Ralco Agencies 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	24.85	36.58	22.87	25.43	38.17
Depreciation & Amortization	1.92	1.99	1.99	3.95	5.76
Loss (Gain) From Sale of Assets	0.06	-0.18	-	-	0.01
Stock-Based Compensation	0.03	0.03	0.02	0.07	0.17
Other Operating Activities	0.25	0.2	0.52	-0.3	-0.14
Change in Accounts Receivable	-6.32	-5.84	-6.31	-3.64	-6.34
Change in Inventory	-2.73	-17.06	35.46	-33.66	-18.39
Change in Accounts Payable	-6.56	-2.23	-20.63	15.05	3.31
Change in Income Taxes	-1.33	0.61	-6.8	-7.9	-0.09
Change in Other Net Operating Assets	7.11	-9.8	4.24	-3.92	-0.87
Operating Cash Flow	17.28	4.31	31.36	-4.94	21.58
Operating Cash Flow Growth	301.42%	-86.27%	-	-	-61.41%
Capital Expenditures	-0.06	-1.77	-0.11	-0.04	-1.27
Sale of Property, Plant & Equipment	-	0.55	-	-	0.37
Investing Cash Flow	-0.06	-1.22	-0.11	-0.04	-0.91
Short-Term Debt Issued	10.76	17.97	-	9.11	-
Total Debt Issued	10.76	17.97	-	9.11	-
Short-Term Debt Repaid	-	-	-9.11	-	-
Long-Term Debt Repaid	-1.51	-1.55	-1.59	-2.32	-3.3
Total Debt Repaid	-1.51	-1.55	-10.69	-2.32	-3.3
Net Debt Issued (Repaid)	9.26	16.42	-10.69	6.78	-3.3
Issuance of Common Stock	-	0.11	-	-	-
Repurchase of Common Stock	-	-0.29	-0.95	-	-
Common Dividends Paid	-30	-20	-20	-30	-22
Financing Cash Flow	-20.74	-3.76	-31.64	-23.22	-25.3
Net Cash Flow	-3.53	-0.68	-0.38	-28.21	-4.62
Free Cash Flow	17.22	2.54	31.26	-4.99	20.31
Free Cash Flow Growth	578.37%	-91.88%	-	-	-63.63%
Free Cash Flow Margin	5.71%	0.78%	11.49%	-1.81%	7.52%
Free Cash Flow Per Share	4.21	0.62	7.60	-1.21	4.95
Cash Interest Paid	2.68	0.92	1.2	0.17	0.36
Cash Income Tax Paid	13.55	15.12	13.62	13.84	10.23
Levered Free Cash Flow	15.34	-2.39	30.84	-7.2	14.15
Unlevered Free Cash Flow	19.67	0.46	33.48	-4.69	16.88
Change in Working Capital	-9.83	-34.31	5.97	-34.09	-22.38

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