Mutandis SCA Balance Sheet

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

Millions MAD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Cash & Equivalents	220.79	195.31	165.83	101.69	70.27	49.29
Short-Term Investments	63.83	292.53	65.33	21.3	67.28	35.05
Cash & Short-Term Investments	284.62	487.84	231.16	122.99	137.55	84.34
Cash Growth	2.79%	111.04%	87.94%	-10.58%	63.09%	-38.42%
Accounts Receivable	271.43	284.65	402.12	472.82	399.04	284.98
Other Receivables	156.96	158.72	150.28	135.15	116.56	97.46
Receivables	428.39	443.37	552.41	607.97	515.6	382.44
Inventory	263.69	378.79	315.71	602.82	292.54	273.59
Other Current Assets	9.57	2.06	1.12	2.47	3.05	2.38
Total Current Assets	986.27	1,312	1,100	1,336	948.73	742.75
Property, Plant & Equipment	940.28	859.54	761.31	653.17	489.81	465.64
Long-Term Investments	352.92	341.42	218.14	123.72	123.72	131.85
Goodwill	495.5	498.08	495.5	419.16	410.58	413.16
Other Intangible Assets	498.74	525.89	506.83	439.13	412.7	121.51
Long-Term Deferred Tax Assets	5.61	6.28	6.15	6.49	0	0
Long-Term Deferred Charges	-	0.05	-	0.92	-	2.12
Other Long-Term Assets	139.26	159.47	340.83	155.94	130.87	121.01
Total Assets	3,419	3,703	3,429	3,135	2,516	1,998
Accounts Payable	288.46	364.61	401.43	654.98	475.51	355.42
Accrued Expenses	77.81	62.12	69.6	-	56.13	53.79
Short-Term Debt	184.19	317.26	258.69	292.74	85.56	68.78
Current Portion of Long-Term Debt	57.82	55.05	306.04	250.35	494.01	293.56
Other Current Liabilities	192.91	143.2	122.07	171.46	61.4	57.94
Total Current Liabilities	801.19	942.24	1,158	1,370	1,173	829.49
Long-Term Debt	1,061	1,111	805.52	394.2	330.71	151.3
Long-Term Deferred Tax Liabilities	45.37	80.71	57.44	38.15	34	33.24
Other Long-Term Liabilities	-	-0	0	-0	0	-
Total Liabilities	1,907	2,134	2,021	1,802	1,537	1,014
Common Stock	924.67	924.67	924.67	924.67	799.67	799.67
Retained Earnings	68.36	159.41	93.02	99.52	59.94	67.62
Comprehensive Income & Other	513.26	478.76	385.71	304.17	114.9	112.29
Total Common Equity	1,506	1,563	1,403	1,328	974.51	979.58
Minority Interest	5	5.73	4.95	4.51	4.58	4.42
Shareholders' Equity	1,511	1,569	1,408	1,333	979.1	984
Total Liabilities & Equity	3,419	3,703	3,429	3,135	2,516	1,998
Total Debt	1,303	1,484	1,370	937.29	910.28	513.64
Net Cash (Debt)	-1,018	-995.73	-1,139	-814.3	-772.74	-429.3
Net Cash Per Share	-110.11	-107.68	-123.20	-88.04	-	-53.68
Filing Date Shares Outstanding	9.25	9.25	9.25	9.25	-	8
Total Common Shares Outstanding	9.25	9.25	9.25	9.25	-	8
Working Capital	185.09	369.82	-57.44	-33.28	-223.87	-86.74
Book Value Per Share	162.90	169.02	151.77	143.66	-	122.50
Tangible Book Value	512.05	538.88	401.08	470.09	151.24	444.91
Tangible Book Value Per Share	55.38	58.28	43.37	50.84	-	55.64
Land	-	63.52	-	76.38	-	66.37
Buildings	-	292.73	-	177.75	-	126.87
Machinery	-	899.85	-	1,030	-	890.94
Construction In Progress	-	240.6	-	209.22	-	31.45

Updated Jun 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.