IST:MEGAP 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	-737.32	634.75	356.64	81.37	15.97
Depreciation & Amortization	783.6	75.87	67.32	35.04	4.01
Other Operating Activities	-1,242	-240.55	109.24	-6	14.62
Change in Accounts Receivable	5,096	-7,922	-572.64	-592.27	-222.4
Change in Inventory	655.88	-576.24	-492.08	-115.84	-80.88
Change in Accounts Payable	-5,144	7,677	297.72	594.06	141.93
Change in Unearned Revenue	-3,096	3,519	296.68	36.64	12.4
Change in Other Net Operating Assets	3,243	-3,024	-77.12	-11.89	-15.84
Operating Cash Flow	-441.1	143.16	-14.25	21.1	-130.19
Capital Expenditures	-	-160.92	-292.14	-137.21	-37.6
Sale of Property, Plant & Equipment	780.69	-	17.63	5.55	1.25
Sale (Purchase) of Intangibles	-	-	-	-1.51	-
Investment in Securities	-	-	-	-0.16	-
Investing Cash Flow	780.69	-160.92	-274.51	-133.34	-36.35
Long-Term Debt Issued	-	1.25	178.52	284.31	159.41
Long-Term Debt Repaid	-355.61	-	-	-	-83.04
Total Debt Repaid	-355.61	-	-	-	-83.04
Net Debt Issued (Repaid)	-355.61	1.25	178.52	284.31	76.37
Issuance of Common Stock	-	32.72	262.74	-	100.91
Other Financing Activities	-2.48	-1.99	-233.32	-111.97	-9.27
Financing Cash Flow	-358.09	31.99	207.94	172.34	168.02
Miscellaneous Cash Flow Adjustments	-	-	0	0	-
Net Cash Flow	-18.5	14.22	-80.82	60.11	1.48
Free Cash Flow	-441.1	-17.77	-306.39	-116.11	-167.79
Free Cash Flow Margin	-5.02%	-0.11%	-5.19%	-3.94%	-29.71%
Free Cash Flow Per Share	-1.60	-0.07	-1.23	-0.93	-1.34
Cash Interest Paid	2.48	2.05	233.55	55.09	9.95
Cash Income Tax Paid	-	-0.11	0.47	-0.1	2.41
Levered Free Cash Flow	1,709	-776.11	-701.21	-446.5	-195.21
Unlevered Free Cash Flow	1,712	-546.95	-513.87	-358.92	-177.76
Change in Working Capital	755.04	-326.91	-547.44	-89.3	-164.79