WSE:CAV 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	2.68	10.84	90.5	27.15	189.62	145.71
Depreciation & Amortization	6.02	6.68	7.75	5.71	3.73	2.38
Asset Writedown	-64.24	-68.51	-150.62	-105.21	-257.26	-233.8
Stock-Based Compensation	-	-	-	-	6.33	-1.71
Income (Loss) on Equity Investments	-0.65	0.08	14.26	-9.44	-30.16	0.79
Change in Accounts Receivable	-5.26	-10.29	20.26	-8.99	-19.99	-15.95
Change in Other Net Operating Assets	89.96	182.62	19.62	-9.63	-2.84	-56
Other Operating Activities	114.33	81.74	52.55	-24.48	20.36	37.28
Operating Cash Flow	-27.22	65.02	-19.49	-125.22	-121.45	-142.5
Acquisition of Real Estate Assets	-127.38	-207.29	-415.03	-676.27	-527.51	-396.73
Sale of Real Estate Assets	1.98	12.86	16.41	644.33	0.09	556.5
Net Sale / Acq. of Real Estate Assets	-125.4	-194.43	-398.62	-31.94	-527.42	159.77
Other Investing Activities	0.2	0.49	1.38	3.7	0.79	1.21
Investing Cash Flow	-150.61	-188.97	-390.14	-22.23	-504.33	196.84
Long-Term Debt Issued	-	526.53	881.02	992.27	768.38	447.59
Long-Term Debt Repaid	-	-362.79	-398.87	-908.88	-187.7	-511.39
Net Debt Issued (Repaid)	254.35	163.74	482.16	83.39	580.68	-63.8
Issuance of Common Stock	-	-	-	-	194.36	-
Common Dividends Paid	-	-	-	-	-	-4
Other Financing Activities	-42.69	-84.54	-57.19	-21.22	-30.69	-14.91
Net Cash Flow	33.83	-44.75	15.34	-85.28	118.58	-28.37
Cash Interest Paid	80.64	80.64	57.19	21.22	23.53	14.91
Cash Income Tax Paid	3.53	3.53	3.6	45.2	21.77	42.83
Levered Free Cash Flow	-792.38	6.64	-209.1	-132.38	-33.87	-
Unlevered Free Cash Flow	-717.51	67.71	-158.32	-114.25	-17.95	-
Change in Working Capital	-85.37	34.18	-33.92	-18.95	-54.08	-93.15

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.