Netanel Group 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	8.61	-9.64	128.72	2.84	61.8
Depreciation & Amortization	6.51	4.73	2.19	2.26	1.64
Asset Writedown & Restructuring Costs	-	2.84	1.84	-1.61	-1.6
Loss (Gain) From Sale of Investments	-	-	-	0.17	1.55
Loss (Gain) on Equity Investments	-2.95	-8.96	-	-	-
Other Operating Activities	-51.93	-80.72	0.65	-5.73	-53.82
Change in Accounts Receivable	-78.39	35.48	-15.01	15.21	-17.25
Change in Inventory	-39.8	-272.09	-162.49	-7.61	-198.29
Change in Accounts Payable	8.19	-2.72	11.14	-19.46	-4.74
Change in Unearned Revenue	-0.75	-6.39	2.52	-4.37	23.87
Change in Other Net Operating Assets	18.13	1.98	49.25	4.31	-20.53
Operating Cash Flow	-132.38	-335.48	19.58	-13.4	-172.65
Capital Expenditures	-11.82	-19.15	-11.94	-1.24	-0.38
Cash Acquisitions	0.05	-	-	-	-
Sale (Purchase) of Real Estate	-	-0.78	-3.09	-37.31	-11.37
Investment in Securities	5.92	0.37	1.99	-2.27	-10.61
Other Investing Activities	10.52	-12.79	-66.75	-71.27	-29.27
Investing Cash Flow	4.67	-32.34	-79.78	-112.09	-51.64
Short-Term Debt Issued	42.45	89.71	256.38	38.06	108.62
Long-Term Debt Issued	264.82	389.36	5	158.8	196.39
Total Debt Issued	307.27	479.06	261.38	196.87	305
Long-Term Debt Repaid	-217.85	-113.02	-205.84	-57.15	-98.5
Net Debt Issued (Repaid)	89.42	366.04	55.54	139.72	206.5
Common Dividends Paid	-	-	-25	-	-
Other Financing Activities	-	-	36.75	23.54	19.29
Financing Cash Flow	89.42	366.04	67.29	163.26	225.79
Foreign Exchange Rate Adjustments	-0.13	0.01	0.29	0.04	-
Miscellaneous Cash Flow Adjustments	-	-	6.69	-5.33	0.2
Net Cash Flow	-38.42	-1.77	14.07	32.49	1.7
Free Cash Flow	-144.2	-354.63	7.64	-14.63	-173.03
Free Cash Flow Margin	-37.83%	-254.37%	2.10%	-6.07%	-51.07%
Free Cash Flow Per Share	-5.01	-12.56	0.27	-0.52	-6.13
Cash Interest Paid	-	80.05	43.66	22.97	-
Cash Income Tax Paid	-	40.97	-2.35	8.37	5.84
Levered Free Cash Flow	-75.64	-252.02	-3.21	22.18	-94.12
Unlevered Free Cash Flow	-47.17	-227.85	7.29	37.09	-78.38
Change in Working Capital	-92.62	-243.74	-114.59	-11.93	-216.93

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