Nigerian 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	Jun '26 Jun 30, 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	103,637	99,100	-144,887	-106,308	13,182	12,666
Depreciation & Amortization	83,556	77,221	54,809	47,551	39,192	41,004
Other Amortization	558.01	558.01	514.65	480.31	408.58	295.34
Loss (Gain) From Sale of Assets	-1,201	-1,212	-1,296	-446.7	-692.92	-2,982
Stock-Based Compensation	347.29	-443.73	-33.43	525.44	773.63	-43.75
Other Operating Activities	88,249	104,249	157,809	-41,775	-21,654	-15,029
Change in Accounts Receivable	-15,788	-16,896	-3,179	-6,209	-15,097	-15,306
Change in Inventory	28,442	-12,529	-58,408	-38,518	-21,326	-26,104
Change in Accounts Payable	40,784	-48,120	66,709	80,354	21,854	96,539
Change in Other Net Operating Assets	3,479	26,250	-19,996	-10,320	5,888	576.64
Operating Cash Flow	332,062	228,177	52,041	-74,666	22,528	91,615
Operating Cash Flow Growth	89.82%	338.45%	-	-	-75.41%	7.35%
Capital Expenditures	-122,679	-123,446	-137,572	-98,742	-97,861	-59,407
Sale of Property, Plant & Equipment	1,293	1,374	1,307	312.04	434.83	54.58
Cash Acquisitions	-0	-1,995	-3,767	-	-	-
Sale (Purchase) of Intangibles	-256.86	-459.23	-2,941	-127.94	-658.13	-584.23
Other Investing Activities	2,278	1,215	2,391	112.23	-1,174	-1,077
Investing Cash Flow	-119,364	-123,311	-140,581	-98,446	-99,259	-61,013
Long-Term Debt Issued	-	168,500	371,280	533,947	161,048	67,602
Long-Term Debt Repaid	-	-317,859	-598,312	-336,504	-66,896	-104,088
Net Debt Issued (Repaid)	-181,285	-149,359	-227,032	197,443	94,152	-36,486
Issuance of Common Stock	-	-	543,313	-	-	-
Common Dividends Paid	-3,309	-2,969	-8,314	-6,068	-7,587	-4,979
Other Financing Activities	-31,097	-43,784	-92,655	-17,226	-4,507	-2,730
Financing Cash Flow	-215,691	-196,111	215,312	174,149	82,059	-44,195
Foreign Exchange Rate Adjustments	-83.02	1,797	-15,750	16,348	122.48	-46.46
Net Cash Flow	-3,076	-89,448	111,021	17,386	5,451	-13,640
Free Cash Flow	209,383	104,731	-85,530	-173,408	-75,333	32,209
Free Cash Flow Growth	563.95%	-	-	-	-	-33.08%
Free Cash Flow Margin	13.66%	7.14%	-7.89%	-28.92%	-13.68%	7.37%
Free Cash Flow Per Share	6.76	3.38	-7.13	-20.89	-9.08	3.20
Levered Free Cash Flow	139,784	25,582	-114,280	-9,548	-21,938	46,763
Unlevered Free Cash Flow	167,905	53,704	-53,022	12,369	-17,417	53,133
Cash Interest Paid	31,097	43,784	93,522	18,778	4,648	5,461
Cash Income Tax Paid	19,286	5,874	3,033	9,322	6,675	8,142
Change in Working Capital	56,917	-51,295	-14,874	25,307	-8,681	55,705