Mivne Real Estate (K.D) 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	686.24	549.31	332.56	1,277	941.78	577.22
Depreciation & Amortization	23.45	22.97	12.24	8.68	12.94	5.3
Gain (Loss) on Sale of Assets	11.06	13.84	-	-7.57	-	-3.04
Gain (Loss) on Sale of Investments	-	-	-	-10.75	-	-69.01
Asset Writedown	-567.41	-364.78	61.92	-1,347	-756.38	-299.39
Stock-Based Compensation	4.85	9.49	2.37	2.98	6.19	14.43
Income (Loss) on Equity Investments	17.92	-10.39	-24.7	-10.79	-21.28	-6.61
Change in Accounts Receivable	-115.49	-142.3	-97.44	-16.1	37.59	-37.66
Change in Accounts Payable	-20.91	-26.38	-9.8	23.9	7.85	-24.69
Change in Other Net Operating Assets	9.86	-19.41	-9.25	10.83	-12.91	-0.45
Other Operating Activities	735.89	479.6	140.61	512.39	187.54	251.67
Operating Cash Flow	785.45	511.95	408.51	443.53	403.31	407.79
Operating Cash Flow Growth	105.65%	25.32%	-7.90%	9.97%	-1.10%	2.33%
Acquisition of Real Estate Assets	-856.18	-871.62	-508.98	-1,053	-718.08	-273.58
Sale of Real Estate Assets	138.72	162.45	6.65	40	186.54	434.88
Net Sale / Acq. of Real Estate Assets	-717.47	-709.17	-502.33	-1,013	-531.54	161.3
Cash Acquisition	-49.7	-	-	-14.92	-	-
Investment in Marketable & Equity Securities	63.08	-5.96	20.91	-178.61	14.04	93.8
Other Investing Activities	-37.46	-12.53	-11.82	-	45.82	45.84
Investing Cash Flow	-723.91	-728.3	-400.23	-1,205	-399.98	302.83
Short-Term Debt Issued	-	-	-	98.09	7.42	18.88
Long-Term Debt Issued	-	672.26	2,337	842.18	1,489	586.16
Total Debt Issued	621.34	672.26	2,337	940.26	1,497	605.04
Short-Term Debt Repaid	-	-	-33	-	-	-
Long-Term Debt Repaid	-	-276.78	-1,285	-691.27	-872.42	-1,221
Total Debt Repaid	-687.78	-276.78	-1,318	-691.27	-872.42	-1,221
Net Debt Issued (Repaid)	-66.44	395.49	1,018	249	624.13	-616.14
Issuance of Common Stock	-	-	-	16.06	78.06	-
Repurchase of Common Stock	-273.7	-180	-	-	-	-
Common Dividends Paid	-120	-115	-287	-255	-205	-90.29
Other Financing Activities	-4.51	-2.08	-2.08	-2.08	-2.08	-2.61
Foreign Exchange Rate Adjustments	-7.07	-6.25	6.62	9.64	-7.63	3.33
Net Cash Flow	-410.17	-124.19	744.05	-743.94	490.81	4.92
Cash Interest Paid	154.6	180.65	205.69	127.71	179.81	186.89
Cash Income Tax Paid	5.4	63.68	10.18	35.73	7.49	67.41
Levered Free Cash Flow	359.2	114.93	184.4	294.63	138.46	369.73
Unlevered Free Cash Flow	484.86	237.46	295.27	376.64	224.75	470.58
Change in Working Capital	-126.54	-188.1	-116.49	18.62	32.53	-62.79

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