Dorsel Holdings 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	65.28	78.78	42.24	96.54	54.25	26.22
Depreciation & Amortization	0.55	0.59	0.44	0.13	0.06	0.06
Other Amortization	0.29	0.35	0.34	0.56	0.26	0.04
Gain (Loss) on Sale of Assets	-0.01	-	-	-	0	0.06
Gain (Loss) on Sale of Investments	-11.56	-3.44	3.42	3.18	-4.91	-0.65
Asset Writedown	-26.41	-32.77	-3.44	-57.21	-28.48	2.82
Income (Loss) on Equity Investments	-11.54	-23.54	-12.35	-21.82	-5.42	-5.34
Change in Accounts Receivable	1.98	3.44	1.03	-4.23	-1.67	2.62
Change in Accounts Payable	-0.1	-0.38	0.44	-0.73	0.87	-0.18
Change in Other Net Operating Assets	-1.81	-3.52	-0.3	6.05	2.81	-2.56
Other Operating Activities	17.96	12.92	1.42	9.81	14.94	4.29
Operating Cash Flow	35.2	32.43	33.24	13.14	32.71	27.38
Operating Cash Flow Growth	7.67%	-2.43%	152.99%	-59.84%	19.48%	8.34%
Acquisition of Real Estate Assets	-2.59	-1.18	-2.11	-62.46	-151.92	-7.41
Sale of Real Estate Assets	0.12	-	-	13.35	0.11	-
Net Sale / Acq. of Real Estate Assets	-2.47	-1.18	-2.11	-49.11	-151.81	-7.41
Investment in Marketable & Equity Securities	1.18	6.94	-23.46	-9.87	28.47	-4.84
Other Investing Activities	4.8	1.96	-17.28	-25.86	-12.52	11.11
Investing Cash Flow	3.52	7.72	-42.85	-84.83	-135.87	-1.13
Short-Term Debt Issued	-	61	-	-	-	-
Long-Term Debt Issued	-	84	45	139.98	217.8	116
Total Debt Issued	93.07	145	45	139.98	217.8	116
Short-Term Debt Repaid	-	-	-	-	-	-15
Long-Term Debt Repaid	-	-131.87	-119.86	-41.9	-53.78	-81
Total Debt Repaid	-138.13	-131.87	-119.86	-41.9	-53.78	-96
Net Debt Issued (Repaid)	-45.06	13.13	-74.86	98.08	164.02	20
Common Dividends Paid	-17	-16	-6	-22	-13	-5
Foreign Exchange Rate Adjustments	-0.02	-0.02	-0.11	-0.49	-1.16	0.11
Net Cash Flow	-23.37	37.26	-90.59	3.9	46.7	41.36
Cash Interest Paid	24.77	25.21	30.98	13.14	12.7	11.86
Cash Income Tax Paid	3.39	6.81	2.52	3.7	1.98	0.18
Levered Free Cash Flow	36.55	41.2	33.69	28.78	19.7	14.74
Unlevered Free Cash Flow	56.15	59.92	52.67	40.91	29.57	22.45
Change in Working Capital	0.07	-0.46	1.18	-18.05	2.01	-0.12

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