%	(1 210) +51%	(628) +48%	(378) +40%	965 N/A	877 -9%	579 -34%	(2 827) N/A	(2 940) -4%	(3 360) -14%	(3 287) +2%	(491) +85%	(595) -21%	(666) -12%	(897) -35%	(702) +22%	(672) +4%	(657) +2%	970 N/A	478 -51%	16 -97%	28 +75%	(2 310) N/A	(1 489) +36%	(1 273) +15%	(940) +26%	(563) +40%	(448) +20%	(530) -18%	(1 104) -108%	(314) +72%	(810) -158%	(416) +49%	(420) -1%	(724) -72%	(492) +32%	(474) +4%	1 797 N/A	3 050 +70%	1 951 -36%	2 353 +21%	932 -60%	(581) N/A	317 N/A	210 -34%	(83) N/A	(461) -455%	(803) -74%	(1 919) -139%	(1 681) +12%	(1 356) +19%	(1 136) +16%	(404) +64%	(581) -44%	(727) -25%	(873) -20%	(1 321) -51%	(1 225) +7%	(1 031) +16%	(941) +9%	(960) -2%	(767) +20%	(632) +18%	(578) +9%	(299) +48%	(598) -100%	(497) +17%	(156) +69%	(102) +35%	(666) -553%	(803) -21%	(956) -19%	(935) +2%	(736) +21%	(418) +43%	(276) +34%	(268) +3%	58 N/A	2 283 +3 836%	1 596 -30%	1 655 +4%	1 501 -9%	(903) N/A	(1 066) -18%	(634) +41%	(412) +35%	(487) -18%	(413) +15%	(992) -140%	(1 342) -35%	(1 376) -3%
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(39)	(29)	(29)	33	(3)	18	32	(137)	11	(2)	(35)	113	153	284	182	210	(27)	(172)	(11)	(4)	105	171	87	(37)	(15)	(186)	(180)	(154)	(162)	(53)	22	47	142	89	(22)	(16)	(146)	(88)	(13)	(24)	34	(52)	(100)	(99)	(164)	(105)	(101)	(72)	(8)	(6)	45	(5)	(65)	(78)	(124)	(114)	(43)	(18)	30	59	59	67	68	(59)	(117)	(166)	(157)	(78)	(51)	(11)	(56)	(1)	(25)	(68)	(47)
Net Change in Cash	(230) N/A	(88) +62%	(132) -50%	(93) +30%	80 N/A	171 +114%	42 -75%	8 -81%	(45) N/A	(177) -293%	(43) +76%	19 N/A	898 +4 626%	1 110 +24%	1 230 +11%	1 417 +15%	1 317 -7%	1 392 +6%	802 -42%	538 -33%	198 -63%	106 -46%	413 +290%	(1 409) N/A	(1 809) -28%	(1 844) -2%	(1 653) +10%	327 N/A	(173) N/A	(340) -97%	(31) +91%	(21) +32%	1 605 N/A	1 755 +9%	1 304 -26%	1 502 +15%	9 -99%	(448) N/A	(636) -42%	(1 300) -104%	(996) +23%	(837) +16%	1 169 N/A	172 -85%	236 +37%	412 +75%	(1 344) N/A	(311) +77%	(561) -80%	(726) -29%	(626) +14%	(285) +54%	(56) +80%	262 N/A	275 +5%	264 -4%	136 -48%	(49) N/A	(3) +94%	117 N/A	356 +204%	152 -57%	(7) N/A	(217) -3 000%	(88) +59%	15 N/A	(119) N/A	(77) +35%	(550) -614%	(359) +35%	(391) -9%	(354) +9%	126 N/A	(173) N/A	(52) +70%	121 N/A	(25) N/A	445 N/A	644 +45%	268 -58%	959 +258%	698 -27%	292 -58%	1 101 +277%	195 -82%	(197) N/A	115 N/A	(761) N/A	(778) -2%	(197) +75%	(242) -23%	(83) +66%	(282) -240%	(701) -149%	(696) +1%	(479) +31%
Free Cash Flow
Free Cash Flow	305 N/A	1 059 +247%	560 -47%	690 +23%	13 -98%	(37) N/A	(829) -2 141%	(1 115) -34%	(952) +15%	(1 290) -36%	(1 078) +16%	(678) +37%	(589) +13%	4 016 N/A	4 567 +14%	4 603 +1%	1 536 -67%	1 718 +12%	1 195 -30%	1 362 +14%	1 015 -25%	924 -9%	1 236 +34%	1 255 +2%	1 045 -17%	1 504 +44%	1 738 +16%	2 446 +41%	1 539 -37%	1 024 -33%	920 -10%	734 -20%	2 134 +191%	2 335 +9%	2 339 +0%	1 701 -27%	709 -58%	218 -69%	169 -22%	293 +73%	359 +23%	244 -32%	79 -68%	(533) N/A	615 N/A	311 -49%	(81) N/A	239 N/A	(854) N/A	(864) -1%	(425) +51%	288 N/A	791 +175%	1 312 +66%	1 050 -20%	709 -32%	327 -54%	356 +9%	503 +41%	738 +47%	1 185 +61%	1 385 +17%	1 209 -13%	859 -29%	800 -7%	967 +21%	512 -47%	384 -25%	(123) N/A	(247) -101%	407 N/A	332 -18%	529 +59%	272 -49%	688 +153%	1 039 +51%	1 072 +3%	1 408 +31%	1 388 -1%	638 -54%	1 154 +81%	799 -31%	68 -91%	715 +951%	635 -11%	285 -55%	826 +190%	0 N/A	124 N/A	143 +15%	(266) N/A	303 N/A	(58) N/A	253 N/A	687 +172%	915 +33%

Income Statement Balance Sheet Cash Flow Statement

FLSmidth & Co A/S
CSE:FLS

Cash Flow Statement

Cash Flow Statement
FLSmidth & Co A/S

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FLSmidth & Co A/S CSE:FLS

Cash Flow Statement

Cash Flow Statement FLSmidth & Co A/S

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FLSmidth & Co A/S
CSE:FLS

Cash Flow Statement
FLSmidth & Co A/S