SA Corporate Real Estate Cash Flow Statement

Financials in millions ZAR. Fiscal year is January - December.

Millions ZAR. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	617.52	645.83	1,209	819.31	620.88	-1,494
Depreciation & Amortization	19.4	18.07	25.96	10.06	11.09	23.88
Other Amortization	18.87	18.87	13.92	24.74	23.54	21.69
Gain (Loss) on Sale of Assets	15.52	15.52	51.77	5.33	21.72	20.62
Gain (Loss) on Sale of Investments	-	-	5.53	128.3	-22.85	4.37
Asset Writedown	-60.05	-60.05	-599	36.88	430.53	1,524
Stock-Based Compensation	18.01	18.01	9.78	10.6	2.8	-1.1
Income (Loss) on Equity Investments	-55.25	-55.25	-56.52	-246.53	36.29	59.69
Change in Accounts Receivable	-70.04	-50.73	80.27	-177.15	20.57	-115.64
Change in Accounts Payable	56.73	65.54	46.53	-3.23	33.48	182.93
Other Operating Activities	72.96	41.26	-77.22	-181.42	-516.94	334.77
Operating Cash Flow	662.06	685.83	730.47	449.58	715.91	673.27
Operating Cash Flow Growth	-5.02%	-6.11%	62.48%	-37.20%	6.33%	-30.00%
Acquisition of Real Estate Assets	-348.68	-326.09	-371.64	-469.85	-296.59	-242.53
Sale of Real Estate Assets	133.59	133.59	778.07	271.75	824.6	354.42
Net Sale / Acq. of Real Estate Assets	-215.09	-192.5	406.43	-198.1	528.01	111.9
Cash Acquisition	-	-	-1,035	-3	-	-
Investment in Marketable & Equity Securities	52.27	52.27	269.24	20.75	-1.44	42.04
Other Investing Activities	302.08	-43.17	4.25	97.24	94.68	10.9
Investing Cash Flow	122.46	-200.2	-364.56	152.33	607.81	140.88
Long-Term Debt Issued	-	1,845	2,062	706	931.5	300
Total Debt Issued	1,086	1,845	2,062	706	931.5	300
Long-Term Debt Repaid	-	-1,232	-1,778	-695.97	-1,465	-677.61
Total Debt Repaid	-1,270	-1,232	-1,778	-695.97	-1,465	-677.61
Net Debt Issued (Repaid)	-184.22	613.15	284.62	10.03	-533.29	-377.61
Issuance of Common Stock	299.5	-	-	-	-	-
Repurchase of Common Stock	-36.11	-29.64	-19.52	-	-16.52	-17.89
Common Dividends Paid	-619.69	-601.17	-567.54	-643.24	-709.21	-444.1
Other Financing Activities	-	-	-48.47	-	-21.48	-
Net Cash Flow	244	467.97	15.01	-31.31	43.22	-25.45
Cash Interest Paid	857.12	831.63	657.66	524.69	502.06	568.41
Cash Income Tax Paid	6.85	9.82	1.2	2.13	1.61	5.46
Levered Free Cash Flow	198.58	-129.09	972.01	759.27	501.82	-128.79
Unlevered Free Cash Flow	724.39	387.71	1,393	938.97	650.76	416.54
Change in Working Capital	-13.99	14.5	126.79	-180.38	54.28	67.2

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.