IST:GESAN 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
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	1,345	992.11	650.45	220.49
Depreciation & Amortization	198.79	208.67	71.09	10.86
Other Amortization	93.75	83.14	31.75	3.61
Loss (Gain) From Sale of Assets	-5.65	-	-	-
Asset Writedown & Restructuring Costs	-22.35	-30.26	-31.21	-1.75
Provision & Write-off of Bad Debts	130.08	22.39	-	-
Other Operating Activities	-935.49	578.37	-51.15	155.29
Change in Accounts Receivable	-461.22	-695.07	-326.6	-291.54
Change in Inventory	60.86	-687	-317.8	-95.88
Change in Accounts Payable	-537.29	590.64	296.35	290.92
Change in Unearned Revenue	-732.17	1,189	1,102	113.93
Change in Other Net Operating Assets	417.51	-4,981	-1,129	-455.49
Operating Cash Flow	-448.35	-2,729	296.82	-49.56
Capital Expenditures	-768.21	-1,321	-351.38	-128.29
Sale of Property, Plant & Equipment	24.11	143.23	6.68	-
Sale (Purchase) of Intangibles	-177.45	-	-	-19.17
Sale (Purchase) of Real Estate	-13.28	-	-	-
Other Investing Activities	390.49	412.78	16.37	6.05
Investing Cash Flow	-544.35	-765.36	-328.34	-141.41
Long-Term Debt Issued	1,591	2,279	1,286	386.18
Long-Term Debt Repaid	-1,505	-1,911	-634.61	-382.59
Net Debt Issued (Repaid)	86.1	368.64	651.02	3.59
Issuance of Common Stock	862.66	3,128	-	245.65
Other Financing Activities	-387.7	-463.23	-83.42	-38.88
Financing Cash Flow	561.06	3,033	567.6	210.36
Net Cash Flow	-431.64	-461.26	536.09	19.39
Free Cash Flow	-1,217	-4,050	-54.56	-177.85
Free Cash Flow Margin	-8.01%	-26.85%	-0.73%	-14.44%
Free Cash Flow Per Share	-2.65	-8.80	-0.12	-0.39
Cash Interest Paid	384.27	437.14	72.81	38.97
Cash Income Tax Paid	472.14	468.49	108.77	21.87
Levered Free Cash Flow	-1,195	-2,077	-1,208	-400.83
Unlevered Free Cash Flow	-954.76	-1,752	-1,075	-363.9
Change in Working Capital	-1,252	-4,584	-374.11	-438.06

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.