Merafe Resources Limited / Estimates

Fiscal Year	Revenue	Net income	Net margin	Free cash flow	FCF margin
2024	€419.56M -8.7%	€33.17M -61.9%	7.9% -0.11 pp	€121.28M -4.4%	28.9% +0.013 pp
2023	€459.56M +16.5%	€87.15M +24.3%	19.0% +0.012 pp	€126.81M +16.9%	27.6% +0.00099 pp
2022	€394.54M -1.5%	€70.10M -15.8%	17.8% -0.030 pp	€108.47M +32.5%	27.5% +0.071 pp
2021	€400.72M +68.6%	€83.21M -266.9%	20.8% +0.42 pp	€81.84M +96.4%	20.4% +0.029 pp
2020	€237.66M -11.1%	-€49.87M -26.3%	-21.0% +0.043 pp	€41.68M -35.1%	17.5% -0.065 pp
2019	€267.43M -4.0%	-€67.70M -299.3%	-25.3% -0.38 pp	€64.26M +45.1%	24.0% +0.081 pp
2018	€278.72M -4.8%	€33.98M -25.2%	12.2% -0.033 pp	€44.28M -50.6%	15.9% -0.15 pp
2017	€292.77M +3.3%	€45.45M +71.7%	15.5% +0.062 pp	€89.67M +128.6%	30.6% +0.17 pp
2016	€283.45M +28.8%	€26.47M +55.0%	9.3% +0.016 pp	€39.23M -37.3%	13.8% -0.15 pp
2015	€220.14M +22.7%	€17.07M +60.4%	7.8% +0.018 pp	€62.60M +68.0%	28.4% +0.077 pp
2014	€179.42M +3.2%	€10.64M +1.7%	5.9% -0.00091 pp	€37.26M -31.4%	20.8% -0.10 pp
2013	€173.85M +37.6%	€10.47M +330.9%	6.0% +0.041 pp	€54.28M +26.9%	31.2% -0.026 pp
2012	€126.37M +4.7%	€2.43M -58.1%	1.9% -0.029 pp	€42.77M +23.0%	33.8% +0.050 pp
2011	€120.65M -5.1%	€5.80M -58.1%	4.8% -0.061 pp	€34.78M +35.5%	28.8% +0.086 pp
2010	€127.19M +39.1%	€13.86M -283.0%	10.9% +0.19 pp	€25.67M +47.8%	20.2% +0.012 pp
2009	€91.43M -33.9%	-€7.57M -114.8%	-8.3% -0.45 pp	€17.37M -65.5%	19.0% -0.17 pp
2008	€138.27M +68.0%	€51.09M +328.0%	36.9% +0.22 pp	€50.42M +47.8%	36.5% -0.050 pp
2007	€82.32M +60.7%	€11.94M +72.6%	14.5% +0.010 pp	€34.10M +1,678.8%	41.4% +0.38 pp
2006	€51.23M +67.7%	€6.92M +233.6%	13.5% +0.067 pp	€1.92M -94.1%	3.7% -1.0 pp
2005	€30.55M +10.8%	€2.07M -138.9%	6.8% +0.26 pp	€32.27M -1,432.1%	105.6% +1.1 pp
2004	€27.56M +201.7%	-€5.33M -27.4%	-19.3% +0.61 pp	-€2.42M +143.7%	-8.8% +0.021 pp
2003	€9.14M +311.7%	-€7.33M +538.0%	-80.3% -0.28 pp	-€994.25K -104.2%	-10.9% -11 pp
2002	€2.22M	-€1.15M	-51.8%	€23.78M	1,071.4%