VFD Group Cash Flow Statement

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
Net Income	7,708	6,265	-2,463	5,360
Depreciation & Amortization	2,393	2,673	1,328	829.9
Other Amortization	124.02	124.02	142.01	207.81
Loss (Gain) From Sale of Assets	-1,928	-568.77	-71.44	-181.23
Asset Writedown & Restructuring Costs	-5,622	-5,622	90.91	-5,252
Loss (Gain) From Sale of Investments	-7,582	-2,731	-3,590	-655.21
Loss (Gain) on Equity Investments	-48.5	-34.39	-375.14	-334.81
Other Operating Activities	29,672	18,855	-13,649	-27,104
Change in Accounts Receivable	-36,082	-35,474	4,152	48,927
Change in Other Net Operating Assets	-8,807	-23,657	5,708	2,100
Operating Cash Flow	-20,173	-40,170	-8,728	23,898
Capital Expenditures	-8,185	-5,858	-4,803	-3,124
Sale of Property, Plant & Equipment	799.33	864.57	1,232	465.09
Divestitures	-	-	1,067	-
Sale (Purchase) of Intangibles	-272.43	-81.2	-257.74	-16.2
Sale (Purchase) of Real Estate	10,568	2,318	1,137	-22,313
Investment in Securities	5,677	10,299	-15,866	-10,413
Other Investing Activities	1,431	-0	-2,345	336.18
Investing Cash Flow	10,018	7,543	-19,836	-35,065
Long-Term Debt Issued	-	64,685	69,694	28,856
Long-Term Debt Repaid	-	-40,233	-34,436	-17,218
Net Debt Issued (Repaid)	-7,150	24,453	35,258	11,638
Issuance of Common Stock	-	11,875	-	-
Common Dividends Paid	-3,167	-	-1,499	-1,367
Other Financing Activities	-0	-	-	-21.94
Financing Cash Flow	-10,623	36,327	33,758	10,249
Foreign Exchange Rate Adjustments	2,174	1,271	198.91	-
Net Cash Flow	-18,603	4,972	5,394	-917.53
Free Cash Flow	-28,357	-46,028	-13,530	20,774
Free Cash Flow Margin	-36.05%	-73.20%	-39.79%	171.08%
Free Cash Flow Per Share	-3.89	-6.32	-2.37	3.64
Cash Interest Paid	28,041	28,041	44,128	19,753
Cash Income Tax Paid	376.81	256.51	162.73	511
Levered Free Cash Flow	5,300	-15,002	2,307	-
Unlevered Free Cash Flow	36,785	8,490	18,140	-
Change in Working Capital	-44,889	-59,131	9,860	51,027

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