TLV:ADGR Cash Flow Statement

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

Millions ILS. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
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
Net Income	128.11	-7.13	95.51	-5.43	202.25
Depreciation & Amortization	13.95	13.32	12.9	11.6	11.04
Gain (Loss) on Sale of Investments	-	-	-	-	-0.06
Asset Writedown	-4.6	72.1	-79.82	17.25	-189.26
Stock-Based Compensation	0.02	0.41	1.27	3.2	2.52
Change in Accounts Receivable	-65.45	6.51	8.49	2.52	-19.64
Change in Accounts Payable	-0.01	-0.7	2.65	2.07	-1.56
Change in Other Net Operating Assets	8.75	4.47	12.28	-8	13.46
Other Operating Activities	56.48	49.72	101.28	81.39	77.33
Operating Cash Flow	137.25	138.71	154.55	104.59	96.08
Operating Cash Flow Growth	-1.05%	-10.25%	47.77%	8.86%	9.69%
Acquisition of Real Estate Assets	-109.96	-186.61	-161.34	-295.61	-156.67
Sale of Real Estate Assets	47.13	29.39	27.2	77.96	0.08
Net Sale / Acq. of Real Estate Assets	-62.82	-157.23	-134.13	-217.65	-156.6
Investment in Marketable & Equity Securities	-8.69	-15.13	6.94	-5.48	1.45
Other Investing Activities	104.75	-13.84	-144.32	41.2	-9.01
Investing Cash Flow	32.26	-187.93	-272.17	-181.97	-164.23
Long-Term Debt Issued	381	416.91	314.06	545.62	287.23
Total Debt Issued	381	416.91	314.06	545.62	287.23
Long-Term Debt Repaid	-430.17	-440.24	-405.01	-245.34	-281.45
Total Debt Repaid	-430.17	-440.24	-405.01	-245.34	-281.45
Net Debt Issued (Repaid)	-49.17	-23.34	-90.95	300.28	5.78
Issuance of Common Stock	126.92	-	-	1.28	0.03
Common Dividends Paid	-	-	-15.2	-58.3	-50.4
Other Financing Activities	2.81	11.38	12.21	-0.54	-17.77
Foreign Exchange Rate Adjustments	-3.09	-15.97	7.03	6.41	-8.74
Net Cash Flow	246.97	-77.15	-204.53	171.75	-139.25
Cash Interest Paid	128.83	121.05	114.47	104.17	105
Cash Income Tax Paid	7.18	19.13	20.96	7.96	4.04
Levered Free Cash Flow	54.91	-102.74	26.6	74.09	-49.55
Unlevered Free Cash Flow	172.59	25.37	142.56	203.58	39.36
Change in Working Capital	-56.71	10.29	23.41	-3.41	-7.74

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