Rafhan Maize Products Co. Cash Flow Statement

Financials in millions PKR. Fiscal year is January - December.

Millions PKR. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	7,000	7,475	6,913	6,179	6,257	6,094
Depreciation & Amortization	730.78	720.95	578.3	519.57	492.86	485.7
Loss (Gain) From Sale of Assets	-52.3	-34.44	-60.98	-16.1	-14.2	-5.33
Loss (Gain) From Sale of Investments	0.06	-1.62	1.97	-2.4	-0.17	58.14
Other Operating Activities	261.26	823.5	78.07	85.95	-526.27	-379.63
Change in Accounts Receivable	-70.99	-247.09	-51.95	-850.07	-469.81	65.47
Change in Inventory	-2,614	3,350	-8,358	-7,681	-5,185	-709.86
Change in Accounts Payable	348.23	-4,859	9,843	2,608	827.92	1,307
Change in Unearned Revenue	-573.59	913.49	-19.59	7.54	149.89	296.48
Change in Other Net Operating Assets	-169.95	121.64	-282.56	-82.72	-35.59	5.69
Operating Cash Flow	4,859	8,262	8,641	768.55	1,497	7,218
Operating Cash Flow Growth	-39.87%	-4.38%	1024.29%	-48.66%	-79.26%	42.56%
Capital Expenditures	-1,572	-1,915	-2,431	-881.76	-516.4	-348.77
Sale of Property, Plant & Equipment	120.9	67.88	71.45	32.27	19.22	7.39
Investment in Securities	-283.62	-1,198	-5,399	-	-	-
Other Investing Activities	613.75	292.34	999.2	465.76	474.06	463.27
Investing Cash Flow	-1,123	-2,755	-6,749	-385.42	-20.43	123.15
Short-Term Debt Issued	-	200	-	-	-	-
Long-Term Debt Issued	-	154.99	363.01	132.67	-	244.43
Total Debt Issued	2,977	354.99	363.01	132.67	-	244.43
Long-Term Debt Repaid	-	-90.92	-10.62	-128.79	-128.26	-5.46
Total Debt Repaid	-391.08	-90.92	-10.62	-128.79	-128.26	-5.46
Net Debt Issued (Repaid)	2,586	264.07	352.39	3.88	-128.26	238.97
Common Dividends Paid	-3,636	-5,111	-3,393	-2,033	-6,460	-3,715
Other Financing Activities	-697.14	-704.43	-415.83	-149.66	-36.63	-39.71
Financing Cash Flow	-1,747	-5,551	-3,456	-2,179	-6,625	-3,516
Net Cash Flow	1,989	-44.88	-1,565	-1,796	-5,148	3,825
Free Cash Flow	3,287	6,347	6,210	-113.21	980.58	6,869
Free Cash Flow Growth	-44.84%	2.20%	-	-	-85.72%	44.63%
Free Cash Flow Margin	4.38%	9.08%	9.49%	-0.19%	2.30%	19.15%
Free Cash Flow Per Share	355.86	687.14	672.34	-12.26	106.16	743.66
Cash Interest Paid	697.14	704.43	415.83	149.66	36.63	39.71
Cash Income Tax Paid	4,465	4,008	4,262	3,552	2,793	2,408
Levered Free Cash Flow	2,809	3,461	5,905	1,114	475.83	7,176
Unlevered Free Cash Flow	3,289	3,891	6,185	1,217	485.43	7,182
Change in Working Capital	-3,081	-721.54	1,131	-5,998	-4,713	964.43

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.