SD SYSTEM 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	1,274	-1,827	2,637	-602.63	2,409
Depreciation & Amortization	197.86	211.63	226.02	135.42	70.61
Loss (Gain) From Sale of Assets	-0.09	-	-1	-	-30.5
Loss (Gain) From Sale of Investments	-62.2	-101.42	-57.98	-54.6	-301.55
Provision & Write-off of Bad Debts	-127.35	208.3	-3.53	-67.73	-189.21
Other Operating Activities	55.65	826.55	75.42	-592.39	-1,100
Change in Accounts Receivable	-3,614	-1,309	-353.39	3,809	-3,194
Change in Inventory	33.41	227.37	454.93	556.61	2,309
Change in Accounts Payable	-5.05	113.98	-6.06	46.27	-267.77
Change in Unearned Revenue	-2,250	2,020	733.27	72.69	-1,672
Change in Other Net Operating Assets	2,566	1,642	-2,252	-2,945	2,701
Operating Cash Flow	-1,932	2,012	1,453	357.45	733.19
Operating Cash Flow Growth	-	38.49%	306.50%	-51.25%	-84.82%
Capital Expenditures	-1.7	-18.06	-2.15	-172.05	-15
Sale of Property, Plant & Equipment	0.09	-	1	-	10.09
Sale (Purchase) of Intangibles	-	-364	-20	-355.77	-
Investment in Securities	-971.8	1,500	-2,021	-	603.07
Other Investing Activities	-20	-224.5	-5.46	144.77	0.19
Investing Cash Flow	-993.41	893.44	-2,048	-383.04	598.35
Long-Term Debt Repaid	-26.29	-44.04	-64.17	-66.88	-162.66
Total Debt Repaid	-26.29	-44.04	-64.17	-66.88	-162.66
Net Debt Issued (Repaid)	-26.29	-44.04	-64.17	-66.88	-162.66
Issuance of Common Stock	-	996.92	-	1,990	-
Other Financing Activities	-	-0	-	-0	-
Financing Cash Flow	-26.29	952.88	-64.17	1,923	-162.66
Foreign Exchange Rate Adjustments	-0.53	39.29	7.18	26.78	28.98
Net Cash Flow	-2,952	3,898	-651.51	1,924	1,198
Free Cash Flow	-1,933	1,994	1,451	185.4	718.19
Free Cash Flow Growth	-	37.45%	682.57%	-74.19%	-84.41%
Free Cash Flow Margin	-6.71%	11.04%	6.81%	0.82%	3.35%
Free Cash Flow Per Share	-	153.95	114.37	17.06	74.74
Cash Interest Paid	1.83	1.69	5.58	3.7	7.05
Cash Income Tax Paid	-0.12	15.46	1.45	-1	-29.84
Levered Free Cash Flow	-2,386	1,983	-534.88	593.48	-369
Unlevered Free Cash Flow	-2,385	1,984	-530.53	597	-364.59
Change in Working Capital	-3,270	2,695	-1,423	1,539	-125.31

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