WSE:PHN 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	108.5	-183	-161.5	30.8	78.7	72
Depreciation & Amortization	8.5	8.7	7.8	7.7	7.5	3.8
Gain (Loss) on Sale of Assets	-0.7	-0.9	-0.8	-1.5	-5.4	-0.5
Asset Writedown	74.3	127.3	187.7	-49.1	-39.9	-0.9
Income (Loss) on Equity Investments	-	-	-	-	-	-7.6
Change in Accounts Receivable	29.1	97.6	21.3	-31.9	-10.3	5.8
Change in Other Net Operating Assets	-71.4	19.2	-9.2	-34.1	-55.7	-133.7
Other Operating Activities	91.8	148.2	57.7	102.5	57.9	167.1
Operating Cash Flow	310.1	168.9	56.5	67.6	26.5	252.2
Operating Cash Flow Growth	104.82%	198.94%	-16.42%	155.09%	-89.49%	54.53%
Acquisition of Real Estate Assets	-129.5	-94.5	-74.3	-161.7	-248.3	-165.1
Sale of Real Estate Assets	15.2	5.4	5.4	6.5	19.5	-
Net Sale / Acq. of Real Estate Assets	-114.3	-89.1	-68.9	-155.2	-228.8	-165.1
Cash Acquisition	-	-	-	-	-132.9	-6.2
Other Investing Activities	-	-	-	-	-	5.1
Investing Cash Flow	-114.3	-91.1	-58.9	-155.2	-361.7	-162.9
Long-Term Debt Issued	-	416.7	401.2	179	96.3	346.8
Long-Term Debt Repaid	-	-345.8	-282.5	-46.3	-46.2	-80.2
Net Debt Issued (Repaid)	-90.8	70.9	118.7	132.7	50.1	266.6
Issuance of Common Stock	-	-	-	-	3.6	-
Common Dividends Paid	-	-	-4.1	-18.5	-17.9	-27.6
Other Financing Activities	-118	-117	-97.7	-73.5	-41.3	-20.1
Net Cash Flow	-13	31.7	14.5	-46.9	-340.7	308.2
Cash Income Tax Paid	96.9	23.1	24.6	-3.5	27.9	17.4
Levered Free Cash Flow	162.08	32.21	-145.06	118.71	-77.94	197.29
Unlevered Free Cash Flow	233.2	108.9	-92.63	146.46	-56.44	215.85
Change in Working Capital	27.7	68.6	-34.4	-22.8	-72.3	18.3

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.