IST:ARSAN 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	-387.72	930.08	742.96	270.38	271.96
Depreciation & Amortization	91.11	59.76	101.62	60.98	10.81
Loss (Gain) From Sale of Assets	-4.28	-92.97	-78.96	-7.1	-128.23
Asset Writedown & Restructuring Costs	-205.86	-20.09	-1,086	83.45	-
Loss (Gain) on Equity Investments	-36.87	-1,057	-277.86	-123.09	-126.65
Provision & Write-off of Bad Debts	1.83	-8.37	-0.94	0.28	2.04
Other Operating Activities	860.94	1,195	1,110	-214.96	18.27
Change in Accounts Receivable	-14.02	88.74	325.4	31.83	-45.94
Change in Inventory	6.73	-82.02	434.07	-78.56	-22.85
Change in Accounts Payable	8.56	-35.2	-133.05	19.67	9.29
Change in Unearned Revenue	2.21	5.43	-17.65	-4.57	0.49
Change in Other Net Operating Assets	-12.34	8.89	-16.11	-21.26	10.52
Operating Cash Flow	310.29	991.9	1,103	17.05	-0.29
Operating Cash Flow Growth	-68.72%	-10.09%	6369.17%	-	-
Capital Expenditures	-634.08	-26.97	-115.64	-86.02	-2.53
Sale of Property, Plant & Equipment	9.86	97.42	701.49	12.91	128.23
Cash Acquisitions	-379.21	-72.31	-106.12	-20.85	-
Sale (Purchase) of Intangibles	-	-	-	-0.1	-
Sale (Purchase) of Real Estate	-	-	-	-	-124.35
Investment in Securities	-	-	-	-	2.85
Other Investing Activities	386.21	713.67	-269.25	-44.94	10.82
Investing Cash Flow	-617.23	711.8	210.48	-139	15.02
Long-Term Debt Issued	-	-	-	164.91	3.72
Long-Term Debt Repaid	-17.6	-187.76	-168.88	-34.53	-13.56
Net Debt Issued (Repaid)	-17.6	-187.76	-168.88	130.38	-9.84
Common Dividends Paid	-	-	-	-	-8.42
Other Financing Activities	-9.52	-30.24	36.86	32.97	-21.76
Financing Cash Flow	-27.12	-218	-132.02	163.35	-40.01
Miscellaneous Cash Flow Adjustments	-623.99	-513.99	-132.09	-	-
Net Cash Flow	-958.05	971.71	1,050	41.41	-25.28
Free Cash Flow	-323.79	964.93	987.63	-68.96	-2.82
Free Cash Flow Growth	-	-2.30%	-	-	-
Free Cash Flow Margin	-237.39%	648.30%	186.60%	-3.37%	-0.57%
Free Cash Flow Per Share	-0.18	0.55	0.56	-0.04	-0.00
Cash Interest Paid	10.63	22.83	46.68	37.89	8
Cash Income Tax Paid	46.76	-8.26	0.26	1.53	1.38
Levered Free Cash Flow	-1,077	1.35	177.4	-80.65	-22
Unlevered Free Cash Flow	-1,069	17.09	206.57	-56.95	-16.65
Change in Working Capital	-8.86	-14.16	592.67	-52.88	-48.49

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