DFM:UPP Cash Flow Statement

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

Millions AED. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	361.73	275.64	837.62	29.98	-966.76	200.98
Depreciation & Amortization	22.06	13.6	9.15	10.56	12.64	17.04
Loss (Gain) From Sale of Assets	-258.88	-158.74	-70.42	-2.43	-370.33	90.49
Asset Writedown & Restructuring Costs	-166.35	-166.35	-505.88	-26	1,136	-743.55
Loss (Gain) From Sale of Investments	-	-	-	-	149.28	278.45
Loss (Gain) on Equity Investments	8.04	10.77	59.41	5.09	2.96	1.46
Provision & Write-off of Bad Debts	15.96	16.35	-10.28	7.63	18	7.99
Other Operating Activities	61.94	41.79	-289.61	1.17	74.15	117.46
Change in Accounts Receivable	142.16	11.81	-7.48	19.88	-8.65	6.78
Change in Inventory	1.17	1.09	-1.45	0.33	3.18	-2.91
Change in Accounts Payable	195.34	-26.96	-89.83	-22.1	-157.79	-21.48
Change in Unearned Revenue	133.68	29.87	-	-	-	-
Change in Other Net Operating Assets	-28.84	1.53	-0.03	1.49	10.12	27.04
Operating Cash Flow	488	50.4	-68.79	25.6	-97.41	-20.24
Capital Expenditures	-53.15	-25.46	-19.18	-6.5	-10.13	-12.36
Sale of Property, Plant & Equipment	-	-	-	0.61	10.06	-
Sale (Purchase) of Real Estate	528.01	879.01	258.07	122.67	250.72	78.02
Investment in Securities	25.24	25.24	2.9	2.75	1.7	122.86
Other Investing Activities	-253.37	-176.5	1.72	-	2.02	2.66
Investing Cash Flow	155.8	702.29	243.51	119.53	254.36	191.18
Long-Term Debt Issued	-	90.41	101.23	244.84	73.51	47.7
Total Debt Issued	182.72	90.41	101.23	244.84	73.51	47.7
Long-Term Debt Repaid	-	-726.01	-133.92	-305.44	-176.29	-111.43
Total Debt Repaid	-565.13	-726.01	-133.92	-305.44	-176.29	-111.43
Net Debt Issued (Repaid)	-382.41	-635.6	-32.69	-60.6	-102.77	-63.74
Other Financing Activities	-28.21	-23.93	-112.99	-23.38	-29.51	-32.08
Financing Cash Flow	-410.62	-659.53	-145.69	-83.98	-132.28	-95.81
Miscellaneous Cash Flow Adjustments	9.06	-	-	-	87.72	-
Net Cash Flow	242.24	93.16	29.03	61.15	112.39	75.13
Free Cash Flow	434.85	24.94	-87.97	19.1	-107.54	-32.6
Free Cash Flow Margin	66.64%	4.72%	-17.32%	4.56%	-26.97%	-33.97%
Free Cash Flow Per Share	0.10	0.01	-0.02	0.00	-0.03	-0.01
Cash Interest Paid	28.21	23.93	112.99	23.38	29.51	32.08
Levered Free Cash Flow	525.51	82.79	-2,010	-49.61	4.53	-323.48
Unlevered Free Cash Flow	545.1	101.12	-1,941	-3.5	52.14	-248.41
Change in Working Capital	443.51	17.34	-98.79	-0.4	-153.13	9.43

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.