Marvipol Development Cash Flow Statement

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

Millions PLN. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	58.17	31.72	55.28	89.9	95.67
Depreciation & Amortization	10.77	10.34	9.42	7.45	2.91
Other Amortization	0.83	1.24	0.97	11.49	3.68
Loss (Gain) From Sale of Assets	-0.23	-0.2	-0.52	-0.1	-0.19
Loss (Gain) on Equity Investments	-2.51	-3.5	3.65	-22.47	-38.88
Other Operating Activities	27.19	23.35	22.73	-22.82	-8.18
Change in Accounts Receivable	31.79	-25.63	15.99	7.32	-8.66
Change in Inventory	105.72	-138.9	-19.86	211.47	-156.94
Change in Unearned Revenue	-178.41	55.42	-12.92	-182.26	181.66
Change in Other Net Operating Assets	-11.82	5.64	-10.31	-15.39	-4.02
Operating Cash Flow	41.52	-40.51	64.42	84.59	67.06
Operating Cash Flow Growth	-	-	-23.84%	26.15%	-
Capital Expenditures	-0.92	-4.03	-5.21	-15.89	-0.66
Sale of Property, Plant & Equipment	0.23	0.23	0.65	0.1	0.16
Sale (Purchase) of Real Estate	-	-	-	-37.41	-72.71
Investment in Securities	-	-	-39.11	-4.93	-
Other Investing Activities	4.73	8.33	51.46	-13.2	11.26
Investing Cash Flow	18.68	48.18	29.99	-50.2	12.59
Long-Term Debt Issued	311.9	373.77	271.23	237.64	380.08
Long-Term Debt Repaid	-290.01	-320.87	-212.24	-246.18	-375.38
Net Debt Issued (Repaid)	21.89	52.9	58.99	-8.53	4.7
Repurchase of Common Stock	-0	-	-	-	-
Common Dividends Paid	-24.99	-44.15	-	-47.48	-39.57
Other Financing Activities	-43.88	-45.16	-34.97	-28.27	-17.34
Financing Cash Flow	-46.98	-36.41	24.02	-84.29	-52.21
Net Cash Flow	13.21	-28.73	118.43	-49.89	27.44
Free Cash Flow	40.6	-44.54	59.21	68.71	66.4
Free Cash Flow Growth	-	-	-13.82%	3.48%	-
Free Cash Flow Margin	7.41%	-9.65%	15.68%	11.67%	16.86%
Free Cash Flow Per Share	0.97	-1.07	1.42	1.65	1.59
Cash Interest Paid	41.44	43.69	33.66	25.83	12.62
Cash Income Tax Paid	19.89	4.27	9.78	37.49	20.94
Levered Free Cash Flow	37.05	-125.01	-11.41	45	93.72
Unlevered Free Cash Flow	51.3	-115.14	-5.94	39.05	91.1
Change in Working Capital	-52.71	-103.46	-27.09	21.14	12.04

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