IST:DESA 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	580.51	428.97	716.18	196.5	46.35
Depreciation & Amortization	441.37	396.49	412.67	268.24	32.93
Asset Writedown & Restructuring Costs	-	-	76.72	109.24	-
Loss (Gain) on Equity Investments	18.37	81.46	-58.33	-35.25	-8.81
Provision & Write-off of Bad Debts	3.67	0.31	1.26	1.7	-2.34
Other Operating Activities	222.55	-756.42	-610.45	-625.86	18.09
Change in Accounts Receivable	8.28	-205.09	-19.02	-71.74	-61.7
Change in Inventory	-413.34	-418.52	-120.29	292.73	-9.39
Change in Accounts Payable	-69.15	269.5	106.6	133.67	83.04
Change in Unearned Revenue	-54.26	78.72	10.99	21.11	3.4
Change in Other Net Operating Assets	262.51	10.39	-50.39	34.73	-2.75
Operating Cash Flow	1,001	-114.19	465.95	325.07	98.81
Operating Cash Flow Growth	-	-	43.34%	228.97%	-
Capital Expenditures	-34.71	-52.62	-84.71	-45.35	-3
Sale of Property, Plant & Equipment	-	0.46	1.34	0.02	67.55
Sale (Purchase) of Intangibles	-4.03	-1.72	-	-0.09	-0.08
Sale (Purchase) of Real Estate	-15.24	-	-	-	-
Investing Cash Flow	-53.98	-53.87	-83.36	-45.42	64.46
Long-Term Debt Issued	-	-	483.02	28.06	89.23
Long-Term Debt Repaid	-814.14	-615.53	-398.18	-304.88	-160.39
Net Debt Issued (Repaid)	-814.14	-615.53	84.84	-276.82	-71.17
Issuance of Common Stock	-	-	195.78	-	-
Common Dividends Paid	-110.48	-	-	-	-
Other Financing Activities	-13.36	-39.93	-17	-10	-6.66
Financing Cash Flow	-937.98	-655.46	263.61	-286.82	-77.82
Foreign Exchange Rate Adjustments	-	-	-	-52.65	-
Miscellaneous Cash Flow Adjustments	-7.34	-379.27	-192.04	-	-
Net Cash Flow	1.22	-1,203	454.15	-59.82	85.45
Free Cash Flow	965.81	-166.81	381.24	279.72	95.81
Free Cash Flow Growth	-	-	36.30%	191.95%	-
Free Cash Flow Margin	25.30%	-4.28%	10.78%	10.99%	22.16%
Free Cash Flow Per Share	1.97	-0.34	0.78	0.57	0.20
Cash Interest Paid	128.5	39.93	17	10	6.66
Cash Income Tax Paid	273.61	14.93	-34.86	-40.25	-3.59
Levered Free Cash Flow	265.46	550.13	529.44	649.84	75.07
Unlevered Free Cash Flow	356.07	880.16	654.71	712.11	98.15
Change in Working Capital	-265.95	-265	-72.1	410.49	12.59

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