IST:CELHA 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	-661.52	-167.93	52.91	-53.3	7.57
Depreciation & Amortization	316.01	117.3	103.99	84.87	12.96
Provision & Write-off of Bad Debts	-6.13	26.04	0.94	1.23	0.38
Other Operating Activities	127.68	-142.89	-111.01	-148.55	27.06
Change in Accounts Receivable	108.49	-52.33	216.63	116.99	-92.43
Change in Inventory	-115.15	159.57	221.93	287.58	-136.43
Change in Accounts Payable	-91.14	271.13	-408.34	-349.55	139.75
Change in Other Net Operating Assets	-78.94	147.37	-201.6	-28.83	2.88
Operating Cash Flow	-400.7	358.27	-124.57	-89.56	-38.26
Capital Expenditures	-205.93	-248.45	-461.86	-147.62	-23.09
Sale of Property, Plant & Equipment	162.6	53.65	11.25	1.31	0.37
Sale (Purchase) of Intangibles	-3.54	-89.82	-2.52	-14.51	-4.87
Sale (Purchase) of Real Estate	-63.42	-1.83	-1.01	-	-
Investment in Securities	-	-	-	-0.39	-
Investing Cash Flow	-110.29	-286.45	-454.14	-161.21	-27.59
Long-Term Debt Issued	273.72	621.74	503.56	1,227	298.95
Total Debt Issued	273.72	621.74	503.56	1,227	298.95
Long-Term Debt Repaid	-486.68	-775.58	-30.5	-1,035	-181.86
Total Debt Repaid	-486.68	-775.58	-30.5	-1,035	-181.86
Net Debt Issued (Repaid)	-212.96	-153.84	473.06	191.79	117.08
Issuance of Common Stock	1,155	77.92	-	-	25
Common Dividends Paid	-	-	-	-10.3	-
Dividends Paid	-	-	-	-10.3	-
Other Financing Activities	-456.17	1.11	106.14	74.24	-12.06
Financing Cash Flow	485.43	-74.81	579.2	255.73	130.02
Miscellaneous Cash Flow Adjustments	-14.56	-28.71	-45.89	-129.56	-
Net Cash Flow	-40.13	-31.7	-45.39	-124.61	64.17
Free Cash Flow	-606.63	109.82	-586.43	-237.19	-61.35
Free Cash Flow Margin	-28.41%	5.10%	-23.90%	-8.58%	-8.93%
Free Cash Flow Per Share	-2.02	1.09	-14.13	-5.71	-1.67
Cash Interest Paid	279.81	296.2	212.3	95.36	13.01
Cash Income Tax Paid	-0.39	-0.75	-15.6	11.67	-
Levered Free Cash Flow	-409.63	-296.47	-810.92	-357.91	-65.4
Unlevered Free Cash Flow	-228.62	-58.03	-651.47	-294.4	-59.2
Change in Working Capital	-176.74	525.74	-171.39	26.19	-86.24

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