Cash Flow Statement

Operating Cash Flow

-25%

-36%

10Y

Currency: CAD

	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	109	155	141	147	166	127	116	86	51	28	(4)	17	30	37	47	30	(20)	(11)	16	18	3	18	29	41	96	48	(21)	(32)	(54)	5	59	82	60	24	22	12	41	32	126	82	99	110	(2)	15	(22)	(33)	(41)	(27)	11	18	(67)	(94)	(147)	(181)	(74)	(36)	(65)	45	57	55	135	221	508	454	507	407	111	181	59	22	26	60	69	67	90	69	198	198	147	130	162	125	132	98	(34)	(94)	(82)	(46)	(76)	(21)	(42)	(75)	(31)	(4)	(8)	20
Depreciation & Amortization	132	135	137	141	137	139	140	139	143	146	150	155	157	161	166	170	170	167	164	161	161	174	184	198	207	206	208	207	213	216	218	217	218	204	186	173	155	151	161	167	180	190	191	192	199	197	190	192	167	166	168	163	174	175	176	177	190	193	196	199	192	192	201	206	215	223	225	233	244	256	270	282	289	293	296	304	299	304	282	264	252	236	246	250	252	254	259	261	272	277	278	279	282	284	287	291
Change in Deffered Taxes	2	(4)	1	8	13	6	8	(5)	(1)	3	(8)	(7)	(14)	(20)	(23)	(20)	(29)	(23)	(19)	(21)	(28)	(20)	(23)	(28)	(22)	(46)	(52)	(55)	(52)	(35)	(20)	1	(7)	0	0	0	(6)	0	0	0	(56)	0	0	0	0	0	0	0	0	(2)	0	0	0	(4)	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
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1	0	0	0	1	0	0	0	1	0	0	0	2	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 Non-Cash Items	6	(39)	9	0	(9)	(20)	(57)	(77)	(35)	19	43	53	(13)	(78)	(83)	(110)	5	88	60	93	103	(8)	(67)	(140)	(143)	(107)	29	58	98	47	2	48	31	42	2	(18)	132	2	228	245	284	131	(77)	(90)	(30)	22	20	62	24	(7)	122	146	242	331	201	145	210	65	146	131	(29)	(104)	(448)	(406)	(474)	(344)	(26)	(73)	52	90	84	52	34	103	112	126	60	(1)	(107)	(125)	176	154	236	275	35	161	183	196	201	87	59	57	31	13	36	26
Cash Taxes Paid	40	52	54	58	62	53	50	44	37	28	18	13	9	11	23	20	26	13	9	9	10	26	32	22	21	18	5	20	22	19	30	38	30	30	20	11	16	15	17	19	2	0	3	0	0	0	0	0	(5)	0	0	0	(14)	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	(1)	(2)	(2)	(1)	3	5	5	6	8	9	9	12	5	4	4	1	8	9
Cash Interest Paid	86	79	77	75	78	77	77	89	73	79	81	70	76	80	77	83	83	83	81	80	80	84	95	100	108	104	103	101	97	100	99	97	110	84	103	87	94	101	100	97	97	0	96	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
Change in Working Capital	65	0	0	0	23	0	0	0	(32)	0	0	0	(6)	0	0	0	(17)	0	0	0	35	0	0	0	(89)	0	0	0	(31)	0	0	0	52	0	0	0	(117)	0	0	(7)	(105)	(6)	0	(1)	52	11	11	12	22	23	28	25	16	16	13	17	(21)	(20)	(75)	(57)	74	34	67	2	(75)	(69)	(43)	42	18	19	(21)	(12)	68	64	69	47	30	50	27	(17)	(23)	(104)	(107)	(156)	(109)	(61)	(35)	55	113	86	101	97	(10)	(35)	(44)	13
Cash from Operating Activities	314 N/A	312 -1%	353 +13%	361 +2%	330 -9%	275 -17%	230 -16%	166 -28%	126 -24%	164 +30%	149 -9%	186 +25%	154 -17%	100 -35%	107 +7%	70 -35%	109 +56%	221 +103%	221 N/A	251 +14%	274 +9%	164 -40%	123 -25%	71 -42%	49 -31%	101 +106%	164 +62%	178 +9%	174 -2%	233 +34%	259 +11%	348 +34%	354 +2%	318 -10%	256 -19%	201 -21%	205 +2%	178 -13%	508 +185%	487 -4%	402 -17%	425 +6%	106 -75%	116 +9%	199 +72%	197 -1%	180 -9%	239 +33%	224 -6%	198 -12%	251 +27%	240 -4%	285 +19%	339 +19%	316 -7%	303 -4%	314 +4%	287 -9%	324 +13%	328 +1%	372 +13%	343 -8%	328 -4%	256 -22%	173 -32%	217 +25%	267 +23%	383 +43%	373 -3%	387 +4%	359 -7%	382 +6%	460 +20%	527 +15%	567 +8%	546 -4%	587 +8%	551 -6%	349 -37%	252 -28%	567 +125%	411 -28%	507 +23%	467 -8%	144 -69%	260 +81%	325 +25%	466 +43%	510 +9%	429 -16%	396 -8%	358 -10%	272 -24%	258 -5%	271 +5%	350 +29%
Investing Cash Flow
Capital Expenditures	(116)	(118)	(118)	(117)	(128)	(131)	(132)	(128)	(121)	(115)	(119)	(124)	(129)	(135)	(138)	(138)	(121)	(113)	(104)	(106)	(110)	(124)	(130)	(143)	(167)	(177)	(186)	(187)	(191)	(190)	(180)	(187)	(173)	(163)	(149)	(116)	(118)	(123)	(129)	(141)	(141)	(154)	(163)	(165)	(161)	(157)	(154)	(148)	(138)	(141)	(144)	(160)	(178)	(166)	(180)	(168)	(163)	(183)	(183)	(175)	(182)	(188)	(178)	(193)	(193)	(215)	(245)	(331)	(338)	(321)	(307)	(249)	(258)	(266)	(252)	(238)	(250)	(258)	(274)	(276)	(286)	(306)	(368)	(436)	(501)	(539)	(526)	(463)	(350)	(251)	(187)	(163)	(161)	(156)	(160)	(155)
Other Items	(150)	(203)	(250)	(176)	(144)	(89)	(28)	(19)	(44)	(59)	(51)	(142)	(115)	(104)	(90)	13	(45)	(40)	(65)	(91)	(574)	(538)	(517)	(511)	31	0	0	12	13	5	(9)	(70)	(84)	(86)	(96)	(43)	(33)	(38)	(38)	(29)	(88)	(110)	(112)	(104)	(52)	(22)	(17)	(39)	(35)	(29)	(15)	(2)	5	0	(2)	(1)	10	10	7	14	(3)	(20)	23	299	263	359	318	31	(32)	(110)	(121)	(390)	(282)	(283)	(273)	8	47	48	42	81	39	44	52	6	15	21	23	25	18	7	3	1	11	12	41	39
Cash from Investing Activities	(266) N/A	(321) -21%	(368) -15%	(293) +20%	(272) +7%	(220) +19%	(160) +27%	(147) +8%	(165) -12%	(174) -5%	(170) +2%	(266) -56%	(244) +8%	(239) +2%	(228) +5%	(125) +45%	(166) -33%	(153) +8%	(169) -10%	(197) -17%	(684) -247%	(662) +3%	(647) +2%	(654) -1%	(136) +79%	(177) -30%	(186) -5%	(175) +6%	(178) -2%	(185) -4%	(189) -2%	(257) -36%	(257) N/A	(249) +3%	(245) +2%	(159) +35%	(151) +5%	(161) -7%	(167) -4%	(170) -2%	(229) -35%	(264) -15%	(275) -4%	(269) +2%	(213) +21%	(179) +16%	(171) +4%	(187) -9%	(173) +7%	(170) +2%	(159) +6%	(162) -2%	(173) -7%	(166) +4%	(182) -10%	(169) +7%	(153) +9%	(173) -13%	(176) -2%	(161) +9%	(185) -15%	(208) -12%	(155) +25%	106 N/A	70 -34%	144 +106%	73 -49%	(300) N/A	(370) -23%	(431) -16%	(428) +1%	(639) -49%	(540) +15%	(549) -2%	(525) +4%	(230) +56%	(203) +12%	(210) -3%	(232) -10%	(195) +16%	(247) -27%	(262) -6%	(316) -21%	(430) -36%	(486) -13%	(518) -7%	(503) +3%	(438) +13%	(332) +24%	(244) +27%	(184) +25%	(162) +12%	(150) +7%	(144) +4%	(119) +17%	(116) +3%
Financing Cash Flow
Net Issuance of Common Stock	0	1	(1)	(1)	0	0	(18)	(18)	(18)	(18)	2	(1)	(5)	(6)	(8)	(9)	(6)	(4)	(4)	0	238	234	235	234	(4)	(3)	(3)	(3)	(4)	(4)	(4)	(4)	(4)	(4)	(6)	(5)	(4)	(3)	(4)	(8)	(11)	(12)	(9)	(6)	(3)	(1)	(1)	0	0	0	1	1	1	0	1	1	5	0	(4)	(4)	(8)	(2)	1	1	4	(1)	(5)	(12)	(15)	(16)	(12)	(4)	(4)	(1)	3	2	119	121	117	93	(24)	(29)	(28)	(8)	(8)	(3)	(2)	2	2	0	2	2	2	3	2	2
Net Issuance of Debt	(45)	8	26	(45)	(36)	(38)	(21)	4	79	48	19	84	114	153	146	95	92	(28)	(41)	(55)	175	269	306	368	99	74	32	(1)	(134)	(172)	(207)	(215)	(77)	(44)	24	(15)	(35)	(2)	(316)	(294)	(139)	(131)	204	177	43	2	22	9	(1)	34	14	(58)	(91)	(156)	(193)	(114)	(114)	(53)	(116)	(138)	(161)	(111)	(114)	(183)	(171)	(250)	(258)	(76)	72	75	114	298	165	215	185	(65)	(108)	(222)	(166)	(169)	(448)	(355)	(204)	(72)	344	354	222	44	(140)	(131)	(148)	(125)	(85)	121	389	(115)
Cash Paid for Dividends	(10)	0	(4)	(7)	(11)	(14)	(14)	(15)	(14)	(14)	(14)	(13)	(13)	(13)	(13)	(13)	(13)	(13)	(13)	(13)	(13)	(14)	(14)	(15)	(16)	(16)	(16)	(16)	(16)	(16)	(16)	(16)	(16)	(16)	(16)	(16)	(16)	(16)	(16)	(16)	(15)	(15)	(15)	(14)	(15)	(15)	(15)	(16)	(15)	(15)	(15)	(14)	(15)	(15)	(15)	(15)	(15)	(15)	(15)	(16)	(15)	(15)	(15)	(14)	(15)	(15)	(15)	(15)	(15)	(15)	(14)	(19)	(23)	(26)	(31)	(30)	(31)	(32)	(32)	(38)	(41)	(45)	(49)	(48)	(48)	(48)	(48)	(48)	(48)	(48)	(48)	(48)	(48)	(48)	(48)	(48)
Other	(5)	0	(11)	(7)	(7)	(8)	(1)	0	(16)	0	0	0	(1)	0	0	(1)	0	0	0	0	0	0	0	0	0	0	0	0	145	0	153	153	8	0	0	0	0	0	0	(2)	(4)	(4)	(2)	(1)	(3)	(7)	(38)	(37)	(33)	0	0	0	0	0	0	(2)	(5)	0	(6)	(4)	2	(5)	(7)	(11)	(36)	(31)	(36)	(34)	(17)	(19)	(17)	(19)	(17)	(137)	(136)	(136)	(136)	(16)	(15)	(15)	(16)	(16)	(16)	(16)	(16)	(15)	(20)	(40)	(39)	(42)	(38)	(18)	(18)	(190)	(490)	(33)
Cash from Financing Activities	(60) N/A	(6) +90%	10 N/A	(60) N/A	(54) +10%	(61) -13%	(54) +11%	(29) +46%	31 N/A	17 -45%	7 -59%	70 +900%	95 +36%	134 +41%	125 -7%	72 -42%	73 +1%	(45) N/A	(58) -29%	(67) -16%	400 N/A	489 +22%	527 +8%	587 +11%	79 -87%	55 -30%	13 -76%	(20) N/A	(9) +55%	(47) -422%	(74) -57%	(82) -11%	(89) -9%	(56) +37%	2 N/A	(36) N/A	(55) -53%	(21) +62%	(336) -1 500%	(320) +5%	(169) +47%	(162) +4%	178 N/A	156 -12%	22 -86%	(21) N/A	(32) -52%	(44) -38%	(49) -11%	(10) +80%	0 N/A	(71) N/A	(105) -48%	(170) -62%	(207) -22%	(130) +37%	(129) +1%	(73) +43%	(141) -93%	(162) -15%	(182) -12%	(133) +27%	(135) -2%	(207) -53%	(218) -5%	(297) -36%	(314) -6%	(137) +56%	25 N/A	25 N/A	71 +184%	256 +261%	121 -53%	51 -58%	21 -59%	(229) N/A	(156) +32%	(149) +4%	(96) +36%	(129) -34%	(529) -310%	(445) +16%	(297) +33%	(144) +52%	272 N/A	288 +6%	152 -47%	(42) N/A	(225) -436%	(219) +3%	(232) -6%	(189) +19%	(149) +21%	(114) +23%	(147) -29%	(194) -32%
Change in Cash
Effect of Foreign Exchange Rates	2	1	0	5	3	1	(3)	(5)	(3)	(1)	0	1	(2)	(1)	(1)	(3)	(3)	(5)	(7)	(1)	1	1	(3)	(2)	(1)	6	11	1	(1)	(7)	(6)	1	0	0	0	0	(1)	0	0	0	2	0	0	2	0	0	1	1	1	1	(1)	(1)	(1)	(2)	(1)	(1)	(1)	(1)	(2)	(2)	(3)	(2)	0	0	2	5	4	1	6	(1)	(1)	0	(9)	7	1	2	1	(17)	(12)	(4)	(1)	5	5	(1)	(2)	(3)	(3)	(3)	(1)	1	2	1	0	(2)	(2)	(1)
Net Change in Cash	(10) N/A	(14) -40%	(5) +64%	13 N/A	7 -46%	(5) N/A	13 N/A	(15) N/A	(11) +27%	6 N/A	(14) N/A	(9) +36%	3 N/A	(6) N/A	3 N/A	14 +367%	13 -7%	18 +38%	(13) N/A	(14) -8%	(9) +36%	(8) +11%	0 N/A	2 N/A	(9) N/A	(15) -67%	2 N/A	(16) N/A	(14) +13%	(6) +57%	(10) -67%	10 N/A	8 -20%	13 +63%	13 N/A	6 -54%	(2) N/A	(4) -100%	5 N/A	(3) N/A	6 N/A	(1) N/A	9 N/A	5 -44%	8 +60%	(3) N/A	(22) -633%	9 N/A	3 -67%	19 +533%	91 +379%	6 -93%	6 N/A	1 -83%	(74) N/A	3 N/A	31 +933%	40 +29%	5 -88%	3 -40%	2 -33%	0 N/A	38 N/A	155 +308%	27 -83%	69 +156%	30 -57%	(53) N/A	34 N/A	(20) N/A	1 N/A	(1) N/A	32 N/A	36 +13%	64 +78%	89 +39%	229 +157%	175 -24%	9 -95%	(76) N/A	(210) -176%	(291) -39%	(101) +65%	(108) -7%	(72) +33%	27 N/A	(29) N/A	(17) +41%	(48) -182%	(33) +31%	(18) +45%	8 N/A	(27) N/A	(2) +93%	3 N/A	39 +1 200%
Free Cash Flow
Free Cash Flow	198 N/A	194 -2%	235 +21%	244 +4%	202 -17%	144 -29%	98 -32%	38 -61%	5 -87%	49 +880%	30 -39%	62 +107%	25 -60%	(35) N/A	(31) +11%	(68) -119%	(12) +82%	108 N/A	117 +8%	145 +24%	164 +13%	40 -76%	(7) N/A	(72) -929%	(118) -64%	(76) +36%	(22) +71%	(9) +59%	(17) -89%	43 N/A	79 +84%	161 +104%	181 +12%	155 -14%	107 -31%	85 -21%	87 +2%	55 -37%	379 +589%	346 -9%	261 -25%	271 +4%	(57) N/A	(49) +14%	38 N/A	40 +5%	26 -35%	91 +250%	86 -5%	57 -34%	107 +88%	80 -25%	107 +34%	173 +62%	136 -21%	135 -1%	151 +12%	104 -31%	141 +36%	153 +9%	190 +24%	155 -18%	150 -3%	63 -58%	(20) N/A	2 N/A	22 +1 000%	52 +136%	35 -33%	66 +89%	52 -21%	133 +156%	202 +52%	261 +29%	315 +21%	308 -2%	337 +9%	293 -13%	75 -74%	(24) N/A	281 N/A	105 -63%	139 +32%	31 -78%	(357) N/A	(279) +22%	(201) +28%	3 N/A	160 +5 233%	178 +11%	209 +17%	195 -7%	111 -43%	102 -8%	111 +9%	195 +76%

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Cascades Inc
OTC:CADNF

Cash Flow Statement

Cash Flow Statement
Cascades Inc

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Cascades Inc OTC:CADNF

Cash Flow Statement

Cash Flow Statement Cascades Inc

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Cascades Inc
OTC:CADNF

Cash Flow Statement
Cascades Inc