Gulf & Pacific Equities Cash Flow Statement

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

Millions CAD. 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	-0.36	0.19	1.16	1.57	4.39	Upgrade
Depreciation & Amortization	0.01	0.02	0.02	0.02	0.02	Upgrade
Other Amortization	0.11	0.12	0.23	0.21	0.21	Upgrade
Gain (Loss) on Sale of Investments	-	-0.01	0.02	0.01	-0.01	Upgrade
Asset Writedown	0.63	0.04	-0.85	-1.62	-4.24	Upgrade
Stock-Based Compensation	-	-	-	-	0.13	Upgrade
Change in Accounts Receivable	-0	0.16	-0.09	-0.22	-0.02	Upgrade
Change in Accounts Payable	-0.09	-0.33	-0.2	0.24	0.11	Upgrade
Change in Other Net Operating Assets	-0	0.01	-0.03	-0	-	Upgrade
Other Operating Activities	1.32	1.75	1.24	1.54	1.33	Upgrade
Operating Cash Flow	1.61	1.97	1.62	1.74	1.92	Upgrade
Operating Cash Flow Growth	-18.14%	21.24%	-6.72%	-9.20%	38.35%	Upgrade
Acquisition of Real Estate Assets	-0.24	-0.2	-1.86	-2.92	-0.15	Upgrade
Net Sale / Acq. of Real Estate Assets	-0.24	-0.2	-1.86	-2.92	-0.15	Upgrade
Investing Cash Flow	-0.24	-0.2	-1.86	-2.92	-0.15	Upgrade
Short-Term Debt Issued	0.31	-	-	-	-	Upgrade
Long-Term Debt Issued	-	-	3.3	3.45	0.56	Upgrade
Total Debt Issued	0.31	-	3.3	3.45	0.56	Upgrade
Long-Term Debt Repaid	-0.84	-0.74	-1.16	-1.16	-1.26	Upgrade
Total Debt Repaid	-0.84	-0.74	-1.16	-1.16	-1.26	Upgrade
Net Debt Issued (Repaid)	-0.53	-0.74	2.14	2.29	-0.7	Upgrade
Issuance of Common Stock	-	0.04	-	-	-	Upgrade
Other Financing Activities	-1.16	-1.44	-1.36	-1.1	-1.03	Upgrade
Net Cash Flow	-0.31	-0.37	0.54	0.01	0.03	Upgrade
Cash Interest Paid	-	1.44	1.34	1.09	1.03	Upgrade
Levered Free Cash Flow	0.42	0.39	-0.12	0.56	0.33	Upgrade
Unlevered Free Cash Flow	1.28	1.44	0.88	1.37	1.03	Upgrade
Change in Working Capital	-0.09	-0.15	-0.33	0.01	0.09	Upgrade

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