Orzel Spolka Akcyjna 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	0.51	-0.05	2.25	2.52	2.53
Depreciation & Amortization	3.38	2.45	1.81	2.15	2.02
Other Adjustments	0.96	2.03	0.71	0.44	0.08
Changes in Accrued Interest and Accounts Receivable	1.24	-1.3	0.2	-0.69	0.01
Changes in Accounts Payable	-0.57	0.86	0.59	0.11	0.5
Changes in Accrued Expenses	-2.24	-0.82	-0.82	-1.03	-1.13
Changes in Other Operating Activities	0.52	-1.08	-0.87	-0.54	0.23
Operating Cash Flow	3.8	2.09	3.86	2.96	4.23
Operating Cash Flow Growth	81.25%	-45.67%	30.19%	-30.00%	86.34%
Net Change in Securities and Investments	0.21	0.13	0.17	0.08	0
Capital Expenditures	2.16	16.13	13.29	0.46	2.48
Sale of Property, Plant & Equipment	0.02	0	0.02	0	0.17
Other Investing Activities	-	-	-	0	0.03
Investing Cash Flow	-2.05	-16.07	-13.18	-0.38	-2.28
Long-Term Debt Issued	0	11.44	7	0	0
Long-Term Debt Repaid	2.8	1.39	0.14	0.16	1.53
Net Long-Term Debt Issued (Repaid)	2.8	12.83	7.14	0.16	1.53
Other Financing Activities	1.48	6.87	0.02	0.01	0.58
Financing Cash Flow	-3.26	15.64	6.84	-0.17	-2.11
Net Cash Flow	-1.51	1.67	-2.49	2.41	-0.16
Free Cash Flow	5.96	18.22	17.14	3.42	6.71
Free Cash Flow Growth	-67.31%	6.31%	401.44%	-49.08%	127.76%
FCF Margin	26.16%	99.14%	95.71%	21.22%	45.31%
Free Cash Flow Per Share	0.56	1.72	1.61	0.32	0.63