DFM:UPP 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	462.46	275.64	837.62	29.98	-966.76
Depreciation & Amortization	27.61	13.6	9.15	10.56	12.64
Other Amortization	0.43	-	-	-	-
Loss (Gain) From Sale of Assets	-143.97	-158.74	-70.42	-2.43	-370.33
Asset Writedown & Restructuring Costs	-419.86	-166.35	-505.88	-26	1,136
Loss (Gain) From Sale of Investments	-	-	-	-	149.28
Loss (Gain) on Equity Investments	2.31	10.77	59.41	5.09	2.96
Provision & Write-off of Bad Debts	1.29	16.15	-10.28	7.63	18
Other Operating Activities	62.96	41.79	-289.61	1.17	74.15
Change in Accounts Receivable	182.61	11.81	-7.48	19.88	-8.65
Change in Inventory	-1.42	1.09	-1.45	0.33	3.18
Change in Accounts Payable	-21.42	-26.76	-89.83	-22.1	-157.79
Change in Unearned Revenue	166.8	29.87	-	-	-
Change in Other Net Operating Assets	-61.48	-175.24	-0.03	1.49	10.12
Operating Cash Flow	258.31	-126.37	-68.79	25.6	-97.41
Capital Expenditures	-53.08	-25.46	-19.18	-6.5	-10.13
Sale of Property, Plant & Equipment	-	-	-	0.61	10.06
Cash Acquisitions	-100.64	-	-	-	-
Sale (Purchase) of Real Estate	513.59	879.01	258.07	122.67	250.72
Investment in Securities	-102.91	25.24	2.9	2.75	1.7
Other Investing Activities	2.94	0.28	1.72	-	2.02
Investing Cash Flow	259.9	879.06	243.51	119.53	254.36
Long-Term Debt Issued	90	90.41	101.23	244.84	73.51
Long-Term Debt Repaid	-371.04	-726.01	-133.92	-305.44	-176.29
Total Debt Repaid	-371.04	-726.01	-133.92	-305.44	-176.29
Net Debt Issued (Repaid)	-281.04	-635.6	-32.69	-60.6	-102.77
Other Financing Activities	-28.49	-23.93	-112.99	-23.38	-29.51
Financing Cash Flow	-309.53	-659.53	-145.69	-83.98	-132.28
Miscellaneous Cash Flow Adjustments	-	-	-	-	87.72
Net Cash Flow	208.68	93.16	29.03	61.15	112.39
Free Cash Flow	205.23	-151.83	-87.97	19.1	-107.54
Free Cash Flow Margin	27.85%	-28.72%	-17.32%	4.56%	-26.97%
Free Cash Flow Per Share	0.05	-0.04	-0.02	0.00	-0.03
Cash Interest Paid	28.49	23.93	112.99	23.38	29.51
Levered Free Cash Flow	306.15	94.11	-1,759	-49.61	4.53
Unlevered Free Cash Flow	323.33	112.44	-1,689	-3.5	52.14
Change in Working Capital	265.1	-159.23	-98.79	-0.4	-153.13

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