IST:MRSHL 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	-267.58	-243.46	-210.25	-35.9	-96.3	21.68
Depreciation & Amortization	189.68	167.77	157.24	107.68	24.83	18.07
Loss (Gain) From Sale of Assets	-	-	-0.23	-0.55	-0.4	-0.07
Provision & Write-off of Bad Debts	8.01	3.52	0.95	3.15	-2.31	0.57
Other Operating Activities	167.08	189.6	-276.8	-83.76	56.3	34.85
Change in Accounts Receivable	-152.79	-82.5	48.37	-188.78	-47.82	0.03
Change in Inventory	183.27	68.74	199.34	392.48	-210.74	-24.87
Change in Accounts Payable	241.65	58.04	467.83	218.54	232.65	143.04
Change in Other Net Operating Assets	191.75	11.68	366.26	21.45	-71.04	-11.68
Operating Cash Flow	561.07	173.38	752.72	434.31	-114.83	181.61
Operating Cash Flow Growth	-10.28%	-76.97%	73.31%	-	-	130.07%
Capital Expenditures	-14.85	-153.67	-133.43	-104.38	-55.74	-69.34
Sale of Property, Plant & Equipment	-0.08	0.34	3.81	-	3.88	0.16
Sale (Purchase) of Intangibles	0.11	-0.42	-	-	-	-
Investing Cash Flow	-14.83	-153.75	-129.62	-104.38	-51.86	-69.18
Short-Term Debt Issued	-	-	-	1,118	609.22	465.77
Long-Term Debt Issued	-	404.15	922.66	-	-	0.73
Total Debt Issued	453.52	404.15	922.66	1,118	609.22	466.5
Short-Term Debt Repaid	-	-	-1,003	-355.85	-421.97	-455.24
Long-Term Debt Repaid	-	-370.9	-898.92	-15.87	-3.29	-3.92
Total Debt Repaid	-278.95	-370.9	-1,902	-371.72	-425.25	-459.15
Net Debt Issued (Repaid)	174.57	33.26	-979.31	746.72	183.96	7.34
Issuance of Common Stock	-	-	864.34	-	-	-
Other Financing Activities	-348.48	-298.12	-398.33	-326.47	-56.81	-26.91
Financing Cash Flow	-173.91	-264.86	-513.3	420.25	127.15	-19.56
Miscellaneous Cash Flow Adjustments	-73.03	-272.99	-504.15	-138.96	-	-
Net Cash Flow	299.3	-518.22	-394.35	611.22	-39.54	92.87
Free Cash Flow	546.22	19.71	619.28	329.93	-170.57	112.27
Free Cash Flow Growth	40.13%	-96.82%	87.70%	-	-	90.51%
Free Cash Flow Margin	18.71%	0.48%	13.77%	10.49%	-22.69%	22.18%
Free Cash Flow Per Share	49.68	1.79	56.79	32.99	-17.06	11.23
Cash Interest Paid	387.05	455.31	613.75	356.08	57.79	27.96
Cash Income Tax Paid	-	26.08	20.71	1	-10.01	2.96
Levered Free Cash Flow	258.06	-250.61	199.68	-59.83	-178.25	61.89
Unlevered Free Cash Flow	421.36	33.95	583.27	162.72	-142.13	79.37
Change in Working Capital	463.88	55.96	1,082	443.68	-96.95	106.51

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