Mutandis SCA Cash Flow Statement

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

Millions MAD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	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
Net Income	158.65	92.96	99.52	59.94	-
Depreciation & Amortization	161.35	84.44	89.63	86.26	-
Other Amortization	0.36	-	-	-	-
Other Operating Activities	-25.05	90.49	59.37	23.33	-
Change in Other Net Operating Assets	-19.39	10.46	-235.18	63.33	-
Operating Cash Flow	275.9	278.34	13.35	232.86	-
Operating Cash Flow Growth	-0.87%	1985.08%	-94.27%	-	-
Capital Expenditures	-229.06	-238.65	-195.25	-79.55	-
Cash Acquisitions	-	-293.53	-	-109.19	-
Divestitures	333.14	-	0.48	-	-
Sale (Purchase) of Intangibles	-29.26	-16.19	-16.19	-293.29	-
Investment in Securities	0.1	21.26	-	-5.52	-
Investing Cash Flow	79.32	-529.12	-211.32	-487.56	-
Long-Term Debt Issued	-	451.82	-	351.74	-
Long-Term Debt Repaid	-31.64	-	-234.52	-	-
Net Debt Issued (Repaid)	-31.64	451.82	-234.52	351.74	-
Issuance of Common Stock	1.63	-	292.76	4.65	-
Repurchase of Common Stock	-9.93	-	-6.61	-14.41	-
Common Dividends Paid	-97.38	-79.19	-79.18	-68.66	-
Other Financing Activities	0	-	-0	0	-
Financing Cash Flow	-137.32	372.64	-27.55	273.32	-
Foreign Exchange Rate Adjustments	1.3	-2.92	5.37	10.62	-
Net Cash Flow	219.2	118.94	-220.16	29.25	-
Free Cash Flow	46.84	39.69	-181.91	153.31	-
Free Cash Flow Growth	18.02%	-	-	-	-
Free Cash Flow Margin	2.21%	1.83%	-7.81%	9.10%	-
Free Cash Flow Per Share	5.07	4.29	-19.67	-	-
Levered Free Cash Flow	58.03	23.3	-201.91	-261.65	-
Unlevered Free Cash Flow	87.98	56.09	-183.24	-239.08	-
Change in Working Capital	-19.39	10.46	-235.18	63.33	-

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