May & Baker 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	4,437	1,621	1,083	1,491	1,050
Depreciation & Amortization	803.09	728.26	592.57	556.57	563.43
Other Amortization	3.87	3.49	10.94	10.52	10.42
Loss (Gain) From Sale of Assets	-10.64	-2.13	-16.94	-1,185	-0.8
Loss (Gain) on Equity Investments	20.84	27.19	-57	25.57	33.8
Provision & Write-off of Bad Debts	57.97	-4.07	15.86	81.54	-27.57
Other Operating Activities	939.1	473.11	-341.95	230.47	89.35
Change in Accounts Receivable	-755.17	-502.49	-24.75	67.33	229.71
Change in Inventory	3,510	-1,736	-1,173	-1,754	-1,149
Change in Accounts Payable	-3,281	2,344	991.8	371.61	359.86
Change in Unearned Revenue	489.35	-144.76	-151.72	-187.19	162.79
Change in Other Net Operating Assets	-2,300	530.22	-320.93	2,299	-3,634
Operating Cash Flow	4,063	3,500	754.07	2,062	-2,309
Operating Cash Flow Growth	16.09%	364.13%	-63.43%	-	-
Capital Expenditures	-1,161	-1,271	-1,042	-1,742	-538.96
Sale of Property, Plant & Equipment	21.46	2.13	56.85	1,220	54.27
Sale (Purchase) of Intangibles	-4.17	-	-	-	-1.78
Other Investing Activities	711.57	407.49	383.55	231.48	59.43
Investing Cash Flow	-431.96	-861.56	-601.86	-290.55	-427.04
Short-Term Debt Issued	-	-	1,690	-	1,907
Long-Term Debt Issued	1,803	-	-	-	850
Total Debt Issued	1,803	-	1,690	-	2,757
Short-Term Debt Repaid	-551.59	-941.24	-	-198.55	-
Long-Term Debt Repaid	-349.19	-814.57	-767.59	-677.1	-502.5
Total Debt Repaid	-900.78	-1,756	-767.59	-875.65	-502.5
Net Debt Issued (Repaid)	901.88	-1,756	921.91	-875.65	2,255
Common Dividends Paid	-690.09	-517.57	-517.57	-517.57	-517.57
Other Financing Activities	-457.66	-357.26	-258.74	-248.83	-222.88
Financing Cash Flow	-245.88	-2,631	145.6	-1,642	1,514
Miscellaneous Cash Flow Adjustments	-	-0	-0	-	-
Net Cash Flow	3,385	7.67	297.81	129.17	-1,222
Free Cash Flow	2,902	2,229	-288.19	320.16	-2,848
Free Cash Flow Growth	30.23%	-	-	-	-
Free Cash Flow Margin	7.58%	7.71%	-1.46%	2.23%	-23.93%
Free Cash Flow Per Share	1.68	1.29	-0.17	0.19	-1.65
Cash Interest Paid	679.64	514.88	442.09	455.07	424.54
Cash Income Tax Paid	788.63	279.7	534.31	359.29	522.62
Levered Free Cash Flow	1,652	1,753	-615.5	59.65	-3,399
Unlevered Free Cash Flow	2,077	2,075	-339.19	344.07	-3,134
Change in Working Capital	-2,188	653.06	-532.42	851.93	-4,027

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