Aspen Group 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	53.22	-103.34	-72.8	35.33	91.96
Depreciation & Amortization	1.44	4.87	6.17	6.28	4.65
Asset Writedown	-103.91	109.24	153.7	-213.03	-205.58
Stock-Based Compensation	9.28	1.43	7.76	9.24	0.02
Income (Loss) on Equity Investments	7.47	55.37	2.79	-0.37	-12.96
Change in Accounts Receivable	-12.96	7.75	0.12	-1.22	-2.06
Change in Accounts Payable	23.96	15.24	7.03	-0.36	7.48
Change in Other Net Operating Assets	-0.06	-0.41	0.15	0.28	-0.08
Other Operating Activities	79.5	-40.43	-59.88	218.35	132.41
Operating Cash Flow	57.95	49.71	45.05	100.77	11.48
Operating Cash Flow Growth	16.56%	10.36%	-55.30%	777.63%	-72.70%
Acquisition of Real Estate Assets	-104.74	-341.1	-321.97	-640.08	-158.75
Sale of Real Estate Assets	-	37.95	219.52	38.72	18.35
Net Sale / Acq. of Real Estate Assets	-104.74	-303.15	-102.44	-601.36	-140.39
Cash Acquisition	-	-	-	-	-171.89
Investment in Marketable & Equity Securities	218.73	3.26	23.91	20.22	-39.2
Other Investing Activities	-64.32	-52.74	3.2	-1.97	-11.34
Investing Cash Flow	49.67	-426.44	-75.34	-583.11	-362.82
Short-Term Debt Issued	-	36.98	-	-	-
Long-Term Debt Issued	215.7	422.81	962.27	771.27	1,223
Total Debt Issued	215.7	459.78	962.27	771.27	1,223
Short-Term Debt Repaid	-89.28	-	-13.95	-54.41	-196.97
Long-Term Debt Repaid	-177.73	-190.82	-861.75	-106.91	-710.56
Total Debt Repaid	-267	-190.82	-875.7	-161.31	-907.53
Net Debt Issued (Repaid)	-51.3	268.96	86.57	609.96	315.4
Issuance of Common Stock	-	8.9	0.17	2.98	-
Repurchase of Common Stock	-0.19	-	-16.26	-	-2.03
Common Dividends Paid	-18.75	-25	-25	-23.25	-17.5
Other Financing Activities	-12.18	-12.53	-128.83	-5.45	-
Foreign Exchange Rate Adjustments	-1.51	-7.25	10.84	10.57	-14.02
Net Cash Flow	23.69	-143.65	-102.81	112.47	-69.49
Cash Interest Paid	-	91.49	102.5	71.52	95.69
Levered Free Cash Flow	310.84	-309.52	68.48	-103.04	-120.14
Unlevered Free Cash Flow	372.48	-248.91	125.95	-38.68	-65.15
Change in Working Capital	10.94	22.58	7.3	44.98	0.99

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