DFM:WATANIA 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	26.75	13.28	13.28	-53.13	21.58	22.64
Depreciation & Amortization	7.82	9.75	11.02	14.6	9.01	8.26
Other Amortization	2.78	2.78	3.42	4.19	4.16	2.02
Gain (Loss) on Sale of Investments	-12.62	-8.51	-12.97	-1.52	-3.25	1.78
Change in Accounts Receivable	5.43	15.41	-10.27	18.75	-30.76	72.46
Reinsurance Recoverable	60.23	-196.09	51.8	-3.37	-34.44	26.78
Change in Accounts Payable	-6.46	-10.99	-13.61	-0.36	-	-
Change in Unearned Revenue	-	-	-	-	3.44	1.84
Change in Insurance Reserves / Liabilities	-40.32	150.3	-93.69	21.28	26.58	-120.81
Change in Other Net Operating Assets	-	-	-	-	-22.67	26.88
Other Operating Activities	-19.19	-20.59	-14.71	-7.33	0.54	-58.17
Operating Cash Flow	18.89	-51.44	-63.63	4.06	-39.83	11.21
Operating Cash Flow Growth	-	-	-	-	-	-68.09%
Capital Expenditures	-1.4	-3.57	-7.66	-1.51	-3.45	-3.56
Sale of Property, Plant & Equipment	-0.28	0.08	5.45	0.21	-	-
Purchase / Sale of Intangible Assets	-0.83	-2.66	-0.14	-0.09	-0.04	-0.27
Cash Acquisitions	-	-	-	48.29	-	-110.11
Investment in Securities	-160.75	116.05	52.18	30.63	69.17	2.04
Other Investing Activities	23.06	20.35	11.15	7.58	-0.57	-3.15
Investing Cash Flow	-140.18	130.26	60.97	85.1	65.11	-115.04
Long-Term Debt Issued	-	-	-	-	-	215
Total Debt Repaid	-1.88	-27.59	-22.04	-18.55	-108.96	-1.34
Net Debt Issued (Repaid)	49.24	-27.59	-22.04	-18.55	-108.96	213.66
Repurchases of Common Stock	-3.48	-5.27	-	-	-	-
Common Dividends Paid	-	-	-	-	-13.8	-4.91
Other Financing Activities	-3.09	-1.2	-	-1.4	-0.98	-
Financing Cash Flow	42.67	-34.06	-22.04	-19.95	-123.74	208.76
Net Cash Flow	-78.62	44.76	-24.71	69.22	-98.47	104.93
Free Cash Flow	17.49	-55	-71.29	2.55	-43.28	7.65
Free Cash Flow Growth	-	-	-	-	-	-77.73%
Free Cash Flow Margin	1.87%	-6.11%	-7.22%	0.31%	-8.69%	1.76%
Free Cash Flow Per Share	0.07	-0.21	-0.27	0.01	-0.29	0.05
Cash Interest Paid	5.5	4.68	6.07	4.22	5.16	1.7
Levered Free Cash Flow	886.71	-67.23	714.9	-641.04	-23.46	252.01
Unlevered Free Cash Flow	890.15	-64.3	718.7	-638.4	-20.24	253.07
Change in Working Capital	18.88	-41.37	-65.78	36.3	-67	13.7

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