IST:PAPIL 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	-7.67	-19.38	78.18	-48.66	24.66	9.45
Depreciation & Amortization	2.22	4.17	7.24	5.77	1.28	1.2
Other Amortization	22.47	22.47	10.85	6.06	0.62	0.12
Loss (Gain) From Sale of Investments	-118.86	-118.86	-141.74	-28.88	-	-
Provision & Write-off of Bad Debts	-	-	-0.24	0.1	-	0.04
Other Operating Activities	530.63	302.36	96.32	67.68	3.47	-5.88
Change in Accounts Receivable	31.51	-121.22	24.5	4.78	-9.54	-1.28
Change in Inventory	3.92	54.9	-27.69	5.51	-0.43	-2.09
Change in Accounts Payable	-18.33	9.6	-3.95	2.38	0.17	-6.45
Change in Unearned Revenue	-	-	-	-	-0.31	0.83
Change in Other Net Operating Assets	-77.26	-3.99	4.43	0.83	-1.53	1.49
Operating Cash Flow	342.52	130.05	47.91	15.57	18.39	-2.57
Operating Cash Flow Growth	5852.95%	171.47%	207.73%	-15.36%	-	-
Capital Expenditures	-24.65	-5.04	-1.65	-1.02	-0.2	-0.31
Sale of Property, Plant & Equipment	0.03	-	-	-	-	0.02
Sale (Purchase) of Intangibles	-43.01	-43.01	-47.5	-14.57	-5.96	-2.97
Investment in Securities	-103.43	-44.82	4.93	-67.65	-	-
Investing Cash Flow	-172.99	-92.86	-44.22	-83.25	-6.16	-3.26
Long-Term Debt Repaid	-	-2.55	-5.51	-3.89	-1.16	-1.23
Net Debt Issued (Repaid)	33.1	-2.55	-5.51	-3.89	-1.16	-1.23
Issuance of Common Stock	5.85	5.85	-	-	-	-
Repurchase of Common Stock	-	-	-1.56	-3.92	-	-
Common Dividends Paid	-2.25	-2.25	-4.77	-0.82	-0.5	-1.93
Other Financing Activities	-43.52	1.47	4.13	7.34	3.75	5.76
Financing Cash Flow	-6.83	2.52	-7.71	-1.28	2.09	2.6
Foreign Exchange Rate Adjustments	0.43	0.13	-0.09	11.19	0.2	-
Miscellaneous Cash Flow Adjustments	-70.54	-88.99	-53.69	-82.36	-	-
Net Cash Flow	92.59	-49.15	-57.81	-140.13	14.52	-3.22
Free Cash Flow	317.87	125.02	46.26	14.54	18.19	-2.88
Free Cash Flow Growth	-	170.26%	218.08%	-20.05%	-	-
Free Cash Flow Margin	136.38%	53.41%	43.22%	19.85%	61.88%	-10.76%
Free Cash Flow Per Share	1.54	0.61	0.23	0.07	0.09	-0.01
Cash Income Tax Paid	6.23	1.64	6.79	9.41	1.08	2.58
Levered Free Cash Flow	-91.49	-62.64	-62.05	-57.14	-14.68	-12.56
Unlevered Free Cash Flow	-91.11	-60.16	-61.54	-56.71	-14.27	-12.31
Change in Working Capital	-60.17	-60.71	-2.7	13.5	-11.64	-7.49

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