Livestock Feeds 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	-2,949	1,934	-230.02	-822.22	429.7
Depreciation & Amortization	306.13	207.19	168.24	168.74	165.55
Other Amortization	57.6	52.76	51.91	12.78	0.54
Loss (Gain) From Sale of Assets	-8.22	-14.92	-11	-1.1	9.82
Provision & Write-off of Bad Debts	63.62	34.08	-12.05	4.4	47.86
Other Operating Activities	1,326	2,730	612.17	692.09	382
Change in Accounts Receivable	-3.1	1,490	-760.39	71.28	-656.83
Change in Inventory	12,611	-9,733	-4,689	3,671	-3,485
Change in Accounts Payable	3,786	3,459	-553.39	1,364	-1,624
Change in Other Net Operating Assets	12.81	-117.31	-92.47	41.26	-30.64
Operating Cash Flow	15,202	42.23	-5,516	5,203	-4,761
Operating Cash Flow Growth	35897.50%	-	-	-	-
Capital Expenditures	-379.29	-795.84	-453.81	-249.47	-130.96
Sale of Property, Plant & Equipment	8.22	14.92	11	1.24	14.72
Sale (Purchase) of Intangibles	-14.85	-	-12.15	-215.22	-35.39
Other Investing Activities	113.26	145.13	1.24	5.33	0.68
Investing Cash Flow	-272.65	-635.78	-453.72	-458.11	-150.95
Short-Term Debt Issued	10,310	16,455	10,000	10,321	7,734
Total Debt Issued	10,310	16,455	10,000	10,321	7,734
Short-Term Debt Repaid	-23,572	-13,206	-3,559	-14,212	-2,275
Long-Term Debt Repaid	-	-268.37	-	-	-
Total Debt Repaid	-23,572	-13,474	-3,559	-14,212	-2,275
Net Debt Issued (Repaid)	-13,262	2,981	6,441	-3,890	5,459
Other Financing Activities	-2,225	-1,797	-352.73	-719.11	-298.45
Financing Cash Flow	-15,486	1,184	6,089	-4,609	5,160
Foreign Exchange Rate Adjustments	-0.07	3.33	-	-	-
Miscellaneous Cash Flow Adjustments	-0	-	-	-	-
Net Cash Flow	-556.81	593.4	119.42	135.23	248.62
Free Cash Flow	14,823	-753.6	-5,969	4,953	-4,892
Free Cash Flow Margin	39.25%	-1.81%	-29.25%	30.18%	-33.41%
Free Cash Flow Per Share	4.94	-0.25	-1.99	1.65	-1.63
Cash Interest Paid	2,288	1,802	352.73	719.11	298.45
Cash Income Tax Paid	821.76	243.08	82.83	80.63	42.88
Levered Free Cash Flow	13,933	-3,002	-6,442	4,385	-5,344
Unlevered Free Cash Flow	15,947	-1,749	-6,068	4,919	-5,157
Change in Working Capital	16,407	-4,902	-6,095	5,148	-5,796

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