Marvipol Development 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	88.02	31.72	55.28	89.9	95.67	80.45
Depreciation & Amortization	10.87	10.41	9.42	7.45	2.91	3.06
Other Amortization	0.93	1.24	0.97	11.49	3.68	2.61
Loss (Gain) From Sale of Assets	-	-0.2	-0.52	-0.1	-0.19	-0
Asset Writedown & Restructuring Costs	-	-	-	-	-	0.68
Loss (Gain) on Equity Investments	7.58	-3.5	3.65	-22.47	-38.88	-29.82
Other Operating Activities	35.51	23.28	22.73	-22.82	-8.18	-13.94
Change in Accounts Receivable	21.94	-25.63	15.99	7.32	-8.66	-20.68
Change in Inventory	124.5	-138.9	-19.86	211.47	-156.94	-113.68
Change in Unearned Revenue	-339.6	55.42	-12.92	-182.26	181.66	44.01
Change in Other Net Operating Assets	-8.45	5.64	-10.31	-15.39	-4.02	-1.43
Operating Cash Flow	-58.71	-40.51	64.42	84.59	67.06	-48.75
Operating Cash Flow Growth	-	-	-23.84%	26.15%	-	-
Capital Expenditures	-1.04	-4.03	-5.21	-15.89	-0.66	-0.69
Sale of Property, Plant & Equipment	-	0.23	0.65	0.1	0.16	0.54
Sale (Purchase) of Real Estate	-	-	-	-37.41	-72.71	-22.43
Investment in Securities	-	-	-39.11	-4.93	-	-
Other Investing Activities	6.12	8.33	51.46	-13.2	11.26	38.07
Investing Cash Flow	49.38	48.18	29.99	-50.2	12.59	123.66
Long-Term Debt Issued	-	373.77	271.23	237.64	380.08	284.91
Long-Term Debt Repaid	-	-320.87	-212.24	-246.18	-375.38	-320.36
Net Debt Issued (Repaid)	-101.33	52.9	58.99	-8.53	4.7	-35.46
Common Dividends Paid	-24.99	-44.15	-	-47.48	-39.57	-7.08
Other Financing Activities	-43.61	-45.16	-34.97	-28.27	-17.34	-17.58
Financing Cash Flow	-169.93	-36.41	24.02	-84.29	-52.21	-60.12
Net Cash Flow	-179.27	-28.73	118.43	-49.89	27.44	14.79
Free Cash Flow	-59.75	-44.54	59.21	68.71	66.4	-49.44
Free Cash Flow Growth	-	-	-13.82%	3.48%	-	-
Free Cash Flow Margin	-8.12%	-9.65%	15.68%	11.67%	16.86%	-11.46%
Free Cash Flow Per Share	-1.44	-1.07	1.42	1.65	1.59	-1.19
Cash Interest Paid	42.46	43.69	33.66	25.83	12.62	16.73
Cash Income Tax Paid	11.06	4.27	9.78	37.49	20.94	23.06
Levered Free Cash Flow	-106.28	-125.53	-11.41	45	93.72	7.81
Unlevered Free Cash Flow	-92.98	-115.06	-5.94	39.05	91.1	6.43
Change in Working Capital	-201.62	-103.46	-27.09	21.14	12.04	-91.78

Source: S&P Global Market Intelligence. Standard template. Financial Sources.