IST:MACKO 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	342.42	255.42	219.95	113.41	85.54
Depreciation & Amortization	51.13	40.03	30.6	21.91	5.2
Provision & Write-off of Bad Debts	0.9	0.57	0.53	0.38	-0.56
Other Operating Activities	59.73	40.79	89.31	79.94	4.46
Change in Accounts Receivable	-92.91	-15.5	-36.32	-12	-14.49
Change in Accounts Payable	-5.26	1.57	-4.83	-1.24	1.34
Change in Unearned Revenue	1.34	0.31	-0.26	0.39	-0.01
Change in Other Net Operating Assets	-216.99	-64.78	-60.34	-5.3	62.77
Operating Cash Flow	140.37	258.42	238.64	197.48	144.24
Operating Cash Flow Growth	-65.55%	8.29%	20.84%	36.91%	-
Capital Expenditures	-2.89	-4.43	-9.71	-3.75	-0.27
Cash Acquisitions	-	-	-	-	-48.99
Sale (Purchase) of Intangibles	-47.56	-35.57	-26.2	-6.35	-4.01
Investing Cash Flow	-50.46	-40.01	-35.91	-10.1	-53.27
Long-Term Debt Issued	-	3.73	12.95	-	-
Long-Term Debt Repaid	-	-10.71	-17.49	-5.37	-0.42
Net Debt Issued (Repaid)	71.71	-6.98	-4.54	-5.37	-0.42
Issuance of Common Stock	-	-	-	-	0.75
Common Dividends Paid	-56.37	-239.81	-142.74	-68.65	-101.29
Other Financing Activities	-15.02	1.93	9.83	0.36	0.34
Financing Cash Flow	-114.54	-244.86	-137.45	-73.66	-100.62
Foreign Exchange Rate Adjustments	33.03	7.15	-13.63	4.8	9.1
Miscellaneous Cash Flow Adjustments	-19.43	-44.55	-92.4	-84.99	-
Net Cash Flow	-11.03	-63.85	-40.76	33.53	-0.54
Free Cash Flow	137.47	253.98	228.92	193.74	143.97
Free Cash Flow Growth	-65.61%	10.95%	18.16%	34.56%	-
Free Cash Flow Margin	15.82%	36.42%	42.14%	56.69%	126.46%
Free Cash Flow Per Share	1.96	2.54	2.29	2.12	8.08
Levered Free Cash Flow	-24.05	77.21	126.94	73.28	-
Unlevered Free Cash Flow	-11.84	78.26	128.04	74.21	-
Change in Working Capital	-313.82	-78.39	-101.75	-18.15	49.61

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