Cash Flow Statement

Operating Cash Flow

+5%

-32%

10Y

Currency: PLN

	Dec-2001	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Operating Cash Flow
Net Income	(787)	(871)	(855)	(631)	(215)	(146)	(101)	(58)	678	0	0	0	1 393	0	0	0	2 108	0	3 985	0	3 510	0	5 305	6 555	3 936	4 813	3 829	3 371	2 766	2 594	2 338	2 011	2 359	2 452	3 437	4 018	4 715	5 935	6 645	8 793	11 064	10 511	9 590	7 603	4 803	4 437	3 799	3 106	3 033	2 350	2 312	2 476	2 451	2 432	2 544	1 899	(5 122)	(5 177)	(5 633)	(5 136)	(3 801)	(3 113)	(2 835)	(2 579)	2 299	1 929	1 634	1 455	2 466	2 643	2 934	3 298	2 122	2 213	1 777	1 577	2 756	3 689	6 278	6 982	7 824	8 470	8 509	8 584	6 489	4 494	2 078	1 316	(3 600)	(3 410)	(2 554)	(2 904)	4 608	4 639	3 974	4 459
Depreciation & Amortization	592	653	671	627	511	521	505	480	469	0	0	0	434	0	0	0	485	0	746	0	541	0	824	979	598	762	639	652	681	696	714	731	744	772	797	823	844	868	894	912	911	968	1 223	1 496	1 453	1 805	1 643	1 590	1 580	1 613	1 679	1 633	1 635	1 798	1 786	1 913	1 943	1 776	1 809	1 710	1 698	1 672	1 660	1 612	1 609	1 588	1 701	1 770	1 796	1 899	1 853	1 838	1 920	1 950	1 952	1 953	1 963	1 975	2 030	2 170	2 123	2 121	2 147	2 130	2 239	2 412	2 506	2 325	2 311	2 001	1 822	2 033	2 006	2 108	2 198	2 291
Other Non-Cash Items	238	301	307	258	(95)	187	64	(8)	(42)	0	0	0	(164)	0	0	0	113	0	266	0	(1 962)	0	706	984	600	913	859	494	657	1 049	393	174	(29)	(448)	108	639	713	1 394	1 564	1 480	(1 379)	(460)	(98)	(33)	2 397	1 713	1 318	1 197	1 118	593	506	529	214	126	259	546	7 048	6 845	6 907	6 613	6 273	6 342	6 365	6 207	775	774	661	666	11	(260)	(372)	(515)	256	(456)	(275)	46	380	1 021	(64)	(1 615)	(2 893)	(3 646)	(4 287)	(3 830)	(2 257)	(1 370)	(97)	336	4 852	4 582	5 080	6 051	(351)	87	184	(311)
Cash Taxes Paid	48	0	0	0	0	0	0	0	0	134	137	164	0	321	404	393	442	598	595	710	799	409	858	871	929	1 247	1 007	950	852	613	485	510	633	490	685	685	1	1 317	1 224	1 255	1 316	887	2 618	2 807	2 870	2 741	1 615	1 605	1 456	1 694	954	808	868	777	864	924	925	750	596	569	451	805	1 027	934	983	734	693	772	802	701	646	529	410	534	539	520	667	677	671	792	740	721	1 649	1 662	1 696	1 763	1 479	1 529	1 646	1 504	457	472	413	690	1 102	1 012
Cash Interest Paid	122	134	140	167	149	147	130	136	125	116	102	57	42	27	18	14	10	8	6	6	7	7	8	9	9	11	12	13	15	15	17	16	15	16	16	17	14	12	11	8	12	13	78	79	139	140	138	138	144	151	151	159	136	142	238	256	232	243	108	122	144	158	170	164	157	147	146	155	119	180	229	253	362	358	381	357	306	279	229	220	216	185	134	102	92	88	104	90	81	119	131	192	202	187	183	159
Change in Working Capital	68	(67)	110	105	451	272	311	578	(208)	474	731	920	55	1 470	1 792	2 193	31	311	(2 017)	354	741	(1 052)	(915)	(4 500)	(464)	(2 294)	(1 193)	(830)	(1 144)	(819)	(541)	(280)	(354)	(399)	(647)	(694)	(611)	(1 712)	(1 496)	(2 523)	(1 497)	(1 040)	(3 211)	(2 798)	(3 132)	(3 163)	(670)	(724)	(807)	414	(184)	90	549	(56)	194	425	294	95	(18)	(137)	42	(815)	(1 117)	(1 570)	(1 629)	(1 706)	(1 430)	(753)	(447)	90	321	(126)	750	1 757	1 911	2 235	557	(1 053)	(2 202)	(2 469)	(2 788)	(1 881)	(2 830)	(3 126)	(4 007)	(3 317)	(683)	(29)	2 488	1 484	1 801	662	(1 573)	(827)	(2 876)	(2 500)
Cash from Operating Activities	112 N/A	17 -85%	232 +1 306%	358 +54%	652 +82%	833 +28%	779 -7%	993 +27%	897 -10%	1 323 +47%	1 505 +14%	1 524 +1%	1 718 +13%	1 470 -14%	1 792 +22%	2 193 +22%	2 737 +25%	2 986 +9%	2 980 0%	3 029 +2%	2 830 -7%	3 486 +23%	3 598 +3%	4 018 +12%	4 668 +16%	4 193 -10%	4 134 -1%	3 688 -11%	2 960 -20%	3 519 +19%	2 903 -18%	2 636 -9%	2 721 +3%	2 377 -13%	3 695 +55%	4 786 +30%	5 661 +18%	6 487 +15%	7 607 +17%	8 664 +14%	9 099 +5%	9 979 +10%	7 504 -25%	6 268 -16%	5 521 -12%	4 792 -13%	6 090 +27%	5 169 -15%	4 924 -5%	4 970 +1%	4 313 -13%	4 728 +10%	4 849 +3%	4 300 -11%	4 783 +11%	4 783 N/A	4 163 -13%	3 539 -15%	3 065 -13%	3 050 0%	4 212 +38%	4 086 -3%	4 073 0%	3 670 -10%	3 054 -17%	2 585 -15%	2 566 -1%	3 138 +22%	3 826 +22%	4 372 +14%	4 736 +8%	4 495 -5%	5 048 +12%	5 464 +8%	5 365 -2%	5 811 +8%	5 656 -3%	5 632 0%	6 042 +7%	5 068 -16%	4 266 -16%	5 064 +19%	3 539 -30%	3 758 +6%	2 464 -34%	2 219 -10%	3 804 +71%	3 948 +4%	6 051 +53%	4 657 -23%	6 149 +32%	5 842 -5%	4 690 -20%	6 007 +28%	3 480 -42%	3 939 +13%
Investing Cash Flow
Capital Expenditures	(1 111)	(914)	(804)	(669)	(529)	(452)	(345)	(324)	(322)	(407)	(509)	(464)	(484)	(767)	(860)	(1 019)	(880)	(937)	(846)	(835)	(892)	(999)	(1 083)	(1 159)	(1 182)	(1 148)	(1 151)	(1 231)	(1 332)	(1 429)	(1 534)	(1 548)	(1 466)	(1 364)	(1 274)	(1 280)	(1 401)	(1 648)	(1 735)	(1 743)	(1 859)	(1 985)	(2 143)	(2 443)	(2 402)	(2 496)	(2 719)	(2 836)	(3 189)	(3 413)	(3 413)	(3 392)	(3 434)	(3 423)	(3 556)	(3 757)	(3 939)	(4 019)	(3 978)	(3 701)	(3 251)	(2 896)	(2 673)	(2 572)	(2 796)	(2 856)	(2 862)	(2 910)	(2 875)	(3 016)	(3 133)	(3 138)	(3 109)	(3 234)	(3 119)	(3 319)	(3 328)	(3 180)	(3 398)	(3 473)	(3 782)	(4 073)	(4 147)	(4 212)	(4 132)	(4 193)	(4 211)	(4 217)	(4 932)	(5 098)	(5 394)	(6 030)	(5 886)	(6 060)	(5 815)	(5 545)
Other Items	(328)	(174)	(125)	119	156	81	80	21	125	(45)	251	225	82	296	61	101	154	122	36	482	406	197	478	254	383	593	297	59	(588)	(862)	(563)	(250)	210	532	(163)	(962)	(1 669)	(2 324)	(1 482)	(252)	4 908	(1 244)	(1 993)	(3 312)	(8 360)	(1 813)	(1 961)	(1 661)	(1 541)	(1 534)	(1 586)	(1 968)	(2 110)	(1 896)	(1 588)	(1 165)	(967)	(954)	(805)	(686)	(697)	(524)	(671)	(594)	(544)	(512)	(544)	(525)	(664)	(722)	(589)	(748)	(534)	(515)	(653)	(481)	(333)	(212)	(5)	(19)	1 256	2 066	2 578	2 659	1 437	530	139	19	134	45	7	220	380	653	851	1 056
Cash from Investing Activities	(1 438) N/A	(1 088) +24%	(930) +15%	(550) +41%	(372) +32%	(371) +0%	(264) +29%	(303) -14%	(197) +35%	(452) -129%	(258) +43%	(240) +7%	(402) -68%	(471) -17%	(799) -69%	(918) -15%	(727) +21%	(815) -12%	(810) +1%	(353) +56%	(486) -37%	(802) -65%	(606) +25%	(905) -49%	(799) +12%	(556) +30%	(855) -54%	(1 172) -37%	(1 919) -64%	(2 291) -19%	(2 097) +8%	(1 798) +14%	(1 256) +30%	(832) +34%	(1 437) -73%	(2 241) -56%	(3 070) -37%	(3 972) -29%	(3 217) +19%	(1 995) +38%	3 049 N/A	(3 229) N/A	(4 136) -28%	(5 755) -39%	(10 762) -87%	(4 309) +60%	(4 680) -9%	(4 497) +4%	(4 730) -5%	(4 947) -5%	(4 999) -1%	(5 360) -7%	(5 544) -3%	(5 319) +4%	(5 144) +3%	(4 922) +4%	(4 906) +0%	(4 973) -1%	(4 783) +4%	(4 387) +8%	(3 948) +10%	(3 420) +13%	(3 344) +2%	(3 166) +5%	(3 340) -5%	(3 368) -1%	(3 406) -1%	(3 435) -1%	(3 539) -3%	(3 738) -6%	(3 722) +0%	(3 886) -4%	(3 643) +6%	(3 749) -3%	(3 772) -1%	(3 800) -1%	(3 661) +4%	(3 392) +7%	(3 403) 0%	(3 492) -3%	(2 526) +28%	(2 007) +21%	(1 569) +22%	(1 553) +1%	(2 695) -74%	(3 663) -36%	(4 072) -11%	(4 198) -3%	(4 798) -14%	(5 053) -5%	(5 387) -7%	(5 810) -8%	(5 506) +5%	(5 407) +2%	(4 964) +8%	(4 489) +10%
Financing Cash Flow
Net Issuance of Common Stock	0	1	1	1	1	0	1	1	0	0	0	0	(1)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	18	18	17	0	11	20	29	31	22	21	0	28	36	32	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Issuance of Debt	1 334	1 086	831	249	(44)	(232)	(257)	(173)	(306)	(538)	(824)	(1 337)	(1 244)	(1 006)	(719)	(427)	(244)	(263)	(122)	92	98	139	(4)	50	67	44	25	(8)	(12)	(26)	(5)	45	33	77	(37)	(49)	(93)	(168)	(73)	(65)	12	365	400	363	1 342	(13)	(30)	605	135	1 195	1 458	1 687	1 401	1 769	1 896	1 459	1 892	2 218	2 101	1 776	565	(132)	(504)	(403)	370	993	1 355	907	166	(403)	(357)	(506)	(1 068)	137	(479)	(1 373)	(363)	(2 727)	(2 904)	(1 688)	(1 787)	(750)	(395)	182	193	335	99	(259)	(461)	(57)	190	110	289	(124)	(143)	(195)
Cash Paid for Dividends	0	0	0	0	0	0	0	0	0	0	(0)	(0)	0	(0)	0	(400)	(400)	(400)	0	(2 000)	(2 000)	0	(2 000)	(1 698)	(3 394)	0	(3 394)	(3 496)	(1 800)	0	(1 800)	(1 432)	(2 336)	0	0	(1 504)	(600)	0	0	(2 980)	(2 980)	0	0	(3 400)	(5 668)	0	0	(3 248)	(1 960)	0	0	(1 480)	(1 000)	0	(1 400)	(900)	(800)	0	(400)	(550)	(300)	0	0	(250)	(200)	0	0	(100)	0	0	0	0	0	0	0	0	0	0	0	(300)	(300)	0	(300)	(600)	(600)	0	0	(200)	(200)	0	0	(300)	(300)	0	0	0
Other	(51)	(134)	(140)	(167)	(150)	(148)	(132)	(138)	(125)	(116)	(102)	(57)	(42)	(28)	(19)	(15)	(12)	(10)	(8)	21	22	20	20	(8)	(9)	(10)	(11)	(13)	(15)	(15)	(17)	(16)	(15)	(15)	(15)	(16)	(14)	(13)	(11)	(8)	(11)	(11)	(73)	(64)	(120)	(214)	(241)	(281)	(165)	(183)	(155)	(180)	(173)	(171)	(278)	(250)	(228)	(239)	(84)	(98)	(132)	(143)	(165)	(158)	(152)	(141)	(141)	(150)	(100)	(123)	(139)	(98)	(240)	(252)	(273)	(278)	(185)	(159)	(425)	(124)	(113)	(97)	233	(62)	(39)	(39)	(9)	(47)	(86)	(124)	(188)	(197)	(206)	(190)	(175)	(49)
Cash from Financing Activities	1 283 N/A	952 -26%	692 -27%	82 -88%	(193) N/A	(379) -96%	(388) -2%	(310) +20%	(431) -39%	(653) -51%	(926) -42%	(1 394) -51%	(1 286) +8%	(1 033) +20%	(738) +29%	(842) -14%	(656) +22%	(673) -3%	(530) +21%	(1 887) -256%	(1 881) +0%	(1 840) +2%	(1 984) -8%	(1 657) +16%	(3 335) -101%	(3 360) -1%	(3 380) -1%	(3 518) -4%	(1 827) +48%	(1 841) -1%	(1 821) +1%	(1 403) +23%	(2 318) -65%	(2 274) +2%	(2 389) -5%	(1 570) +34%	(708) +55%	(780) -10%	(684) +12%	(3 052) -346%	(2 978) +2%	(2 626) +12%	(2 635) 0%	(3 082) -17%	(4 429) -44%	(5 878) -33%	(5 928) -1%	(2 904) +51%	(1 961) +32%	(917) +53%	(635) +31%	48 N/A	248 +417%	626 +152%	254 -59%	341 +34%	864 +153%	1 169 +35%	1 596 +37%	1 103 -31%	133 -88%	(575) N/A	(969) -69%	(811) +16%	18 N/A	652 +3 522%	1 014 +56%	657 -35%	66 -90%	(526) N/A	(496) +6%	(604) -22%	(1 308) -117%	(115) +91%	(752) -554%	(1 651) -120%	(548) +67%	(2 886) -427%	(3 329) -15%	(2 112) +37%	(2 200) -4%	(1 147) +48%	(462) +60%	(480) -4%	(446) +7%	(304) +32%	(510) -68%	(506) +1%	(747) -48%	(381) +49%	(198) +48%	(387) -95%	(217) +44%	(614) -183%	(618) -1%	(244) +61%
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	0	0	0	0	0	(1)	0	0	0	0	1	1	24	2	68	75	18	15	(37)	(54)	(26)	(43)	(59)	(29)	10	40	59	31	(2)	(16)	(7)	8	(7)	6	1	47	528	875	26	(47)	(522)	(831)	105	158	79	2	(67)	(95)	22	58	(33)	(120)	(140)	(135)	(22)	40	24	2	(56)	(12)	(17)	(6)	30	(10)	22	18	(41)	(22)	(46)	(38)	8	4	11	59	14	7	(15)	(158)	(121)	(141)	(161)	(27)	(33)	22	27	23	29	(2)	64	19	57	91	93
Net Change in Cash	(44) N/A	(119) -173%	(6) +95%	(110) -1 759%	87 N/A	83 -4%	126 +51%	381 +202%	268 -30%	218 -18%	321 +47%	(111) N/A	30 N/A	(34) N/A	257 N/A	457 +78%	1 355 +197%	1 566 +16%	1 715 +10%	807 -53%	479 -41%	807 +68%	955 +18%	1 431 +50%	491 -66%	219 -55%	(130) N/A	(992) -666%	(746) +25%	(554) +26%	(984) -78%	(567) +42%	(869) -53%	(736) +15%	(122) +83%	968 N/A	1 890 +95%	1 735 -8%	3 752 +116%	4 144 +10%	10 044 +142%	4 150 -59%	687 -83%	(3 092) N/A	(10 501) -240%	(5 290) +50%	(4 360) +18%	(2 153) +51%	(1 765) +18%	(961) +46%	(1 416) -47%	(562) +60%	(389) +31%	(426) -10%	(227) +47%	62 N/A	(14) N/A	(287) -1 950%	(82) +71%	(210) -156%	399 N/A	35 -91%	(252) N/A	(324) -29%	(274) +15%	(101) +63%	164 N/A	382 +133%	371 -3%	67 -82%	496 +640%	(41) N/A	59 N/A	1 608 +2 625%	845 -47%	371 -56%	1 506 +306%	(632) N/A	(683) -8%	(551) +19%	(618) -12%	1 789 N/A	1 367 -24%	1 564 +14%	(704) N/A	(1 781) -153%	(756) +58%	(729) +4%	529 N/A	(748) N/A	562 N/A	(291) N/A	(1 014) -248%	43 N/A	(2 011) N/A	(701) +65%
Free Cash Flow
Free Cash Flow	(999) N/A	(898) +10%	(572) +36%	(311) +46%	124 N/A	381 +208%	434 +14%	669 +54%	575 -14%	916 +59%	996 +9%	1 059 +6%	1 234 +16%	703 -43%	933 +33%	1 174 +26%	1 856 +58%	2 049 +10%	2 134 +4%	2 194 +3%	1 938 -12%	2 487 +28%	2 515 +1%	2 859 +14%	3 486 +22%	3 045 -13%	2 983 -2%	2 456 -18%	1 628 -34%	2 090 +28%	1 369 -35%	1 088 -21%	1 255 +15%	1 013 -19%	2 422 +139%	3 507 +45%	4 260 +21%	4 839 +14%	5 872 +21%	6 921 +18%	7 240 +5%	7 994 +10%	5 362 -33%	3 825 -29%	3 119 -18%	2 296 -26%	3 371 +47%	2 333 -31%	1 735 -26%	1 557 -10%	900 -42%	1 336 +48%	1 415 +6%	877 -38%	1 227 +40%	1 026 -16%	224 -78%	(480) N/A	(913) -90%	(651) +29%	961 N/A	1 190 +24%	1 400 +18%	1 098 -22%	258 -77%	(271) N/A	(296) -9%	228 N/A	951 +317%	1 356 +43%	1 603 +18%	1 357 -15%	1 939 +43%	2 230 +15%	2 246 +1%	2 492 +11%	2 328 -7%	2 452 +5%	2 644 +8%	1 595 -40%	484 -70%	991 +105%	(608) N/A	(454) +25%	(1 668) -267%	(1 974) -18%	(407) +79%	(269) +34%	1 119 N/A	(441) N/A	755 N/A	(188) N/A	(1 196) -536%	(53) +96%	(2 335) -4 306%	(1 606) +31%

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Cash Flow Statement

Cash Flow Statement
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Cash Flow Statement

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