Sanlam 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	676.52	690.92	559.43	-70.18	606.86
Depreciation & Amortization	315.04	65.53	125.05	123.38	276.18
Gain (Loss) on Sale of Assets	11,011	6,772	4,331	10,413	16,201
Change in Accounts Receivable	47.5	-20.1	-156.87	-231.33	113.62
Change in Other Net Operating Assets	1,351	212.58	51.21	-228.23	-254.15
Other Operating Activities	-620.98	-198.6	235.45	959.4	-168.99
Operating Cash Flow	12,774	7,513	5,138	10,949	16,771
Operating Cash Flow Growth	70.03%	46.22%	-53.08%	-34.71%	1341.30%
Capital Expenditures	-491.25	-48.29	-113.51	-52.34	-168.47
Sale of Property, Plant & Equipment	-	28.67	25.41	-	-
Investment in Securities	-12,582	-7,225	-5,718	-10,434	-16,993
Other Investing Activities	-	-	-	-	207
Investing Cash Flow	-13,060	-7,183	-5,806	-10,463	-16,931
Long-Term Debt Issued	-	0.59	6.48	0.44	6
Total Debt Repaid	-21.97	-17.01	-24.62	-6.17	-4.55
Net Debt Issued (Repaid)	-21.97	-16.42	-18.13	-5.74	1.46
Common Dividends Paid	-333.72	-317.25	-148.21	-144.09	-82.34
Other Financing Activities	121.5	-87.01	876.81	-301.76	57.92
Financing Cash Flow	-234.18	-420.68	710.47	-451.58	-22.96
Miscellaneous Cash Flow Adjustments	-11.42	-61.39	-	-	-
Net Cash Flow	-531.64	-152.9	42.46	34.85	-182.71
Free Cash Flow	12,282	7,464	5,024	10,897	16,603
Free Cash Flow Growth	64.55%	48.57%	-53.89%	-34.37%	1360.23%
Free Cash Flow Margin	172.13%	112.12%	72.03%	199.99%	242.10%
Free Cash Flow Per Share	2983.42	1813.11	1220.42	2646.92	4032.87
Cash Interest Paid	0.97	2.82	2.91	2.07	1.65
Cash Income Tax Paid	-	-	69.82	45.14	67.34
Levered Free Cash Flow	-1,658	454.03	-14,026	-448.8	12,094
Unlevered Free Cash Flow	-1,658	454.08	-14,026	-448.8	12,094
Change in Working Capital	1,398	192.49	-105.66	-459.56	-140.53

Updated Dec 31, 2024. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.