IST:MRSHL 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	-291.49	-318.67	-210.25	-35.9	-96.3
Depreciation & Amortization	278.03	219.59	157.24	107.68	24.83
Loss (Gain) From Sale of Assets	-	-	-0.23	-0.55	-0.4
Provision & Write-off of Bad Debts	9.32	4.32	0.95	3.15	-2.31
Other Operating Activities	272.86	260.71	-276.8	-83.76	56.3
Change in Accounts Receivable	-344.19	-107.98	48.37	-188.78	-47.82
Change in Inventory	58.65	89.97	199.34	392.48	-210.74
Change in Accounts Payable	430.71	75.97	467.83	218.54	232.65
Change in Other Net Operating Assets	-210.17	3.04	366.26	21.45	-71.04
Operating Cash Flow	203.72	226.94	752.72	434.31	-114.83
Operating Cash Flow Growth	-10.23%	-69.85%	73.31%	-	-
Capital Expenditures	-52.93	-201.15	-133.43	-104.38	-55.74
Sale of Property, Plant & Equipment	-	0.45	3.81	-	3.88
Sale (Purchase) of Intangibles	-0	-0.55	-	-	-
Investing Cash Flow	-52.94	-201.24	-129.62	-104.38	-51.86
Short-Term Debt Issued	-	-	-	1,118	609.22
Long-Term Debt Issued	911.28	529.01	922.66	-	-
Total Debt Issued	911.28	529.01	922.66	1,118	609.22
Short-Term Debt Repaid	-	-	-1,003	-355.85	-421.97
Long-Term Debt Repaid	-657.17	-485.47	-898.92	-15.87	-3.29
Total Debt Repaid	-657.17	-485.47	-1,902	-371.72	-425.25
Net Debt Issued (Repaid)	254.11	43.53	-979.31	746.72	183.96
Issuance of Common Stock	-	-	864.34	-	-
Other Financing Activities	-436.06	-390.22	-398.33	-326.47	-56.81
Financing Cash Flow	-181.95	-346.68	-513.3	420.25	127.15
Miscellaneous Cash Flow Adjustments	-114.27	-357.32	-504.15	-138.96	-
Net Cash Flow	-145.44	-678.31	-394.35	611.22	-39.54
Free Cash Flow	150.79	25.8	619.28	329.93	-170.57
Free Cash Flow Growth	484.55%	-95.84%	87.70%	-	-
Free Cash Flow Margin	3.45%	0.48%	13.77%	10.49%	-22.69%
Free Cash Flow Per Share	13.71	2.35	56.79	32.99	-17.06
Cash Interest Paid	519.81	595.96	613.75	356.08	57.79
Cash Income Tax Paid	-60	34.14	20.71	1	-10.01
Levered Free Cash Flow	-12.3	-242.5	199.68	-59.83	-178.25
Unlevered Free Cash Flow	312.58	129.98	583.27	162.72	-142.13
Change in Working Capital	-65	60.99	1,082	443.68	-96.95

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