Emira Property Fund Cash Flow Statement

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

Millions ZAR. Fiscal year is Apr - Mar.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '25 Sep 30, 2025	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Jun '22 Jun 30, 2022	Jun '21 Jun 30, 2021
Net Income	1,440	2,379	495.99	1,101	968.58	467.29
Depreciation & Amortization	15.94	16.55	13.72	15.2	9.33	19.87
Gain (Loss) on Sale of Investments	13.15	13.15	100.85	76.18	-13.82	-411.47
Asset Writedown	-1,889	-1,889	-326.9	-52.13	-	564.67
Stock-Based Compensation	16.69	16.69	14.49	16.58	10.05	11.96
Income (Loss) on Equity Investments	-319.16	-319.16	-249.11	-443.37	-526.48	-418.75
Change in Accounts Receivable	-0.12	-0.12	11.39	-68.82	23.81	34.81
Change in Accounts Payable	-94.18	-94.18	34.93	32.56	22.5	24.79
Other Operating Activities	888.06	15.78	31.83	-421.56	-131.42	91.5
Operating Cash Flow	104.67	172.39	427.89	346.65	388.44	413.71
Operating Cash Flow Growth	-70.54%	-59.71%	23.44%	-10.76%	-6.11%	23.84%
Acquisition of Real Estate Assets	-192.33	-268.01	-194.14	-222.03	-292.74	-130.95
Sale of Real Estate Assets	2,910	2,762	501.31	183.39	267.25	34.5
Net Sale / Acq. of Real Estate Assets	2,718	2,494	307.17	-38.65	-25.49	-96.45
Cash Acquisition	-	-	-	-212.62	-	-
Investment in Marketable & Equity Securities	-1,011	-1,940	67.53	-58.12	-387.88	-99.19
Other Investing Activities	353.69	353.69	845.25	308.43	291.06	219.34
Investing Cash Flow	2,152	957.59	1,076	7.92	-112.48	93.4
Long-Term Debt Issued	-	4,099	4,371	-	1,749	2,652
Total Debt Issued	3,651	4,099	4,371	2,458	1,749	2,652
Long-Term Debt Repaid	-	-4,289	-4,901	-	-1,439	-2,658
Total Debt Repaid	-4,884	-4,289	-4,901	-1,869	-1,439	-2,658
Net Debt Issued (Repaid)	-1,233	-190.06	-530	589.59	309.8	-5.96
Repurchase of Common Stock	-179.34	-31.8	-41.7	-20.08	-14.85	-14.58
Common Dividends Paid	-600.85	-574.7	-473.09	-869.23	-604.04	-402.98
Other Financing Activities	-16.89	-104.05	-407.32	19.5	-2.65	-77.76
Foreign Exchange Rate Adjustments	-0.8	-2.34	3.9	3.35	5.66	-3.98
Miscellaneous Cash Flow Adjustments	-	-	-	-	-	-0
Net Cash Flow	226.37	227.03	55.71	77.69	-30.13	1.86
Cash Interest Paid	586.39	647.6	648.41	-	423.63	429.72
Cash Income Tax Paid	13.71	12.15	-0.03	0.92	2.17	8.43
Levered Free Cash Flow	1,257	1,989	-1,153	-	772.21	19.19
Unlevered Free Cash Flow	1,563	2,328	-724.41	-	990.08	10.57
Change in Working Capital	-94.3	-94.3	46.32	-36.26	46.31	59.6

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