IST:BVSAN 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	182.05	379.99	355.8	63.74	29.06
Depreciation & Amortization	84.62	62.41	46.64	26.47	6.52
Loss (Gain) From Sale of Assets	-	-	-	-	1.26
Asset Writedown & Restructuring Costs	-35.34	-	2.53	5.28	-0.45
Provision & Write-off of Bad Debts	-	-1.57	-	-	-0.49
Other Operating Activities	150.67	-204.64	98.7	26.92	22.46
Change in Accounts Receivable	-59.51	270.91	112.79	-16.72	-118.67
Change in Inventory	-132.39	230.62	2.18	-283.72	-22.25
Change in Accounts Payable	109.22	-299.34	-106.69	68.67	91.65
Change in Unearned Revenue	-273.23	-570.25	-271.95	68.62	156.31
Change in Income Taxes	-0.94	-	-	-	-
Change in Other Net Operating Assets	-280.46	-28.57	-453.94	68.16	-28.34
Operating Cash Flow	-255.29	-160.44	-213.95	27.41	137.06
Operating Cash Flow Growth	-	-	-	-80.00%	166.68%
Capital Expenditures	-271.72	-165.89	-448.16	-41.05	-9.95
Sale of Property, Plant & Equipment	244.26	62.41	13.98	2.2	9.84
Sale (Purchase) of Intangibles	-	-	-	-41.66	-
Sale (Purchase) of Real Estate	-	-	-	-	3.6
Investing Cash Flow	-27.46	-103.48	-434.18	-80.51	3.49
Long-Term Debt Issued	948.93	395.51	287.05	115.92	79.4
Long-Term Debt Repaid	-579.9	-238.42	-116.57	-245.74	-98.18
Net Debt Issued (Repaid)	369.03	157.09	170.48	-129.82	-18.78
Issuance of Common Stock	-	-	473.81	-	2
Common Dividends Paid	-33.01	-	-	-	-
Other Financing Activities	-0.56	-0.71	-	-	-15.77
Financing Cash Flow	335.45	156.38	644.29	-129.82	-32.55
Miscellaneous Cash Flow Adjustments	-41.78	-	-	-0	-
Net Cash Flow	10.93	-107.54	-3.84	-182.92	107.99
Free Cash Flow	-527.01	-326.33	-662.11	-13.64	127.11
Free Cash Flow Growth	-	-	-	-	211.06%
Free Cash Flow Margin	-16.73%	-11.90%	-21.62%	-0.69%	25.16%
Free Cash Flow Per Share	-14.02	-8.68	-17.61	-0.46	4.24
Cash Interest Paid	-	-	-	-	17.86
Cash Income Tax Paid	0	-	-	-	1.64
Levered Free Cash Flow	-851.01	25.44	-375.73	25.82	67.75
Unlevered Free Cash Flow	-780.6	99.77	-349.38	46.31	83.65
Change in Working Capital	-637.3	-396.64	-717.62	-94.98	78.7

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