IST:CRDFA 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	119.38	119.38	66.11	30.15	13.53	15.4
Depreciation & Amortization	8.81	8.81	3.1	0.55	0.93	0.81
Other Operating Activities	219.79	-8.81	-3.1	-0.55	-0.93	-0.81
Change in Accounts Receivable	-674.73	-443.48	-233.45	-97.01	-88.67	71.86
Change in Other Net Operating Assets	-93.8	37.95	215.94	31.71	38.5	38.33
Operating Cash Flow	-420.55	-286.15	48.6	-35.15	-36.64	125.6
Capital Expenditures	-23.65	-6.67	-16.43	-0.87	-0.17	-0.13
Sale of Property, Plant & Equipment	0.02	0.02	0.01	-	-	-
Sale (Purchase) of Intangibles	-	-	-	-	-	-0.06
Investment in Securities	-	-	-	-	-	-48.81
Other Investing Activities	-	-	-0	-	-	-
Investing Cash Flow	-23.62	-6.65	-16.42	-0.87	-0.17	-49.01
Short-Term Debt Issued	-	14,793	8,190	19,229	2,587	12,736
Total Debt Issued	31,299	14,793	8,190	19,229	2,587	12,736
Short-Term Debt Repaid	-	-14,473	-8,230	-19,224	-2,501	-12,811
Total Debt Repaid	-30,809	-14,473	-8,230	-19,224	-2,501	-12,811
Net Debt Issued (Repaid)	490.1	319.31	-40.04	5.27	85.89	-75.73
Financing Cash Flow	490.1	319.31	-40.04	5.27	85.89	-75.73
Net Cash Flow	45.93	26.51	-7.86	-30.75	49.08	0.85
Free Cash Flow	-444.2	-292.83	32.17	-36.02	-36.81	125.46
Free Cash Flow Margin	-46.61%	-45.93%	10.38%	-22.70%	-38.09%	208.82%
Free Cash Flow Per Share	-	-2.93	0.32	-0.42	-0.37	1.25
Cash Interest Paid	334.97	334.97	150.91	82.95	57.7	31.81
Cash Income Tax Paid	66.21	66.21	19.48	13.04	2.64	7.65
Levered Free Cash Flow	-535.13	-315	-180.52	-72.51	-76.72	77.52
Unlevered Free Cash Flow	-203.03	-105.64	-86.19	-20.67	-40.66	97.4
Change in Working Capital	-768.53	-405.54	-17.51	-65.31	-50.17	110.2

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