IST:ALFAS 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	-144.47	199.21	1,500	816.02	48.4
Depreciation & Amortization	178.18	100.56	39.55	13.35	2.44
Loss (Gain) on Sale of Assets	0	-	-1.47	-	-0.02
Loss (Gain) on Sale of Investments	-24.12	1.61	-240.99	-9.59	-0.03
Loss (Gain) on Equity Investments	-73.53	-63.11	-	-	2.52
Asset Writedown	16.48	16.44	28.69	0.17	-0.04
Change in Accounts Receivable	-1,253	-506.59	-141.98	36.91	0.63
Change in Inventory	1,091	700.89	-813.68	-370.47	-100.19
Change in Accounts Payable	426.6	-662.41	274.16	100.87	198.29
Change in Unearned Revenue	-761.45	-393.55	201.25	698.83	9.94
Change in Other Net Operating Assets	447.85	434.05	-420.91	-223.49	-39.64
Other Operating Activities	-682.66	409.45	-1,437	-151.43	-2.69
Operating Cash Flow	-778.44	237.4	-1,012	907.82	119.1
Operating Cash Flow Growth	-	-	-	662.21%	-
Capital Expenditures	-773.51	-773.51	-841.16	-336.57	-29.49
Sale of Property, Plant & Equipment	0.07	0.07	2.21	-	0.51
Cash Acquisitions	-450.64	-463.88	-134.61	-	-
Sale (Purchase) of Intangibles	-3.57	-3.48	-	-	-
Investment in Securities	116.19	-578.43	-273.92	-45.87	2.69
Investing Cash Flow	-1,111	-1,819	-1,271	-382.64	-28.4
Long-Term Debt Issued	-	1,572	414.63	153.74	19.84
Long-Term Debt Repaid	-	-638.42	-53.64	-160.17	-18.74
Net Debt Issued (Repaid)	1,021	934.08	360.98	-6.44	1.1
Issuance of Common Stock	-	-	476.45	559.79	-
Common Dividends Paid	-	-431.45	-437.73	-81.2	-
Other Financing Activities	90.59	30.05	284.73	22.01	-1.63
Financing Cash Flow	1,111	532.68	684.43	494.15	-0.52
Miscellaneous Cash Flow Adjustments	1,064	456.93	1,132	-	-
Net Cash Flow	285.89	-592.21	-466.41	1,019	90.18
Free Cash Flow	-1,552	-536.11	-1,853	571.25	89.62
Free Cash Flow Growth	-	-	-	537.43%	-
Free Cash Flow Margin	-23.94%	-6.96%	-16.60%	13.67%	20.43%
Free Cash Flow Per Share	-4.22	-1.46	-5.04	1.55	2.35
Cash Interest Paid	135.41	105.52	78.19	29.16	2.1
Cash Income Tax Paid	53.98	93.76	190.6	-	1.77
Levered Free Cash Flow	-956.59	-806.81	-375.54	503.54	-
Unlevered Free Cash Flow	-859.56	-725.24	-324.64	519.35	-
Change in Working Capital	-48.73	-427.6	-901.16	242.64	69.03

Source: S&P Global Market Intelligence. Utility template. Financial Sources.