Spear Reit Balance Sheet

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
Property, Plant & Equipment	5,599	5,433	4,181	3,794	4,408	4,498
Cash & Equivalents	800.88	73.86	25.05	19.53	29.21	32.34
Accounts Receivable	18.2	15.95	21.31	15.85	15.51	14.22
Other Receivables	-	0.55	-	-	-	-
Loans Receivable Current	-	0.05	0.22	0.07	-	22.91
Restricted Cash	-	-	-	-	0.54	-
Other Current Assets	104.84	117.49	445.84	426.18	71.82	5.68
Deferred Long-Term Tax Assets	0.44	0.44	0.43	0.78	1.23	6.18
Other Long-Term Assets	-	-	-	-	4.29	4.38
Total Assets	6,523	5,641	4,673	4,257	4,530	4,584
Current Portion of Long-Term Debt	253.51	513.44	240.44	375.61	-	407.02
Current Portion of Leases	15.07	16.35	12.67	14.73	4.69	1.69
Long-Term Debt	1,337	1,064	1,248	1,175	1,780	1,698
Accounts Payable	115.97	14.64	13.78	11.13	3.37	22.82
Accrued Expenses	-	12.45	16.01	16.03	14.25	7.47
Current Income Taxes Payable	-	-	0.1	0.06	0.15	0.31
Other Current Liabilities	-	98.81	66.66	56.37	54.01	54.77
Total Liabilities	1,722	1,719	1,597	1,649	1,857	2,193
Common Stock	3,689	2,936	2,389	2,102	2,169	1,923
Retained Earnings	1,082	955.55	661.33	475.51	460.85	422.89
Comprehensive Income & Other	18.16	17.21	12.75	16.76	20.41	26.01
Total Common Equity	4,788	3,909	3,063	2,594	2,650	2,372
Minority Interest	13.11	13.11	13.11	13.11	23.26	19.04
Shareholders' Equity	4,801	3,922	3,076	2,608	2,673	2,391
Total Liabilities & Equity	6,523	5,641	4,673	4,257	4,530	4,584
Total Debt	1,606	1,593	1,501	1,566	1,785	2,107
Net Cash (Debt)	-804.85	-1,519	-1,476	-1,546	-1,756	-2,075
Net Cash Per Share	-2.37	-5.19	-6.44	-6.56	-8.11	-9.98
Filing Date Shares Outstanding	395.76	320.4	260.09	226.07	234.43	205.73
Total Common Shares Outstanding	395.76	320.4	260.09	226.07	234.43	205.73
Book Value Per Share	12.10	12.20	11.78	11.48	11.30	11.53
Tangible Book Value	4,788	3,909	3,063	2,594	2,650	2,372
Tangible Book Value Per Share	12.10	12.20	11.78	11.48	11.30	11.53

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