VFD Group Balance Sheet

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

Millions NGN. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Cash & Equivalents	20,498	13,346	8,374	2,980
Trading Asset Securities	11,930	11,211	15,983	-
Cash & Short-Term Investments	32,428	24,557	24,356	2,980
Cash Growth	-18.48%	0.82%	717.36%	-
Accounts Receivable	43,851	55,658	8,701	13,468
Other Receivables	27,599	-	3,707	5,062
Receivables	83,391	55,658	12,408	18,530
Inventory	-	11,812	10,986	5,241
Prepaid Expenses	2,507	-	1,643	1,374
Other Current Assets	77,768	49,382	69,390	32,234
Total Current Assets	196,094	141,408	118,782	60,359
Property, Plant & Equipment	11,115	12,649	14,691	3,193
Long-Term Investments	73,652	46,515	41,133	35,117
Goodwill	1,379	5,534	5,534	5,854
Other Intangible Assets	306.21	341.85	379.51	263.78
Long-Term Deferred Tax Assets	1,765	2,089	2,042	1,222
Other Long-Term Assets	63,421	24,833	17,183	23,777
Total Assets	383,391	295,669	219,277	151,521
Accounts Payable	30,021	16,795	8,086	1,973
Accrued Expenses	1,747	2,306	1,247	892.65
Current Portion of Long-Term Debt	20,875	20,875	9,028	9,028
Current Income Taxes Payable	2,791	3,092	1,772	1,626
Other Current Liabilities	155,132	90,607	92,088	52,802
Total Current Liabilities	210,566	133,676	112,220	66,321
Long-Term Debt	98,899	100,552	72,572	47,700
Long-Term Deferred Tax Liabilities	2,424	2,915	1,954	1,713
Other Long-Term Liabilities	-	-	0	3,186
Total Liabilities	311,889	237,143	186,747	118,921
Common Stock	3,801	633.43	95.01	95.01
Additional Paid-In Capital	15,786	19,217	7,880	7,880
Retained Earnings	17,382	11,455	5,190	11,148
Comprehensive Income & Other	15,935	10,800	7,434	6,690
Total Common Equity	52,904	42,105	20,599	25,813
Minority Interest	18,598	16,421	11,931	6,787
Shareholders' Equity	71,502	58,526	32,531	32,600
Total Liabilities & Equity	383,391	295,669	219,277	151,521
Total Debt	119,774	121,428	81,600	56,728
Net Cash (Debt)	-87,345	-96,871	-57,244	-53,748
Net Cash Per Share	-11.99	-13.30	-10.04	-9.43
Filing Date Shares Outstanding	7,601	7,601	5,701	5,701
Total Common Shares Outstanding	7,601	7,601	5,701	5,701
Working Capital	-14,472	7,733	6,562	-5,962
Book Value Per Share	6.96	5.54	3.61	4.53
Tangible Book Value	51,219	36,230	14,686	19,694
Tangible Book Value Per Share	6.74	4.77	2.58	3.45
Land	972.47	830.48	1,232	1,435
Machinery	9,025	8,770	5,886	2,147
Construction In Progress	1,191	563.96	71.28	-
Leasehold Improvements	3,171	3,266	6,665	65.54

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