IST:CGCAM 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	455.5	262.99	344.6	562.04	250.83
Depreciation & Amortization	108.19	78.3	52.09	40.72	25.37
Other Amortization	6.58	6.58	-	-	-
Asset Writedown & Restructuring Costs	-	2.99	-67.14	-	-
Other Operating Activities	543.28	502.74	593.36	375.76	347.45
Change in Accounts Receivable	-119.84	-253.54	-131.18	-364.66	-176.17
Change in Inventory	-182.07	-113.58	-6.15	-101.76	-47.53
Change in Accounts Payable	-124.47	82.34	-42.83	8.6	-13.62
Change in Unearned Revenue	-67.64	19.08	-155.3	140.11	35.56
Change in Other Net Operating Assets	16.41	-354.78	-310.65	141.93	-53.47
Operating Cash Flow	635.95	233.12	276.81	802.75	368.42
Operating Cash Flow Growth	172.80%	-15.78%	-65.52%	117.89%	-
Capital Expenditures	-528.98	-185.15	-104.53	-463.53	-434.57
Sale of Property, Plant & Equipment	3.75	3.5	0.07	0.68	0.77
Sale (Purchase) of Intangibles	-37.43	-26.47	-21.43	-12.05	-6.01
Other Investing Activities	-	-	-	-	-0.25
Investing Cash Flow	-562.67	-208.11	-125.89	-474.9	-440.06
Long-Term Debt Issued	166.31	3.43	9.19	1.44	311.49
Long-Term Debt Repaid	-19.12	-120.01	-2.38	-173.9	-2.52
Net Debt Issued (Repaid)	147.19	-116.57	6.81	-172.46	308.97
Issuance of Common Stock	-	775.63	-	-	-
Other Financing Activities	-645.03	59.82	-221.28	-7.12	-18.44
Financing Cash Flow	-497.84	718.88	-214.47	-179.58	290.53
Miscellaneous Cash Flow Adjustments	-182.3	-12.67	-131.05	-172.64	-73
Net Cash Flow	-606.86	731.22	-194.61	-24.37	145.89
Free Cash Flow	106.96	47.98	172.28	339.22	-66.15
Free Cash Flow Growth	122.95%	-72.15%	-49.21%	-	-
Free Cash Flow Margin	4.36%	1.67%	7.43%	14.58%	-5.71%
Free Cash Flow Per Share	0.64	0.29	1.26	75.38	-14.70
Cash Income Tax Paid	-42.69	-6.57	-2.63	-21.38	-28.9
Levered Free Cash Flow	-386.35	-126.31	54.28	-264.97	-
Unlevered Free Cash Flow	-374.3	-112.98	80.27	-220.93	-
Change in Working Capital	-477.6	-620.47	-646.1	-175.77	-255.24

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