Effi Capital Nadlan 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	27.77	31.5	89.04	149.12	54.33	31.57
Depreciation & Amortization	19.78	8.81	4.03	2.03	1.71	1.27
Loss (Gain) From Sale of Assets	0.09	-0.56	-1.98	-	-0.11	-
Asset Writedown & Restructuring Costs	-	-	-0.15	4.65	-	-
Loss (Gain) on Equity Investments	-7.38	-11.47	-20.99	-72.87	-46.88	-31.67
Stock-Based Compensation	1.13	0.9	-	-	-	-
Other Operating Activities	30.75	7.38	22.71	114.94	47.92	42.05
Change in Accounts Receivable	-10.09	-51.54	-178.71	67.45	112.99	18.89
Change in Inventory	-101.74	-191.24	-142.63	-225.91	-219.41	-32.35
Change in Accounts Payable	35.14	21.65	-7.96	-21.84	29.38	15.6
Change in Other Net Operating Assets	-3.65	24.66	-23.95	20.27	4.6	4.58
Operating Cash Flow	-8.2	-159.9	-260.6	39.02	-16.8	49.93
Capital Expenditures	-25.61	-23.5	-41.16	-3.31	-4.35	-3.01
Sale of Property, Plant & Equipment	0.14	1.26	7.7	-	0.67	-
Cash Acquisitions	0.2	0.2	2.21	-	-	-
Sale (Purchase) of Real Estate	-	-	-1.4	-75.88	-11.17	-
Investment in Securities	-20.91	-10.66	-2.8	-1.93	-	-
Other Investing Activities	-75.1	-126.02	230.51	-205.94	-23.76	-50.94
Investing Cash Flow	-137.23	-161.7	188.07	-298.1	-38.6	-53.95
Long-Term Debt Issued	-	638.95	342.1	550.96	300.08	56.93
Long-Term Debt Repaid	-	-308.76	-176.44	-236.78	-176.12	-42
Net Debt Issued (Repaid)	439.9	330.19	165.66	314.18	123.96	14.93
Issuance of Common Stock	-	89.24	-	-	-	-
Common Dividends Paid	-5	-15	-12	-	-7.55	-3.2
Other Financing Activities	-134.81	-97.23	-58.69	-19.45	-6.83	-12.25
Financing Cash Flow	300.1	307.2	94.97	294.73	109.58	-0.52
Net Cash Flow	154.67	-14.4	22.44	35.64	54.19	-4.55
Free Cash Flow	-33.8	-183.4	-301.76	35.71	-21.14	46.92
Free Cash Flow Margin	-5.58%	-41.22%	-73.51%	5.59%	-10.24%	79.87%
Free Cash Flow Per Share	-0.72	-4.09	-8.21	0.97	-0.57	-
Cash Interest Paid	134.81	97.23	58.69	19.45	11.72	5.71
Cash Income Tax Paid	23.54	29.97	1.93	3.8	0.19	-
Levered Free Cash Flow	-108	-118.26	-38.36	-	-	-
Unlevered Free Cash Flow	-69.21	-95.1	-24.08	-	-	-
Change in Working Capital	-80.33	-196.47	-353.25	-160.02	-72.44	6.71

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