Balance Sheet GSD Holding

Equities

GSDHO

TRAGSDHO91Q9

Marine Freight & Logistics

Market Closed - Borsa Istanbul Other stock markets 10:05:03 2025-01-14 am EST			5-day change	1st Jan Change
3.880 ^TRY	-0.26%		-2.76%	+0.52%

Nov. 11	GSD Holding A.S. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2024	CI
Sep. 23	GSD Holding A.S.(IBSE:GSDHO) dropped from S&P Global BMI Index	CI

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Published financial data: GSD HOLDING

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	148M	164M	609M	1.07B	897M
Interest And Invest. Income (Rev)	120M	80.1M	152M	325M	722M
Other Revenues, Total	2.64M	638K	2.33M	36.45M	216M
Total Revenues	270M	245M	764M	1.43B	1.83B
Cost of Goods Sold, Total	98.93M	127M	219M	396M	678M
Gross Profit	171M	118M	545M	1.04B	1.16B
Selling General & Admin Expenses, Total	43.73M	53.72M	57.7M	121M	347M
Other Operating Expenses	4.23M	1.68M	12.38M	6.68M	-1.49M
Other Operating Expenses, Total	47.96M	55.4M	70.08M	127M	345M
Operating Income	123M	62.73M	475M	909M	811M
Interest Expense, Total	-52.89M	-35.74M	-60.73M	-143M	-292M
Interest And Investment Income	114M	89.73M	272M	807M	503M
Net Interest Expenses	61.13M	53.98M	212M	664M	211M
Income (Loss) On Equity Invest.	-	-	-149K	-	-
Currency Exchange Gains (Loss)	10.81M	16M	97.12M	20.46M	105M
Other Non Operating Income (Expenses)	-205K	-395K	-474K	-1.72M	-2.47B
EBT, Excl. Unusual Items	195M	132M	783M	1.59B	-1.34B
Gain (Loss) On Sale Of Investments	-22K	-	-28K	-3.19M	-200M
Insurance Settlements	-	-	-	-	-
Legal Settlements	-	-	-254K	-31K	-9.96M
EBT, Incl. Unusual Items	195M	132M	783M	1.59B	-1.55B
Income Tax Expense	30.69M	88.22M	113M	152M	235M
Earnings From Continuing Operations	164M	44.09M	670M	1.44B	-1.79B
Earnings Of Discontinued Operations	-	-	-	-	-
Net Income to Company	164M	44.09M	670M	1.44B	-1.79B
Minority Interest	-465K	4.41M	-45.6M	-74.01M	110M
Net Income - (IS)	164M	48.51M	624M	1.36B	-1.68B
Net Income to Common Incl Extra Items	164M	48.51M	624M	1.36B	-1.68B
Net Income to Common Excl. Extra Items	164M	48.51M	624M	1.36B	-1.68B
Per Share Items
Net EPS - Basic	0.2	0.06	0.69	-	-1.87
Basic EPS - Continuing Operations	0.2	0.06	0.69	-	-1.87
Basic Weighted Average Shares Outstanding	800M	826M	900M	-	900M
Net EPS - Diluted	0.2	0.06	0.69	-	-1.87
Diluted EPS - Continuing Operations	0.2	0.06	0.69	-	-1.87
Diluted Weighted Average Shares Outstanding	800M	826M	900M	-	900M
Normalized Basic EPS	0.15	0.11	0.49	-	-0.81
Normalized Diluted EPS	0.15	0.11	0.49	-	-0.81
Dividend Per Share	-	-	-	0.1	-
Payout Ratio	-	-	-	7.44	-6.17
Supplemental Items
EBITDA	160M	110M	542M	1.04B	1.04B
EBITA	123M	62.89M	475M	909M	812M
EBIT	123M	62.73M	475M	909M	811M
EBITDAR	160M	111M	544M	1.04B	1.04B
Effective Tax Rate - (Ratio)	15.74	66.68	14.48	9.6	-15.09
Total Current Taxes	25.53M	106M	109M	125M	237M
Total Deferred Taxes	5.16M	-17.63M	4.15M	27.09M	-2.64M
Normalized Net Income	121M	87.11M	444M	921M	-730M
Interest Capitalized	-	-	-	-	-
Interest on Long-Term Debt	2.31M	-	-	-	-
Non-Cash Pension Expense	-	-	-	-	-
Supplemental Operating Expense Items
Advertising Expense	12K	28K	32K	60K	113K
Selling and Marketing Expenses	12K	28K	32K	60K	113K
General and Administrative Expenses	43.33M	53.4M	57.24M	120M	345M
Net Rental Expense, Total	519K	1.38M	1.78M	2.66M	9.24M
Imputed Operating Lease Interest Expense	420K	742K	1.07M	2.42M	10.41M
Imputed Operating Lease Depreciation	99.5K	634K	712K	243K	-1.18M
Maintenance & Repair Expenses, Total	-	-	-	-	-

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	136M	109M	588M	911M	1.09B
Short Term Investments	-	-	374M	53.53M	50.66M
Trading Asset Securities, Total	804M	568M	43.14M	1.26B	1.4B
Total Cash And Short Term Investments	941M	677M	1.01B	2.23B	2.55B
Accounts Receivable, Total	484M	654M	1.14B	2.03B	1.67B
Other Receivables	819K	1.45M	605K	2.39M	6.35M
Total Receivables	485M	656M	1.14B	2.03B	1.68B
Inventory	3.03M	3.25M	4.51M	8.42M	11.96M
Prepaid Expenses	1.99M	2.73M	8.68M	20.12M	46.24M
Other Current Assets, Total	9M	10.97M	16.12M	22.9M	20.75M
Total Current Assets	1.44B	1.35B	2.17B	4.31B	4.31B
Gross Property Plant And Equipment	848M	1.05B	2.24B	3.25B	6.53B
Accumulated Depreciation	-192M	-288M	-597M	-961M	-1.8B
Net Property Plant And Equipment	655M	759M	1.64B	2.29B	4.73B
Long-term Investments	377K	377K	12.73M	377K	6.15M
Other Intangibles, Total	500K	355K	863K	765K	3.3M
Accounts Receivable Long-Term	13.07M	261M	338M	3.62M	765K
Deferred Tax Assets Long-Term	2.38M	2.7M	3.29M	4.79M	1.95M
Other Long-Term Assets, Total	5K	13K	17K	34K	53K
Total Assets	2.11B	2.37B	4.17B	6.61B	9.05B
Liabilities
Accounts Payable, Total	1.23M	2.13M	8.23M	27.94M	36.42M
Accrued Expenses, Total	4.91M	4.85M	6.51M	16.04M	32.41M
Short-term Borrowings	203M	273M	338M	883M	1.01B
Current Portion of Long-Term Debt	66.21M	88.86M	114M	78.31M	135M
Current Portion of Leases	4.17M	5.18M	1.97M	2.94M	5.12M
Current Income Taxes Payable	6.37M	13.68M	69.43M	46.78M	51.02M
Unearned Revenue Current, Total	1.85M	4.14M	16.14M	31.17M	29.86M
Other Current Liabilities	11.21M	12.89M	19.14M	33M	20.64M
Total Current Liabilities	299M	405M	573M	1.12B	1.32B
Long-Term Debt	241M	173M	622M	475M	614M
Long-Term Leases	5.2M	1.04M	1.18M	2.62M	1.54M
Unearned Revenue Non Current	-	-	-	-	-
Pension & Other Post Retirement Benefits	4.36M	4.86M	5.78M	12.95M	5.56M
Deferred Tax Liability Non Current	27.09M	9.69M	8.1M	35.77M	31.7M
Total Liabilities	576M	594M	1.21B	1.65B	1.97B
Common Stock, Total	450M	450M	450M	1B	1B
Additional Paid In Capital	4.94M	103M	84.59M	84.59M	337M
Retained Earnings	847M	846M	1.49B	2.16B	-2.74B
Treasury Stock	-91.02M	-39.71M	-39.71M	-94.71M	-1.28B
Comprehensive Income and Other	294M	358M	776M	1.47B	9.22B
Total Common Equity	1.5B	1.72B	2.76B	4.62B	6.54B
Minority Interest	30.02M	62.66M	201M	348M	540M
Total Equity	1.53B	1.78B	2.96B	4.96B	7.08B
Total Liabilities And Equity	2.11B	2.37B	4.17B	6.61B	9.05B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	-	-	-	-	999M
ECS Total Common Shares Outstanding	-	-	-	-	999M
Book Value / Share	-	-	-	-	6.54
Tangible Book Value	1.5B	1.72B	2.76B	4.62B	6.53B
Tangible Book Value Per Share	-	-	-	-	6.54
Total Debt	519M	542M	1.08B	1.44B	1.77B
Net Debt	-422M	-136M	71.67M	-785M	-781M
Debt Equivalent of Unfunded Proj. Benefit Obligation	-	-	-	-	-
Debt Equivalent Oper. Leases	4.15M	11.01M	14.26M	21.29M	73.9M
Minority Interest, Total (Incl. Fin. Div)	30.02M	62.66M	201M	348M	540M
Equity Method Investments, Total	377K	377K	12.73M	377K	6.15M
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Raw Materials, Total	1.45M	1.4M	-	-	-
Inventories - Others	1.58M	1.85M	4.51M	8.42M	11.96M
Buildings, Total	2K	2K	2K	2K	39K
Machinery, Total	807M	992M	1.99B	2.81B	5.97B
Full Time Employees	-	105	108	107	121
Accumulated Allowance for Doubtful Accounts (Supple)	6.09M	10.85M	12.1M	12.93M	11.7M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	164M	48.51M	624M	1.36B	-1.68B
Depreciation & Amortization - CF	41.49M	53.05M	72.77M	142M	247M
Amortization of Goodwill and Intangible Assets - (CF)	158K	160K	130K	133K	514K
Depreciation & Amortization, Total	41.64M	53.21M	72.9M	142M	247M
Net Cash From Discontinued Operations	-	-	-	-	-
Other Operating Activities, Total	-84.1M	-99.08M	-227M	-686M	2.14B
Change In Accounts Receivable	-130M	-76.76M	-47.53M	-530M	189M
Change in Other Net Operating Assets	-140M	-161M	-344M	251M	1.28B
Cash from Operations	-148M	-235M	78.03M	539M	2.18B
Capital Expenditure	-20.91M	-7.29M	-248M	-103M	-1.06B
Sale of Property, Plant, and Equipment	96K	5.02M	1.32M	241K	223M
Divestitures	-	-	-	-	-
Sale (Purchase) of Intangible assets	-251K	-15K	-638K	-35K	-736K
Investment in Marketable and Equity Securities, Total	33.91M	2.21M	55.28M	-418M	14.08M
Other Investing Activities, Total	3.3M	151M	20.89M	91.51M	1.3B
Cash from Investing	16.15M	151M	-172M	-429M	480M
Long-Term Debt Issued, Total	276M	422M	804M	1B	1.11B
Total Debt Issued	276M	422M	804M	1B	1.11B
Long-Term Debt Repaid, Total	-241M	-482M	-332M	-786M	-1.76B
Total Debt Repaid	-241M	-482M	-332M	-786M	-1.76B
Issuance of Common Stock	-	106M	-	-	1.96M
Repurchase of Common Stock	-	-	-	-	-
Common Dividends Paid	-	-	-	-101M	-104M
Common & Preferred Stock Dividends Paid	-	-	-	-101M	-104M
Other Financing Activities, Total	-24.13M	-6.81M	13.08M	-54.11M	121M
Cash from Financing	11.36M	39.28M	485M	59.96M	-623M
Foreign Exchange Rate Adjustments	10.26M	18.56M	87.44M	68.06M	-2.39B
Miscellaneous Cash Flow Adjustments	-	-	-	-	-1K
Net Change in Cash	-111M	-25.62M	479M	237M	-357M
Supplemental Items
Cash Interest Paid	52.96M	38.02M	62.84M	393M	430M
Cash Income Tax Paid (Refund)	18.25M	92.85M	43.93M	94.28M	220M
Levered Free Cash Flow	-89.71M	-99.32M	-328M	-362M	1.1B
Unlevered Free Cash Flow	-56.65M	-76.98M	-290M	-273M	1.28B
Change In Net Working Capital	154M	162M	411M	879M	-1.59B
Net Debt Issued / Repaid	35.49M	-59.87M	472M	215M	-642M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	3.83	1.75	9.08	10.54	5.08
Return on Total Capital	3.94	1.79	9.34	10.88	5.22
Return On Equity %	11.48	2.66	28.26	36.24	-23.43
Return on Common Equity	11.68	3.01	27.89	36.94	-23.52
Margin Analysis
Gross Profit Margin %	63.38	48.28	71.38	72.34	63.04
SG&A Margin	16.19	21.96	7.55	8.42	18.9
EBITDA Margin %	59.05	44.96	70.92	72.52	56.41
EBITA Margin %	45.68	25.7	62.22	63.47	44.24
EBIT Margin %	45.62	25.64	62.21	63.46	44.22
Income From Continuing Operations Margin %	60.81	18.02	87.65	100.28	-97.5
Net Income Margin %	60.64	19.83	81.68	95.11	-91.52
Net Avail. For Common Margin %	60.64	19.83	81.68	95.11	-91.52
Normalized Net Income Margin	44.94	35.61	58.11	64.3	-39.81
Levered Free Cash Flow Margin	-33.21	-40.6	-42.96	-25.28	60
Unlevered Free Cash Flow Margin	-20.97	-31.47	-38	-19.03	69.95
Asset Turnover
Asset Turnover	0.13	0.11	0.23	0.27	0.18
Fixed Assets Turnover	0.44	0.35	0.64	0.73	0.43
Receivables Turnover (Average Receivables)	0.37	0.29	0.68	0.68	0.36
Inventory Turnover (Average Inventory)	29.1	40.26	56.35	61.26	52.51
Short Term Liquidity
Current Ratio	4.81	3.33	3.79	3.85	3.26
Quick Ratio	4.77	3.29	3.74	3.8	3.2
Operating Cash Flow to Current Liabilities	-0.5	-0.58	0.14	0.48	1.65
Days Sales Outstanding (Average Receivables)	996.91	1.27K	536.22	539.33	1.02K
Days Outstanding Inventory (Average Inventory)	12.54	9.09	6.48	5.96	6.95
Average Days Payable Outstanding	2.73	4.85	8.6	16.51	22.25
Cash Conversion Cycle (Average Days)	1.01K	1.27K	534.1	528.78	1K
Long Term Solvency
Total Debt/Equity	33.83	30.41	36.4	29.06	24.98
Total Debt / Total Capital	25.28	23.32	26.69	22.51	19.98
LT Debt/Equity	16.01	9.78	21.07	9.63	8.7
Long-Term Debt / Total Capital	11.96	7.5	15.45	7.46	6.96
Total Liabilities / Total Assets	27.3	25.01	29.03	24.9	21.82
EBIT / Interest Expense	2.33	1.75	7.83	6.35	2.78
EBITDA / Interest Expense	3.12	3.24	9.03	7.34	3.62
(EBITDA - Capex) / Interest Expense	2.72	3.04	4.94	6.62	0
Total Debt / EBITDA	3.15	4.67	1.96	1.37	1.67
Net Debt / EBITDA	-2.56	-1.17	0.13	-0.75	-0.74
Total Debt / (EBITDA - Capex)	3.61	4.99	3.59	1.52	1.4K
Net Debt / (EBITDA - Capex)	-2.93	-1.25	0.24	-0.83	-618.06
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-1.48	-9.43	212.26	87.41	-25.51
Gross Profit, 1 Yr. Growth %	-13.44	-31	361.64	89.94	-36.12
EBITDA, 1 Yr. Growth %	-6.57	-31.03	392.26	91.63	-42.25
EBITA, 1 Yr. Growth %	-13.09	-49.04	655.27	91.16	-48.33
EBIT, 1 Yr. Growth %	-13.14	-49.1	656.99	91.18	-48.33
Earnings From Cont. Operations, 1 Yr. Growth %	-45.28	-73.16	1.42K	149.91	-28.31
Net Income, 1 Yr. Growth %