IST:MEGAP 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	445.76	484.94	356.64	81.37	15.97	20.04
Depreciation & Amortization	186.54	57.96	67.32	35.04	4.01	1.75
Provision & Write-off of Bad Debts	-	-	-	-	-	2.71
Other Operating Activities	926.79	-183.77	109.24	-6	14.62	-2.15
Change in Accounts Receivable	3,777	-6,052	-572.64	-592.27	-222.4	-45.89
Change in Inventory	-861.11	-440.24	-492.08	-115.84	-80.88	-2.94
Change in Accounts Payable	-3,740	5,865	297.72	594.06	141.93	47.1
Change in Unearned Revenue	-3,072	2,688	296.68	36.64	12.4	-0.57
Change in Other Net Operating Assets	2,439	-2,310	-77.12	-11.89	-15.84	-45.74
Operating Cash Flow	100.95	109.37	-14.25	21.1	-130.19	-25.68
Capital Expenditures	-121.21	-122.94	-292.14	-137.21	-37.6	-17.93
Sale of Property, Plant & Equipment	-	-	17.63	5.55	1.25	-
Sale (Purchase) of Intangibles	0.23	-	-	-1.51	-	-0.04
Investment in Securities	-0.05	-	-	-0.16	-	-
Investing Cash Flow	-121.03	-122.94	-274.51	-133.34	-36.35	-17.97
Long-Term Debt Issued	-	0.96	178.52	284.31	159.41	42.16
Long-Term Debt Repaid	-	-	-	-	-83.04	-13.26
Total Debt Repaid	128.51	-	-	-	-83.04	-13.26
Net Debt Issued (Repaid)	129.47	0.96	178.52	284.31	76.37	28.89
Issuance of Common Stock	-	25	262.74	-	100.91	13.22
Other Financing Activities	-1.52	-1.52	-233.32	-111.97	-9.27	-1.35
Financing Cash Flow	24.47	24.44	207.94	172.34	168.02	40.77
Miscellaneous Cash Flow Adjustments	0	-	0	0	-	-
Net Cash Flow	4.39	10.87	-80.82	60.11	1.48	-2.88
Free Cash Flow	-20.26	-13.57	-306.39	-116.11	-167.79	-43.61
Free Cash Flow Margin	-0.19%	-0.11%	-5.19%	-3.94%	-29.71%	-12.11%
Free Cash Flow Per Share	-0.07	-0.05	-1.23	-0.93	-1.34	-0.45
Cash Interest Paid	1.56	1.56	233.55	55.09	9.95	1.35
Cash Income Tax Paid	-	-0.08	0.47	-0.1	2.41	2.97
Levered Free Cash Flow	-363.64	-206.88	-701.21	-446.5	-195.21	-69.23
Unlevered Free Cash Flow	-332.72	-31.81	-513.87	-358.92	-177.76	-63.7
Change in Working Capital	-1,458	-249.76	-547.44	-89.3	-164.79	-48.03

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