Salafin Cash Flow Statement

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
Net Income	98.16	93.15	90.58	85.75	84.73	-16.37
Depreciation & Amortization	2.4	10.87	11.98	12.55	12.04	11.61
Change in Other Net Operating Assets	-209.58	-794.47	-563.56	-393.92	-259.83	-462.53
Other Operating Activities	270.63	454.74	505.42	514.43	527.94	656.68
Operating Cash Flow	161.61	-235.71	44.42	218.81	364.88	189.4
Operating Cash Flow Growth	-	-	-79.70%	-40.03%	92.65%	33.21%
Capital Expenditures	-3.54	-3.68	-5.54	-8.43	-6.66	-6.55
Other Investing Activities	2	2	2.72	2.59	2.41	3.4
Investing Cash Flow	-1.54	-1.68	-2.82	-5.85	-4.25	-3.15
Common Dividends Paid	-92.16	-89.04	-84.35	-162.45	-162.29	-129.58
Financing Cash Flow	-92.16	-89.04	-84.35	-162.45	-162.29	-129.58
Net Cash Flow	67.91	-326.43	-42.75	50.51	198.33	56.67
Free Cash Flow	158.07	-239.39	38.88	210.38	358.22	182.86
Free Cash Flow Growth	-	-	-81.52%	-41.27%	95.90%	37.88%
Free Cash Flow Margin	23.31%	-35.33%	5.46%	29.59%	49.94%	31.93%
Free Cash Flow Per Share	51.69	-77.10	12.45	66.24	114.15	55.86
Cash Income Tax Paid	72.28	63	58.73	53.82	52.23	2.31

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