Delta Property Fund Cash Flow Statement

Financials in millions ZAR. Fiscal year is March - February.

Millions ZAR. Fiscal year is Mar - Feb.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Aug '25 Aug 31, 2025	Feb '25 Feb 28, 2025	Feb '24 Feb 29, 2024	Feb '23 Feb 28, 2023	Feb '22 Feb 28, 2022	Feb '21 Feb 28, 2021
Net Income	-83.08	-104.21	-66.48	-728.27	-144.97	-454.46
Depreciation & Amortization	2.1	2.7	3.6	3.26	-0.44	3.79
Other Amortization	12.36	12.92	6.9	17.45	6.62	15.33
Gain (Loss) on Sale of Assets	246.65	246.65	86.7	369.84	-	-
Gain (Loss) on Sale of Investments	31.72	44.22	37.09	35.54	48.67	67.55
Asset Writedown	-72.49	-68.36	93.44	463.8	428.84	517.14
Income (Loss) on Equity Investments	-	-	-	-	-	-13.81
Change in Accounts Receivable	-42.22	-80.93	64.19	91.57	-3.96	-56.12
Change in Accounts Payable	-7.87	5.31	-33.21	-46.28	47.23	-33.61
Other Operating Activities	8.09	11.54	-85.01	-135.32	-133.51	187.72
Operating Cash Flow	135.49	95.36	109.78	149.11	254.74	235.69
Operating Cash Flow Growth	62.29%	-13.13%	-26.38%	-41.47%	8.08%	-42.35%
Acquisition of Real Estate Assets	-70.89	-44.83	-36.68	-79.47	-93.78	-38.05
Sale of Real Estate Assets	9.45	10.88	13.46	208.99	-	15.08
Net Sale / Acq. of Real Estate Assets	-61.44	-33.95	-23.21	129.52	-93.78	-22.97
Other Investing Activities	-0.06	-0.06	-	-	-	0.03
Investing Cash Flow	-61.5	-34.01	-23.21	129.52	-88.78	-22.94
Long-Term Debt Issued	-	35	13	11.28	81.06	5.75
Long-Term Debt Repaid	-	-96.83	-108.37	-360.21	-289.15	-195.58
Total Debt Repaid	-105.38	-96.83	-108.37	-360.21	-289.15	-195.58
Net Debt Issued (Repaid)	-60.38	-61.83	-95.37	-348.93	-208.09	-189.83
Miscellaneous Cash Flow Adjustments	-	-	-	-	-0	-
Net Cash Flow	13.61	-0.47	-8.81	-70.3	-42.13	22.92
Cash Interest Paid	416.87	446.44	474.81	457.88	400.45	462.4
Cash Income Tax Paid	36.23	26.2	84.8	99.27	119.48	42.68
Levered Free Cash Flow	-58.69	379.5	-413.93	151.16	-588.69	243.95
Unlevered Free Cash Flow	200.89	654.42	-126.01	410.5	-338.18	499.62
Change in Working Capital	-50.1	-75.63	30.99	45.29	43.27	-89.72

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.