Crédit du Maroc Cash Flow Statement

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

Millions MAD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	2020 - 2016
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	2020 - 2016
Net Income	863.55	740.95	503.09	404.29	627.39	Upgrade
Depreciation & Amortization	292.93	259.7	232.91	190.27	178.15	Upgrade
Gain (Loss) on Sale of Assets	11.01	-6.14	-4.43	-15.42	-3.87	Upgrade
Gain (Loss) on Sale of Investments	336.71	19.85	289.8	-30.76	-422.26	Upgrade
Change in Income Taxes	-707.56	-558.46	-396.45	-316.45	-365.82	Upgrade
Change in Other Net Operating Assets	-820.42	1,078	-3,158	-874.97	1,368	Upgrade
Other Operating Activities	754.27	382.06	243.54	351.77	291.31	Upgrade
Operating Cash Flow	730.5	1,916	-2,289	-291.27	1,673	Upgrade
Operating Cash Flow Growth	-61.88%	-	-	-	176.89%	Upgrade
Capital Expenditures	-397.68	-372.09	-441.63	-379.09	-365.74	Upgrade
Income (Loss) Equity Investments	0	-	-	-	-	Upgrade
Investing Cash Flow	-397.68	-372.09	-441.63	-379.09	-365.74	Upgrade
Other Financing Activities	-590.63	-137.2	2,000	705.99	-1,257	Upgrade
Financing Cash Flow	-590.63	-137.2	2,000	705.99	-1,257	Upgrade
Foreign Exchange Rate Adjustments	-2.65	0.31	-2.92	5.11	2.51	Upgrade
Net Cash Flow	-260.46	1,407	-733.85	40.74	53.39	Upgrade
Free Cash Flow	332.82	1,544	-2,731	-670.37	1,307	Upgrade
Free Cash Flow Growth	-78.44%	-	-	-	277.38%	Upgrade
Free Cash Flow Margin	10.41%	53.26%	-110.25%	-29.88%	54.65%	Upgrade
Free Cash Flow Per Share	30.59	141.88	-250.96	-61.60	120.16	Upgrade
Cash Income Tax Paid	707.56	558.46	396.45	316.45	365.82	Upgrade

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