Echo Investment 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	-158.85	-14.18	67.43	127.15	188.92	122.09
Depreciation & Amortization	17.97	15.79	14.17	15.3	12.53	11.74
Gain (Loss) on Sale of Assets	7.06	7.84	78.82	11.59	0.21	-6.92
Asset Writedown	-	-	-	-	-105.41	-282.69
Income (Loss) on Equity Investments	-30.73	-129.02	-97.36	-68.68	-23.36	9.57
Change in Accounts Receivable	70.44	-57.35	-118.58	-464.17	31.79	-8.98
Change in Other Net Operating Assets	614.83	425.75	-335.18	190.4	-71.83	-153.62
Other Operating Activities	346.9	158.11	102.11	149.18	-19.75	168.11
Operating Cash Flow	273.34	-163.91	-274.78	9.18	119.17	-70.74
Operating Cash Flow Growth	-	-	-	-92.29%	-	-
Acquisition of Real Estate Assets	-365.67	-276.15	-205.7	-319.29	-411.78	-665.9
Sale of Real Estate Assets	248.4	146.38	176.67	960.92	1,139	29.6
Net Sale / Acq. of Real Estate Assets	-117.27	-129.77	-29.03	641.63	727.37	-636.3
Cash Acquisition	-0.45	-	-34.11	-	-35.1	-
Investment in Marketable & Equity Securities	17.49	-100.19	-5.63	-76.41	-12.15	-57.03
Other Investing Activities	0.42	0.35	-	-	-	-
Investing Cash Flow	-111.18	-363.05	-106.95	584.84	604.01	-752.9
Long-Term Debt Issued	-	1,093	779.09	554.77	546.76	1,155
Long-Term Debt Repaid	-	-759.68	-386.06	-526.03	-705.48	-402.36
Net Debt Issued (Repaid)	-203.08	333.22	393.03	28.75	-158.72	753.12
Issuance of Common Stock	-	-	217.07	-	-	-
Common Dividends Paid	-21.42	-38.12	-192.58	-99.99	-215.08	-
Other Financing Activities	-248.79	-215.76	-163.94	-169.46	-87.8	-94.69
Net Cash Flow	-311.12	-447.63	-128.16	353.32	261.58	-165.2
Cash Interest Paid	248.79	214.88	163.94	143.77	76.61	88.74
Cash Income Tax Paid	43.66	96.78	93.44	92.32	121.32	13.39
Levered Free Cash Flow	-273.42	28.86	-231.81	1,242	-197.57	-1,395
Unlevered Free Cash Flow	-136.35	171.56	-113.04	1,344	-132.18	-1,360
Change in Working Capital	70.09	-202.46	-439.95	-225.36	66.03	-92.64

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