Tarczynski 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	125.71	119.8	111.7	97.69	95.62
Depreciation & Amortization	-	71.35	57.89	42.62	38.07
Other Amortization	-	2.87	1.32	-	0.66
Loss (Gain) From Sale of Assets	-	11.52	-0.64	-0.03	-0.72
Other Operating Activities	170.55	45.63	30.64	63.52	12.5
Change in Accounts Receivable	-	33.35	69.63	-78.3	-36.07
Change in Inventory	-	7.86	11.66	-63.14	-36.12
Change in Accounts Payable	-	-9.53	-39.69	83.86	61.82
Change in Unearned Revenue	-	-16.13	-2.54	-3.16	-1.1
Change in Income Taxes	-	14.84	-14.56	-3.35	-0.23
Change in Other Net Operating Assets	-	1.64	2.66	5.46	5.48
Operating Cash Flow	296.26	283.25	228.93	147.86	140.15
Operating Cash Flow Growth	4.59%	23.73%	54.83%	5.50%	15.93%
Capital Expenditures	-	-308.17	-226.17	-210.46	-193.56
Sale of Property, Plant & Equipment	-	6.02	55.61	27.06	0.17
Investment in Securities	-	-9.97	-5.53	-	-8.72
Other Investing Activities	-365.11	2.27	1	-	3.19
Investing Cash Flow	-365.11	-309.86	-179.85	-184.4	-200.95
Long-Term Debt Issued	-	245.38	106.64	149.45	148.02
Long-Term Debt Repaid	-	-140.15	-79.48	-59.32	-63.75
Total Debt Repaid	-	-140.15	-79.48	-59.32	-63.75
Net Debt Issued (Repaid)	-	105.23	27.16	90.13	84.27
Issuance of Common Stock	-	0.16	-	-	-
Common Dividends Paid	-	-32.91	-24.96	-22.69	-17.02
Other Financing Activities	96.17	-42.75	-51.61	-28.74	-19.94
Financing Cash Flow	96.17	29.74	-49.42	38.7	47.31
Foreign Exchange Rate Adjustments	-	-	-	0.23	0.01
Net Cash Flow	27.32	3.13	-0.33	2.39	-13.47
Free Cash Flow	296.26	-24.93	2.76	-62.6	-53.4
Free Cash Flow Margin	13.21%	-1.21%	0.14%	-3.88%	-4.47%
Free Cash Flow Per Share	26.11	-2.20	0.24	-5.52	-4.71
Cash Interest Paid	-	57.51	49.85	28.15	10.6
Cash Income Tax Paid	-	4.55	14.07	19.38	25.11
Levered Free Cash Flow	529.11	-107.49	-65.1	-120.59	-70.19
Unlevered Free Cash Flow	529.11	-77.4	-30.59	-108.15	-64.52
Change in Working Capital	-	32.07	28.03	-55.93	-5.97

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