Mazhar Zorlu Holding A.S. 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	-35.67	-238.87	-7.49	-12.54	-27.25	-8.58
Depreciation & Amortization	139.36	97.37	51.44	32.09	6.15	2.68
Loss (Gain) From Sale of Assets	-	-	-	-	-0.66	-10.51
Asset Writedown & Restructuring Costs	-13.78	-13.53	24.21	-	-	-
Loss (Gain) From Sale of Investments	2.77	2.77	-	-9.2	0.01	0.07
Provision & Write-off of Bad Debts	-1.21	2.87	-3.26	9	11.02	-2.33
Other Operating Activities	-116.61	-95.63	-270.32	-166.84	51.01	42.85
Change in Accounts Receivable	-16.82	51.49	132.94	-124.56	-7.52	-1.58
Change in Inventory	-57.68	137.45	24.44	56.21	-21.4	-23.46
Change in Accounts Payable	58.64	27.1	108.52	-12.19	11.22	9.42
Change in Unearned Revenue	-	-	-	165.86	-0.01	8.74
Change in Other Net Operating Assets	-110.79	87.5	-212.94	42.24	-56.32	-16.81
Operating Cash Flow	-151.8	58.53	-152.46	-19.93	-33.72	0.49
Operating Cash Flow Growth	-	-	-	-	-	-96.66%
Capital Expenditures	38.78	-43.06	-74.18	-24.27	-149.94	-5.4
Sale of Property, Plant & Equipment	2.81	0.07	0.03	0.8	0.67	10.51
Cash Acquisitions	-	-	-	-	-0.07	-0
Divestitures	-	-	-	111.59	113.96	68.42
Sale (Purchase) of Intangibles	0.09	-	-	-	-	-
Sale (Purchase) of Real Estate	-	-	-	2.61	0.16	2.77
Other Investing Activities	750.83	1,433	531.33	1.33	0.83	1.08
Investing Cash Flow	792.51	1,390	457.17	92.06	-34.39	77.38
Long-Term Debt Issued	-	156.8	40.21	9.18	24.01	-
Long-Term Debt Repaid	-	-149.94	-39.68	-18.99	-3.49	-7.4
Net Debt Issued (Repaid)	49.16	6.86	0.53	-9.81	20.52	-7.4
Other Financing Activities	-703.61	-1,462	-533.55	31.53	-1.2	1.48
Financing Cash Flow	-654.45	-1,455	-533.02	21.72	19.32	-5.91
Foreign Exchange Rate Adjustments	-6.83	4.21	-0.97	-1.62	-0.48	-0.11
Miscellaneous Cash Flow Adjustments	2.99	4.85	96.32	-	-	-
Net Cash Flow	-17.58	2.31	-132.94	92.23	-49.28	71.84
Free Cash Flow	-113.02	15.46	-226.64	-44.19	-183.66	-4.91
Free Cash Flow Margin	-7.39%	1.00%	-10.51%	-2.98%	-42.61%	-1.83%
Free Cash Flow Per Share	-1.04	0.14	-2.09	-0.41	-1.69	-0.04
Cash Interest Paid	23.24	20.35	9.79	5.9	17.61	6.76
Cash Income Tax Paid	-	30.62	72.66	59.9	12.25	7.3
Levered Free Cash Flow	102.73	199.06	-201.6	-73.89	-71.69	-4.2
Unlevered Free Cash Flow	121.27	211.78	-195.65	-70.2	-70.38	-4.04
Change in Working Capital	-126.66	303.54	52.96	127.56	-74.02	-23.69

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.