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	2016 - 2020
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	2016 - 2020
Net Income	4,330	3,209	1,587	1,932	1,909	584	Upgrade
Depreciation & Amortization	2	3	8	3	4	2	Upgrade
Other Amortization	-	-	-	-	119	68	Upgrade
Gain (Loss) on Sale of Investments	10	10	-58	44	-14	-271	Upgrade
Asset Writedown	-2,238	-1,193	-204	-638	-643	927	Upgrade
Stock-Based Compensation	82	82	18	49	38	48	Upgrade
Income (Loss) on Equity Investments	-177	-177	-7	-10	-23	-18	Upgrade
Change in Accounts Receivable	-	-	-	45	78	-98	Upgrade
Change in Accounts Payable	-	-	-	28	6	-199	Upgrade
Change in Other Net Operating Assets	159	194	2	-10	7	9	Upgrade
Other Operating Activities	845	487	899	646	573	126	Upgrade
Operating Cash Flow	3,013	2,615	2,245	2,089	2,054	1,178	Upgrade
Operating Cash Flow Growth	32.91%	16.48%	7.47%	1.70%	74.36%	-51.26%	Upgrade
Acquisition of Real Estate Assets	-12,196	-11,214	-864	-422	-552	-713	Upgrade
Sale of Real Estate Assets	-	185	181	137	1,218	211	Upgrade
Net Sale / Acq. of Real Estate Assets	-12,196	-11,029	-683	-285	666	-502	Upgrade
Investment in Marketable & Equity Securities	2,947	3,081	-161	209	-1,113	1,120	Upgrade
Other Investing Activities	418	708	376	-18	279	312	Upgrade
Investing Cash Flow	-8,556	-7,246	-479	-99	356	930	Upgrade
Long-Term Debt Issued	-	8,930	7,700	3,163	8,974	2,647	Upgrade
Long-Term Debt Repaid	-	-5,186	-6,644	-2,339	-9,188	-4,191	Upgrade
Net Debt Issued (Repaid)	4,270	3,744	1,056	824	-214	-1,544	Upgrade
Issuance of Common Stock	265	2,292	1,692	-	300	-	Upgrade
Common Dividends Paid	-1,679	-1,478	-1,214	-1,105	-1,353	-461	Upgrade
Other Financing Activities	-214	-85	-2,366	-996	-1,556	-734	Upgrade
Foreign Exchange Rate Adjustments	98	-60	32	109	-25	75	Upgrade
Net Cash Flow	-2,803	-218	966	822	-438	-556	Upgrade
Cash Interest Paid	1,292	1,229	991	795	646	591	Upgrade
Cash Income Tax Paid	89	9	11	11	24	26	Upgrade
Levered Free Cash Flow	5,376	1,195	1,177	660.75	1,238	-107	Upgrade
Unlevered Free Cash Flow	6,203	2,000	1,866	1,189	1,596	166.38	Upgrade
Change in Working Capital	159	194	2	63	91	-288	Upgrade

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