IST:SRVGY 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	2,223	1,986	7,235	4,709	672.36	903.63
Depreciation & Amortization	6.87	6.22	3.42	2.26	0.18	0.34
Asset Writedown	-5,768	-5,768	-1,889	-4,143	-1,641	-88.9
Change in Accounts Receivable	260.4	26.62	-76	68.7	-52.05	-47.91
Change in Accounts Payable	899.17	-68.17	62.81	14	-80.63	27.43
Change in Other Net Operating Assets	-434.53	-515.89	-370.38	-177.13	1,840	-1,246
Other Operating Activities	4,720	4,316	-2,826	540.1	1,168	426.95
Operating Cash Flow	2,205	-80.95	1,729	1,439	1,520	16.75
Operating Cash Flow Growth	-	-	20.12%	-5.29%	8969.97%	-78.91%
Acquisition of Real Estate Assets	-878.11	-48.98	-80.71	-51.66	-1,494	-59.67
Sale of Real Estate Assets	-	-	-	-	56.88	48.23
Net Sale / Acq. of Real Estate Assets	-878.11	-48.98	-80.71	-51.66	-1,437	-11.44
Investment in Marketable & Equity Securities	-901.6	-	-	-	-	-
Investing Cash Flow	-1,780	-48.98	-80.71	-51.66	-1,437	-11.44
Long-Term Debt Issued	-	250	-	41.19	805.38	65.09
Long-Term Debt Repaid	-	-101.44	-359.63	-413.08	-195.78	-32.75
Net Debt Issued (Repaid)	-278.66	148.56	-359.63	-371.89	609.61	32.34
Other Financing Activities	-149.4	-117.43	-1,134	-1,553	-186.99	-10.84
Foreign Exchange Rate Adjustments	-1.67	-1.22	-	-916.8	-	-
Miscellaneous Cash Flow Adjustments	1.48	-35.42	-6.71	-	-	-
Net Cash Flow	-2.88	-135.45	148.01	-1,454	505.07	26.81
Cash Interest Paid	125.85	130.96	1,170	1,553	49.67	10.84
Cash Income Tax Paid	-	-	-	-	75.8	-
Levered Free Cash Flow	-2,253	712.61	-27.32	334.62	1,704	-426.54
Unlevered Free Cash Flow	-2,162	802.92	855.42	513.05	1,735	-419.76
Change in Working Capital	1,024	-620.64	-794.34	331.12	1,320	-1,225

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