ZE PAK 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	4.75	262.93	745.11	203.31	-317	-222.39
Depreciation & Amortization	38.26	16.91	37.7	49.48	135.53	156.9
Other Amortization	0.1	0.1	0.11	-	-	-
Loss (Gain) on Sale of Assets	-9.75	-9.02	367.07	-0.62	-25.24	-0.81
Asset Writedown	-	-	-	-	620.17	281.88
Change in Accounts Receivable	441.36	407.5	-256.51	498.01	-1,022	-134.84
Change in Inventory	2.16	7.37	2.91	-46.73	-6.38	36.48
Change in Other Net Operating Assets	416.22	510.7	814.55	1,110	1,472	653.64
Other Operating Activities	-606.96	-716.44	-2,307	-1,310	-850.82	-604.53
Net Cash from Discontinued Operations	-	-	156.55	-	-	-
Operating Cash Flow	286.13	480.05	-439.03	503.26	6.56	166.32
Operating Cash Flow Growth	356.26%	-	-	7577.44%	-96.06%	-62.88%
Capital Expenditures	-960.83	-481.85	-575.95	-601.74	-409.72	-63.48
Sale of Property, Plant & Equipment	7.99	24.79	4.72	23.9	31.82	6.52
Cash Acquisitions	-	-	-7.59	-	-	-
Investment in Securities	-33.79	-22.39	-157.98	-73.82	-13.32	-0.71
Other Investing Activities	5.5	1.05	19.07	0.48	-0	0.05
Investing Cash Flow	-981.13	-478.41	-488.7	-651.18	-391.23	-57.62
Long-Term Debt Issued	-	-	-	945.59	492.64	9.38
Long-Term Debt Repaid	-	-29.43	-	-290.87	-95.42	-32.22
Net Debt Issued (Repaid)	521	-29.43	-	654.72	397.22	-22.85
Other Financing Activities	-0.17	-0.26	-1.01	449.28	-3.74	-2.63
Financing Cash Flow	520.83	-29.69	-1.01	1,104	393.48	-25.48
Net Cash Flow	-174.17	-28.05	-928.74	956.08	8.81	83.23
Free Cash Flow	-674.7	-1.81	-1,015	-98.48	-403.17	102.84
Free Cash Flow Growth	-	-	-	-	-	-76.93%
Free Cash Flow Margin	-42.70%	-0.09%	-34.46%	-3.77%	-17.68%	5.07%
Free Cash Flow Per Share	-13.28	-0.04	-19.97	-1.94	-7.93	2.02
Cash Interest Paid	0.17	0.26	1.01	30.13	3.74	2.63
Cash Income Tax Paid	-	15.76	93.54	121.64	-15.19	-21.37
Levered Free Cash Flow	-635.54	-18.63	-1,169	-189.51	-570.69	67.01
Unlevered Free Cash Flow	-632.45	-16.07	-1,136	-173.91	-567.37	70.57
Change in Working Capital	859.74	925.57	560.95	1,561	443.92	555.28

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