IST:SERNT 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	-1,346	640.41	1,387	1,120	-817.64
Depreciation & Amortization	198.19	223.51	224.67	240.07	178.3
Other Amortization	0.1	0.4	-	51.33	61.82
Asset Writedown & Restructuring Costs	-13.39	-16.8	-12.2	-31.55	-1.97
Loss (Gain) on Equity Investments	-	-	201.3	-8.54	10.75
Provision & Write-off of Bad Debts	-2.29	-	-0.22	57.04	21.11
Other Operating Activities	2,185	1,563	-186.48	-135.68	495.63
Change in Accounts Receivable	-241.43	101.13	550.85	43.7	-91.07
Change in Inventory	545.25	-604.76	-106.85	-165.69	-632.07
Change in Accounts Payable	16.24	38.63	-249.3	68.42	-51.93
Change in Unearned Revenue	-20.06	158.19	-70.62	-210.29	161.53
Change in Other Net Operating Assets	42.96	-219.49	-395.18	53.84	87.37
Operating Cash Flow	1,365	1,884	1,343	1,082	-578.18
Operating Cash Flow Growth	-11.18%	40.23%	24.12%	-	-
Capital Expenditures	-32.52	-84.7	-202.06	-64.81	-96.52
Sale (Purchase) of Real Estate	-1.07	-0.54	-5.4	-6.51	-
Investing Cash Flow	-71	-85.24	-207.46	-71.32	-96.52
Long-Term Debt Issued	-	1,253	1,122	1,440	1,224
Long-Term Debt Repaid	-	-1,521	-2,169	-2,021	-253.4
Net Debt Issued (Repaid)	-607.88	-267.27	-1,046	-581.35	970.34
Issuance of Common Stock	1,564	-	317.63	-	-
Other Financing Activities	-2,245	-1,558	-375.57	-436.13	-144.09
Financing Cash Flow	-1,289	-1,825	-1,104	-1,017	826.26
Foreign Exchange Rate Adjustments	-5.23	-20.02	-21.68	-99.57	-17.04
Net Cash Flow	-0.13	-46.47	9.99	-106.02	134.52
Free Cash Flow	1,332	1,799	1,141	1,018	-674.7
Free Cash Flow Growth	-7.88%	57.64%	12.16%	-	-
Free Cash Flow Margin	59.74%	87.16%	40.17%	25.95%	-24.34%
Free Cash Flow Per Share	3.46	6.00	4.37	12.72	-8.43
Cash Interest Paid	2,245	1,558	375.57	436.13	144.09
Levered Free Cash Flow	-1,147	-806.8	-405.81	212.54	-
Unlevered Free Cash Flow	-274.59	71.04	-43.36	651.34	-
Change in Working Capital	342.96	-526.3	-271.09	-210.01	-526.18

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