IST:HOROZ 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
Period Ending	Mar '25 Mar 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	654.57	700.1	196.94	305.21	279.17
Depreciation & Amortization	1,342	1,281	1,132	573.36	417.6
Loss (Gain) From Sale of Assets	-8.66	-4.33	-9.64	2.24	-4.23
Asset Writedown & Restructuring Costs	-	-	-	18.63	-46.78
Loss (Gain) on Equity Investments	12.08	-	-48.88	-51.84	-52.98
Provision & Write-off of Bad Debts	0.78	-3.15	12.33	9.5	14.31
Other Operating Activities	-1,449	-1,326	-243.91	-155.06	-133.6
Change in Accounts Receivable	113.28	-131.99	-841.54	-412.52	-138.25
Change in Accounts Payable	-195.55	65.74	560.87	335.27	188.37
Change in Unearned Revenue	-3.69	-17.81	11.58	44.51	5.86
Change in Other Net Operating Assets	-93.72	-24.83	-17.29	-84.47	14.22
Operating Cash Flow	881.2	1,060	801.35	584.83	543.69
Operating Cash Flow Growth	24.22%	32.34%	37.02%	7.57%	-
Capital Expenditures	-386.52	-402.92	-206.23	-158.17	-199.3
Sale of Property, Plant & Equipment	59.34	71.14	22.39	12.5	13.01
Other Investing Activities	567.81	567.81	-	-	-
Investing Cash Flow	240.62	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)	-1,488	-1,075	-180.81	-171.4	-143.1
Issuance of Common Stock	1,073	1,073	-	-	-
Other Financing Activities	-242.62	-326.03	-394	-256.17	-208.86
Financing Cash Flow	-657.39	-327.65	-574.81	-427.57	-351.96
Miscellaneous Cash Flow Adjustments	-116.66	-25.14	-25.23	-	-
Net Cash Flow	347.77	943.73	17.46	11.59	5.45
Free Cash Flow	494.67	657.57	595.12	426.66	344.39
Free Cash Flow Growth	18.16%	10.49%	39.48%	23.89%	-
Free Cash Flow Margin	5.86%	7.64%	7.56%	10.43%	10.03%
Free Cash Flow Per Share	5.47	7.27	8.21	4.27	3.44
Cash Interest Paid	95.06	255.03	394	256.17	208.86
Cash Income Tax Paid	163.92	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.