AFMA S.A. Cash Flow Statement

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

Millions MAD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2023	FY 2022	FY 2021
Period Ending	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	60	59.32	57.85
Depreciation & Amortization	15.39	13.73	11.77
Loss (Gain) From Sale of Assets	0.41	-0.31	0.61
Other Operating Activities	3.26	4.04	4.35
Change in Other Net Operating Assets	2.56	-35.27	-16.89
Operating Cash Flow	81.61	41.5	57.7
Operating Cash Flow Growth	96.63%	-28.07%	-41.85%
Capital Expenditures	-15.21	-13.47	-7.16
Sale of Property, Plant & Equipment	-	0.09	0.39
Cash Acquisitions	-0.4	-5.3	-9.06
Investment in Securities	-0.01	-0.15	0.92
Other Investing Activities	7	5.31	4.26
Investing Cash Flow	-8.62	-13.52	-10.65
Long-Term Debt Issued	-	17.4	-
Long-Term Debt Repaid	-13.74	-13.43	-14.96
Net Debt Issued (Repaid)	-13.74	3.97	-14.96
Issuance of Common Stock	0.4	4.05	-
Common Dividends Paid	-63	-60.84	-51.71
Financing Cash Flow	-76.34	-52.82	-66.67
Foreign Exchange Rate Adjustments	0.02	0.06	0.05
Miscellaneous Cash Flow Adjustments	-0	0	-
Net Cash Flow	-3.34	-24.78	-19.57
Free Cash Flow	66.39	28.03	50.54
Free Cash Flow Growth	136.86%	-44.54%	-47.21%
Free Cash Flow Margin	25.66%	11.50%	22.78%
Free Cash Flow Per Share	66.40	28.03	50.53
Cash Income Tax Paid	29.24	27.6	24.68
Levered Free Cash Flow	63.55	22.93	43.63
Unlevered Free Cash Flow	67.81	26.57	47.2
Change in Working Capital	2.56	-35.27	-16.89

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