Investor Presentaiton
Polish Operations
Capital investment down in Q4 driven by capex controls and optimisation
Capital expenditures¹
by type
PLN m
62.6%
662.0
369.4
407.1
-14.4%
182.2
150.4
128.8
292.6
87.7
67.0
224.8
62.7
61.7
нн
Q4
Q4
FY
FY
2021
2022
2021
2022
% cash conversion²
70.0%
81.8%
80.3%
71.3%
% of revenue
9.4%
6.4%
7.6%
10.0%
YOY
Capitalised development costs
Other
•
•
Refocus of Delivery Experience streams to
improving network utilisation to drive
economics
Office development projects completed by
Q3 2022
Fit-to-grow project increased capex controls
Capitalized development spend stabilizing
along with brake on staff growth since Q2
1. Presented values are related to cash flow from investing activities and do not include leased assets (which are presented in balance sheet and financing cash flow)
2. Defined as (Adjusted EBITDA - Capex)/ Adjusted EBITDA
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