DFM:WATANIA 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	34.36	13.28	13.28	-53.13	21.58
Depreciation & Amortization	11.06	9.75	11.02	14.6	9.01
Other Amortization	-	2.78	3.42	4.19	4.16
Gain (Loss) on Sale of Investments	-8.72	-8.51	-12.97	-1.52	-3.25
Change in Accounts Receivable	11.29	15.41	-10.27	18.75	-30.76
Reinsurance Recoverable	30.57	-196.09	51.8	-3.37	-34.44
Change in Accounts Payable	-	-10.99	-13.61	-0.36	-
Change in Unearned Revenue	-	-	-	-	3.44
Change in Insurance Reserves / Liabilities	-	150.3	-93.69	21.28	26.58
Change in Other Net Operating Assets	-	-	-	-	-22.67
Other Operating Activities	-19.94	-20.59	-14.71	-7.33	0.54
Operating Cash Flow	55.96	-51.44	-63.63	4.06	-39.83
Capital Expenditures	-0.89	-3.57	-7.66	-1.51	-3.45
Sale of Property, Plant & Equipment	-	0.08	5.45	0.21	-
Purchase / Sale of Intangible Assets	-0.21	-2.66	-0.14	-0.09	-0.04
Cash Acquisitions	-	-	-	48.29	-
Investment in Securities	-118.63	116.05	52.18	30.63	69.17
Other Investing Activities	27.13	20.35	11.15	7.58	-0.57
Investing Cash Flow	-92.6	130.26	60.97	85.1	65.11
Long-Term Debt Issued	51.13	-	-	-	-
Total Debt Repaid	-1.95	-27.59	-22.04	-18.55	-108.96
Net Debt Issued (Repaid)	49.17	-27.59	-22.04	-18.55	-108.96
Repurchases of Common Stock	-1.6	-5.27	-	-	-
Common Dividends Paid	-	-	-	-	-13.8
Other Financing Activities	-5.93	-1.2	-	-1.4	-0.98
Financing Cash Flow	41.64	-34.06	-22.04	-19.95	-123.74
Net Cash Flow	5	44.76	-24.71	69.22	-98.47
Free Cash Flow	55.07	-55	-71.29	2.55	-43.28
Free Cash Flow Margin	64.66%	-6.11%	-7.22%	0.31%	-8.69%
Free Cash Flow Per Share	0.21	-0.21	-0.27	0.01	-0.29
Cash Interest Paid	-	4.68	6.07	4.22	5.16
Levered Free Cash Flow	-16.36	-67.23	714.9	-641.04	-23.46
Unlevered Free Cash Flow	-12.65	-64.3	718.7	-638.4	-20.24
Change in Working Capital	41.87	-41.37	-65.78	36.3	-67

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.