IST:CUSAN 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	-584.76	-191.13	-344.11	-23.63	95.31
Depreciation & Amortization	223.86	144.78	121.5	91.95	15.85
Other Amortization	-	5.59	0.64	-	0.11
Loss (Gain) From Sale of Assets	23.82	-26.55	-5.86	-5.72	-1.6
Asset Writedown & Restructuring Costs	-	-	-	-0.85	-
Provision & Write-off of Bad Debts	31.97	70.95	27.91	6.13	-
Other Operating Activities	-305.79	-156.27	359.3	287.7	45.15
Change in Accounts Receivable	276.95	85.39	-100.94	-650.77	-136.66
Change in Inventory	136.88	241.88	590.76	4.2	-200.55
Change in Accounts Payable	-	-54.35	0.1	67.18	79.8
Change in Unearned Revenue	-410.03	-342.37	734.25	-166.35	102.91
Change in Other Net Operating Assets	578.31	529	-213.17	-15.36	-48.56
Operating Cash Flow	-30.27	306.64	1,170	-405.63	-48.26
Operating Cash Flow Growth	-	-73.79%	-	-	-
Capital Expenditures	-1,324	-1,064	-37.5	-56.92	-26.23
Sale of Property, Plant & Equipment	40.92	30.64	22.35	6.59	3.5
Sale (Purchase) of Intangibles	-57.57	-32.16	-16.04	-12.27	-0.5
Sale (Purchase) of Real Estate	-14.57	-	2.93	-0.01	0.38
Other Investing Activities	13.72	45.56	43.94	6.4	-
Investing Cash Flow	-1,342	-1,020	15.69	-56.22	-22.86
Long-Term Debt Issued	1,609	1,750	577.64	1,611	145.4
Long-Term Debt Repaid	-553.63	-601.98	-1,444	-932.36	-34.71
Net Debt Issued (Repaid)	1,055	1,148	-866.69	678.79	110.69
Issuance of Common Stock	12.78	16.81	-	-	-
Repurchase of Common Stock	-	-9.35	-	-	-
Common Dividends Paid	-	-	-	-60.21	-8.38
Other Financing Activities	38.19	-118.36	-181.25	-114.95	-
Financing Cash Flow	1,106	1,037	-1,048	503.63	102.31
Foreign Exchange Rate Adjustments	-54.29	-109.82	-84.49	-68.82	-
Net Cash Flow	-319.91	213.5	53.37	-27.04	31.19
Free Cash Flow	-1,355	-757.8	1,133	-462.56	-74.49
Free Cash Flow Margin	-48.23%	-27.33%	43.73%	-12.68%	-6.85%
Free Cash Flow Per Share	-	-10.64	15.90	-6.49	-1.04
Cash Interest Paid	-	118.36	181.25	114.95	-
Cash Income Tax Paid	-	32.1	57.86	108.84	12.26
Levered Free Cash Flow	-1,297	-1,116	736.5	-834.37	-95.63
Unlevered Free Cash Flow	-712.01	-1,038	849.78	-762.52	-92.12
Change in Working Capital	580.63	459.27	1,011	-761.2	-203.06

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