TLV:GAD 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
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Net Income	45.91	38.52	24.55	28.84
Depreciation & Amortization	22.29	20.96	19.62	18.45
Loss (Gain) From Sale of Assets	-0.04	-0.11	-	-
Other Operating Activities	-0.02	10.34	10.04	-12.36
Change in Accounts Receivable	-16.31	-16.08	-6.78	-3.43
Change in Inventory	-17.3	1.58	3.07	6.24
Change in Accounts Payable	14.67	-0.13	9.87	5.85
Change in Other Net Operating Assets	7.01	9.6	-5.61	1.29
Operating Cash Flow	56.21	64.68	54.76	44.87
Operating Cash Flow Growth	-13.10%	18.11%	22.04%	-
Capital Expenditures	-17.09	-16.75	-12.48	-11.56
Sale of Property, Plant & Equipment	0.05	0.61	-	-
Cash Acquisitions	-	-	-	-0.78
Sale (Purchase) of Intangibles	-13	-	-	-
Investment in Securities	6.38	-0.06	-2.89	-2.99
Other Investing Activities	-29.66	0.44	-0.79	-0.93
Investing Cash Flow	-54.75	-15.92	-15.11	-15.66
Long-Term Debt Issued	0.09	0.63	-	20.75
Short-Term Debt Repaid	-75.7	-3.2	-23.46	-
Long-Term Debt Repaid	-11.89	-9.18	-9.33	-8.36
Total Debt Repaid	-87.59	-12.37	-32.79	-8.36
Net Debt Issued (Repaid)	-87.5	-11.74	-32.79	12.39
Issuance of Common Stock	205.58	-	-	-
Common Dividends Paid	-50	-35	-	-35
Other Financing Activities	-36.67	-6.34	-6.28	-2.93
Financing Cash Flow	31.41	-53.08	-39.07	-25.54
Foreign Exchange Rate Adjustments	0.03	-	-	-
Net Cash Flow	32.89	-4.32	0.58	3.67
Free Cash Flow	39.12	47.93	42.28	33.31
Free Cash Flow Growth	-18.38%	13.37%	26.92%	-
Free Cash Flow Margin	5.43%	7.09%	6.91%	5.77%
Free Cash Flow Per Share	0.51	0.62	0.52	0.46
Cash Interest Paid	5.15	6.34	6.28	2.93
Cash Income Tax Paid	16.57	15.05	12.67	11.57
Levered Free Cash Flow	-18.64	38.94	-	-
Unlevered Free Cash Flow	-15.38	42.49	-	-
Change in Working Capital	-11.94	-5.03	0.56	9.95