IST:DMSAS 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	-211.54	-111.4	174.1	-252.51	32.04
Depreciation & Amortization	203.33	204.35	85.85	164.54	17.19
Other Operating Activities	163.75	-125.89	-206.11	-412.97	46.36
Change in Accounts Receivable	89.7	508.48	104.85	-30.55	-109.21
Change in Inventory	57.8	93.67	175.18	-101.07	-37.43
Change in Accounts Payable	-61.76	-302.27	2.08	141.02	55.8
Change in Unearned Revenue	0.27	-4.17	2.74	0.68	-0.2
Change in Other Net Operating Assets	51.38	3.06	175.63	34.67	-29.22
Operating Cash Flow	292.94	265.82	514.34	-456.19	-24.68
Operating Cash Flow Growth	10.20%	-48.32%	-	-	-
Capital Expenditures	-29.14	-177.32	-344.1	-176.51	-49.04
Sale of Property, Plant & Equipment	57.95	96.82	43.65	22.98	1.41
Investing Cash Flow	28.81	-80.5	-300.45	-153.53	-47.63
Long-Term Debt Issued	-	-	-	472.71	312.81
Long-Term Debt Repaid	-155.76	-697.87	-130.17	-10.71	-256.63
Net Debt Issued (Repaid)	-155.76	-697.87	-130.17	462	56.18
Issuance of Common Stock	-	131.66	-	-	-
Common Dividends Paid	-	-	-	-	-8.63
Other Financing Activities	-204.89	208.83	258.98	85.33	-9.27
Financing Cash Flow	-360.65	-357.39	128.8	547.33	38.28
Miscellaneous Cash Flow Adjustments	52.44	-174.98	17.76	21.53	-
Net Cash Flow	13.54	-347.04	360.46	-40.86	-34.02
Free Cash Flow	263.79	88.5	170.24	-632.71	-73.71
Free Cash Flow Growth	198.07%	-48.02%	-	-	-
Free Cash Flow Margin	8.05%	1.95%	4.12%	-23.00%	-10.83%
Free Cash Flow Per Share	1.32	0.44	1.70	-6.33	-0.74
Cash Income Tax Paid	-7.78	-8.47	-8.88	-	-
Levered Free Cash Flow	145.87	-125.89	-240.37	-1,741	-138.71
Unlevered Free Cash Flow	294.72	174.11	-11.86	-1,646	-117.35
Change in Working Capital	137.39	298.77	460.49	44.74	-120.26

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