IST:ARASE Cash Flow Statement

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

Millions TRY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	2,240	207.59	7,551	250.88	447.88
Depreciation & Amortization	336.34	320	165.97	127.19	21.87
Other Amortization	6.63	7.64	7.1	4.92	1.62
Loss (Gain) on Sale of Assets	-	-	-	-	-0.2
Change in Accounts Receivable	-474.53	684.23	-708.2	1,977	-366.22
Change in Inventory	19.18	26.24	-6.94	-53.59	8.37
Change in Accounts Payable	-939.15	827.15	-1,084	98.53	345.26
Change in Unearned Revenue	80.99	-110.97	88.93	-32.72	15.26
Change in Other Net Operating Assets	697.75	-751.27	39.99	-3,337	-77.28
Other Operating Activities	4,256	4,484	-5,403	-1,511	-388.67
Operating Cash Flow	5,958	6,530	320.14	-1,257	36.56
Operating Cash Flow Growth	-8.77%	1939.87%	-	-	-
Capital Expenditures	-18.07	-14.24	-21.83	-10.66	-3.19
Sale of Property, Plant & Equipment	-	-	-	-	3.6
Other Investing Activities	-3,773	-3,919	-2,990	-	-
Investing Cash Flow	-3,792	-3,934	-3,012	-10.66	0.41
Long-Term Debt Issued	513.33	-	3,254	2,056	-
Long-Term Debt Repaid	-591.58	-522.55	-401.22	-109.56	-118.63
Net Debt Issued (Repaid)	-78.24	-522.55	2,853	1,946	-118.63
Common Dividends Paid	-604.58	-327.16	-201.19	-	-
Other Financing Activities	-1,707	-2,554	-518.39	-707.01	-80.26
Financing Cash Flow	-2,390	-3,404	2,134	1,239	-198.89
Foreign Exchange Rate Adjustments	-	-	-	292.87	-
Miscellaneous Cash Flow Adjustments	-270.18	458.83	664.25	-	-
Net Cash Flow	-493.39	-347.97	106.08	264.31	-161.91
Free Cash Flow	5,940	6,516	298.31	-1,268	33.37
Free Cash Flow Growth	-8.85%	2084.37%	-	-	-
Free Cash Flow Margin	18.15%	12.48%	0.88%	-4.34%	0.55%
Free Cash Flow Per Share	23.76	26.07	1.19	-5.07	0.13
Cash Interest Paid	1,527	2,401	481.95	674.24	176.51
Cash Income Tax Paid	247.64	168.59	426.03	13.43	24.64
Levered Free Cash Flow	2,329	3,669	733.04	841.66	-
Unlevered Free Cash Flow	3,342	5,221	1,180	1,008	-
Change in Working Capital	-615.76	675.37	-1,671	-1,347	-74.62

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