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

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