IST:ALVES Cash Flow Statement

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

Millions TRY. 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	-2.89	104	420.94	47.6	16.14	2.2
Depreciation & Amortization	162.84	125.1	63.05	15.98	3.95	2.54
Loss (Gain) From Sale of Assets	-0.11	-0.11	5.19	0.78	0.03	-0.06
Asset Writedown & Restructuring Costs	2.17	0.66	-0	-	-	-
Other Operating Activities	1,046	-76.39	32.12	153.31	-2.61	-0.63
Change in Accounts Receivable	-118.8	-450.97	-101.81	-47.93	-68.83	-46.28
Change in Inventory	-787.99	-148.37	114.57	-67.27	-68.75	-12.17
Change in Accounts Payable	405.44	249.51	-227.3	15.94	81.85	11.87
Change in Unearned Revenue	-183.89	191.01	-239.29	-	-	-
Change in Other Net Operating Assets	-424.82	-89.65	-128.92	-74.65	87.53	-4.92
Operating Cash Flow	112.52	-95.22	-61.45	43.76	49.31	-47.45
Operating Cash Flow Growth	-	-	-	-11.26%	-	-
Capital Expenditures	-397.99	-746.14	-360.34	-131.07	-6.67	-25.14
Sale of Property, Plant & Equipment	6.52	0.12	13.09	25.09	2.24	6.83
Sale (Purchase) of Real Estate	-	-	-	-	-2.06	-
Other Investing Activities	67.05	50.42	0.04	-	-	-
Investing Cash Flow	-324.42	-695.6	-347.21	-105.98	-6.5	-18.31
Short-Term Debt Issued	-	-	-	-	0	-
Long-Term Debt Issued	-	2,111	680.05	67.02	53.56	61.99
Total Debt Issued	3,945	2,111	680.05	67.02	53.56	61.99
Long-Term Debt Repaid	-	-1,780	-145.36	-19.09	-8.09	-
Net Debt Issued (Repaid)	1,757	330.79	534.69	47.93	45.47	61.99
Issuance of Common Stock	-	937.54	43.31	55	-	-
Common Dividends Paid	-	-	-	-	-6.21	-
Other Financing Activities	-1,203	-416.42	-163.27	-15.46	-80	-0
Financing Cash Flow	332.61	851.91	414.73	87.47	-40.74	61.99
Miscellaneous Cash Flow Adjustments	-12.93	-	-	-9.45	-	-
Net Cash Flow	167.41	61.09	6.07	15.8	2.07	-3.77
Free Cash Flow	-285.47	-841.36	-421.79	-87.31	42.63	-72.59
Free Cash Flow Margin	-3.87%	-15.59%	-9.12%	-5.63%	10.07%	-43.75%
Free Cash Flow Per Share	-0.18	-0.53	-0.26	-0.17	0.53	-1.45
Cash Interest Paid	1,229	436.48	203.17	-	-	-
Cash Income Tax Paid	15.56	42.28	8.37	2.84	0.37	0.37
Levered Free Cash Flow	-1,348	-587.4	-754.08	-411.86	1.65	-
Unlevered Free Cash Flow	-778.15	-314.6	-627.1	-355.08	16.31	-
Change in Working Capital	-1,110	-248.48	-582.75	-173.91	31.8	-51.5

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