IST:MANAS 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	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	-217.34	-113.04	56.89	-39.4	4.11	1.56
Depreciation & Amortization	63.68	26.27	20.84	10.9	1.21	1.26
Other Amortization	5.82	3.65	3.72	1.56	0.47	0.38
Asset Writedown & Restructuring Costs	-111.26	-111.26	-5.18	-	-	-
Provision & Write-off of Bad Debts	-	-	-	-	0.14	-
Other Operating Activities	230.83	70.7	-58.33	-1.81	1.43	-0.96
Change in Accounts Receivable	1.14	-32.9	73.19	26.41	-30.27	-10.78
Change in Inventory	33.95	-67.49	-98.35	-32.72	-16.57	2.98
Change in Accounts Payable	12.99	11.51	-56.58	23.55	7.48	-0.28
Change in Unearned Revenue	39.86	-32.45	22.08	20.8	-2.25	1.76
Change in Other Net Operating Assets	206.97	186.59	-29.05	-51.62	-4.05	-2.72
Operating Cash Flow	266.64	-58.41	-70.77	-42.32	-38.31	-6.82
Capital Expenditures	-15.26	-27.39	-13.19	-74.29	-0.94	-2.74
Sale of Property, Plant & Equipment	1.14	1.39	2.98	0.64	-	0.07
Sale (Purchase) of Intangibles	-102.55	-96.34	-36.99	-21.69	-3.97	-3.11
Sale (Purchase) of Real Estate	-	-	-2.53	-	-	-3.8
Investment in Securities	-	-	-0.53	-	-	-
Other Investing Activities	-	-	-1.96	-	-0	-0.36
Investing Cash Flow	-116.67	-122.34	-52.21	-95.34	-4.92	-9.95
Long-Term Debt Issued	-	1,011	587.62	356.64	36.07	49.05
Long-Term Debt Repaid	-	-729.7	-442.56	-188.75	-69.11	-30.76
Net Debt Issued (Repaid)	40.09	281.45	145.06	167.89	-33.04	18.29
Issuance of Common Stock	84.59	84.59	-	-	77.22	-
Other Financing Activities	-264.33	-186.29	-57.94	-15.65	-	-0.1
Financing Cash Flow	-139.65	179.74	87.12	152.24	44.18	18.19
Net Cash Flow	10.32	-1.01	-35.86	14.58	0.96	1.43
Free Cash Flow	251.38	-85.8	-83.96	-116.61	-39.25	-9.56
Free Cash Flow Margin	51.24%	-23.61%	-21.12%	-43.27%	-40.72%	-17.71%
Free Cash Flow Per Share	1.64	-0.93	-1.05	-1.41	-0.47	-
Cash Interest Paid	66.81	186.3	58.15	16.12	-	-
Cash Income Tax Paid	-	-	48	-32.85	-	-
Levered Free Cash Flow	-178.23	-236.36	-138.07	-216.51	-37.97	-
Unlevered Free Cash Flow	-3.64	-113.33	-95.16	-205.49	-33.29	-
Change in Working Capital	294.9	65.26	-88.71	-13.58	-45.66	-9.05

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