TLV:HARL 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	1,870	946	485	906	1,209	724
Depreciation & Amortization	224	150	150	385	322	289
Other Amortization	301	301	278	-	-	-
Gain (Loss) on Sale of Investments	-9,494	-7,768	-4,387	6,508	-9,394	-2,429
Stock-Based Compensation	24	17	25	25	5	-
Change in Accounts Receivable	-656	190	-204	-93	-72	58
Reinsurance Recoverable	167	219	-515	130	-349	-85
Change in Insurance Reserves / Liabilities	5,656	4,123	4,519	-4,095	12,126	3,693
Change in Other Net Operating Assets	-2,659	-6,665	2,449	-3,896	-1,349	126
Other Operating Activities	6,834	5,771	910	2,646	-345	-950
Operating Cash Flow	2,075	-3,059	3,472	1,976	1,486	1,413
Operating Cash Flow Growth	-	-	75.71%	32.97%	5.17%	-
Capital Expenditures	-40	-45	-81	-35	-49	-44
Sale of Property, Plant & Equipment	4	1	12	1	4	1
Purchase / Sale of Intangible Assets	-420	-421	-370	-337	-305	-303
Cash Acquisitions	-571	-562	-51	-44	-92	-
Investment in Securities	-52	-32	-51	-90	-5	143
Other Investing Activities	48	48	30	134	-185	-
Investing Cash Flow	-1,031	-1,016	-511	-371	-632	-203
Short-Term Debt Issued	-	1,998	27	-	531	-
Long-Term Debt Issued	-	594	1,588	-	1,306	395
Total Debt Issued	3,010	2,592	1,615	-	1,837	395
Total Debt Repaid	-259	-462	-438	-537	-958	-360
Net Debt Issued (Repaid)	2,751	2,130	1,177	-537	879	35
Repurchases of Common Stock	-113	-126	-67	-74	-40	-
Common Dividends Paid	-650	-550	-100	-400	-257	-
Other Financing Activities	6	-7	-3	-	-1	-
Financing Cash Flow	1,994	1,447	1,007	-1,011	581	35
Foreign Exchange Rate Adjustments	-537	20	119	148	-171	175
Net Cash Flow	2,501	-2,608	4,087	742	1,264	1,420
Free Cash Flow	2,035	-3,104	3,391	1,941	1,437	1,369
Free Cash Flow Growth	-	-	74.70%	35.07%	4.97%	-
Free Cash Flow Margin	7.02%	-11.45%	13.61%	14.95%	5.30%	7.34%
Free Cash Flow Per Share	9.80	-14.93	16.14	9.15	6.71	6.39
Cash Interest Paid	10	-	-	-	180	179
Cash Income Tax Paid	1,013	329	130	518	464	291
Levered Free Cash Flow	-33,484	-3,712	745.25	6,630	-866.63	2,787
Unlevered Free Cash Flow	-32,896	-3,308	1,035	6,861	-677.88	2,945
Change in Working Capital	2,363	-2,402	6,029	-8,210	10,183	3,764

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