IST:FORTE 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	Jun '25 Jun 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	-18.55	-82.02	12.19	55.28	23.46	31.29
Depreciation & Amortization	20.96	19.04	9.74	5.78	1.05	0.86
Other Amortization	25.05	10.19	6.67	3.3	0.19	-
Asset Writedown & Restructuring Costs	3.83	3.83	5.56	-	-	-
Provision & Write-off of Bad Debts	5.3	2.33	0.34	1.15	-0.1	0.07
Other Operating Activities	54.21	104.29	219.21	88.1	-8.26	16.22
Change in Accounts Receivable	37.16	-226.04	109.43	5.41	-28.05	-36.99
Change in Inventory	-96.76	146.86	-7.96	-86.92	5.15	-15.78
Change in Accounts Payable	-82.49	123.68	-76.06	-77.36	-1.48	55.08
Change in Unearned Revenue	-12.7	-10.05	12.02	-1.67	-0.97	-4.24
Change in Other Net Operating Assets	-59.08	3.06	4.08	-14.64	-0.14	0.33
Operating Cash Flow	-123.06	95.18	295.19	-21.56	-9.16	46.85
Operating Cash Flow Growth	-	-67.75%	-	-	-	-
Capital Expenditures	-66.41	-68.04	-44.73	-3.39	-0.43	-1.1
Sale of Property, Plant & Equipment	32.34	2.86	0.37	-	0	-
Sale (Purchase) of Intangibles	-197.22	-151.72	-83.96	-33.75	-6.63	-3.01
Sale (Purchase) of Real Estate	-	-	-63.85	-	-	-
Other Investing Activities	0	0	0	-	-	-
Investing Cash Flow	-231.29	-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)	391.47	-9.45	-179.86	143.24	-0.56	-0.59
Issuance of Common Stock	-	-	529.6	-	-	-
Common Dividends Paid	-8.47	-8.47	-56.41	-	-	-
Other Financing Activities	-67.2	0.12	18.15	-6.84	-10.83	0.56
Financing Cash Flow	315.8	-17.81	311.49	136.4	-11.39	-0.03
Foreign Exchange Rate Adjustments	2.72	-0.23	-0.26	-	-	-
Miscellaneous Cash Flow Adjustments	18.28	-90.83	-208.82	-61.42	-	-
Net Cash Flow	-17.56	-230.57	205.44	16.27	-27.6	42.72
Free Cash Flow	-189.47	27.15	250.46	-24.95	-9.58	45.75
Free Cash Flow Growth	-	-89.16%	-	-	-	-
Free Cash Flow Margin	-12.24%	1.52%	26.09%	-3.64%	-4.45%	22.39%
Free Cash Flow Per Share	-2.83	0.41	4.72	-0.56	-0.69	19.06
Cash Interest Paid	86.04	49.69	35.87	10.24	0.04	0.01
Levered Free Cash Flow	-431.27	-110.88	4.18	-166.43	-17.89	-
Unlevered Free Cash Flow	-377.5	-79.83	26.6	-160.03	-17.87	-
Change in Working Capital	-213.87	37.52	41.49	-175.17	-25.48	-1.59

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