FRA:6PG 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	-12,547	-3,163	-5,012	3,328	3,972	110
Depreciation & Amortization	4,046	4,338	4,615	4,159	4,087	3,770
Other Amortization	202	202	156	99	109	132
Loss (Gain) on Sale of Assets	597	20	-4	-6	-373	-32
Loss (Gain) on Sale of Investments	7	7	494	-47	19	11
Loss (Gain) on Equity Investments	79	79	-2	-	2	552
Asset Writedown	16,903	7,739	8,684	104	216	656
Change in Accounts Receivable	1,897	2,587	-737	-1,373	-2,958	-1
Change in Inventory	744	791	1,236	-2,727	866	1,370
Change in Other Net Operating Assets	-5,891	-4,269	-4,931	9,057	1,620	3,289
Other Operating Activities	3,598	2,475	-1,230	-985	-121	399
Operating Cash Flow	9,635	10,806	3,269	11,609	7,439	10,256
Operating Cash Flow Growth	15.29%	230.56%	-71.84%	56.06%	-27.47%	50.38%
Capital Expenditures	-10,164	-10,346	-9,733	-6,661	-4,682	-5,930
Sale of Property, Plant & Equipment	16	20	43	24	59	48
Cash Acquisitions	-	-	-1,820	-797	-	-122
Divestitures	-	-	-	111	250	-
Investment in Securities	-22	-84	-17	-5	-6	-64
Other Investing Activities	123	130	76	16	12	31
Investing Cash Flow	-10,077	-10,300	-11,451	-7,296	-4,367	-6,037
Long-Term Debt Issued	-	6,914	9,114	2,293	601	4,451
Long-Term Debt Repaid	-	-8,790	-6,365	-4,352	-1,233	-5,507
Net Debt Issued (Repaid)	4,719	-1,876	2,749	-2,059	-632	-1,056
Issuance of Common Stock	-	-	-	3,197	-	-
Other Financing Activities	511	-300	-421	-297	104	-301
Financing Cash Flow	5,230	-2,176	2,328	841	-528	-1,357
Net Cash Flow	4,788	-1,670	-5,854	5,154	2,544	2,862
Free Cash Flow	-529	460	-6,464	4,948	2,757	4,326
Free Cash Flow Growth	-	-	-	79.47%	-36.27%	-
Free Cash Flow Margin	-0.85%	0.71%	-6.74%	6.74%	5.22%	9.45%
Free Cash Flow Per Share	-0.24	0.20	-2.88	2.32	1.48	2.31
Cash Interest Paid	730	687	702	364	358	373
Cash Income Tax Paid	1,790	236	1,954	2,168	1,273	359
Levered Free Cash Flow	-4,098	-3,138	-4,755	4,403	5,945	2,602
Unlevered Free Cash Flow	-3,468	-2,429	-4,112	4,751	6,269	2,896
Change in Working Capital	-3,250	-891	-4,432	4,957	-472	4,658

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