Norstar Holdings 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	-98	-57	-665	-768	354	-474
Depreciation & Amortization	23	25	29	24	27	28
Gain (Loss) on Sale of Assets	-	-	-	-	-	-6
Asset Writedown	-75	-38	767	450	-621	1,534
Stock-Based Compensation	3	5	5	16	19	15
Income (Loss) on Equity Investments	-70	-114	2	51	-9	78
Change in Accounts Receivable	28	101	-45	61	-124	-170
Change in Accounts Payable	-127	-16	31	-106	55	9
Other Operating Activities	887	752	518	870	695	-714
Operating Cash Flow	657	658	642	598	396	300
Operating Cash Flow Growth	19.24%	2.49%	7.36%	51.01%	32.00%	-64.50%
Acquisition of Real Estate Assets	-813	-787	-1,520	-1,382	-1,992	-1,149
Sale of Real Estate Assets	1,944	1,791	1,413	1,918	1,492	492
Net Sale / Acq. of Real Estate Assets	1,131	1,004	-107	536	-500	-657
Investment in Marketable & Equity Securities	-50	32	234	255	-359	466
Investing Cash Flow	1,321	1,279	120	681	-826	-272
Short-Term Debt Issued	-	-	-	702	-	443
Long-Term Debt Issued	-	6,718	2,881	331	5,228	4,321
Total Debt Issued	6,078	6,718	2,881	1,033	5,228	4,764
Short-Term Debt Repaid	-	-141	-848	-	-1,184	-
Long-Term Debt Repaid	-	-6,983	-3,389	-2,964	-2,598	-3,905
Total Debt Repaid	-7,850	-7,124	-4,237	-2,964	-3,782	-3,905
Net Debt Issued (Repaid)	-1,772	-406	-1,356	-1,931	1,446	859
Issuance of Common Stock	-	-	298	129	-	157
Repurchase of Common Stock	-	-	-	-	-	-5
Common Dividends Paid	-9	-	-	-29	-23	-53
Other Financing Activities	-357	-61	-454	-1,345	1,814	-1,173
Foreign Exchange Rate Adjustments	-30	-98	-115	24	-278	-51
Net Cash Flow	-190	1,372	-865	-1,873	2,529	-238
Cash Interest Paid	876	906	804	753	801	919
Cash Income Tax Paid	26	150	39	135	118	383
Levered Free Cash Flow	2,577	452.25	-44.63	-201.13	990.13	-519.5
Unlevered Free Cash Flow	2,983	841	306	111.38	1,447	-65.75
Change in Working Capital	-13	85	-14	-45	-69	-161

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