GSD Holding A.S. Cash Flow Statement

Financials in millions TRY. Fiscal year is January - December.

Millions TRY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-	436.31	-2,425	-2,499	624.01
Depreciation & Amortization	-	326.91	356.95	254.28	72.9
Other Operating Activities	1,975	1,501	3,214	3,683	-227.28
Change in Accounts Receivable	909.52	-826.87	272.44	-493.63	-47.53
Change in Other Net Operating Assets	-532.32	-818.23	1,853	1,106	-344.06
Operating Cash Flow	2,353	618.81	3,272	2,051	78.03
Operating Cash Flow Growth	280.18%	-81.09%	59.56%	2527.80%	-
Capital Expenditures	-2,061	-1,641	-1,527	-176.69	-248.35
Sale of Property, Plant & Equipment	281.96	727.07	322.21	1,155	1.32
Sale (Purchase) of Intangibles	0.87	-2.46	-1.06	-1.56	-0.64
Investment in Securities	1,506	-149.84	20.34	-776.5	55.28
Other Investing Activities	-194.15	-139.32	1,879	747	20.89
Investing Cash Flow	-466.28	-1,205	693.61	946.98	-171.5
Long-Term Debt Issued	5,571	3,854	1,609	1,513	804.47
Long-Term Debt Repaid	-4,145	-2,166	-2,536	-2,112	-332.42
Net Debt Issued (Repaid)	1,427	1,688	-927.43	-598.23	472.05
Issuance of Common Stock	26.79	83.37	2.83	2,758	-
Repurchase of Common Stock	-77.84	-	-	-	-
Common Dividends Paid	-	-	-149.67	-166.83	-
Other Financing Activities	-352.16	-139.57	174.84	-306.98	13.08
Financing Cash Flow	1,023	1,631	-899.42	1,686	485.13
Foreign Exchange Rate Adjustments	173.7	-654.86	-3,452	-4,292	87.44
Miscellaneous Cash Flow Adjustments	-1,694	-	-	-	-
Net Cash Flow	1,389	390.16	-386.33	391.08	479.1
Free Cash Flow	291.57	-1,022	1,745	1,874	-170.32
Free Cash Flow Growth	-	-	-6.86%	-	-
Free Cash Flow Margin	5.42%	-25.27%	65.88%	76.06%	-22.29%
Free Cash Flow Per Share	-	-1.14	1.94	4.11	-0.19
Cash Interest Paid	-	1,679	361.31	694.04	62.84
Cash Income Tax Paid	-	251.58	318.04	128.26	43.93
Levered Free Cash Flow	-785.43	-893.08	188.98	-1,233	-328.24
Unlevered Free Cash Flow	45.44	-320.01	452.49	-1,070	-290.28
Change in Working Capital	377.19	-1,645	2,126	612.18	-391.59

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