Heriot REIT Cash Flow Statement

Financials in millions ZAR. Fiscal year is July - June.

Millions ZAR. Fiscal year is Jul - Jun.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2019 - 2020
Period Ending	Dec '24 Dec 31, 2024	Jun '24 Jun 30, 2024	Jun '23 Jun 30, 2023	Jun '22 Jun 30, 2022	Jun '21 Jun 30, 2021	Jun '20 Jun 30, 2020	2019 - 2020
Net Income	1,033	664.73	964.02	609.58	313.03	82.71	Upgrade
Depreciation & Amortization	18.2	17.97	6.67	2.34	2.06	1.53	Upgrade
Gain (Loss) on Sale of Assets	-42.36	-42.36	-	-	-	-	Upgrade
Gain (Loss) on Sale of Investments	2.51	2.51	47.71	70.21	-20.32	11.37	Upgrade
Asset Writedown	-466.2	-466.2	-289.31	-338.87	-91.5	106.28	Upgrade
Income (Loss) on Equity Investments	-0.79	-0.79	-78.12	-114.89	2.27	-0.27	Upgrade
Change in Accounts Receivable	-50.87	-50.87	18.31	8.8	-2.26	-1.16	Upgrade
Change in Accounts Payable	12.44	12.44	21.86	0.18	12.31	3.37	Upgrade
Other Operating Activities	-81.94	204.94	-427.77	11.18	37.38	16.6	Upgrade
Operating Cash Flow	449.41	368.15	263.36	248.52	252.96	220.43	Upgrade
Operating Cash Flow Growth	83.31%	39.79%	5.97%	-1.75%	14.76%	8.03%	Upgrade
Acquisition of Real Estate Assets	-518.29	-370.93	-184.78	-187.89	-77.72	-88.38	Upgrade
Sale of Real Estate Assets	14.6	0.2	-	83.25	47.5	-	Upgrade
Net Sale / Acq. of Real Estate Assets	-503.7	-370.74	-184.78	-104.64	-30.22	-88.38	Upgrade
Cash Acquisition	-1.37	-1.37	10.91	-	-	-	Upgrade
Investment in Marketable & Equity Securities	-1.42	0.23	-265.42	-270.45	-29.93	0.6	Upgrade
Other Investing Activities	68.07	9.33	1.9	6.85	-2.22	0.45	Upgrade
Investing Cash Flow	-438.41	-362.55	-437.39	-368.24	-62.36	-87.33	Upgrade
Long-Term Debt Issued	-	1,081	800.33	467.9	92.04	141.06	Upgrade
Total Debt Issued	1,163	1,081	800.33	467.9	92.04	141.06	Upgrade
Long-Term Debt Repaid	-	-669.51	-424.86	-80.32	-30	-	Upgrade
Total Debt Repaid	-636.79	-669.51	-424.86	-80.32	-30	-	Upgrade
Net Debt Issued (Repaid)	526.43	411.83	375.48	387.58	62.04	141.06	Upgrade
Common Dividends Paid	-308.75	-266.02	-264.77	-248.5	-222.94	-209.74	Upgrade
Other Financing Activities	-129.11	-128.07	-13.19	-6.7	-5.66	-5.81	Upgrade
Miscellaneous Cash Flow Adjustments	-	-	-0.75	-	-	-	Upgrade
Net Cash Flow	99.56	23.33	-77.26	12.66	24.04	58.62	Upgrade
Cash Interest Paid	427.09	427.09	192.02	122.83	110.45	144.58	Upgrade
Cash Income Tax Paid	1.55	0.93	2.98	1.53	1.5	0.33	Upgrade
Levered Free Cash Flow	31.37	299.3	6.26	148.04	182.85	71.13	Upgrade
Unlevered Free Cash Flow	339.95	569.39	132.44	226.38	253.17	168.31	Upgrade
Change in Working Capital	-21.11	-21.11	40.17	8.98	10.05	2.2	Upgrade

Updated Dec 31, 2024. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.