VFD Group Balance Sheet

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

Millions NGN. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Cash & Equivalents	79,432	13,346	8,374	2,980
Trading Asset Securities	17,629	11,211	15,983	-
Cash & Short-Term Investments	97,061	24,557	24,356	2,980
Cash Growth	295.25%	0.82%	717.36%	-
Accounts Receivable	41,665	55,658	8,701	13,468
Other Receivables	20,628	-	3,707	5,062
Receivables	74,234	55,658	12,408	18,530
Inventory	17,225	11,812	10,986	5,241
Prepaid Expenses	2,005	-	1,643	1,374
Other Current Assets	90,996	49,382	69,390	32,234
Total Current Assets	281,521	141,408	118,782	60,359
Property, Plant & Equipment	16,603	12,649	14,691	3,193
Long-Term Investments	72,192	46,515	41,133	35,117
Goodwill	1,379	5,534	5,534	5,854
Other Intangible Assets	310.57	341.85	379.51	263.78
Long-Term Deferred Tax Assets	1,769	2,089	2,042	1,222
Other Long-Term Assets	20,615	24,833	17,183	23,777
Total Assets	406,477	295,669	219,277	151,521
Accounts Payable	4,827	16,795	8,086	1,973
Accrued Expenses	2,425	2,306	1,247	892.65
Current Portion of Long-Term Debt	25,686	20,875	9,028	9,028
Current Income Taxes Payable	3,091	3,092	1,772	1,626
Other Current Liabilities	212,647	90,607	92,088	52,802
Total Current Liabilities	248,676	133,676	112,220	66,321
Long-Term Debt	86,643	100,552	72,572	47,700
Long-Term Deferred Tax Liabilities	2,369	2,915	1,954	1,713
Other Long-Term Liabilities	0	-	0	3,186
Total Liabilities	337,688	237,143	186,747	118,921
Common Stock	3,801	633.43	95.01	95.01
Additional Paid-In Capital	15,606	19,217	7,880	7,880
Retained Earnings	19,608	11,455	5,190	11,148
Comprehensive Income & Other	13,245	10,800	7,434	6,690
Total Common Equity	52,260	42,105	20,599	25,813
Minority Interest	16,529	16,421	11,931	6,787
Shareholders' Equity	68,789	58,526	32,531	32,600
Total Liabilities & Equity	406,477	295,669	219,277	151,521
Total Debt	112,329	121,428	81,600	56,728
Net Cash (Debt)	-15,267	-96,871	-57,244	-53,748
Net Cash Per Share	-2.01	-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	32,845	7,733	6,562	-5,962
Book Value Per Share	6.88	5.54	3.61	4.53
Tangible Book Value	50,571	36,230	14,686	19,694
Tangible Book Value Per Share	6.65	4.77	2.58	3.45
Land	5,518	830.48	1,232	1,435
Machinery	11,118	8,770	5,886	2,147
Construction In Progress	3,212	563.96	71.28	-
Leasehold Improvements	1,566	3,266	6,665	65.54

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