AFMA S.A. Balance Sheet

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
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
Cash & Equivalents	23.32	11.46	19.66	11.1	27.13
Cash & Short-Term Investments	23.32	11.46	19.66	11.1	27.13
Cash Growth	103.55%	-41.73%	77.20%	-59.10%	-39.24%
Accounts Receivable	840.45	833.47	640.03	596.21	671.11
Other Receivables	106.89	91.66	105.1	106.9	57.61
Receivables	947.34	925.13	745.13	703.12	728.73
Other Current Assets	-0	-	5.42	-	10.01
Total Current Assets	970.66	936.59	770.22	714.22	765.87
Property, Plant & Equipment	110.41	108.94	83.43	85.18	65.23
Goodwill	68.73	68.73	68.73	68.73	68.12
Other Intangible Assets	25.16	21.92	14.26	8.98	5.7
Long-Term Deferred Tax Assets	7.15	6.52	6.23	9.18	10.98
Other Long-Term Assets	1.17	-0	-0	-0	-
Total Assets	1,183	1,144	943.41	886.82	916.27
Accounts Payable	873.8	860.97	641.09	603.44	700.92
Accrued Expenses	-	-	7.91	7.43	6.69
Short-Term Debt	-	-	39.06	27.15	18.41
Current Portion of Long-Term Debt	37.07	14.87	5.88	5.61	4.17
Current Portion of Leases	14.41	13.07	11.65	10.08	8.39
Current Income Taxes Payable	-	-	8.7	9.15	8.35
Other Current Liabilities	74.02	76.14	80.84	69.57	45.28
Total Current Liabilities	999.3	965.06	795.13	732.44	792.21
Long-Term Debt	30.4	17.13	16.47	20.08	7.67
Long-Term Leases	79.01	88.59	76.3	84.69	73.01
Pension & Post-Retirement Benefits	0.44	0.32	0.36	0.27	0.19
Long-Term Deferred Tax Liabilities	2.62	1.64	0.23	0.1	0.16
Other Long-Term Liabilities	-0	-	-	-0	0
Total Liabilities	1,112	1,073	888.49	837.57	873.25
Common Stock	10	10	10	10	10
Retained Earnings	72.66	72.35	60	59.32	57.85
Comprehensive Income & Other	-12.29	-13.84	-19.16	-23.52	-27.43
Total Common Equity	70.37	68.52	50.84	45.8	40.42
Minority Interest	1.13	2.35	4.08	3.45	2.6
Shareholders' Equity	71.5	70.87	54.91	49.25	43.02
Total Liabilities & Equity	1,183	1,144	943.41	886.82	916.27
Total Debt	160.89	133.66	149.37	147.62	111.65
Net Cash (Debt)	-137.56	-122.21	-129.71	-136.52	-84.52
Net Cash Per Share	-	-122.20	-129.72	-136.52	-84.51
Filing Date Shares Outstanding	-	1	1	1	1
Total Common Shares Outstanding	-	1	1	1	1
Working Capital	-28.64	-28.47	-24.91	-18.22	-26.34
Book Value Per Share	-	68.52	50.84	45.80	40.42
Tangible Book Value	-23.52	-22.14	-32.16	-31.92	-33.4
Tangible Book Value Per Share	-	-22.14	-32.16	-31.92	-33.40
Buildings	-	-	118.44	118.64	101.48
Machinery	-	-	0.88	0.88	0.88
Construction In Progress	-	-	1.29	2.35	0.26

Source: S&P Global Market Intelligence. Standard template. Financial Sources.