Last close · 16 Oct 2026
Rs 8.91 +0.22%
Annual · FY2006 – FY2025
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.
| 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) |
| 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 60
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
| 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) |
| 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 |
| 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 |
| 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 |
| 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 |
| 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) |
| 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 |
| Interest Paid - Cash | 83.7 | 265.5 | 153.7 | 219.7 | 699.2 | 917.8 | 748.6 | 406.9 | 304.4 | 133.3 |
| 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 |
| 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 |
| 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 |
| 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) |
| 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) |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| Investments excluding Loans - Decrease/(Increase) - Cash Flow | — | 561.7 | — | — | — | — | — | — | — | 36.0 |
| Investment Property excluded from Capital Expenditures - Sold/(Purchased) - Net - Cash Flow | — | — | — | — | — | — | — | — | — | 36.0 |
| Investment Securities - Unclassified - Sold/(Purchased) - Net - Total - Cash Flow | — | 561.7 | — | — | — | — | — | — | — | — |
| Investment Securities - Sold/Matured - Unclassified - Cash Flow | — | 561.7 | — | — | — | — | — | — | — | — |
| Other Investing Cash Flow - Decrease/(Increase) | 1.9 | 16.4 | 8.5 | (38.1) | — | — | 0.0 | 429.0 | 0.0 | (60.0) |
| 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) |
| Dividends Paid - Cash - Total - Cash Flow | — | — | — | — | 0.1 | 0.2 | 204.0 | 175.8 | 0.0 | — |
| Dividends - Common - Cash Paid | — | — | — | — | 0.1 | 0.2 | 204.0 | 175.8 | 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 |
| 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) |
| 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 |
| 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 | — | — | — |
| Debt - Reduced - Long-Term - Cash Flow | 228.4 | 68.4 | 98.7 | 839.1 | 579.1 | 103.7 | 412.2 | — | — | — |
| 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 | — | — | — | — | — | — |
| 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 |
| 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 |
| 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 |
| 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) |
| 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) |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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) |
| 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) |
Every line the company reported, in the original order and wording, without regrouping or signs changed. Latest 10 periods; the table above goes back further.