Vukile Property Fund Cash Flow Statement

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

Millions ZAR. Fiscal year is Apr - Mar.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '25 Sep 30, 2025	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022	Mar '21 Mar 31, 2021
Net Income	4,330	3,209	1,587	1,932	1,909	584
Depreciation & Amortization	2	3	8	3	4	2
Other Amortization	-	-	-	-	119	68
Gain (Loss) on Sale of Investments	10	10	-58	44	-14	-271
Asset Writedown	-2,238	-1,193	-204	-638	-643	927
Stock-Based Compensation	82	82	18	49	38	48
Income (Loss) on Equity Investments	-177	-177	-7	-10	-23	-18
Change in Accounts Receivable	-	-	-	45	78	-98
Change in Accounts Payable	-	-	-	28	6	-199
Change in Other Net Operating Assets	159	194	2	-10	7	9
Other Operating Activities	845	487	899	646	573	126
Operating Cash Flow	3,013	2,615	2,245	2,089	2,054	1,178
Operating Cash Flow Growth	32.91%	16.48%	7.47%	1.70%	74.36%	-51.26%
Acquisition of Real Estate Assets	-12,196	-11,214	-864	-422	-552	-713
Sale of Real Estate Assets	-	185	181	137	1,218	211
Net Sale / Acq. of Real Estate Assets	-12,196	-11,029	-683	-285	666	-502
Investment in Marketable & Equity Securities	2,947	3,081	-161	209	-1,113	1,120
Other Investing Activities	418	708	376	-18	279	312
Investing Cash Flow	-8,556	-7,246	-479	-99	356	930
Long-Term Debt Issued	-	8,930	7,700	3,163	8,974	2,647
Long-Term Debt Repaid	-	-5,186	-6,644	-2,339	-9,188	-4,191
Net Debt Issued (Repaid)	4,270	3,744	1,056	824	-214	-1,544
Issuance of Common Stock	265	2,292	1,692	-	300	-
Common Dividends Paid	-1,629	-1,478	-1,214	-1,105	-1,353	-461
Other Financing Activities	-264	-85	-2,366	-996	-1,556	-734
Foreign Exchange Rate Adjustments	98	-60	32	109	-25	75
Net Cash Flow	-2,803	-218	966	822	-438	-556
Cash Interest Paid	1,292	1,229	991	795	646	591
Cash Income Tax Paid	89	9	11	11	24	26
Levered Free Cash Flow	5,376	1,195	1,177	660.75	1,238	-107
Unlevered Free Cash Flow	6,203	2,000	1,866	1,189	1,596	166.38
Change in Working Capital	159	194	2	63	91	-288

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.