Develia Cash Flow Statement

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

Millions PLN. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	380.27	275.62	230.94	153.95
Depreciation & Amortization	6.66	2.95	2.03	1.55
Gain (Loss) on Sale of Assets	-	-	4.04	50.85
Asset Writedown	-0.74	28.52	-	-
Income (Loss) on Equity Investments	-18.87	1.98	1.1	1.07
Change in Accounts Receivable	159.61	-225.27	68.8	-67.67
Change in Other Net Operating Assets	204.2	336.63	-117.85	285.03
Other Operating Activities	56.57	350.02	67.4	7.71
Operating Cash Flow	311.96	106.84	169.97	86.81
Operating Cash Flow Growth	191.98%	-37.14%	95.80%	44.83%
Acquisition of Real Estate Assets	-24.47	-7.88	-29.4	-32.15
Sale of Real Estate Assets	55.38	317.93	392.16	0
Net Sale / Acq. of Real Estate Assets	30.91	310.06	362.77	-32.15
Investment in Marketable & Equity Securities	-4.7	-373.23	5.81	-78.09
Other Investing Activities	17.23	24.33	-	-
Investing Cash Flow	43.44	-38.84	368.57	-110.24
Long-Term Debt Issued	329.85	640	31.43	273.1
Long-Term Debt Repaid	-306.47	-330.71	-311.14	-188.04
Net Debt Issued (Repaid)	23.38	309.29	-279.71	85.05
Issuance of Common Stock	9.18	10.32	-	-
Common Dividends Paid	-226.14	-179.02	-201.4	-76.09
Other Financing Activities	-81.25	-61.73	-38.07	-29.82
Net Cash Flow	80.57	146.85	19.37	-44.28
Cash Interest Paid	81.25	62.72	38.07	29.82
Cash Income Tax Paid	104.42	60.36	18.73	68.42
Levered Free Cash Flow	212.4	27.24	211.38	-593.85
Unlevered Free Cash Flow	220.34	41.05	220.32	-582.81
Change in Working Capital	-111.93	-552.26	-135.53	-128.32

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.