Shinhan Alpha REIT Cash Flow Statement

Financials in millions KRW. Fiscal year is October - September.

Millions KRW. Fiscal year is Oct - Sep.

Fiscal Year	FY 2025	FY 2025	FY 2024	FY 2024	FY 2023	2018 - 2022
Period Ending	Sep '25 Sep 30, 2025	Mar '25 Mar 31, 2025	Sep '24 Sep 30, 2024	Mar '24 Mar 31, 2024	Sep '23 Sep 30, 2023	2018 - 2022
Net Income	13,504	19,570	6,231	16,006	135,868	Upgrade
Depreciation & Amortization	16,582	14,716	13,145	12,339	12,721	Upgrade
Loss (Gain) From Sale of Assets	-	-	-	-	-140,163	Upgrade
Loss (Gain) on Equity Investments	-30.36	-148.05	-136.71	-127.09	-61.33	Upgrade
Other Operating Activities	13,792	7,408	6,530	6,807	4,348	Upgrade
Change in Unearned Revenue	29.51	-17.55	12.79	-12.38	18.74	Upgrade
Change in Income Taxes	296.03	-42.17	-407.2	-65	-11.8	Upgrade
Change in Other Net Operating Assets	706.48	1,179	-2,518	5,890	941.94	Upgrade
Operating Cash Flow	44,880	42,665	22,857	40,836	13,661	Upgrade
Operating Cash Flow Growth	5.19%	86.66%	-44.03%	198.92%	-59.96%	Upgrade
Capital Expenditures	-972,372	-307.79	-432,461	-384,986	-1,111	Upgrade
Sale of Property, Plant & Equipment	-	-	-	-	476,740	Upgrade
Cash Acquisitions	-	-126,381	-	-	-	Upgrade
Investment in Securities	4,724	-7,136	-3,290	-5,030	-20,118	Upgrade
Other Investing Activities	-	-	0	-16.06	-0	Upgrade
Investing Cash Flow	-967,647	-133,824	-435,750	-390,033	455,511	Upgrade
Total Debt Issued	1,796,444	-	403,821	563,900	631,230	Upgrade
Total Debt Repaid	-833,000	-189,022	-33.16	-205,033	-1,069,033	Upgrade
Net Debt Issued (Repaid)	963,444	-189,022	403,788	358,867	-437,803	Upgrade
Issuance of Common Stock	-	368,335	-	-	147,198	Upgrade
Dividends Paid	-50,428	-40,592	-119,507	-39,160	-34,409	Upgrade
Other Financing Activities	21,640	47,814	15,267	12,034	-15,663	Upgrade
Financing Cash Flow	934,655	186,535	299,548	331,741	-340,677	Upgrade
Miscellaneous Cash Flow Adjustments	-	-	-	0	-	Upgrade
Net Cash Flow	11,889	95,377	-113,345	-17,455	128,496	Upgrade
Free Cash Flow	-927,491	42,358	-409,603	-344,150	12,551	Upgrade
Free Cash Flow Growth	-	-	-	-	-62.69%	Upgrade
Free Cash Flow Margin	-559.73%	30.86%	-351.25%	-322.12%	13.11%	Upgrade
Free Cash Flow Per Share	-7669.01	307.35	-4649.29	-3906.35	143.00	Upgrade
Cash Interest Paid	76,276	64,978	56,914	43,781	37,894	Upgrade
Levered Free Cash Flow	-925,262	32,838	-410,341	-369,081	7,910	Upgrade
Unlevered Free Cash Flow	-873,636	75,918	-372,272	-338,035	29,873	Upgrade
Change in Working Capital	1,032	1,119	-2,912	5,813	948.88	Upgrade

Updated Feb 7, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.