Royal Exchange 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	851.43	1,006	-206.22	-289.21	-1,697
Depreciation & Amortization	14.42	6.29	6.47	6.54	6.67
Other Amortization	-	-	-	1.62	4.81
Gain (Loss) on Sale of Assets	-	-	-	-254.67	1,214
Gain (Loss) on Sale of Investments	-28.64	-7.53	-	0.54	-38.3
Change in Accounts Receivable	-	-	-	17.02	107.59
Reinsurance Recoverable	-	-	-	-	2,195
Change in Accounts Payable	-	-	-	-	-7,910
Change in Unearned Revenue	-	-	-	196.9	-1,352
Change in Income Taxes	-	-	-0.44	-	-
Change in Insurance Reserves / Liabilities	-	-	-41.18	-127.56	-2,457
Change in Other Net Operating Assets	-475.8	-326.13	-344.47	1,214	809.03
Other Operating Activities	-1.76	-160.41	20.33	237.22	-442.36
Operating Cash Flow	-678.7	-374.61	-1,157	1,155	-7,681
Capital Expenditures	-163.13	-12.39	-3.13	-10.49	-7.7
Sale of Property, Plant & Equipment	-	-	-	-	6.13
Purchase / Sale of Intangible Assets	-	-	-	-	-10.95
Investment in Securities	-470.86	60	78.49	-207.09	-4,820
Other Investing Activities	68.83	211.05	-91.9	275.67	261.42
Investing Cash Flow	-565.16	258.65	-16.55	471.96	-4,571
Long-Term Debt Issued	569.69	-	2,041	-	18,232
Total Debt Repaid	-0.17	-713.25	-	-2,000	-18,085
Net Debt Issued (Repaid)	569.52	-713.25	2,041	-2,000	147.42
Issuance of Common Stock	-	1,561	-	-	-
Common Dividends Paid	-	-79.66	-82.85	-	-
Other Financing Activities	1,584	35.19	-922.43	-93.41	-125.32
Financing Cash Flow	2,154	802.94	1,036	-2,093	22.1
Foreign Exchange Rate Adjustments	-	-	-	-	43.72
Miscellaneous Cash Flow Adjustments	-	-	-	453.6	0
Net Cash Flow	909.66	686.98	-137.86	-12.46	-12,186
Free Cash Flow	-841.83	-387	-1,160	1,145	-7,689
Free Cash Flow Margin	-51.32%	-29.96%	-116.20%	200.96%	-2031.04%
Free Cash Flow Per Share	-0.10	-0.05	-0.23	0.22	-1.49
Cash Interest Paid	-	-	922.43	93.41	125.32
Cash Income Tax Paid	11.12	232.7	-	-	23.81
Levered Free Cash Flow	1,509	1,104	-1,119	-364.34	-7,944
Unlevered Free Cash Flow	1,671	1,233	-957.49	-221.08	-7,800
Change in Working Capital	-475.8	-326.13	-386.08	1,301	-7,158

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