Stalexport Autostrady 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	116.13	132.93	109.23	36.55	90.56	87.26
Depreciation & Amortization	101.53	101.38	90.56	84.99	80.23	58.78
Loss (Gain) From Sale of Assets	-0.08	-0.29	-0.1	1.22	0.33	-0.03
Loss (Gain) on Equity Investments	-0.06	-0.07	-0.14	-0.08	-0.02	0.27
Other Operating Activities	0.36	-41.33	-79.47	-46.62	-9.66	-2.2
Change in Accounts Receivable	-74.54	-73.31	-11.55	0.85	-7.13	12.37
Change in Inventory	0.63	-0.16	0	-0.11	-0.05	-0.15
Change in Accounts Payable	93.53	-7.62	27.03	13.86	12.68	-19.87
Change in Unearned Revenue	-1.48	-1.04	-0.6	-2.76	2.57	0.58
Change in Other Net Operating Assets	-79.29	-29.06	16.36	144.24	11.02	-3.35
Operating Cash Flow	156.73	81.43	151.32	232.14	180.54	133.66
Operating Cash Flow Growth	1.91%	-46.19%	-34.82%	28.59%	35.07%	-41.02%
Capital Expenditures	-49.88	-272.83	-60.04	-58.34	-57.09	-40.78
Sale of Property, Plant & Equipment	0.47	0.67	0.47	0.29	0.29	0.27
Investment in Securities	-	-	-	1.07	134.84	-219.53
Other Investing Activities	38.76	44.03	57.16	32.05	0.27	4.59
Investing Cash Flow	-10.65	-228.14	-2.4	-24.93	78.31	-255.45
Long-Term Debt Repaid	-	-0.19	-0.18	-0.13	-0.13	-0.13
Net Debt Issued (Repaid)	-0.21	-0.19	-0.18	-0.13	-0.13	-0.13
Common Dividends Paid	-155.78	-111.27	-49.45	-59.34	-158.25	-12.36
Other Financing Activities	-12.93	-12.35	-12.68	-9.12	-4.15	-8.73
Financing Cash Flow	-168.91	-123.81	-62.31	-68.59	-162.53	-21.22
Net Cash Flow	-22.83	-270.52	86.61	138.62	96.32	-143.01
Free Cash Flow	106.85	-191.41	91.28	173.81	123.44	92.88
Free Cash Flow Growth	-	-	-47.48%	40.80%	32.90%	-53.93%
Free Cash Flow Margin	17.19%	-33.06%	17.94%	41.99%	34.27%	32.08%
Free Cash Flow Per Share	0.43	-0.77	0.37	0.70	0.50	0.38
Cash Interest Paid	0.02	0	-	-	-	-
Cash Income Tax Paid	11.11	53.98	54.49	40.54	42.07	9.31
Levered Free Cash Flow	218.66	-178.44	183.15	167.96	129.36	69.92
Unlevered Free Cash Flow	220.38	-176.33	184.97	169.68	131.06	71.89
Change in Working Capital	-61.15	-111.19	31.24	156.08	19.1	-10.42

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