McNichols 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	346.38	115.76	36.07	19.76	14.3
Depreciation & Amortization	78.04	57.9	30.53	36.67	49.76
Other Operating Activities	-	-	-0	-	0
Change in Accounts Receivable	-111.26	-23.48	-55.15	-15.48	-11.78
Change in Inventory	-96.2	-131.87	-182.76	37.36	18.72
Change in Accounts Payable	255.67	139.57	238.43	-9.94	17.86
Change in Other Net Operating Assets	0.05	0.54	3.34	3.89	5.86
Operating Cash Flow	472.68	158.43	70.46	72.27	94.72
Operating Cash Flow Growth	198.35%	124.84%	-2.50%	-23.70%	-
Capital Expenditures	-367.4	-140.66	-78.53	-5.49	-23.15
Sale of Property, Plant & Equipment	-	12.3	8.75	11.75	-
Investment in Securities	1	5.4	-0.58	-	-
Other Investing Activities	3.35	20.43	-	7.62	-
Investing Cash Flow	-363.05	-102.53	-70.36	13.87	-23.15
Long-Term Debt Repaid	-	-24.06	-41.25	-41.25	-41.25
Net Debt Issued (Repaid)	-	-24.06	-41.25	-41.25	-41.25
Issuance of Common Stock	-	-	199.03	-	-
Common Dividends Paid	-44.67	-44.67	-7.19	-9.8	-8.82
Other Financing Activities	18.44	38.76	-10.15	-5.19	-1.54
Financing Cash Flow	-26.23	-29.97	140.44	-56.24	-51.61
Miscellaneous Cash Flow Adjustments	-	-	-	-	0
Net Cash Flow	83.4	25.93	140.54	29.9	19.96
Free Cash Flow	105.28	17.77	-8.07	66.78	71.57
Free Cash Flow Growth	492.35%	-	-	-6.69%	-
Free Cash Flow Margin	1.70%	0.31%	-0.51%	8.01%	9.25%
Free Cash Flow Per Share	0.09	0.02	-0.01	0.09	0.10
Levered Free Cash Flow	-4.09	-17.15	22.78	65.38	67.01
Unlevered Free Cash Flow	-2.47	-12.94	29.12	72.62	75.44
Change in Working Capital	48.25	-15.23	3.86	15.83	30.66

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