IST:MERCN 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	124.47	-59.9	87.83	101.45	121.58
Depreciation & Amortization	81.34	58.88	51.43	37.45	8.02
Other Amortization	-	5.98	5.18	4.6	0.82
Asset Writedown & Restructuring Costs	-112.19	-55.51	-177.6	-100.08	-12.18
Loss (Gain) on Equity Investments	13.98	11.53	-17.35	-	-
Provision & Write-off of Bad Debts	31.03	16.79	4.86	-31.33	13.01
Other Operating Activities	23.01	262.8	261.66	-58.95	9.19
Change in Accounts Receivable	-32.3	57.47	-485.23	269.93	-92.89
Change in Inventory	-172.7	229.2	269.65	-41.83	-105.39
Change in Accounts Payable	72.8	-8.12	161.53	-182.88	51.42
Change in Unearned Revenue	-1.78	-18.21	-29.32	23.64	-4.6
Change in Other Net Operating Assets	33.34	63.81	-111.27	-104.23	-90.76
Operating Cash Flow	61.01	564.73	21.36	-82.23	-101.78
Operating Cash Flow Growth	-89.20%	2543.49%	-	-	-
Capital Expenditures	-123.21	-92.53	-372.63	-63.05	-47.14
Sale of Property, Plant & Equipment	-	7.1	8.17	0.23	0.99
Cash Acquisitions	-	-	-72.4	-	-
Sale (Purchase) of Real Estate	50	-	-5.96	-	-
Other Investing Activities	119.56	102.54	68.48	20.88	-
Investing Cash Flow	46.34	17.11	-374.33	-41.95	-46.15
Long-Term Debt Issued	251.67	-	701.7	157.04	241.87
Long-Term Debt Repaid	-	-98.91	-4.09	-2.77	-178.81
Net Debt Issued (Repaid)	251.67	-98.91	697.61	154.27	63.06
Issuance of Common Stock	-	-	-	-	155.78
Common Dividends Paid	-8.5	-15.27	-25.16	-2.54	-0.9
Other Financing Activities	-296.88	-419.24	-374.93	-3.51	-39.97
Financing Cash Flow	-53.71	-533.42	297.52	148.22	177.98
Foreign Exchange Rate Adjustments	-36.47	-36.57	33.49	22.89	7.39
Miscellaneous Cash Flow Adjustments	-53.74	-55.79	-86.81	-	-
Net Cash Flow	-36.57	-43.93	-108.77	46.92	37.44
Free Cash Flow	-62.21	472.21	-351.26	-145.28	-148.92
Free Cash Flow Margin	-2.15%	17.95%	-10.09%	-5.12%	-22.37%
Free Cash Flow Per Share	-	2.48	-1.84	-0.76	-0.78
Cash Interest Paid	-	419.24	374.93	3.51	39.86
Cash Income Tax Paid	-	-10.16	5.27	59.51	2.37
Levered Free Cash Flow	-93.31	275.69	-384.13	-510.05	-159.87
Unlevered Free Cash Flow	177.04	537.72	-149.79	-416.56	-134.96
Change in Working Capital	-100.64	324.15	-194.65	-35.36	-242.22

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