The main objective of companies operating in construction sector is to turn each project into profits and to optimize cash, claims/receivables, stock and credit management. Within this context, cash management is an important concept that should be considered carefully by project managers. Cash flow statement, when used together with the other financial statements, displays the real liquidity andsolvency of the company. It also provides the necessary information to evaluate the adaptability of the amount and timing of cash flows and the financial performance of the company. This study analyzes the Cash Flow Statements of a publicly held company operating in Turkish construction sector with “Cash Flow from Operating Activities Model” and displays the findings.