Land Securities Group Cash Flow Statement

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

Millions GBP. Fiscal year is Apr - Mar.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	2020 - 2016
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	2020 - 2016
Net Income	249	396	-319	-619	869	-1,393	Upgrade
Depreciation & Amortization	3	3	2	3	3	2	Upgrade
Other Amortization	1	1	2	2	2	3	Upgrade
Gain (Loss) on Sale of Assets	65	15	16	144	-109	-8	Upgrade
Gain (Loss) on Sale of Investments	-	-	-3	-	-2	-	Upgrade
Asset Writedown	30	-69	629	832	-410	1,452	Upgrade
Stock-Based Compensation	7	6	8	6	4	4	Upgrade
Income (Loss) on Equity Investments	-43	-37	-2	1	-33	192	Upgrade
Change in Accounts Receivable	-163	-128	-32	-17	28	8	Upgrade
Change in Other Net Operating Assets	19	43	-14	-80	21	-14	Upgrade
Other Operating Activities	5	26	51	70	8	-13	Upgrade
Operating Cash Flow	178	256	338	342	381	233	Upgrade
Operating Cash Flow Growth	-36.20%	-24.26%	-1.17%	-10.24%	63.52%	-41.89%	Upgrade
Acquisition of Real Estate Assets	-726	-781	-465	-449	-491	-317	Upgrade
Sale of Real Estate Assets	376	404	176	1,269	265	631	Upgrade
Net Sale / Acq. of Real Estate Assets	-350	-377	-289	820	-226	314	Upgrade
Cash Acquisition	-18	-18	-	-	-399	-	Upgrade
Investment in Marketable & Equity Securities	9	12	17	14	22	16	Upgrade
Other Investing Activities	-	-	-	-	-4	4	Upgrade
Investing Cash Flow	-359	-383	-272	834	-607	334	Upgrade
Long-Term Debt Issued	-	963	708	394	1,053	-	Upgrade
Long-Term Debt Repaid	-	-562	-427	-1,407	-489	-1,767	Upgrade
Net Debt Issued (Repaid)	574	401	281	-1,013	564	-1,767	Upgrade
Repurchase of Common Stock	-18	-	-	-	-	-	Upgrade
Common Dividends Paid	-298	-305	-291	-289	-190	-127	Upgrade
Other Financing Activities	-17	-8	-19	21	-12	-18	Upgrade
Net Cash Flow	60	-39	37	-105	136	-1,345	Upgrade
Cash Interest Paid	179	144	101	92	84	83	Upgrade
Levered Free Cash Flow	-212.5	96	248.38	260.75	157.5	243.75	Upgrade
Unlevered Free Cash Flow	-131.25	167.25	313.38	300.75	200.63	291.25	Upgrade
Change in Working Capital	-144	-85	-46	-97	49	-6	Upgrade

Source: S&P Capital IQ. Real Estate template. Financial Sources.