GOLFZON HOLDINGS Cash Flow Statement

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

Millions KRW. 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	27,974	43,610	37,539	86,908	134,767	28,175
Depreciation & Amortization	19,775	19,587	19,896	18,816	16,982	17,473
Loss (Gain) From Sale of Assets	-44.18	76.42	66.3	-87.27	189.01	-432.83
Asset Writedown & Restructuring Costs	914.58	914.58	1,046	146.83	79.2	6,721
Loss (Gain) From Sale of Investments	-3,110	-3,060	385.39	1,610	-1,125	-11,889
Loss (Gain) on Equity Investments	-13,790	-22,009	-32,179	-50,619	-121,497	-27,024
Stock-Based Compensation	-	366.96	1,576	1,576	1,209	951.9
Provision & Write-off of Bad Debts	-6,637	37.67	12.68	49.82	74.38	123.95
Other Operating Activities	-732.93	-13,074	1,322	-8,451	6,283	9,124
Change in Accounts Receivable	4,040	964	363.91	-4,321	-6,079	450.18
Change in Inventory	-14,584	2,284	-11,131	-23,804	-6,313	1,734
Change in Accounts Payable	24.42	417.44	5.78	-1,070	-5,803	3,351
Change in Unearned Revenue	-55.75	-53.92	-37.02	489.89	311.18	-24.03
Change in Other Net Operating Assets	1,821	-4,462	-4,339	-3,262	2,027	-3,147
Operating Cash Flow	15,595	25,600	14,527	17,981	21,104	25,587
Operating Cash Flow Growth	-37.44%	76.23%	-19.21%	-14.80%	-17.52%	352.36%
Capital Expenditures	-4,460	-6,490	-5,176	-11,613	-6,312	-3,889
Sale of Property, Plant & Equipment	8.84	90.52	12.51	1,194	58.72	17.98
Cash Acquisitions	-0.33	-0.33	-	-	-	-
Divestitures	47,269	47,269	5,709	14,167	-	-
Sale (Purchase) of Intangibles	-319.84	-271.93	-1,015	-442.35	-900.41	-338.21
Investment in Securities	-10,974	-31,971	-22,957	13,812	-62,428	32,714
Other Investing Activities	-33,973	3,402	418.41	3,570	1,673	21,501
Investing Cash Flow	-2,449	12,030	-23,009	20,689	-67,909	50,006
Short-Term Debt Issued	-	27,500	92,360	16,000	36,300	2,100
Long-Term Debt Issued	-	37,760	44,000	96,600	12,221	22,000
Total Debt Issued	125,328	65,260	136,360	112,600	48,521	24,100
Short-Term Debt Repaid	-	-68,530	-133,669	-11,624	-6,300	-35,085
Long-Term Debt Repaid	-	-10,056	-9,823	-119,064	-50,344	-6,051
Total Debt Repaid	-130,239	-78,586	-143,492	-130,688	-56,644	-41,136
Net Debt Issued (Repaid)	-4,911	-13,326	-7,132	-18,088	-8,123	-17,036
Repurchase of Common Stock	-10,898	-5,000	-4,998	-	-	-
Dividends Paid	-10,130	-6,980	-6,970	-5,986	-5,003	-5,003
Other Financing Activities	2.39	35.97	315.42	-144.32	100.87	1,860
Financing Cash Flow	-25,936	-25,270	-18,784	-24,218	-13,025	-20,179
Foreign Exchange Rate Adjustments	-	-	-	500.9	199.25	-113.42
Net Cash Flow	-12,790	12,360	-27,267	14,953	-59,631	55,301
Free Cash Flow	11,135	19,111	9,350	6,368	14,792	21,698
Free Cash Flow Growth	-44.71%	104.38%	46.82%	-56.95%	-31.83%	734.52%
Free Cash Flow Margin	3.14%	4.95%	2.21%	1.30%	3.54%	7.43%
Free Cash Flow Per Share	279.33	462.58	221.98	148.94	345.93	507.45
Cash Interest Paid	10,912	11,281	10,315	7,538	7,612	8,352
Cash Income Tax Paid	3,231	2,011	4,973	7,878	10,590	976.77
Levered Free Cash Flow	19,950	31,007	20,925	29,924	35,081	43,080
Unlevered Free Cash Flow	26,778	38,086	27,613	34,958	40,072	48,563
Change in Working Capital	-8,755	-850.17	-15,137	-31,968	-15,858	2,364

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