IST:HOROZ 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	700.1	196.94	305.21	279.17
Depreciation & Amortization	1,281	1,132	573.36	417.6
Loss (Gain) From Sale of Assets	-4.33	-9.64	2.24	-4.23
Asset Writedown & Restructuring Costs	-	-	18.63	-46.78
Loss (Gain) on Equity Investments	-	-48.88	-51.84	-52.98
Provision & Write-off of Bad Debts	-3.15	12.33	9.5	14.31
Other Operating Activities	-1,326	-243.91	-155.06	-133.6
Change in Accounts Receivable	-131.99	-841.54	-412.52	-138.25
Change in Accounts Payable	65.74	560.87	335.27	188.37
Change in Unearned Revenue	-17.81	11.58	44.51	5.86
Change in Other Net Operating Assets	-24.83	-17.29	-84.47	14.22
Operating Cash Flow	1,060	801.35	584.83	543.69
Operating Cash Flow Growth	32.34%	37.02%	7.57%	-
Capital Expenditures	-402.92	-206.23	-158.17	-199.3
Sale of Property, Plant & Equipment	71.14	22.39	12.5	13.01
Other Investing Activities	567.81	-	-	-
Investing Cash Flow	236.03	-183.85	-145.67	-186.29
Long-Term Debt Issued	-	296.02	121.19	142.98
Long-Term Debt Repaid	-1,075	-476.83	-292.59	-286.08
Net Debt Issued (Repaid)	-1,075	-180.81	-171.4	-143.1
Issuance of Common Stock	1,073	-	-	-
Other Financing Activities	-326.03	-394	-256.17	-208.86
Financing Cash Flow	-327.65	-574.81	-427.57	-351.96
Miscellaneous Cash Flow Adjustments	-25.14	-25.23	-	-
Net Cash Flow	943.73	17.46	11.59	5.45
Free Cash Flow	657.57	595.12	426.66	344.39
Free Cash Flow Growth	10.49%	39.48%	23.89%	-
Free Cash Flow Margin	7.64%	7.56%	10.43%	10.03%
Free Cash Flow Per Share	7.27	8.21	4.27	3.44
Cash Interest Paid	255.03	394	256.17	208.86
Cash Income Tax Paid	83.76	77.82	20.38	2.73
Levered Free Cash Flow	730.16	301.98	122.33	-
Unlevered Free Cash Flow	1,047	554.47	283.47	-
Change in Net Working Capital	17.71	362.15	139.34	-

Updated Mar 7, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.