TAQA Morocco 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	963.65	1,053	1,037	1,303	1,005	880.16
Depreciation & Amortization	814.15	825.15	842.45	798.03	807.9	781.94
Change in Other Net Operating Assets	238.71	-809.81	518.55	-358.85	-92.32	323.51
Other Operating Activities	296.37	335.94	228.08	519.38	234.25	276.59
Operating Cash Flow	2,313	1,404	2,626	2,261	1,955	2,262
Operating Cash Flow Growth	52.80%	-46.54%	16.15%	15.69%	-13.59%	9.26%
Capital Expenditures	-381.71	-292.37	-328.39	-242.13	-213.41	-1,888
Sale of Property, Plant & Equipment	-	-	0.02	0.03	0.59	0.48
Other Investing Activities	-99.7	-	0	-	-	-
Investing Cash Flow	-481.41	-292.37	-328.37	-242.11	-212.83	-1,888
Long-Term Debt Issued	-	-	6,600	-	-	4,283
Long-Term Debt Repaid	-	-678.2	-4,416	-1,018	-1,032	-3,876
Net Debt Issued (Repaid)	-660.34	-678.2	2,184	-1,018	-1,032	407.09
Common Dividends Paid	-312.8	-1,098	-1,773	-1,030	-1,011	-1,019
Other Financing Activities	-	-	-	-	-	0
Financing Cash Flow	-973.14	-1,776	411.88	-2,048	-2,042	-612.1
Miscellaneous Cash Flow Adjustments	3.96	-	-	-	0	-
Net Cash Flow	862.28	-664.07	2,710	-28.4	-300.62	-237.54
Free Cash Flow	1,931	1,112	2,298	2,019	1,741	374.09
Free Cash Flow Growth	64.48%	-51.62%	13.81%	15.96%	365.47%	-80.90%
Free Cash Flow Margin	18.21%	10.22%	17.42%	14.84%	22.29%	4.80%
Free Cash Flow Per Share	81.87	47.13	97.43	85.60	73.82	15.86
Levered Free Cash Flow	2,726	1,005	1,550	2,731	1,676	312.12
Unlevered Free Cash Flow	3,056	1,340	1,771	3,025	1,987	672.24
Change in Working Capital	238.71	-809.81	518.55	-358.85	-92.32	323.51

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