Rani Zim Shopping Centers 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	37.14	64	86.97	80.27	105.56	36.84
Depreciation & Amortization	3.18	1.79	1.65	0.84	1.19	0.6
Gain (Loss) on Sale of Investments	-	18.9	-	-	-	-
Asset Writedown	-36.8	-179.88	-149.49	-95.69	-143.66	-40.04
Stock-Based Compensation	3.07	3.8	5.96	10.11	1.83	0.77
Income (Loss) on Equity Investments	-69.17	-4.2	-9.37	-23.58	-4.83	-8.19
Change in Accounts Receivable	15.92	-10.77	2.81	-3.23	-3.75	-4.89
Change in Accounts Payable	-4.22	8.13	5.82	2.08	-5.89	-2.06
Change in Other Net Operating Assets	-48.21	-	-	-	6.45	3.34
Other Operating Activities	108.7	136.9	-12.19	21.2	63.16	29.12
Operating Cash Flow	9.61	38.66	-67.84	-8	20.06	15.5
Operating Cash Flow Growth	-	-	-	-	29.40%	-8.07%
Acquisition of Real Estate Assets	-192.8	-211.88	-367.5	-276.34	-155.58	-295.1
Sale of Real Estate Assets	131.35	118	3	132.53	110	4.89
Net Sale / Acq. of Real Estate Assets	-61.45	-93.88	-364.5	-143.81	-45.58	-290.21
Cash Acquisition	-	-	-	-	-17	-52.31
Investment in Marketable & Equity Securities	43.9	75.9	-20	-50.81	2.13	12.28
Other Investing Activities	-19.93	-1.01	-19.57	-33.38	4.53	-16.09
Investing Cash Flow	-30.66	-18.04	-393.15	-230.08	-55.92	-346.11
Short-Term Debt Issued	-	-	202.34	74.06	-	85.69
Long-Term Debt Issued	-	249.39	448.79	146.34	762.36	260.35
Total Debt Issued	584.56	249.39	651.13	220.39	762.36	346.04
Short-Term Debt Repaid	-	-43.92	-	-	-114.48	-
Long-Term Debt Repaid	-	-159.52	-192.6	-204.66	-259.7	-40.67
Total Debt Repaid	-610.41	-203.44	-192.6	-204.66	-374.18	-40.67
Net Debt Issued (Repaid)	-25.84	45.95	458.53	15.73	388.18	305.37
Issuance of Common Stock	104	-	-	-	23.36	93.72
Common Dividends Paid	-	-	-	-36.3	-	-
Other Financing Activities	-66.64	-68.06	-52.12	-31.48	-18.45	-11.15
Net Cash Flow	-9.53	-1.49	-54.58	-290.13	357.24	22.33
Cash Interest Paid	66.64	68.06	52.12	31.48	18.45	11.15
Levered Free Cash Flow	81.88	-27.75	-115.6	15.99	-165.52	35.63
Unlevered Free Cash Flow	146.74	43.03	-58.91	53.63	-137.37	45.38
Change in Working Capital	-36.52	-2.65	8.62	-1.15	-3.19	-3.6

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