Emaar The Economic City Cash Flow Statement

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

Millions SAR. 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	-283.59	-1,135	-253.22	-1,157	-836.53	-1,248
Depreciation & Amortization	262.47	250.41	255.89	278.53	302.37	341.91
Other Amortization	1.79	1.79	0.69	1.87	8.02	8.09
Loss (Gain) From Sale of Assets	-82.7	-31.39	-80.78	-7.88	-13.54	-5.72
Asset Writedown & Restructuring Costs	0.32	1.09	2.98	93.66	9.5	264.99
Loss (Gain) From Sale of Investments	-93.62	-69.81	19.12	63.03	55.49	-
Loss (Gain) on Equity Investments	52.96	55.99	-33.89	-25.05	-45.84	-48.07
Provision & Write-off of Bad Debts	-	-	-	0.41	38.7	137.62
Other Operating Activities	157.75	588.11	227.16	154.37	36.94	75.16
Change in Accounts Receivable	-350.72	130.05	12.01	498.69	567.1	213.67
Change in Inventory	16.27	-13.24	131.45	48.89	20.66	110.35
Change in Accounts Payable	110.39	6.2	-292.01	-205.69	-12.58	88.83
Change in Unearned Revenue	82	-44.69	-274.29	-154.58	-	-
Change in Other Net Operating Assets	-10.68	21.57	-59.87	183.61	12.61	-10.06
Operating Cash Flow	-137.36	-238.5	-344.76	-227.42	142.91	-71.58
Capital Expenditures	-18.18	-255.77	-53.79	-1.47	-7.29	-144
Sale of Property, Plant & Equipment	-	-	5	-	-	-
Sale (Purchase) of Intangibles	-0.88	-1.1	-0.07	-1.71	-2.8	-3.46
Sale (Purchase) of Real Estate	13.87	30.11	89.73	21.04	27.5	0.86
Investment in Securities	-	-	-	-	101.36	-100.81
Other Investing Activities	4.2	2.86	2.11	57.7	-0.64	2.54
Investing Cash Flow	-0.99	-223.9	42.98	75.56	118.13	-244.87
Long-Term Debt Issued	-	550	450	148.3	3.98	256.95
Long-Term Debt Repaid	-	-14.3	-51.29	-154.73	-68.91	-187
Total Debt Repaid	-17.16	-14.3	-51.29	-154.73	-68.91	-187
Net Debt Issued (Repaid)	384.33	535.7	398.71	-6.43	-64.93	69.95
Other Financing Activities	-	-	-	-	-18.78	17.01
Financing Cash Flow	384.33	535.7	398.71	-6.43	-83.71	86.96
Net Cash Flow	245.99	73.29	96.94	-158.29	177.33	-229.49
Free Cash Flow	-155.53	-494.27	-398.54	-228.9	135.62	-215.58
Free Cash Flow Margin	-17.97%	-116.03%	-38.64%	-63.01%	36.45%	-39.39%
Free Cash Flow Per Share	-0.30	-0.94	-0.76	-0.44	0.32	-0.55
Cash Interest Paid	59.11	39.38	192.91	200.11	115.26	191.18
Levered Free Cash Flow	-453.54	-745.95	-772.88	49.11	-110.99	397.19
Unlevered Free Cash Flow	-105.46	-360.12	-472.51	227.86	-109.2	399.66
Change in Working Capital	-152.74	99.88	-482.7	370.93	587.8	402.79

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