Cash Flow Statement

Operating Cash Flow

+23%

+388%

10Y

Currency: PLN

	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	219	198	163	126	124	102	119	130	154	223	280	331	478	366	278	195	8	13	23	47	37	76	272	337	505	659	710	686	606	532	428	460	439	359	283	246	229	307	338	360	435	515	510	479	425	324	302	256	270	309	254	220	139	76	175	277	367	376	307	227	218	270	175	214	146	140	660	997	963	264	(618)	(1 270)	(1 351)	(668)	(511)	(474)	(494)	(326)	(259)	(180)	(39)
Depreciation & Amortization	148	118	118	117	113	107	103	101	92	85	79	74	70	67	63	69	62	66	70	67	71	74	81	86	94	104	108	115	117	116	119	125	132	138	142	149	152	221	149	152	154	165	173	178	182	187	189	190	193	196	200	204	209	213	223	231	239	244	243	243	243	245	247	251	254	253	250	247	246	253	252	258	262	260	268	272	275	270	277	281	284
Other Non-Cash Items	41	26	11	(13)	5	1	(7)	(3)	(11)	(24)	(20)	3	19	143	156	(9)	(8)	(131)	(154)	(33)	(9)	15	18	50	70	55	46	(2)	(12)	(3)	11	7	4	4	(0)	(13)	(5)	(15)	(9)	(4)	(11)	8	(0)	14	6	9	5	11	19	27	24	7	12	20	26	71	74	66	73	46	41	1	7	(14)	(9)	277	266	278	273	584	593	599	614	57	52	64	65	(175)	(171)	(171)	(201)
Cash Taxes Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1	0	1	1	1	1	3	1	1	1	(1)	1	2	2	4	4	3	3	3	5	3	3	3	5	4	(3)	(4)	(6)	(3)	4	7	15	13	13	11	15	39	37	21	29	4	9	27	2	16	35	33	66	60	50	44	27	29	86	89	79	70	(1)	(7)	(30)	(30)	(32)	(20)
Cash Interest Paid	15	12	10	9	9	8	8	7	7	7	6	6	6	4	3	1	0	0	0	0	0	0	0	0	0	1	1	2	3	3	4	4	4	4	4	3	2	3	1	1	1	1	2	2	3	3	3	3	3	3	3	2	3	3	5	6	7	7	10	9	9	10	11	11	11	10	12	14	15	25	30	45	63	65	70	73	70	71	73	68	81
Change in Working Capital	(115)	(160)	(81)	(33)	(69)	(24)	(41)	(71)	(94)	(92)	(67)	(72)	22	(5)	25	65	66	63	24	(70)	(38)	(67)	(93)	26	(123)	(43)	(94)	22	43	(71)	(4)	(131)	(88)	(6)	(75)	(94)	(43)	(39)	91	46	55	0	(62)	(75)	(135)	21	(237)	(107)	(70)	(13)	(43)	76	119	54	179	(78)	(106)	(11)	(29)	114	145	94	96	616	838	1 499	1 010	604	1 072	1 191	2 081	2 932	2 824	2 844	2 908	2 718	2 719	2 725	3 209	3 183	3 105
Cash from Operating Activities	294 N/A	181 -38%	212 +17%	198 -7%	173 -13%	186 +8%	174 -7%	156 -10%	141 -10%	193 +37%	273 +41%	336 +23%	590 +76%	570 -3%	522 -8%	320 -39%	128 -60%	11 -92%	(36) N/A	11 N/A	61 +476%	97 +59%	277 +186%	499 +80%	546 +9%	775 +42%	770 -1%	820 +7%	753 -8%	575 -24%	554 -4%	461 -17%	487 +6%	495 +2%	349 -29%	288 -18%	334 +16%	474 +42%	570 +20%	554 -3%	633 +14%	689 +9%	621 -10%	597 -4%	479 -20%	540 +13%	258 -52%	350 +36%	411 +17%	519 +26%	435 -16%	508 +17%	479 -6%	363 -24%	603 +66%	501 -17%	573 +14%	676 +18%	595 -12%	630 +6%	646 +3%	610 -6%	525 -14%	1 067 +103%	1 229 +15%	2 169 +76%	2 187 +1%	2 126 -3%	2 554 +20%	2 292 -10%	2 309 +1%	2 518 +9%	2 350 -7%	2 492 +6%	2 717 +9%	2 580 -5%	2 565 -1%	2 493 -3%	3 056 +23%	3 113 +2%	3 149 +1%
Investing Cash Flow
Capital Expenditures	(70)	(58)	(78)	(82)	(84)	(94)	(88)	(87)	(98)	(98)	(105)	(108)	(127)	(131)	(133)	(147)	(251)	(317)	(337)	(345)	(237)	(211)	(190)	(376)	(373)	(386)	(470)	(307)	(332)	(368)	(348)	(344)	(366)	(313)	(288)	(273)	(241)	(393)	(225)	(233)	(249)	(260)	(247)	(227)	(237)	(267)	(273)	(356)	(363)	(404)	(435)	(444)	(473)	(478)	(519)	(471)	(477)	(444)	(419)	(439)	(482)	(616)	(822)	(1 124)	(1 103)	(1 042)	(883)	(544)	(510)	(458)	(471)	(496)	(560)	(509)	(420)	(387)	(294)	(246)	(216)	(194)	(145)
Other Items	6	(208)	(265)	(280)	(259)	70	107	190	273	163	187	104	(1)	(304)	(140)	(301)	(317)	252	156	300	332	71	3	3	(8)	(8)	(35)	(86)	(98)	(73)	8	31	34	(35)	(2)	20	(61)	(13)	(79)	(84)	(241)	(380)	(372)	(322)	(155)	(89)	127	209	267	328	378	259	289	235	(60)	(91)	(316)	(172)	(16)	45	321	176	81	49	(1)	(1)	(0)	2	2	2	2	2	1	2	4	4	4	4	12	11	50
Cash from Investing Activities	(64) N/A	(266) -316%	(343) -29%	(361) -5%	(344) +5%	(24) +93%	19 N/A	103 +431%	175 +69%	65 -63%	83 +27%	(4) N/A	(128) -3 177%	(435) -240%	(274) +37%	(449) -64%	(569) -27%	(65) +89%	(181) -178%	(45) +75%	96 N/A	(139) N/A	(187) -34%	(373) -100%	(381) -2%	(394) -3%	(505) -28%	(393) +22%	(430) -9%	(441) -3%	(340) +23%	(313) +8%	(331) -6%	(348) -5%	(290) +17%	(253) +13%	(302) -19%	(406) -34%	(304) +25%	(317) -4%	(489) -54%	(640) -31%	(618) +3%	(549) +11%	(392) +29%	(356) +9%	(146) +59%	(147) -1%	(95) +35%	(76) +21%	(57) +25%	(185) -227%	(184) +1%	(243) -32%	(579) -138%	(562) +3%	(793) -41%	(617) +22%	(435) +29%	(395) +9%	(161) +59%	(440) -174%	(741) -68%	(1 075) -45%	(1 104) -3%	(1 043) +6%	(883) +15%	(542) +39%	(508) +6%	(456) +10%	(469) -3%	(495) -5%	(558) -13%	(508) +9%	(417) +18%	(383) +8%	(290) +24%	(242) +16%	(204) +16%	(183) +10%	(94) +48%
Financing Cash Flow
Net Issuance of Common Stock	0	292	292	292	292	0	0	0	0	1	1	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	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	(49)	(2)	(55)	(54)	(52)	(50)	(50)	(49)	(49)	(48)	(47)	(45)	(93)	(82)	(70)	(60)	(0)	(1)	(1)	(1)	(1)	(1)	(1)	(122)	(122)	(122)	(104)	27	25	38	29	16	17	1	(9)	(52)	(49)	(51)	(44)	1	11	20	19	36	26	4	16	(1)	(4)	7	26	20	9	3	(21)	(8)	0	(2)	(8)	(29)	(37)	(42)	(21)	(14)	1	(666)	(1 205)	(1 281)	(1 498)	(1 705)	(1 682)	(1 934)	(2 642)	(2 316)	(2 340)	(2 387)	(2 276)	(2 365)	(2 565)	(2 839)	(2 761)
Cash Paid for Dividends	(55)	(82)	(56)	(31)	(31)	0	(38)	(38)	(38)	(71)	(33)	(33)	0	(82)	(82)	(82)	(82)	(0)	(156)	(156)	(156)	(156)	(19)	(19)	(19)	(19)	(70)	(70)	(70)	(70)	(180)	(180)	(180)	(180)	(198)	(199)	(199)	(198)	0	(134)	(134)	(134)	(134)	(201)	(201)	(201)	0	(164)	(164)	(164)	0	(85)	0	(85)	0	85	(34)	(34)	0	0	(104)	(104)	0	(104)	(0)	(0)	0	(0)	(126)	(126)	0	0	0	0	0	0	0	0	0	0	0
Other	(25)	(14)	(19)	(14)	(13)	(21)	(14)	(15)	(13)	(14)	(12)	(14)	(15)	(2)	(3)	(18)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	14	14	14	45	30	29	28	(4)	(4)	(4)	(4)	1	21	(2)	21	19	(1)	23	(2)	1	1	1	1	(3)	(3)	(3)	(3)	(3)	(2)	(3)	(3)	(31)	(32)	(33)	(34)	(40)	(40)	(39)	(40)	(66)	(64)	(536)	(6)	48	44	513	(25)	(30)	(44)	(62)	(67)	(71)	(75)	(72)	(70)	(73)	(66)	(79)
Cash from Financing Activities	(129) N/A	194 N/A	162 -16%	194 +19%	196 +1%	(71) N/A	(102) -43%	(103) 0%	(99) +3%	(132) -33%	(90) +32%	(91) -1%	(141) -54%	(166) -18%	(156) +6%	(160) -3%	(83) +48%	(1) +99%	(157) -14 182%	(156) +0%	(157) -1%	(157) N/A	(21) +87%	(127) -511%	(127) 0%	(128) 0%	(130) -1%	(13) +90%	(16) -21%	(4) +78%	(155) -4 206%	(168) -9%	(167) +1%	(183) -10%	(206) -13%	(229) -11%	(250) -9%	(229) +9%	(24) +89%	(134) -449%	(100) +25%	(116) -16%	(114) +2%	(164) -44%	(174) -6%	(196) -13%	(187) +4%	(168) +10%	(171) -2%	(160) +6%	(140) +12%	(68) +52%	(79) -16%	(85) -9%	(137) -60%	(40) +71%	(66) -65%	(70) -6%	(81) -16%	(102) -26%	(180) -75%	(186) -3%	(192) -3%	(183) +5%	(534) -192%	(672) -26%	(1 158) -72%	(1 237) -7%	(1 110) +10%	(1 856) -67%	(1 838) +1%	(2 104) -14%	(2 703) -28%	(2 383) +12%	(2 412) -1%	(2 461) -2%	(2 348) +5%	(2 435) -4%	(2 638) -8%	(2 905) -10%	(2 840) +2%
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	0	0	0	0	0	0	0	(1)	0	3	6	2	0	0	(5)	1	0	(2)	(3)	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Change in Cash	101 N/A	109 +8%	31 -71%	30 -4%	25 -17%	91 +262%	91 +0%	157 +73%	216 +38%	126 -42%	264 +110%	241 -9%	324 +35%	(25) N/A	95 N/A	(288) N/A	(524) -82%	(61) +88%	(374) -514%	(191) +49%	(3) +99%	(203) -7 146%	70 N/A	(1) N/A	38 N/A	253 +566%	136 -46%	414 +206%	307 -26%	130 -58%	59 -55%	(20) N/A	(11) +42%	(36) -217%	(147) -307%	(194) -32%	(218) -13%	(160) +27%	242 N/A	102 -58%	44 -57%	(67) N/A	(112) -66%	(115) -3%	(87) +25%	(11) +88%	(75) -605%	35 N/A	145 +311%	284 +96%	238 -16%	255 +7%	216 -15%	35 -84%	(113) N/A	(101) +11%	(286) -184%	(11) +96%	78 N/A	133 +70%	305 +129%	(16) N/A	(408) -2 479%	(192) +53%	(409) -114%	454 N/A	146 -68%	347 +138%	935 +170%	(20) N/A	1 N/A	(81) N/A	(912) -1 029%	(399) +56%	(112) +72%	(264) -135%	(73) +72%	(184) -154%	214 N/A	25 -88%	215 +765%
Free Cash Flow
Free Cash Flow	224 N/A	123 -45%	134 +9%	116 -13%	88 -24%	92 +4%	86 -7%	70 -19%	43 -39%	95 +122%	168 +77%	228 +36%	463 +103%	439 -5%	389 -11%	173 -56%	(124) N/A	(306) -148%	(373) -22%	(334) +10%	(175) +48%	(114) +35%	87 N/A	123 +41%	173 +40%	388 +124%	300 -23%	514 +71%	421 -18%	206 -51%	206 0%	118 -43%	121 +3%	182 +50%	61 -66%	16 -75%	93 +501%	81 -13%	345 +325%	321 -7%	385 +20%	429 +12%	374 -13%	370 -1%	242 -35%	274 +13%	(15) N/A	(6) +63%	48 N/A	115 +140%	0 N/A	64 N/A	6 -90%	(115) N/A	84 N/A	30 -64%	96 +218%	231 +140%	176 -24%	191 +9%	164 -14%	(6) N/A	(297) -5 131%	(57) +81%	127 N/A	1 126 +790%	1 304 +16%	1 582 +21%	2 044 +29%	1 834 -10%	1 837 +0%	2 022 +10%	1 790 -11%	1 983 +11%	2 296 +16%	2 193 -4%	2 272 +4%	2 247 -1%	2 840 +26%	2 919 +3%	3 004 +3%

Income Statement Balance Sheet Cash Flow Statement

Grupa Azoty Zaklady Azotowe Pulawy SA
WSE:ZAP

Cash Flow Statement

Cash Flow Statement
Grupa Azoty Zaklady Azotowe Pulawy SA

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Grupa Azoty Zaklady Azotowe Pulawy SA WSE:ZAP

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Cash Flow Statement Grupa Azoty Zaklady Azotowe Pulawy SA

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Grupa Azoty Zaklady Azotowe Pulawy SA
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Cash Flow Statement
Grupa Azoty Zaklady Azotowe Pulawy SA