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

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