DFM:GULFNAV Cash Flow Statement

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

Millions AED. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	13.74	33.31	80.47	80.46
Depreciation & Amortization	51.81	46.78	50.24	29.3
Provision & Write-off of Bad Debts	12.54	-11.62	-	-
Other Operating Activities	94.07	105.19	-2.03	-5.88
Change in Accounts Receivable	-41.58	-5.78	-5.68	-14.56
Change in Inventory	-0.16	0.21	-0.24	0.26
Change in Accounts Payable	-37.34	-2.33	24.99	1.71
Change in Unearned Revenue	-3.59	6.13	-	-
Change in Other Net Operating Assets	-0.04	-0.26	-0.67	2.9
Operating Cash Flow	89.45	171.63	147.08	94.19
Operating Cash Flow Growth	-47.88%	16.69%	56.16%	-
Capital Expenditures	-58.27	-20.33	-8.41	-218.19
Cash Acquisitions	520.78	-	-	-
Other Investing Activities	55.91	1.09	-58.36	103.6
Investing Cash Flow	518.42	-19.24	-66.77	-114.59
Long-Term Debt Issued	583.57	-	-	-
Long-Term Debt Repaid	-595.37	-73.28	-53.4	-25.17
Net Debt Issued (Repaid)	-11.81	-73.28	-53.4	-25.17
Common Dividends Paid	-460	-	-	-
Other Financing Activities	-92.75	-58.07	-30.66	-26.19
Financing Cash Flow	-564.56	-131.35	-84.05	-51.36
Net Cash Flow	43.31	21.04	-3.75	-71.76
Free Cash Flow	31.18	151.3	138.67	-124
Free Cash Flow Growth	-79.39%	9.11%	-	-
Free Cash Flow Margin	10.14%	53.86%	46.30%	-80.84%
Free Cash Flow Per Share	0.01	-	-	-
Cash Interest Paid	60.13	50.98	-	-
Levered Free Cash Flow	-291.01	-	103.29	-
Unlevered Free Cash Flow	-237.02	-	160.89	-
Change in Working Capital	-82.7	-2.03	18.4	-9.69

Source: S&P Capital IQ. Standard template. Financial Sources.