Curro Holdings Cash Flow Statement

Financials in millions ZAR. Fiscal year is January - December.

Millions ZAR. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2015 - 2019
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	2015 - 2019
Net Income	20	105	41	239	259	-31	Upgrade
Depreciation & Amortization	292	288	266	241	249	205	Upgrade
Other Amortization	36	36	42	40	32	26	Upgrade
Loss (Gain) From Sale of Assets	-1	-1	10	-1	-	-	Upgrade
Asset Writedown & Restructuring Costs	460	460	465	174	-	265	Upgrade
Stock-Based Compensation	22	22	32	32	32	28	Upgrade
Other Operating Activities	105	-40	35	73	120	18	Upgrade
Change in Accounts Receivable	6	6	-72	-14	-17	-24	Upgrade
Change in Inventory	-2	-2	-3	5	1	-4	Upgrade
Change in Accounts Payable	-23	-23	26	-36	47	20	Upgrade
Change in Unearned Revenue	15	15	30	47	44	11	Upgrade
Operating Cash Flow	930	866	875	800	767	514	Upgrade
Operating Cash Flow Growth	4.26%	-1.03%	9.38%	4.30%	49.22%	8.44%	Upgrade
Capital Expenditures	-640	-636	-649	-901	-859	-632	Upgrade
Sale of Property, Plant & Equipment	64	60	10	4	4	48	Upgrade
Cash Acquisitions	5	-5	-21	-155	-	-11	Upgrade
Sale (Purchase) of Intangibles	-47	-51	-55	-63	-74	-55	Upgrade
Investment in Securities	-27	-55	37	34	240	-271	Upgrade
Other Investing Activities	16	-	-	-	-	-	Upgrade
Investing Cash Flow	-629	-687	-678	-1,081	-689	-921	Upgrade
Long-Term Debt Issued	-	1,486	1,090	3,220	150	1,150	Upgrade
Long-Term Debt Repaid	-	-1,441	-1,095	-2,820	-237	-2,090	Upgrade
Net Debt Issued (Repaid)	-138	45	-5	400	-87	-940	Upgrade
Issuance of Common Stock	-	-	-	-	-	1,500	Upgrade
Repurchase of Common Stock	-147	-146	-126	-97	-	-	Upgrade
Common Dividends Paid	-93	-83	-65	-49	-	-42	Upgrade
Other Financing Activities	-	-	-	-	-	-27	Upgrade
Financing Cash Flow	-378	-184	-196	254	-87	491	Upgrade
Net Cash Flow	-77	-5	1	-27	-9	84	Upgrade
Free Cash Flow	290	230	226	-101	-92	-118	Upgrade
Free Cash Flow Growth	22.88%	1.77%	-	-	-	-	Upgrade
Free Cash Flow Margin	5.55%	4.51%	4.79%	-2.43%	-2.60%	-3.81%	Upgrade
Free Cash Flow Per Share	0.52	0.41	0.39	-0.17	-0.15	-0.25	Upgrade
Cash Interest Paid	353	353	274	201	198	255	Upgrade
Cash Income Tax Paid	130	118	82	34	2	3	Upgrade
Levered Free Cash Flow	82.88	-37.5	-63.05	-425.13	-389.75	-258	Upgrade
Unlevered Free Cash Flow	309.13	200.63	141.95	-263.88	-238.5	-83.63	Upgrade
Change in Working Capital	-4	-4	-19	2	75	3	Upgrade

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