Effi Capital Nadlan 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	23.8	31.5	89.04	149.12	54.33
Depreciation & Amortization	27.56	8.81	4.03	2.03	1.71
Loss (Gain) From Sale of Assets	0.03	-0.56	-1.98	-	-0.11
Asset Writedown & Restructuring Costs	-	-	-0.15	4.65	-
Loss (Gain) on Equity Investments	9.2	-11.47	-20.79	-72.87	-46.88
Stock-Based Compensation	1.02	0.9	-	-	-
Other Operating Activities	20.45	7.38	22.51	114.94	47.92
Change in Accounts Receivable	-145.01	-51.54	-178.71	67.45	112.99
Change in Inventory	-57.87	-191.24	-142.63	-225.91	-219.41
Change in Accounts Payable	63.84	21.65	-7.96	-21.84	29.38
Change in Other Net Operating Assets	-33.5	19.27	-23.95	20.27	4.6
Operating Cash Flow	-90.46	-165.3	-260.6	39.02	-16.8
Capital Expenditures	-11.57	-23.5	-41.16	-3.31	-4.35
Sale of Property, Plant & Equipment	0.13	1.26	7.7	-	0.67
Sale (Purchase) of Real Estate	-0.06	-	-1.4	-75.88	-11.17
Investment in Securities	-13.2	-10.66	-2.8	-1.93	-
Other Investing Activities	-63.09	-125.82	232.72	-205.94	-23.76
Investing Cash Flow	-104.29	-161.7	188.07	-298.1	-38.6
Long-Term Debt Issued	715.93	638.95	342.1	550.96	300.08
Long-Term Debt Repaid	-280.06	-308.76	-176.44	-236.78	-176.12
Net Debt Issued (Repaid)	435.87	330.19	165.66	314.18	123.96
Issuance of Common Stock	0.68	89.24	-	-	-
Common Dividends Paid	-15.01	-15	-12	-	-7.55
Other Financing Activities	-123.63	-91.83	-58.69	-19.45	-6.83
Financing Cash Flow	297.92	312.6	94.97	294.73	109.58
Net Cash Flow	103.17	-14.4	22.44	35.64	54.19
Free Cash Flow	-102.02	-188.79	-301.76	35.71	-21.14
Free Cash Flow Margin	-12.24%	-42.43%	-73.51%	5.59%	-10.24%
Free Cash Flow Per Share	-2.17	-4.21	-8.21	0.97	-0.57
Cash Interest Paid	123.63	91.83	58.69	19.45	11.72
Cash Income Tax Paid	21.94	29.97	1.93	3.8	0.19
Levered Free Cash Flow	-121.94	-116.46	-38.26	-	-
Unlevered Free Cash Flow	-82.35	-93.3	-23.98	-	-
Change in Working Capital	-172.53	-201.86	-353.25	-160.02	-72.44

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