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	2015 - 2019
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	2015 - 2019
Net Income	-98	-57	-665	-768	354	-474	Upgrade
Depreciation & Amortization	23	25	29	24	27	28	Upgrade
Gain (Loss) on Sale of Assets	-	-	-	-	-	-6	Upgrade
Asset Writedown	-75	-38	767	450	-621	1,534	Upgrade
Stock-Based Compensation	3	5	5	16	19	15	Upgrade
Income (Loss) on Equity Investments	-70	-114	2	51	-9	78	Upgrade
Change in Accounts Receivable	28	101	-45	61	-124	-170	Upgrade
Change in Accounts Payable	-127	-16	31	-106	55	9	Upgrade
Other Operating Activities	887	752	518	870	695	-714	Upgrade
Operating Cash Flow	657	658	642	598	396	300	Upgrade
Operating Cash Flow Growth	19.24%	2.49%	7.36%	51.01%	32.00%	-64.50%	Upgrade
Acquisition of Real Estate Assets	-813	-787	-1,520	-1,382	-1,992	-1,149	Upgrade
Sale of Real Estate Assets	1,944	1,791	1,413	1,918	1,492	492	Upgrade
Net Sale / Acq. of Real Estate Assets	1,131	1,004	-107	536	-500	-657	Upgrade
Investment in Marketable & Equity Securities	-50	32	234	255	-359	466	Upgrade
Investing Cash Flow	1,321	1,279	120	681	-826	-272	Upgrade
Short-Term Debt Issued	-	-	-	702	-	443	Upgrade
Long-Term Debt Issued	-	6,718	2,881	331	5,228	4,321	Upgrade
Total Debt Issued	6,078	6,718	2,881	1,033	5,228	4,764	Upgrade
Short-Term Debt Repaid	-	-141	-848	-	-1,184	-	Upgrade
Long-Term Debt Repaid	-	-6,983	-3,389	-2,964	-2,598	-3,905	Upgrade
Total Debt Repaid	-7,850	-7,124	-4,237	-2,964	-3,782	-3,905	Upgrade
Net Debt Issued (Repaid)	-1,772	-406	-1,356	-1,931	1,446	859	Upgrade
Issuance of Common Stock	-	-	298	129	-	157	Upgrade
Repurchase of Common Stock	-	-	-	-	-	-5	Upgrade
Common Dividends Paid	-9	-	-	-29	-23	-53	Upgrade
Other Financing Activities	-357	-61	-454	-1,345	1,814	-1,173	Upgrade
Foreign Exchange Rate Adjustments	-30	-98	-115	24	-278	-51	Upgrade
Net Cash Flow	-190	1,372	-865	-1,873	2,529	-238	Upgrade
Cash Interest Paid	876	906	804	753	801	919	Upgrade
Cash Income Tax Paid	26	150	39	135	118	383	Upgrade
Levered Free Cash Flow	2,577	452.25	-44.63	-201.13	990.13	-519.5	Upgrade
Unlevered Free Cash Flow	2,983	841	306	111.38	1,447	-65.75	Upgrade
Change in Working Capital	-13	85	-14	-45	-69	-161	Upgrade

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