Equites 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	2016 - 2020
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	2016 - 2020
Net Income	1,590	943.55	1,152	-638.79	2,033	407.5	Upgrade
Depreciation & Amortization	9.27	7.39	11.35	2.37	3.39	1.87	Upgrade
Other Amortization	10.25	10.25	10.58	5.39	3.64	-	Upgrade
Gain (Loss) on Sale of Assets	31.61	16.63	149.83	8.23	15.94	-	Upgrade
Asset Writedown	-652.28	-164.23	-550.9	1,607	-1,168	-	Upgrade
Stock-Based Compensation	-10.22	18.46	8	7.19	27.57	-	Upgrade
Change in Accounts Receivable	221.96	66.46	-118.96	-43.75	0.25	-	Upgrade
Change in Accounts Payable	-209.22	-148.34	744.79	40.81	-69.2	-	Upgrade
Change in Other Net Operating Assets	23.08	-14.68	-451.56	-114.6	-215.76	-	Upgrade
Other Operating Activities	185.44	219.16	366.35	367.82	326.31	431.43	Upgrade
Operating Cash Flow	1,129	968.29	1,123	1,486	799.92	840.8	Upgrade
Operating Cash Flow Growth	-18.70%	-13.81%	-24.39%	85.76%	-4.86%	7.01%	Upgrade
Acquisition of Real Estate Assets	-1,107	-1,643	-3,487	-2,313	-4,656	-3,394	Upgrade
Sale of Real Estate Assets	1,856	2,000	2,933	151.17	104.67	526.07	Upgrade
Net Sale / Acq. of Real Estate Assets	749.43	357.21	-553.83	-2,162	-4,551	-2,867	Upgrade
Investment in Marketable & Equity Securities	-	-	-	-	-	15.99	Upgrade
Other Investing Activities	-	-	-	-	61.73	-	Upgrade
Investing Cash Flow	749.43	357.21	-553.08	-2,160	-4,489	-2,851	Upgrade
Long-Term Debt Issued	-	8,154	13,522	9,101	4,782	4,447	Upgrade
Long-Term Debt Repaid	-	-7,882	-12,398	-7,222	-2,571	-2,138	Upgrade
Net Debt Issued (Repaid)	389.7	271.32	1,125	1,880	2,211	2,309	Upgrade
Issuance of Common Stock	358.79	696.13	-	27.1	2,654	1,227	Upgrade
Repurchase of Common Stock	-132.93	-	-81.11	-73.82	-	-	Upgrade
Common Dividends Paid	-1,315	-1,269	-1,404	-1,517	-1,228	-919.69	Upgrade
Other Financing Activities	-1.03	0.32	-0.28	-	-12.44	-5.88	Upgrade
Foreign Exchange Rate Adjustments	19.34	9.32	25.99	45.41	22.84	-41.17	Upgrade
Net Cash Flow	1,198	1,034	235.56	-312.45	-42.17	558.59	Upgrade
Cash Interest Paid	801.17	821.02	642.42	310.97	99.81	110.46	Upgrade
Cash Income Tax Paid	1.29	7.86	2.38	102.71	50.03	5.29	Upgrade
Levered Free Cash Flow	-198.71	1,271	790.24	-937.25	225.86	233.95	Upgrade
Unlevered Free Cash Flow	282.51	1,722	1,126	-794.09	238.17	249.29	Upgrade
Change in Working Capital	-10.4	-82.92	-23.49	126.95	-441.27	-	Upgrade

Updated Aug 31, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.