Waves Corporation Limited (WAVES) cash flow statement

Operating activities generated -Rs 146.8 mn of cash in FY2025 (Jan – Dec 2025), -26% of the starting profit. Capital expenditure was Rs 16.7 mn, leaving free cash flow of -Rs 163.5 mn. Overall, cash increased by Rs 23.0 mn.

WAVES cash flow statement (annual) (Rs mn)
Rs mn	FY2025 Jan – Dec 2025	FY2024 Jan – Dec 2024	FY2023 Jan – Dec 2023	FY2022 Jan – Dec 2022	FY2021 Jan – Dec 2021	FY2020 Jan – Dec 2020	FY2019 Jan – Dec 2019	FY2018 Jan – Dec 2018	FY2017 * Jan – Dec 2017	FY2016 Jan – Dec 2016	FY2015 Jan – Dec 2015	FY2014 Jan – Dec 2014	FY2013 Jan – Dec 2013	FY2012 Jan – Dec 2012	FY2011 Jan – Dec 2011	FY2010 Jan – Dec 2010	FY2009 Jan – Dec 2009	FY2008 Jan – Dec 2008	FY2007 Jan – Dec 2007	FY2006 Jan – Dec 2006
Operating activities
Profit (cash-flow starting line, as reported)	558.0	1,091.6	300.9	313.4	515.1	269.2	621.6	510.5	335.5	124.4	(191.8)	(406.5)	55.2	53.2	45.0	39.9	20.7	68.8	62.3	44.1
Depreciation & amortisation	370.2	323.7	382.0	381.1	421.2	432.9	369.6	234.0	155.8	72.2	51.4	42.6	34.9	30.0	30.9	24.6	23.7	20.5	14.0	11.9
Net cash from operating activities	(146.8)	(522.5)	2,020.2	3,345.1	(749.0)	(559.7)	(998.9)	(527.6)	(1,022.8)	52.2	19.1	(70.8)	(26.8)	(62.1)	(109.5)	(103.2)	28.7	(99.7)	(141.5)	(45.2)
Investing activities
Capital expenditure	(16.7)	(245.5)	(1,898.3)	(2,579.8)	(815.9)	(378.8)	(471.1)	(521.4)	(188.8)	(301.5)	(0.6)	(12.5)	(36.5)	(23.0)	(20.0)	(11.9)	(12.4)	(43.5)	(32.3)	(17.6)
Net cash from investing activities	108.0	439.6	(1,848.5)	(2,564.4)	(801.9)	(353.2)	(445.0)	(79.8)	1,859.5	(324.6)	34.8	(0.4)	(47.6)	(65.3)	(13.8)	(4.3)	(11.9)	(36.2)	(30.0)	(15.9)
Financing activities
Dividends paid	—	—	—	—	(0.1)	(0.2)	(204.0)	(175.8)	0.0	—	—	—	—	—	—	—	—	—	0.0	(0.0)
Borrowings raised / (repaid)	(212.4)	(127.7)	(359.6)	(2,268.3)	1,527.5	1,174.3	1,739.7	(64.6)	(199.7)	415.7	219.3	0.2	(81.0)	(67.0)	(22.0)	(21.1)	(45.6)	(18.0)	58.3	5.3
Net cash from financing activities	61.8	73.4	(250.1)	(2,264.1)	1,527.4	1,174.1	1,535.7	(240.4)	(199.7)	415.7	219.3	0.2	(81.0)	(67.0)	(22.0)	(21.1)	(45.6)	(18.0)	150.2	5.3
Net change in cash	23.0	(9.5)	(78.4)	(1,483.4)	(23.5)	261.2	91.8	(847.8)	170.4	143.2	273.2	(71.0)	(155.4)	(194.5)	(145.3)	(128.6)	(28.7)	(153.9)	(21.3)	(55.8)
Key figures
Free cash flow (operating cash flow − capex)	(163.5)	(768.0)	121.8	765.3	(1,564.9)	(938.6)	(1,469.9)	(1,049.0)	(1,211.6)	(249.3)	18.5	(83.2)	(63.3)	(85.1)	(129.5)	(115.1)	16.3	(143.2)	(173.8)	(62.8)

WAVES cash flow statement — year-on-year change (Rs mn)
Rs mn	FY2025 Jan – Dec 2025	FY2024 Jan – Dec 2024	FY2023 Jan – Dec 2023	FY2022 Jan – Dec 2022	FY2021 Jan – Dec 2021	FY2020 Jan – Dec 2020	FY2019 Jan – Dec 2019	FY2018 Jan – Dec 2018	FY2017 * Jan – Dec 2017	FY2016 Jan – Dec 2016	FY2015 Jan – Dec 2015	FY2014 Jan – Dec 2014	FY2013 Jan – Dec 2013	FY2012 Jan – Dec 2012	FY2011 Jan – Dec 2011	FY2010 Jan – Dec 2010	FY2009 Jan – Dec 2009	FY2008 Jan – Dec 2008	FY2007 Jan – Dec 2007	FY2006 Jan – Dec 2006
Operating activities
Profit (cash-flow starting line, as reported)	-48.9%	+262.8%	-4.0%	-39.2%	+91.4%	-56.7%	+21.8%	+52.2%	+169.8%	—	—	-836.5%	+3.8%	+18.1%	+12.7%	+92.8%	-69.9%	+10.5%	+41.3%	—
Depreciation & amortisation	+14.4%	-15.3%	+0.2%	-9.5%	-2.7%	+17.1%	+57.9%	+50.2%	+115.9%	+40.5%	+20.6%	+22.0%	+16.5%	-2.9%	+25.3%	+4.0%	+15.7%	+46.2%	+17.6%	—
Net cash from operating activities	—	-125.9%	-39.6%	—	—	—	—	—	-2,060.0%	+173.6%	—	—	—	—	—	-459.1%	—	—	—	—
Investing activities
Capital expenditure	-93.2%	-87.1%	-26.4%	+216.2%	+115.4%	-19.6%	-9.7%	+176.1%	-37.4%	+51,000.7%	-95.3%	-65.8%	+58.6%	+15.3%	+68.1%	-4.3%	-71.5%	+34.5%	+83.3%	—
Net cash from investing activities	-75.4%	—	—	—	—	—	—	-104.3%	—	-1,032.4%	—	—	—	—	—	—	—	—	—	—
Financing activities
Dividends paid	—	—	—	—	-46.4%	-99.9%	+16.0%	—	—	—	—	—	—	—	—	—	—	—	-100.0%	—
Borrowings raised / (repaid)	—	—	—	-248.5%	+30.1%	-32.5%	—	—	-148.0%	+89.6%	+128,139.8%	—	—	—	—	—	—	-130.8%	+1,007.9%	—
Net cash from financing activities	-15.8%	—	—	-248.2%	+30.1%	-23.5%	—	—	-148.0%	+89.6%	+128,139.8%	—	—	—	—	—	—	-112.0%	+2,760.0%	—
Net change in cash	—	—	—	—	-109.0%	+184.4%	—	-597.4%	+19.0%	-47.6%	—	—	—	—	—	—	—	—	—	—
Key figures
Free cash flow (operating cash flow − capex)	—	-730.4%	-84.1%	—	—	—	—	—	—	-1,448.9%	—	—	—	—	—	-805.1%	—	—	—	—

Change against the previous fiscal year; shown when the earlier figure is positive.

Figures in Pakistani rupees as reported by the company; costs and cash outflows in brackets; "—" = not reported. * Figures in this period do not fully reconcile in the source data (hover the * for details). Updated 15 Oct 2026.

All reported line items 63

WAVES cash flow statement — all reported line items (Rs mn)
Rs mn	FY2025 Jan – Dec 2025	FY2024 Jan – Dec 2024	FY2023 Jan – Dec 2023	FY2022 Jan – Dec 2022	FY2021 Jan – Dec 2021	FY2020 Jan – Dec 2020	FY2019 Jan – Dec 2019	FY2018 Jan – Dec 2018	FY2017 Jan – Dec 2017	FY2016 Jan – Dec 2016	FY2015 Jan – Dec 2015	FY2014 Jan – Dec 2014	FY2013 Jan – Dec 2013	FY2012 Jan – Dec 2012	FY2011 Jan – Dec 2011	FY2010 Jan – Dec 2010	FY2009 Jan – Dec 2009	FY2008 Jan – Dec 2008	FY2007 Jan – Dec 2007	FY2006 Jan – Dec 2006
Profit/(Loss) - Starting Line - Cash Flow	558.0	1,091.6	300.9	313.4	515.1	269.2	621.6	510.5	335.5	124.4	(191.8)	(406.5)	55.2	53.2	45.0	39.9	20.7	68.8	62.3	44.1
Non-cash Items & Reconciliation Adjustments - Cash Flow	467.1	(216.1)	626.2	809.3	1,016.5	874.4	1,080.6	502.0	32.1	36.4	288.2	485.0	227.6	262.7	247.4	198.9	204.3	149.6	89.2	78.2
Other Non-Cash Items & Reconciliation Adjustments - Cash Flow - to Reconcile	49.2	(699.3)	8.6	7.5	(107.7)	(430.3)	(154.9)	(168.1)	67.8	(69.8)	76.9	243.5	8.9	20.9	18.5	(2.3)	15.5	3.7	(10.7)	(4.6)
Financial Income/(Expense) - Cash Flow - to Reconcile	636.3	700.1	265.5	436.0	705.0	879.7	867.9	430.5	296.2	141.8	158.3	199.7	184.6	212.5	198.1	176.5	165.2	125.4	85.9	70.9
Depreciation, Depletion & Amortization including Impairment - Cash Flow - to Reconcile	370.2	324.6	382.0	381.1	421.2	432.9	369.6	234.0	155.8	72.2	51.4	42.6	34.9	30.0	30.9	24.6	23.7	20.5	14.0	11.9
Depreciation & Depletion - Property, Plant & Equipment - Cash Flow - to Reconcile	334.8	288.3	342.7	339.6	374.2	387.7	329.1	193.8	136.8	68.4	47.6	38.7	32.6	28.6	28.8	22.5	21.1	18.0	13.6	11.5
Amortization - Intangible Assets & Deferred Charges - Cash Flow - to Reconcile	35.4	35.4	39.3	41.5	47.0	45.1	40.4	40.2	19.0	3.7	3.8	3.9	2.3	1.4	2.1	2.1	2.6	2.4	0.4	0.4
Impairment - Property, Plant & Equipment including Intangible Assets - Cash Flow - to Reconcile	0.0	0.9	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Assets Sale - Gain/(Loss) - Cash Flow - to Reconcile	49.4	(80.0)	(29.7)	(15.2)	(2.0)	(7.9)	(1.9)	5.6	(487.8)	(107.7)	1.7	(0.8)	(0.8)	(0.8)	—	—	—	—	—	—
Financial Assets - Unrealized Gain/(Loss) - Cash Flow - to Reconcile	(638.0)	(461.6)	(0.2)	0.0	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Income Taxes - Paid/(Reimbursed) - Cash Flow	(43.9)	(20.8)	130.6	141.5	150.1	76.5	135.1	90.4	35.2	20.1	33.9	40.8	37.2	38.6	34.3	28.3	19.2	23.3	17.7	15.9
Interest Paid - Cash	83.7	265.5	153.7	219.7	699.2	917.8	748.6	406.9	304.4	133.3	168.1	193.0	187.8	211.3	188.8	162.8	154.9	101.4	77.1	65.4
Cash Flow from Operating Activities before Changes in Working Capital	985.3	630.7	642.9	761.5	682.3	149.3	818.5	515.2	28.1	7.4	(105.6)	(155.3)	57.8	66.0	69.3	47.7	50.9	93.6	56.6	40.9
Working Capital - Increase/(Decrease) - Cash Flow	(1,132.1)	(1,153.2)	1,377.3	2,583.6	(1,431.3)	(709.0)	(1,817.4)	(1,042.8)	(1,050.8)	44.8	124.7	84.5	(84.5)	(128.1)	(178.9)	(150.9)	(22.2)	(193.3)	(198.1)	(86.1)
Accounts Receivables - Decrease/(Increase) - Cash Flow	(783.4)	(1,567.0)	1,421.9	1,221.1	(859.3)	(1,326.9)	(1,324.9)	(1,100.1)	(449.3)	188.1	95.7	(136.3)	(232.8)	(18.8)	(104.8)	(131.7)	(34.1)	(87.5)	(132.9)	(87.1)
Inventories - Decrease/(Increase) - Cash Flow	(8.1)	488.1	(35.9)	531.9	(1,211.1)	674.4	(568.4)	(507.5)	(238.7)	(201.5)	118.4	195.1	79.3	(140.2)	(62.9)	(54.7)	47.2	(108.8)	(90.2)	(75.1)
Prepaid Expenses - Decrease/(Increase) - Cash Flow	19.5	(234.5)	39.1	(399.1)	(26.9)	39.7	4.2	(42.9)	91.4	(4.9)	(1.4)	9.2	18.1	(9.1)	2.1	(13.8)	5.4	(4.8)	(11.9)	0.4
Other Assets - Decrease/(Increase) - Cash Flow	—	—	—	—	—	—	—	—	—	—	—	—	—	(5.8)	2.1	(8.1)	(0.8)	(0.9)	(4.7)	1.0
Accounts Payable and Accrued Expenses - Increase/(Decrease) - Cash Flow	(360.1)	160.3	(47.8)	1,229.7	666.1	(96.1)	71.7	607.6	(454.2)	63.1	(87.9)	16.5	47.4	41.1	(15.3)	57.5	(40.2)	3.3	36.5	72.9
Other Liabilities - Increase/(Decrease) -Total - Cash Flow	—	—	—	—	—	—	—	—	—	—	—	—	3.3	4.8	(0.0)	(0.3)	0.3	5.4	5.2	1.8
Net Cash Flow from Operating Activities	(146.8)	(522.5)	2,020.2	3,345.1	(749.0)	(559.7)	(998.9)	(527.6)	(1,022.8)	52.2	19.1	(70.8)	(26.8)	(62.1)	(109.5)	(103.2)	28.7	(99.7)	(141.5)	(45.2)
Capital Expenditures - Net - Cash Flow	(106.1)	138.5	1,857.0	2,526.3	801.9	353.2	445.0	508.8	(1,859.5)	300.6	(20.7)	6.8	34.7	20.3	13.8	4.3	11.9	43.0	30.0	15.9
Property, Plant & Equipment - Purchased/(Sold) - Net - Cash Flow	(106.1)	138.5	1,856.9	2,525.0	801.9	353.2	445.0	508.8	(1,859.5)	300.6	(20.7)	6.8	34.7	20.3	13.8	4.3	11.9	43.0	30.0	15.9
Property, Plant & Equipment - Purchased - Cash Flow	16.7	245.5	1,898.3	2,578.4	815.9	378.8	471.1	521.4	188.8	301.5	0.6	12.5	36.5	23.0	20.0	11.9	12.4	43.5	32.3	17.6
Property, Plant & Equipment Sold - Cash Flow	122.8	107.0	41.4	53.4	14.0	25.6	26.1	12.6	2,048.3	0.8	21.3	5.7	1.8	2.7	6.1	7.6	0.5	0.5	2.3	1.8
Intangible Assets - Purchased/(Sold) - Net - Total - Cash Flow	—	0.0	0.0	1.3	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Intangible Assets - Purchased/Acquired - Cash Flow	—	0.0	0.0	1.3	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Capital Expenditures - Total	16.7	245.5	1,898.3	2,579.8	815.9	378.8	471.1	521.4	188.8	301.5	0.6	12.5	36.5	23.0	20.0	11.9	12.4	43.5	32.3	17.6
Investments excluding Loans - Decrease/(Increase) - Cash Flow	—	561.7	—	—	—	—	—	—	—	36.0	15.5	6.4	(12.9)	(45.0)	—	—	—	6.8	0.0	—
Investment Property excluded from Capital Expenditures - Sold/(Purchased) - Net - Cash Flow	—	—	—	—	—	—	—	—	—	36.0	15.5	6.4	(12.9)	(45.0)	—	—	—	—	—	—
Investment Securities - Unclassified - Sold/(Purchased) - Net - Total - Cash Flow	—	561.7	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	6.8	0.0	—
Investment Securities - Sold/Matured - Unclassified - Cash Flow	—	561.7	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	6.8	0.0	—
Other Investing Cash Flow - Decrease/(Increase)	1.9	16.4	8.5	(38.1)	—	—	0.0	429.0	0.0	(60.0)	(1.3)	—	—	—	—	—	—	—	—	—
Net Cash Flow from Investing Activities	108.0	439.6	(1,848.5)	(2,564.4)	(801.9)	(353.2)	(445.0)	(79.8)	1,859.5	(324.6)	34.8	(0.4)	(47.6)	(65.3)	(13.8)	(4.3)	(11.9)	(36.2)	(30.0)	(15.9)
Dividends Paid - Cash - Total - Cash Flow	—	—	—	—	0.1	0.2	204.0	175.8	0.0	—	—	—	—	—	—	—	—	—	0.0	0.0
Dividends - Common - Cash Paid	—	—	—	—	0.1	0.2	204.0	175.8	0.0	—	—	—	—	—	—	—	—	—	0.0	0.0
Stock - Total - Issuance/(Retirement) - Net - Cash Flow	102.7	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Stock - Issuance/(Retirement) - Net - Excluding Options/Warrants - Cash Flow	102.7	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Stock - Common - Issuance/(Retirement) - Net - Cash Flow	102.7	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Stock - Common - Issued/Sold - Cash Flow	102.7	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Debt - Long-Term & Short-Term - Issuance/(Retirement) - Total - Cash Flow	(212.4)	(127.7)	(359.6)	(2,268.3)	1,527.5	1,174.3	1,739.7	(64.6)	(199.7)	415.7	219.3	0.2	(81.0)	(67.0)	(22.0)	(21.1)	(45.6)	(18.0)	58.3	5.3
Debt - Issued/(Reduced) - Short-Term - Total - Cash Flow	16.0	(59.3)	(424.2)	(1,429.1)	1,104.5	122.9	1,151.8	(415.0)	207.9	(14.9)	294.9	—	—	—	—	—	—	—	—	—
Debt - Issued - Short-Term - Cash Flow	—	—	—	—	—	—	—	—	—	—	294.9	—	—	—	—	—	—	—	—	—
Debt - Issued/Reduced - Long-Term - Cash Flow	(228.4)	(68.4)	64.7	(839.1)	423.0	1,051.4	587.9	350.4	(407.5)	430.6	(75.6)	0.2	(81.0)	(67.0)	(22.0)	(21.1)	(45.6)	(18.0)	58.3	5.3
Lease liabilities - Issued/(Reduced) - Cash Flow	(9.4)	(18.6)	(98.7)	(24.6)	(115.0)	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Debt - Issued - Long-Term - Cash Flow	—	—	163.4	—	1,002.1	1,155.1	1,000.0	—	—	—	—	—	—	—	6.0	5.1	(17.6)	1.8	71.7	14.0
Debt - Reduced - Long-Term - Cash Flow	228.4	68.4	98.7	839.1	579.1	103.7	412.2	—	—	—	—	—	—	—	28.0	26.2	28.0	19.8	13.4	8.8
Lease liabilities - Reduced - Cash flow represents cash outflow due to the repayment of lease liability/debt of the company. It includes finance leases, capitalized lease, and hire-purchase agreement. Applicable to all industries. If Lease liability issue	9.4	18.6	98.7	24.6	115.0	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Financing Cash Flow - Increase/(Decrease)	171.4	201.1	109.5	4.2	—	—	—	—	—	—	—	—	—	—	—	—	—	0.0	91.9	—
Net Cash Flow from Financing Activities	61.8	73.4	(250.1)	(2,264.1)	1,527.4	1,174.1	1,535.7	(240.4)	(199.7)	415.7	219.3	0.2	(81.0)	(67.0)	(22.0)	(21.1)	(45.6)	(18.0)	150.2	5.3
Non-Classified Cash Flows	—	—	—	—	—	—	—	0.0	(466.6)	—	—	—	—	—	—	—	—	—	—	—
Net Change in Cash - Total	23.0	(9.5)	(78.4)	(1,483.4)	(23.5)	261.2	91.8	(847.8)	170.4	143.2	273.2	(71.0)	(155.4)	(194.5)	(145.3)	(128.6)	(28.7)	(153.9)	(21.3)	(55.8)
Net Cash from Continuing Operations	23.0	(9.5)	(78.4)	(1,483.4)	(23.5)	261.2	91.8	(847.8)	637.0	143.2	273.2	(71.0)	(155.4)	(194.5)	(145.3)	(128.6)	(28.7)	(153.9)	(21.3)	(55.8)
Net Cash - Beginning Balance	50.3	59.9	(2,674.1)	(1,190.7)	(1,071.6)	(1,332.8)	(1,424.6)	(576.9)	(747.3)	(951.9)	(1,225.1)	(1,154.0)	(998.6)	(804.1)	(658.8)	(530.2)	(501.5)	(347.6)	(326.3)	(270.5)
Net Cash - Ending Balance	73.3	50.3	(2,752.5)	(2,674.1)	(1,095.1)	(1,071.6)	(1,332.8)	(1,424.6)	(576.9)	(808.6)	(951.9)	(1,225.1)	(1,154.0)	(998.6)	(804.1)	(658.8)	(530.2)	(501.5)	(347.6)	(326.3)
Income Taxes - Paid/(Reimbursed) - Cash Flow - Supplemental	(43.9)	(20.8)	130.6	141.5	150.1	76.5	135.1	90.4	35.2	20.1	33.9	40.8	37.2	38.6	34.3	28.3	19.2	23.3	17.7	15.9
Interest Paid - Cash Flow - Supplemental	83.7	265.5	153.7	219.7	699.2	917.8	748.6	406.9	304.4	133.3	168.1	193.0	187.8	211.3	188.8	162.8	154.9	101.4	77.1	65.4
CF from Optg Activities before Change in WC & Int Payments	1,069.0	896.2	796.6	981.2	1,381.5	1,067.1	1,567.1	922.1	332.5	140.7	62.5	37.7	245.6	277.3	258.1	210.6	205.8	195.0	133.7	106.4
Common Stock Buyback - Net	(102.7)	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Depreciation, Depletion & Amortization - Cash Flow	370.2	323.7	382.0	381.1	421.2	432.9	369.6	234.0	155.8	72.2	51.4	42.6	34.9	30.0	30.9	24.6	23.7	20.5	14.0	11.9
Free Cash Flow to Equity	(253.1)	(788.7)	(196.4)	(1,449.5)	(23.4)	261.4	295.8	(1,101.0)	637.0	167.2	259.0	(77.4)	(142.5)	(149.5)	(145.3)	(128.6)	(28.7)	(160.7)	(113.2)	(55.8)
Free Cash Flow Net of Dividends	(163.5)	(768.0)	121.8	765.3	(1,565.0)	(938.7)	(1,673.9)	(1,224.8)	(1,211.6)	(249.3)	18.5	(83.2)	(63.3)	(85.1)	(129.5)	(115.1)	16.3	(143.2)	(173.8)	(62.8)
Free Cash Flow	(163.5)	(768.0)	121.8	765.3	(1,564.9)	(938.6)	(1,469.9)	(1,049.0)	(1,211.6)	(249.3)	18.5	(83.2)	(63.3)	(85.1)	(129.5)	(115.1)	16.3	(143.2)	(173.8)	(62.8)

Every line the company reported, in the original order and wording, without regrouping or signs changed.