EPA:IAM 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	7,065	1,801	5,283	2,750	6,008	5,423
Depreciation & Amortization	946	6,739	5,908	6,537	6,543	6,892
Other Amortization	405	405	454	484	523	620
Provision & Write-off of Bad Debts	361	361	260	353	299	267
Other Operating Activities	4,908	1,004	2,377	2,178	2,028	-2,253
Change in Other Net Operating Assets	1,434	1,288	-1,237	-300	-1,847	139
Operating Cash Flow	15,119	11,598	13,045	12,002	13,554	11,088
Operating Cash Flow Growth	7.84%	-11.09%	8.69%	-11.45%	22.24%	-27.44%
Capital Expenditures	-11,818	-11,663	-7,969	-7,073	-5,289	-4,141
Sale of Property, Plant & Equipment	4	4	5	2	14	14
Cash Acquisitions	-	-	-	-	5	-
Investment in Securities	-585	-220	-325	-381	-38	-105
Other Investing Activities	3	2	2	-	5	13
Investing Cash Flow	-12,396	-11,877	-8,287	-7,452	-5,303	-4,219
Short-Term Debt Issued	-	6,501	8,402	2,570	1,536	1,167
Long-Term Debt Issued	-	2,501	1,036	1,621	694	2,307
Total Debt Issued	11,751	9,002	9,438	4,191	2,230	3,474
Short-Term Debt Repaid	-	-2,338	-10,948	-2,743	-6,145	-2,687
Total Debt Repaid	-2,338	-2,338	-10,948	-2,743	-6,145	-2,687
Net Debt Issued (Repaid)	9,413	6,664	-1,510	1,448	-3,915	787
Common Dividends Paid	-3,691	-3,691	-1,924	-4,202	-3,525	-4,870
Other Financing Activities	-8,549	-1,681	-1,590	-1,951	-1,429	-1,517
Financing Cash Flow	-2,827	1,292	-5,024	-4,705	-8,869	-5,600
Foreign Exchange Rate Adjustments	-52	-46	-593	1	-47	-62
Miscellaneous Cash Flow Adjustments	-2	-1	-	1	-1	-
Net Cash Flow	-158	966	-859	-153	-666	1,207
Free Cash Flow	3,301	-65	5,076	4,929	8,265	6,947
Free Cash Flow Growth	-40.37%	-	2.98%	-40.36%	18.97%	-5.25%
Free Cash Flow Margin	9.05%	-0.18%	13.80%	13.79%	23.09%	18.89%
Free Cash Flow Per Share	3.75	-0.07	5.77	5.61	9.40	7.90
Cash Income Tax Paid	1,352	2,621	4,262	3,827	3,659	3,789
Levered Free Cash Flow	-8,329	-1,643	3,860	7,153	7,502	6,832
Unlevered Free Cash Flow	-7,585	-971.25	4,418	7,594	8,018	7,387
Change in Working Capital	1,434	1,288	-1,237	-300	-1,847	139

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