Wafa Assurance 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	858.54	853.76	670.5	776.08	424.04	453.12
Depreciation & Amortization	169.82	96.08	103.57	98.04	90.02	92.19
Gain (Loss) on Sale of Assets	-76.38	-90.62	74.33	-110.74	-127.83	-81.85
Gain (Loss) on Sale of Investments	3.6	-	-	-	-	-
Change in Accounts Receivable	-554.45	-329.42	-200.19	-799.68	-449.49	347.56
Change in Other Net Operating Assets	186.24	-762.74	-472.98	244.67	587.41	-19.76
Other Operating Activities	3,862	3,380	3,880	2,685	2,999	2,714
Operating Cash Flow	4,427	3,137	4,045	2,879	3,511	3,512
Operating Cash Flow Growth	14.38%	-22.44%	40.49%	-18.00%	-0.03%	-9.75%
Capital Expenditures	-137.13	-200.78	-247.23	-372.28	-221.84	-57.63
Sale of Property, Plant & Equipment	-	0	-	1	-	18.47
Cash Acquisitions	-	-	-39.58	-16.45	-	-
Investment in Securities	-3,257	-3,170	-4,758	-2,964	-4,330	-7,997
Other Investing Activities	80.9	772.57	1,462	1,287	977.78	6,267
Investing Cash Flow	-3,313	-2,599	-3,583	-2,065	-3,574	-1,769
Total Debt Repaid	3.73	-	-	-0.06	-0.16	-74.52
Net Debt Issued (Repaid)	3.73	-	-	-0.06	-0.16	-74.52
Common Dividends Paid	-487.75	-490	-455.45	-420	-350	-420
Other Financing Activities	-200.53	-23.77	76.86	9.27	268.48	-1,242
Financing Cash Flow	-684.55	-513.77	-378.58	-410.79	-81.68	-1,737
Foreign Exchange Rate Adjustments	-6.48	-14.5	-12.65	17.07	-6.89	1.55
Miscellaneous Cash Flow Adjustments	-	-	-0	0	-	-
Net Cash Flow	422.44	10.17	70.86	420.39	-151.18	7.94
Free Cash Flow	4,289	2,936	3,798	2,507	3,289	3,455
Free Cash Flow Growth	18.31%	-22.68%	51.49%	-23.79%	-4.79%	-11.08%
Free Cash Flow Margin	27.65%	19.44%	26.55%	18.98%	29.04%	33.12%
Free Cash Flow Per Share	1227.88	839.14	1087.44	717.08	938.58	983.50
Cash Interest Paid	6.91	9.02	11.43	6.11	6.84	5.22
Cash Income Tax Paid	256.78	238.06	203.84	145.71	121.18	264.55
Levered Free Cash Flow	-7,788	95.92	330.23	-326.91	819.71	1,508
Unlevered Free Cash Flow	-7,788	95.92	330.23	-326.91	819.71	1,508
Change in Working Capital	-391.42	-1,102	-683.15	-569.31	125.74	334.51

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