Turcas Holding A.S. 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	615.79	898.04	1,193	768.95	-80.1
Depreciation & Amortization	38.89	29.25	21.57	14.64	2.83
Loss (Gain) on Sale of Assets	0.24	-0	-23.94	351.03	0.01
Loss (Gain) on Sale of Investments	-222.52	6.28	-	-	-48.87
Loss (Gain) on Equity Investments	-738.72	-694.15	-852.9	151.36	-174.91
Change in Accounts Receivable	0.03	0.14	-0.26	0.19	-0
Change in Accounts Payable	6.3	-0.58	3.42	1.64	0.41
Change in Other Net Operating Assets	-28.09	28.35	0.89	99.38	-4.05
Other Operating Activities	-114.15	-293.54	-718.65	-857.42	206.87
Net Cash from Discontinued Operations	-	-	-	92.14	198.57
Operating Cash Flow	-442.22	-26.19	-376.77	621.9	100.77
Operating Cash Flow Growth	-	-	-	517.16%	88.41%
Capital Expenditures	-33.61	-25.2	-66.95	-13.1	-3.07
Sale of Property, Plant & Equipment	0.09	0.03	24.34	-	-
Cash Acquisitions	-159.53	-	-	-	-
Sale (Purchase) of Intangibles	-0.16	-1.08	-	-	-
Other Investing Activities	1,541	632.41	875.69	352.24	105.2
Investing Cash Flow	1,348	606.15	833.07	339.14	102.13
Long-Term Debt Repaid	-	-453.15	-265.26	-912.67	-186.74
Net Debt Issued (Repaid)	-	-453.15	-265.26	-912.67	-186.74
Common Dividends Paid	-480.31	-137.62	-	-	-
Other Financing Activities	149.61	100.18	36.54	-30.37	-60.5
Financing Cash Flow	-330.7	-490.59	-228.73	-943.04	-247.24
Foreign Exchange Rate Adjustments	-83.49	-79.77	-43.48	-21.99	-
Net Cash Flow	491.69	9.6	184.11	-3.99	-44.34
Free Cash Flow	-475.83	-51.39	-443.72	608.81	97.7
Free Cash Flow Growth	-	-	-	523.13%	252.68%
Free Cash Flow Per Share	-1.86	-0.20	-1.74	2.38	0.38
Cash Interest Paid	-	14.04	59.69	30.37	20.72
Cash Income Tax Paid	-	3.49	0.45	-0.23	-0.27
Levered Free Cash Flow	-546.71	37.82	-200.48	-215.46	49.81
Unlevered Free Cash Flow	-543.49	50.32	-155.4	-195.71	62.81
Change in Working Capital	-21.75	27.91	4.04	101.21	-3.64

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