Berger Paints Nigeria Cash Flow Statement

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

Millions NGN. 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	1,571	610.86	445.33	208.67	135.64
Depreciation & Amortization	311.12	250.9	226.05	239.54	243.49
Other Amortization	15.6	10.75	10.88	8.33	16.43
Loss (Gain) From Sale of Assets	-9.84	-6.37	-18.51	-	-21.24
Provision & Write-off of Bad Debts	-	3.78	44.57	-11.58	-8.15
Other Operating Activities	424.24	298.11	291.19	164.03	57.05
Change in Accounts Receivable	-42.78	-67.32	-98.34	45.62	-8.68
Change in Inventory	548.84	-1,154	-781.47	-200.17	-464.32
Change in Accounts Payable	203.97	432.63	-189.87	307.69	214.42
Change in Unearned Revenue	-48.89	-109.15	132.17	-28.01	45.02
Change in Other Net Operating Assets	-274.33	-19.39	335.2	-162.6	56.27
Operating Cash Flow	2,699	250.84	397.17	571.52	265.92
Operating Cash Flow Growth	975.82%	-36.84%	-30.51%	114.92%	-41.51%
Capital Expenditures	-328.42	-310.34	-288.81	-44.77	-95.09
Sale of Property, Plant & Equipment	9.84	6.37	20.35	-	25.08
Sale (Purchase) of Intangibles	-71.67	-33.86	-0.65	-	-
Sale (Purchase) of Real Estate	-9.81	-	-	-	-
Investment in Securities	-1,534	-189.86	143.2	-27.39	-34.69
Other Investing Activities	-275.08	41.56	-	0.73	0.54
Investing Cash Flow	-2,209	-486.14	-125.91	-71.43	-104.16
Long-Term Debt Issued	-	-	345.6	-	-
Long-Term Debt Repaid	-117.97	-7.26	-25.13	-126.65	-153.75
Net Debt Issued (Repaid)	-117.97	-7.26	320.47	-126.65	-153.75
Common Dividends Paid	-405.78	-290.46	-269.36	-88.54	-126.62
Other Financing Activities	154.81	-32.08	-15.92	-6.69	-20.37
Financing Cash Flow	-368.94	-329.8	35.19	-221.88	-300.73
Net Cash Flow	120.44	-565.1	306.45	278.21	-138.97
Free Cash Flow	2,370	-59.5	108.36	526.75	170.83
Free Cash Flow Growth	-	-	-79.43%	208.35%	-50.20%
Free Cash Flow Margin	18.25%	-0.55%	1.36%	8.32%	3.44%
Free Cash Flow Per Share	8.18	-0.20	0.37	1.82	0.59
Cash Interest Paid	83.38	32.08	15.92	6.69	20.37
Cash Income Tax Paid	482.51	80.39	14.76	13.32	6.86
Levered Free Cash Flow	2,201	63.44	-89.54	499.33	-8.08
Unlevered Free Cash Flow	2,253	83.49	-71.77	509.05	14.19
Change in Working Capital	386.81	-917.19	-602.33	-37.47	-157.3

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