IST:ALFAS Cash Flow Statement

Financials in millions TRY. Fiscal year is January - December.

Millions TRY. 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	-10.75	260.74	1,500	816.02	48.4
Depreciation & Amortization	216	131.63	39.55	13.35	2.44
Loss (Gain) on Sale of Assets	-	-	-1.47	-	-0.02
Loss (Gain) on Sale of Investments	0.18	2.11	-240.99	-9.59	-0.03
Loss (Gain) on Equity Investments	-191.29	-82.61	-	-	2.52
Asset Writedown	139.8	21.52	28.69	0.17	-0.04
Change in Accounts Receivable	-335.57	-663.09	-141.98	36.91	0.63
Change in Inventory	-608.22	917.41	-813.68	-370.47	-100.19
Change in Accounts Payable	393.74	-867.04	274.16	100.87	198.29
Change in Unearned Revenue	-521.67	-515.12	201.25	698.83	9.94
Change in Other Net Operating Assets	302.81	568.14	-420.91	-223.49	-39.64
Other Operating Activities	680.42	1,731	-1,437	-151.43	-2.69
Operating Cash Flow	64.75	1,506	-1,012	907.82	119.1
Operating Cash Flow Growth	-95.70%	-	-	662.21%	-
Capital Expenditures	-677.04	-1,012	-841.16	-336.57	-29.49
Sale of Property, Plant & Equipment	200.51	0.09	2.21	-	0.51
Cash Acquisitions	-612.1	-607.18	-134.61	-	-
Sale (Purchase) of Intangibles	-12.33	-4.56	-	-	-
Investment in Securities	-31.94	-756.02	-273.92	-45.87	2.69
Investing Cash Flow	-1,143	-2,380	-1,271	-382.64	-28.4
Long-Term Debt Issued	2,316	2,058	414.63	153.74	19.84
Long-Term Debt Repaid	-1,025	-835.64	-53.64	-160.17	-18.74
Net Debt Issued (Repaid)	1,291	1,223	360.98	-6.44	1.1
Issuance of Common Stock	-	-	476.45	559.79	-
Common Dividends Paid	-78.38	-564.73	-437.73	-81.2	-
Other Financing Activities	-53.98	39.34	284.73	22.01	-1.63
Financing Cash Flow	1,159	697.24	684.43	494.15	-0.52
Miscellaneous Cash Flow Adjustments	-276.28	-598.08	1,132	-	-
Net Cash Flow	-195.47	-775.16	-466.41	1,019	90.18
Free Cash Flow	-612.29	493.34	-1,853	571.25	89.62
Free Cash Flow Growth	-	-	-	537.43%	-
Free Cash Flow Margin	-7.43%	4.90%	-16.60%	13.67%	20.43%
Free Cash Flow Per Share	-1.66	1.34	-5.04	1.55	2.35
Cash Interest Paid	197.8	138.12	78.19	29.16	2.1
Cash Income Tax Paid	-14.58	122.73	190.6	-	1.77
Levered Free Cash Flow	-1,099	-1,199	-375.54	503.54	-
Unlevered Free Cash Flow	-942.2	-1,092	-324.64	519.35	-
Change in Working Capital	-768.91	-559.7	-901.16	242.64	69.03

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