Castro Model 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	55.09	135.4	42.52	-1.11	108.02
Depreciation & Amortization	232.69	209.97	213.89	201.8	200.02
Other Amortization	-	1.17	1.16	1.62	2.5
Asset Writedown & Restructuring Costs	-	2.21	2.64	-	-9.28
Other Operating Activities	12.31	-7.63	-16.03	-53.32	-24.24
Change in Accounts Receivable	55.91	-1.4	-30.42	-10.61	-7.55
Change in Inventory	-37.27	-133.63	44.57	23.17	-53.24
Change in Accounts Payable	-0.41	55.6	-28.08	-5	34.75
Change in Other Net Operating Assets	-16.44	-5.29	16.06	8.89	5.51
Operating Cash Flow	301.87	256.4	246.32	165.44	256.49
Operating Cash Flow Growth	17.74%	4.09%	48.89%	-35.50%	86.76%
Capital Expenditures	-96.71	-67.46	-58.58	-60.47	-48.61
Sale (Purchase) of Intangibles	-5.07	-4.01	-0.73	-1.16	-1.94
Sale (Purchase) of Real Estate	-	-3.4	-	-0.09	-21.86
Investment in Securities	0.88	0.05	-2.11	71.2	-75.72
Other Investing Activities	-	0.77	-0.14	2.28	36.35
Investing Cash Flow	-100.9	-74.05	-61.56	11.77	-111.78
Long-Term Debt Issued	39.12	17.44	96.04	103.98	-
Short-Term Debt Repaid	-	-	-	-	-0.02
Long-Term Debt Repaid	-154.71	-301.49	-243.99	-283.21	-174.38
Total Debt Repaid	-154.71	-301.49	-243.99	-283.21	-174.4
Net Debt Issued (Repaid)	-115.59	-284.05	-147.95	-179.23	-174.4
Common Dividends Paid	-260.37	-	-	-83.83	-
Other Financing Activities	430.64	1.49	-	0.03	-
Financing Cash Flow	54.68	-282.55	-147.95	-263.03	-174.4
Net Cash Flow	255.66	-100.21	36.82	-85.83	-29.69
Free Cash Flow	205.17	188.94	187.74	104.97	207.88
Free Cash Flow Growth	8.59%	0.64%	78.86%	-49.51%	83.48%
Free Cash Flow Margin	9.66%	9.07%	10.64%	6.28%	12.99%
Free Cash Flow Per Share	24.21	22.88	22.76	12.73	25.20
Cash Interest Paid	-	76.96	66.83	55.21	54.85
Cash Income Tax Paid	-	40.37	20.04	45.8	29.14
Levered Free Cash Flow	142.81	220.11	207.42	113.85	229.95
Unlevered Free Cash Flow	211.74	268.16	250.14	148.43	263.86
Change in Working Capital	1.79	-84.72	2.14	16.45	-20.54

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