IST:MANAS 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	-410.74	-147.96	56.89	-39.4	4.11
Depreciation & Amortization	59.29	34.39	20.84	10.9	1.21
Other Amortization	56.09	4.78	3.72	1.56	0.47
Asset Writedown & Restructuring Costs	25.62	-145.63	-5.18	-	-
Provision & Write-off of Bad Debts	-	-	-	-	0.14
Other Operating Activities	325.09	92.54	-58.33	-1.81	1.43
Change in Accounts Receivable	78.09	-43.07	73.19	26.41	-30.27
Change in Inventory	-32.01	-88.34	-98.35	-32.72	-16.57
Change in Accounts Payable	50.92	15.07	-56.58	23.55	7.48
Change in Unearned Revenue	25.74	-42.48	22.08	20.8	-2.25
Change in Other Net Operating Assets	116.76	244.24	-29.05	-51.62	-4.05
Operating Cash Flow	294.83	-76.46	-70.77	-42.32	-38.31
Capital Expenditures	-7.56	-35.85	-13.19	-74.29	-0.94
Sale of Property, Plant & Equipment	2.91	1.82	2.98	0.64	-
Sale (Purchase) of Intangibles	-33.6	-126.11	-36.99	-21.69	-3.97
Sale (Purchase) of Real Estate	-	-	-2.53	-	-
Investment in Securities	-	-	-0.53	-	-
Other Investing Activities	-	-	-1.96	-	-0
Investing Cash Flow	-38.25	-160.14	-52.21	-95.34	-4.92
Long-Term Debt Issued	501.58	1,324	587.62	356.64	36.07
Long-Term Debt Repaid	-433.99	-955.13	-442.56	-188.75	-69.11
Net Debt Issued (Repaid)	67.59	368.39	145.06	167.89	-33.04
Issuance of Common Stock	-	110.72	-	-	77.22
Other Financing Activities	-312.03	-243.84	-57.94	-15.65	-
Financing Cash Flow	-244.44	235.27	87.12	152.24	44.18
Net Cash Flow	12.14	-1.32	-35.86	14.58	0.96
Free Cash Flow	287.27	-112.31	-83.96	-116.61	-39.25
Free Cash Flow Margin	55.62%	-23.61%	-21.12%	-43.27%	-40.72%
Free Cash Flow Per Share	1.74	-1.22	-1.05	-1.41	-0.47
Cash Interest Paid	312.11	243.85	58.15	16.12	-
Cash Income Tax Paid	-	-	48	-32.85	-
Levered Free Cash Flow	68.7	-419.73	-138.07	-216.51	-37.97
Unlevered Free Cash Flow	268.51	-258.7	-95.16	-205.49	-33.29
Change in Working Capital	239.5	85.42	-88.71	-13.58	-45.66

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