Blue Square Real Estate 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	861.22	652.87	633.7	295.65	555.63	187.75
Depreciation & Amortization	11.44	11.06	11.02	10.18	10.24	3.68
Gain (Loss) on Sale of Investments	-407.03	-214.8	-34.69	66.56	-116.62	-10.94
Asset Writedown	-495.47	-384.99	-592.3	-385.93	-451.23	-14.06
Income (Loss) on Equity Investments	-21.17	-20.11	-15.79	-17.15	-3.72	-18.54
Change in Accounts Receivable	125.77	-96.15	-77.78	-46.8	-6.87	-9.55
Change in Accounts Payable	16.95	-4.63	-5.02	8.04	3.96	3.85
Change in Other Net Operating Assets	1.65	12.93	19.08	-18.42	6.3	4.56
Other Operating Activities	456.69	426.78	405.27	358.08	281.37	-5.04
Operating Cash Flow	536.21	525.85	327.17	305.04	315.73	124.64
Operating Cash Flow Growth	8.46%	60.73%	7.26%	-3.39%	153.32%	-8.62%
Acquisition of Real Estate Assets	-340.26	-541.71	-127.78	-312.11	-100.76	-35.89
Sale of Real Estate Assets	-	-	-	44.92	9.94	-
Net Sale / Acq. of Real Estate Assets	-340.26	-541.71	-127.78	-267.19	-90.82	-35.89
Cash Acquisition	-	-	-	-	-	0.43
Investment in Marketable & Equity Securities	121.27	16.17	-37.8	-120.36	-120.61	-113.99
Other Investing Activities	-449.5	-65.98	2.57	73.27	-77.91	8.31
Investing Cash Flow	-765.94	-1,006	-163	-277.31	-345.45	-169.73
Short-Term Debt Issued	-	557.5	91.63	-	-	95.85
Long-Term Debt Issued	-	1,176	279.49	1,327	1,835	1,043
Total Debt Issued	2,103	1,734	371.12	1,327	1,835	1,138
Short-Term Debt Repaid	-	-	-	-76.69	-54.43	-
Long-Term Debt Repaid	-	-1,137	-363.05	-634	-1,918	-356.18
Total Debt Repaid	-1,426	-1,137	-363.05	-710.69	-1,973	-356.18
Net Debt Issued (Repaid)	676.81	596.78	8.07	615.88	-137.39	782.22
Issuance of Common Stock	-	-	-	125.23	27.81	-
Common Dividends Paid	-390	-380	-100	-80	-200	-60
Other Financing Activities	-152.06	-130.96	-120.86	-100.06	-84.28	-75.2
Foreign Exchange Rate Adjustments	-6.11	-2.52	0.98	1.68	-	0.06
Net Cash Flow	-101.08	-396.54	-47.65	590.46	-423.59	601.99
Cash Interest Paid	139.99	130.96	120.86	100.06	87.33	75.2
Cash Income Tax Paid	-	0.88	-4.08	5.57	25.62	17.61
Levered Free Cash Flow	346.78	-479.91	84.36	6.03	-194.01	95.58
Unlevered Free Cash Flow	528.12	-321.93	219.97	191.37	-168.93	137.39
Change in Working Capital	130.54	55.03	-80.04	-22.35	40.05	-18.21

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