ADX:EMSTEEL Cash Flow Statement

Financials in millions AED. Fiscal year is January - December.

Millions AED. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
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
Net Income	522.62	392.39	601.92	510.21	-744.63
Depreciation & Amortization	580.14	568.83	668.97	570.64	191.93
Other Amortization	21.8	11.68	2.96	4.92	1.05
Loss (Gain) From Sale of Assets	-4.71	4.82	-7.07	4.87	-
Asset Writedown & Restructuring Costs	16.82	-207.32	-	-	700
Loss (Gain) From Sale of Investments	-2.63	-10.44	-0.23	-4.64	50
Loss (Gain) on Equity Investments	-	-	-16.48	-7.81	22.72
Provision & Write-off of Bad Debts	-	-	-	-	27.58
Other Operating Activities	128.5	86.49	111.78	89.2	61.7
Change in Accounts Receivable	541.79	-372.93	-102.15	-14.77	-125.99
Change in Inventory	-412.89	332.62	131.03	228.28	557.17
Change in Accounts Payable	-320.51	-133.58	54.93	88.96	81.03
Change in Other Net Operating Assets	202.87	-	-	0.18	0.55
Operating Cash Flow	1,274	672.56	1,446	1,470	823.11
Operating Cash Flow Growth	89.39%	-53.48%	-1.66%	78.60%	972.91%
Capital Expenditures	-413.56	-237.29	-182.45	-155.83	-67.46
Sale of Property, Plant & Equipment	73.91	-	13.71	-	-
Sale (Purchase) of Intangibles	-39.25	-46.13	-7.41	-6.02	-0.75
Investment in Securities	-	99	-	-	-
Other Investing Activities	15.39	14	17.81	5.33	1.22
Investing Cash Flow	-363.51	-170.42	-158.34	-156.52	-66.99
Long-Term Debt Issued	1,235	2,464	3,319	4,329	1,268
Long-Term Debt Repaid	-1,739	-2,500	-4,449	-5,538	-1,977
Net Debt Issued (Repaid)	-504.77	-36.38	-1,130	-1,208	-709.81
Other Financing Activities	-64.19	-68.28	-88.08	-83.67	-42.48
Financing Cash Flow	-568.95	-104.66	-1,219	-1,292	-752.28
Miscellaneous Cash Flow Adjustments	-	-	-	-	257.79
Net Cash Flow	341.32	397.49	68.77	21.45	261.63
Free Cash Flow	860.22	435.28	1,263	1,314	755.65
Free Cash Flow Growth	97.63%	-65.54%	-3.88%	73.92%	1091.16%
Free Cash Flow Margin	9.62%	5.22%	14.19%	13.90%	25.00%
Free Cash Flow Per Share	0.13	0.06	0.18	0.19	0.25
Cash Interest Paid	64.19	68.28	88.08	83.67	42.48
Cash Income Tax Paid	18.02	-	-	-	-
Levered Free Cash Flow	651	225.36	906.25	1,004	-1,848
Unlevered Free Cash Flow	699.02	280.67	966.7	1,057	-1,823
Change in Working Capital	11.27	-173.89	83.81	302.66	512.76

Source: S&P Global Market Intelligence. Standard template. Financial Sources.