The Initiates 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	3,386	1,380	348.23	-53.7	-77.24
Depreciation & Amortization	140.19	67.43	47.26	43.92	44.26
Other Operating Activities	1,277	-76.19	183.43	19.7	28.28
Change in Accounts Receivable	-	-2,337	-196.31	-134.78	-39.35
Change in Inventory	-	-15.58	1.36	-8.51	-1.31
Change in Accounts Payable	-	805.84	-157.45	355.13	72.21
Change in Income Taxes	-	428.6	26.36	21.89	-11.95
Change in Other Net Operating Assets	-	393.71	39.57	10.36	0.64
Operating Cash Flow	4,804	646.77	292.44	253.99	15.55
Operating Cash Flow Growth	642.72%	121.16%	15.14%	1533.77%	-18.65%
Capital Expenditures	-1,806	-509.87	-293.72	-633.68	-22.99
Sale of Property, Plant & Equipment	10.4	-	-	-	-
Investment in Securities	-	-0.36	-0.12	-98.83	-
Other Investing Activities	50.82	139	0.51	0	-
Investing Cash Flow	-1,745	-371.24	-293.33	-732.51	-22.99
Long-Term Debt Issued	182.95	656.86	269.82	5	729.5
Total Debt Issued	182.95	656.86	269.82	5	729.5
Long-Term Debt Repaid	-613.76	-947.88	-150	-5	-46.5
Total Debt Repaid	-613.76	-947.88	-150	-5	-46.5
Net Debt Issued (Repaid)	-430.81	-291.01	119.82	-	683
Common Dividends Paid	-89	-56.4	-	-1.3	-
Other Financing Activities	-39.97	-80.21	-78.3	-19.33	-26.03
Financing Cash Flow	-559.77	-427.62	41.52	-20.63	656.97
Net Cash Flow	2,499	-152.08	40.63	-499.15	649.53
Free Cash Flow	2,998	136.9	-1.28	-379.68	-7.44
Free Cash Flow Growth	2089.87%	-	-	-	-
Free Cash Flow Margin	25.62%	2.94%	-0.07%	-45.12%	-2.23%
Free Cash Flow Per Share	3.37	0.15	-0.00	-0.43	-0.01
Cash Interest Paid	34.23	66.62	59.91	3.07	20.3
Cash Income Tax Paid	78.06	17.89	12	-	1
Levered Free Cash Flow	2,055	-116.47	-347.62	-327.14	21.05
Unlevered Free Cash Flow	2,076	-74.84	-310.18	-325.22	33.73
Change in Working Capital	-	-724.16	-286.48	244.08	20.25

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