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	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
Net Income	53.59	436.31	-2,425	-2,499	624.01	48.51
Depreciation & Amortization	336.71	326.91	356.95	254.28	72.9	53.21
Other Operating Activities	2,541	1,501	3,214	3,683	-227.28	-99.08
Change in Accounts Receivable	-826.87	-826.87	272.44	-493.63	-47.53	-76.76
Change in Other Net Operating Assets	-818.23	-818.23	1,853	1,106	-344.06	-160.61
Operating Cash Flow	1,287	618.81	3,272	2,051	78.03	-234.73
Operating Cash Flow Growth	-47.43%	-81.09%	59.56%	2527.80%	-	-
Capital Expenditures	-1,252	-1,641	-1,527	-176.69	-248.35	-7.29
Sale of Property, Plant & Equipment	479.21	727.07	322.21	1,155	1.32	5.02
Sale (Purchase) of Intangibles	-2.7	-2.46	-1.06	-1.56	-0.64	-0.02
Investment in Securities	2,327	-149.84	20.34	-776.5	55.28	2.21
Other Investing Activities	-408.43	-139.32	1,879	747	20.89	151.35
Investing Cash Flow	1,143	-1,205	693.61	946.98	-171.5	151.27
Long-Term Debt Issued	-	3,854	1,609	1,513	804.47	421.67
Long-Term Debt Repaid	-	-2,166	-2,536	-2,112	-332.42	-481.53
Net Debt Issued (Repaid)	138.42	1,688	-927.43	-598.23	472.05	-59.87
Issuance of Common Stock	-	83.37	2.83	2,758	-	105.96
Repurchase of Common Stock	-0.23	-	-	-	-	-
Common Dividends Paid	-	-	-149.67	-166.83	-	-
Other Financing Activities	-162.87	-139.57	174.84	-306.98	13.08	-6.81
Financing Cash Flow	-24.68	1,631	-899.42	1,686	485.13	39.28
Foreign Exchange Rate Adjustments	-1,785	-654.86	-3,452	-4,292	87.44	18.56
Net Cash Flow	759.2	390.16	-386.33	391.08	479.1	-25.62
Free Cash Flow	34.74	-1,022	1,745	1,874	-170.32	-242.02
Free Cash Flow Growth	-88.43%	-	-6.86%	-	-	-
Free Cash Flow Margin	0.87%	-25.27%	65.88%	76.06%	-22.29%	-98.92%
Free Cash Flow Per Share	0.04	-1.14	1.94	4.11	-0.19	-0.29
Cash Interest Paid	1,728	1,679	361.31	694.04	62.84	38.02
Cash Income Tax Paid	589.07	251.58	318.04	128.26	43.93	92.85
Levered Free Cash Flow	-470.16	-893.08	188.98	-1,233	-328.24	-99.29
Unlevered Free Cash Flow	137.07	-320.01	452.49	-1,070	-290.28	-76.95
Change in Working Capital	-1,645	-1,645	2,126	612.18	-391.59	-237.37

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