TLV:ADGR Cash Flow Statement

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

Millions ILS. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	46.93	-7.13	95.51	-5.43	202.25	-34.26
Depreciation & Amortization	13.41	13.32	12.9	11.6	11.04	10.38
Gain (Loss) on Sale of Investments	-	-	-	-	-0.06	-0.03
Asset Writedown	24.03	72.1	-79.82	17.25	-189.26	115.15
Stock-Based Compensation	0.07	0.41	1.27	3.2	2.52	0.99
Change in Accounts Receivable	-2.24	6.51	8.49	2.52	-19.64	9.98
Change in Accounts Payable	3.36	-0.7	2.65	2.07	-1.56	-3.23
Change in Other Net Operating Assets	9.73	4.47	12.28	-8	13.46	1.94
Other Operating Activities	48.3	49.72	101.28	81.39	77.33	-13.34
Operating Cash Flow	143.6	138.71	154.55	104.59	96.08	87.59
Operating Cash Flow Growth	-4.77%	-10.25%	47.77%	8.86%	9.69%	8.52%
Acquisition of Real Estate Assets	-122.16	-186.61	-161.34	-295.61	-156.67	-252.95
Sale of Real Estate Assets	47.22	29.39	27.2	77.96	0.08	0.12
Net Sale / Acq. of Real Estate Assets	-74.94	-157.23	-134.13	-217.65	-156.6	-252.83
Investment in Marketable & Equity Securities	-13.85	-15.13	6.94	-5.48	1.45	48.35
Other Investing Activities	63.02	-13.84	-144.32	41.2	-9.01	24.74
Investing Cash Flow	-26.81	-187.93	-272.17	-181.97	-164.23	-179.98
Short-Term Debt Issued	-	-	-	-	-	150.33
Long-Term Debt Issued	-	416.91	314.06	545.62	287.23	442.6
Total Debt Issued	381.01	416.91	314.06	545.62	287.23	592.93
Short-Term Debt Repaid	-	-	-	-	-	-150.33
Long-Term Debt Repaid	-	-440.24	-405.01	-245.34	-281.45	-131.3
Total Debt Repaid	-449.66	-440.24	-405.01	-245.34	-281.45	-281.63
Net Debt Issued (Repaid)	-68.65	-23.34	-90.95	300.28	5.78	311.3
Issuance of Common Stock	126.92	-	-	1.28	0.03	-
Common Dividends Paid	-	-	-15.2	-58.3	-50.4	-41.3
Other Financing Activities	2.63	11.38	12.21	-0.54	-17.77	-4.45
Foreign Exchange Rate Adjustments	-19.16	-15.97	7.03	6.41	-8.74	-5.67
Net Cash Flow	158.51	-77.15	-204.53	171.75	-139.25	167.49
Cash Interest Paid	121.33	121.05	114.47	104.17	105	107.96
Cash Income Tax Paid	10.17	19.13	20.96	7.96	4.04	4.85
Levered Free Cash Flow	-3.47	-103.16	26.6	74.09	-49.55	137.93
Unlevered Free Cash Flow	129.17	24.95	142.56	203.58	39.36	193.53
Change in Working Capital	10.86	10.29	23.41	-3.41	-7.74	8.69

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.