Bank of Africa 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
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
Net Income	3,814	3,427	2,662	2,305	2,007
Depreciation & Amortization	893.21	726.09	706.46	712.69	1,058
Gain (Loss) on Sale of Assets	-574.25	378.61	-132.7	-811.19	152.3
Gain (Loss) on Sale of Investments	-129.75	77.64	-132.04	15.53	154.47
Change in Income Taxes	-2,263	-1,855	-1,600	-1,388	-829.79
Change in Other Net Operating Assets	-8,439	-735.36	-6,708	-783.15	2,757
Other Operating Activities	6,761	5,130	5,210	4,512	3,198
Operating Cash Flow	-94.88	7,009	-137.2	4,420	8,412
Operating Cash Flow Growth	-	-	-	-47.46%	2074.72%
Capital Expenditures	-2,230	-1,002	-1,023	-584.45	-996.82
Investment in Securities	139.26	-58.7	-855.08	-2,005	-2,339
Income (Loss) Equity Investments	-156.67	-140.6	-142.67	-142.33	-84.71
Other Investing Activities	-	-	28.26	0	-0
Investing Cash Flow	-2,086	-1,063	-1,821	-2,464	-3,304
Other Financing Activities	-3,591	-555.39	15.05	-3,400	-255.58
Financing Cash Flow	-3,591	-555.39	15.05	-3,400	-255.58
Foreign Exchange Rate Adjustments	123.15	-384.63	-1,004	729.44	-440.67
Net Cash Flow	-5,649	5,006	-2,948	-713.81	4,412
Free Cash Flow	-2,325	6,007	-1,160	3,835	7,416
Free Cash Flow Growth	-	-	-	-48.28%	1992.92%
Free Cash Flow Margin	-13.64%	38.61%	-8.16%	29.48%	63.36%
Free Cash Flow Per Share	-10.55	27.27	-5.27	17.41	33.66
Cash Income Tax Paid	-	1,855	1,600	1,388	829.79

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Banks template. Financial Sources.