GSD Holding A.S. Balance Sheet

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
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
Cash & Equivalents	3,412	1,994	1,580	1,501	588.21	109.14
Short-Term Investments	16.15	10.88	81.17	88.21	-	475.22
Trading Asset Securities	2,130	3,044	2,027	2,081	416.92	93.11
Cash & Short-Term Investments	5,558	5,049	3,687	3,671	1,005	677.47
Cash Growth	20.49%	36.91%	0.46%	265.20%	48.37%	-27.99%
Accounts Receivable	2,284	2,922	2,414	3,339	1,136	654.46
Other Receivables	28.37	33.08	9.16	3.94	0.61	1.45
Receivables	2,312	2,955	2,423	3,343	1,137	655.91
Inventory	44.02	14.41	17.27	13.87	4.51	3.25
Prepaid Expenses	146.57	79.13	66.75	33.54	8.68	2.73
Other Current Assets	23.18	49.7	21.93	38.83	16.12	10.97
Total Current Assets	8,084	8,147	6,216	7,100	2,171	1,350
Property, Plant & Equipment	9,360	6,607	6,833	3,790	1,642	759.4
Long-Term Investments	11.14	8.88	8.88	6.15	12.73	0.38
Other Intangible Assets	7.45	6.14	4.76	3.08	0.86	0.36
Long-Term Accounts Receivable	668.49	180.3	1.11	5.96	338.3	261.45
Long-Term Deferred Tax Assets	9.81	13.18	2.82	5.52	3.29	2.7
Other Long-Term Assets	0.54	0.31	0.07	0.07	0.02	0.01
Total Assets	18,141	14,963	13,067	10,911	4,168	2,375
Accounts Payable	78.83	81.46	52.59	46.04	8.23	2.13
Accrued Expenses	87.42	79.6	46.79	26.43	6.51	4.85
Short-Term Debt	1,241	1,816	1,460	1,453	337.8	273.45
Current Portion of Long-Term Debt	466.1	373.5	194.93	129.03	113.78	88.86
Current Portion of Leases	33.41	14.61	7.39	7.05	1.97	5.18
Current Income Taxes Payable	63.94	108.55	73.67	77.08	69.43	13.68
Current Unearned Revenue	60.66	22.3	43.11	51.37	16.14	4.14
Other Current Liabilities	28.3	52.98	29.8	54.38	19.14	12.89
Total Current Liabilities	2,060	2,549	1,909	1,845	573.01	405.18
Long-Term Debt	3,511	2,159	886.6	783.18	622.05	173.06
Long-Term Leases	-	0.15	2.23	4.31	1.19	1.04
Pension & Post-Retirement Benefits	26.24	17.27	8.03	21.34	5.78	4.86
Long-Term Deferred Tax Liabilities	-	5.13	45.78	60.04	8.11	9.69
Total Liabilities	5,598	4,731	2,851	2,713	1,210	593.83
Common Stock	1,000	1,000	1,000	1,000	450	450
Additional Paid-In Capital	610.98	487.11	487.11	337.38	84.59	103.42
Retained Earnings	-1,485	-3,441	-3,959	-954.36	1,391	846.16
Treasury Stock	-2,379	-1,853	-1,853	-1,283	-39.71	-39.71
Comprehensive Income & Other	13,960	13,333	13,761	8,641	870.75	358.25
Total Common Equity	11,707	9,526	9,437	7,741	2,757	1,718
Minority Interest	836.25	706.57	779.43	456.19	201.45	62.66
Shareholders' Equity	12,544	10,233	10,216	8,197	2,958	1,781
Total Liabilities & Equity	18,141	14,963	13,067	10,911	4,168	2,375
Total Debt	5,252	4,363	2,552	2,377	1,077	541.58
Net Cash (Debt)	306	685.36	1,136	1,294	-71.67	135.89
Net Cash Growth	-66.98%	-39.67%	-12.21%	-	-	-67.76%
Net Cash Per Share	0.34	0.76	1.26	2.84	-0.08	0.16
Filing Date Shares Outstanding	887.45	900	999	455.42	-	-
Total Common Shares Outstanding	887.45	900	999	455.42	-	-
Working Capital	6,024	5,598	4,308	5,255	1,598	945.15
Book Value Per Share	13.19	10.58	9.45	17.00	-	-
Tangible Book Value	11,700	9,520	9,432	7,738	2,756	1,718
Tangible Book Value Per Share	13.18	10.58	9.44	16.99	-	-
Buildings	0.07	0.06	0.06	0.04	0	0
Machinery	9,196	7,051	8,626	4,683	1,989	992.36
Construction In Progress	2,244	1,147	278.48	520.81	161.28	-
Leasehold Improvements	35.54	-	-	16.16	2.32	2.22

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