VFD Group Balance Sheet

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
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Cash & Equivalents	29,541	79,474	13,346	8,374	2,980
Trading Asset Securities	23,629	18,193	11,211	15,983	-
Cash & Short-Term Investments	53,170	97,667	24,557	24,356	2,980
Cash Growth	61.59%	297.72%	0.82%	717.36%	-
Accounts Receivable	27,873	45,702	27,982	8,701	13,468
Other Receivables	13,877	16,370	6,156	3,707	5,062
Receivables	53,691	74,013	46,079	12,408	18,530
Inventory	-	-	-	-	5,241
Prepaid Expenses	2,473	2,505	1,594	1,643	1,374
Other Current Assets	70,251	83,902	19,926	69,390	32,234
Total Current Assets	179,585	258,087	92,156	107,796	60,359
Property, Plant & Equipment	13,170	11,484	12,649	14,691	3,193
Long-Term Investments	136,382	88,213	46,515	41,133	35,117
Goodwill	1,379	1,379	5,534	5,534	5,854
Other Intangible Assets	1,828	193.63	341.85	379.51	263.78
Long-Term Deferred Tax Assets	583.2	688.32	2,089	2,042	1,222
Other Long-Term Assets	98,032	71,449	86,026	28,169	23,777
Total Assets	458,695	445,806	295,669	219,277	151,521
Accounts Payable	6,178	26,265	16,795	8,086	1,973
Accrued Expenses	2,954	3,361	2,306	1,247	892.65
Current Portion of Long-Term Debt	25,686	20,875	9,028	9,028	9,028
Current Income Taxes Payable	3,354	3,304	3,092	1,772	1,626
Other Current Liabilities	179,481	215,894	90,607	92,088	52,802
Total Current Liabilities	217,652	269,699	121,828	112,220	66,321
Long-Term Debt	79,057	102,989	112,400	72,572	47,700
Long-Term Deferred Tax Liabilities	3,254	3,497	2,915	1,954	1,713
Other Long-Term Liabilities	34,532	0	-	0	3,186
Total Liabilities	334,495	376,185	237,143	186,747	118,921
Common Stock	6,334	3,801	633.43	95.01	95.01
Additional Paid-In Capital	63,487	15,606	19,217	7,880	7,880
Retained Earnings	20,375	17,151	11,316	5,190	11,148
Comprehensive Income & Other	13,612	13,628	10,939	7,434	6,690
Total Common Equity	103,808	50,186	42,105	20,599	25,813
Minority Interest	20,392	19,435	16,421	11,931	6,787
Shareholders' Equity	124,200	69,621	58,526	32,531	32,600
Total Liabilities & Equity	458,695	445,806	295,669	219,277	151,521
Total Debt	104,742	123,864	121,428	81,600	56,728
Net Cash (Debt)	-51,572	-26,197	-96,871	-57,244	-53,748
Net Cash Per Share	-6.78	-3.45	-12.74	-10.04	-9.43
Filing Date Shares Outstanding	7,601	7,601	7,601	5,701	5,701
Total Common Shares Outstanding	7,601	7,601	7,601	5,701	5,701
Working Capital	-38,067	-11,613	-29,672	-4,424	-5,962
Book Value Per Share	13.66	6.60	5.54	3.61	4.53
Tangible Book Value	100,601	48,613	36,230	14,686	19,694
Tangible Book Value Per Share	13.24	6.40	4.77	2.58	3.45
Land	5,518	-	830.48	1,232	1,435
Machinery	11,296	11,124	8,770	5,886	2,147
Construction In Progress	345.1	3,056	563.96	71.28	-
Leasehold Improvements	1,569	2,272	3,266	6,665	65.54

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