ML System 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	-52.97	-40.8	-15.35	0.22	1.75	10.18
Depreciation & Amortization	22.37	27.24	22.6	29.41	21.22	11.34
Loss (Gain) From Sale of Assets	-0.84	-3.68	-0.68	-0.04	-0.51	0
Stock-Based Compensation	-	-	-	-	-	0.81
Other Operating Activities	19	23.72	7.65	6.18	-1.23	-0.52
Change in Accounts Receivable	-14.02	34.81	3.51	-17.33	-0.51	-17.94
Change in Inventory	24.55	6.85	30.6	-12.52	-19.25	-28.3
Change in Other Net Operating Assets	49.89	-10.55	-42.14	4.4	8.73	2.53
Operating Cash Flow	48.25	37.59	6.19	10.32	10.21	-21.91
Operating Cash Flow Growth	-	507.66%	-40.06%	1.13%	-	-
Capital Expenditures	-0.81	-41.18	-175.18	-46.01	-58.81	-53.18
Sale of Property, Plant & Equipment	1.19	31.08	3.54	0.16	3.45	4.16
Investing Cash Flow	0.38	-10.1	-171.64	-45.85	-55.37	-49.02
Long-Term Debt Issued	-	9.5	73.37	121.09	128.11	58.46
Long-Term Debt Repaid	-	-49.68	-45.01	-96.78	-110.51	-49.66
Net Debt Issued (Repaid)	-34.86	-40.18	28.36	24.31	17.6	8.8
Issuance of Common Stock	-	-	58.36	-	0.1	58.4
Other Financing Activities	-5.7	-2.06	72.38	13.53	31.67	9.13
Financing Cash Flow	-40.56	-42.24	159.11	37.85	49.37	76.33
Net Cash Flow	8.07	-14.74	-6.34	2.31	4.21	5.4
Free Cash Flow	47.44	-3.59	-168.99	-35.69	-48.61	-75.09
Free Cash Flow Margin	39.34%	-2.21%	-89.26%	-12.67%	-25.75%	-59.00%
Free Cash Flow Per Share	6.43	-0.49	-24.21	-5.50	-7.61	-12.31
Cash Interest Paid	5.92	10.43	7.42	6.14	1.38	1.11
Cash Income Tax Paid	-	-	0.03	0.67	-0.86	-
Levered Free Cash Flow	39.8	-9.74	-131.84	-28.51	-27.78	-74.72
Unlevered Free Cash Flow	45.9	-3.22	-127.21	-24.65	-26.95	-73.97
Change in Working Capital	60.42	31.1	-8.03	-25.45	-11.03	-43.72

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