TLV:ARIN 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	106.54	117.81	33.89	-10.84	197.99	13.3
Depreciation & Amortization	0.39	0.4	0.39	0.36	0.36	0.37
Asset Writedown	-62.39	-56.45	-6.55	52.47	-230.28	12.45
Income (Loss) on Equity Investments	-28.47	-41.76	-12.74	-75.91	-	-
Change in Accounts Receivable	10.19	-0.6	11.22	8.39	-4.91	-5.64
Change in Accounts Payable	-6.37	1.73	-8.92	-7.88	1.39	8.15
Change in Other Net Operating Assets	-	-	-	-	0.43	0.52
Other Operating Activities	46.2	30.04	28.66	78.34	47.62	-4.11
Net Cash from Discontinued Operations	-	-	-	-	-3.38	-
Operating Cash Flow	66.78	51.17	45.95	44.92	9.21	25.04
Operating Cash Flow Growth	54.71%	11.36%	2.29%	387.53%	-63.20%	-39.22%
Acquisition of Real Estate Assets	-188.7	-129.5	-59.69	-421.58	-16.09	-0.37
Sale of Real Estate Assets	16.09	9	-	-	0.06	-
Net Sale / Acq. of Real Estate Assets	-172.61	-120.5	-59.69	-421.58	-16.02	-0.37
Cash Acquisition	-144.87	-163.92	-	-15.66	-	-
Investment in Marketable & Equity Securities	-47.88	-43.88	-	37.5	-	-
Other Investing Activities	123.01	-14.91	-27.47	-113.18	-0.82	-
Investing Cash Flow	-242.34	-330.89	-67.32	-512.92	-16.85	-0.37
Short-Term Debt Issued	-	246.18	23	13	50	-
Long-Term Debt Issued	-	195.26	-	538.42	666	10.34
Total Debt Issued	269.22	441.44	23	551.42	716	10.34
Short-Term Debt Repaid	-	-	-	-3	-320.12	-8.23
Long-Term Debt Repaid	-	-25.69	-33.98	-409.98	-356.29	-23.33
Total Debt Repaid	-44.7	-25.69	-33.98	-412.98	-676.41	-31.56
Net Debt Issued (Repaid)	224.52	415.75	-10.98	138.44	39.59	-21.22
Issuance of Common Stock	19.43	19.43	-	306.23	164.15	-
Repurchase of Common Stock	-4.59	-14.43	-9.1	-	-	-
Common Dividends Paid	-12.52	-11.51	-	-	-	-
Other Financing Activities	-36.73	-31.45	-17.71	-14.1	-94.36	-12.75
Foreign Exchange Rate Adjustments	0	-0.01	0.01	0.01	0.02	-0.34
Miscellaneous Cash Flow Adjustments	-	-	-	0	-	-
Net Cash Flow	14.55	98.07	-59.15	-37.42	101.77	-9.64
Cash Interest Paid	36.53	31.44	17.45	14.78	94	12.91
Cash Income Tax Paid	3.43	7.87	19.28	6.7	31.58	6.28
Levered Free Cash Flow	-159.34	49.8	24.64	30.46	-3.04	16.71
Unlevered Free Cash Flow	-121.07	83.7	49.02	58.24	12.71	24.29
Change in Working Capital	3.82	1.13	2.31	0.51	-3.09	3.03

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.