Quarterly Report • Nov 11, 2024
Quarterly Report
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(CONVENIENCE TRANSLATION OF FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH)
| INDEX | PAGE |
|---|---|
| STATEMENTS OF FINANCIAL POSITIONS | 1 - 2 |
| STATEMENTS OF PROFIT/(LOSS) AND OTHER COMPREHENSIVE INCOME | 3 |
| STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY | 4 |
| STATEMENTS OF CASH FLOW | 5 |
| NOTES TO THE FINANCIAL STATEMENTS | 6 - 38 |
Condensed Statements of Financial Position as of 30 September 2024 and 31 December 2023 (Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2024 unless otherwise indicated.)
| Unaudited | Audited | ||
|---|---|---|---|
| Current | Previous | ||
| Period | Period | ||
| 30 September | 31 December | ||
| Assets | Note | 2024 | 2023 |
| Current Assets | |||
| Cash and cash equivalents | 4 | 114,384,029 | 354,332,306 |
| Other receivables | 3,7 | 1,126,139,665 | 1,188,612,401 |
| - Other receivables from related parties | 3 | 1,123,029,382 | 1,188,612,401 |
| - Other receivables from third parties | 7 | 3,110,283 | -- |
| Prepaid expenses | 9 | 3,705,261 | 336,848 |
| Other current assets | 12 | 17,366,810 | 8,434,483 |
| Total current assets | 1,261,595,765 | 1,551,716,038 | |
| Non - current assets | |||
| Financial investments | 5 | 16,546,014,643 | 18,489,572,302 |
| Property, plant and equipment | 4,207,963 | 3,000,340 | |
| Intangible assets | 14,321,539 | -- | |
| Prepaid expenses | 9 | 46,710,720 | -- |
| Total non - current assets | 16,611,254,865 | 18,492,572,642 | |
| TOTAL ASSETS | 17,872,850,630 | 20,044,288,680 |
Condensed Statements of Financial Position as of 30 September 2024 and 31 December 2023 (Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2024 unless otherwise indicated.)
| Unaudited | Audited | ||
|---|---|---|---|
| Current | Previous | ||
| Period | Period | ||
| 30 September | 31 December | ||
| Liabilities | Note | 2024 | 2023 |
| Short - term liabilities | |||
| Short - term borrowings | 8 | 35,804,223 | -- |
| Trade payables | 3,6 | 8,555,333 | 12,594,652 |
| - Trade payables to related parties | 3,6 | -- | 10,236,213 |
| - Trade payables to third parties | 6 | 8,555,333 | 2,358,439 |
| Payables related to employee benefits | 11 | 8,649,110 | 1,758,533 |
| Other payables | 7 | 350,284,570 | 311,840,809 |
| - Other payables to related parties | 3,7 | 346,957,751 | 310,904,172 |
| - Other payables to third parties | 7 | 3,326,819 | 936,637 |
| Deferred income | 1,680,791 | 3,262,183 | |
| Profit for the period tax liability | -- | 5,605,118 | |
| Short - term provisions | 10 | 873,302 | 415,719 |
| - Short - term provisions for employee benefits | 873,302 | 415,719 | |
| Other short - term liabilities | 18,225 | 6,553 | |
| Total short - term liabilities | 405,865,554 | 335,483,567 | |
| Long - term liabilities | |||
| Long - term provisions | 11 | 1,251,416 | 672,700 |
| - Long - term provisions for employee benefits | 11 | 1,251,416 | 672,700 |
| Deferred tax liabilities | 14 | 3,791,497,385 | 4,611,403,296 |
| Total long - term liabilities | 3,792,748,801 | 4,612,075,996 | |
| Total Liabilities | 4,198,614,355 | 4,947,559,563 | |
| Equity attributable to owners of the parent company |
13,674,236,275 | 15,096,729,117 | |
| Paid-in capital | 13 | 47,000,000 | 47,000,000 |
| Capital adjustment differences | 13 | 39,047,977 | 39,047,977 |
| Share premium | 1,193,360,802 | 1,193,360,802 | |
| Retained earnings | 13,817,320,338 | 8,562,699,263 | |
| Net profit for the period | (1,422,492,842) | 5,254,621,075 | |
| Total Equity | 13,674,236,275 | 15,096,729,117 | |
| TOTAL LIABILITIES | 17,872,850,630 | 20,044,288,680 |
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2024 unless otherwise indicated.)
| Unaudited | Unaudited | Unaudited | Unaudited | ||
|---|---|---|---|---|---|
| Current | Previous | Current | Previous | ||
| Period | Period | Period | Period | ||
| 1 July - | 1 July - | ||||
| 1 January - | 1 January - | 30 September | 30 September | ||
| Note | 30 September 2024 | 30 September 2023 | 2024 | 2023 | |
| Profit or Loss | |||||
| Revenue | 15 | 3,186,131,624 | 1,223,194,480 | 1,670,587,125 | 1,081,022 |
| Cost of sales (-) | (672,652) | (1,114) | (46,365) | -- | |
| Gross profit/(loss) | 3,185,458,972 | 1,223,193,366 | 1,670,540,760 | 1,081,022 | |
| General administrative expenses (-) | 16 | (214,186,921) | (90,584,497) | (50,858,469) | (2,679,897) |
| Marketing, selling and distribution expenses (-) | (3,974,509) | -- | (1,726,154) | -- | |
| Other income from operating expenses | 17 | 624,856,744 | 3,829,596,434 | (919,046,822) | (983,891,781) |
| Other expenses from operating activities (-) | 17 | (368,149) | (1,171,176) | (341,167) | (1,170,964) |
| Operating profit/(loss) | 3,591,786,137 | 4,961,034,127 | (698,568,148) | (986,661,620) | |
| Income from investment activities | 18 | 979,458,127 | 3,402,592,451 | -- | -- |
| Expenses from investment activities | 18 | (2,841,583,634) | -- | (2,841,583,634) | -- |
| Operating profit before financial income/(expenses) | 1,729,660,630 | 8,363,626,578 | (2,143,015,486) | (986,661,620) | |
| Financial income | 19 | 219,933,637 | 17,815,457 | 12,592,892 | 13,536,700 |
| Financial expenses (-) | 19 | (37,143,509) | (22,145,986) | (696,423) | (12,983,155) |
| Monetary (loss)/gain | (4,144,583,331) | (1,042,632,263) | (326,916,542) | 982,408,332 | |
| Profit/(loss) before tax | (2,232,132,573) | 7,316,663,786 | (2,458,035,559) | (3,699,743) | |
| Tax income/(expense) from continuing operations | |||||
| - Current tax expenses (-) | (10,266,179) | -- | 915,696 | -- | |
| - Deferred tax income/(expense) | 819,905,910 | (2,912,305,868) | 540,910,538 | (433,213,582) | |
| Profit/(loss) for the period from continuing operations | (1,422,492,842) | 4,404,357,918 | (1,916,209,325) | (436,913,325) | |
| Earnings per share | 20 | (30.27) | 93.71 | (40.77) | (9.30) |
| Earnings per share from continuing operations | (30.27) | 93.71 | (40.77) | (9.30) | |
| TOTAL COMPREHENSIVE INCOME/(EXPENSES) | (1,422,492,842) | 4,404,357,918 | (1,916,209,325) | (436,913,325) |
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2024 unless otherwise indicated.)
| Paid-in | Capital adjustment capital differences |
Share premium |
Retained earnings |
Net profit for the period |
Total equity |
|
|---|---|---|---|---|---|---|
| 1 January 2023 | 12,500,000 | 22,357,322 | -- | -- | 8,562,699,263 | 8,597,556,585 |
| Transfers | -- | -- | -- | 8,562,699,263 | (8,562,699,263) | -- |
| Capital increase Total comprehensive income/(expense) |
27,500,000 -- |
13,580,873 -- |
-- -- |
-- -- |
-- 4,404,357,918 |
41,080,873 4,404,357,918 |
| 30 September 2023 | 40,000,000 | 35,938,195 | -- | 8,562,699,263 | 4,404,357,918 | 13,042,995,376 |
| 1 January 2024 | 47,000,000 | 39,047,977 | 1,193,360,802 | 8,562,699,263 | 5,254,621,075 | 15,096,729,117 |
| Transfers Total comprehensive income/(expense) |
-- -- |
-- -- |
-- -- |
5,254,621,075 -- |
(5,254,621,075) (1,422,492,842) |
-- (1,422,492,842) |
| 30 September 2024 | 47,000,000 | 39,047,977 | 1,193,360,802 | 13,817,320,338 | (1,422,492,842) | 13,674,236,275 |
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2024 unless otherwise indicated.)
| Unaudited | Unaudited | ||
|---|---|---|---|
| Current Period | Previous Period | ||
| 1 January - | 1 January - | ||
| 30 September | 30 September | ||
| Note | 2024 | 2023 | |
| A. Cash flows from operating activities | (436,260,140) | (36,578,702) | |
| Net profit for the period | (1,422,492,842) | 4,404,357,918 | |
| Adjustments related to reconciliation of net profit for the period | 941,699,421 | (4,443,172,098) | |
| Adjustments related to depreciation and amortization expenses | 6,753,326 | -- | |
| Adjustments related to provisions | 10, 11 | 1,036,299 | 837,377 |
| Adjustments related to interest income and expenses | 19 | (182,790,128) | 4,330,530 |
| Adjustments related to tax expenses | 14 | (809,639,731) | 2,912,305,868 |
| Adjustments related to unrealized foreign exchange differences | 1,540,047,706 | 4,765,551,711 | |
| Adjustments related to gain on bargain purchase | 979,458,127 | 3,402,592,452 | |
| Adjustments related to fair value losses/(gains) | (592,847,833) | (15,528,735,594) | |
| Monetary gain/(loss) | (318,345) | (54,442) | |
| Changes in working capital | 46,798,045 | (12,724,561) | |
| Adjustments related to (increase)/decrease in other receivables from | |||
| operating activities | 7 | 62,472,736 | (378,924,636) |
| Adjustments related to increase in trade payables Adjustments related to (increase)/decrease in other payables from |
6 | (4,039,319) | 6,941,367 |
| operating activities | 38,443,761 | 362,033,930 | |
| Adjustments related to increase/(decrease) in prepaid expenses | 9 | (50,079,133) | (2,775,222) |
| Cash flows from operating activities | (433,995,376) | (51,538,741) | |
| Other cash inflows/(outflows) | (3,293,125) | (1,040,691) | |
| Tax payments/refunds | (15,871,297) | -- | |
| Cash outflows arising from acquisition of shares or debt instruments of other businesses or funds |
16,899,658 | 16,000,730 | |
| B. Cash flows from investment activities | (22,282,488) | 41,080,874 | |
| Cash inflows and from by fpurchases and sales of property, plant and | |||
| equipment and intangible assets, net | (22,282,488) | -- | |
| Capital increase | -- | 41,080,874 | |
| C. Cash flows from financing activities | |||
| 218,594,351 | (4,330,530) | ||
| Cash inflows from borrowing | 35,804,223 | -- | |
| Interest paid | 19 | (37,143,509) | (22,145,986) |
| Interest received | 219,933,637 | 17,815,456 | |
| Net increase/(decrease) in cash and cash equivalent | 4 | (239,948,277) | 171,642 |
| D. Cash and cash equivalents at the beginning of the period | 4 | 354,332,306 | 359,801 |
| E. Cash and cash equivalents at the end of the period | 4 | 114,384,029 | 531,443 |
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2024 unless otherwise indicated.)
1000 Yatırımlar Holding Anonim Şirketi ("the Company") was established after being registered in the Turkish Trade Registry Gazette dated 28 March 2022 and numbered 10546. The Company's field of activity is to participate in the capital management of established and/or to be established companies, to take responsibility for the financing, organization and management of their investments, to increase the security of investments against possible economic fluctuations and to contribute to the commercial, industrial and financial initiatives of the relevant companies in a healthy manner and in accordance with the requirements of the national economy.
The Company's trade name and the address where it carries out its activities are as follows:
1000 Yatırımlar Holding Anonim Şirketi Yamanevler Mah. Sanayi Cad. A Blok No:56 İç Kapı No:5 Ümraniye/İstanbul
As of 30 September 2024, the number of personnel of the Company is 29 (31 December 2023: 12). The number of employees working in the Company's financial investments is 545 (31 December 2023: 585).
The share capital of the Company is as follows:
| 30 | 31 | ||||
|---|---|---|---|---|---|
| September | December | ||||
| Shareholders | (%) | 2024 | (%) | 2023 | |
| Kadir Can Abdik | 18 | 8,287,500 | 18 | 8,287,500 | |
| Mustafa Saim Birpınar | 18 | 8,287,500 | 18 | 8,287,500 | |
| Üsame Erdoğan | 18 | 8,287,500 | 18 | 8,287,500 | |
| Hüseyin Ardan Küçük | 7 | 3,506,250 | 7 | 3,506,250 | |
| Haris Pojata | 7 | 3,506,250 | 7 | 3,506,250 | |
| EC Yatırımlar Holding A.Ş. (*) | -- | -- | 12 | 5,625,000 | |
| Lydia Yatırım Holding Anonim Şirketi (*) | 12 | 5,625,000 | -- | -- | |
| Public offering capital | 20 | 9,500,000 | 20 | 9,500,000 | |
| Paid-in capital | 100 | 47,000,000 | 100 | 47,000,000 | |
| Positive inflation adjustment differences | 39,047,977 | 39,047,977 | |||
| Total Paid-in Capital | 86,047,977 | 86,047,977 |
(*) EC Yatırımlar Holding A.Ş has merged with Lydia Yatırım Holding A.Ş. and transferred all of its tangible and monetary rights pursuant to the resolution of the Üsküdar 12th Notary Office dated 12.09.2024 and numbered 19811.
The issued capital of the Company is divided into 47,000,000 shares with a nominal value of TRY1.00 each. Of these, 8,000,000 are registered Class A shares and 39,000,000 are bearer Class B shares. Group A shares have the privilege to nominate candidates for the Board of Directors and to vote in the general assembly. Group B shares do not have any privileges, the privileges of privileged shares are specified in the relevant sections of the Company's Articles of Association.
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2024 unless otherwise indicated.)
The accompanying financial statements are prepared in accordance with the Communiqué Serial II, No: 14.1, "Principals of Financial Reporting in Capital Markets" published in the Official Gazette numbered 28676 on 13 June 2013. According to the article 5 of the Communiqué, financial statements are prepared in accordance with Turkish Accounting Standards/ Turkish Financial Reporting Standards ("TFRS") and its addendum and interpretations ("IFRIC") issued by the Public Oversight Accounting and Auditing Standards Authority ("POAASA") Turkish Accounting Standards Board.
The financial statements are presented in accordance with 'Announcement regarding with TFRS Taxonomy' which was published on 3 July 2024 by POA and the format and mandatory information recommended by CMB.
The financial statements are prepared on the historical cost basis, except for financial investments measured at fair value. The determination of historical cost is generally based on the fair value of the consideration paid for the assets.
The financial statements have been prepared on a going concern basis, with the assumption that the Company will benefit from their assets and fulfill their obligations in the next year and in the natural course of their activities.
With the announcements made by the Public Oversight Accounting and Auditing Standards Authority (POA) on 23 November 2023, entities applying TFRSs have started to apply inflation accounting in accordance with TAS 29 Financial Reporting in Hyperinflation Economies as of financial statements for the annual reporting period ending on or after 31 December 2023. TAS 29 is applied to the financial statements, including the consolidated financial statements, of any entity whose functional currency is the currency of a hyperinflationary economy.
According to the standard, financial statements prepared in the currency of a hyperinflationary economy are presented in terms of the purchasing power of that currency at the balance sheet date. Prior-period financial statements are also presented in the current measurement unit at the end of the reporting period for comparative purposes. The Company has therefore presented its financial statements as of 30 September 2023 and 31 December 2023, on the purchasing power basis as of 30 September 2024.
Pursuant to the decision of the Capital Markets Board (SPK) dated 28 December 2023 and numbered 81/1820, it has been decided that issuers and capital market institutions subject to financial reporting regulations that apply Turkish Accounting/Financial Reporting Standards will apply inflation accounting by applying the provisions of IAS 29 starting from their annual financial reports for the periods ending on 31 December 2023.
The adjustments made in accordance with IAS 29 were made using the adjustment coefficient obtained from the Consumer Price Index (CPI) of Turkey published by the Turkish Statistical Institute (TÜİK). As of 30 September 2024, the indices and adjustment coefficients used in the adjustment of the financial statements are as follows:
| Date | Index | Conversion factor | Three-year compound infliation rate |
|---|---|---|---|
| 30.09.2024 | 2,526.16 | 1.00000 | 343% |
| 31.12.2023 | 1,859.38 | 1.35860 | 268% |
| 30.09.2023 | 1,351.59 | 1.49385 | 254% |
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2024 unless otherwise indicated.)
The Company has prepared its financial statements for the period ended 30 September 2024 in accordance with CMB's Communiquê Serial: II-14.1 and the announcements explaining this communiquê. Financial statements and notes are presented in accordance with the formats recommended by the CMB and including the mandatory information.
The Company keeps its accounting records in accordance with the Uniform Chart of Accounts, Turkish Commercial Code and Turkish Tax Laws and prepares its legal financial statements in TRY terms accordingly.
The financial statements of the Company are presented in the currency of the primary economic environment in which the entity operates (its functional currency). The functional and presentation currency of the Company is Turkish Lira ("TRY").
In accordance with paragraph 18 of TAS 28, When an investment in an associate or a joint venture is held by or is held indirectly through, an entity that is a venture capital organization, or a mutual fund, unit trust, and similar entities including investment-linked insurance funds, the entity may elect to measure that investment at fair value through profit or loss in accordance with TFRS 9. The Company has elected to measure its investments at fair value through profit or loss in accordance with this standard.
Investment entity in accordance with TFRS 10 Consolidated Financial Statements is an entity that; (a) obtains funds from one or more investors for the purpose of providing those investor(s) with investment management services, (b) commits to its investor(s) that its business purpose is to invest funds solely for returns from capital appreciation, investment income, or both and (c) measures and evaluates the performance of substantially all of its investments on a fair value basis. In assessing whether it meets the definition described above, an entity shall consider whether it has the following typical characteristics of an investment entity;
The Company does not consolidate its subsidiaries in accordance with TFRS 10 as it meets the above conditions and measures the fair value difference of its investments in its subsidiaries and associate at fair value through profit or loss.
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2024 unless otherwise indicated.)
Disclosures on Financial Investments material changes in accounting policies are corrected retrospectively by restating the prior period financial statements.
According to TFRS 10, the Company did not present a financial statement by measuring its investments at fair value through profit or loss and benefiting from exclusion related to financial statement presentation. Besides, the Company is an investment entity as per the definition of investment entity in TFRS 10. The aspects indicating the Company's nature as investment entity are that: the Company gets funds from one or more investors in order to provide investment management services; undertakes its investor or investors that its business purpose is to invest the funds for only acquiring capital gain or investment income or both; and measures and appraises the performance of its all investment based on the fair value principle. Furthermore, the Company has investors without related parties as it is open to multiple investments and investors and to public.
The Company's associates and subsidiarises are as follows:
| Principal organization |
|||
|---|---|---|---|
| (%) | and place of operation |
Core business activity |
|
| Bin Ulaşım ve Akıllı Şehir Teknolojileri A.Ş. | 89 | Türkiye | Micromobility |
| Meta Mobilite Enerji Anonim Şirketi | 92 | Türkiye | Charging Station |
| Algoritma Donanım ve Yazılım Anonim Şirketi | 100 | Türkiye | Software |
| The | |||
| Go Sharing B.V. | 100 | Netherlands | Micromobility |
| Altay Yenilenebilir Enerji Üretim ve Depolama Anonim Şirketi | 100 | Türkiye | Energy |
| Cyprus Binbin Microbility Limited | 5 | Cyprus | Micromobility |
| Yeşil Kalkınma Vakfı | 100 | Türkiye | Ecological Policies |
| Finq Teknoloji ve İnovasyon Sanayi Ticaret Anonim Şirketi | 1 | Türkiye | Toy |
| 4B Mühendislik İnşaat Enerji ve Danışmanlık Anonim Şirketi | 100 | Türkiye | Engineering |
| 1000 Ödeme Hizmetleri ve Elektronik Para Anonim Şirketi | 100 | Türkiye | Technology |
| İstanbul Dijital Taksi Uygulamaları Turizm Sanayi ve Ticaret A.Ş. | 100 | Türkiye | Technology |
Bin Ulaşım ve Akıllı Şehir Teknolojileri A.Ş. ("Bin Ulaşım") Founded in 2019 and operating in the micromobility sector. The Company owns 89% of Bin Ulaşım's share capital amounting to TRY100,000,000.
Meta Mobilite Enerji A.Ş. ("Meta") Founded in 2022 and operating in the electric charging station sector. The Company owns 92% of Meta's share capital amounting to TRY44,079,466.
Algoritma Donanım ve Yazılım A.Ş. ("Algoritma") Founded in 2022 and operates in the software industry. The Company owns 100% of Algoritma's share capital amounting to TRY5,000,000.
Go Sharing B.V. ("Go Sharing") Founded in 2019 in the Netherlands, it operates in the micromobility sector. The Company owns 100% of Go Sharing's share capital amounting to EUR96,000.
Altay Yenilenebilir Enerji Üretim ve Depolama A.Ş. ("Altay") Founded in 2022, it operates in the renewable energy sector. The Company owns 100% of Altay's share capital amounting to TRY30,000,000.
Cyprus Binbin Microbility ("Cyprus") Founded in 2022, it operates in the micromobility sector. The Company owns 5% of Cyprus's share capital amounting to TRY1,000,000. The activities of the related company were suspended as of 31.12.2023.
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2024 unless otherwise indicated.)
Finq Teknoloji ve İnovasyon Sanayi Ticaret A.Ş. ("Finq") Founded in 2023, it operates in the driving toys sector. The Company owns 1% of Finq's share capital amounting to TRY20,000,000.
4B Mühendislik İnşaat Enerji ve Danışmanlık A.Ş. ("4B") Founded in 2023, it operates in the sector of engineering and consultancy activities for other projects. The Company owns 100% of 4B's share capital amounting to TRY200,000.
1000 Ödeme Hizmetleri ve Elektronik Para A.Ş. ("1000 Finansal") Founded in 2023, the company will carry out virtual and mobile POS activities in the logic of payment systems and carry out money transfer activities through digital banking. Apart from these, work is also ongoing niche projects. The company owns 100% of 1000 Finansal's share capital amounting to TRY5,000,000.
İstanbul Dijital Taksi Uygulamaları Turizm Sanayi ve Ticaret A.Ş. ("Taksim") Founded in 2024, Taksim is a local taxi hailing app for Istanbulites. The company owns 100% of Taksim's share capital amounting to TRY5,000,000.
Yeşil Kalkınma Vakfı ("YEKAV") was established in 2024 and will operate in fields of green energy and climate change. The company owns 100% of YEKAV's share capital amounting to TRY120,000.
Accounting policy changes resulting from the first application of a new TAS are applied retrospectively or prospectively in accordance with the transitional provisions of that TAS. Significant accounting errors identified are applied retrospectively and prior period financial statements are restated. If changes in accounting estimates are related to only one period, they are recognized in the period when changes are applied; if changes in estimates are related to future periods, they are recognized both in the period where the change is applied and future periods prospectively.
If changes in accounting estimates are related to only one period, they are recognized in the period when changes are applied; if changes in estimates are related to future periods, they are recognized both in the period where the change is applied and future periods prospectively. The Company has not made any significant changes in accounting estimates in the current year. Major accounting errors that have been detected are applied retrospectively and the financial statements of the previous period are restated.
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2024 unless otherwise indicated.)
As at 30 September 2024, the accounting policies adopted in preparation of the financial statements for the year ended 1 January 2024 are consistent with those of the previous financial year, except for the adoption of new and amended TFRS and interpretations of TFRS effective. The effects of these standards and interpretations on the financial position and performance of the Company are disclosed in the related paragraphs
In March 2020 and January 2023, POA issued amendments to TAS 1 to specify the requirements for classifying liabilities as current or non-current. According to the amendments made in January 2023 if an entity's right to defer settlement of a liability is subject to the entity complying with the required covenants at a date subsequent to the reporting period, the entity has a right to defer settlement of the liability even if it does not comply with those covenants at the end of the reporting period (even if it does not comply with the relevant conditions at the end of the reporting period). When a liability arising from the loan agreement is classified as non-current and the right of the entity to defer the payment depends on its compliance with the terms of the loan agreement within 12 months, the January 2023 amendments require the entities to make various disclosures. These disclosures should include information about the terms of the loan agreement and the related obligations. However, the amendments clarified that the right to defer payment for long-term classification should exist by the end of the reporting period, regardless of whether compliance with the terms of the contract is to be tested at the reporting date or at a later date.The amendments clarified that the classification of a liability is unaffected by the likelihood that the entity will exercise its right to defer settlement of the liability for at least twelve months after the reporting period. The amendments must be applied retrospectively in accordance with TAS 8. The amendments did not have a significant impact on the financial position or performance of the Company.
In January 2023, POA issued amendments to TFRS 16. The amendments specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognise any amount of the gain or loss that relates to the right of use it retains. In applying requirements of TFRS 16 under "Subsequent measurement of the lease liability" heading after the commencement date in a sale and leaseback transaction, the seller lessee determines 'lease payments' or 'revised lease payments' in such a way that the seller-lessee would not recognise any amount of the gain or loss that relates to the right of use retained by the seller-lessee. The amendments do not prescribe specific measurement requirements for lease liabilities arising from a leaseback. The initial measurement of the lease liability arising from a leaseback may result in a sellerlessee determining 'lease payments' that are different from the general definition of lease payments in TFRS 16. The seller-lessee will need to develop and apply an accounting policy that results in information that is relevant and reliable in accordance with TAS 8. A seller-lessee applies the amendments retrospectively in accordance with TAS 8 to sale and leaseback transactions entered into after the date of initial application of TFRS 16. The amendments did not have a significant impact on the financial position or performance of the Company.
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2024 unless otherwise indicated.)
The amendments issued by POA in September 2023 specify disclosure requirements to enhance the current requirements, which are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity's liabilities, cash flows and exposure to liquidity risk. Supplier finance arrangements are characterized by one or more finance providers offering to pay amounts an entity owes its suppliers and the entity agreeing to pay according to the terms and conditions of the arrangements at the same date as, or a date later than, suppliers are paid. The amendments require an entity to provide information about terms and conditions of those arrangements, quantitative information on liabilities related to those arrangements as at the beginning and end of the reporting period and the type and effect of non-cash changes in the carrying amounts of those liabilities. In the context of quantitative liquidity risk disclosures required by TFRS 7, supplier finance arrangements are also included as an example of other factors that might be relevant to disclose. The amendments did not have a significant impact on the financial position or performance of the Company.
Standards, interpretations and amendments to existing standards that are issued but not yet effective up to the date of issuance of the financial statements are as follows. The Company will make the necessary changes if not indicated otherwise, which will be affecting the financial statements and disclosures, when the new standards and interpretations become effective.
In December 2017, POA postponed the effective date of this amendment indefinitely pending the outcome of its research project on the equity method of accounting. Early application of the amendments is still permitted. The Company will wait until the final amendment to assess the impacts of the change.
POA issued TFRS 17 in February 2019, a comprehensive new accounting standard for insurance contracts covering recognition and measurement, presentation and disclosure. TFRS 17 model combines a current balance sheet measurement of insurance contract liabilities with the recognition of profit over the period that services are provided. The mandatory effective date of the Standard postponed to accounting periods beginning on or after 1 January 2025 with the announcement made by the POA.The standard is not applicable for the Company and will not have an impact on the financial position or performance of the Company.
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2024 unless otherwise indicated.)
In May 2024, POA issued amendments to TAS 21. The amendments specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. When an entity estimates a spot exchange rate because a currency is not exchangeable into another currency, it discloses information that enables users of its financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity's financial performance, financial position and cash flows. The amendments will be effective for annual reporting periods beginning on or after 1 January 2025. Early adoption is permitted but will need to be disclosed. When applying the amendments, an entity cannot restate comparative information. The amendments did not have a significant impact on the financial position or performance of the Company.
In September 2023, POA issued amendments to TAS 12, which introduce a mandatory exception in TAS 12 from recognizing and disclosing deferred tax assets and liabilities related to Pillar Two income taxes. The amendments clarify that TAS 12 applies to income taxes arising from tax laws enacted or substantively enacted to implement the Pillar Two Model Rules published by the Organization for Economic Cooperation and Development (OECD). The amendments also introduced targeted disclosure requirements for entities affected by the tax laws. The temporary exception from recognition and disclosure of information about deferred taxes and the requirement to disclose the application of the exception apply immediately and retrospectively upon issue of the amendments.
The following amendments to IFRS 9 and IFRS 7 as well as IFRS 18 and IFRS 19 are issued by IASB but not yet adapted/issued by POA. Therefore, they do not constitute part of TFRS. The Company will make the necessary changes to its financial statements after the amendments and new Standard are issued and become effective under TFRS.
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2024 unless otherwise indicated.)
In May 2024, IASB issued amendments to the classification and measurement of financial instruments (amendments to IFRS 9 and IFRS 7). The amendment clarifies that a financial liability is derecognised on the 'settlement date'. It also introduces an accounting policy option to derecognise financial liabilities that are settled through an electronic payment system before settlement date if certain conditions are met. The amendment also clarified how to assess the contractual cash flow characteristics of financial assets that include environmental, social and governance (ESG)-linked features and other similar contingent features as well as the treatment of non-recourse assets and contractually linked instruments. Additional disclosures in IFRS 7 for financial assets and liabilities with contractual terms that reference a contingent event (including those that are ESG-linked), and equity instruments classified at fair value through other comprehensive income are added with the amendment. The amendments did not have a significant impact on the financial position or performance of the Company.
In July 2024, IASB issued IFRS 18 which replaces IAS 1. IFRS 18 introduces new requirements on presentation within the statement of profit or loss, including specified totals and subtotals. IFRS 18 requires an entity to classify all income and expenses within its statement of profit or loss into one of five categories: operating; investing; financing; income taxes; and discontinued operations. It also requires disclosure of management-defined performance measures and includes new requirements for aggregation and disaggregation of financial information based on the identified 'roles' of the primary financial statements and the notes. In addition, there are consequential amendments to other accounting standards, such as IAS 7, IAS 8 and IAS 34. The amendments did not have a significant impact on the financial position or performance of the Company.
In May 2024, IASB issued IFRS 19, which allows eligible entities to elect to apply reduced disclosure requirements while still applying the recognition, measurement and presentation requirements in other IFRS accounting standards. Unless otherwise specified, eligible entities that elect to apply IFRS 19 will not need to apply the disclosure requirements in other IFRS accounting standards. An entity that is a subsidiary, does not have public accountability and has a parent (either ultimate or intermediate) which prepares consolidated financial statements, available for public use, which comply with IFRS accounting standards may elect to apply IFRS 19. The amendments did not have a significant impact on the financial position or performance of the Company.
The interim condensed financial statements for the period ended 30 September 2024 have been prepared in accordance with TAS 34. The accounting policies used in the preparation of these interim condensed financial statements for the period ended 30 September 2024 are consistent with those used in the preparation of annual financial statements for the year ended 31 December 2023. Accordingly, these interim condensed financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2023.
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2024 unless otherwise indicated.)
Balances to related parties usually arise from operational mobile rental transactions and their approximate maturity is 30 - 45 days for receivables.
The details of the transactions between the Company and other related parties:
| 30 September 2024 |
31 December 2023 |
|
|---|---|---|
| Go Sharing B.V. (*) | 471,403,998 | 43,017,282 |
| Meta Mobilite Enerji A.Ş. (**) | 380,239,832 | 294,310,391 |
| Algoritma Donanım ve Yazılım A.Ş. | 146,395,644 | 63,905,851 |
| Bin Ulaşım ve Akıllı Şehir Teknolojileri A.Ş. | 80,127,137 | 787,342,265 |
| Altay Yenilenebilir Enerji Üretim ve Depolama A.Ş. | 14,232,781 | -- |
| 1000 Ödeme Hizmetleri ve Elektronik Para A.Ş. | 14,225,746 | -- |
| İstanbul Dijital Taksi Uygulamaları Turizm San. ve Tic. A.Ş. | 12,243,416 | -- |
| Go Sharing Mobilite Hizmetleri ve Ticaret A.Ş. | 3,960,829 | 36,613 |
| 4B Mühendislik İnşaat Enerji ve Danışmanlık A.Ş. | 200,000 | -- |
1,123,029,382 1,188,612,402
(*) The related balance consists of the balances sent for the continuation of the Company's operations in the Netherlands.
(**) The related balance consists of the balances sent for the investment commitment advance loan process used by Meta Mobilite Enerji A.Ş..
| 30 September 2024 |
31 December 2023 |
|
|---|---|---|
| 4B Mühendislik İnşaat Enerji ve Danışmanlık A.Ş. (**) | 259,957,751 | 301,393,947 |
| EC Yatırımlar Holding A.Ş. (*) | 87,000,000 | 9,510,224 |
346,957,751 310,904,172
(*) The related balance consists of the debt item taken for the establishment of Altay Yenilenebilir Enerji Üretim ve Depolama A.Ş.
(**) The related amount is the debt amount sent to 4B Mühendislik İnşaat Enerji ve Danışmanlık A.Ş..
| 30 September 2024 |
31 December 2023 |
|
|---|---|---|
| Altay Yenilenebilir Enerji Üretim ve Depolama A.Ş. | -- | 10,236,213 |
| -- | 10,236,213 |
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2024 unless otherwise indicated.)
| 1 January - 30 September 2024 | ||||
|---|---|---|---|---|
| Rent | Interest | Other | Total | |
| Bin Ulaşım ve Akıllı Şehir Teknolojileri A.Ş. | 302,926 | -- | 809,355,710 | 809,658,636 |
| Go Sharing B.V. | -- | -- | 89,755,878 | 89,755,878 |
| 4B Mühendislik İnşaat Enerji ve Danışmanlık A.Ş. | -- | 40,703,342 | 4,487,794 | 45,191,136 |
| Algoritma Donanım ve Yazılım A.Ş. | -- | -- | 3,164,225 | 3,164,225 |
| Altay Yenilenebilir Enerji Üretim ve Depolama A.Ş. | -- | -- | 2,917,066 | 2,917,066 |
| Meta Mobilite Enerji A.Ş. | -- | -- | 2,711,749 | 2,711,749 |
| 1 January - 30 September 2023 | ||||
|---|---|---|---|---|
| Rent | Interest | Other | Total | |
| Bin Ulaşım ve Akıllı Şehir Teknolojileri A.Ş. | 457,517 | 25,377,869 | 9,036 | 25,844,422 |
| 4B Mühendislik İnşaat Enerji ve Danışmanlık A.Ş. | -- | 1,836,090 | -- | 1,836,090 |
| Algoritma Donanım ve Yazılım A.Ş. | -- | 491,965 | 71,334 | 563,299 |
| 457,517 | 27,705,924 | 80,370 | 28,243,811 |
302,926 40,703,342 912,392,422 953,398,690
| 1 January - 30 September 2024 | ||||
|---|---|---|---|---|
| Rent | Interest | Other | Total | |
| Go Sharing B.V. | 82,735,913 | -- | 478,024,250 | 560,760,163 |
| Bin Ulaşım ve Akıllı Şehir Teknolojileri A.Ş. | -- | 76,740,048 | 173,986,125 | 250,726,173 |
| Meta Mobilite Enerji A.Ş. | -- | 46,690,595 | 150,433,146 | 197,123,741 |
| Algoritma Donanım ve Yazılım A.Ş. | -- | 11,740,137 | 102,898,355 | 114,638,493 |
| Altay Yenilenebilir Enerji Üretim ve Depolama A.Ş. | -- | 2,167,699 | 25,170,984 | 27,338,682 |
| 1000 Ödeme Hizmetleri ve Elektronik Para A.Ş. İstanbul Dijital Taksi Uygulamaları Turizm Sanayi |
-- | 6,651 | 15,953,903 | 15,960,554 |
| ve Ticaret A.Ş. | -- | 65,873 | 13,687,059 | 13,752,932 |
| 4B Mühendislik İnşaat Enerji ve Danışmanlık A.Ş. | -- | -- | 2,650,503 | 2,650,503 |
| 82,735,913 | 137,411,004 | 962,804,325 | 1,182,951,241 |
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2024 unless otherwise indicated.)
| 1 January - 30 September 2023 | ||||
|---|---|---|---|---|
| Consultancy | Interest | Other | Total | |
| Go Sharing B.V. | -- | 17,509,343 | -- | 17,509,343 |
| Meta Mobilite Enerji A.Ş. | -- | 6,192,268 | 299,832 | 6,492,100 |
| Bin Ulaşım ve Akıllı Şehir Teknolojileri A.Ş. | 2,541,760 | -- | 299,832 | 2,841,592 |
| Algoritma Donanım ve Yazılım A.Ş. | -- | 42,264 | 299,832 | 342,096 |
| Altay Yenilenebilir Enerji Üretim ve Depolama A.Ş. | -- | -- | 299,832 | 299,832 |
| Go Sharing Mobilite Hizmetleri ve Ticaret A.Ş. | -- | 14,163 | -- | 14,163 |
As of 30 September 2024, remuneration and similar benefits provided to key management personnel such as general manager and assistant general managers in the current period is TRY7,535,902 (31 December 2023: TRY10,359,421)
2,541,760 23,758,038 1,199,328 27,499,126
| 30 September 2024 |
31 December 2023 |
|
|---|---|---|
| Cash in hand | 354 | 480 |
| Banks | 114,383,676 | 354,331,825 |
| - Demand deposits | 45,939,099 | 1,094,940 |
| - Time deposits (*) | 68,444,577 | 353,236,885 |
| 114,384,029 | 354,332,306 |
(*) The maturity of time deposits is less than 3 months and the average effective interest rate is 44.68% for TRY (31 December 2023: 36%).
The details of the Company's long-term financial investments as at 30 September 2024 and 31 December 2023 are as follows:
| 30 September 2024 |
31 December 2023 |
|---|---|
| 16,546,014,643 | 18,489,572,302 |
| 16,546,014,643 | 18,489,572,302 |
| 30 September | 31 December |
| 2024 | 2023 |
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2024 unless otherwise indicated.)
As at 30 September 2024 and 31 December 2023, the fair value details of subsidiaries and associates are as follows:
| Share | Share | |||
|---|---|---|---|---|
| Ratio | 30 September | Ratio | 31 December | |
| (%) | 2024 | (%) | 2023 | |
| Bin Ulaşım ve Akıllı Şehir Teknolojileri A.Ş. and | ||||
| subsidiaries (*) | 89 | 12,923,129,841 | 89 | 10,846,468,033 |
| Meta Mobilite Enerji A.Ş. (*) | 92 | 1,258,928,549 | 95 | 2,148,940,160 |
| Algoritma Donanım ve Yazılım A.Ş. (*) | 100 | 675,023,153 | 100 | 710,353,091 |
| Go Sharing B.V. () (****) | 100 | 771,358,779 | 100 | 4,766,084,349 |
| Altay Yenilenebilir Enerji Üretim ve Depolama | ||||
| A.Ş. (**) | 100 | 13,118,017 | 100 | 10,620,309 |
| Cyprus Binbin Microbility | 5 | 101,709 | 5 | 120,651 |
| Yeşil Kalkınma Vakfı (***) | 100 | 212,007 | 100 | 238,739 |
| Finq Teknoloji ve İnovasyon Sanayi Ticaret A.Ş. | ||||
| (***) | 1 | 348,225 | 1 | 388,461 |
| 4B Mühendislik İnşaat Enerji ve Danışmanlık | ||||
| A.Ş. (***) | 100 | 275,923 | 100 | 298,770 |
| 1000 Ödeme Hizmetleri ve Elektronik Para A.Ş. | ||||
| (**) | 100 | -- | 100 | 6,059,738 |
| İstanbul Dijital Taksi Uygulamaları Turizm San. | ||||
| ve Tic. A.Ş. (****) | 100 | 903,518,438 | -- | -- |
| 16,546,014,643 | 18,489,572,301 |
The fair value of the companies has been determined by an independent valuation company with an independent valuation report dated 30 June 2024. The valuation company is authorized by the CMB and provides valuation services in accordance with capital markets legislation. The fair value of the financial investments held are calculated according to the Discounted Cash Flow Method ("DCF") and Net Asset Value method.
(*) The value of Bin Ulaşım ve Akıllı Şehir Teknolojileri A.Ş. includes the valuations of its subsidiaries and the fair value of the related financial investments is determined according to the Discounted Cash Flow Method.
(**) The fair value of the related financial investment is determined according to the Net Asset Value method.
(***) Related financial investments are recognized at cost.
(****) The related financial investment is recognized at fair value in the valuation report dated 31 March 2024.
(*****) The related financial investment is recognized at fair value in the valuation report dated 30 September 2024.
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2024 unless otherwise indicated.)
The details of the Company's trade payables are as follows:
| 30 September 2024 |
31 December 2023 |
|
|---|---|---|
| Trade payables to related parties (Note 3) Trade payables to third parties |
-- 8,555,333 |
10,236,213 2,358,439 |
| 8,555,333 | 12,594,652 |
The aging analysis of the Company's short-term trade payables is as follows:
| 30 September 2024 |
31 December 2023 |
|
|---|---|---|
| 0 - 3 months | 8,555,333 | 12,594,652 |
| 8,555,333 | 12,594,652 |
| 30 September 2024 |
31 December 2023 |
|
|---|---|---|
| Other receivables due from related parties (Note 3) Receivables from public administrations |
1,123,029,382 3,110,283 |
1,188,612,401 -- |
| 1,126,139,665 | 1,188,612,401 |
| 30 September 2024 |
31 December 2023 |
|
|---|---|---|
| Other payables due to related parties (Note 3) | 346,957,751 | 310,904,172 |
| Other miscellaneous payables (*) | 3,326,819 | 936,637 |
| 350,284,570 | 311,840,809 |
(*) The related amount consists of taxes payable.
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2024 unless otherwise indicated.)
| 30 September | 31 December | |
|---|---|---|
| 2024 | 2023 | |
| Bank borrowings | 35,757,464 | -- |
| Other financial liabilities (*) | 46,759 | -- |
| 35,804,223 | -- |
(*) Other financial liabilities consist of Company credit cards.
| Effective weighted | 30 September 2024 | 31 December 2023 | |||
|---|---|---|---|---|---|
| Currency | average interest rate % | Short - term |
Long - term |
Short - term |
Long - term |
| TRY | 4.41 | 35,757,464 | -- | -- | -- |
| 35,757,464 | -- | -- | -- |
The details of short - term prepaid expenses are as follows:
| 30 September 2024 |
31 December 2023 |
|---|---|
| 2,426,282 | 127,782 |
| 209,066 | |
| 3,705,261 | 336,848 |
| 1,278,979 |
The details of long - term prepaid expenses are as follows:
| 30 September 2024 |
31 December 2023 |
|
|---|---|---|
| Advances given (*) | 46,710,720 | -- |
| 46,710,720 | -- |
(*) The related amount consists of the advance given for the purchase of the shares of Ufuk Yatırım Yönetim ve Gayrimenkul Anonim Şirketi, which the Company disclosed to the public in the Company's disclosure dated 14.06.2024. The related amount will be reclassified to financial investments if the conditions and closing conditions stipulated in the Share Purchase and Sale Agreement are fulfilled.
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2024 unless otherwise indicated.)
| 30 September 2024 |
31 December 2023 |
|
|---|---|---|
| Provisions for unused vacation | 873,302 | 415,719 |
| 873,302 | 415,719 | |
| Movements of the short - term provisions the years are as follows: | ||
| 1 January - 30 September 2024 | Provision for unused vacation |
Total |
| Beginning of the period | 415,719 | 415,719 |
| Additions | 567,312 | 567,312 |
| Monetary loss/gain | (109,729) | (109,729) |
| End of the period | 873,302 | 873,302 |
| Provision for | ||
| 1 January - 30 September 2023 | unused vacation | Total |
| Beginning of the period | 44,922 | 44,922 |
| Additions | 412,482 | 412,482 |
| Monetary loss/gain | (14,945) | (14,945) |
| End of the period | 442,459 | 442,459 |
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2024 unless otherwise indicated.)
| 30 September 2024 |
31 December 2023 |
|
|---|---|---|
| Pledge | 239,112,788 | -- |
| Sureties given | 124,956,017 | 1,059,051,738 |
| Guarantee | 102,968,198 | -- |
| 30 September 2024 |
31 December 2023 |
|||
|---|---|---|---|---|
| Original Currency |
TRY Amount |
Original Currency |
TRY Amount |
|
| CPM given by group: | ||||
| A. Total amount of collaterals/pledges/mortgages given for its own legal entity |
TRY | -- | TRY | -- |
| B. Total amount of collaterals/pledges/mortgages given for participations included in entire consolidation |
TRY | -- | TRY | -- |
| C. Total amount of colleterals/pledges/mortgages given to assure debts of third parties, for the purpose of conducting the business activities |
TRY | -- | TRY | -- |
| D. Total amount of other collaterals/pledges/mortgages given i. Total amount of collaterals/pledges/mortgages given ii. Total amount of collaterals/pledges/mortgages given or other related companies that do not fall into B |
TRY TRY |
467,037,004 -- |
TRY TRY |
1,059,051,738 -- |
| and C sections | TRY | 467,037,004 | TRY | 1,059,051,738 |
| iii. Total amount of collaterals/pledges/mortgages given for third parties that do not fall into C section |
TRY | -- | TRY | -- |
| TOTAL | 467,037,004 | 1,059,051,738 |
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2024 unless otherwise indicated.)
The payables of the Company's the of employee benefits as of end of the periods are explained below:
| 30 September 2024 |
31 December 2023 |
|
|---|---|---|
| Social security premium payables Payables to personnel (*) |
947,368 7,701,742 |
532,705 1,225,827 |
| 8,649,110 | 1,758,532 |
(*) TRY3,088,363 of the related amount consists of wage accruals for September. The related amount was paid in October.
The Company assumes that all of its personnel will retire when they complete their service for 25 years for men and 20 years for women. The principal assumption is that the maximum liability for each year of service will increase in line with the inflation. Thus, when he retires, he finds the portion of the severance pay he will receive in accordance with his seniority on the balance sheet date. This amount is discounted at the rates stated below, in accordance with the remaining period of retirement. As of 30 September 2024 the provision was calculated with discount ratio as approximately 0.00% on the assumption of annual 22.00% inflation rate and 22.00% interest rate
Actuarial gains and losses arising in the following year due to the differences in the discount rate and the rate of employee resignations are not considered significant, so they are not reported in the Equity in the balance sheet over the other Comprehensive Profit and Loss Statement. It is assumed that those who continue to work while they are able to retire and those who continue to work after retirement will leave on the balance sheet date.
The amount of severance pay is subject to an upper limit that is redefined every year. During these calculations, the upper limit of the salary based on severance pay has been taken into the account. This upper limit is TRY41,828.42 effective from 30 September 2024 (31 December 2023: TRY35,058.58).
| 30 September 2024 |
31 December 2023 |
|
|---|---|---|
| Provisions for employment termination benefits | 1,251,416 | 672,700 |
| 1,251,416 | 672,700 |
Movements of the provisions for employment termination benefits during the year are as follows
| 2024 | 2023 | |
|---|---|---|
| 1 January | 672,700 | 118,720 |
| Service cost | 662,435 | 467,862 |
| Interest cost | 283,901 | 11,476 |
| Compensation paid | (159,004) | -- |
| Monetary (gain)/loss | (208,616) | (39,497) |
| 30 September | 1,251,416 | 558,561 |
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2024 unless otherwise indicated.)
he details of the Company's other current assets as of end of the periods are as follows:
| 30 September 2024 |
31 December 2023 |
|
|---|---|---|
| Deferred VAT Personnel advances |
17,310,308 56,502 |
8,430,540 3,943 |
| 17,366,810 | 8,434,483 |
The Company's issued share capital is TRY47,000,000 and has been fully paid in free of collusion. This capital is divided into 47,000,000 shares with a nominal value of TRY1.00 each of these, 8,000,000 are registered Class A shares and 39,000,000 are bearer Class B shares. Group A shares have the privilege to nominate candidates for the Board of Directors and to vote at the General Assembly. Group B shares do not have any privileges, and the privileged shares are specified in the relevant sections of the Company's Articles Association.
The paid-in capital structure of the Company as of 30 September 2024 and 31 December 2023 is as follows:
| 30 September | 31 December | |||
|---|---|---|---|---|
| Shareholders | (%) | 2024 | (%) | 2023 |
| Kadir Can Abdik | 18 | 8,287,500 | 18 | 8,287,500 |
| Mustafa Saim Birpınar | 18 | 8,287,500 | 18 | 8,287,500 |
| Üsame Erdoğan | 18 | 8,287,500 | 18 | 8,287,500 |
| Hüseyin Ardan Küçük | 7 | 3,506,250 | 7 | 3,506,250 |
| Haris Pojata | 7 | 3,506,250 | 7 | 3,506,250 |
| EC Yatırımlar Holding A.Ş. (*) | -- | -- | 12 | 5,625,000 |
| Lydia Yatırım Holding Anonim Şirketi (*) | 12 | 5,625,000 | -- | -- |
| Public offering capital | 20 | 9,500,000 | 20 | 9,500,000 |
| Paid - in capital | 100 | 47,000,000 | 100 | 47,000,000 |
| Positive Inflation Adjustment Differences | 39,047,977 | 39,047,977 | ||
| Total paid-in capital | 86,047,977 | 86,047,977 |
(*) EC Yatırımlar Holding A.Ş has merged with Lydia Yatırım Holding A.Ş. and transferred all of its tangible and monetary rights pursuant to the resolution of the Üsküdar 12th Notary Office dated 12.09.2024 and numbered 19811.
Out of a total of 47,000,000 shares representing the issued capital of the Company amounting to TRY47,000,000, 8,000,000 shares are designated as Group (A) shares and 39,000,000 shares are designated as Group (B) shares.
Group (A) shares have the privilege to nominate candidates not exceeding half of the number of board members and voting privileges at the general assembly. Each Group A share entitles its holder to 5 (five) votes. Each Group B share entitles its holder to 1 (one) vote.
Group (A) shareholders have the privilege to nominate candidates for the Board of Directors and to vote at the General Assembly.
Group (B) shares do not have any privileges.
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2024 unless otherwise indicated.)
The Company is subject to corporate tax in Turkey. Provision is made in the accompanying financial statements for the estimated charge based on the Company's results for the current period.
The corporate tax rate to be accrued on taxable corporate income is calculated over the remaining tax base after adding the non-deductible expenses from the tax base in the determination of the commercial profit and deducting the tax-exempt earnings, non-taxable incomes and other deductions (previous year losses, if any, and investment discounts used if preferred).
In 2024, the effective tax rate is 23% (2023: 25%).
Company activities are subject to Turkish Tax Legislation and practices.
The corporate tax rate is applied to the net corporate income to be found as a result of adding the expenses that are not accepted as deductible in accordance with the tax laws to the commercial income of the corporations and deducting the exemptions and discounts in the tax laws. Companies file their tax returns within the 30th of the fourth month following the close of the financial year to which they relate and are paid by the end of the respective month.
According to the Corporate Tax Law, financial losses shown on the declaration can be deducted from the corporate tax base of the period, provided that they do not exceed 5 years. Declarations and related accounting records can be examined by the tax office within five years.
Dividend payments made to resident companies in Turkey, to those who are not liable and exempt from corporate tax and income tax, and to real persons and non-resident legal entities in Turkey, are subject to income tax.
Dividend payments made from companies' resident in Turkey to joint stock companies residing in Turkey are not subject to income tax. In addition, income tax is not calculated if the profit is not distributed or added to the capital.
The effective tax rate in 2024 is 23% (31 December 2023: 25%).
The movement of deferred income tax assets and liabilities is as follows:
| 2024 | 2023 | |
|---|---|---|
| 1 January Recognized in statement of profit or loss |
(4,611,403,294) 819,905,910 |
(2,561,614,464) (2,912,305,868) |
| 30 September | (3,791,497,384) | (5,473,920,332) |
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2024 unless otherwise indicated.)
The Company recognizes deferred tax assets and liabilities for temporary timing differences arising from the differences between the tax base legal financial statements and financial statements prepared in accordance with TFRS. These differences are generally due to the fact that some income and expense items are included in different periods in the tax base financial statements and financial statements prepared in accordance with TFRS, and the said differences are stated below.
| 30 September 2024 | 31 December 2023 | |||
|---|---|---|---|---|
| Deferred Tax Assets/(Liabilities) | Accumulated temporary differences |
Deferred tax |
Accumulated temporary differences |
Deferred tax |
| Fair value difference of associates Adjustments related to deffered |
16,503,207,981 | (3,795,737,836) | 16,939,076,106 | (4,612,490,945) |
| income Provisions for employment |
(1,680,791) | 386,582 | (2,995,040) | 815,546 |
| termination benefits | (1,251,416) | 287,826 | (381,675) | 103,930 |
| Provisions for unused vacations Adjustments related to property, plant and equipment and intangible |
(873,302) | 200,859 | (617,612) | 168,175 |
| assets | (16,066,243) | 3,695,236 | -- | -- |
| Interest accrual | 1,435,006 | (330,051) | -- | -- |
| Deferred tax assets/(liabilities) - | ||||
| net | 16,484,771,235 | (3,791,497,384) | 16,935,081,779 | (4,611,403,294) |
| 1 January - 30 September 2024 |
1 January - 30 September 2023 |
1 July - 30 September 2024 |
1 July - 30 September 2023 |
|
|---|---|---|---|---|
| Value increase in financial | ||||
| investments | 3,111,903,183 | 1,222,113,458 | 1,647,425,284 | -- |
| Other | 74,228,441 | 1,081,022 | 23,161,840 | 1,081,022 |
| 3,186,131,624 | 1,223,194,481 | 1,670,587,124 | 1,081,022 |
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2024 unless otherwise indicated.)
Details of general administrative expenses:
| 1 January - | 1 January - | 1 July - | 1 July - | |
|---|---|---|---|---|
| 30 September | 30 September | 30 September | 30 September | |
| 2024 | 2023 | 2024 | 2023 | |
| Consulting expenses | 78,241,208 | 26,110,690 | 14,310,462 | 342,765 |
| Personnel expenses | 75,112,675 | 59,392,024 | 19,279,758 | 975,363 |
| Vehicle expenses | 11,102,893 | 2,601 | 921,776 | 2,601 |
| Depreciation expenses | 6,753,326 | -- | 5,904,235 | -- |
| Representation and | ||||
| hospitality expenses | 3,265,195 | 2,169 | 255,352 | 241 |
| Taxes and other legal dues | 2,760,376 | 1,941,223 | 1,079,161 | 355,211 |
| Rent expenses | 1,108,096 | 877,153 | 14,652 | 596,798 |
| Travel expenses | 522,628 | 763,485 | 57,108 | 123,173 |
| Communication expenses | 1,248 | -- | 1,248 | -- |
| Chamber and dues expenses | -- | 34,852 | -- | 34,852 |
| Other expenses | 35,319,275 | 1,460,300 | 9,034,717 | 248,892 |
| 214,186,921 | 90,584,497 | 50,858,469 | 2,679,896 |
Details of other operating income:
| 1 January - | 1 January - | 1 July - | 1 July - | |
|---|---|---|---|---|
| 30 September | 30 September | 30 September | 30 September | |
| 2024 | 2023 | 2024 | 2023 | |
| Foreign exchange gain | 624,572,604 | 3,829,170,400 | (919,234,063) | (984,317,814) |
| Other income | 284,139 | 426,034 | 187,240 | 426,034 |
| 624,856,744 | 3,829,596,434 | (919,046,823) | (983,891,781) |
Details of other operating expenses:
| 1 January - 30 September 2024 |
1 January - 30 September 2023 |
1 July - 30 September 2024 |
1 July - 30 September 2023 |
|
|---|---|---|---|---|
| Foreign exchange loss | -- | 847,623 | -- | 847,623 |
| Other expenses | 368,149 | 323,553 | 341,167 | 323,341 |
| 368,149 | 1,171,176 | 341,167 | 1,170,964 |
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2024 unless otherwise indicated.)
Details of income from investment activities:
| 1 January - 30 September 2024 |
1 January - 30 September 2023 |
1 July - 30 September 2024 |
1 July - 30 September 2023 |
|
|---|---|---|---|---|
| Bargain purchase profit (*) (Note 21) | 979,458,127 | 3,402,592,452 | -- | -- |
| 979,458,127 | 3,402,592,452 | -- | -- |
(*) The related amount consists of the bargain purchase profit of İstanbul Dijital Taksi Uygulamaları Turizm San. ve Tic. A.Ş. consists of bargain purchase profit.
Details of expenses from investment activities:
| 1 January - 30 September 2024 |
1 January - 30 September 2023 |
1 July - 30 September 2024 |
1 July - 30 September 2023 |
|
|---|---|---|---|---|
| Impairment of financial investments (*) | 2,841,583,634 | -- | 2,841,583,634 | -- |
| 2,841,583,634 | -- | 2,841,583,634 | -- |
(*) The related amount consist of the decreasing value balance of the Company's subsidiary, Go Sharing B.V., in line with its changing strategies.
Details of financial income:
| 1 January - | 1 January - | 1 July - | 1 July - | |
|---|---|---|---|---|
| 30 September | 30 September | 30 September | 30 September | |
| 2024 | 2023 | 2024 | 2023 | |
| Interest income | 219,933,637 | 17,815,457 | 12,592,892 | 13,536,700 |
| 219,933,637 | 17,815,457 | 12,592,892 | 13,536,700 | |
| Details of financial expenses: | ||||
| 1 January - | 1 January - | 1 July - | 1 July - | |
| 30 September | 30 September | 30 September | 30 September | |
| 2024 | 2023 | 2024 | 2023 | |
| Interest expenses | 37,143,509 | 22,145,986 | 696,423 | 12,983,155 |
| 37,143,509 | 22,145,986 | 696,423 | 12,983,155 |
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2024 unless otherwise indicated.)
Basic (loss)/earnings per share is calculated by dividing net profit attributable to equity holders of the parent by the weighted average number of ordinary shares in issue during the period concerned. The Companies can increase their share capital by making a pro-rata distribution of shares ("bonus shares") to existing shareholders from retained earnings. In earnings per share calculation, this bonus share issuance is accepted as shares issued. Hence, weighted average stock share, which is used in the calculation of (loss)/earnings per share, is acquired by retrospective application of bonus share issue.
| 1 January - 30 September 2024 |
1 January - 30 September 2023 |
1 July - 30 September 2024 |
1 July - 30 September 2023 |
|
|---|---|---|---|---|
| Net (loss)/profit for the period attributable to equity holders of the parent Weighted average number of ordinary shares with a nominal |
(1,422,492,842) | 4,404,357,918 | (1,916,209,325) | (436,913,325) |
| value of TRY1.00 | 47,000,000 | 47,000,000 | 47,000,000 | 47,000,000 |
| (30.27) | 93.71 | (40.77) | (9.30) |
The Company's principal financial instruments are cash and cash equivalents and other receivables. The main purpose of these financial instruments is to raise finance for the Company's operations. The Company has various other financial instruments such as trade debtors and other debtors, which arise directly from its operations. The main risks arising from the Company's financial instruments are interest rate risk, liquidity risk, foreign currency risk and credit risk. The Company management analyses each of the risks summarised below and develops the following policies.
Credit risks exposed by types of financial instruments:
| Receivables | |||||||
|---|---|---|---|---|---|---|---|
| Trade Receivables | Other Receivables | Bank | |||||
| 30 September 2024 | Related parties | Third parties | Related parties | Third parties | Deposits | ||
| Maximum amount of credit risk | |||||||
| exposed as of reporting date | |||||||
| (A+B+C+D) | -- | -- | 1,123,029,382 | 3,110,283 | 114,383,676 | ||
| - The part of maximum credit | |||||||
| risk covered with guarantees | -- | -- | -- | -- | -- | ||
| A. Net book value of financial | |||||||
| assets not due or not impaired | -- | -- | 1,123,029,382 | 3,110,283 | 114,383,676 | ||
| B. Net Book value of financial | |||||||
| assets of which conditions are | |||||||
| negotiated, otherwise considered | |||||||
| as impaired or overdue | -- | -- | -- | -- | -- | ||
| C. Net book value of assets past | |||||||
| due but not impaired | -- | -- | -- | -- | -- | ||
| - The part secured with collateral | |||||||
| etc. | -- | -- | -- | -- | -- | ||
| D. Net book value of assets | |||||||
| impaired | -- | -- | -- | -- | -- | ||
| - Past due amount (gross book | |||||||
| value) | -- | -- | -- | -- | -- | ||
| - Impairment amount (-) | -- | -- | -- | -- | -- | ||
| - The part of net value under | |||||||
| guarantee with collaterals, etc. | -- | -- | -- | -- | -- |
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2024 unless otherwise indicated.)
| Receivables | |||||||
|---|---|---|---|---|---|---|---|
| Trade Receivables | Other Receivables | Bank | |||||
| 31 December 2023 | Related parties | Third parties | Related parties | Third parties | Deposits | ||
| Maximum amount of credit risk | |||||||
| exposed as of reporting date | |||||||
| (A+B+C+D) | -- | -- | 1,188,612,401 | -- | 354,331,825 | ||
| - The part of maximum credit | |||||||
| risk covered with guarantees | -- | -- | -- | -- | -- | ||
| A. Net book value of financial | |||||||
| assets not due or not impaired | -- | -- | 1,188,612,401 | -- | 354,331,825 | ||
| B. Net Book value of financial | |||||||
| assets of which conditions are | |||||||
| negotiated, otherwise considered | |||||||
| as impaired or overdue | -- | -- | -- | -- | -- | ||
| C. Net book value of assets past | |||||||
| due but not impaired | -- | -- | -- | -- | -- | ||
| - The part secured with collateral | |||||||
| etc. | -- | -- | -- | -- | -- | ||
| D. Net book value of assets | |||||||
| impaired | -- | -- | -- | -- | -- | ||
| - Past due amount (gross book | |||||||
| value) | -- | -- | -- | -- | -- | ||
| - Impairment amount (-) | -- | -- | -- | -- | -- | ||
| - The part of net value under | |||||||
| guarantee with collaterals, etc. | -- | -- | -- | -- | -- | ||
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2024 unless otherwise indicated.)
Liquidity risk is the possibility that the Company will not meet its net toning obligations. The occurrence of events that result in a decrease in fund resources, such as deterioration in the markets or a decrease in the credit score, causes the liquidity risk to occur. The Company management manages the liquidity risk by allocating funds and keeping sufficient cash and similar resources to fulfill the position its current and potential liabilities. The Company's liquidity risk as of 30 September 2024 and 31 December 2023 are as follows:
| 30 September 2024 | ||||||
|---|---|---|---|---|---|---|
| Maturity Terms | Book value |
Total cash outflows (I+II+III+IV) |
Less than 3 months (I) |
3 - 12 months (II) |
1 - 5 years (III) |
More than 5 years (IV) |
| Non-derivative financial liabilities | ||||||
| Financial borrowings | 35,804,223 | 35,804,223 | 35,804,223 | -- | -- | -- |
| Trade payables | 8,555,333 | 8,555,333 | 8,555,333 | -- | -- | -- |
| Other payables | 350,284,570 | 350,284,570 | 350,284,570 | -- | -- | -- |
| Total | 394,644,126 | 394,644,126 | 394,644,126 | -- | -- | -- |
| 31 December 2023 | ||||||
| Maturity Terms | Book value |
Total cash outflows (I+II+III+IV) |
Less than 3 months (I) |
3 - 12 months (II) |
1 - 5 years (III) |
More than 5 years (IV) |
| Non-derivative financial liabilities | ||||||
| Trade payables | 12,594,652 | 12,594,652 | 12,594,652 | -- | -- | -- |
| Other payables | 311,840,809 | 311,840,809 | 311,840,809 | -- | -- | -- |
| Total | 324,435,461 | 324,435,461 | 324,435,461 | -- | -- | -- |
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2024 unless otherwise indicated.)
The Company is exposed to foreign currency risk arising from exchange rate changes, since the amounts in foreign currency borrowed or creditor are converted into Turkish lira. The said foreign currency risk is followed by analysing the foreign currency position.
The foreign currency position table of the Company, expressed in Turkish Lira, is as follows.
| 30 September 2024 | |||
|---|---|---|---|
| TRY Equivalent |
USD | EUR | |
| 1. Trade receivables | -- | -- | -- |
| 2a. Monetary financial assets (Cash, bank accounts included) | 88,196 | 10 | 2,311 |
| 2b. Non-monetary financial assets | -- | -- | -- |
| 3. Other | 263,822,025 | -- | 6,939,398 |
| 4. Current assets (1+2+3) | 263,910,221 | 10 | 6,941,709 |
| 5. Trade receivables | -- | -- | -- |
| 6a. Monetary financial assets | -- | -- | -- |
| 6b. Non-monetary financial assets | -- | -- | -- |
| 7. Other | -- | -- | -- |
| 8. Non-current assets (5+6+7) | -- | -- | -- |
| 9. Total assets (4+8) | 263,910,221 | 10 | 6,941,709 |
| 10. Trade payables | -- | -- | -- |
| 11. Financial liabilities | -- | -- | -- |
| 12a. Monetary other liabilities | 4,162,361 | 121,709 | 350 |
| 12b. Non-monetary other liabilities 13. Short - term liabilities (10+11+12) |
-- 4,162,361 |
-- 121,709 |
-- 350 |
| 14. Trade payables | -- | -- | -- |
| 15. Financial liabilities | -- | -- | -- |
| 16a. Monetary other liabilities | -- | -- | -- |
| 16b. Non-monetary other liabilities | -- | -- | -- |
| 17. Long - term liabilities (14+15+16) | -- | -- | -- |
| 18. Total liabilities (13+17) | 4,162,361 | 121,709 | 350 |
| 19. Net assets/(liabilities) position of balance sheet | |||
| derivative instruments (19a-19b) | -- | -- | -- |
| 19a. Amount of hedged assets | -- | -- | -- |
| 19b. Amount of hedged liabilities | -- | -- | -- |
| 20. Net foreign currency assets/(liabilities) position | |||
| (9-18+19) | 259,747,860 | (121,699) | 6,941,359 |
| 21. Net foreign currency assets/(liabilities) position of | |||
| monetary items | |||
| (=1+2a+5+6a-10-11-12a-14-15-16a) | (4,074,166) | (121,699) | 1,961 |
| 22. Total fair value of financial instruments used for foreign | |||
| currency hedging | -- | -- | -- |
| 23. Amount of foreign currency denominated assets | |||
| hedged | -- | -- | -- |
| 24. Amount of foreign currency denominated liabilities | |||
| hedged | -- | -- | -- |
| 25. Export | -- | -- | -- |
| 26. Import | -- | -- | -- |
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2024 unless otherwise indicated.)
| 31 December 2023 | ||||
|---|---|---|---|---|
| TRY Equivalent |
USD | EUR | ||
| 1. Trade receivables | -- | -- | -- | |
| 2a. Monetary financial assets (Cash, bank accounts included) | 34,435 | 30 | 751 | |
| 2b. Non-monetary financial assets | -- | -- | -- | |
| 3. Other | 330,597,504 | 3,158 | 7,467,430 | |
| 4. Current assets (1+2+3) | 330,631,939 | 3,188 | 7,468,181 | |
| 5. Trade receivables | -- | -- | -- | |
| 6a. Monetary financial assets | -- | -- | -- | |
| 6b. Non-monetary financial assets | -- | -- | -- | |
| 7. Other | -- | -- | -- | |
| 8. Non-current assets (5+6+7) | -- | -- | -- | |
| 9. Total assets (4+8) | 330,631,939 | 3,188 | 7,468,181 | |
| 10. Trade payables | -- | -- | -- | |
| 11. Financial liabilities | -- | -- | -- | |
| 12a. Monetary other liabilities | 15,932 | -- | 360 | |
| 12b. Non-monetary other liabilities | -- | -- | -- | |
| 13. Short - term liabilities (10+11+12) | 15,932 | -- | 360 | |
| 14. Trade payables | -- | -- | -- | |
| 15. Financial liabilities | -- | -- | -- | |
| 16a. Monetary other liabilities | -- | -- | -- | |
| 16b. Non-monetary other liabilities | -- | -- | -- | |
| 17. Long - term liabilities (14+15+16) | -- | -- | -- | |
| 18. Total liabilities (13+17) | 15,932 | -- | 360 | |
| 19. Net assets/(liabilities) position of balance sheet derivative instruments (19a-19b) |
-- | -- | -- | |
| 19a. Amount of hedged assets | -- | -- | -- | |
| 19b. Amount of hedged liabilities | -- | -- | -- | |
| 20. Net foreign currency assets/(liabilities) position | ||||
| (9-18+19) 21. Net foreign currency assets/(liabilities) position of |
330,616,008 | 3,188 | 7,467,821 | |
| monetary items | ||||
| (=1+2a+5+6a-10-11-12a-14-15-16a) | 18,504 | 30 | 391 | |
| 22. Total fair value of financial instruments used for foreign currency hedging |
-- | -- | -- | |
| 23. Amount of foreign currency denominated assets hedged |
-- | -- | -- | |
| 24. Amount of foreign currency denominated liabilities | ||||
| hedged | -- | -- | -- | |
| 25. Export | -- | -- | -- | |
| 26. Import | -- | -- | -- |
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2024 unless otherwise indicated.)
The analysis is made with the assumption that the TRY depreciates or appreciates by 10% against the exchange rates and all variables such as interest rates are constant.
| Currency risk sensitivity analysis table 30 September 2024 |
||||||||
|---|---|---|---|---|---|---|---|---|
| Profit/(Loss) Equity |
||||||||
| Appreciation of foreign currency |
Depreciation of foreign currency |
Appreciation of foreign currency |
Depreciation of foreign currency |
|||||
| Change of USD by 10% against TRY | ||||||||
| Asset/(liability) denominated in USD - net The part hedged for USD risk (-) |
(414,871) -- |
414,871 -- |
(414,871) -- |
414,871 -- |
||||
| USD Effect - net | (414,871) | 414,871 | (414,871) | 414,871 | ||||
| Change of EUR by 10% against TRY | ||||||||
| Asset/(liability) denominated in EUR - net The part hedged for EUR risk (-) |
26,389,657 -- |
(26,389,657) -- |
26,389,657 -- |
(26,389,657) -- |
||||
| EUR Effect - net | 26,389,657 | (26,389,657) | 26,389,657 | (26,389,657) | ||||
| Total | 25,974,786 | (25,974,786) | 25,974,786 | (25,974,786) | ||||
| Currency risk sensitivity analysis table 31 December 2023 |
||||||||
| Profit/(Loss) | Equity | |||||||
| Appreciation of foreign currency |
Depreciation of foreign currency |
Appreciation of foreign currency |
Depreciatio n of foreign currency |
|||||
| Change of USD by 10% against TRY | ||||||||
| Asset/(liability) denominated in USD - net The part hedged for USD risk (-) |
12,750 -- |
(12,750) -- |
12,750 -- |
(12,750) -- |
||||
| USD Effect - net | 12,750 | (12,750) | 12,750 | (12,750) | ||||
| Change of EUR by 10% against TRY | ||||||||
| Asset/(liability) denominated in EUR - net The part hedged for EUR risk (-) |
33,048,850 | (33,048,850) -- -- |
33,048,850 -- |
(33,048,850) -- |
||||
| EUR Effect - net | 33,048,850 | (33,048,850) | 33,048,850 | (33,048,850) | ||||
| Total | 33,061,601 | (33,061,601) | 33,061,601 | (33,061,601) |
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2024 unless otherwise indicated.)
The Company's objectives when managing capital are to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Company return capital to shareholders, issue new shares or sell assets to reduce debt.
The Company monitors capital using the debt/equity ratio. This ratio is calculated as net debt divided by total capital. Net debt is calculated by deducting cash and cash equivalents from total debt (which includes financial liabilities, trade payables and trade payables to related parties as shown in the balance sheet). Total capital is calculated by adding shareholders' equity and net debt, as shown in the balance sheet.
The Company's debt/equity ratios are as follows:
| 30 September 2024 | 31 December 2023 | |
|---|---|---|
| Total monetary liabilities | 394,644,126 | 324,435,461 |
| Less: Cash and cash equivalents (Note 4) | (114,384,029) | (354,332,306) |
| Net debt | 280,260,097 | -- |
| Total equity | 13,674,236,275 | 15,096,729,117 |
| Net debt/equity ratio | 0.02 | 0.00 |
Fair value is the amount at which a financial instrument could be exchanged in a current transaction between willing parties, other than in a forced sale or liquidation, and is best evidenced by quoted market price, if one exists.
The estimated fair values of financial instruments have been determined by the Company using available market information and appropriate valuation methodologies.
However, judgement is necessarily required to interpret market data to estimate the fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize in a current market exchange.
The following methods and assumptions were used to estimate the fair value of the financial instruments:
Foreign currency balances are converted in Turkish Lira at the end of the period using the current foreign exchange buying rates. These balances are estimated to be close to the book value.
Given financial assets, including cash and cash equivalents, are movables with their cost values and it is estimated that their carrying values are approximately equal to their fair values due to their short term nature.
It is expected that the book values of trade receivables, together with the related doubtful receivables provisions, project the fair value.
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2024 unless otherwise indicated.)
It is assumed that the book values of bank loans and other monetary liabilities are close to their fair values due to their short-term nature.
Fair values of long - term foreign currency loans are close to their book values. The fair values of longterm bank loans determined to be disclosed in the related notes are the value of the cash flows stipulated capital by the contract, discounted with the current market interest rate.
The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows:
Level 1: Quoted prices in active markets for identical assets or liabilities.
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3: Inputs for the asset or liability that are not based on observable market data.
| value through profit or loss (*) | 2024 2023 |
|||
|---|---|---|---|---|
| 1 January | 18,489,572,301 | 11,177,615,885 | ||
| Value increase (Note 15, 18) | 150,391,855 | 4,624,651,450 | ||
| Monetary (loss)/gain | (3,650,896,878) | (2,061,613,190) | ||
| Foreign exchange translation differences | 1,540,047,706 | 4,765,551,711 | ||
| Additions | 5,408,647 | 10,282,454 | ||
| capital increase | 11,491,011 | 5,718,276 | ||
| 30 September | 16,546,014,643 | 18,522,206,585 |
(*) Based on financial assets at fair value through profit or loss.
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2024 unless otherwise indicated.)
Fair value of financial instruments (Continued)
| 30 September 2024 | |||||||
|---|---|---|---|---|---|---|---|
| Currency | Discount Rate (%) |
Terminal Growth Rate (%) |
Discount Rate Increases by 1% |
Discount Rate Decreases by 1% |
Terminal Growth Discount Rate Increases by 1% |
Terminal Growth Discount Rate Decreases by 1% |
|
| Bin Ulaşım | USD | 11.80 | 2 | 318,231,477 | 416,712,778 | 404,936,571 | 327,322,112 |
| Meta Mobilite | USD | 11.80 | 2 | 26,563,365 | 46,298,150 | 35,210,701 | 35,210,701 |
| Algoritma | USD | 11.80 | 2 | 16,411,509 | 21,955,988 | 18,879,577 | 18,879,577 |
| Go Sharing B.V. | USD | 11.80 | 2 | 73,137,020 | 106,745,403 | 87,879,535 | 87,879,535 |
| Altay Yenilenebilir Enerji | USD | -- | -- | 366,895 | 366,895 | 366,895 | 366,895 |
| 1000 Pay | USD | -- | -- | -- | -- | -- | -- |
| İstanbul Dijital Taksi |
|||||||
| Uygulamaları | TRY | 23.80 | 5 | 825,464,132 | 982,268,435 | 953,606,376 | 850,392,430 |
| TOTAL | 1,260,174,398 | 1,574,347,649 | 1,500,879,655 | 1,320,051,250 |
| 31 December 2023 | |
|---|---|
| ------------------ | -- |
| Terminal | Terminal | ||||||
|---|---|---|---|---|---|---|---|
| Growth | Growth | ||||||
| Discount | Discount | Discount | Discount | ||||
| Terminal | Rate | Rate | Rate | Rate | |||
| Discount | Growth | Increases by | Decreases by | Increases | Decreases | ||
| Currency | Rate (%) | Rate (%) | 1% | 1% | by 1% | by 1% | |
| Bin Ulaşım | USD | 11.80 | 2 | 300,532,872 | 384,837,872 | 372,878,171 | 310,098,650 |
| Meta Mobilite | USD | 11.80 | 2 | 51,693,666 | 85,984,185 | 81,320,654 | 55,375,382 |
| Algoritma | USD | 11.80 | 2 | 19,547,035 | 25,365,633 | 24,468,258 | 20,269,907 |
| Go Sharing B.V. | USD | 11.80 | 2 | 127,687,820 | 174,547,885 | 168,087,036 | 132,809,319 |
| Altay Yenilenebilir Enerji | USD | -- | -- | 331,223 | 331,223 | 331,223 | 331,223 |
| 1000 Pay | USD | -- | -- | 188,990 | 188,990 | 188,990 | 188,990 |
| TOTAL | 499,981,606 | 671,255,788 | 647,274,332 | 519,073,471 |
| 30 September 2024 | 31 December 2023 | |
|---|---|---|
| Fixed interest rate financial instruments | ||
| Financial liabilities | 394,644,126 | 324,435,461 |
| 394,644,126 | 324,435,461 |
(Amounts expressed in Turkish Lira ("TRY") in terms of purchasing power of the TRY at 30 September 2024 unless otherwise indicated.)
| 30 September 2024 | Financial assets presented at amortized cost |
Financial liabilities presented at amortized cost |
Financial assets at fair value through profit or loss |
Book value | Note |
|---|---|---|---|---|---|
| Financial Assets |
|||||
| Cash and cash equivalents Financial |
114,384,029 | -- | -- | 114,384,029 | 4 |
| investments | -- | -- | 16,546,014,643 | 16,546,014,643 | 5 |
| Financial Liabilities |
|||||
| Trade payables | -- | 8,555,333 | -- | 8,555,333 | 6 |
| Other payables | -- | 350,284,570 | -- | 350,284,570 | 7 |
| 31 December 2023 | Financial assets presented at amortized cost |
Financial liabilities presented at amortized cost |
Financial assets at fair value through profit or loss |
Book value | Note |
| Financial Assets |
|||||
| Cash and cash | |||||
| equivalents Financial |
354,332,306 | -- | -- | 354,332,306 | 4 |
| investments | |||||
| -- | -- | 18,489,572,302 | 18,489,572,302 | 5 | |
| Financial Liabilities |
|||||
| Trade payables Other payables |
-- -- |
12,594,652 311,840,809 |
-- -- |
12,594,652 311,840,809 |
6 7 |
Bin Ulaşım ve Akıllı Şehir Teknolojileri A.Ş., a subsidiary of the Company with 89% shares, was offered to the public on 9 October 2024 with the ticker symbol BINBN and the Company's share in the Company decreased to 75.22%.
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