Airport City 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	757.77	413.03	253.4	616.34	1,405
Depreciation & Amortization	3.58	2.79	2.08	2.99	3.28
Gain (Loss) on Sale of Assets	-9.36	-	-	-	-
Gain (Loss) on Sale of Investments	-60.03	-56.81	20.09	77.97	-104.11
Asset Writedown	-293.36	40.5	148.57	-493.06	-1,314
Stock-Based Compensation	3.57	2.04	1.07	0.09	-
Income (Loss) on Equity Investments	-	-	-	-	7.72
Change in Accounts Receivable	19.98	7.27	42.94	-77.72	-48.87
Change in Accounts Payable	-0.72	4.35	-5.66	-21.86	10.33
Change in Other Net Operating Assets	-161.4	-34.04	-5.51	3.73	112.37
Other Operating Activities	332.85	375.76	221.85	261.55	559.97
Operating Cash Flow	578.55	763.72	637.75	372.47	571.44
Operating Cash Flow Growth	-24.25%	19.75%	71.22%	-34.82%	83.76%
Acquisition of Real Estate Assets	-249.36	-64.4	-113.46	-234.35	-647.77
Sale of Real Estate Assets	9.36	-	11.76	4.76	-
Net Sale / Acq. of Real Estate Assets	-240	-64.4	-101.7	-229.59	-647.77
Investment in Marketable & Equity Securities	-228.27	36.94	46.46	60.97	153.38
Other Investing Activities	74.42	63.23	96.32	21.58	30.28
Investing Cash Flow	-389.04	41.18	72.91	-196.67	-668.25
Short-Term Debt Issued	89.66	0.06	-	-	-
Long-Term Debt Issued	1,239	684.25	693.81	1,436	610.4
Total Debt Issued	1,329	684.31	693.81	1,436	610.4
Short-Term Debt Repaid	-	-	-437.59	-165.73	-173.05
Long-Term Debt Repaid	-826.49	-749.02	-704.35	-701.19	-542.76
Total Debt Repaid	-826.49	-749.02	-1,142	-866.92	-715.81
Net Debt Issued (Repaid)	502.19	-64.71	-448.13	569.2	-105.41
Repurchase of Common Stock	-118.94	-402.25	-24.97	-14.32	-
Other Financing Activities	-154.73	-111.67	-130.18	-125.24	-160.05
Foreign Exchange Rate Adjustments	-4.43	-2.85	2.8	3.82	-7.65
Net Cash Flow	413.61	223.41	110.19	609.25	-369.91
Cash Interest Paid	-	121.97	130.09	125.24	122.98
Cash Income Tax Paid	-	12.37	78.06	173.98	93.51
Levered Free Cash Flow	-30.39	331.11	540.52	-12.27	127.26
Unlevered Free Cash Flow	156.64	521.96	731.79	201.29	238.88
Change in Working Capital	-156.48	-13.58	-9.3	-93.42	13.5

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