IST:BARMA 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	FY 2020
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	Dec '20 Dec 31, 2020
Net Income	178.5	223.69	166.27	209.4	122.16	46.85
Depreciation & Amortization	203.63	164.82	134.94	87.77	14.88	10.88
Loss (Gain) From Sale of Assets	-	-	-	-	-16.73	-2.82
Provision & Write-off of Bad Debts	4.92	1.96	3.72	-	-0.5	0.24
Other Operating Activities	216.65	451.68	979.21	312.99	76.69	14.96
Change in Accounts Receivable	152.92	-28.26	-206.45	-165.17	-157.06	-45.24
Change in Inventory	-13.13	55.65	39.48	-109.42	-80.31	-13.13
Change in Accounts Payable	196.34	203.56	64.15	-7.74	23.71	20.63
Change in Unearned Revenue	-35.44	-12.29	13.22	3.9	4.34	-
Change in Other Net Operating Assets	312.28	-281.47	-596	-175.02	-17.68	-5.48
Operating Cash Flow	1,227	789.58	724.45	156.69	-30.48	26.89
Operating Cash Flow Growth	-30.93%	8.99%	362.33%	-	-	-46.59%
Capital Expenditures	-3,183	-2,513	-1,190	-191.13	-13.86	-58.92
Sale of Property, Plant & Equipment	93.54	93.54	-	-	10.02	4.6
Sale (Purchase) of Intangibles	-45.26	-1.76	-0.25	-	-0.12	-0.2
Sale (Purchase) of Real Estate	-	-	-	-	10.64	0.15
Investing Cash Flow	-3,135	-2,422	-1,191	-191.13	6.68	-54.38
Long-Term Debt Issued	-	1,537	933.81	-	465.24	307.06
Long-Term Debt Repaid	-	-	-	-26.09	-414.56	-271.33
Net Debt Issued (Repaid)	2,014	1,537	933.81	-26.09	50.69	35.73
Issuance of Common Stock	-	-	-	435.51	-	-
Other Financing Activities	-315.44	-288.6	-48.44	-	-15.75	-13.24
Financing Cash Flow	1,698	1,249	885.38	409.42	34.94	22.49
Miscellaneous Cash Flow Adjustments	240	-225.43	-203.47	-61.14	-	-
Net Cash Flow	30.16	-608.82	215.82	313.85	11.13	-5
Free Cash Flow	-1,956	-1,724	-465.84	-34.43	-44.35	-32.03
Free Cash Flow Margin	-77.03%	-64.58%	-16.29%	-1.21%	-5.75%	-7.77%
Free Cash Flow Per Share	-7.45	-6.57	-1.77	-0.13	-0.20	-14.24
Cash Interest Paid	336.75	327.77	173.23	-	14.92	13.2
Cash Income Tax Paid	12.64	12.81	62.68	95.91	0.29	-0.03
Levered Free Cash Flow	-3,187	-2,044	-783.38	-621.74	-108.65	-54.88
Unlevered Free Cash Flow	-2,977	-1,839	-675.11	-548.57	-96.65	-46.38
Change in Working Capital	623.21	-52.57	-559.68	-453.46	-226.99	-43.22

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.