IST:ORMA 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	-21.43	433.88	500.67	662.43	-83.94
Depreciation & Amortization	232.85	224.98	71.37	91.18	28.71
Loss (Gain) From Sale of Assets	-5.02	-	-0.28	0.53	-
Asset Writedown & Restructuring Costs	-74.17	-14.37	-194.36	182.73	-57.34
Loss (Gain) on Equity Investments	8.8	-0.95	-4.67	-0.75	0.37
Provision & Write-off of Bad Debts	-9.47	4	13.42	22.15	12.06
Other Operating Activities	1,153	-591.41	197.75	-624.66	-99.68
Change in Accounts Receivable	-267.9	262.18	442.4	54.42	-71.6
Change in Inventory	92.83	598.21	-7.14	-31.63	-161.3
Change in Accounts Payable	-160.14	-568.38	61.58	-159.24	62.1
Change in Other Net Operating Assets	-165.71	4.73	-459.34	-141.86	-13.18
Operating Cash Flow	783.62	352.86	621.4	55.3	-383.81
Operating Cash Flow Growth	122.07%	-43.21%	1023.64%	-	-
Capital Expenditures	-578.03	-623.66	-332.09	-79.7	-70.78
Sale of Property, Plant & Equipment	5.81	-	0.28	1.12	-
Sale (Purchase) of Intangibles	-	-1.57	-0.96	-0.01	-
Sale (Purchase) of Real Estate	-	-	-	-1.51	-
Other Investing Activities	-	-	-	-	2.06
Investing Cash Flow	-572.22	-625.23	-332.77	-80.1	-68.72
Short-Term Debt Issued	87.34	23.62	8.52	-	9.52
Long-Term Debt Issued	1,624	3,170	2,210	1,478	349.46
Total Debt Issued	1,712	3,193	2,219	1,478	358.98
Short-Term Debt Repaid	-	-	-	-256.85	-
Long-Term Debt Repaid	-1,504	-2,408	-1,987	-604.03	-200.63
Total Debt Repaid	-1,504	-2,408	-1,987	-860.88	-200.63
Net Debt Issued (Repaid)	207.92	785.6	231.66	617.33	158.34
Other Financing Activities	-502.04	-460.12	-386.91	-550.94	-62.39
Financing Cash Flow	-294.12	325.48	-155.25	66.39	95.96
Miscellaneous Cash Flow Adjustments	-51.37	-73.02	-31.16	-22.73	364.26
Net Cash Flow	-134.09	-19.9	102.22	18.86	7.69
Free Cash Flow	205.58	-270.79	289.31	-24.4	-454.59
Free Cash Flow Margin	4.61%	-6.07%	6.25%	-0.66%	-47.50%
Free Cash Flow Per Share	7.56	-9.96	10.64	-0.90	-16.71
Cash Interest Paid	512.86	475.31	400.02	550.94	62.39
Cash Income Tax Paid	0.53	0.1	0.67	20.4	4.57
Levered Free Cash Flow	-867.14	-447.55	-294.4	-56.38	50.53
Unlevered Free Cash Flow	-528.68	-156.98	-12.53	83.59	120.64
Change in Working Capital	-500.92	296.74	37.5	-278.31	-183.98

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