National Breweries Cash Flow Statement

Financials in millions ZMW. Fiscal year is April - March.

Millions ZMW. Fiscal year is Apr - Mar.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '25 Sep 30, 2025	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022	Mar '21 Mar 31, 2021
Net Income	-155.31	-442.5	-545.54	-237.6	-120.29	-193.33
Depreciation & Amortization	-	-	19.7	26.19	-	-
Other Amortization	-	-	0.17	0.21	-	-
Other Operating Activities	9.85	21.7	-0.79	5.19	46.21	187.08
Change in Accounts Receivable	-	-	-35.95	-9.97	-	-
Change in Inventory	-	-	-16.3	-7.68	-	-
Change in Accounts Payable	-	-	178.93	85.66	-	-
Change in Other Net Operating Assets	139.74	389.97	406.96	141.23	-37.2	20.14
Operating Cash Flow	-5.72	-30.84	7.18	3.33	-111.28	13.9
Operating Cash Flow Growth	-	-	115.72%	-	-	-
Capital Expenditures	-4.7	-8.66	-14.18	-23.73	-11.67	-3.04
Investing Cash Flow	-4.7	-8.66	-14.18	-23.73	-11.67	-3.04
Short-Term Debt Issued	-	-	-	-	168.72	86.5
Long-Term Debt Issued	-	100	19.34	71.57	-	-
Total Debt Issued	96.29	100	19.34	71.57	168.72	86.5
Long-Term Debt Repaid	-	-62.21	-24.77	-25.95	-38.62	-24.46
Total Debt Repaid	-80.68	-62.21	-24.77	-25.95	-38.62	-24.46
Net Debt Issued (Repaid)	15.61	37.8	-5.43	45.63	130.1	62.03
Financing Cash Flow	15.61	37.8	-5.43	45.63	130.1	62.03
Foreign Exchange Rate Adjustments	-	-	0.87	-5.19	-5.66	-27.66
Net Cash Flow	5.19	-1.7	-11.57	20.04	1.49	45.24
Free Cash Flow	-10.42	-39.5	-7.01	-20.4	-122.94	10.86
Free Cash Flow Margin	-2.88%	-9.06%	-1.31%	-8.02%	-53.07%	3.87%
Free Cash Flow Per Share	-0.17	-0.63	-0.11	-0.32	-1.95	0.17
Cash Interest Paid	-	-	2.42	43.29	-	-
Cash Income Tax Paid	17.47	3.87	-	-	-	-
Levered Free Cash Flow	-	99.12	391.91	82.87	69.68	42.95
Unlevered Free Cash Flow	-	168.48	427.58	109.92	89.73	54.71
Change in Working Capital	139.74	389.97	533.64	209.34	-37.2	20.14

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