AFI Properties 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	933.3	663.3	211.4	585.49	787.34
Depreciation & Amortization	6.52	5.93	4.58	4.14	4.21
Gain (Loss) on Sale of Assets	-	-	-	-87.38	-
Asset Writedown	-715.77	-420.24	-58.08	-472.71	-542.59
Stock-Based Compensation	6.97	6.97	1.08	48.28	9.22
Income (Loss) on Equity Investments	-62.03	-132.66	-33.16	-50.4	-102.24
Change in Accounts Receivable	-6.45	18.06	-58.42	-1.02	-32.42
Change in Accounts Payable	4.26	-14.72	13.73	120.09	-32.71
Change in Other Net Operating Assets	-11.08	-9.19	-72.54	-90.78	-48.86
Other Operating Activities	705.27	682.99	513.64	451.99	328.22
Operating Cash Flow	845.91	793.84	513.77	524.86	533.73
Operating Cash Flow Growth	6.56%	54.51%	-2.11%	-1.66%	63.91%
Acquisition of Real Estate Assets	-914.68	-1,243	-1,314	-1,172	-1,129
Sale of Real Estate Assets	203.66	-	-	76	1.64
Net Sale / Acq. of Real Estate Assets	-711.02	-1,243	-1,314	-1,096	-1,127
Cash Acquisition	-86.29	-	-	-205.01	-186.47
Investment in Marketable & Equity Securities	-66	-133.2	-40.31	129.59	43.72
Other Investing Activities	-0.98	11.76	8.51	1.25	-300.28
Investing Cash Flow	-899.66	-1,469	-1,501	-1,318	-1,574
Short-Term Debt Issued	-	-	32.17	122.49	224.37
Long-Term Debt Issued	3,931	2,905	1,795	3,040	2,055
Total Debt Issued	3,931	2,905	1,828	3,162	2,280
Short-Term Debt Repaid	-275.68	-68.58	-	-	-
Long-Term Debt Repaid	-3,222	-1,017	-919.48	-2,126	-867.6
Total Debt Repaid	-3,498	-1,085	-919.48	-2,126	-867.6
Net Debt Issued (Repaid)	432.57	1,820	908.11	1,036	1,412
Issuance of Common Stock	572.09	37.3	-	315.98	-
Common Dividends Paid	-	-	-	-	-50
Other Financing Activities	-527.82	-434.04	-321.71	-227.79	-211.9
Foreign Exchange Rate Adjustments	-18.53	-36.49	23.45	18.74	-24.98
Miscellaneous Cash Flow Adjustments	-1	-	-	-	-
Net Cash Flow	403.56	711.47	-377.64	349.93	85.36
Cash Interest Paid	-	434.04	321.71	225.49	211.9
Cash Income Tax Paid	-	-	-	0.49	336.92
Levered Free Cash Flow	37.79	-30.34	16.01	326.17	-94.24
Unlevered Free Cash Flow	440.99	320.02	279.82	538.83	63.05
Change in Working Capital	-28.36	-12.45	-125.7	45.45	49.58

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