ANSA Merchant Bank Cash Flow Statement

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

Millions TTD. 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	195.91	162.27	129.31	-45.27	306.22	162.01
Depreciation & Amortization	-2.65	46.93	51.16	32.51	35.75	38.43
Other Amortization	13.55	13.55	12.01	8.62	7.62	3.18
Gain (Loss) on Sale of Assets	15.42	-4.59	-20.51	-4.81	-0.64	-4.43
Gain (Loss) on Sale of Investments	-76.55	-76.55	-97.69	180.37	-205.94	25.9
Change in Insurance Reserves / Liabilities	42.82	42.82	359.68	76.26	122.6	54.86
Change in Other Net Operating Assets	383.23	104.84	-284.89	-130.07	566.09	-275.04
Other Operating Activities	-210.28	-20.15	-0.06	16.11	-0.39	8.77
Operating Cash Flow	383.26	290.92	158.19	108.99	865.33	43.51
Operating Cash Flow Growth	-34.52%	83.91%	45.14%	-87.41%	1888.89%	-91.59%
Capital Expenditures	-113.43	-113.43	-379.25	-154.17	-192.97	-32.82
Sale of Property, Plant & Equipment	17.2	17.2	30.19	11.42	14.94	19.13
Cash Acquisitions	-25	-25	-287.15	-	-9.08	-
Investment in Securities	160.53	160.53	31.71	79.28	-525.03	477.47
Other Investing Activities	-511.02	-	-	-	-0	-0
Investing Cash Flow	-472.2	38.82	-611.28	-97.6	-712.15	463.78
Total Debt Repaid	-	-	-	-	-202.84	-
Net Debt Issued (Repaid)	-	-	-	-	-202.84	-
Common Dividends Paid	-102.73	-102.73	-102.73	-102.73	-81.33	-
Financing Cash Flow	-102.73	-102.73	-102.73	-102.73	-284.16	-
Miscellaneous Cash Flow Adjustments	-	-	-	-	-	0
Net Cash Flow	-191.66	227.02	-555.82	-91.34	-130.98	507.28
Free Cash Flow	269.84	177.5	-221.06	-45.19	672.36	10.69
Free Cash Flow Growth	30.92%	-	-	-	6190.76%	-97.55%
Free Cash Flow Margin	16.02%	10.80%	-14.27%	-4.87%	60.35%	1.24%
Free Cash Flow Per Share	3.15	2.07	-2.58	-0.53	7.85	0.13
Cash Interest Paid	108.2	108.2	98.21	79.55	86.21	81.36
Cash Income Tax Paid	19.47	28.53	53.4	18.14	45.74	51.35
Levered Free Cash Flow	-	-72.63	1,030	225.7	-501.7	24.25
Unlevered Free Cash Flow	-	1.58	1,098	272.32	-453.76	78.62
Change in Working Capital	426.05	147.66	74.79	-53.81	688.69	-220.18

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