IST:KORDS 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	-1,096	183.32	1,289	768.56
Depreciation & Amortization	1,287	895.89	583.26	329.19
Other Amortization	118.97	57.45	27.63	20.82
Loss (Gain) From Sale of Assets	-8.54	4.64	1.78	3.9
Asset Writedown & Restructuring Costs	32.41	-20.48	18.87	0.16
Provision & Write-off of Bad Debts	20.57	-2.19	-9.45	8.82
Other Operating Activities	1,173	1,407	331.18	1,660
Change in Accounts Receivable	-10.73	978.18	-47.92	-1,506
Change in Inventory	550.66	1,337	-1,012	-1,791
Change in Accounts Payable	-739.72	-1,005	199.41	1,271
Change in Unearned Revenue	15.88	-17.57	8.58	2.89
Change in Income Taxes	-344.26	-201.49	-279.13	-87.85
Change in Other Net Operating Assets	834.41	-401.62	-180.92	-187.22
Operating Cash Flow	1,834	3,213	928.37	485.77
Operating Cash Flow Growth	-42.93%	246.12%	91.11%	-46.16%
Capital Expenditures	-1,204	-1,237	-862.06	-250.21
Sale of Property, Plant & Equipment	252.83	241.43	7.23	25.36
Cash Acquisitions	-	-	-476.8	-
Sale (Purchase) of Intangibles	-408.56	-58.1	-14.11	-2.12
Sale (Purchase) of Real Estate	-	-	-12.36	-1.08
Investment in Securities	-10.68	-16.03	-58.21	-52.5
Other Investing Activities	124.8	57.9	23.64	6.24
Investing Cash Flow	-1,246	-1,012	-1,393	-274.31
Long-Term Debt Issued	11,569	11,069	8,986	2,255
Long-Term Debt Repaid	-8,122	-11,774	-7,240	-2,602
Net Debt Issued (Repaid)	3,447	-704.43	1,746	-347.24
Common Dividends Paid	-	-57	-160	-
Other Financing Activities	-1,921	-945.1	-647	-212.58
Financing Cash Flow	1,526	-1,707	938.91	-559.82
Foreign Exchange Rate Adjustments	431.11	418.29	129.82	93.27
Net Cash Flow	2,545	913.24	604.42	-255.09
Free Cash Flow	629.41	1,976	66.31	235.56
Free Cash Flow Growth	-68.15%	2880.33%	-71.85%	-66.19%
Free Cash Flow Margin	2.07%	8.41%	0.36%	2.99%
Free Cash Flow Per Share	3.24	10.16	0.34	1.21
Cash Interest Paid	1,689	746.31	264.37	120.85
Cash Income Tax Paid	344.26	201.49	279.13	87.85
Levered Free Cash Flow	-2,214	-2,288	-2,707	-1,226
Unlevered Free Cash Flow	-1,197	-1,699	-2,521	-1,143
Change in Working Capital	306.23	689.74	-1,312	-2,298

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.