IST:FORMT 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	-105.2	-152.44	-131.47	-69.18	1.06	5.18
Depreciation & Amortization	85.18	62.56	26.3	33.69	6.81	5.39
Loss (Gain) From Sale of Assets	-	-	-	3.64	-	-0.94
Asset Writedown & Restructuring Costs	-	-	17.39	-8.53	10.64	-
Provision & Write-off of Bad Debts	-	-	-	-0.81	-	-8.34
Other Operating Activities	-56.83	6.56	-2.34	-90.49	-0.45	8.81
Change in Accounts Receivable	81.47	-68.52	77.08	54.34	-22.58	-16.57
Change in Inventory	44.51	104.69	-142.54	28.58	-52.11	-21.78
Change in Accounts Payable	-9.39	-9.39	-136.89	-7.53	6.75	36.64
Change in Unearned Revenue	-167.29	82.48	-22.63	56.07	8.81	6.94
Change in Income Taxes	-	-	-	0.76	-	-
Change in Other Net Operating Assets	38.71	11.83	75.78	-115.87	-22.23	-9.29
Operating Cash Flow	-88.85	37.77	-239.33	-115.33	-63.29	6.03
Operating Cash Flow Growth	-	-	-	-	-	-80.18%
Capital Expenditures	0.96	-259.57	-181.5	-86.59	-43.72	-2.4
Sale of Property, Plant & Equipment	9.71	18.32	23.89	20.75	-	3.11
Cash Acquisitions	29.75	-	-	-74.47	-	-
Sale (Purchase) of Intangibles	-	-	4.67	-	-	-
Investing Cash Flow	88.33	-241.25	-152.94	-140.31	-43.72	0.71
Long-Term Debt Issued	-	159.21	104.84	122.29	-	1
Total Debt Issued	-77.5	159.21	104.84	122.29	-	1
Long-Term Debt Repaid	-	-2.17	-18.04	-	-30.75	-
Total Debt Repaid	-240.92	-2.17	-18.04	-	-30.75	-
Net Debt Issued (Repaid)	-318.42	157.03	86.79	122.29	-30.75	1
Issuance of Common Stock	590.52	-	449.8	38.46	170	-
Other Financing Activities	-	-	-	-	0	-8.91
Financing Cash Flow	272.1	157.03	536.6	160.74	139.25	-7.91
Miscellaneous Cash Flow Adjustments	-38.8	-50.13	-58.18	-	-	-
Net Cash Flow	232.78	-96.58	86.15	-94.89	32.23	-1.16
Free Cash Flow	-87.89	-221.8	-420.83	-201.92	-107.02	3.63
Free Cash Flow Growth	-	-	-	-	-	-85.22%
Free Cash Flow Margin	-12.42%	-33.29%	-56.01%	-39.99%	-61.88%	2.81%
Free Cash Flow Per Share	-0.09	-0.41	-0.78	-0.97	-0.54	0.05
Cash Income Tax Paid	-	-	-	-0.76	-	-
Levered Free Cash Flow	-132.6	-147.2	-510.65	-154.61	-114.12	-10.55
Unlevered Free Cash Flow	-73	-87.61	-466.03	-95.21	-102.01	1.19
Change in Working Capital	-12	121.09	-149.21	16.35	-81.36	-4.06

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