Wafa Assurance 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	1,026	923.15	670.5	776.08	424.04
Depreciation & Amortization	192.49	93.87	103.57	98.04	90.02
Gain (Loss) on Sale of Assets	174.32	-213.33	74.33	-110.74	-127.83
Gain (Loss) on Sale of Investments	-16.33	-85.51	-	-	-
Change in Accounts Receivable	-165.91	-441.52	-200.19	-799.68	-449.49
Change in Other Net Operating Assets	656.02	-756.65	-472.98	244.67	587.41
Other Operating Activities	3,506	3,602	3,880	2,685	2,999
Operating Cash Flow	5,349	3,112	4,045	2,879	3,511
Operating Cash Flow Growth	71.88%	-23.06%	40.49%	-18.00%	-0.03%
Capital Expenditures	-754.32	-179.19	-247.23	-372.28	-221.84
Sale of Property, Plant & Equipment	-	0	-	1	-
Cash Acquisitions	-	-38.52	-39.58	-16.45	-
Investment in Securities	-2,981	-3,247	-4,758	-2,964	-4,330
Other Investing Activities	382.34	856.65	1,462	1,287	977.78
Investing Cash Flow	-3,353	-2,608	-3,583	-2,065	-3,574
Total Debt Repaid	-	-3.73	-	-0.06	-0.16
Net Debt Issued (Repaid)	-	-3.73	-	-0.06	-0.16
Issuance of Common Stock	1,261	464.71	-	-	-
Common Dividends Paid	-490.09	-490	-455.45	-420	-350
Other Financing Activities	-2,713	-452.21	76.86	9.27	268.48
Financing Cash Flow	-1,942	-481.22	-378.58	-410.79	-81.68
Foreign Exchange Rate Adjustments	2.43	-14.49	-12.65	17.07	-6.89
Miscellaneous Cash Flow Adjustments	0	1.89	-0	0	-
Net Cash Flow	56.56	10.17	70.86	420.39	-151.18
Free Cash Flow	4,594	2,933	3,798	2,507	3,289
Free Cash Flow Growth	56.66%	-22.78%	51.49%	-23.79%	-4.79%
Free Cash Flow Margin	47.49%	34.01%	26.55%	18.98%	29.04%
Free Cash Flow Per Share	1312.69	837.90	1087.44	717.08	938.58
Cash Interest Paid	16.37	9.02	11.43	6.11	6.84
Cash Income Tax Paid	261.13	222.5	203.84	145.71	121.18
Levered Free Cash Flow	822.48	-8,695	330.23	-326.91	819.71
Unlevered Free Cash Flow	822.48	-8,695	330.23	-326.91	819.71
Change in Working Capital	466.61	-1,208	-683.15	-569.31	125.74

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.