FRA:2ZO Cash Flow Statement

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

Millions PLN. 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	177.76	201.76	255.7	149.53	56.25	123.94
Depreciation & Amortization	232.22	228.41	210.12	198.25	185.93	161.74
Loss (Gain) on Sale of Assets	1.19	0.14	2.13	-0.28	-0.6	0.68
Asset Writedown	0.08	0.08	-0.47	4.75	-	-
Change in Accounts Receivable	28.47	171.15	-298.27	27.85	-97.93	-207.58
Change in Inventory	44.33	100.65	-115.26	-30.06	56.33	2.82
Change in Accounts Payable	367.35	284.36	880.98	-110.93	260.09	33.99
Change in Unearned Revenue	-6.22	-6.33	-6.79	-7.08	-5.74	-7.31
Change in Other Net Operating Assets	-193.49	-24.96	-277.73	220.13	-155.34	27.47
Other Operating Activities	-4.96	-104.53	-38.5	-26.6	-18.75	18.64
Operating Cash Flow	646.72	850.72	611.91	425.56	280.25	154.39
Operating Cash Flow Growth	-20.72%	39.03%	43.79%	51.85%	81.53%	-18.43%
Capital Expenditures	-103.15	-	-	-548.54	-324.84	-165.05
Sale of Property, Plant & Equipment	2.24	0.21	0.3	4.1	0.62	3.01
Sale (Purchase) of Intangibles	-284.2	-284.2	-585.42	-	-	-
Investment in Securities	-	-	-10.01	0.08	-0.02	-
Other Investing Activities	-49.14	-87.39	-322.4	-85.33	-14.9	-
Investing Cash Flow	-434.26	-371.38	-917.53	-629.69	-339.14	-162.04
Long-Term Debt Issued	-	-	311.42	21.29	-	-
Long-Term Debt Repaid	-	-487.76	-10.1	-7.51	-3.03	-2.97
Net Debt Issued (Repaid)	-477.28	-487.76	301.32	13.79	-3.03	-2.97
Common Dividends Paid	-	-	-	-4.77	-	-
Other Financing Activities	267.59	5.76	33.41	178.36	69.76	8.52
Financing Cash Flow	-209.69	-481.99	334.73	187.38	66.73	5.54
Net Cash Flow	2.78	-2.65	29.11	-16.75	7.84	-2.11
Free Cash Flow	543.57	850.72	611.91	-122.98	-44.59	-10.66
Free Cash Flow Growth	-45.28%	39.03%	-	-	-	-
Free Cash Flow Margin	21.00%	33.27%	19.34%	-6.79%	-3.11%	-0.90%
Free Cash Flow Per Share	36.49	57.10	41.07	-8.25	-2.99	-0.72
Cash Income Tax Paid	15.33	107.77	70.71	36.69	34.73	26.59
Levered Free Cash Flow	280.7	341.62	-266.63	7.78	21.08	1.87
Unlevered Free Cash Flow	287.65	344.25	-262.25	10.17	22.76	3.49
Change in Working Capital	240.43	524.87	182.93	99.91	57.41	-150.61

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