IST:ARASE 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
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	413.8	158.6	7,551	250.88	447.88
Depreciation & Amortization	258.21	244.48	165.97	127.19	21.87
Other Amortization	1.5	5.84	7.1	4.92	1.62
Loss (Gain) on Sale of Assets	-	-	-	-	-0.2
Change in Accounts Receivable	3,354	522.74	-708.2	1,977	-366.22
Change in Inventory	-23.13	20.05	-6.94	-53.59	8.37
Change in Accounts Payable	-784.42	631.93	-1,084	98.53	345.26
Change in Unearned Revenue	-433.27	-84.78	88.93	-32.72	15.26
Change in Other Net Operating Assets	-288.24	-573.96	39.99	-3,337	-77.28
Other Operating Activities	3,544	3,365	-5,403	-1,511	-388.67
Operating Cash Flow	6,668	4,929	320.14	-1,257	36.56
Operating Cash Flow Growth	569.69%	1439.59%	-	-	-
Capital Expenditures	-14.5	-10.88	-21.83	-10.66	-3.19
Sale of Property, Plant & Equipment	-	-	-	-	3.6
Other Investing Activities	-3,217	-2,994	-2,990	-	-
Investing Cash Flow	-3,232	-3,005	-3,012	-10.66	0.41
Long-Term Debt Issued	-	-	3,254	2,056	-
Long-Term Debt Repaid	-	-399.22	-401.22	-109.56	-118.63
Net Debt Issued (Repaid)	-379.16	-399.22	2,853	1,946	-118.63
Common Dividends Paid	-249.94	-249.94	-201.19	-	-
Other Financing Activities	-2,085	-1,891	-518.39	-707.01	-80.26
Financing Cash Flow	-2,715	-2,540	2,134	1,239	-198.89
Foreign Exchange Rate Adjustments	-59.14	350.54	664.25	292.87	-
Net Cash Flow	662.4	-265.84	106.08	264.31	-161.91
Free Cash Flow	6,653	4,918	298.31	-1,268	33.37
Free Cash Flow Growth	583.21%	1548.62%	-	-	-
Free Cash Flow Margin	23.18%	12.33%	0.88%	-4.34%	0.55%
Free Cash Flow Per Share	26.61	19.67	1.19	-5.07	0.13
Cash Interest Paid	2,023	1,834	481.95	674.24	176.51
Cash Income Tax Paid	137.73	128.8	426.03	13.43	24.64
Levered Free Cash Flow	1,735	3,652	733.04	841.66	-
Unlevered Free Cash Flow	2,706	4,875	1,180	1,008	-
Change in Working Capital	1,825	515.97	-1,671	-1,347	-74.62

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