IST:ZRGYO 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	2017 - 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	2017 - 2019
Net Income	5,040	3,057	5,989	9,112	1,320	377.76	Upgrade
Depreciation & Amortization	1.77	10.28	8.61	6.01	0.93	0.17	Upgrade
Gain (Loss) on Sale of Assets	-	-	-	-	-	-1.88	Upgrade
Asset Writedown	-5,305	-5,305	-6,691	-10,472	-1,047	-312.82	Upgrade
Income (Loss) on Equity Investments	-	-	-	-	-0.41	-0.31	Upgrade
Change in Accounts Receivable	-319.88	273.27	-779.28	-17.42	-1.91	-5.03	Upgrade
Change in Accounts Payable	38.13	55.27	293.3	-13.53	152.16	45.47	Upgrade
Change in Other Net Operating Assets	873.44	-65.92	363.1	698.59	-195	-1.09	Upgrade
Other Operating Activities	2,180	4,261	-257.79	741.78	-86.27	9.04	Upgrade
Operating Cash Flow	685.74	2,956	-1,010	124.36	180.85	101.64	Upgrade
Operating Cash Flow Growth	-69.56%	-	-	-31.24%	77.94%	217.70%	Upgrade
Acquisition of Real Estate Assets	-1,255	-2,851	-4,543	-3,329	-1,238	-700.84	Upgrade
Sale of Real Estate Assets	1,183	1,119	4,184	301.87	0.04	38.08	Upgrade
Net Sale / Acq. of Real Estate Assets	-71.25	-1,732	-359.36	-3,027	-1,238	-662.76	Upgrade
Investment in Marketable & Equity Securities	-	-	537.8	-	-	-6	Upgrade
Investing Cash Flow	-71.25	-1,732	178.45	-3,027	-1,238	-668.76	Upgrade
Short-Term Debt Issued	-	-	-	-	-	209.59	Upgrade
Long-Term Debt Issued	-	2,209	4,311	1,911	201.25	-	Upgrade
Total Debt Issued	2,707	2,209	4,311	1,911	201.25	209.59	Upgrade
Short-Term Debt Repaid	-	-	-	-	-	-557.59	Upgrade
Long-Term Debt Repaid	-	-940.36	-309.72	-1.37	-402.77	-	Upgrade
Total Debt Repaid	-1,320	-940.36	-309.72	-1.37	-402.77	-557.59	Upgrade
Net Debt Issued (Repaid)	1,386	1,269	4,001	1,910	-201.52	-348	Upgrade
Issuance of Common Stock	-	-	-	0.59	1,851	832.07	Upgrade
Common Dividends Paid	-301.69	-227.29	-38.21	-29.92	-	-	Upgrade
Other Financing Activities	-1,610	-2,318	-876.07	-25.77	-20.76	-13.84	Upgrade
Foreign Exchange Rate Adjustments	50.58	34.9	31.6	1.65	1.6	-0.98	Upgrade
Miscellaneous Cash Flow Adjustments	-6.18	-906.21	-380.41	-	-	-	Upgrade
Net Cash Flow	133.64	-922.98	1,907	-1,046	573.64	-97.88	Upgrade
Cash Interest Paid	1,610	2,318	876.07	25.77	20.76	13.84	Upgrade
Cash Income Tax Paid	-	-	-	-	-	0.09	Upgrade
Levered Free Cash Flow	-218.02	-237.99	-763.05	203.34	185.84	-101.21	Upgrade
Unlevered Free Cash Flow	836.75	1,242	-215.29	243.17	188.49	-99.56	Upgrade
Change in Working Capital	-1,230	932.98	-58.61	737.03	-6.48	29.68	Upgrade

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.