IST:AYES 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	1,035	73.17	117.07	84.28	35.89
Depreciation & Amortization	46.8	51.84	7	7.1	2.61
Other Amortization	-	-	-	-	0.03
Loss (Gain) From Sale of Assets	-	-	-1.96	-2.23	-4.37
Asset Writedown & Restructuring Costs	-	-11.63	-	-	-
Loss (Gain) From Sale of Investments	-81.73	-216	-8.14	-	-
Provision & Write-off of Bad Debts	1.39	70.8	-5.18	0.12	1.11
Other Operating Activities	-170.12	232.84	324.88	-31.28	1.95
Change in Accounts Receivable	-801.72	-342.69	-212.85	28.36	-34.79
Change in Inventory	-147.45	123.08	10.34	190.14	-92.25
Change in Accounts Payable	189.6	335.7	-1.93	68.28	1.8
Change in Unearned Revenue	-35.69	-358.73	82.26	103.81	43.34
Change in Other Net Operating Assets	-731.62	1,325	-1,388	-148.65	-10.5
Operating Cash Flow	-695.5	1,284	-1,076	188.55	-55.19
Capital Expenditures	-237.66	-58.03	-136.36	-100.24	-6.77
Sale of Property, Plant & Equipment	1.07	13.13	93	7.46	8.11
Sale (Purchase) of Intangibles	-	-	-0.13	-0.19	-0.17
Sale (Purchase) of Real Estate	-	-	-	-	-8.89
Investing Cash Flow	-236.59	-44.91	-43.5	-92.97	-7.72
Long-Term Debt Issued	2,851	1,408	1,233	8.16	69.87
Long-Term Debt Repaid	-2,069	-1,746	-7.41	-154.29	-
Net Debt Issued (Repaid)	781.83	-337.86	1,225	-146.12	69.87
Common Dividends Paid	-	-	-	-6.87	-2.45
Other Financing Activities	-163.54	-570.14	-	0	-
Financing Cash Flow	618.29	-908	1,225	-152.99	67.42
Miscellaneous Cash Flow Adjustments	110.46	32.41	-34.34	-	-
Net Cash Flow	-203.34	363.14	70.87	-57.41	4.51
Free Cash Flow	-933.16	1,226	-1,213	88.32	-61.95
Free Cash Flow Margin	-7.74%	12.54%	-15.56%	1.64%	-4.62%
Free Cash Flow Per Share	-6.22	8.17	-8.09	0.59	-0.41
Cash Interest Paid	163.28	570.01	-	-	-
Cash Income Tax Paid	120.72	-	1.49	7.57	-1.47
Levered Free Cash Flow	-904.99	-71.84	-745.13	-45.42	-43.9
Unlevered Free Cash Flow	-796.2	284.26	-622.64	4.04	-37.46
Change in Working Capital	-1,527	1,083	-1,510	130.55	-92.41

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