IST:BULGS 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
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
Net Income	877.53	1,384	1,803	-1.71	72.49
Depreciation & Amortization	2.87	8.51	4.76	2.28	2.11
Other Operating Activities	-138.88	-135.21	81.95	0.14	-79.17
Change in Accounts Receivable	-0.49	-0.49	0.07	-	-
Change in Accounts Payable	-0.19	-0.37	0.36	0.42	-0.57
Change in Income Taxes	-14	-1.43	-0.64	-	-
Change in Other Net Operating Assets	-864.27	0.47	17.12	-0.14	-0
Operating Cash Flow	-137.42	1,256	1,907	0.99	-5.15
Operating Cash Flow Growth	-	-34.15%	191594.82%	-	-
Capital Expenditures	0.81	-4.6	-0.62	-0.29	-0.84
Sale (Purchase) of Intangibles	-7.75	-0.08	-0.02	-0.01	-0.02
Investment in Securities	-732.6	-1,375	-2,115	-10.73	-159.14
Other Investing Activities	-	-	-	-	-14.99
Investing Cash Flow	-739.55	-1,379	-2,115	-11.03	-175
Long-Term Debt Issued	-	-	6.44	0.02	-
Total Debt Issued	-11.28	-	6.44	0.02	14.65
Long-Term Debt Repaid	-	-5.23	-	-2.82	-
Net Debt Issued (Repaid)	-20.58	-5.23	6.44	-2.79	14.65
Issuance of Common Stock	931.9	160	181.65	57.04	200.16
Other Financing Activities	-	-	-	0.02	-
Financing Cash Flow	911.33	154.77	188.09	54.27	214.81
Foreign Exchange Rate Adjustments	-19.37	-19.37	-21.63	-	-
Miscellaneous Cash Flow Adjustments	-57.44	-	-	-	-0
Net Cash Flow	-42.45	11.57	-42.06	44.24	34.66
Free Cash Flow	-136.62	1,251	1,906	0.7	-5.99
Free Cash Flow Growth	-	-34.37%	270967.87%	-	-
Free Cash Flow Margin	-10.28%	38.13%	297.60%	0.27%	-4.91%
Free Cash Flow Per Share	-0.54	6.25	47.65	0.02	-0.20
Levered Free Cash Flow	-	1,403	164.16	11.63	-
Unlevered Free Cash Flow	-	1,406	164.72	12.14	-
Change in Working Capital	-878.95	-1.83	16.92	0.28	-0.58

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