IST:KERVN 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	-46.51	492.91	-536.27	-131.56	-40.2
Depreciation & Amortization	32	73.5	52.17	33.83	2.89
Loss (Gain) From Sale of Assets	-	-	-	-	7.11
Asset Writedown & Restructuring Costs	-	-	-	-	-617.59
Provision & Write-off of Bad Debts	-	-	-	-	40.75
Other Operating Activities	192.4	185.37	456.43	6.52	681.83
Change in Accounts Receivable	-219.94	-96.78	3.47	13.71	-52.06
Change in Inventory	0.01	0.21	-0.17	-0.06	6.36
Change in Accounts Payable	813.87	1,204	226.38	145.57	17.67
Change in Unearned Revenue	-13.29	-93.43	-0.47	-8.36	14.99
Change in Other Net Operating Assets	7.05	-24.35	15.9	221.79	-0.24
Operating Cash Flow	765.6	1,742	217.44	281.44	61.5
Operating Cash Flow Growth	-56.04%	701.00%	-22.74%	357.64%	-
Capital Expenditures	-0.31	-1.76	-	-	-
Sale of Property, Plant & Equipment	-	-	0.1	235.17	0
Sale (Purchase) of Intangibles	-9.47	-13.03	-3.71	-3.73	-
Sale (Purchase) of Real Estate	-37.46	-2,594	-3,000	-1,401	-
Investing Cash Flow	-47.23	-2,608	-3,004	-1,170	0
Long-Term Debt Issued	1,416	72.42	1,989	580.33	-
Long-Term Debt Repaid	-	-	-	-	-66.99
Net Debt Issued (Repaid)	1,416	72.42	1,989	580.33	-66.99
Issuance of Common Stock	-	-	-	-	5.58
Other Financing Activities	-219.38	0.49	4.49	-3.56	-
Financing Cash Flow	1,196	72.91	1,994	576.77	-61.42
Foreign Exchange Rate Adjustments	-	-	-	310.54	-
Miscellaneous Cash Flow Adjustments	-1,914	794.58	794.51	-	-
Net Cash Flow	1.12	0.69	1.72	-1.09	0.08
Free Cash Flow	765.29	1,740	217.44	281.44	61.5
Free Cash Flow Growth	-56.02%	700.19%	-22.74%	357.64%	-
Free Cash Flow Margin	142335.56%	41598.15%	18600.81%	3958897.58%	83.12%
Free Cash Flow Per Share	1.30	2.96	0.37	0.48	0.10
Levered Free Cash Flow	156.47	-422.76	348.91	222.09	175.68
Unlevered Free Cash Flow	186.56	-299.87	459.4	337.83	187.7
Change in Working Capital	587.71	989.93	245.11	372.65	-13.28

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