Hedef Holding A.S 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	582.33	-1,277	-1,157	1,484	71.9	226.83
Depreciation & Amortization	6.61	3.02	3.4	1.25	0.13	0.06
Loss (Gain) From Sale of Assets	-0.03	-0.04	0.33	-	-	-
Asset Writedown & Restructuring Costs	-3.71	-3.71	0.66	-	-	-
Loss (Gain) From Sale of Investments	-454.26	-81.33	-1,100	-1,540	-45.4	-290.08
Other Operating Activities	610.65	-268.57	-466.59	358.74	7.66	56.12
Change in Accounts Receivable	-73.76	0.08	-0.71	0.06	-0.02	4.73
Change in Accounts Payable	-18.24	-7.07	8.61	-0.61	0.24	0.04
Change in Other Net Operating Assets	-673.77	2,736	4,459	-232.44	-17.51	0.43
Operating Cash Flow	-23.8	1,101	1,747	70.73	-315.66	0.25
Operating Cash Flow Growth	-	-36.97%	2369.59%	-	-	-
Capital Expenditures	-2.6	-3.26	-0.77	-0.82	-1.46	-0
Sale of Property, Plant & Equipment	0.41	0.15	1.38	1.26	0.14	-
Sale (Purchase) of Intangibles	-0.37	-0.16	-0.03	-0.33	-	-
Other Investing Activities	6.92	5.93	1.61	-	1.48	0.01
Investing Cash Flow	4.35	2.65	2.19	0.12	0.15	0
Long-Term Debt Issued	-	-	-	2.33	-	-
Long-Term Debt Repaid	-	-6.88	-1.97	-0.67	-0.11	-0.09
Net Debt Issued (Repaid)	-8.34	-6.88	-1.97	1.66	-0.11	-0.09
Issuance of Common Stock	658.42	19.05	-	-	314.65	-
Repurchase of Common Stock	-	-	-19.05	-	-	-
Other Financing Activities	-23.37	-1.99	2.37	-69.2	-	-
Financing Cash Flow	626.72	10.18	-18.65	-67.54	314.53	-0.09
Miscellaneous Cash Flow Adjustments	-604.92	-1,122	-1,728	-	-	-
Net Cash Flow	2.35	-8.59	2.42	3.31	-0.97	0.17
Free Cash Flow	-26.4	1,098	1,746	69.92	-317.12	0.25
Free Cash Flow Growth	-	-37.13%	2397.39%	-	-	-
Free Cash Flow Margin	-2.33%	756.11%	161.15%	2.64%	-385.97%	0.09%
Free Cash Flow Per Share	-0.01	0.58	0.93	0.04	-0.17	-
Cash Interest Paid	-	6.76	1.09	-	-	-
Cash Income Tax Paid	-	-0.5	0.56	-	0.11	0.03
Levered Free Cash Flow	791.87	82.78	684.8	1,632	29.3	-
Unlevered Free Cash Flow	797.61	87.03	685.48	1,633	29.34	-
Change in Working Capital	-765.78	2,729	4,467	-232.99	-349.95	7.32

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.