IST:TSGYO 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	2015 - 2019
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	2015 - 2019
Net Income	-272.01	-22.43	517.37	982.69	124.88	-45.78	Upgrade
Depreciation & Amortization	2.08	1.52	1.04	0.31	0.09	0.09	Upgrade
Other Amortization	0.02	0.02	0.04	0.03	0.01	0.01	Upgrade
Asset Writedown	-60.19	-203.82	-485.22	-958.68	-140.12	-23.66	Upgrade
Income (Loss) on Equity Investments	-11.86	-14.51	-1.41	-6.55	-1.24	0.92	Upgrade
Change in Accounts Receivable	-4.13	-1.93	1.33	2.41	-1.83	-0.56	Upgrade
Change in Accounts Payable	-18.71	18.68	8.87	2.08	0.67	-0.72	Upgrade
Change in Other Net Operating Assets	72.93	-114.3	-5.94	8.1	3.44	22.56	Upgrade
Other Operating Activities	407.24	287.79	10.6	12.2	27.54	77.2	Upgrade
Operating Cash Flow	120.24	-46.99	46.72	42.74	13.88	30.48	Upgrade
Operating Cash Flow Growth	-	-	9.30%	208.01%	-54.47%	139.10%	Upgrade
Acquisition of Real Estate Assets	-34.39	-83.51	-1.43	-0.89	-0.1	-3.92	Upgrade
Sale of Real Estate Assets	0.04	0.04	-	-	1.05	-	Upgrade
Net Sale / Acq. of Real Estate Assets	-34.35	-83.47	-1.43	-0.89	0.94	-3.92	Upgrade
Investing Cash Flow	-34.4	-83.47	-1.53	-0.91	0.94	-3.93	Upgrade
Short-Term Debt Issued	-	127.5	-	-	-	-	Upgrade
Long-Term Debt Issued	-	-	-	-	-	121.78	Upgrade
Total Debt Issued	-61.86	127.5	-	-	-	121.78	Upgrade
Short-Term Debt Repaid	-	-25.92	-	-	-	-	Upgrade
Long-Term Debt Repaid	-	-	-	-	-150.58	-247.5	Upgrade
Total Debt Repaid	-25.92	-25.92	-	-	-150.58	-247.5	Upgrade
Net Debt Issued (Repaid)	-87.78	101.58	-	-	-150.58	-125.72	Upgrade
Issuance of Common Stock	-	-	-	-	150.27	200.27	Upgrade
Other Financing Activities	-40.1	46.38	24.46	-	-14.75	-98.84	Upgrade
Foreign Exchange Rate Adjustments	0.02	0.01	0.6	0.07	-0.07	0.17	Upgrade
Miscellaneous Cash Flow Adjustments	-14.55	-27.22	-39.43	-19.66	-	-	Upgrade
Net Cash Flow	-56.57	-9.71	30.82	22.25	-0.3	2.43	Upgrade
Cash Interest Paid	86.49	-	-	-	14.75	98.84	Upgrade
Levered Free Cash Flow	11.63	-70.13	24.96	26.69	1.27	-8.07	Upgrade
Unlevered Free Cash Flow	37.02	-70.06	25	26.69	9.31	4.95	Upgrade
Change in Working Capital	50.09	-97.55	4.26	12.6	2.28	21.28	Upgrade

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