International Breweries Cash Flow Statement

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

Millions NGN. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	41,153	50,914	-113,615	-70,026	-21,626	-17,657
Depreciation & Amortization	68,185	64,906	48,143	40,058	42,298	38,488
Other Amortization	2,605	2,605	1,818	994.9	649.09	470.91
Loss (Gain) From Sale of Assets	-	-	1,727	821.58	-	-4.38
Asset Writedown & Restructuring Costs	7,957	3,090	-	9,054	12,054	1,505
Loss (Gain) From Sale of Investments	269.53	58.86	453.98	1,334	-	241.57
Provision & Write-off of Bad Debts	-	-	-	-	33.82	-
Other Operating Activities	55,712	36,999	317,922	49,590	2,403	5,265
Change in Accounts Receivable	8,895	45,462	-98,289	10,750	3,225	-9,875
Change in Inventory	24,927	-8,037	-41,201	-21,589	-4,374	-8,348
Change in Accounts Payable	-29,822	-56,682	31,967	57,607	8,005	41,955
Operating Cash Flow	179,881	139,316	148,926	78,594	42,667	52,042
Operating Cash Flow Growth	30.32%	-6.45%	89.49%	84.20%	-18.01%	2.58%
Capital Expenditures	-108,309	-111,133	-71,694	-45,793	-58,591	-27,956
Sale of Property, Plant & Equipment	-	-	-	-	-	4.38
Sale (Purchase) of Intangibles	-	-	-	-	-	-332.13
Investment in Securities	35,205	33,553	-27,000	86,214	-	11,897
Other Investing Activities	14,737	16,008	8,980	9,191	-7,933	-70,109
Investing Cash Flow	-58,368	-61,573	-89,715	49,613	-66,524	-86,496
Short-Term Debt Issued	-	-	-	-	-	76,768
Long-Term Debt Issued	-	-	62,000	41,618	81,713	-
Total Debt Issued	-	-	62,000	41,618	81,713	76,768
Short-Term Debt Repaid	-	-	-	-	-	-20,689
Long-Term Debt Repaid	-	-23,131	-612,905	-67,429	-70,221	-4,729
Total Debt Repaid	-24,010	-23,131	-612,905	-67,429	-70,221	-25,418
Net Debt Issued (Repaid)	-24,010	-23,131	-550,905	-25,812	11,493	51,350
Issuance of Common Stock	-	-	516,218	-	-	-
Common Dividends Paid	-	-	-	-	-	-5.79
Other Financing Activities	160.2	-	-46,366	-5,470	-18,412	-894.88
Financing Cash Flow	-23,850	-23,131	-81,054	-31,282	-6,920	50,449
Foreign Exchange Rate Adjustments	-9,440	-8,407	-1,286	-577.46	-	-
Miscellaneous Cash Flow Adjustments	-0	-	-	0	-0	-
Net Cash Flow	88,223	46,205	-23,128	96,348	-30,777	15,994
Free Cash Flow	71,572	28,183	77,231	32,802	-15,924	24,085
Free Cash Flow Growth	35.70%	-63.51%	135.45%	-	-	-27.01%
Free Cash Flow Margin	11.47%	4.55%	15.79%	12.59%	-7.28%	13.21%
Free Cash Flow Per Share	0.43	0.17	0.79	1.22	-0.59	0.90
Cash Interest Paid	-	-	46,366	5,470	6,339	894.88
Cash Income Tax Paid	2,193	2,193	1,725	1,214	313.33	1,019
Levered Free Cash Flow	29,070	-9,868	68,421	-163,239	-29,896	35,796
Unlevered Free Cash Flow	37,693	-2,257	90,142	-144,661	-23,223	38,796
Change in Working Capital	3,999	-19,257	-107,524	46,768	6,855	23,732

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