Villar International 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	350.04	354.63	246.66	419.95	454.07	187.73
Depreciation & Amortization	20.34	21.32	23.55	19.12	18.09	17.39
Other Amortization	0.01	0.01	0.03	-	-	-
Gain (Loss) on Sale of Assets	-0.24	0.23	0.01	-0.17	-0.46	0.11
Gain (Loss) on Sale of Investments	-	-	-	-	-	-7.17
Asset Writedown	-234.98	-239.4	-111.94	-361.09	-438.59	-43.61
Stock-Based Compensation	4.73	5.88	3.03	-	-	-
Income (Loss) on Equity Investments	-20.96	-20.33	-19.7	-4.01	-3.42	-2.14
Change in Accounts Receivable	1.39	-2.55	1.08	-6.28	12.33	5.36
Change in Accounts Payable	-0.37	1.21	-3.68	-2.79	-16.93	-8.05
Change in Other Net Operating Assets	-9.48	-5.69	-2.3	1.53	3.92	44.69
Other Operating Activities	63.36	63.86	28.15	86.08	110.72	20.5
Operating Cash Flow	132	146.06	-36.37	156.87	141.56	271.51
Operating Cash Flow Growth	-13.09%	-	-	10.81%	-47.86%	39.33%
Acquisition of Real Estate Assets	-218.75	-188.06	-66.38	-121.52	-168.08	-83.06
Sale of Real Estate Assets	0.9	1.78	1.1	0.88	30.58	0.95
Net Sale / Acq. of Real Estate Assets	-217.85	-186.27	-65.28	-120.64	-137.5	-82.11
Cash Acquisition	-	-	-8.31	-	-	-4.57
Investment in Marketable & Equity Securities	14.64	10.81	-4.83	-	-53.31	14.12
Other Investing Activities	-	-	-	-0	-4.23	-
Investing Cash Flow	-192.12	-163.75	-68.07	-130.2	-198.46	-71.71
Long-Term Debt Issued	-	2.46	299.37	0.2	-	109.81
Total Debt Issued	357.45	2.46	299.37	0.2	-	109.81
Long-Term Debt Repaid	-	-157	-159.39	-113.64	-78.66	-74.77
Net Debt Issued (Repaid)	93.9	-154.54	139.98	-113.44	-78.66	35.04
Issuance of Common Stock	-	259.86	-	-	-	-
Repurchase of Common Stock	-15.42	-	-	-	-7.27	-
Common Dividends Paid	-44.88	-74.1	-30	-30	-30	-
Other Financing Activities	-1.42	-4.38	-2.9	-3.7	-4.21	-3.11
Foreign Exchange Rate Adjustments	-2.59	-1.72	1.99	1.33	-8.31	-0.57
Net Cash Flow	-30.53	7.43	4.63	-119.14	-185.35	231.16
Cash Interest Paid	32.89	22.21	24.89	14.34	17.85	20.19
Cash Income Tax Paid	51.64	44.45	29.76	24.88	37.44	31.32
Levered Free Cash Flow	-38.7	357.61	146.12	82.08	88.71	230.53
Unlevered Free Cash Flow	-13.2	376.49	161.51	94.22	101.17	241.47
Change in Working Capital	-48.28	-39.79	-204.79	-1.02	2.37	98.96

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