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

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