IST:KZBGY 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	281.45	7,274	-2,736	3,210	139.55
Depreciation & Amortization	15.81	13.13	7.69	11.39	1.56
Asset Writedown	493.03	-5,970	2,788	-2,745	-12.79
Change in Accounts Receivable	-797.49	-603.7	-830.36	-	-
Change in Accounts Payable	341.02	178.04	275.9	-45.69	-43.37
Change in Other Net Operating Assets	72.43	-472.91	342.05	-729.41	-81.18
Other Operating Activities	2,534	2,624	261.36	547.85	12.58
Operating Cash Flow	205.68	-159.66	989.35	543.72	468.12
Operating Cash Flow Growth	-	-	81.96%	16.15%	-
Acquisition of Real Estate Assets	-1,241	-880.78	-1,211	-537.01	-16.56
Net Sale / Acq. of Real Estate Assets	-1,241	-880.78	-1,211	-537.01	-16.56
Investing Cash Flow	-1,241	-880.78	-1,211	-537.11	-16.62
Long-Term Debt Issued	-	1,158	-	658.38	-
Long-Term Debt Repaid	-	-20.84	-1.56	-504.96	-
Total Debt Repaid	-4,606	-20.84	-1.56	-504.96	-0.93
Net Debt Issued (Repaid)	2,114	1,137	-1.56	153.41	-0.93
Other Financing Activities	-1,001	-198.13	-1.67	-65.49	-0.58
Foreign Exchange Rate Adjustments	2.23	-47.44	-245.83	-577.47	-11.66
Net Cash Flow	79.84	-149.08	-470.67	-482.93	438.34
Cash Interest Paid	-	-	-	-	0.58
Levered Free Cash Flow	-3,718	-516.3	-435.07	-981.29	-
Unlevered Free Cash Flow	-2,954	-403.82	-432.95	-966.64	-
Change in Working Capital	-3,118	-4,100	668.25	-479.83	327.22

Source: S&P Capital IQ. Real Estate template. Financial Sources.