VFD Group 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
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Net Income	7,246	6,265	-2,463	5,360
Depreciation & Amortization	2,633	2,027	1,328	829.9
Other Amortization	96.3	123.22	142.01	207.81
Loss (Gain) From Sale of Assets	-5.15	-568.77	-71.44	-181.23
Asset Writedown & Restructuring Costs	706.39	-5,622	90.91	-5,252
Loss (Gain) From Sale of Investments	-8,293	-3,354	-3,590	-655.21
Loss (Gain) on Equity Investments	-132.15	-34.39	-375.14	-334.81
Other Operating Activities	17,070	23,699	-13,649	-27,104
Change in Accounts Receivable	-42,835	-35,474	4,152	48,927
Change in Other Net Operating Assets	137,506	-23,657	5,708	2,100
Operating Cash Flow	113,992	-36,598	-8,728	23,898
Capital Expenditures	-6,643	-5,858	-4,803	-3,124
Sale of Property, Plant & Equipment	306.44	864.57	1,232	465.09
Divestitures	-	-	1,067	-
Sale (Purchase) of Intangibles	-	-81.2	-257.74	-16.2
Sale (Purchase) of Real Estate	121.09	2,318	1,137	-22,313
Investment in Securities	-1,430	10,299	-15,866	-10,413
Other Investing Activities	0	-0	-2,345	336.18
Investing Cash Flow	-7,645	7,543	-19,836	-35,065
Long-Term Debt Issued	66,776	61,113	69,694	28,856
Long-Term Debt Repaid	-107,728	-40,233	-34,436	-17,218
Net Debt Issued (Repaid)	-40,952	20,880	35,258	11,638
Issuance of Common Stock	538.41	11,875	-	-
Common Dividends Paid	-	-	-1,499	-1,367
Other Financing Activities	-	-	-	-21.94
Financing Cash Flow	-40,413	32,755	33,758	10,249
Foreign Exchange Rate Adjustments	195.41	1,271	198.91	-
Miscellaneous Cash Flow Adjustments	0	-	-	-
Net Cash Flow	66,129	4,972	5,394	-917.53
Free Cash Flow	107,349	-42,456	-13,530	20,774
Free Cash Flow Margin	150.37%	-75.10%	-39.79%	171.08%
Free Cash Flow Per Share	14.12	-5.58	-2.37	3.64
Cash Interest Paid	31,416	28,041	44,128	19,753
Cash Income Tax Paid	2,265	256.51	162.73	511
Levered Free Cash Flow	43,934	21,501	13,292	-
Unlevered Free Cash Flow	67,811	43,634	29,126	-
Change in Working Capital	94,671	-59,131	9,860	51,027

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