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CONSOLIDATED STATEMENT OF CASH FLOWS - TRY (₺)
₺ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Profit for the year from      
Profit for the year ₺ 17,791,410 ₺ 14,511,901 ₺ 19,961,224
Discontinued operations (187,403) 16,267,250 3,722,307
Profit for the year 17,604,007 30,779,151 23,683,531
Adjustments for:      
Depreciation of property, plant and equipment and investment properties 24,472,902 25,100,733 22,623,756
Amortization of intangible assets and right of use assets 38,876,519 36,976,479 40,622,701
Impairment on property, plant and equipment and intangible asset 578,914 179,148 (2,686)
Net finance expense 3,517,629 6,823,574 5,112,607
Fair value adjustments to derivatives 729,348 4,001,842 (2,483,194)
Income tax expense 13,398,842 6,788,718 (8,284,761)
Gain on sale of property, plant and equipment 57,738 45,625 30,197
Effects of exchange rate changes and inflation adjustments 16,026,073 (2,563,603) 19,787,328
Provisions 8,987,221 9,656,990 8,880,923
Share of (profit)/loss of equity accounted investees 3,499,147 4,139,657 (2,882,287)
Fair value adjustments to financial assets through profit or loss (202,147) (2,233,632) (8,702,488)
Gain on sale of subsidiary   (11,546,264)  
Non-cash other adjustments 551,040 276,375 7,015
Change in operating assets/liabilities 128,097,233 108,424,793 98,392,642
Change in trade receivables (2,721,046) (1,447,093) (263,605)
Change in due from related parties (44,732) 2,035 (74,342)
Change in receivables from financial services 433,903 2,155,859 (1,081,201)
Change in inventories (14,939) 190,403 (186,261)
Change in other current assets (1,325,977) (761,008) (2,349,691)
Change in other non-current assets (685,189) (93,800) 1,485,341
Change in due to related parties 258,604 134,856 (732,528)
Change in trade and other payables 4,034,712 (303,096) 1,768,757
Change in other non-current liabilities 33,010 (179,413) 79,977
Change in employee benefit obligations (409,802) (534,804) (1,065,894)
Change in contract asset 442,914 (809,392) (115,950)
Change in deferred revenue 502,783 305,440 245,647
Change in contract liability (264,177) (96,389) 597,708
Changes in other working capital (5,627,690) (3,375,399) (2,888,760)
Cash generated from operations 122,709,607 103,612,992 93,811,840
Interest paid (17,064,006) (17,998,161) (13,901,682)
Income tax paid (9,026,028) (2,816,087) (1,064,584)
Net cash inflow from operating activities 96,619,573 82,798,744 78,845,574
Cash flows from investing activities:      
Acquisition of property, plant and equipment (43,967,866) (40,182,441) (26,866,847)
Acquisition of intangible assets (27,808,416) (26,480,747) (28,889,597)
Proceeds from sale of property, plant and equipment 815,642 2,497,555 639,486
Payments for advances given for acquisition of property, plant and equipment (117,743) 40,372  
Contribution of increase of share capital in joint ventures/associates   (89) (1,026,837)
Cash inflows from sale of shares or borrowing instruments of other enterprises or funds 81,869,801 50,654,128 28,928,016
Cash outflows from purchase of shares or borrowing instruments of other enterprises or funds (108,053,208) (78,769,158) (30,454,901)
Cash inflows from financial assets at fair value through profit or loss 4,313,672 20,041,106 26,538,687
Cash outflows from financial assets at fair value through profit or loss   (8,785,951) (19,384,800)
Change in other cash advances given 1,955,206 (920,190)  
Proceeds from disposal of subsidiary, net of cash disposed 528,041 17,957,566  
Interest received 15,526,268 15,386,614 11,008,888
Net cash outflow from investing activities (74,938,603) (48,561,235) (39,507,905)
Cash flows from financing activities:      
Proceeds from derivative instruments 9,747,641 7,091,034 14,645,370
Repayments of derivative instruments (9,136,039) (7,580,966) (8,989,303)
Proceeds from issues of loans and borrowings 90,940,793 67,319,829 118,471,632
Proceeds from issues of bonds 51,166,565 19,464,996 14,786,333
Repayments of borrowings (92,008,008) (61,555,760) (103,544,001)
Transactions with non controlling interests   (49,739)  
Repayments of bonds (33,961,746) (20,001,004) (9,995,476)
Dividends paid to shareholders (8,985,749) (9,574,277) (4,696,131)
Acquisition of treasury shares (257,576) (429,322) (95,917)
Payments of lease liabilities (9,036,861) (7,491,591) (7,789,768)
Net cash (outflow)/inflow from financing activities (1,530,980) (12,806,800) 12,792,739
Net increase in cash and cash equivalents 20,149,990 21,430,709 52,130,408
Cash and cash equivalents at 1 January 89,862,901 101,718,644 80,774,531
Effects of exchange rate changes on cash and cash equivalents and inflation adjustment (18,245,119) (33,286,452) (31,186,295)
Cash and cash equivalents at 31 December ₺ 91,767,772 ₺ 89,862,901 ₺ 101,718,644