Kuzey Boru Anonim Sirketi Cash Flow Statement

Financials in millions TRY. Fiscal year is January - December.

Millions TRY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	643.59	848.74	316.51	202	5.76
Depreciation & Amortization	222.84	137.09	57.2	32.95	4.59
Loss (Gain) From Sale of Assets	-8.85	-1.03	-	-	0.32
Asset Writedown & Restructuring Costs	-5.81	54.81	-	-	-
Loss (Gain) From Sale of Investments	0.05	-15.61	-58.7	-	-
Provision & Write-off of Bad Debts	-	-	0.01	-0.68	0.45
Other Operating Activities	58.25	-979.91	16.46	-60.38	7.78
Change in Accounts Receivable	-1,616	-646.39	-330.34	-63.13	-52.32
Change in Inventory	-2,239	-591.08	-242.22	-129.48	-8.41
Change in Accounts Payable	1,250	1,205	144.83	-5.86	5.08
Change in Unearned Revenue	165.68	-90.28	224.1	-153.01	67.47
Change in Other Net Operating Assets	70.15	-321.18	-52.84	132.32	-40.16
Operating Cash Flow	-1,459	-399.73	75.01	-45.27	-9.45
Capital Expenditures	-444.82	-1,683	-269.03	-112.72	-42.11
Sale of Property, Plant & Equipment	15	1.37	0.07	0.43	-
Sale (Purchase) of Intangibles	-16.14	-3.66	-	-0.11	-
Sale (Purchase) of Real Estate	-	-	-9.82	-6.63	-
Other Investing Activities	26.16	300.14	-	-	-
Investing Cash Flow	-419.8	-1,386	-278.78	-119.03	-42.11
Long-Term Debt Issued	2,317	901.62	1,351	560.61	152.41
Long-Term Debt Repaid	-223.08	-532.21	-1,022	-359.5	-101.92
Total Debt Repaid	-223.08	-532.21	-1,022	-359.5	-101.92
Net Debt Issued (Repaid)	2,094	369.41	328.82	201.11	50.49
Issuance of Common Stock	-	-	1,010	-	26.99
Common Dividends Paid	-161.67	-83.97	-	-	-
Other Financing Activities	-256.16	-55.34	-134.6	-63.91	-10.18
Financing Cash Flow	1,676	230.1	1,204	137.21	67.29
Miscellaneous Cash Flow Adjustments	94.19	625.6	-20.45	-	-
Net Cash Flow	-108.65	-929.57	979.81	-27.09	15.73
Free Cash Flow	-1,904	-2,083	-194.02	-157.98	-51.56
Free Cash Flow Margin	-36.01%	-40.24%	-6.57%	-10.68%	-22.77%
Free Cash Flow Per Share	-3.17	-3.47	-0.40	-0.44	-0.14
Cash Interest Paid	256.16	55.34	134.6	63.91	10.18
Cash Income Tax Paid	-5.41	-	-	-	1.16
Levered Free Cash Flow	-2,617	-2,750	-289.43	-272.07	-48.31
Unlevered Free Cash Flow	-2,349	-2,690	-205.3	-232.13	-41.95
Change in Working Capital	-2,369	-443.82	-256.47	-219.16	-28.34

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