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

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