Exemplar REITail Cash Flow Statement

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

Millions ZAR. Fiscal year is Mar - Feb.

Fiscal Year	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Feb '26 Feb 28, 2026	Feb '25 Feb 28, 2025	Feb '24 Feb 29, 2024	Feb '23 Feb 28, 2023	Feb '22 Feb 28, 2022
Net Income	1,418	1,111	708.69	975.34	914.27
Depreciation & Amortization	11.68	3.15	1.73	1.24	0.84
Other Amortization	-	7.99	5.44	2.74	5.71
Asset Writedown	-947.49	-690.55	-360.76	-467.61	-265.13
Stock-Based Compensation	24.04	8.21	9.04	3.87	-
Change in Accounts Receivable	52.96	-25.45	-18.39	-13.49	0.83
Change in Accounts Payable	26.39	12.02	-3.94	31.1	0
Other Operating Activities	130.23	101	129.2	-23.84	-209.44
Operating Cash Flow	673.41	534.92	484.98	509.35	447.09
Operating Cash Flow Growth	25.89%	10.30%	-4.78%	13.93%	67.70%
Acquisition of Real Estate Assets	-268.9	-794.84	-158.22	-508.21	-272.51
Net Sale / Acq. of Real Estate Assets	-268.9	-794.84	-158.22	-508.21	-272.51
Other Investing Activities	-	-	-116.5	69.17	289.28
Investing Cash Flow	-268.65	-796.88	-296.79	-426.65	19.09
Long-Term Debt Issued	1,340	2,110	1,263	312	2,438
Total Debt Issued	1,340	2,110	1,263	312	2,438
Long-Term Debt Repaid	-1,163	-1,307	-989.03	-0.98	-2,332
Total Debt Repaid	-1,163	-1,307	-989.03	-0.98	-2,332
Net Debt Issued (Repaid)	177.33	802.68	273.97	311.02	106.4
Common Dividends Paid	-585.04	-499.69	-478.54	-490.73	-323.74
Other Financing Activities	-	-	-	-133.28	-
Miscellaneous Cash Flow Adjustments	-	-	-	0	-
Net Cash Flow	-2.95	41.04	-16.38	-230.3	248.85
Cash Interest Paid	-	330.25	277.36	214.27	175.06
Levered Free Cash Flow	415.37	332.77	179.66	449.4	250.87
Unlevered Free Cash Flow	645.94	537.07	353.61	571.91	348.94
Change in Working Capital	79.35	-13.42	-22.33	17.61	0.83