IST:FORTE Cash Flow Statement

Financials in millions TRY. Fiscal year is January - December.

Millions TRY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	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	-82.02	12.19	55.28	23.46	31.29
Depreciation & Amortization	19.04	9.74	5.78	1.05	0.86
Other Amortization	10.19	6.67	3.3	0.19	-
Asset Writedown & Restructuring Costs	3.83	5.56	-	-	-
Provision & Write-off of Bad Debts	2.33	0.34	1.15	-0.1	0.07
Other Operating Activities	104.29	219.21	88.1	-8.26	16.22
Change in Accounts Receivable	-226.04	109.43	5.41	-28.05	-36.99
Change in Inventory	146.86	-7.96	-86.92	5.15	-15.78
Change in Accounts Payable	123.68	-76.06	-77.36	-1.48	55.08
Change in Unearned Revenue	-10.05	12.02	-1.67	-0.97	-4.24
Change in Other Net Operating Assets	3.06	4.08	-14.64	-0.14	0.33
Operating Cash Flow	95.18	295.19	-21.56	-9.16	46.85
Operating Cash Flow Growth	-67.75%	-	-	-	-
Capital Expenditures	-68.04	-44.73	-3.39	-0.43	-1.1
Sale of Property, Plant & Equipment	2.86	0.37	-	0	-
Sale (Purchase) of Intangibles	-151.72	-83.96	-33.75	-6.63	-3.01
Other Investing Activities	0	0	-	-	-
Investing Cash Flow	-216.9	-192.17	-37.15	-7.06	-4.11
Long-Term Debt Issued	113.51	149.96	206.71	2.41	2.11
Long-Term Debt Repaid	-122.96	-329.82	-63.47	-2.97	-2.7
Net Debt Issued (Repaid)	-9.45	-179.86	143.24	-0.56	-0.59
Issuance of Common Stock	-	529.6	-	-	-
Common Dividends Paid	-8.47	-56.41	-	-	-
Other Financing Activities	0.12	18.15	-6.84	-10.83	0.56
Financing Cash Flow	-17.81	311.49	136.4	-11.39	-0.03
Foreign Exchange Rate Adjustments	-0.23	-0.26	-	-	-
Miscellaneous Cash Flow Adjustments	-90.83	-208.82	-61.42	-	-
Net Cash Flow	-230.57	205.44	16.27	-27.6	42.72
Free Cash Flow	27.15	250.46	-24.95	-9.58	45.75
Free Cash Flow Growth	-89.16%	-	-	-	-
Free Cash Flow Margin	1.52%	26.09%	-3.64%	-4.45%	22.39%
Free Cash Flow Per Share	0.41	4.72	-0.56	-0.69	19.06
Cash Interest Paid	49.69	35.87	10.24	0.04	0.01
Levered Free Cash Flow	-110.88	4.18	-166.43	-17.89	-
Unlevered Free Cash Flow	-79.83	26.6	-160.03	-17.87	-
Change in Net Working Capital	3.36	8.98	239.39	32.62	-

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