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	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	80.95	64	86.97	80.27	105.56
Depreciation & Amortization	3.54	1.79	1.65	0.84	1.19
Gain (Loss) on Sale of Investments	-	18.9	-	-	-
Asset Writedown	-24.13	-179.88	-149.49	-95.69	-143.66
Stock-Based Compensation	3.07	3.8	5.96	10.11	1.83
Income (Loss) on Equity Investments	-118.98	-4.2	-9.37	-23.58	-4.83
Change in Accounts Receivable	-32.85	-10.77	2.81	-3.23	-3.75
Change in Accounts Payable	-10.66	8.13	5.82	2.08	-5.89
Change in Other Net Operating Assets	-	-	-	-	6.45
Other Operating Activities	140.57	136.9	-12.19	21.2	63.16
Operating Cash Flow	41.51	38.66	-67.84	-8	20.06
Operating Cash Flow Growth	7.38%	-	-	-	29.40%
Acquisition of Real Estate Assets	-213.93	-211.88	-367.5	-276.34	-155.58
Sale of Real Estate Assets	-	118	3	132.53	110
Net Sale / Acq. of Real Estate Assets	-213.93	-93.88	-364.5	-143.81	-45.58
Cash Acquisition	-	-	-	-	-17
Investment in Marketable & Equity Securities	-	75.9	-20	-50.81	2.13
Other Investing Activities	-15.83	-1.01	-19.57	-33.38	4.53
Investing Cash Flow	-229.21	-18.04	-393.15	-230.08	-55.92
Short-Term Debt Issued	-	-	202.34	74.06	-
Long-Term Debt Issued	839.89	249.39	448.79	146.34	762.36
Total Debt Issued	839.89	249.39	651.13	220.39	762.36
Short-Term Debt Repaid	-470.12	-43.92	-	-	-114.48
Long-Term Debt Repaid	-257.03	-159.52	-192.6	-204.66	-259.7
Total Debt Repaid	-727.16	-203.44	-192.6	-204.66	-374.18
Net Debt Issued (Repaid)	112.74	45.95	458.53	15.73	388.18
Issuance of Common Stock	104	-	-	-	23.36
Common Dividends Paid	-	-	-	-36.3	-
Other Financing Activities	-56.39	-68.06	-52.12	-31.48	-18.45
Net Cash Flow	-27.34	-1.49	-54.58	-290.13	357.24
Cash Interest Paid	-	68.06	52.12	31.48	18.45
Levered Free Cash Flow	-52.11	-27.75	-115.6	15.99	-165.52
Unlevered Free Cash Flow	10.97	43.03	-58.91	53.63	-137.37
Change in Working Capital	-43.5	-2.65	8.62	-1.15	-3.19

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.