C. Mer Industries 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	38.12	34.43	16.28	-5.64	2.6	-28.62
Depreciation & Amortization	15.76	16.82	15.79	23.13	24.11	24.2
Other Amortization	4.57	4.57	7.78	-	-	-
Loss (Gain) From Sale of Assets	-0.08	-0.14	1.02	-0.05	-0.02	-3.3
Loss (Gain) From Sale of Investments	2.96	2.96	-	14.9	-0.45	0.73
Loss (Gain) on Equity Investments	-2.6	-2.7	-2.75	-2.65	-1.73	-1.34
Stock-Based Compensation	1.34	0.94	0.2	0.25	0.15	-
Other Operating Activities	10.87	7.74	14.85	5.3	6.2	7.68
Change in Accounts Receivable	6.15	-44.04	-18.66	-25.59	8.52	12.41
Change in Inventory	-8.16	-3.81	-2.28	-8.14	2.35	6.56
Change in Accounts Payable	-20.27	13.43	-6.11	30.92	-3.35	-0.94
Change in Unearned Revenue	-9.61	3.32	1.91	-1.17	0.63	-14.45
Change in Other Net Operating Assets	17.17	12	3.55	22.7	3.35	1.5
Operating Cash Flow	56.22	45.52	31.58	53.96	42.36	4.45
Operating Cash Flow Growth	37.66%	44.14%	-41.48%	27.40%	852.96%	-90.72%
Capital Expenditures	-3.72	-6.79	-4.21	-1.47	-1.16	-1.46
Sale of Property, Plant & Equipment	0.55	0.34	0.48	0.44	0.23	5.94
Sale (Purchase) of Intangibles	-6.06	-3.47	-2.8	-2.95	-3.21	-1.02
Investment in Securities	-	-	-	-	1.21	-
Investing Cash Flow	-9.23	-9.92	-6.52	-3.97	-2.93	3.46
Short-Term Debt Issued	-	-	-	3.37	-	7.58
Long-Term Debt Issued	-	1.04	50	0.22	-	2.01
Total Debt Issued	-0.75	1.04	50	3.59	-	9.59
Short-Term Debt Repaid	-	-6.57	-53.49	-	-5.09	-
Long-Term Debt Repaid	-	-18.8	-23.19	-29.53	-35.61	-28.15
Total Debt Repaid	-46.67	-25.36	-76.68	-29.53	-40.7	-28.15
Net Debt Issued (Repaid)	-47.42	-24.32	-26.68	-25.94	-40.7	-18.56
Financing Cash Flow	-47.42	-24.32	-26.68	-25.94	-40.7	-18.56
Foreign Exchange Rate Adjustments	-1.94	-2.02	0.03	0.61	-0.48	-0.84
Net Cash Flow	-2.38	9.25	-1.6	24.66	-1.74	-11.5
Free Cash Flow	52.49	38.73	27.37	52.5	41.2	2.99
Free Cash Flow Growth	51.80%	41.50%	-47.86%	27.43%	1278.85%	-93.51%
Free Cash Flow Margin	8.03%	5.83%	4.24%	10.23%	9.47%	0.80%
Free Cash Flow Per Share	3.85	2.88	2.09	4.04	3.16	0.23
Cash Interest Paid	11.56	14.62	14.43	11	10.38	12.72
Cash Income Tax Paid	0.24	0.41	0.24	0.07	0.17	0.18
Levered Free Cash Flow	37.31	42.58	11.84	43.05	40.82	25.02
Unlevered Free Cash Flow	47.4	52.56	22.25	50.37	47.7	33.17
Change in Working Capital	-14.72	-19.1	-21.59	18.72	11.5	5.08

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