WSE:CAV 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	2020
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	2020
Net Income	3.34	10.84	90.5	27.15	189.62	Upgrade
Depreciation & Amortization	5.72	6.68	7.75	5.71	3.73	Upgrade
Asset Writedown	-33.41	-68.51	-150.62	-105.21	-257.26	Upgrade
Stock-Based Compensation	-	-	-	-	6.33	Upgrade
Income (Loss) on Equity Investments	-0.06	0.08	14.26	-9.44	-30.16	Upgrade
Change in Accounts Receivable	-17.95	-10.29	20.26	-8.99	-19.99	Upgrade
Change in Other Net Operating Assets	114.96	182.62	19.62	-9.63	-2.84	Upgrade
Other Operating Activities	54.21	81.74	52.55	-24.48	20.36	Upgrade
Operating Cash Flow	-79.46	65.02	-19.49	-125.22	-121.45	Upgrade
Acquisition of Real Estate Assets	-141.96	-207.29	-415.03	-676.27	-527.51	Upgrade
Sale of Real Estate Assets	-	12.86	16.41	644.33	0.09	Upgrade
Net Sale / Acq. of Real Estate Assets	-141.96	-194.43	-398.62	-31.94	-527.42	Upgrade
Other Investing Activities	0.21	0.49	1.38	3.7	0.79	Upgrade
Investing Cash Flow	-184.83	-188.97	-390.14	-22.23	-504.33	Upgrade
Long-Term Debt Issued	937.58	526.53	881.02	992.27	768.38	Upgrade
Long-Term Debt Repaid	-600.87	-362.79	-398.87	-908.88	-187.7	Upgrade
Net Debt Issued (Repaid)	336.72	163.74	482.16	83.39	580.68	Upgrade
Issuance of Common Stock	-	-	-	-	194.36	Upgrade
Other Financing Activities	-45.64	-84.54	-57.19	-21.22	-30.69	Upgrade
Net Cash Flow	26.79	-44.75	15.34	-85.28	118.58	Upgrade
Cash Interest Paid	99.05	80.64	57.19	21.22	23.53	Upgrade
Cash Income Tax Paid	11.65	3.53	3.6	45.2	21.77	Upgrade
Levered Free Cash Flow	-840.72	6.64	-209.1	-132.38	-33.87	Upgrade
Unlevered Free Cash Flow	-769.37	67.71	-158.32	-114.25	-17.95	Upgrade
Change in Working Capital	-109.27	34.18	-33.92	-18.95	-54.08	Upgrade

Source: S&P Capital IQ. Real Estate template. Financial Sources.