IST:ARFYE 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	-118.23	7.97	101.19	5.01	101.82	0.42
Depreciation & Amortization	36.07	37.46	17.95	6.6	3.62	0.16
Loss (Gain) on Sale of Assets	-22.62	-22.62	-23.18	-0.35	-142.16	-
Asset Writedown	-	-	-	-0.36	1.31	-1.96
Change in Accounts Receivable	88.61	-111.22	-282.64	-105.94	-149.89	-
Change in Inventory	-16.94	6.36	-16.7	-5.04	-0.94	0.11
Change in Accounts Payable	7.47	16.73	-3.67	9.49	-16.57	9.46
Change in Unearned Revenue	-1.17	-0.3	-2.02	-	-	-
Change in Other Net Operating Assets	9.5	5.34	103.44	42.95	3.34	13.6
Other Operating Activities	143.5	39.1	144.42	47.69	11.23	2.88
Operating Cash Flow	126.19	-21.19	38.78	0.04	-188.24	24.67
Operating Cash Flow Growth	-	-	104227.00%	-	-	-
Capital Expenditures	-7.32	-7.36	-13.66	-24.48	-19.79	-26.51
Sale of Property, Plant & Equipment	-	-	1.23	0.93	0.12	-
Sale (Purchase) of Intangibles	-	-	-	-0.14	141.64	-0.01
Other Investing Activities	-	-	-	-	-0.2	-
Investing Cash Flow	-7.32	-7.36	-12.43	-24.28	121.57	-26.53
Long-Term Debt Issued	-	59.38	29.14	9.01	6.51	8.21
Long-Term Debt Repaid	-	-0.44	-47.82	-26.72	-15.15	-6.6
Net Debt Issued (Repaid)	105.51	58.94	-18.68	-17.7	-8.64	1.62
Issuance of Common Stock	-	-	2.1	40	122.44	-
Other Financing Activities	-221.33	-48.58	-24.06	-8.81	-2.41	0
Financing Cash Flow	-115.83	10.36	-40.65	13.48	111.39	1.62
Miscellaneous Cash Flow Adjustments	-	-	-22	-	-	-
Net Cash Flow	3.04	-18.2	-36.3	-10.76	44.71	-0.24
Free Cash Flow	118.87	-28.56	25.11	-24.44	-208.03	-1.84
Free Cash Flow Margin	52.63%	-19.88%	9.21%	-26.72%	-127.39%	-
Free Cash Flow Per Share	0.81	-0.19	0.17	-0.23	-5.05	-0.92
Cash Interest Paid	102.83	49.11	24.35	9.48	4.26	-
Cash Income Tax Paid	-	-	0.03	0.03	0.09	-
Levered Free Cash Flow	-	-145.82	-269.32	-73.24	54.46	-
Unlevered Free Cash Flow	-	-102.89	-254.1	-66.45	57.5	-
Change in Working Capital	87.47	-83.1	-201.6	-58.55	-164.07	23.17

Source: S&P Capital IQ. Utility template. Financial Sources.