IST:BIGEN 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	-244	323.44	779.13	233.95	99.19
Depreciation & Amortization	283.1	198.59	94.49	54.1	9.75
Loss (Gain) on Sale of Assets	-	-	-0.03	-10.79	-25.32
Change in Accounts Receivable	-35.04	-8.66	-44.52	-10.07	1.99
Change in Inventory	5.21	-1.27	-1.6	-1	-1.34
Change in Accounts Payable	-67.05	111.22	-8.07	2.91	-6.31
Change in Unearned Revenue	0.25	-3.68	6.69	-0.03	1.72
Change in Other Net Operating Assets	-90.75	-92.93	-244.05	219.59	295.74
Other Operating Activities	664.5	171.34	-258.79	42.11	7.2
Operating Cash Flow	516.21	698.05	323.24	530.77	382.6
Operating Cash Flow Growth	-26.05%	115.95%	-39.10%	38.72%	-
Capital Expenditures	-580.57	-817.26	-4.42	-3.34	-7
Sale of Property, Plant & Equipment	113.48	0.35	0.6	0.04	0.18
Cash Acquisitions	-	-50.5	-375.24	-385	-344.2
Divestitures	33.5	-	-	-	-
Sale (Purchase) of Intangibles	-1.17	-0.75	-	-28.86	-14.99
Other Investing Activities	49.63	10.84	3.49	0.5	0.44
Investing Cash Flow	-385.12	-857.32	-375.57	-390.65	-304.63
Long-Term Debt Issued	293.46	562.04	440.57	24.13	113.37
Long-Term Debt Repaid	-571.19	-266.68	-292.88	-130.43	-32.11
Net Debt Issued (Repaid)	-277.73	295.36	147.69	-106.3	81.26
Issuance of Common Stock	897.22	-	360	110.04	-
Financing Cash Flow	619.49	295.36	507.69	3.74	81.26
Foreign Exchange Rate Adjustments	-526.73	-225.36	-319.67	-147.87	-118.03
Net Cash Flow	223.85	-89.26	135.69	-4.01	41.21
Free Cash Flow	-64.35	-119.21	318.83	527.42	375.6
Free Cash Flow Growth	-	-	-39.55%	40.42%	-
Free Cash Flow Margin	-4.24%	-10.90%	52.47%	140.08%	406.16%
Free Cash Flow Per Share	-0.11	-0.24	2.10	10.24	62.60
Cash Income Tax Paid	22.79	25.58	14.14	5.23	4.29
Levered Free Cash Flow	-634.07	-482.59	-223.06	275.84	-
Unlevered Free Cash Flow	-182.64	-348.89	-114.61	319.81	-
Change in Working Capital	-187.39	4.68	-291.55	211.4	291.8

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