v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - TRY (₺)
₺ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CONSOLIDATED STATEMENTS OF CASH FLOWS      
Income/(loss) before income taxes ₺ (1,604,907) ₺ 109,053 ₺ (6,916,737)
Adjustments to reconcile income/(loss) before income taxes to cash flows from operating activities: 9,232,046 9,351,857 6,739,363
Interest and commission expenses 7,319,535 4,625,821 2,716,324
Depreciation and amortization 2,048,138 1,695,200 1,219,844
Interest income on time deposits (1,729,070) (727,747) (478,523)
Interest income on credit sales (1,373,524) (537,512) (298,737)
Interest income on financial investments (1,676) (1,709)  
Provision for unused vacation liability 41,712 113,671 58,190
Provision for personnel bonus 448,108 338,100 303,747
Provision for settlement of legal proceedings     667,683
Provision for Competition Authority investigation   (182,768) (13,796)
Provision for Turkish Capital Markets Board fee   34,691 56,488
Provision for legal cases 18,211 26,860 32,214
Provision for license fee 180,023    
Provision for doubtful receivables 258,535 70,812 46,321
Provision for loan receivables 160,138    
Provision for impairment of trade goods, net (17,610) 50,290 (25,144)
Provision for post-employment benefits 69,756 83,226 9,616
Share-based payment expense 179,945 153,622 361,846
Fair value (gains)/losses of financial investments (127,621) (342,921) 108,258
Contribution income for settlement   (175,882)  
Net foreign exchange differences (515,346) (412,612) (3,388,338)
Monetary losses on non-operating activities 2,530,500 4,968,065 5,769,777
Monetary gains on provisions (257,708) (427,350) (406,407)
Changes in net working capital      
Change in trade payables and payables to merchants (226,349) 1,507,389 (1,872,343)
Change in inventories (354,311) (1,695,855) 2,613,464
Change in trade and loan receivables (2,058,653) (2,091,589) (678,481)
Change in contract liabilities and merchant advances (149,683) 419,829 662,330
Change in contract assets (12,347) 4,128 (7,785)
Change in other liabilities 415,684 422,874 306,649
Change in other assets and receivables 825,903 106,786 492,319
Change in due from related parties (1,302) (9,171) 4,450
Change in due to related parties 6,244 (12,407) (60,465)
Post-employment benefits paid (35,363) (29,923) (11,676)
Payments for concluded litigation (69,354) (569,984) (65,963)
Payments for personnel bonus (272,718) (253,671) (177,964)
Payments for unused vacation liabilities (8,861) (16,222) (6,666)
Collections of doubtful receivables 11,650 3,448  
Net cash provided by operating activities 5,697,678 7,246,542 1,020,495
Investing activities:      
Purchases of property and equipment and intangible assets (2,010,546) (1,665,725) (2,011,315)
Proceeds from sale of property and equipment 14,788 10,913 1,186
Purchases of financial investments (6,428,347) (7,323,109) (3,738,316)
Proceeds from sale of financial investment 6,147,437 4,948,695 7,601,145
Cash outflows due to acquisition of subsidiary     (10,942)
Interest received on time deposits 1,728,887 741,307 466,550
Interest received on credit sales 1,442,488 864,826 298,737
Net cash provided by/ (used in) investing activities 894,707 (2,423,093) 2,607,045
Financing activities:      
Proceeds from borrowings 5,223,438 833,554 2,247,402
Repayment of borrowings (3,791,221) (548,283) (2,779,430)
Interest and commission paid (6,826,806) (4,579,850) (2,497,753)
Lease payments (471,348) (443,929) (477,816)
Acquisition of treasury shares   (69,335)  
Net cash used in financing activities (5,865,937) (4,807,843) (3,507,597)
Net increase in cash and cash equivalents 726,448 15,606 119,943
Cash and cash equivalents at beginning of the year 7,939,626 12,512,914 14,899,379
Effects of exchange rate changes on cash and cash equivalents 49,919 251,829 2,320,620
Effects of inflation on cash and cash equivalents (1,967,204) (4,840,723) (4,827,028)
Cash and cash equivalents at end of the year ₺ 6,748,789 ₺ 7,939,626 ₺ 12,512,914