Norstar Holdings 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	-57	-665	-768	354
Depreciation & Amortization	22	25	29	24	27
Asset Writedown	-674	-38	767	450	-621
Stock-Based Compensation	2	5	5	16	19
Income (Loss) on Equity Investments	-78	-114	2	51	-9
Change in Accounts Receivable	-39	101	-45	61	-124
Change in Accounts Payable	-146	-16	31	-106	55
Other Operating Activities	1,420	752	518	870	695
Operating Cash Flow	588	658	642	598	396
Operating Cash Flow Growth	-10.64%	2.49%	7.36%	51.01%	32.00%
Acquisition of Real Estate Assets	-574	-787	-1,520	-1,382	-1,992
Sale of Real Estate Assets	1,293	1,791	1,413	1,918	1,492
Net Sale / Acq. of Real Estate Assets	719	1,004	-107	536	-500
Investment in Marketable & Equity Securities	-17	32	234	255	-359
Investing Cash Flow	709	1,279	120	681	-826
Short-Term Debt Issued	-	-	-	702	-
Long-Term Debt Issued	4,160	6,718	2,881	331	5,228
Total Debt Issued	4,160	6,718	2,881	1,033	5,228
Short-Term Debt Repaid	-40	-141	-848	-	-1,184
Long-Term Debt Repaid	-5,795	-6,983	-3,389	-2,964	-2,598
Total Debt Repaid	-5,835	-7,124	-4,237	-2,964	-3,782
Net Debt Issued (Repaid)	-1,675	-406	-1,356	-1,931	1,446
Issuance of Common Stock	-	-	298	129	-
Common Dividends Paid	-9	-	-	-29	-23
Other Financing Activities	-818	-61	-454	-1,345	1,814
Foreign Exchange Rate Adjustments	-11	-98	-115	24	-278
Net Cash Flow	-1,216	1,372	-865	-1,873	2,529
Cash Interest Paid	-	906	804	753	801
Cash Income Tax Paid	-	150	39	135	118
Levered Free Cash Flow	-2,472	452.25	-44.63	-201.13	990.13
Unlevered Free Cash Flow	-1,602	841	306	111.38	1,447
Change in Working Capital	-81	85	-14	-45	-69

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