Develia 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	471	380.27	275.62	230.94	153.95	-138.8
Depreciation & Amortization	8.29	6.66	2.95	2.03	1.55	1.87
Gain (Loss) on Sale of Assets	-	-	-	4.04	50.85	203.87
Asset Writedown	-10.34	-0.74	28.52	-	-	-
Income (Loss) on Equity Investments	-18.3	-18.87	1.98	1.1	1.07	-
Change in Accounts Receivable	103.51	159.61	-225.27	68.8	-67.67	99.86
Change in Other Net Operating Assets	266.98	204.2	336.63	-117.85	285.03	63.66
Other Operating Activities	87.71	56.57	350.02	67.4	7.71	12.25
Operating Cash Flow	457.2	311.96	106.84	169.97	86.81	59.94
Operating Cash Flow Growth	-	191.98%	-37.14%	95.80%	44.83%	-
Acquisition of Real Estate Assets	-12.93	-24.47	-7.88	-29.4	-32.15	-34.87
Sale of Real Estate Assets	211.49	55.38	317.93	392.16	0	436.07
Net Sale / Acq. of Real Estate Assets	198.57	30.91	310.06	362.77	-32.15	401.21
Cash Acquisition	-271.56	-	-	-	-	-
Investment in Marketable & Equity Securities	48.82	-4.7	-373.23	5.81	-78.09	-75
Other Investing Activities	14.44	17.23	24.33	-	-	-
Investing Cash Flow	-9.74	43.44	-38.84	368.57	-110.24	326.21
Long-Term Debt Issued	-	329.85	640	31.43	273.1	190.83
Long-Term Debt Repaid	-	-306.47	-330.71	-311.14	-188.04	-460.83
Net Debt Issued (Repaid)	-100.45	23.38	309.29	-279.71	85.05	-270
Issuance of Common Stock	15.38	9.18	10.32	-	-	-
Common Dividends Paid	-265.48	-226.14	-179.02	-201.4	-76.09	-44.76
Other Financing Activities	-79.91	-81.25	-61.73	-38.07	-29.82	-35.24
Net Cash Flow	16.99	80.57	146.85	19.37	-44.28	36.15
Cash Interest Paid	79.92	81.25	62.72	38.07	29.82	35.24
Cash Income Tax Paid	96.97	104.42	60.36	18.73	68.42	49.87
Levered Free Cash Flow	181.15	212.4	27.24	211.38	-593.85	497.27
Unlevered Free Cash Flow	189.92	220.34	41.05	220.32	-582.81	509.16
Change in Working Capital	-81.16	-111.93	-552.26	-135.53	-128.32	-19.26

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