ARASE Cash Flow Statement

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

Millions TRY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021
Period Ending	Jun '24 Jun 30, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	4,852	5,230	250.88	447.88
Depreciation & Amortization	119.94	114.95	127.19	21.87
Other Amortization	4.76	4.92	4.92	1.62
Loss (Gain) on Sale of Assets	-	-	-	-0.2
Change in Accounts Receivable	1,435	3,788	1,977	-366.22
Change in Inventory	169.05	-4.81	-53.59	8.37
Change in Accounts Payable	264.67	-751.02	98.53	345.26
Change in Unearned Revenue	326.23	61.6	-32.72	15.26
Change in Other Net Operating Assets	-3,279	-3,859	-3,337	-77.28
Other Operating Activities	-4,890	-6,118	-1,511	-388.67
Operating Cash Flow	-1,412	-1,763	-1,257	36.56
Capital Expenditures	-15.02	-15.12	-10.66	-3.19
Sale of Property, Plant & Equipment	-	-	-	3.6
Investing Cash Flow	21.04	-15.12	-10.66	0.41
Long-Term Debt Issued	-	2,254	2,056	-
Long-Term Debt Repaid	-	-364.24	-109.56	-118.63
Net Debt Issued (Repaid)	1,312	1,890	1,946	-118.63
Other Financing Activities	-680.31	-498.4	-707.01	-80.26
Financing Cash Flow	631.51	1,391	1,239	-198.89
Foreign Exchange Rate Adjustments	196.63	460.08	292.87	-
Net Cash Flow	-562.62	73.47	264.31	-161.91
Free Cash Flow	-1,427	-1,778	-1,268	33.37
Free Cash Flow Margin	-5.05%	-7.57%	-4.34%	0.54%
Free Cash Flow Per Share	-5.71	-7.11	-5.07	0.13
Cash Interest Paid	643.38	473.16	674.24	176.51
Cash Income Tax Paid	62.75	295.08	13.43	24.64
Levered Free Cash Flow	726.4	764.87	841.66	-
Unlevered Free Cash Flow	1,429	1,074	1,008	-
Change in Net Working Capital	2,080	1,705	565.36	-

Source: S&P Capital IQ. Utility template. Financial Sources.