TVA Group Cash Flow Statement

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

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 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	-18.23	-19.34	-47.89	-8.87	30.5	32.32
Depreciation & Amortization	18.9	20.64	25.03	26.97	29.25	29.66
Other Amortization	1.87	1.87	2.67	2.98	2.86	3.67
Loss (Gain) From Sale of Assets	-0.12	-2.39	-	-	-	-0.25
Asset Writedown & Restructuring Costs	-	7.78	8.1	0.78	-	-
Loss (Gain) From Sale of Investments	-	-	-	0.62	-	-
Loss (Gain) on Equity Investments	-0.3	-0.75	-0.5	-0.8	-1.15	-0.94
Other Operating Activities	-9.42	-0.32	-11.51	-2.81	0.85	-3.81
Change in Accounts Receivable	19.23	19.23	21.11	35.64	-56.75	6.49
Change in Accounts Payable	10.97	10.97	11.47	-17.06	27.33	5.93
Change in Income Taxes	0.79	0.79	-3.16	-3.83	-11.16	9.22
Change in Other Net Operating Assets	41.11	28.52	-74.09	-5.57	21.16	-44.38
Operating Cash Flow	64.79	66.98	-68.78	28.05	42.89	37.92
Operating Cash Flow Growth	188.23%	-	-	-34.58%	13.10%	-26.33%
Capital Expenditures	-11.31	-16.91	-2.16	-20.24	-17.15	-13.48
Sale of Property, Plant & Equipment	0.14	2.92	-	-	-	0.32
Cash Acquisitions	-	-	-	-6.32	-0.61	-3.52
Sale (Purchase) of Intangibles	-1.44	-4.31	-0.96	-1.11	-2.79	-2.67
Other Investing Activities	0.59	0.27	0.27	0.27	0.27	0.36
Investing Cash Flow	-12.02	-18.03	-2.84	-27.4	-20.27	-18.98
Short-Term Debt Issued	-	3.49	-	1.11	-	1.7
Long-Term Debt Issued	-	-	84	-	-	-
Total Debt Issued	-6.57	3.49	84	1.11	-	1.7
Short-Term Debt Repaid	-	-	-0.93	-	-1.7	-
Long-Term Debt Repaid	-	-52.3	-11.38	-5.74	-18.39	-21.13
Total Debt Repaid	-40.89	-52.3	-12.31	-5.74	-20.09	-21.13
Net Debt Issued (Repaid)	-47.46	-48.81	71.69	-4.63	-20.09	-19.43
Other Financing Activities	-	-0.15	-0.07	-1.2	-0.18	-0.05
Financing Cash Flow	-47.46	-48.96	71.63	-5.83	-20.27	-19.49
Net Cash Flow	5.31	-	-	-5.18	2.34	-0.55
Free Cash Flow	53.48	50.08	-70.94	7.82	25.74	24.44
Free Cash Flow Growth	542.74%	-	-	-69.62%	5.29%	-34.47%
Free Cash Flow Margin	10.65%	9.41%	-13.01%	1.31%	4.13%	4.81%
Free Cash Flow Per Share	1.24	1.16	-1.64	0.18	0.59	0.57
Cash Interest Paid	4.68	6.69	3.64	1.77	1.52	1.92
Cash Income Tax Paid	-	-4.08	-0.94	3.56	21.74	6.13
Levered Free Cash Flow	40.59	53.19	-53.44	12.82	36.87	18.87
Unlevered Free Cash Flow	43.76	57.35	-50.57	14.04	37.78	19.91
Change in Working Capital	72.09	59.5	-44.68	9.18	-19.42	-22.73

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