Model N 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	2016 - 2020
Period Ending	Mar '25 Mar 31, 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	2016 - 2020
Net Income	313.25	372.19	-52.06	422.39	480.47	170.37	Upgrade
Depreciation & Amortization	2.38	1.91	0.68	0.43	0.15	0.7	Upgrade
Gain (Loss) on Sale of Assets	0.07	-	0.04	-	-	-	Upgrade
Asset Writedown	-280.02	-359.38	257.68	-455.57	-540.32	-213.33	Upgrade
Change in Accounts Receivable	-38.89	-60.01	27.5	-13.38	23.82	8.28	Upgrade
Change in Other Net Operating Assets	12.69	3.19	19.58	59.4	59.69	0.53	Upgrade
Other Operating Activities	106.41	133.78	-76.01	151.36	140.94	126.19	Upgrade
Operating Cash Flow	116.74	92.19	176.91	164.65	164.74	92.74	Upgrade
Operating Cash Flow Growth	-35.41%	-47.89%	7.44%	-0.05%	77.64%	7.70%	Upgrade
Acquisition of Real Estate Assets	-720.27	-695.41	-482.04	-581.3	-533.29	-352.61	Upgrade
Sale of Real Estate Assets	-	-	-	-	0.03	-	Upgrade
Net Sale / Acq. of Real Estate Assets	-720.27	-695.41	-482.04	-581.3	-533.26	-352.61	Upgrade
Investment in Marketable & Equity Securities	-	-	-	70.83	-51.22	-20	Upgrade
Other Investing Activities	8.39	10.34	-4.72	-0.96	5.31	-16.19	Upgrade
Investing Cash Flow	-711.88	-685.07	-486.87	-508.61	-569.83	-393.41	Upgrade
Long-Term Debt Issued	-	1,657	721.16	468.66	556.39	291.1	Upgrade
Long-Term Debt Repaid	-	-627.15	-313.81	-135.48	-224.76	-23.96	Upgrade
Net Debt Issued (Repaid)	718.84	1,029	407.35	333.18	331.63	267.14	Upgrade
Issuance of Common Stock	-	-	-	181.98	123.59	110.13	Upgrade
Other Financing Activities	-116.09	-117.3	-71.63	-37.87	-33.74	-22.32	Upgrade
Foreign Exchange Rate Adjustments	5.95	4.62	3.29	4.64	-2.17	6.68	Upgrade
Net Cash Flow	13.56	323.81	29.05	137.97	14.23	60.96	Upgrade
Cash Interest Paid	135.94	141.72	71.59	37.87	33.74	22.32	Upgrade
Cash Income Tax Paid	17.67	11.32	24.03	7.06	7.22	3.85	Upgrade
Levered Free Cash Flow	-34.45	-53.32	62.22	109.38	112.93	-38.9	Upgrade
Unlevered Free Cash Flow	51.68	26.97	93.23	134.53	132.5	-23.42	Upgrade
Change in Working Capital	-25.35	-56.32	46.57	46.05	83.5	8.81	Upgrade

Updated Mar 19, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.