IST:SRVGY 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	FY 2020	2019 - 2015
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	Dec '20 Dec 31, 2020	2019 - 2015
Net Income	2,223	1,986	7,235	4,709	672.36	903.63	Upgrade
Depreciation & Amortization	6.87	6.22	3.42	2.26	0.18	0.34	Upgrade
Asset Writedown	-5,768	-5,768	-1,889	-4,143	-1,641	-88.9	Upgrade
Change in Accounts Receivable	260.4	26.62	-76	68.7	-52.05	-47.91	Upgrade
Change in Accounts Payable	899.17	-68.17	62.81	14	-80.63	27.43	Upgrade
Change in Other Net Operating Assets	-434.53	-515.89	-370.38	-177.13	1,840	-1,246	Upgrade
Other Operating Activities	4,720	4,316	-2,826	540.1	1,168	426.95	Upgrade
Operating Cash Flow	2,205	-80.95	1,729	1,439	1,520	16.75	Upgrade
Operating Cash Flow Growth	-	-	20.12%	-5.29%	8969.97%	-78.91%	Upgrade
Acquisition of Real Estate Assets	-878.11	-48.98	-80.71	-51.66	-1,494	-59.67	Upgrade
Sale of Real Estate Assets	-	-	-	-	56.88	48.23	Upgrade
Net Sale / Acq. of Real Estate Assets	-878.11	-48.98	-80.71	-51.66	-1,437	-11.44	Upgrade
Investment in Marketable & Equity Securities	-901.6	-	-	-	-	-	Upgrade
Investing Cash Flow	-1,780	-48.98	-80.71	-51.66	-1,437	-11.44	Upgrade
Long-Term Debt Issued	-	250	-	41.19	805.38	65.09	Upgrade
Long-Term Debt Repaid	-	-101.44	-359.63	-413.08	-195.78	-32.75	Upgrade
Net Debt Issued (Repaid)	-278.66	148.56	-359.63	-371.89	609.61	32.34	Upgrade
Other Financing Activities	-149.4	-117.43	-1,134	-1,553	-186.99	-10.84	Upgrade
Foreign Exchange Rate Adjustments	-1.67	-1.22	-	-916.8	-	-	Upgrade
Miscellaneous Cash Flow Adjustments	1.48	-35.42	-6.71	-	-	-	Upgrade
Net Cash Flow	-2.88	-135.45	148.01	-1,454	505.07	26.81	Upgrade
Cash Interest Paid	125.85	130.96	1,170	1,553	49.67	10.84	Upgrade
Cash Income Tax Paid	-	-	-	-	75.8	-	Upgrade
Levered Free Cash Flow	-2,253	712.61	-27.32	334.62	1,704	-426.54	Upgrade
Unlevered Free Cash Flow	-2,162	802.92	855.42	513.05	1,735	-419.76	Upgrade
Change in Working Capital	1,024	-620.64	-794.34	331.12	1,320	-1,225	Upgrade

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