Swan General Cash Flow Statement

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

Millions MUR. 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	804.51	883.7	442.52	454.45	692.51	642.17
Depreciation & Amortization	-	-	66.8	61.77	59.81	74.26
Other Amortization	-	-	26.5	31.28	28.3	28.64
Gain (Loss) on Sale of Assets	-	-	-6.67	-11.38	-1.3	1.12
Gain (Loss) on Sale of Investments	-	-	-1,478	3,434	-1,015	-1,387
Change in Accounts Receivable	-	-	-	-	-476.61	428.13
Reinsurance Recoverable	-	-	-139.18	-239.53	-	-
Change in Accounts Payable	-	-	-	-	93.47	-518.73
Change in Insurance Reserves / Liabilities	-	-	3,946	-1,594	47.74	249.02
Change in Other Net Operating Assets	-	-	33.98	123.48	-	-
Other Operating Activities	73.2	2,020	-2,070	-1,596	1,461	1,696
Operating Cash Flow	877.71	2,903	848.15	661.1	899	1,251
Operating Cash Flow Growth	-63.86%	242.30%	28.29%	-26.46%	-28.14%	43.91%
Capital Expenditures	-	-	-37.58	-15.48	-23.32	-42.69
Sale of Property, Plant & Equipment	-	-	5.54	0.12	1.33	4.7
Purchase / Sale of Intangible Assets	-	-	-71.77	-44.25	-15.38	-30.52
Cash Acquisitions	-	-	-131.43	-20.6	-	-
Investment in Securities	-	-	242.44	-676.54	-2,937	-458.51
Other Investing Activities	-2,037	-521.49	1,998	1,518	1,550	1,260
Investing Cash Flow	-2,037	-521.49	428.97	1,325	-1,489	-1,338
Long-Term Debt Issued	-	-	949.9	-	-	-
Total Debt Repaid	-	-	-1,453	-8.29	-7.03	-8.01
Net Debt Issued (Repaid)	-	-	-503.26	-8.29	-7.03	-8.01
Common Dividends Paid	-	-	-125.13	-119.17	-119.17	-119.17
Other Financing Activities	19.62	219.09	-41.52	-41.02	-47.02	-61.93
Financing Cash Flow	19.62	219.09	-669.91	-168.48	-173.22	-189.11
Foreign Exchange Rate Adjustments	741.06	311.92	55.93	-53.96	166.82	135.74
Net Cash Flow	-398.67	2,913	663.13	1,764	-596.38	-140.56
Free Cash Flow	877.71	2,903	810.57	645.62	875.68	1,208
Free Cash Flow Growth	-63.29%	258.17%	25.55%	-26.27%	-27.54%	43.87%
Free Cash Flow Margin	9.84%	35.22%	10.16%	9.10%	8.75%	12.79%
Free Cash Flow Per Share	106.05	350.81	97.94	78.01	105.81	146.02
Cash Interest Paid	-	-	48.87	2.21	1.41	4.31
Cash Income Tax Paid	-	-	59.83	70.89	39.19	33.99
Levered Free Cash Flow	704.19	863.8	-3,094	8,484	1,622	-791.62
Unlevered Free Cash Flow	704.19	863.8	-3,063	8,485	1,623	-788.92
Change in Working Capital	-	-	3,841	-1,710	-335.4	158.42

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