Quarterly Report • May 8, 2025
Quarterly Report
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CONVENIENCE TRANSLATION INTO ENGLISH OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE INTERIM PERIOD 1 JANUARY - 31 MARCH 2025 (ORIGINALLY ISSUED IN TURKISH)
| CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 1-3 CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 4 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 5 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 6-7 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 8-39 NOTE 1 GROUP'S ORGANIZATION AND NATURE OF OPERATIONS 8-9 NOTE 2 BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS 9-14 NOTE 3 SEGMENT REPORTING 15 NOTE 4 RELATED PARTY DISCLOSURES 15-18 NOTE 5 TRADE RECEIVABLES AND PAYABLES 19 NOTE 6 OTHER RECEIVABLES AND PAYABLES 20 NOTE 7 INVENTORIES 20 NOTE 8 PREPAID EXPENSES AND DEFERRED REVENUE 21 NOTE 9 INVESTMENT PROPERTIES 21-22 NOTE 10 PROPERTY, PLANT AND EQUIPMENT 23-24 NOTE 11 INTANGIBLE ASSETS 25-26 NOTE 12 GOVERMENT GRANTS AND INCENTIVES 26 NOTE 13 PROVISIONS, CONTINGENT ASSETS AND LIABILITIES 27 NOTE 14 COMMITMENTS AND CONTINGENCIES 28 NOTE 15 OTHER ASSETS AND LIABILITIES 29 NOTE 16 CAPITAL, RESERVES AND OTHER EQUITY ITEMS 29-30 NOTE 17 REVENUE AND COST OF SALES 30 NOTE 18 GENERAL ADMINISTRATIVE EXPENSES, MARKETING EXPENSES, RESEARCH AND DEVELOPMENT EXPENSES 30-31 NOTE 19 INCOME AND EXPENSES FROM INVESTMENT ACTIVITIES 31 NOTE 20 FINANCIAL INCOME AND EXPENSES 32 NOTE 21 MONETARY GAİN LOSS 32 NOTE 22 INCOME TAXES (INCLUDING DEFERRED TAX ASSETS AND LIABILITIES) 33-34 NOTE 23 EARNING PER SHARE 34 NOTE 24 BORROWINGS 35 NOTE 25 NATURE AND LEVEL OF RISKS DERIVED FROM FINANCIAL INSTRUMENTS 36-39 NOTE 26 CASH AND CASH EQUIVALENTS 39 NOTE 27 SUBSEQUENT EVENTS 39 |
CONTENTS | PAGE |
|---|---|---|
(Amounts expressed in the purchasing power of the Turkish Lira ("TRY") as of 31 March 2025, unless otherwise indicated.)
| Unaudited | Audited | ||
|---|---|---|---|
| Current Period | Prior Period | ||
| 31 March | 31 December | ||
| Notes | 2025 | 2024 | |
| ASSETS | |||
| Current Assets | 17,912,559,403 | 17,992,536,711 | |
| Cash and cash equivalents | 26 | 2,119,899,538 | 2,321,218,063 |
| Trade receivables | 5 | 4,000,250,358 | 3,899,010,458 |
| - Trade receivables from related parties | 4,5 | 1,981,273,266 | 2,097,999,400 |
| - Trade receivables from third parties | 5 | 2,018,977,092 | 1,801,011,058 |
| Other receivables | 6 | 6,581,541,738 | 6,931,275,954 |
| - Other receivables from related parties | 4,6 | 6,442,333,799 | 6,705,776,361 |
| - Other receivables from third parties | 6 | 139,207,939 | 225,499,593 |
| Inventories | 7 | 4,313,956,454 | 3,954,396,522 |
| Prepaid expenses | 8 | 464,300,526 | 423,673,137 |
| Current income tax assets | 22 | 91,186,220 | 193,675,453 |
| Other current assets | 15 | 341,424,569 | 269,287,124 |
| Non-Current Assets | 12,448,322,684 | 12,605,994,040 | |
| Other receivables | 6 | 2,420,391 | 2,695,013 |
| - Other receivables from third parties | 6 | 2,420,391 | 2,695,013 |
| Investment properties | 9 | 2,955,213,911 | 2,955,213,911 |
| Property, plant and equipment | 10 | 8,714,634,819 | 8,873,104,295 |
| Right of use assets | 44,817,768 | 51,801,662 | |
| Intangible assets | 11 | 334,830,587 | 325,612,903 |
| Prepaid expenses | 8 | 40,748,619 | 21,338,033 |
| Deferred tax assets | 22 | 355,656,589 | 376,228,223 |
| TOTAL ASSETS | 30,360,882,087 | 30,598,530,751 |
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF 31 MARCH 2025 AND 31 DECEMBER 2024
(Amounts expressed in the purchasing power of the Turkish Lira ("TRY") as of 31 March 2025, unless otherwise indicated.)
| Unaudited | Audited | ||
|---|---|---|---|
| Current Period | Prior Period | ||
| 31 March | 31 December | ||
| Notes | 2025 | 2024 | |
| LIABILITIES | |||
| Current Liabilities | 12,591,111,505 | 12,989,450,383 | |
| Short-term borrowings | 24 | 4,402,278,874 | 4,322,085,723 |
| - Bank loans | 24 | 4,286,415,835 | 4,233,074,028 |
| - Lease liabilities | 24 | 115,863,039 | 89,011,695 |
| Current portion of long-term financial | |||
| liabilities | 24 | 101,938,250 | 121,517,219 |
| Trade payables | 5 | 5,791,912,350 | 5,514,561,231 |
| - Trade payables to related parties | 4,5 | 66,355,325 | 66,781,782 |
| - Trade payables to third parties | 5 | 5,725,557,025 | 5,447,779,449 |
| Other payables | 6 | 768,658,489 | 1,645,161,403 |
| - Other payables to related parties | 4,6 | 768,656,664 | 1,645,159,394 |
| - Other payables to third parties | 6 | 1,825 | 2,009 |
| Payables related to employee benefits | 266,190,609 | 168,094,283 | |
| Deferred income | 8 | 211,637,025 | 131,534,600 |
| Current income tax liabilities | 22 | 748,155,245 | 751,840,494 |
| Short-term provisions | 146,984,215 | 226,780,633 | |
| - Short-term provisions for employee benefits | 126,899,664 | 219,538,242 | |
| - Other short-term provisions | 13 | 20,084,551 | 7,242,391 |
| Other current liabilities | 15 | 153,356,448 | 107,874,797 |
| Non-Current Liabilities | 3,950,928,777 | 3,888,854,935 | |
| Long-term borrowings | 24 | 1,273,788,381 | 1,105,899,109 |
| - Bank loans | 24 | 1,155,549,855 | 929,627,255 |
| - Lease liabilities | 24 | 118,238,526 | 176,271,854 |
| Other payables | 6 | 516,796,870 | 560,051,915 |
| - Other payables to related parties | 4,6 | 516,796,870 | 560,051,915 |
| Long-term provisions | 388,658,949 | 383,892,983 | |
| - Long-term provisions for employee benefits | 388,658,949 | 383,892,983 | |
| Deferred income | 8 | 5,978,030 | 12,297,898 |
| Deferred tax liabilities | 22 | 1,765,706,547 | 1,826,562,563 |
| Other long term liabilities | - | 150,467 | |
| Total Liabilities | 16,542,040,282 | 16,878,305,318 |
(Amounts expressed in the purchasing power of the Turkish Lira ("TRY") as of 31 March 2025, unless otherwise indicated.)
| Unaudited | Audited | ||
|---|---|---|---|
| Current Period | Prior Period | ||
| 31 March | 31 December | ||
| Notes | 2025 | 2024 | |
| EQUITY | |||
| Paid in capital | 16 | 662,000,000 | 662,000,000 |
| Share capital adjustment differences | 5,130,110,338 | 5,130,110,338 | |
| Other comprehensive income or expenses are | |||
| not reclassified to profit or loss | 3,088,264,423 | 3,066,973,005 | |
| - Gains on revaluation of plant, property and | |||
| equipment | 3,289,511,247 | 3,268,219,829 | |
| - Losses on remeasurement of defined benefit | |||
| plans | (201,246,824) | (201,246,824) | |
| Other comprehensive income or expenses to be | 557,318,458 | 569,167,222 | |
| reclassified to profit or loss | |||
| - Currency translation differences | 557,318,458 | 569,167,222 | |
| Share premium | 709,911,293 | 709,911,293 | |
| Restricted reserves | 16 | 635,785,976 | 635,785,976 |
| Effect of business combinations under common | |||
| control | (1,503,607,761) | (1,503,607,761) | |
| Retained earnings / (losses) | 3,728,167,023 | 2,064,872,400 | |
| Net profit / (loss) for the year | 112,076,281 | 1,663,294,623 | |
| Equity holders of the parent | 13,120,026,031 | 12,998,507,096 | |
| Non-controlling interests | 698,815,774 | 721,718,337 | |
| Total Equity | 13,818,841,805 | 13,720,225,433 | |
| TOTAL LIABILITIES AND EQUITY | 30,360,882,087 | 30,598,530,751 |
(Amounts expressed in the purchasing power of the Turkish Lira ("TRY") as of 31 March 2025, unless otherwise indicated.)
| Unaudited Current Period |
Unaudited Prior Period |
||
|---|---|---|---|
| 1 January - | 1 January - | ||
| Notes | 31 March 2025 | 31 March 2024 | |
| Revenue | 17 | 6,924,493,694 | 7,911,844,764 |
| Cost of sales (-) | 17 | (5,098,970,425) | (6,581,644,032) |
| GROSS PROFIT | 1,825,523,269 | 1,330,200,732 | |
| General administrative expenses (-) | 18 | (255,087,470) | (211,401,216) |
| Marketing expenses (-) | 18 | (800,700,884) | (856,608,268) |
| Research and development expenses (-) | 18 | (16,775,919) | (12,560,749) |
| Other income from operating activities | 29,387,200 | 66,758,238 | |
| Other expenses from operating activities (-) | (367,371,800) | (542,753,230) | |
| OPERATING PROFIT / (LOSS) | 414,974,396 | (226,364,493) | |
| Income from investment activities | 19 | 860,627,911 | 398,360,122 |
| Investing activities expenses (-) | 19 | (1,058,274) | (8,354) |
| OPERATING PROFIT / (LOSS) BEFORE FINANCIAL INCOME / (EXPENSE) |
1,274,544,033 | 171,987,275 | |
| Financial income | 20 | - | 17,151,008 |
| Financial expenses (-) | 20 | (910,342,579) | (534,086,245) |
| Net monetary position gains | 21 | (152,090,421) | 643,043,844 |
| PROFIT / (LOSS) BEFORE TAX FROM CONTINUING OPERATIONS |
212,111,033 | 298,095,882 | |
| Tax income / (expense) from continuing operations | (136,559,071) | 182,167,884 | |
| - Current tax expense (-) | 22 | (154,789,190) | (4,988,969) |
| - Deferred tax income / expense(-) | 22 | 18,230,119 | 187,156,853 |
| PROFIT / (LOSS) FOR THE YEAR | 75,551,962 | 480,263,766 | |
| Profit for the year attributable to: | |||
| Non-controlling interests | (36,524,319) | (38,973,927) | |
| Equity holders of the parent | 112,076,281 | 519,237,693 | |
| Earnings per share (TRY) | 23 | 0,1693 | 0,7843 |
| OTHER COMPREHENSIVE INCOME: | |||
| Items to not be reclassified subsequently to profit or loss | 22,399,589 | (310,042,658) | |
| - Gain on revaluation of property, plant and equipment | - | (249,115,763) | |
| - Actuarial loss on defined benefit plans | - | (7,586,695) | |
| - Other comprehensive (loss) / income not to be reclassified to (loss) / profit, tax effect |
22,399,589 | (53,340,200) | |
| Items to be reclassified subsequently to profit or loss | 664,822 | (196,722,046) | |
| - Currency translation differences | 664,822 | (196,722,046) | |
| Other Comprehensive Income / (Expense) | 23,064,411 | (506,764,704) | |
| TOTAL COMPREHENSIVE INCOME / (EXPENSE) | 98,616,373 | (26,500,938) | |
| Total comprehensive income / (expense) for the year | |||
| attributable to: Non-controlling interests |
(22,902,563) | (37,221,828) | |
| Equity holders of the parent | 121,518,936 | 10,720,888 |
| Accumulated other comprehensive income or expenses not to be reclassified to profit or lose |
Accumulated other comprehensive income or expenses to be reclassified to profit or lose |
Retained earnings | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Share capital adjustment |
Gains / (losses) on revaluation of plant, property, and |
Losses on remeasurement of defined |
Currency translation |
Share | Restricted | Effect of business combinations under common |
Retained | Net profit / (loss) for the |
Equity holders | Non controlling |
|||
| Balances as of 1 January 2024 | Paid in capital 662,000,000 |
differences 5,130,110,338 |
equipment 2,728,818,554 |
benefit plans (172,491,561) |
differences 759,774,863 |
premium 709,911,293 |
reserves 635,785,976 |
control (1,503,607,761) |
earnings 1,137,139,216 |
year 927,733,184 |
of the parent 11,015,174,099 |
interests 563,673,154 |
Total equity 11,578,847,253 |
| Transfers | - | - | - | - | - | - | - | - | 927,733,184 | (927,733,184) | - | - | - |
| Total comprehensive income | - | - | (487,813,512) | (1,950,946) | (26,618,541) | - | 7,866,194 | - | - | 519,237,693 | 10,720,888 | (37,221,828) | (26,500,940) |
| Balances as of 31 March 2024 |
662,000,000 | 5,130,110,338 | 2,241,005,042 | (174,442,507) | 733,156,322 | 709,911,293 | 643,652,170 | (1,503,607,761) | 2,064,872,400 | 519,237,693 | 11,025,894,987 | 526,451,326 | 11,552,346,313 |
| Balances as of 1 January 2025 | 662,000,000 | 5,130,110,338 | 3,268,219,828 | (201,246,824) | 569,167,222 | 709,911,293 | 635,785,976 | (1,503,607,761) | 2,064,872,400 | 1,663,294,623 | 12,998,507,095 | 721,718,337 | 13,720,225,432 |
| Transfers | - | - | - | - | - | - | - | - | 1,663,294,623 | (1,663,294,623) | - | - | - |
| Total comprehensive Income | - | - | 21,291,419 | - | (11,848,764) | - | - | - | - | 112,076,281 | 121,518,936 | (22,902,563) | 98,616,373 |
| Balances as of 31 March 2025 | 662,000,000 | 5,130,110,338 | 3,289,511,247 | (201,246,824) | 557,318,458 | 709,911,293 | 635,785,976 | (1,503,607,761) | 3,728,167,023 | 112,076,281 | 13,120,026,031 | 698,815,774 | 13,818,841,805 |
(Amounts expressed in the purchasing power of the Turkish Lira ("TRY") as of 31 March 2025, unless otherwise indicated.)
| Unaudited | Unaudited | ||
|---|---|---|---|
| Current Period | Prior Period | ||
| 1 January - | 1 January - | ||
| Notes | 31 March 2025 | 31 March 2024 | |
| Cash inflows / (outflows) from operating activities | 38,002,324 | 1,041,376,291 | |
| Profit for the year | 75,551,962 | 480,263,766 | |
| Adjustments to reconcile profit / (loss) for the year | 273,882,448 | (219,048,317) | |
| Adjustments related to depreciation and amortization expenses | 11 | 167,718,039 | 191,391,409 |
| Adjustments related to provision for/ (reversal) of impairment | 21,221,298 | 21,950,841 | |
| loss | |||
| - Adjustments related to impairment loss on receivables | 5 | 21,268,841 | 21,358,655 |
| - Adjustments related to impairment (loss) / gain on | 7 | (47,543) | 592,186 |
| inventories, net | |||
| Adjustments related to provisions | 128,941,370 | 331,127,109 | |
| - Adjustments related to provisions employee benefit | 128,366,242 | 142,755,814 | |
| - Adjustments related to lawsuit provisions | 575,128 | (141,306) | |
| - Other adjustments related to operations | - | 188,512,601 | |
| Adjustments related to interest and commission expenses / | (376,305,884) | (87,241,396) | |
| (income) | |||
| - Adjustments related to interest and commission expense | 20 | 465,765,776 | 295,977,721 |
| - Adjustments related to interest income | 19 | (842,071,660) | (383,219,117) |
| Adjustments related to unrealized currency translation | 20 | 410,361,769 | 199,435,066 |
| differences | |||
| Adjustments related to tax (income) / expense | 22 | 136,559,071 | (182,167,884) |
| Adjustments related to gain on disposal of non-current assets | 19 | 165,391 | (916,287) |
| Adjustments for other items caused by cash flows arising from | 22,466,335 | (17,151,008) | |
| investment or financing activities | |||
| Monetary gains / (losses) | (237,244,941) | (675,476,167) | |
| Changes in working capital | (39,208,026) | 911,810,282 | |
| Changes in trade receivables | 5 | (122,508,741) | 143,861,978 |
| - Changes in trade receivables from non-related parties | 5 | (239,234,875) | 77,074,158 |
| - Changes in trade receivables from related parties | 4 | 116,726,134 | 66,787,820 |
| Changes in inventories | 7 | (359,512,389) | 2,034,309,313 |
| Changes in other receivables related to operations | (64,165,395) | (270,658,387) | |
| Changes in trade payables | 5 | 277,351,119 | (1,342,375,767) |
| - Changes in trade payables from non-related parties | 5 | 277,777,576 | (1,338,727,325) |
| - Changes in trade payables from related parties | 4 | (426,457) | (3,648,442) |
| Changes in other payables related to operations | 229,627,380 | 346,673,145 | |
| Cash generated / (used) from operations | 310,226,384 | 1,173,025,731 | |
| Cash outflow from paid in employee benefit provisions | (216,238,854) | (129,882,337) | |
| Taxes paid | (55,985,206) | (1,767,103) |
(Amounts expressed in the purchasing power of the Turkish Lira ("TRY") as of 31 March 2025, unless otherwise indicated.)
| Unaudited | Unaudited | |||
|---|---|---|---|---|
| Current Period | Prior Period | |||
| 1 January - | 1 January - | |||
| Notes | 31 March 2025 | 31 March 2024 | ||
| Cash inflows / (outflows) from investing activities | 838,993,335 | 217,237,929 | ||
| Payments for purchase of property, plant and equipment and | (32,198,176) | (203,847,683) | ||
| intangible assets | ||||
| - Payments for purchase of property, plant and equipment | 10 | (6,463,703) | (147,578,291) | |
| - Payments for purchase of intangible assets | 11 | (25,734,473) | (56,269,392) | |
| Proceeds from sale of property, plant and equipment and | 10,11,19 | 10,563,600 | 23,729,115 | |
| intangible assets | ||||
| Interest income from investment activities | 19 | 842,071,660 | 383,219,117 | |
| Rental income from investment properties | 19 | 18,556,251 | 14,137,380 | |
| Cash inflows / (outflows) from financing activities | (841,324,839) | (1,148,050,378) | ||
| Cash inflows from loans | 1,265,312,641 | 4,374,817,133 | ||
| Cash outflows from repayment of borrowings | (960,358,401) | (3,619,061,128) | ||
| Payments of lease liabilities | (24,198,090) | (42,954,434) | ||
| Interest and commission paid | 20 | (465,765,776) | (295,977,721) | |
| Net increase / (decrease) in other payables to related parties | 6 | (656,315,213) | (1,564,874,228) | |
| Net decrease in cash and cash equivalents before the effect | ||||
| of exchange rate changes | 35,670,820 | 110,563,842 | ||
| Effects of exchange rate changes on cash and cash equivalents | (3,120,571) | (111,627,784) | ||
| Net change in cash and cash equivalents | 32,550,249 | (1,063,942) | ||
| Cash and cash equivalents at the beginning of the year | 26 | 2,321,218,063 | 70,551,012 | |
| Inflation effect on cash and cash equivalents | (233,868,774) | (10,351,691) | ||
| Cash and cash equivalents at the end of the year | 26 | 2,119,899,538 | 59,135,379 |
(Amounts expressed in the purchasing power of the Turkish Lira ("TRY") as of 31 March 2025, unless otherwise indicated.)
Main operations of Kerevitaş Gıda Sanayi ve Ticaret Anonim Şirketi ("Kerevitaş" or "the Company") and its subsidiaries ("Group") are production and trading of frozen and canned vegetables and fruits, frozen pastry products, croquettes, canned tuna fish, oil and margarine. Products in the frozen product category; bakery products, vegetables and fruit products, potatoes and croquettes and meat products. Canned product categories; canned tuna, vegetables, and convenience foods, Kerevitaş was initially established in 1978, to export its sea food and has been one of the pioneer food companies since 1990 with "Superfresh" brand.
The Company distributes frozen and canned products that are produced in Bursa and Afyon facilities throughout Türkiye through its dealers and own direct distribution channels, as well as exports its products. The Company has vegetables, fruits, seafood, tuna canned food, bakery products and pizza facilities in its Bursa factory, and has potato, vegetables and fruit production facilities in its Afyon factory.
Kerevitaş has two production plants of oil and margarine in Pendik/İstanbul and in Adana. The third production plant of Kerevitaş was established by the end of 2017 in Sultanate of Brunei.
Donuk Fırıncılık (DFU) produces in its factory in Dudullu Organized Industrial Zone in the Frozen Bakery Products market and sells and markets it in all Türkiye and foreign markets.
The Company's registered office is in Kısıklı Mah, Ferah Cad, Yıldız Holding No:1/A Üsküdar İstanbul.
The ultimate shareholder of the Group is Yıldız Holding A,Ş.
The Company is registered to the Capital Markets Board ("CMB") and its shares have been quoted on the Borsa İstanbul A.Ş. ("BIST") since 1994.
As of 31 March 2025, and 31 December 2024, the principal shareholders and their respective shareholding rates in the Company are as follows:
| 31 March 2025 | 31 December 2024 | ||
|---|---|---|---|
| (%) | (%) | ||
| Yıldız Holding A.Ş. | 60,53 | 60,53 | |
| Murat Ülker | 9,98 | 9,98 | |
| Other | 29,49 | 29,49 | |
| 100 | 100 |
As of 31 March 2025, the number of employees employed by the Group is 1,975 (31 December 2024: 2,043).
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
(Amounts expressed in the purchasing power of the Turkish Lira ("TRY") as of 31 March 2025, unless otherwise indicated.)
The subsidiaries included in the scope of consolidation of the Group as of 31 March 2025 and 31 December 2023 and respective effective ownership rates are as follows:
| Direct and Indirect Effective Ownership % | ||||
|---|---|---|---|---|
| 31 | 31 | |||
| March | December | Countries | ||
| Subsidiaries | 2025 | 2024 | of activity | Nature of business |
| Production and Trading of | ||||
| Kerpe Gıda Sanayi ve Tic, A.Ş. | 100 | 100 | Türkiye | Agricultural and Animal Products |
| Besmar Gıda Sanayi ve Ticaret | Production and Trading of | |||
| A.Ş. | 100 | 100 | Türkiye | Agricultural and Animal Products |
| Donuk Fırıncılık Ürünleri | Production, Buying and Selling of | |||
| Sanayi ve Tic, A.Ş. | 100 | 100 Türkiye |
Frozen Bakery Products | |
| Berk Enerji Üretimi A.Ş. | 88,17 | 88,17 | Türkiye | Generation of Electricity |
| 70 | 70 | Production and Trading of Oil | ||
| Marsa Yağ Sanayi ve Tic, A.Ş. | Türkiye | and Oil Products | ||
| Western Foods and Pack, SDN | Production and Trading of Oil | |||
| BHD (*) | 70 | 70 | Brunei | and Oil Products |
(*) The Group has indirect ownership,
The consolidated financial statements as of and for the period ended 31 March 2025 have been approved by the Board of Directors on May 8, 2025.
The accompanying consolidated financial statements are prepared in accordance with Communiqué Serial II, No:14,1, "Principles of Financial Reporting in Capital Markets" ("the Communiqué") published in the Official Gazette numbered 28676 on 13 June 2013. According to Article 5 of the Communiqué, consolidated financial statements are prepared in accordance with the Turkish Accounting Standards ("TAS") issued by Public Oversight Accounting and Auditing Standards Authority ("POA"). TAS contains Turkish Accounting Standards, Turkish Financial Reporting Standards ("TFRS") and its addendum and interpretations, In addition, the financial statements have been prepared in accordance with the "Announcement on TFRS Taxonomy" published by POA and the resolution of CMB about the Illustrations of Financial Statements and Application Guidance published on 4 October 2022.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (Amounts expressed in the purchasing power of the Turkish Lira ("TRY") as of 31 March 2025, unless otherwise indicated.)
The condensed consolidated financial statements and notes of the Group have been presented in accordance with the formats announced by the Capital Markets Board (SPK) on 7 June, 2013, and include the required information.
The Company and Subsidiaries in Türkiye maintain their books of accounts and prepare their statutory financial statements in accordance with the Turkish Commercial Code ("TCC"), tax legislation, the Uniform Chart of Accounts issued by the Ministry of Finance and principles issued by CMB. The foreign subsidiaries maintain their books of account in accordance with the laws and regulations in force in the countries in which they are registered. The consolidated financial statements have been prepared under historical cost conventions except for land, buildings, derivatives, financial assets and financial liabilities which are carried at fair value.
The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the accompanying notes for the year ended December 31, 2024.
The individual financial statements of each Group entity are prepared in the currency of the primary economic environment in which the entity operates (its functional currency). The results and financial position of each entity are expressed in TRY, which is the functional currency of the Company, and the presentation currency for the consolidated financial statements.
With the announcement 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 Hyperinflationary Economies for the annual reporting period beginning on or after 31 December 2023, TAS 29 is applied to the financial statements, including the consolidated financial statements, of entities whose functional currency is the currency of a hyperinflationary economy.
In accordance with the standard, financial statements prepared in the currency of a hyperinflationary economy are stated in terms of the purchasing power of that currency at the balance sheet date. For comparative purposes, comparative information in the prior period financial statements is expressed in terms of the measuring unit current at the end of the reporting period, Therefore, the Group has presented its consolidated financial statements as at, 31 December 2024 in terms of the purchasing power of the currency as at 31 March 2025.
In accordance with the CMB's resolution No: 81/1820 dated 28 December 2023, issuers and capital market institutions subject to financial reporting regulations applying Turkish Accounting/Financial Reporting Standards are required to apply inflation accounting by applying the provisions of TAS 29 beginning with the annual financial statements for the accounting periods ending on 31 December 2023.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (Amounts expressed in the purchasing power of the Turkish Lira ("TRY") as of 31 March 2025, unless otherwise indicated.)
The financial statements dated March 31, 2025, have been presented are adjusted for the inflation effect in accordance with the accounting principles specified in TAS 29.
The table below includes the inflation rates calculated based on the Consumer Price Index published by the Turkish Statistical Institute ("TÜİK") for the relevant periods:
| Date | Index | Adjustment Coefficient | Three-year cumulative inflation rates |
|---|---|---|---|
| 31.03.2025 | 2,954,69 | 1,00000 | %250 |
| 31.12.2024 | 2,684,55 | 1,10063 | %291 |
| 31.03.2024 | 2,139,47 | 1,38104 | %309 |
The main components of the Group's restatement for financial reporting purposes in hyperinflationary economies are as follows:
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (Amounts expressed in the purchasing power of the Turkish Lira ("TRY") as of 31 March 2025, unless otherwise indicated.)
(a) Subsidiaries
Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group, They are deconsolidated from the date that control ceases.
Inter-Group transactions, balances, and unrealized gains on transactions between group companies are eliminated, Unrealized losses are also eliminated.
(b) Changes in ownership interests in subsidiaries without change of control
Changes in the Group's ownership interests in subsidiaries that do not result in the loss of control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group's interests and the noncontrolling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recorded directly in equity as the Group's share.
When the Group loses control of a subsidiary, a gain or loss is recognized in profit or loss and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests. All amounts previously recognized in other comprehensive income in relation to that subsidiary are accounted for as if the Group had directly disposed of the related assets or liabilities of the subsidiary (i,e, reclassified to profit or loss or transferred to another category of equity as specified/permitted by applicable TFRS). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under TFRS 9, when applicable, the cost on initial recognition of an investment in an associate or a joint venture.
The accounting policies adopted in preparation of the consolidated financial statements as of March 31, 2025 are consistent with those of the previous financial year, except for the adoption of new and amended TFRS and TFRS interpretations effective as of January 1, 2024 and thereafter. The effects of these standards and interpretations on the Group's financial position and performance have been disclosed in the related paragraphs.
Amendment to IAS 1 - Non-current liabilities with covenants; effective from annual periods beginning on or after 1 January 2024, These amendments clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. The amendments also aim to improve information an entity provides related to liabilities subject to these conditions.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (Amounts expressed in the purchasing power of the Turkish Lira ("TRY") as of 31 March 2025, unless otherwise indicated.)
Amendment to IFRS 16 - Leases on sale and leaseback; effective from annual periods beginning on or after 1 January 2024. These amendments include requirements for sale and leaseback transactions in IFRS 16 to explain how an entity accounts for a sale and leaseback after the date of the transaction. Sale and leaseback transactions where some or all the lease payments are variable lease payments that do not depend on an index or rate are most likely to be impacted.
Amendments to IAS 7 and IFRS 7 on Supplier finance arrangements; effective from annual periods beginning on or after 1 January 2024. These amendments require disclosures to enhance the transparency of supplier finance arrangements and their effects on a company's liabilities, cash flows and exposure to liquidity risk. The disclosure requirements are the IASB's response to investors' concerns that some companies' supplier finance arrangements are not sufficiently visible, hindering investors' analysis.
IFRS S1, 'General requirements for disclosure of sustainability-related financial information; effective from annual periods beginning on or after 1 January 2024. This standard includes the core framework for the disclosure of material information about sustainability-related risks and opportunities across an entity's value chain.
IFRS S2, 'Climate-related disclosures'; effective from annual periods beginning on or after 1 January 2024. This is the first thematic standard issued that sets out requirements for entities to disclose information about climate-related risks and opportunities.
Amendments to IAS 21 - Lack of Exchangeability; effective from annual periods beginning on or after 1 January 2025, An entity is impacted by the amendments when it has a transaction or an operation in a foreign currency that is not exchangeable into another currency at a measurement date for a specified purpose. A currency is exchangeable when there is an ability to obtain the other currency (with a normal administrative delay), and the transaction would take place through a market or exchange mechanism that creates enforceable rights and obligations.
Amendment to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments; effective from annual reporting periods beginning on or after 1 January 2026 (early adoption is available). These amendments:
• Clarify the requirements for the timing of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system
• Clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion.
• Add new disclosures for certain instruments with contractual terms that can change cash flows (such as some instruments with features linked to the achievement of environment, social and governance (ESG) targets); and
• Make updates to the disclosures for equity instruments designated at Fair Value through Other Comprehensive Income (FVOCI).
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
(Amounts expressed in the purchasing power of the Turkish Lira ("TRY") as of 31 March 2025, unless otherwise indicated.)
IFRS 18 Presentation and Disclosure in Financial Statements; effective from annual periods beginning on or after 1 January 2027. This is the new standard on presentation and disclosure in financial statements, with a focus on updates to the statement of profit or loss, The key new concepts introduced in IFRS 18 relate to:
IFRS 19 Subsidiaries without Public Accountability: Disclosures; effective from annual periods beginning on or after 1 January 2027. Earlier application is permitted. This new standard works alongside other IFRS Accounting Standards, An eligible subsidiary applies the requirements in other IFRS Accounting Standards except for the disclosure requirements and instead applies the reduced disclosure requirements in IFRS 19. IFRS 19's reduced disclosure requirements balance the information needs of the users of eligible subsidiaries' financial statements with cost savings for preparers, IFRS 19 is a voluntary standard for eligible subsidiaries, A subsidiary is eligible if:
The effects of standards, amendments and interpretations on Group's consolidated financial statements and performance of are being evaluated by Group.
(Amounts expressed in the purchasing power of the Turkish Lira ("TRY") as of 31 March 2025, unless otherwise indicated.)
Established in Türkiye, the Group's field of activity is the production and trade of frozen and canned fruits and vegetables, frozen and canned sea products, frozen bakery products, croquet, canned tuna fish, oil and margarine, Operating segments are determined and reported in a manner consistent with the reporting provided to the Board of Directors and their strategic decision-making processes.
The Board of Directors and top management monitor the operations of the Group based on the different business units, which are "frozen and canned food" and "edible oil".
The segment revenues and expenses for the periods 1 January - 31 March 2025 and 1 January - 31 March 2024 are as follows:
| 1 January | |||
|---|---|---|---|
| Frozen and Canned | Edible Oil | 31 March 2025 | |
| Revenue | 2.556.682.060 | 4.367.811.634 | 6.924.493.694 |
| Gross Profit | 876.011.367 | 949.511.902 | 1.825.523.269 |
| Operating Profit | 306.854.333 | 446.104.663 | 752.958.996 |
| EBITDA (*) | 415.407.993 | 505.269.042 | 920.677.035 |
| EBITDA/Revenue | 16,2% | 11,6% | 13,3% |
| Investment | 22.187.729 | 10.010.447 | 32.198.176 |
| 1 January | |||
| Frozen and Canned | Edible Oil | 31 March 2024 | |
| Revenue | 2.446.168.034 | 5.465.676.730 | 7.911.844.764 |
| Gross Profit | 523.886.522 | 806.314.210 | 1.330.200.732 |
| Operating Profit | 25.726.475 | 223.904.024 | 249.630.499 |
| EBITDA (*) | 171.224.929 | 269.796.979 | 441.021.908 |
| EBITDA/Revenue | 7,0% | 4,9% | 5,6% |
(*) EBITDA is not a measurement instrument that is prescribed in TAS and it cannot be comparable other entities calculations.
Investment 134.451.872 69.395.811 203.847.683
Due to related parties, due from related parties and summary of significant transactions with related parties as of 31 March 2025 and 31 December 2024 are as follows.
The related parties listed below are composed of Yıldız Holding group companies.
| 31 March | 31 December | |
|---|---|---|
| Trade receivables from related parties | 2025 | 2024 |
| Ülker Bisküvi San. A.Ş. | 678,808,381 | 599,968,468 |
| Şok Marketler Tic. A.Ş. | 419,154,836 | 324,367,975 |
| Yeni Teközel Markalı Ürünler Dağıtım Hizmetleri A.Ş. | 314,052,622 | 351,694,932 |
| G2mEksper Satış ve Dağıtım Hizmetleri A.Ş. | 238,811,994 | 429,301,081 |
| Horizon Hızlı Tüketim Ürünleri Paz. ve Tic. A.Ş. | 195,083,281 | 153,600,771 |
| Bizim Toptan Satış Mağazaları A.Ş. | 63,404,134 | 179,429,416 |
| E Star Global E Ticaret Satış ve Pazarlama A.Ş. | 34,831,709 | 35,351,021 |
| Other | 37.126.309 | 24.285.736 |
| Total | 1,981,273,266 | 2,097,999,400 |
(Amounts expressed in the purchasing power of the Turkish Lira ("TRY") as of 31 March 2025, unless otherwise indicated.)
| 31 March | 31 December | |
|---|---|---|
| Trade payables to related parties | 2025 | 2024 |
| İzsal Bilgi Sistemleri ve Gayrimenkul Geliştirme A.Ş. | 23,219,916 | 34,188,683 |
| G2mEksper Satış ve Dağıtım Hizmetleri A.Ş. | 17,978,482 | 10,894,623 |
| Aytaç Gıda Yatırım San. Tic. A.Ş. | 10,676,657 | 3,529,484 |
| Ülker Bisküvi San. A.Ş. | 2,469,935 | 4,103,422 |
| Sağlam İnşaat Taahhüt Tic. A.Ş. | 1,883,794 | 3,120,981 |
| Bizim Toptan Satış Mağazaları A.Ş. | 1,622,742 | - |
| Northstar Araştırma Geliştirme Marka Yönetimi ve | 1,430,767 | 1,574,742 |
| Danışmanlık A.Ş. | ||
| Adapazarı Şeker Fabrikası A.Ş. | 1,369,343 | 1,935,281 |
| Penta Teknoloji Ürünleri Dağıtım Tic. A.Ş. | 328,155 | 2,614,116 |
| Other | 5,375,534 | 4,820,450 |
| Total | 66,355,325 | 66,781,782 |
Due from related parties and due to related parties' balances comprised of purchasing and selling goods and services. Supply of goods comprise of mainly purchases of raw materials.
| 31 March | 31 December | |
|---|---|---|
| Other receivables from related parties | 2025 | 2024 |
| Yıldız Holding A.Ş.(*) | 6,442,333,799 | 6,705,776,361 |
| 6,442,333,799 | 6,705,776,361 | |
| 31 March | 31 December | |
| Other payables to related parties | 2025 | 2024 |
| Yıldız Holding A.Ş.(*) | 768,656,664 | 1,645,159,394 |
| 768,656,664 | 1,645,159,394 | |
| 31 March | 31 December | |
| Other non-current payables to related parties | 2025 | 2024 |
| Yıldız Holding A.Ş.(**) | 516,796,870 | 560,051,915 |
| 516,796,870 | 560,051,915 |
(*) The relevant amount consists of balances made available from Yıldız Holding and to Yıldız Holding for financing purposes, and these balances do not have a certain maturity. Interest rates are re-determined on a monthly basis, taking into account market conditions, and as of 31 March 2025, the average interest rates of TRY-based receivables and payables are 43,54% (31 December 2024: 48,71%).
(**) As of 12 April 2018, Yıldız Holding A,Ş and some Yıldız Holding Group entities including Group, signed a syndicated loan agreement with creditors. Thus, the Group's borrowings to banks were transferred to Yıldız Holding, Total of the long-term payables of the Group to Yıldız Holding is composed of syndicated debts.
The amount of collateral given as guarantor ship and mortgage within the scope of the syndication debts is TRY11,175,958,336 (31 December 2024: TRY11,976,610,677).
Transactions with related parties comprised of purchasing and selling goods and services. Purchases are mainly comprised of purchases of raw materials.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (Amounts expressed in the purchasing power of the Turkish Lira ("TRY") as of 31 March 2025, unless otherwise indicated.)
| 1 January - | 1 January - | |
|---|---|---|
| Sale of goods and services | 31 March 2025 | 31 March 2024 |
| Ülker Bisküvi San. A.Ş. | 1.162.921.446 | 1.430.960.530 |
| Şok Marketler Ticaret A.Ş. | 470,911,876 | 278,114,253 |
| Yeni Teközel Markalı Ürünler Dağıtım Hizmetleri A.Ş. | 451,951,304 | 589,685,318 |
| G2mEksper Satış ve Dağıtım Hizmetleri A.Ş. | 327,844,685 | 431,948,275 |
| Horizon Hızlı Tüketim Ürünleri Paz. Sat. ve Dağ. A.Ş. | 285,768,204 | 333,652,175 |
| Bizim Toptan Satış Mağazaları A.Ş. | 89,999,718 | 124,412,705 |
| E Star Global E-Ticaret Satış ve Pazarlama A.Ş. | 29,564,094 | 71,030,070 |
| CCC Dış Ticaret A.Ş. | 10,409,269 | 4,221,280 |
| Other | 2,823 | 4,108,515 |
| Total | 2,829,373,419 | 3,268,133,121 |
| 1 January - | 1 January - | |
|---|---|---|
| Purchase of goods and services | 31 March 2025 | 31 March 2024 |
| Maia International B.V. | 766,744,272 | 798,175,415 |
| Yıldız Holding A.Ş. | 115,337,141 | 94,339,758 |
| İzsal Bilgi Sistemleri ve Gayrimenkul Geliştirme A.Ş. | 53,825,250 | 38,103,759 |
| Aytaç Gıda Yatırım San. Tic. A.Ş. | 17,199,997 | 38,378,487 |
| Sağlam İnşaat Taahhüt Tic. A.Ş. | 11,919,872 | 10,626,507 |
| Ülker Bisküvi San. A.Ş. | 10,101,955 | 2,454,869 |
| G2mEksper Satış ve Dağıtım Hizmetleri A.Ş. | 6,193,237 | 6,605,074 |
| Horizon Hızlı Tüketim Ürünleri Paz. Sat. ve Dağ. A.Ş. | 2,532,822 | 3,054,404 |
| UCZ Mağazacılık Ticaret A.Ş. | 1,602,612 | - |
| Other | 4,366,959 | 6,619,409 |
| Total | 989,824,117 | 998,357,682 |
| 1 January - | 1 January - | |
| 31 March | 31 March | |
| Service, rent and other income | 2025 | 2025 |
| Yıldız Holding A.Ş. | 3,510,204 | 2,249,372 |
| İzsal Bilgi Sistemleri ve Gayrimenkul Geliştirme A.Ş. | 455,470 | - |
| Sağlam İnşaat Taahhüt Tic. A.Ş. | 331,844 | 326,780 |
| Bizim Toptan Satış Mağazaları A.Ş. | 314,877 | 312,474 |
| Other | 450,796 | 281,865 |
| Total | 5,063,191 | 3,170,491 |
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (Amounts expressed in the purchasing power of the Turkish Lira ("TRY") as of 31 March 2025, unless otherwise indicated.)
| 1 January - | 1 January - | |
|---|---|---|
| Commission and financial expense | 31 March 2025 | 31 March 2024 |
| Yıldız Holding A.Ş. | 128,440,912 | 84,507,059 |
| Pervin Finansal Kiralama A.Ş. | 6,629,526 | 7,090,057 |
| Other | 116,155 | - |
| Total | 135,186,593 | 91,597,116 |
| 1 January - | 1 January - | |
|---|---|---|
| Commission and financial income | 31 March 2025 | 31 March 2024 |
| Ülker Bisküvi San. A.Ş. | 45,165,628 | - |
| Other | 2,305,794 | - |
| Total | 47,471,422 | - |
| Investment income | 1 January - 31 March 2025 |
1 January - 31 March 2024 |
|---|---|---|
| Yıldız Holding A.Ş. (*) | 835,578,690 | 383,434,497 |
| Total | 835,578,690 | 383,434,497 |
(*) Income from investment activities obtained from Yıldız Holding comprised of interest and exchange differences.
Key management personnel of the Company consist of the members of Board of Directors and members of Executive Board. The compensation of key management personnel comprises salaries, bonus, health insurance and transportation, The compensation of key management during the years are as follows:
| 1 January - 31 March 2025 |
1 January - 31 March 2024 |
|
|---|---|---|
| Salaries and other benefits | 70,552,494 | 60,251,326 |
| 70,552,494 | 60,251,326 |
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (Amounts expressed in the purchasing power of the Turkish Lira ("TRY") as of 31 March 2025, unless otherwise indicated.)
As of 31 March 2025 and 31 December 2024 trade receivables of the Group are as follows:
| Current trade receivables | 31 March 2025 |
31 December 2024 |
|---|---|---|
| Trade receivables (*) | 2,076,371,894 | 1,838,615,547 |
| Notes receivable | 17,256,163 | 21,327,343 |
| Income accruals | 13,520 | 1,336,624 |
| Provision for doubtful receivables (-) | (74,664,485) | (60,268,456) |
| Trade receivables, net | 2,018,977,092 | 1,801,011,058 |
| Trade receivables from related parties (Note 4) (**) | 1,981,273,266 | 2,097,999,400 |
| 4,000,250,358 | 3,899,010,458 |
(*) Progress accruals arising from sales to customers are netted off with trade receivables.
(**) Trade receivables from related parties mainly comprised from sales of goods. Purchases are mainly comprised of purchases of raw materials.
Average maturity for trade receivables is 51 days (31 December 2024: 53).
Movements of provision for doubtful receivables as of 1 January - 31 March 2025 and 1 January - 31 March 2024 are as follows:
| 1 January - | 1 January - | |
|---|---|---|
| Movement of provision for doubtful receivables | 31 March 2025 | 31 March 2024 |
| Opening balance | (60,268,456) | (74,323,562) |
| Charge for the year (-) | (21,416,996) | (22,978,145) |
| Reversals of provisions | 148,155 | 1,619,490 |
| Monetary gain / (loss) | 6,872,812 | 8,887,602 |
| End of the period | (74,664,485) | (86,794,615) |
| 31 March | 31 December | |
|---|---|---|
| Short-term trade payables | 2025 | 2024 |
| Trade payables | 5,548,245,967 | 5,293,244,165 |
| Expense accruals | 177,311,058 | 154,535,284 |
| Trade payables, net | 5,725,557,025 | 5,447,779,449 |
| Trade payables to related parties (Note 4) (*) | 66,355,325 | 66,781,782 |
| 5,791,912,350 | 5,514,561,231 |
(*) Trade payables to related parties mainly comprised from purchases of goods and services. Purchases are mainly comprised of purchases of raw materials.
Average maturity for trade payables is 100 days (31 December 2024: 101).
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (Amounts expressed in the purchasing power of the Turkish Lira ("TRY") as of 31 March 2025, unless otherwise indicated.)
| 31 March | 31 December | |
|---|---|---|
| Other current receivables | 2025 | 2024 |
| Receivables from related parties (Note 4) | 6,442,333,799 | 6,705,776,361 |
| Receivables from tax administration | 133,588,941 | 217,547,841 |
| Other miscellaneous receivables | 5,618,998 | 7,951,752 |
| 6,581,541,738 | 6,931,275,954 | |
| 31 March | 31 December | |
| Other non-current receivables | 2025 | 2024 |
| Deposits and guarantees given | 2,420,391 | 2,695,013 |
| 2,420,391 | 2,695,013 | |
| Other current liabilities | 31 March 2025 |
31 December 2024 |
|---|---|---|
| Payables to related parties (Note 4) | 768,656,664 | 1,645,159,394 |
| Other miscellaneous liabilities | 1,825 | 2,009 |
| 768,658,489 | 1,645,161,403 | |
| Other non-current liabilities | 31 March 2025 |
31 December 2024 |
| Non-current liabilities to related parties (Note 4) | 516,796,870 | 560,051,915 |
| 516,796,870 | 560,051,915 |
| 31 March | 31 December | ||
|---|---|---|---|
| 2025 | 2024 | ||
| Raw materials | 1,924,384,378 | 1,829,974,834 | |
| Work in process | 1,248,854,434 | 1,192,340,615 | |
| Finished goods | 803,737,961 | 686,058,983 | |
| Trade goods | 173,050,008 | 98,823,621 | |
| Other inventory (*) | 164,402,135 | 147,718,474 | |
| Provision for impairment of inventory (-) | (472,462) | (520,005) | |
| 4,313,956,454 | 3,954,396,522 |
(*) Other inventories consist of packaging and technical operating materials.
Movements of provision for impairment of inventories as of 1 January - 31 March 2025 and 1 January - 31 March 2024 are as follows:
| 1 January - | 1 January - | |
|---|---|---|
| 31 March 2025 | 31 March 2024 | |
| Opening balance | (520,005) | (2,553,540) |
| Charge for the year | - | (720,800) |
| Reversals of provisions | 47,543 | 128,614 |
| Reversals of provisions during the period | - | 894,558 |
| Closing balance | (472,462) | (2,251,168) |
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (Amounts expressed in the purchasing power of the Turkish Lira ("TRY") as of 31 March 2025, unless otherwise indicated.)
| 31 March | 31 December | |
|---|---|---|
| Short-term prepaid expenses | 2025 | 2024 |
| Advances given for inventory purchases | 390,968,464 | 303,912,579 |
| Prepaid expenses | 72,595,667 | 119,541,282 |
| Business advances | 736,395 | 219,276 |
| 464,300,526 | 423,673,137 | |
| Long-term prepaid expenses | 31 March 2025 |
31 December 2024 |
| Advances given for fixed asset purchases | 40,748,619 | 21,338,033 |
| 40,748,619 | 21,338,033 | |
| 31 March | 31 December | |
| Short-term deferred income | 2025 | 2024 |
| Advances received | 205,949,247 | 128,043,119 |
| Deferred income | 5,687,778 | 3,491,481 |
| 211,637,025 | 131,534,600 | |
| Long-term deferred income | 31 March 2025 |
31 December 2024 |
| Deferred income | 5,978,030 | 12,297,898 |
| 5,978,030 | 12,297,898 |
| Cost value | 1 January 2025 | Disposals | Transfers | Change in fair value | 31 March 2025 |
|---|---|---|---|---|---|
| Land, building, plant machinery and devices |
2,955,213,911 | - | - | - | 2,955,213,911 |
| 2,955,213,911 | - | - | - | 2,955,213,911 |
| Cost value | 1 January 2024 | Disposals | Transfers | Change in fair value | 31 March 2024 |
|---|---|---|---|---|---|
| Land, building, plant machinery and devices |
2,109,897,063 | - | - | - | 2,109,897,063 |
| 2,109,897,063 | - | - | - | 2,109,897,063 |
The Group has earned rent income from its investment properties amounting to TRY18,556,251 in the current period. (1 January - 31 March 2024: TRY14,137,380) (Note 19).
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
(Amounts expressed in the purchasing power of the Turkish Lira ("TRY") as of 31 March 2025, unless otherwise indicated.)
Fair value of investment properties
| 31 March 2025 | ||||
|---|---|---|---|---|
| Level 1 | Level 2 | Level 3 | ||
| Investment properties | - | 2,955,213,911 | - | |
| Total | - | 2,955,213,911 | - | |
| 31 March 2024 | ||||
| Level 1 | Level 2 | Level 3 | ||
| Investment properties | - | 2,109,897,063 | - | |
| Total | - | 2,109,897,063 | - |
As of 31 March 2025, the Group's investment properties are carried with their fair values determined by the revaluation carried out on 31 December 2024, and these fair values have been determined by an independent valuation firm holding a CMB License. The change between the fair value and cost value of the investment properties at initial recognition is included under equity. Gains or losses arising from changes in fair value in subsequent measurement periods are included in the consolidated statement of profit or loss.
The table above present the fair value hierarchy of investment properties of the Group as of 31 March 2025 and 31 December 2024. The levels of hierarchies of fair values are detailed below.
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
Valuation techniques used to derive level 2 fair values,
Level 2 fair values of investment properties have been derived using the sales comparison approach. Sales prices of comparable land and buildings in proximity are adjusted for differences in key attributes such as property size. The most significant input into this valuation approach is price per square foot.
| 1 January | Currency | 31 March | |||||
|---|---|---|---|---|---|---|---|
| Cost value | 2025 | Additions | Disposals | Transfers | Revaluation | translation differences | 2025 |
| Land and land improvements | 3,835,647,927 | - | - | - | - | (3,359) | 3,835,644,568 |
| Buildings | 4,451,297,342 | - | (30,839,496) | - | - | (8,380,095) | 4,412,077,751 |
| Machinery and equipment | 6,451,427,221 | 2,170,372 | - | - | - | (2,016,625) | 6,451,580,968 |
| Motor vehicles | 23,016,029 | - | - | - | - | (22,884) | 22,993,145 |
| Furniture and fixtures | 588,783,169 | 1,341,430 | (48,194) | - | - | (184,958) | 589,891,447 |
| Leasehold improvements | 66,444,093 | - | - | - | - | - | 66,444,093 |
| Other tangibles (*) | 400,803,240 | - | (1,471,734) | - | - | - | 399,331,506 |
| Construction in progress | 4,794,728 | 2,951,901 | - | - | - | - | 7,746,629 |
| 15,822,213,749 | 6,463,703 | (32,359,424) | - | - | (10,607,921) | 15,785,710,107 |
| 1 January | Currency | 31 March | |||||
|---|---|---|---|---|---|---|---|
| Accumulated depreciation | 2025 | Additions | Disposals | Transfers | Revaluation | translation differences | 2025 |
| Land improvements | (16,190,790) | (2,028,431) | - | - | - | 1,511 | (18,217,710) |
| Buildings | (1,689,287,354) | (40,514,361) | 20,210,321 | - | - | 1,157,867 | (1,708,433,527) |
| Machinery and equipment | (4,486,544,089) | (86,934,687) | - | - | - | 952,086 | (4,572,526,690) |
| Motor vehicles | (20,270,320) | (270,500) | - | - | - | 21,537 | (20,519,283) |
| Furniture and fixtures | (439,537,267) | (9,301,609) | 44,319 | - | - | 92,057 | (448,702,500) |
| Leasehold improvements | (52,386,021) | (1,101,369) | - | - | - | - | (53,487,390) |
| Other tangibles (*) | (244,893,613) | (5,670,368) | 1,375,793 | - | - | - | (249,188,188) |
| (6,949,109,454) | (145,821,325) | 21,630,433 | - | - | 2,225,058 | (7,071,075,288) | |
| Net book value 8,873,104,295 |
8,714,634,819 |
|---|---|
| --------------------------------- | --------------- |
(*) Other tangibles comprised of refrigerators.
| Accumulated | 1 January | Currency | 31 March | ||||
|---|---|---|---|---|---|---|---|
| depreciation | 2024 | Additions | Disposals | Transfers | Revaluation | translation differences | 2024 |
| Land improvements | (37,928,145) | (5,248,056) | - | - | - | 975,901 | (42,200,300) |
| Buildings | (1,597,016,482) | (84,789,742) | - | - | - | 18,870,792 | (1,662,935,432) |
| Machinery and equipment | (4,255,653,725) | (72,578,896) | 31,073,844 | - | - | 7,655,573 | (4,289,503,204) |
| Motor vehicles | (21,173,841) | (681,745) | - | - | - | 563,795 | (21,291,791) |
| Furniture and fixtures | (412,979,124) | (11,749,262) | 138,634 | - | - | (2,577,017) | (427,166,769) |
| Leasehold improvements | (47,716,287) | (1,469,375) | - | - | - | - | (49,185,662) |
| Other tangibles (*) | (244,541,135) | (6,581,955) | 3,751,408 | - | - | - | (247,371,682) |
| (6,617,008,739) | (183,099,031) | 34,963,886 | - | - | 25,489,044 | (6,739,654,840) | |
Net Book Value 8,591,436,696 8,462,075,680
(*) Other tangible assets consist of refrigerated cabinets.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (Amounts expressed in the purchasing power of the Turkish Lira ("TRY") as of 31 March 2025, unless otherwise indicated.)
| Currency | ||||||
|---|---|---|---|---|---|---|
| 1 January | translation | 31 March | ||||
| Cost value | 2025 | Additions | Disposals | Transfers | differences | 2025 |
| Rights | 238,635,129 | 4,707,268 | - | - | - | 243,342,397 |
| Development expenses | 532,609,919 | 21,027,204 | - | - | - | 553,637,123 |
| Other intangible assets | 7,513,037 | - | - | - | - | 7,513,037 |
| 778,758,085 | 25,734,472 | - | - | - | 804,492,557 |
| Accumulated amortization |
1 January 2025 |
Additions | Disposals | Transfers | Currency translation differences |
31 March 2025 |
|---|---|---|---|---|---|---|
| Rights | (177,211,477) | (3,072,323) | - | - | - | (180,283,800) |
| Development expenses | (268,420,835) | (13,444,465) | - | - | - | (281,865,300) |
| Other intangible assets | (7,512,870) | - | - | - | - | (7,512,870) |
| (453,145,182) | (16,516,788) | - | - | - | (469,661,970) |
| Net Book Value | 325,612,903 | 334,830,587 | |||||
|---|---|---|---|---|---|---|---|
| Cost Value | 1 January 2024 |
Additions | Disposals | Transfers | Currency translation differences |
31 March 2024 |
|
| Rights | 304,824,814 | 28,251,657 | (21,342,096) | - | (1,605,079) | 310,129,296 | |
| Development expenses |
450,460,671 | 28,017,734 | - | - | - | 478,478,405 | |
| Other intangible assets |
7,513,038 | - | - | - | - | 7,513,038 |
762,798,523 56,269,391 (21,342,096) - (1,605,079) 796,120,739
| Accumulated amortization |
1 January 2024 |
Additions | Disposals | Transfers | Currency translation differences |
31 March 2024 |
|---|---|---|---|---|---|---|
| Rights | (170,556,452) | (2,373,488) | - | - | 5,242,522 | (167,687,418) |
| Development | (215,067,599) | (928,770) | - | - | - | (215,996,369) |
| expenses Other intangible assets |
(7,512,870) | - | - | - | - | (7,512,870) |
| (393,136,921) | (3,302,258) | - | - | 5,242,522 | (391,196,657) | |
| Net Book Value | 369,661,602 | 404,924,082 |
(Amounts expressed in the purchasing power of the Turkish Lira ("TRY") as of 31 March 2025, unless otherwise indicated.)
Allocation of depreciation and amortization expenses of property, plant and equipments, intangible assets, and right-of-use assets as of 1 January - 31 March 2025 and 1 January - 31 March 2024 are as follows:
| 1 January - 31 March |
1 January - 31 March |
||
|---|---|---|---|
| 2025 | 2024 | ||
| Cost of sales | (130,158,880) | (173,400,961) | |
| Marketing, sales and distribution expense (Note 18) | (19,766,524) | (12,350,323) | |
| General administration expenses (Note 18) | (8,541,052) | (3,494,976) | |
| Research and development expenses (Note 18) | (9,251,583) | (2,145,149) | |
| (167,718,039) | (191,391,409) |
Investment Incentive Certificate numbered 535745 was received from the General Directorate of Incentives, Implementation and Foreign Capital of the Ministry of Industry and Technology of the Republic of Türkiye on April 21, 2022. The validity period of the Incentive Certificate is 3 years and expires on April 13, 2025, The support elements foreseen in the Investment Incentive Certificate are 100% customs exemption and Value Added Tax exemption, 2-year insurance premium employer share support and 50% Tax Deduction. The total amount of investment foreseen in the Investment Incentive Certificate is TRY99,936,725. As of March 31, 2025, the investment amount realized within the scope of the incentive certificate is TRY18,608,237.
Investment Incentive Certificate numbered 552413 was received from the General Directorate of Incentives, Implementation and Foreign Capital of the Ministry of Industry and Technology of the Republic of Türkiye on April 26, 2023. The validity period of the said Incentive Certificate is 3 years and expires on April 25, 2026. The validity period of the mentioned Incentive Certificate is 3 years and ends on 25 April 2026. The support elements foreseen in the Investment Incentive Certificate are 100% customs exemption and Value Added Tax exemption, 7 years of insurance premium employer's share support, 80% Tax Reduction and 40% Investment Contribution Rate support. Total amount of the investment foreseen in the Investment Incentive Certificate is TRY86,414,080. As of 31 March 2025, the amount of investment realized within the scope of the incentive certificate is TRY51,212,62.
The Group's rights that can be used by all companies that meet the criteria required by the legislation, regardless of sector; Incentives within the scope of research and development law (100% corporate tax, VAT exemption, etc,), inward processing permits, social security institution incentives and employer's insurance premium support.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (Amounts expressed in the purchasing power of the Turkish Lira ("TRY") as of 31 March 2025, unless otherwise indicated.)
Contingent assets and liabilities as of 31 March 2025, and 31 December 2024 are as follows:
| 31 March | 31 December | |
|---|---|---|
| Contingent assets | 2025 | 2024 |
| Letters of guarantees received | 1,515,359,419 | 1,501,729,869 |
| Bonds of guarantee received | 35,016,532 | 7,842,357 |
| Pledges and mortgages received | 198,670 | 218,662 |
| 1,550,574,621 | 1,509,790,888 |
Letter of guarantees received, and mortgages received are comprised of the guarantees received from customers within the scope of credit risk.
| 31 March | 31 December | |
|---|---|---|
| Contingent liabilities | 2025 | 2024 |
| Mortgages given (*) | 9,527,442,398 | 9,757,243,185 |
| Guarantorship given (*) | 5,408,979,336 | 5,629,314,042 |
| Letters of guarantee given | 1,426,360,379 | 1,328,003,858 |
| 16,362,782,113 | 16,714,561,085 |
(*) Mortgages and guarantees given are given as Yıldız Holding syndication loan guarantees.
| 31 March | 31 December | |
|---|---|---|
| Other short-term provisions | 2025 | 2024 |
| Provisions for cost expenses | 15,898,209 | 3,267,789 |
| Provisions for lawsuits | 4,186,342 | 3,974,602 |
| 20,084,551 | 7,242,391 |
The movements of provisions for lawsuits as of 1 January - 31 March 2025 and 1 January - 31 March 2024 are as follows:
| 1 January - | 1 January - | |
|---|---|---|
| Movement of provision for lawsuits | 31 March 2025 | 31 March 2024 |
| Opening | 3,974,602 | 5,268,564 |
| Charge / (reversals) for the period | 575,128 | (141,306) |
| Monetary gain / (loss) | (363,388) | (689,737) |
| End of the period | 4,186,342 | 4,437,521 |
Guarantee, pledge and mortgages ("GPM") in respect of commitment and contingencies realized in the ordinary course of business given for the periods ended 31 March 2025 and 31 December 2024 are as follows:
| 31 March 2025 | 31 December 2024 | |||||
|---|---|---|---|---|---|---|
| Original Currency | Amount | TRY Equivalent | Original Currency | Amount | TRY equivalent | |
| A. CPMs given for Company's own legal personality |
TRY | 11,390,886,738 | 11,390,886,738 | TL | 13,344,566,214 | 13,344,566,214 |
| (*) | EUR | 122,153,889 | 4,971,895,375 | EUR | 83,347,885 | 3,369,994,871 |
| B. CPMs given on behalf of fully consolidated |
||||||
| companies | - | - | - | - | ||
| C. CPMs given in the normal course of business |
||||||
| activities on behalf of third parties | - | - | - | - | ||
| D. Total amount of other CPMs |
- | - | - | - | ||
| i) Total amount of CPMs given on behalf of the parent | - | - | - | - | ||
| ii) Total amount of CPMs given to on behalf of other | ||||||
| Group | ||||||
| companies which are not in scope of B and C | - | - | - | - | ||
| iii) Total amount of CPMs given on behalf of third | ||||||
| parties which are not in scope of C | - | - | - | - | ||
| 16,362,782,113 | 16,714,561,085 |
As of 31 March 2025, the Group has export commitments of EUR 15,000,000 (31 December 2024: TRY39,335,975) The fulfillment period of export commitments is two years.
(*) On February 2018, Yıldız Holding A.Ş. started negotiations with the creditors in order to refinance the loan payables for which no guarantee was provided and the balances which are used by the itself and by various Yıldız Holding group entities in connection with the miscellaneous loan agreements the Holding company entered into with Turkish banks. The purpose of these negotiations is to move all loan payable balances to the level of Yıldız Holding A.Ş. within the framework of a single maturity, interest rate and payment plan.
The bank loans of the Company and its subsidiaries which in total TRY6,607 million in cash (Nominal: TRY745 Million) and TRY1,791 million non-cash (Nominal: TRY202 million) contingencies were moved to the level of Yıldız Holding A.Ş. through syndication. The Company's total debt has not increased as a result of the syndicated loan, but cash and non-cash loans are moved to Yıldız Holding A.Ş. level.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (Amounts expressed in the purchasing power of the Turkish Lira ("TRY") as of 31 March 2025, unless otherwise indicated.)
| 31 March | 31 December | ||
|---|---|---|---|
| Other current assets | 2025 | 2024 | |
| Deferred VAT | 332,034,520 | 255,475,922 | |
| Other | 9,390,049 | 13,811,202 | |
| 341,424,569 | 269,287,124 | ||
| 31 March | 31 December | ||
| Other current liabilities | 2025 | 2024 | |
| Taxes and funds payables | 103,880,593 | 51,742,680 | |
| Other current liabilities | 49,475,855 | 56,132,117 | |
| 153,356,448 | 107,874,797 |
As of 31 March 2025, the Company's capital was issued and consisted of 66,200,000,000 shares, each with a nominal value of TRY0,01, (31 December 2024: 66,200,000,000 shares).
The Group's shareholders and their share in the capital as of 31 March 2025 and 31 December 2024 are as follows:
| 31 March 2025 | 31 December 2024 | ||||
|---|---|---|---|---|---|
| Shareholders | Share (%) | Amount | Share (%) | Amount | |
| Yıldız Holding A.Ş. | 60,53 | 400,675,745 | 60,53 | 400,675,745 | |
| Murat Ülker | 9,98 | 66,079,898 | 9,98 | 66,079,898 | |
| Other | 29,49 | 195,244,357 | 29,49 | 195,244,357 | |
| Total | 100 | 662,000,000 | 100 | 662,000,000 |
The legal reserves consist of first and second legal reserves, appropriated in accordance with the Turkish Commercial Code, The first legal reserves are appropriated out of historical statutory profits at the rate of 5% per annum, until the total reserve reaches 20% of the historical paid-in share capital. The second legal reserves are appropriated after the first legal reserves and dividends, at the rate of 10% per annum of all cash dividend distributions, These reserves can only be used to cover losses, to maintain the company in times when things are not going well, or to prevent unemployment and to mitigate the effects of such losses, unless they exceed half of the paid-in capital of the company.
Restricted reserves allocated from profit as of March 31, 2025, are as follows. There is no remaining profit for the period after deducting previous years' losses in the legal records of the Group and there are no other resources that can be subject to profit distribution.
| 31 March | 31 December | |
|---|---|---|
| Restricted reserves | 2025 | 2024 |
| Legal reserves | 635,785,976 | 635,785,976 |
| 635,785,976 | 635,785,976 |
These are reserves set aside from the profits of previous periods due to obligations arising from the law or contract or for certain purposes other than profit distribution. These reserves are shown based on their amounts in legal records, and the differences arising from the evaluations made within the framework of TFRS are associated with previous years' profits and losses.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (Amounts expressed in the purchasing power of the Turkish Lira ("TRY") as of 31 March 2025, unless otherwise indicated.)
| 31 March 2025 (In accordance with | Inflation | ||
|---|---|---|---|
| TFRS) | Nominal value | adjustment effect | Indexed Value |
| Paid capital | 662,000,000 | 5,130,110,338 | 5,792,110,338 |
| Legal reserves | 37,378,879 | 598,407,097 | 635,785,976 |
| 31 March 2025 (In accordance with | Inflation | ||
| Tax Law) | Nominal value | adjustment effect | Indexed Value |
| Paid capital | 662,000,000 | 6,701,186,125 | 7,363,186,125 |
Legal reserves 44,837,076 908,859,513 953,696,589
| 1 January - | 1 January - | |
|---|---|---|
| 31 March 2025 | 31 March 2024 | |
| Domestic sales | 8,372,577,049 | 8,994,639,764 |
| Export sales | 677,616,641 | 795,937,370 |
| Other income | 23,882,829 | 38,310,863 |
| Gross sales | 9,074,076,519 | 9,828,887,997 |
| Sales returns and discounts (-) | (2,149,582,825) | (1,917,043,233) |
| Net sales | 6,924,493,694 | 7,911,844,764 |
| Cost of sales (-) | (5,098,970,425) | (6,581,644,032) |
| Gross profit | 1,825,523,269 | 1,330,200,732 |
| Marketing, sales and distribution expenses |
1 January - 31 March 2025 |
1 January - 31 March 2024 |
|---|---|---|
| Personnel expenses | (199,732,049) | (166,625,683) |
| Advertisement expenses | (197,950,664) | (204,480,658) |
| Transportation expenses | (180,302,163) | (214,043,246) |
| Tax duties and fees (*) | (78,304,609) | (77,660,609) |
| Brand usage expense | (39,435,553) | (54,703,093) |
| Rent expenses | (28,881,450) | (28,602,803) |
| Depreciation and amortization expense (Note 11) | (19,766,524) | (12,350,323) |
| Export expenses | (11,677,187) | (10,369,693) |
| Externally provided benefits and services | (11,635,681) | (2,702,739) |
| Energy expenses | (10,699,937) | (12,166,739) |
| Maintenance and repair expenses | (6,520,678) | (4,912,856) |
| Other | (15,794,389) | (67,989,826) |
| (800,700,884) | (856,608,268) |
(*) These are expenses incurred regarding the recycling contribution fee (RCF).
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (Amounts expressed in the purchasing power of the Turkish Lira ("TRY") as of 31 March 2025, unless otherwise indicated.)
| 1 January - | 1 January - | |
|---|---|---|
| General administrative expenses | 31 March 2025 | 31 March 2024 |
| Externally provided benefits and services | (138,518,343) | (101,773,258) |
| Personnel expenses | (89,102,562) | (85,950,714) |
| Depreciation and amortization expense (Note 11) | (8,541,052) | (3,494,976) |
| Energy expenses | (1,735,165) | (1,781,513) |
| Rent expenses | (1,613,065) | (3,620,089) |
| Brand copyright expenses | (1,041,048) | (1,487,779) |
| Communication expenses | (1,003,363) | (818,148) |
| Travel expenses | (683,206) | (564,049) |
| Fees, duties and charges | (649,948) | (445,107) |
| Building expenses | (566,595) | (2,223,369) |
| Other | (11,633,123) | (9,242,214) |
| (255,087,470) | (211,401,216) |
| 1 January - | 1 January - | |
|---|---|---|
| Research and development expenses | 31 March 2025 | 31 March 2024 |
| Depreciation and amortization expense (Note 11) | (9,251,583) | (2,145,149) |
| Personnel expenses | (6,611,768) | (4,556,105) |
| Externally provided benefits and services | (236,730) | (305,122) |
| Analysis expenses | (140,083) | - |
| Other | (535,755) | (5,554,373) |
| (16,775,919) | (12,560,749) |
| 1 January - | 1 January - | |
|---|---|---|
| Income from Investment Activities | 31 March 2025 | 31 March 2024 |
| Interest income | 842,071,660 | 383,219,117 |
| Rent income | 18,556,251 | 14,137,380 |
| Gain on sale of fixed assets | - | 916,287 |
| Exchange difference income | - | 87,338 |
| 860,627,911 | 398,360,122 | |
| 1 January - | 1 January - | |
| Expenses from Investment Activities | 31 March 2025 | 31 March 2024 |
| Exchange difference expenses | (892,883) | - |
| Loss on sale of fixed assets | (165,391) | - |
| Other | - | (8,354) |
| (1,058,274) | (8,354) |
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (Amounts expressed in the purchasing power of the Turkish Lira ("TRY") as of 31 March 2025, unless otherwise indicated.)
| 1 January - | 1 January - | |
|---|---|---|
| Financial income | 31 March 2025 | 31 March 2024 |
| Discount income from financing (*) | - | 17,151,008 |
| - | 17,151,008 | |
| 1 January - | 1 January - | |
| Financial expense | 31 March 2025 | 31 March 2024 |
| Interest expense | (424,444,926) | (216,858,723) |
| Exchange difference expenses on loans | (410,361,769) | (199,435,066) |
| Commission expenses | (41,320,850) | (79,118,998) |
| Financing obligation regarding severance pay | (21,573,452) | - |
| Discount expenses from financing (*) | (12,641,582) | (38,673,458) |
| (910,342,579) | (534,086,245) |
(*) The positive/negative difference between the interest rate which is understood within the framework of the renovation agreement within the framework of the unionized loan in other long -term commercial debts of Group to Yıldız Holding A.Ş. and the interest rates valid in the market were accountable in accordance with TFRS 9.
| Non-monetary items | 31 March 2025 |
|---|---|
| Financial statement items | (416.645.279) |
| Inventories | 84.020.682 |
| Prepaid expenses (short term) | (22.099.684) |
| Property, plant and equipment | 873.258.969 |
| Intangible assets | 14.932.372 |
| Deferred tax liability | (153.398.467) |
| Paid-in capital | (529.558.325) |
| Other accumulated comprehensive income or expense | (280.384.606) |
| not to be reclassified to profit or loss | |
| Capital reserves | (2.033.227) |
| Premiums related to shares | (168.450.528) |
| Restricted reserves allocated from profits | (63.710.421) |
| Effect of combinations involving entities or entities under common control | (137.471.139) |
| Retained earnings / (losses) | (31.750.905) |
| Profit or loss statement items | 264.554.858 |
| Revenue | (168.150.390) |
| Cost of sales | 360.899.052 |
| Research and development expenses | 5.949.394 |
| Marketing, selling and distribution expenses | 27.398.722 |
| General administrative expenses | 10.550.666 |
| Income/expenses from investing activities | (20.808.344) |
| Other income/expenses from operating activities | 9.798.291 |
| Financing income/expenses | 19.056.443 |
| Current tax expense | 19.861.024 |
| Net monetary position gains / (losses) | (152.090.421) |
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (Amounts expressed in the purchasing power of the Turkish Lira ("TRY") as of 31 March 2025, unless otherwise indicated.)
The Group is subject to Turkish corporate taxes. Provision is made in the accompanying financial statements for the estimated charge based on the Group's results for the years and periods. Turkish tax legislation does not permit a parent company and its subsidiary to file a consolidated tax return. Therefore, current income taxes recognized in the accompanying consolidated financial statements, have been calculated on a separate-entity basis.
Corporate tax is applied on taxable corporate income, which is calculated from the statutory accounting profit by adding back non-deductible expenses, and by deducting dividends received from resident companies, other exempt income and investment incentives utilized,
In Türkiye, the corporate tax rate is 25% as of 31 March 2025 (31 December 2024: 25%). 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 exceptions and deductions in the tax laws,
The Corporate tax rate is applied to the corporate income of the corporations, which is the result of the addition of expenses that are not allowed to be deducted in accordance with the tax laws and the exemptions and discounts included in the tax laws. Losses can be carried forward for a maximum of 5 years, to be deducted from the taxable profits that will arise in future years, However, the losses incurred cannot be deducted retrospectively from the profits of previous years.
The 7061 numbered law on the Amendment of Some Tax Laws was entered into force by being published in the Official Gazette dated 5 December 2017 and numbered 30261. With the 89th article of this Law, amendments are made in the 5th article titled "Exceptions" of the Corporate Tax Law. The first paragraph of the article; With paragraph (a), the 75% exemption applied to the earnings arising from the sale of real estates which were stated in the assets of the institutions for two full years has been reduced to 50%. This amendment was entered into force on 5 December 2017.
| 31 March | 31 December | |
|---|---|---|
| Current income tax liabilities | 2025 | 2024 |
| Current income tax expense | 748,155,245 | 751,840,494 |
| Less: prepaid taxes | (91,186,220) | (193,675,453) |
| Current income tax liability / (asset) | 656,969,025 | 558,165,041 |
Income tax expense for the periods ended 31 March 2025 and 31 December 2024 comprised of the following items:
| 1 January - | 1 January - | |
|---|---|---|
| 31 March 2025 | 31 March 2024 | |
| Current income tax expense | (154,789,190) | (4,988,969) |
| Deferred tax income / (expense) | 18,230,119 | 187,156,853 |
| Total tax income / (expense) | (136,559,071) | 182,167,884 |
The Group recognizes deferred tax assets and liabilities for temporary timing differences arising from the differences between the tax base legal financial statements and the financial statements prepared in accordance with TAS. These differences are generally due to the fact that some income and expense items are included in different periods in tax base financial statements and financial statements prepared in accordance with TAS, and these differences are stated below.
The tax rate used in the calculation of deferred tax assets and liabilities will be 25% for 2024, and 25% for 2025 taxation periods.
In Türkiye, the companies cannot declare a consolidated tax return, therefore subsidiaries that have deferred tax assets position were not netted off against subsidiaries that have deferred tax liabilities position and disclosed separately.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (Amounts expressed in the purchasing power of the Turkish Lira ("TRY") as of 31 March 2025, unless otherwise indicated.)
As of 31 March 2025, and 31 December 2024 the breakdown of the accumulated temporary differences related to the Group and the deferred tax assets and liabilities using the applicable tax rates are as follows:
| Deferred tax asset / | ||||
|---|---|---|---|---|
| Total temporary differences | (liability) | |||
| 31 March | 31 December | 31 March | 31 December | |
| 2025 | 2024 | 2025 | 2024 | |
| Provisions for employee | ||||
| termination benefits | 388,658,949 | 383,892,983 | 80,581,061 | 95,973,247 |
| Provisions for doubtful receivables | 43,240,864 | 25,440,203 | 10,810,216 | 6,360,051 |
| Provisions for lawsuits | 4,186,342 | 3,974,602 | 1,046,586 | 993,651 |
| Provision for unused vacations | 73,412,061 | 76,570,317 | 18,353,015 | 19,142,580 |
| Carry-forward tax losses (*) | 276,933,590 | 623,955,508 | 49,848,046 | 112,311,992 |
| Discount income from financing | (196,310,040) | (289,126,938) | (49,077,511) | (72,281,734) |
| Foundation and organization | ||||
| expenses | 927,144 | 1,020,440 | 231,786 | 255,110 |
| Exchange rate difference activation | 224,505,493 | 241,452,596 | 56,126,373 | 60,363,149 |
| Net differences between the | ||||
| carrying values and tax bases of | ||||
| investment properties | (2,641,050,164) | (2,868,922,514) | (660,262,541) | (717,230,629) |
| Revaluation differences on | ||||
| property, plant and equipment | (4,606,579,831) | (4,529,213,751) | (901,947,343) | (856,674,861) |
| Other | (84,421,097) | (421,991,135) | (21,166,459) | (105,497,784) |
| Deferred tax assets / (liabilities), | ||||
| net | (6,561,204,145) | (6,729,144,137) | (1,410,049,958) | (1,450,334,340) |
(*) As of 31 March 2025, based on the projections and future estimations, there is no previous year loss for which deferred tax is not recognized (31 December 2024: None).
The effects of the net presentation style of the Group's consolidated balance sheet were reflected on the group's consolidated balance sheet because they have clearly demonstrated the deferred tax assets and obligations in the financial statements of subsidiaries with separate taxpayers. The temporary differences in the table above and the deferred tax assets and obligations are prepared on the basis of gross values.
| 1 January - 31 March 2025 |
1 January - 31 March 2024 |
|
|---|---|---|
| Net gain for the year attributable to equity holders of the parent | 112,076,281 | 519,237,693 |
| Weighted average number of shares | 662,000,000 | 662,000,000 |
| Earning per share (TRY) | 0,1693 | 0,7843 |
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (Amounts expressed in the purchasing power of the Turkish Lira ("TRY") as of 31 March 2025, unless otherwise indicated.)
| 31 March | 31 December | |
|---|---|---|
| Short term borrowings | 2025 | 2024 |
| Short term foreign currency loans | 3,626,517,871 | 3,221,859,127 |
| Short term local currency loans | 659,897,964 | 1,011,214,902 |
| Current portion of long-term financial liabilities | 101,938,250 | 121,517,219 |
| Short term lease labilities | 115,863,039 | 89,011,695 |
| 4,504,217,124 | 4,443,602,942 | |
| 31 March | 31 December | |
| Long term borrowings | 2025 | 2024 |
| Long term foreign currency loans | 1,155,549,855 | 929,627,255 |
| Long term lease labilities | 118,238,526 | 176,271,854 |
| 1,273,788,381 | 1,105,899,109 |
As of 31 March 2025, and 31 December 2024 details of short and long-term bank loans are as follows:
| 31 March 2025 | ||||
|---|---|---|---|---|
| Original Currency | Maturity | (%) | Original Amount | TRY Equivalent |
| EUR | April, 2025 – Jan, 2027 | 4,29 – 10.40 | 119,768,928 | 4,884,005,976 |
| TRY | April, 2025 – Sept, 2025 | 15,00 – 48,06 | 659,897,964 | 659,897,964 |
| 5,543,903,940 |
| 31 December 2024 | ||||
|---|---|---|---|---|
| Original Currency | Maturity | (%) | Original Amount | TRY Equivalent |
| USD | Jan, 2025 | 4,90 - 6,00 | 359,204 | 13,973,166 |
| EUR | Jan, 2025 - Dec, 2026 | 4,29 - 11,00 | 105,204,055 | 4,259,030,434 |
| TRY | Jan, 2025 - Sept, 2025 | 26,93 - 57,72 | 1,011,214,902 | 1,011,214,902 |
| 5,284,218,502 |
Details of short and long-term lease liabilities are as follows:
| 31 March 2025 | ||||
|---|---|---|---|---|
| Original Currency | Maturity | (%) | Original Amount | TRY Equivalent |
| USD | April, 2025 – Sept, 2025 | 5,25 | 1,615,875 | 61,024,504 |
| EUR | April, 2025 – Dec, 2027 | 11,96 – 14,04 | 2,141,921 | 87,180,254 |
| TRY | April, 2025 – Feb, 2028 | 16,83 – 49,00 | 85,896,807 | 85,896,807 |
| 234,101,565 |
| 31 December 2024 | ||||
|---|---|---|---|---|
| Original Currency | Maturity | (%) | Original Amount | TRY Equivalent |
| USD | Jan, 2025 - Sept, 2025 | 5,25 | 1,934,894 | 75,268,082 |
| EUR | Jan, 2025 - Dec, 2027 | 11,96 - 14,04 | 2,319,054 | 93,934,998 |
| TRY | Jan, 2025 - Sept, 2028 | 16,83 - 49,00 | 96,080,470 | 96,080,470 |
| 265,283,550 |
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (Amounts expressed in the purchasing power of the Turkish Lira ("TRY") as of 31 March 2025, unless otherwise indicated.)
Currency Risk Management
The Group is exposed to currency risk on its operations that are denominated in other currencies.
The distribution of the Group's foreign currency denominated monetary and non-monetary assets and monetary and non-monetary liabilities as of the balance sheet date is as follows:
| 31 March 2025 | TRY Equivalent | USD | EUR | Other |
|---|---|---|---|---|
| 1. Trade Receivables | 935,954,455 | 23,922,061 | 799,065 | - |
| 2a. Monetary Financial Assets | 574,673,921 | 8,539,652 | 4,710,571 | 123,871 |
| 2b. Non-monetary Financial Assets | - | - | - | - |
| 3. Other | 300,907,464 | 437,375 | 6,984,505 | 2,509 |
| 4. CURRENT ASSETS (1+2+3) | 1,811,535,840 | 32,899,088 | 12,494,141 | 126,380 |
| 5. Trade Receivables | - | - | - | - |
| 6a. Monetary Financial Assets | 728,885 | 19,300 | - | - |
| 6b. Non-monetary Financial Assets | - | - | - | - |
| 7. Other | - | - | - | - |
| 8. NON-CURRENT ASSETS (5+6+7) | 728,885 | 19,300 | - | - |
| 9. TOTAL ASSETS (4+8) | 1,812,264,725 | 32,918,388 | 12,494,141 | 126,380 |
| 10. Trade Payables | 3,881,289,135 | 17,008,909 | 79,260,894 | 120,129 |
| 11. Financial Liabilities | 3,765,403,815 | 365,593 | 92,002,935 | - |
| 12a. Monetary Other Liabilities | 52,008,513 | 1,192,987 | 168,568 | - |
| 12b. Non-Monetary Other Liabilities | - | - | - | - |
| 13. CURRENT LIABILITIES (10+11+12) | 7,698,701,463 | 18,567,489 | 171,432,397 | 120,129 |
| 14. Trade Payables | - | - | - | - |
| 15. Financial Liabilities | 1,266,806,919 | 1,250,282 | 29,907,913 | - |
| 16a. Monetary Other Liabilities | 44,721,075 | 1,182,043 | - | - |
| 16b. Non-Monetary Other Liabilities | - | - | - | - |
| 17. NON-CURRENT LIABILITIES (14+15+16) | 1,311,527,994 | 2,432,325 | 29,907,913 | - |
| 18. TOTAL LIABILITIES (13+17) | 9,010,229,457 | 20,999,814 | 201,340,310 | 120,129 |
| 19 Off-balance Sheet Derivative Instruments | ||||
| Net Asset/Liability Position (19a - 19b) | - | - | - | - |
| 19a. Amount of active foreign derivative currency | ||||
| off-balance sheet | - | - | - | - |
| 19b. Amount of passive foreign derivative currency | ||||
| off-balance sheet | - | - | - | - |
| 20.Net Foreign Currency Assets/(Liabilities) | (7,197,964,732) | 11,918,574 | (188,846,169) | 6,251 |
| Position (9-18+19) | ||||
| 21.Monetary Items Net Foreign Currency Assets | ||||
| / (Liabilities)(1+2a+3+5+6a-10-11-12a-14-15-16a) | ||||
| 22. Fair value of financial instruments used for | - | - | - | - |
| currency hedge | ||||
| 23. Hedged foreign currency assets | - | - | - | - |
| 24. Export | 658,707,255 | 14,202,188 | 3,038,572 | 2,298 |
| 24. Import | (1,726,000,523) | (1,392,497) | (36,026,353) | (111,543) |
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (Amounts expressed in the purchasing power of the Turkish Lira ("TRY") as of 31 March 2025, unless otherwise indicated.)
| 31 December 2024 | TRY Equivalent | USD | EUR | Other |
|---|---|---|---|---|
| 1. Trade Receivables | 945,021,873 | 23,974,908 | 339,235 | 7,164 |
| 2a. Monetary Financial Assets | 621,651,904 | 8,610,877 | 6,955,897 | 124,149 |
| 2b. Non-monetary Financial Assets | - | - | - | - |
| 3. Other | 215,095,477 | 745,649 | 4,603,718 | - |
| 4. CURRENT ASSETS (1+2+3) | 1,781,769,254 | 33,331,434 | 11,898,850 | 131,313 |
| 5. Trade Receivables | - | - | - | - |
| 6a. Monetary Financial Assets | 733,915 | 18,900 | - | - |
| 6b. Non-monetary Financial Assets | - | - | - | - |
| 7. Other | - | - | - | - |
| 8. NON-CURRENT ASSETS (5+6+7) | 733,915 | 18,900 | - | - |
| 9. TOTAL ASSETS (4+8) | 1,782,503,169 | 33,350,334 | 11,898,850 | 131,313 |
| 10. Trade Payables | 3,235,046,021 | 6,964,477 | 73,213,457 | 82,402 |
| 11. Financial Liabilities | 3,371,052,778 | 359,204 | 82,936,820 | - |
| 12a. Monetary Other Liabilities | 110,608,041 | 1,312,292 | 1,474,408 | - |
| 12b. Non-Monetary Other Liabilities | - | - | - | |
| 13. CURRENT LIABILITIES (10+11+12) | 6,716,706,840 | 8,635,973 | 157,624,685 | 82,402 |
| 14. Trade Payables | 4,875,913 | 125,344 | - | - |
| 15. Financial Liabilities | 1,071,153,901 | 1,934,894 | 24,586,289 | - |
| 16a. Monetary Other Liabilities | 46,722,747 | 1,203,249 | - | - |
| 16b. Non-Monetary Other Liabilities | - | - | - | - |
| 17. NON-CURRENT LIABILITIES (14+15+16) | 1,122,752,561 | 3,263,487 | 24,586,289 | - |
| 18. TOTAL LIABILITIES (13+17) | 7,839,459,401 | 11,899,460 | 182,210,974 | 82,402 |
| 19 Off-balance Sheet Derivative Instruments | ||||
| Net Asset/Liability Position (19a - 19b) | - | - | - | - |
| 19a. Amount of active foreign derivative currency | ||||
| off-balance sheet | - | - | - | - |
| 19b. Amount of passive foreign derivative currency | ||||
| off-balance sheet | - | - | - | - |
| 20. Net Foreign Currency Assets/(Liabilities) | (6,056,956,232) | 21,450,874 | (170,312,124) | 48,911 |
| Position (9-18+19) | ||||
| 21. Monetary Items Net Foreign Currency | ||||
| Assets / (Liabilities)(1+2a+3+5+6a-10-11-12a-14- | ||||
| 15-16a) | (6,056,956,232) | 21,450,874 | (170,312,124) | (48,911) |
| 22. Fair value of financial instruments used for | ||||
| currency hedge | ||||
| 23. Hedged foreign currency assets | - | - | - | - |
| 24. Export | 3,181,731,588 | 67,920,118 | 9,193,268 | 12,510 |
| 24. Import | (5,644,073,468) | (14,673,379) | (120,164,923) | (281,032) |
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (Amounts expressed in the purchasing power of the Turkish Lira ("TRY") as of 31 March 2025, unless otherwise indicated.)
The Group is mainly exposed to foreign currency risks in USD and EUR. The following table shows the Group's sensitivity to a 10% increase and decrease in USD and EUR, 10% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management's assessment of the possible change in foreign exchange rates. The sensitivity analysis only includes outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 10% change in foreign currency rates. This analysis comprises the borrowings used for foreign operations within the Group outside the functional currency. A positive number indicates an increase in profit / loss and other equity.
| Profit/Loss | ||
|---|---|---|
| Appreciation foreign | Depreciation foreign | |
| 31 March 2025 | currency | currency |
| In case of USD increases in 10% against TRY | ||
| 1- USD net asset/liability | 44,868,201 | (44,868,201) |
| 2- USD hedged portion (-) | - | - |
| 3- Net effect of USD (1 +2) | 44,868,201 | (44,868,201) |
| In case of EUR increases in 10% against TRY | ||
| 4- EUR net asset/liability | (770,117,626) | 770,117,626 |
| 5- EUR hedged portion (-) | - | - |
| 6- Net effect of EUR (4+5) | (770,117,626) | 770,117,626 |
| In case of other currencies increases in 10% against TRY | ||
| 7- EUR net asset/liability | 5,452,952 | (5,452,952) |
| 8- EUR hedged portion (-) | - | - |
| 9- Net effect of other currencies (4+5) | 5,452,952 | (5,452,952) |
| TOTAL (3+6+9) | (719,796,473) | 719,796,473 |
| Profit/Loss | ||
|---|---|---|
| Appreciation foreign | Depreciation foreign | |
| 31 December 2024 | currency | currency |
| In case of USD increases in 10% against TRY | ||
| 1- USD net asset/liability | 75,603,765 | (75,603,765) |
| 2- USD hedged portion (-) | - | - |
| 3- Net effect of USD (1 +2) | 75,603,765 | (75,603,765) |
| In case of EUR increases in 10% against TRY | ||
| 4- EUR net asset/liability | (626,868,262) | 626,868,262 |
| 5- EUR hedged portion (-) | - | - |
| 6- Net effect of EUR (4+5) | (626,868,262) | 626,868,262 |
| In case of other currencies increases in 10% against TRY | ||
| 7- EUR net asset/liability | (54,431,127) | 54,431,127 |
| 8- EUR hedged portion (-) | - | - |
| 9- Net effect of other currencies (4+5) | (54,431,127) | 54,431,127 |
| TOTAL (3+6+9) | (605,695,624) | 605,695,624 |
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (Amounts expressed in the purchasing power of the Turkish Lira ("TRY") as of 31 March 2025, unless otherwise indicated.)
The Group's borrowings with fixed and variable interest rates exposes the Group to interest rate risk,
The interest rate profile of the Group's interest-bearing financial instruments are as follows:
| 31 March | 31 December | ||
|---|---|---|---|
| Interest Position | 2025 | 2024 | |
| Fixed interest rate instruments | |||
| Borrowings | 5,778,005,505 | 5,549,502,051 | |
| Cash and cash equivalents (term deposits) | 1,900,931,745 | 2,031,760,090 | |
| Trade receivables | 4,000,250,358 | 3,899,010,458 | |
| Trade payables | 5,791,912,350 | 5,514,561,231 | |
| Other payables | 516,796,870 | 560,051,915 | |
| Variable interest rate instruments | |||
| Other receivables | 6,583,962,129 | 6,933,970,967 | |
| Other payables | 768,658,489 | 1,645,161,403 |
| 31 March | 31 December | |
|---|---|---|
| 2025 | 2024 | |
| Cash at banks | 2,100,089,496 | 2,209,708,389 |
| - Demand deposits | 199,157,751 | 177,948,299 |
| - Time deposits (*) | 1,900,931,745 | 2,031,760,090 |
| Credit card receivables | 19,810,042 | 111,509,674 |
| 2,119,899,538 | 2,321,218,063 |
(*) The maturity of the balances constituting the relevant amount is between April 2-4, 2025, and the interest rate for Turkish Lira-based time deposits is 38,00% - 45,00%, for Euro-based time deposits it is 0,75% and for US Dollar-based time deposits it is 1,85%. (December 31, 2024: The interest rate for TRY-based time deposits is 48,92%, and for EUR-based time deposits it is 1,25%)
None.
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