Ayalon Insurance Company 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	2015 - 2019
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	2015 - 2019
Net Income	268.71	144.41	84.91	166.68	-114.09	-64.28	Upgrade
Depreciation & Amortization	35.45	28.44	28.44	79.86	67.54	58.25	Upgrade
Other Amortization	67.21	67.21	59.29	-	-	-	Upgrade
Gain (Loss) on Sale of Investments	-1,195	-688.5	-545.17	239.46	-779.94	-211.76	Upgrade
Change in Accounts Receivable	258.67	-44.8	-101.05	-45.48	-18.7	18	Upgrade
Reinsurance Recoverable	38.78	-16.16	-202.4	137.6	-266.14	-531.58	Upgrade
Change in Insurance Reserves / Liabilities	1,169	1,169	816.06	-537.68	1,421	866.25	Upgrade
Change in Other Net Operating Assets	-528.81	-719.12	-444.24	-29.03	-720.99	-36.5	Upgrade
Other Operating Activities	350.81	384.15	221.29	224.54	237.62	150.41	Upgrade
Operating Cash Flow	334.52	208.64	-46.36	299.53	-306.02	359.34	Upgrade
Capital Expenditures	-9.41	-12.62	-5.71	-6.22	-10.69	-11.47	Upgrade
Purchase / Sale of Intangible Assets	-122.5	-114.69	-99.66	-103.5	-72.5	-76.78	Upgrade
Investment in Securities	-	-	-5.4	100.3	-3.69	-15.54	Upgrade
Other Investing Activities	4.22	4.43	2.13	1.81	4.33	1.59	Upgrade
Investing Cash Flow	-127.69	-122.87	-108.65	-7.62	-82.55	-102.19	Upgrade
Long-Term Debt Issued	-	20	-	184.77	156.46	175	Upgrade
Total Debt Repaid	-274.1	-9.6	-9.66	-251.18	-13	-189.84	Upgrade
Net Debt Issued (Repaid)	-29.1	10.4	-9.66	-66.41	143.46	-14.84	Upgrade
Issuance of Common Stock	149.23	-	5	5	-	-	Upgrade
Common Dividends Paid	-165	-60	-	-	-	-	Upgrade
Other Financing Activities	-	-	-	-	0.46	-	Upgrade
Financing Cash Flow	-44.87	-49.6	-4.66	-61.41	143.92	-14.84	Upgrade
Net Cash Flow	161.97	36.17	-159.66	230.51	-244.65	242.31	Upgrade
Free Cash Flow	325.11	196.02	-52.07	293.31	-316.71	347.88	Upgrade
Free Cash Flow Margin	6.92%	4.51%	-1.42%	12.81%	-10.34%	14.13%	Upgrade
Free Cash Flow Per Share	12.38	7.44	-1.99	14.31	-17.40	19.12	Upgrade
Cash Interest Paid	48.27	45.49	44.61	31.41	24.86	21.23	Upgrade
Cash Income Tax Paid	110.8	44.09	-35.56	2.43	-23.13	-1.31	Upgrade
Levered Free Cash Flow	178.16	-1,098	-1,116	970.83	-1,709	-500.48	Upgrade
Unlevered Free Cash Flow	220.6	-1,055	-1,078	994.67	-1,683	-473.9	Upgrade
Change in Working Capital	848.38	299.67	102.42	-351.44	391.18	442.72	Upgrade

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