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	1,309	158.6	7,551	250.88	447.88
Depreciation & Amortization	214.26	244.48	165.97	127.19	21.87
Other Amortization	-5.62	5.84	7.1	4.92	1.62
Loss (Gain) on Sale of Assets	-	-	-	-	-0.2
Change in Accounts Receivable	2,810	522.74	-708.2	1,977	-366.22
Change in Inventory	3.83	20.05	-6.94	-53.59	8.37
Change in Accounts Payable	-1,810	631.93	-1,084	98.53	345.26
Change in Unearned Revenue	-188.89	-84.78	88.93	-32.72	15.26
Change in Other Net Operating Assets	-1.65	-573.96	39.99	-3,337	-77.28
Other Operating Activities	6,436	3,365	-5,403	-1,511	-388.67
Operating Cash Flow	8,711	4,929	320.14	-1,257	36.56
Operating Cash Flow Growth	998.46%	1439.59%	-	-	-
Capital Expenditures	-15.69	-10.88	-21.83	-10.66	-3.19
Sale of Property, Plant & Equipment	-	-	-	-	3.6
Other Investing Activities	-3,281	-2,994	-2,990	-	-
Investing Cash Flow	-3,296	-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)	66.88	-399.22	2,853	1,946	-118.63
Common Dividends Paid	-829.29	-249.94	-201.19	-	-
Other Financing Activities	-4,200	-1,891	-518.39	-707.01	-80.26
Financing Cash Flow	-4,963	-2,540	2,134	1,239	-198.89
Foreign Exchange Rate Adjustments	-223.59	350.54	664.25	292.87	-
Net Cash Flow	228.78	-265.84	106.08	264.31	-161.91
Free Cash Flow	8,696	4,918	298.31	-1,268	33.37
Free Cash Flow Growth	1027.19%	1548.62%	-	-	-
Free Cash Flow Margin	31.86%	12.33%	0.88%	-4.34%	0.55%
Free Cash Flow Per Share	34.78	19.67	1.19	-5.07	0.13
Cash Interest Paid	1,322	1,834	481.95	674.24	176.51
Cash Income Tax Paid	-	128.8	426.03	13.43	24.64
Levered Free Cash Flow	1,665	3,652	733.04	841.66	-
Unlevered Free Cash Flow	2,777	4,875	1,180	1,008	-
Change in Working Capital	813.25	515.97	-1,671	-1,347	-74.62

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