Azrieli 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	1,889	1,477	2,225	1,797	2,889
Depreciation & Amortization	23	20	70	16	20
Gain (Loss) on Sale of Investments	-	-	-1,213	9	-6
Asset Writedown	-1,128	-913	-912	-1,481	-2,441
Stock-Based Compensation	17	8	-	-	-
Income (Loss) on Equity Investments	-162	5	77	73	-310
Change in Accounts Receivable	-350	35	-107	42	-23
Change in Accounts Payable	248	-51	1	9	11
Change in Other Net Operating Assets	-16	-9	1	1	1
Other Operating Activities	1,410	1,241	1,225	1,286	1,214
Operating Cash Flow	1,929	1,816	1,371	1,753	1,357
Operating Cash Flow Growth	6.22%	32.46%	-21.79%	29.18%	44.21%
Acquisition of Real Estate Assets	-2,867	-3,117	-3,709	-2,064	-1,152
Sale of Real Estate Assets	1	31	1	3	61
Net Sale / Acq. of Real Estate Assets	-2,866	-3,086	-3,708	-2,061	-1,091
Cash Acquisition	-536	-	-228	-477	-2,380
Investment in Marketable & Equity Securities	546	-24	2,399	-316	433
Other Investing Activities	223	187	65	44	91
Investing Cash Flow	-2,811	-3,139	-1,472	-2,820	-2,991
Short-Term Debt Issued	-	-	710	-	-
Long-Term Debt Issued	4,060	4,741	3,280	4,068	3,903
Total Debt Issued	4,060	4,741	3,990	4,068	3,903
Short-Term Debt Repaid	-614	-90	-	-561	-9
Long-Term Debt Repaid	-1,895	-2,092	-1,151	-938	-1,186
Total Debt Repaid	-2,509	-2,182	-1,151	-1,499	-1,195
Net Debt Issued (Repaid)	1,551	2,559	2,839	2,569	2,708
Common Dividends Paid	-800	-1,000	-700	-650	-600
Other Financing Activities	-715	-484	-455	-352	-216
Foreign Exchange Rate Adjustments	13	-34	-72	18	-18
Net Cash Flow	-833	-282	1,511	518	240
Cash Interest Paid	715	485	455	355	220
Cash Income Tax Paid	78	151	204	29	82
Levered Free Cash Flow	-565.38	581.25	111.63	1,059	979.13
Unlevered Free Cash Flow	176.5	1,198	653.5	1,685	1,253
Change in Working Capital	-120	-22	-101	53	-9

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