NGX:SFSREIT Cash Flow Statement

Financials in millions NGN. Fiscal year is January - December.

Millions NGN. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	2020 - 2016
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	2020 - 2016
Net Income	628.49	477.09	317.5	186.62	160.52	Upgrade
Gain (Loss) on Sale of Assets	-	-	-57.66	-	-	Upgrade
Asset Writedown	-3,483	-	-	-	-	Upgrade
Change in Accounts Receivable	-265.54	-0.37	-	-	-	Upgrade
Change in Accounts Payable	-98.42	-10.74	-	-	-	Upgrade
Change in Other Net Operating Assets	-0.07	0.05	183.98	8.78	-3.83	Upgrade
Other Operating Activities	3,483	-	-	-	-	Upgrade
Operating Cash Flow	295.59	462.52	443.82	195.4	156.69	Upgrade
Operating Cash Flow Growth	-36.09%	4.21%	127.13%	24.71%	-18.24%	Upgrade
Acquisition of Real Estate Assets	-140.66	-89.84	-426.55	-	-90	Upgrade
Sale of Real Estate Assets	90	80	335.65	-	45	Upgrade
Net Sale / Acq. of Real Estate Assets	-50.66	-9.84	-90.9	-	-45	Upgrade
Investment in Marketable & Equity Securities	94.07	108.88	0.86	110.93	237.16	Upgrade
Other Investing Activities	-	-	11.24	40.05	36.92	Upgrade
Investing Cash Flow	43.41	99.04	-78.81	150.98	229.08	Upgrade
Common Dividends Paid	-435	-290	-169	-145	-162	Upgrade
Miscellaneous Cash Flow Adjustments	-	-0	-	-	-	Upgrade
Net Cash Flow	-96	271.56	196.02	201.38	223.76	Upgrade
Levered Free Cash Flow	-21.54	361.85	161.77	73.32	197.77	Upgrade
Unlevered Free Cash Flow	-21.54	361.85	161.77	73.32	197.77	Upgrade
Change in Working Capital	-332.89	-14.57	183.98	8.78	-3.83	Upgrade

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