GOLFZON HOLDINGS Cash Flow Statement

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

Millions KRW. 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	24,023	43,610	37,539	86,908	134,767
Depreciation & Amortization	19,509	19,587	19,896	18,816	16,982
Loss (Gain) From Sale of Assets	-4.92	76.42	66.3	-87.27	189.01
Asset Writedown & Restructuring Costs	176.48	914.58	1,046	146.83	79.2
Loss (Gain) From Sale of Investments	-175.91	-3,060	385.39	1,610	-1,125
Loss (Gain) on Equity Investments	-14,598	-22,009	-32,179	-50,619	-121,497
Stock-Based Compensation	-	366.96	1,576	1,576	1,209
Provision & Write-off of Bad Debts	-6,699	37.67	12.68	49.82	74.38
Other Operating Activities	401.8	-13,074	1,322	-8,451	6,283
Change in Accounts Receivable	1,266	964	363.91	-4,321	-6,079
Change in Inventory	-14,954	2,284	-11,131	-23,804	-6,313
Change in Accounts Payable	458.29	417.44	5.78	-1,070	-5,803
Change in Unearned Revenue	-52.31	-53.92	-37.02	489.89	311.18
Change in Other Net Operating Assets	665.44	-4,462	-4,339	-3,262	2,027
Operating Cash Flow	10,017	25,600	14,527	17,981	21,104
Operating Cash Flow Growth	-60.87%	76.23%	-19.21%	-14.80%	-17.52%
Capital Expenditures	-4,082	-6,490	-5,176	-11,613	-6,312
Sale of Property, Plant & Equipment	9.24	90.52	12.51	1,194	58.72
Cash Acquisitions	-	-0.33	-	-	-
Divestitures	5,526	47,269	5,709	14,167	-
Sale (Purchase) of Intangibles	-398.11	-271.93	-1,015	-442.35	-900.41
Investment in Securities	9,193	-31,971	-22,957	13,812	-62,428
Other Investing Activities	7,992	3,402	418.41	3,570	1,673
Investing Cash Flow	18,240	12,030	-23,009	20,689	-67,909
Short-Term Debt Issued	101,100	27,500	92,360	16,000	36,300
Long-Term Debt Issued	300	37,760	44,000	96,600	12,221
Total Debt Issued	101,400	65,260	136,360	112,600	48,521
Short-Term Debt Repaid	-97,029	-68,530	-133,669	-11,624	-6,300
Long-Term Debt Repaid	-9,935	-10,056	-9,823	-119,064	-50,344
Total Debt Repaid	-106,964	-78,586	-143,492	-130,688	-56,644
Net Debt Issued (Repaid)	-5,564	-13,326	-7,132	-18,088	-8,123
Repurchase of Common Stock	-9,997	-5,000	-4,998	-	-
Dividends Paid	-10,130	-6,980	-6,970	-5,986	-5,003
Other Financing Activities	28.86	35.97	315.42	-144.32	100.87
Financing Cash Flow	-25,662	-25,270	-18,784	-24,218	-13,025
Foreign Exchange Rate Adjustments	-	-	-	500.9	199.25
Net Cash Flow	2,596	12,360	-27,267	14,953	-59,631
Free Cash Flow	5,935	19,111	9,350	6,368	14,792
Free Cash Flow Growth	-68.94%	104.38%	46.82%	-56.95%	-31.83%
Free Cash Flow Margin	1.68%	4.95%	2.21%	1.30%	3.54%
Free Cash Flow Per Share	150.71	462.75	221.98	148.94	345.93
Cash Interest Paid	10,426	11,281	10,315	7,538	7,612
Cash Income Tax Paid	3,191	2,011	4,973	7,878	10,590
Levered Free Cash Flow	19,735	31,007	20,925	29,924	35,081
Unlevered Free Cash Flow	26,223	38,086	27,613	34,958	40,072
Change in Working Capital	-12,616	-850.17	-15,137	-31,968	-15,858

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