Cash Flow Statement

Operating Cash Flow

-90%

-66%

10Y

Currency: USD

	Dec-2001	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Operating Cash Flow
Net Income	0	0	0	298	0	0	0	169	0	0	0	78	12	67	(121)	(224)	(147)	(143)	11	(4)	(23)	(24)	49	202	214	311	209	102	83	(107)	(106)	(177)	(251)	(247)	(121)	66	154	111	(21)	(232)	(224)	(92)	(130)	104	71	15	89	(161)	(176)	(146)	(97)	135	141	165	152	167	218	262	290	319	334	322	348	338	311	325	318	323	341	311	268	211	154	84	3	(135)	(176)	(201)	(110)	13	153	364	545	536	603	484	325	259	(57)	(97)	(86)	33	229	180	96	(177)
Depreciation & Amortization	0	0	0	310	0	0	0	352	0	0	0	408	125	250	367	424	411	403	402	392	388	382	379	375	379	380	382	374	434	436	446	398	431	434	425	413	410	415	424	417	481	471	454	369	360	352	344	414	407	393	382	371	354	344	337	325	317	310	307	308	314	321	318	322	319	327	338	348	354	354	356	356	364	373	375	384	389	391	398	396	392	384	370	356	341	333	331	368	375	378	380	351	353	352	362	373
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	6	0	0	0	5	0	0	0	10	0	0	0	9	0	0	0	13	0	0	0	15	0	0	0	9	0	0	0	8	0	0	0	5	0	0	0	5	0	0	0	6	0	0	0	9	0	0	0	11	0	0	0	12	0	0	0	10	0	0	0	8	0	0	0	7	0	0	0	6	0	0	0	6	0	0	0	7
Other Non-Cash Items	0	0	0	10	0	0	0	11	0	0	0	(131)	5	(3)	161	120	285	234	55	76	34	81	86	(6)	22	(57)	57	188	46	157	67	310	402	418	412	323	206	344	427	666	491	361	405	350	252	217	75	194	199	220	239	60	72	42	34	52	43	57	86	66	76	97	69	88	78	47	45	38	49	67	85	106	94	89	75	74	72	86	89	63	65	83	141	375	381	328	229	32	125	9	(34)	(114)	(186)	(55)	13	240
Cash Taxes Paid	94	144	104	89	0	0	0	(33)	0	0	0	31	58	70	71	43	23	16	15	13	10	4	19	27	30	40	65	70	62	56	19	5	10	7	8	9	7	19	32	38	41	34	19	20	25	23	23	17	8	1	3	1	3	8	16	16	31	34	54	56	72	100	64	100	60	78	88	73	82	75	74	51	80	48	30	26	(17)	(25)	(7)	2	17	18	20	23	22	29	36	56	63	69	58	50	89	93	94	90
Cash Interest Paid	0	0	0	122	0	0	0	152	0	0	0	133	0	0	0	0	0	0	0	164	0	0	0	173	0	0	0	181	0	0	0	198	0	0	0	309	0	0	0	348	0	0	0	311	370	398	0	171	255	257	307	170	166	174	145	148	132	116	124	107	88	90	81	96	85	76	77	84	83	88	82	51	81	79	112	108	107	110	93	110	104	93	76	102	113	129	148	121	95	94	76	69	90	67	87	100
Change in Working Capital	482	428	553	(108)	514	614	466	(16)	437	389	439	56	224	(111)	(177)	(49)	(231)	(148)	(243)	(236)	(193)	(158)	(219)	(183)	(307)	(333)	(334)	(309)	(245)	(110)	74	(70)	(33)	(9)	(222)	(273)	(403)	(528)	(508)	(445)	(227)	(207)	(189)	(412)	(281)	(252)	(218)	(201)	(208)	(138)	(170)	(129)	(114)	(163)	(97)	(162)	(125)	(157)	(145)	(143)	(137)	(230)	(248)	(267)	(202)	(242)	(213)	(299)	(311)	(365)	(371)	(200)	(246)	(53)	(67)	(63)	69	17	34	(65)	(221)	(282)	(375)	(385)	(429)	(289)	(150)	(54)	98	(51)	(68)	(146)	(297)	(233)	(323)	(348)
Cash from Operating Activities	482 N/A	428 -11%	553 +29%	510 -8%	514 +1%	614 +19%	466 -24%	516 +11%	437 -15%	389 -11%	439 +13%	411 -6%	366 -11%	203 -45%	230 +13%	271 +18%	318 +17%	346 +9%	225 -35%	228 +1%	206 -10%	281 +36%	295 +5%	388 +32%	308 -21%	301 -2%	314 +4%	355 +13%	318 -10%	376 +18%	481 +28%	461 -4%	549 +19%	596 +9%	494 -17%	529 +7%	367 -31%	342 -7%	322 -6%	406 +26%	521 +28%	533 +2%	540 +1%	411 -24%	402 -2%	332 -17%	290 -13%	246 -15%	225 -9%	332 +48%	357 +8%	437 +22%	453 +4%	388 -14%	426 +10%	382 -10%	453 +19%	472 +4%	538 +14%	550 +2%	587 +7%	510 -13%	487 -5%	481 -1%	506 +5%	457 -10%	488 +7%	410 -16%	433 +6%	367 -15%	338 -8%	473 +40%	366 -23%	493 +35%	386 -22%	260 -33%	354 +36%	293 -17%	411 +40%	407 -1%	389 -4%	549 +41%	681 +24%	882 +30%	896 +2%	856 -4%	735 -14%	605 -18%	541 -11%	239 -56%	192 -20%	124 -35%	99 -20%	244 +146%	148 -39%	88 -41%
Investing Cash Flow
Capital Expenditures	(272)	(272)	(722)	(688)	(672)	(687)	(239)	(327)	(365)	(403)	(378)	(331)	(394)	(377)	(379)	(294)	(326)	(325)	(355)	(160)	(341)	(281)	(306)	(116)	(325)	(471)	(450)	(250)	(445)	(320)	(281)	(176)	(169)	(182)	(164)	(211)	(192)	(176)	(200)	(262)	(273)	(300)	(347)	(358)	(309)	(425)	(487)	(552)	(527)	(410)	(293)	(295)	(292)	(276)	(268)	(248)	(220)	(219)	(229)	(241)	(238)	(238)	(257)	(368)	(419)	(493)	(603)	(541)	(559)	(535)	(482)	(471)	(477)	(452)	(391)	(351)	(321)	(321)	(326)	(374)	(364)	(363)	(377)	(368)	(354)	(368)	(337)	(408)	(399)	(381)	(427)	(473)	(484)	(601)	(622)	(501)
Other Items	0	0	0	(13)	0	0	0	(13)	0	0	0	(25)	0	0	0	(85)	0	0	0	(195)	0	0	0	(248)	0	0	0	(244)	0	(586)	(588)	(586)	0	(4)	(2)	23	0	0	0	19	0	6	10	74	53	49	52	59	24	31	2	101	94	93	116	11	52	40	41	50	8	15	5	(5)	(10)	(132)	(124)	(123)	(121)	(2)	(2)	(1)	(159)	(163)	(167)	(166)	(12)	(4)	(1)	(4)	(7)	(10)	(7)	(8)	(2)	(15)	(22)	13	(24)	(12)	40	43	86	85	34	44
Cash from Investing Activities	(272) N/A	(272) N/A	(722) -165%	(701) +3%	(672) +4%	(687) -2%	(239) +65%	(340) -42%	(365) -7%	(403) -10%	(378) +6%	(356) +6%	(394) -11%	(377) +4%	(379) -1%	(379) N/A	(326) +14%	(325) +0%	(355) -9%	(355) N/A	(341) +4%	(281) +18%	(306) -9%	(364) -19%	(325) +11%	(471) -45%	(450) +4%	(494) -10%	(445) +10%	(906) -104%	(869) +4%	(762) +12%	(759) +0%	(186) +75%	(166) +11%	(188) -13%	(192) -2%	(176) +8%	(200) -14%	(243) -22%	(273) -12%	(294) -8%	(337) -15%	(284) +16%	(266) +6%	(386) -45%	(445) -15%	(493) -11%	(503) -2%	(379) +25%	(291) +23%	(194) +33%	(198) -2%	(183) +8%	(152) +17%	(237) -56%	(168) +29%	(179) -7%	(188) -5%	(191) -2%	(230) -20%	(223) +3%	(252) -13%	(373) -48%	(429) -15%	(625) -46%	(727) -16%	(664) +9%	(680) -2%	(537) +21%	(484) +10%	(472) +2%	(636) -35%	(615) +3%	(558) +9%	(517) +7%	(333) +36%	(325) +2%	(327) -1%	(378) -16%	(371) +2%	(373) -1%	(384) -3%	(376) +2%	(356) +5%	(383) -8%	(359) +6%	(395) -10%	(423) -7%	(393) +7%	(387) +2%	(430) -11%	(398) +7%	(516) -30%	(588) -14%	(457) +22%
Financing Cash Flow
Net Issuance of Common Stock	0	0	0	(12)	0	0	0	(55)	0	0	0	(13)	0	0	0	(15)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	575	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(22)	(22)	0	0	0	0	0	0	0	0
Net Issuance of Debt	0	0	0	(3)	0	0	0	204	0	0	0	(105)	0	0	0	21	0	0	0	(21)	0	0	0	98	0	0	0	49	0	0	0	241	0	0	0	(253)	0	0	0	(218)	0	0	0	(37)	0	0	0	(5)	0	0	0	(36)	0	0	0	(59)	0	0	0	(110)	0	(16)	(330)	(279)	(221)	(145)	98	68	12	483	65	56	201	(326)	156	138	95	96	98	33	(76)	(87)	(86)	(43)	(281)	(349)	(453)	(394)	(152)	17	64	4	48	31	258	263
Cash Paid for Dividends	0	(60)	(60)	(60)	0	(65)	(65)	(65)	0	(66)	(66)	(66)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other	(97)	(148)	199	(14)	167	221	(6)	(2)	34	45	(106)	(3)	(23)	(1)	(138)	(13)	33	(55)	126	0	(21)	31	19	0	227	148	185	0	619	980	867	(109)	(29)	(394)	(516)	(3)	(328)	(365)	(376)	(78)	(398)	(296)	(74)	(66)	(32)	36	(3)	(3)	0	(15)	(21)	0	(18)	14	(50)	(68)	(79)	(129)	(59)	(20)	(64)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash from Financing Activities	(157) N/A	(208) -32%	139 N/A	(89) N/A	107 N/A	156 +46%	(71) N/A	82 N/A	(31) N/A	(21) +32%	(172) -719%	(187) -9%	(23) +88%	65 N/A	(72) N/A	(7) +90%	33 N/A	(55) N/A	126 N/A	(21) N/A	(21) N/A	31 N/A	19 -39%	98 +416%	227 +132%	148 -35%	185 +25%	49 -74%	619 +1 163%	980 +58%	867 -12%	707 -18%	(29) N/A	(394) -1 259%	(516) -31%	(256) +50%	(328) -28%	(365) -11%	(376) -3%	(296) +21%	(398) -34%	(296) +26%	(74) +75%	(103) -39%	(32) +69%	36 N/A	(3) N/A	(8) -167%	(5) +38%	(20) -300%	(26) -30%	(36) -38%	(54) -50%	(22) +59%	(86) -291%	(127) -48%	(138) -9%	(188) -36%	(118) +37%	(130) -10%	(64) +51%	(52) +19%	(359) -590%	(279) +22%	(215) +23%	(145) +33%	98 N/A	68 -31%	12 -82%	483 +3 925%	65 -87%	56 -14%	201 +259%	(326) N/A	156 N/A	138 -12%	95 -31%	96 +1%	98 +2%	33 -66%	(76) N/A	(87) -14%	(86) +1%	(43) +50%	(281) -553%	(349) -24%	(475) -36%	(416) +12%	(174) +58%	(5) +97%	64 N/A	4 -94%	48 +1 100%	31 -35%	258 +732%	263 +2%
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	(4)	0	0	0	73	0	0	0	32	0	0	0	(2)	0	0	0	5	0	0	0	18	0	0	0	0	0	0	0	90	0	0	0	(63)	0	0	0	(20)	0	0	0	(18)	(11)	(25)	0	(5)	(9)	6	4	(31)	(50)	(91)	(85)	(90)	(93)	(47)	(41)	18	5	11	28	18	75	69	12	(1)	(33)	(52)	(10)	(27)	(11)	(4)	(20)	5	24	18	33	25	(18)	1	(46)	(49)	0	(7)	33	27	(4)	(6)	(8)	18	1	5	20	8
Net Change in Cash	53 N/A	(52) N/A	(30) +42%	(284) -847%	(51) +82%	83 N/A	156 +88%	331 +112%	41 -88%	(35) N/A	(111) -217%	(100) +10%	(51) +49%	(109) -114%	(221) -103%	(117) +47%	25 N/A	(34) N/A	(4) +88%	(143) -3 475%	(156) -9%	31 N/A	8 -74%	140 +1 650%	210 +50%	(22) N/A	49 N/A	(90) N/A	492 N/A	450 -9%	479 +6%	496 +4%	(239) N/A	16 N/A	(188) N/A	22 N/A	(153) N/A	(199) -30%	(254) -28%	(153) +40%	(150) +2%	(57) +62%	129 N/A	6 -95%	93 +1 450%	(43) N/A	(158) -267%	(260) -65%	(292) -12%	(61) +79%	44 N/A	176 +300%	151 -14%	92 -39%	103 +12%	(72) N/A	54 N/A	58 +7%	191 +229%	247 +29%	298 +21%	246 -17%	(96) N/A	(153) -59%	(63) +59%	(244) -287%	(129) +47%	(187) -45%	(268) -43%	261 N/A	(91) N/A	30 N/A	(80) N/A	(452) -465%	(36) +92%	(114) -217%	140 N/A	82 -41%	215 +162%	87 -60%	(76) N/A	90 N/A	165 +83%	414 +151%	259 -37%	117 -55%	(66) N/A	(179) -171%	(60) +66%	(165) -175%	(139) +16%	(284) -104%	(250) +12%	(236) +6%	(162) +31%	(98) +40%
Free Cash Flow
Free Cash Flow	210 N/A	156 -26%	(169) N/A	(178) -5%	(158) +11%	(73) +54%	227 N/A	189 -17%	72 -62%	(14) N/A	61 N/A	80 +31%	(28) N/A	(174) -521%	(149) +14%	(23) +85%	(8) +65%	21 N/A	(130) N/A	68 N/A	(135) N/A	0 N/A	(11) N/A	272 N/A	(17) N/A	(170) -900%	(136) +20%	105 N/A	(127) N/A	56 N/A	200 +257%	285 +43%	380 +33%	414 +9%	330 -20%	318 -4%	175 -45%	166 -5%	122 -27%	144 +18%	248 +72%	233 -6%	193 -17%	53 -73%	93 +75%	(93) N/A	(197) -112%	(306) -55%	(302) +1%	(78) +74%	64 N/A	142 +122%	161 +13%	112 -30%	158 +41%	134 -15%	233 +74%	253 +9%	309 +22%	309 N/A	349 +13%	272 -22%	230 -15%	113 -51%	87 -23%	(36) N/A	(115) -219%	(131) -14%	(126) +4%	(168) -33%	(144) +14%	2 N/A	(111) N/A	41 N/A	(5) N/A	(91) -1 720%	33 N/A	(28) N/A	85 N/A	33 -61%	25 -24%	186 +644%	304 +63%	514 +69%	542 +5%	488 -10%	398 -18%	197 -51%	142 -28%	(142) N/A	(235) -65%	(349) -49%	(385) -10%	(357) +7%	(474) -33%	(413) +13%

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Sappi Ltd
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Cash Flow Statement

Cash Flow Statement
Sappi Ltd

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Sappi Ltd JSE:SAP

Cash Flow Statement

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Cash Flow Statement
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