Champion Breweries 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	1,790	817	370.56	1,408	1,073
Depreciation & Amortization	2,580	2,239	2,029	1,525	1,206
Loss (Gain) From Sale of Assets	-	0.73	-	-37.44	-
Asset Writedown & Restructuring Costs	-	55.35	-	-	19.56
Stock-Based Compensation	54.02	8.88	23.12	-4.46	5.18
Provision & Write-off of Bad Debts	10.31	-12.39	20.37	5.79	-2.02
Other Operating Activities	2,018	1,527	3.49	943.34	860.64
Change in Accounts Receivable	-109.52	250.79	561.06	-915.88	-56.05
Change in Inventory	-1,336	-635.92	-855.18	-481.19	-298.31
Change in Accounts Payable	3,720	725.66	3,602	-612.05	1,052
Change in Unearned Revenue	668.36	131.13	80.68	214.17	-152.07
Change in Other Net Operating Assets	-919.42	76.63	-12.1	120.57	50.86
Operating Cash Flow	8,429	5,184	5,823	2,166	3,759
Operating Cash Flow Growth	62.59%	-10.97%	168.84%	-42.39%	90.25%
Capital Expenditures	-7,285	-833.09	-6,593	-2,889	-1,834
Sale of Property, Plant & Equipment	-	8.65	-	37.44	-
Investment in Securities	-9,744	-	-	-	-
Other Investing Activities	437.94	15.59	11.29	94.33	-
Investing Cash Flow	-16,591	-808.85	-6,582	-2,757	-1,834
Long-Term Debt Issued	61,266	-	1,529	-	-
Long-Term Debt Repaid	-8,526	-2,081	-475.67	-33.74	-79.02
Net Debt Issued (Repaid)	52,739	-2,081	1,053	-33.74	-79.02
Common Dividends Paid	-536.88	-	-	-	-
Other Financing Activities	-997.72	-428.68	-38.14	-58.53	-
Financing Cash Flow	51,205	-2,510	1,015	-92.27	-79.02
Foreign Exchange Rate Adjustments	-5.41	0.71	-	-	-
Net Cash Flow	43,037	1,866	255.81	-683.22	1,847
Free Cash Flow	1,143	4,351	-770.35	-722.72	1,926
Free Cash Flow Growth	-73.72%	-	-	-	442.32%
Free Cash Flow Margin	3.84%	21.97%	-6.60%	-6.46%	22.39%
Free Cash Flow Per Share	0.13	0.49	-0.09	-0.08	0.21
Cash Interest Paid	-	428.68	38.14	58.53	-
Cash Income Tax Paid	-	120.85	178.7	55.45	15.71
Levered Free Cash Flow	-4,822	4,937	-908.06	-1,506	908.8
Unlevered Free Cash Flow	-3,187	5,110	-881.42	-1,469	947.03
Change in Working Capital	2,023	548.29	3,376	-1,674	596.72

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