IST:PAGYO 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	677.42	820.7	3,811	1,812	249.69	29.43
Depreciation & Amortization	0.63	0.29	1.13	0.76	0.13	0.13
Other Amortization	-	-	-	-	0.03	0.03
Gain (Loss) on Sale of Assets	-	-	-	-	-	0.01
Asset Writedown	-466.98	-466.98	-3,424	-1,649	-201.09	0.46
Change in Accounts Receivable	5.86	17.19	-9.34	-42.5	-5.48	1.7
Change in Accounts Payable	-184.23	-316.68	647.28	12.06	2.5	-0.75
Change in Other Net Operating Assets	-2.74	15.9	9.13	9.04	3.25	-2.04
Other Operating Activities	345.58	202.66	-294.09	46.81	-1.26	0.93
Operating Cash Flow	388.7	288.05	751.21	189.05	47.72	29.54
Operating Cash Flow Growth	-65.31%	-61.66%	297.36%	296.15%	61.55%	-47.77%
Acquisition of Real Estate Assets	-6.54	-2.21	-1,072	-0.55	-0.57	-7.82
Sale of Real Estate Assets	-	-	-	-	-	0.02
Net Sale / Acq. of Real Estate Assets	-6.54	-2.21	-1,072	-0.55	-0.57	-7.79
Investing Cash Flow	-6.54	-2.21	-1,073	-0.69	-0.58	-7.83
Short-Term Debt Issued	-	-	-	9.89	-	-
Total Debt Issued	-	-	-	9.89	-	-
Short-Term Debt Repaid	-	-10.82	-3.36	-	-	-
Total Debt Repaid	-16.47	-10.82	-3.36	-	-	-
Net Debt Issued (Repaid)	-16.47	-10.82	-3.36	9.89	-	-
Common Dividends Paid	-476.19	-279.39	-194.02	-78.62	-39.85	-38.54
Other Financing Activities	66.96	73.88	57.07	10.23	1.37	-
Miscellaneous Cash Flow Adjustments	20.43	14.31	75.25	-	-	-
Net Cash Flow	-23.1	83.83	-386.6	129.86	8.66	-16.83
Cash Income Tax Paid	34.48	-	-	0.32	0.05	-0.44
Levered Free Cash Flow	286.56	227.93	416.38	101.83	8.88	34.01
Unlevered Free Cash Flow	348.23	293	426.28	101.83	9.23	34.24
Change in Working Capital	-177.97	-284.82	648.76	-20.95	0.07	-1.74

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