CAV Cash Flow Statement

Financials in millions PLN. Fiscal year is January - December.

Millions PLN. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Mar '24 Mar 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	62.75	90.5	27.15	189.62	145.71
Depreciation & Amortization	7.81	7.75	5.71	3.73	2.38
Asset Writedown	-110.33	-150.62	-105.21	-257.26	-233.8
Stock-Based Compensation	-	-	-	6.33	-1.71
Income (Loss) on Equity Investments	14.25	14.26	-9.44	-30.16	0.79
Change in Accounts Receivable	55.66	20.26	-8.99	-19.99	-15.95
Change in Other Net Operating Assets	40.61	19.62	-9.63	-2.84	-56
Other Operating Activities	57.77	52.55	-24.48	20.36	37.28
Operating Cash Flow	-15.58	-19.49	-125.22	-121.45	-142.5
Acquisition of Real Estate Assets	-331.8	-415.03	-676.27	-527.51	-396.73
Sale of Real Estate Assets	5.53	16.41	644.33	0.09	556.5
Net Sale / Acq. of Real Estate Assets	-326.27	-398.62	-31.94	-527.42	159.77
Other Investing Activities	1.32	1.38	3.7	0.79	1.21
Investing Cash Flow	-318.74	-390.14	-22.23	-504.33	196.84
Long-Term Debt Issued	-	881.02	992.27	768.38	447.59
Long-Term Debt Repaid	-	-398.87	-908.88	-187.7	-511.39
Net Debt Issued (Repaid)	386.5	482.16	83.39	580.68	-63.8
Issuance of Common Stock	-	-	-	194.36	-
Common Dividends Paid	-	-	-	-	-4
Other Financing Activities	-66.96	-57.19	-21.22	-30.69	-14.91
Net Cash Flow	-14.77	15.34	-85.28	118.58	-28.37
Cash Interest Paid	66.96	57.19	21.22	23.53	14.91
Cash Income Tax Paid	4.73	3.6	45.2	21.77	42.83
Levered Free Cash Flow	-191.01	-209.1	-132.38	-33.87	-
Unlevered Free Cash Flow	-136.72	-158.32	-114.25	-17.95	-
Change in Net Working Capital	132.65	150.13	108.44	19.59	-

Source: S&P Capital IQ. Real Estate template. Financial Sources.