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	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
Net Income	1,416	158.6	7,551	250.88	447.88
Depreciation & Amortization	167.54	244.48	165.97	127.19	21.87
Other Amortization	1.68	5.84	7.1	4.92	1.62
Loss (Gain) on Sale of Assets	-	-	-	-	-0.2
Change in Accounts Receivable	2,373	522.74	-708.2	1,977	-366.22
Change in Inventory	18.18	20.05	-6.94	-53.59	8.37
Change in Accounts Payable	-1,996	631.93	-1,084	98.53	345.26
Change in Unearned Revenue	-117.73	-84.78	88.93	-32.72	15.26
Change in Other Net Operating Assets	62.52	-573.96	39.99	-3,337	-77.28
Other Operating Activities	2,436	3,365	-5,403	-1,511	-388.67
Operating Cash Flow	4,308	4,929	320.14	-1,257	36.56
Operating Cash Flow Growth	-17.11%	1439.59%	-	-	-
Capital Expenditures	-15.69	-10.88	-21.83	-10.66	-3.19
Sale of Property, Plant & Equipment	-	-	-	-	3.6
Other Investing Activities	-2,872	-2,994	-2,990	-	-
Investing Cash Flow	-2,888	-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)	126.66	-399.22	2,853	1,946	-118.63
Common Dividends Paid	-249.94	-249.94	-201.19	-	-
Other Financing Activities	-1,620	-1,891	-518.39	-707.01	-80.26
Financing Cash Flow	-1,744	-2,540	2,134	1,239	-198.89
Foreign Exchange Rate Adjustments	505.7	350.54	664.25	292.87	-
Net Cash Flow	181.53	-265.84	106.08	264.31	-161.91
Free Cash Flow	4,292	4,918	298.31	-1,268	33.37
Free Cash Flow Growth	-17.07%	1548.62%	-	-	-
Free Cash Flow Margin	19.46%	12.33%	0.88%	-4.34%	0.55%
Free Cash Flow Per Share	17.17	19.67	1.19	-5.07	0.13
Cash Interest Paid	1,297	1,834	481.95	674.24	176.51
Cash Income Tax Paid	141.64	128.8	426.03	13.43	24.64
Levered Free Cash Flow	1,496	3,652	733.04	841.66	-
Unlevered Free Cash Flow	2,351	4,875	1,180	1,008	-
Change in Working Capital	340.87	515.97	-1,671	-1,347	-74.62

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