Quarterly Report • May 7, 2025
Quarterly Report
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MİGROS TİCARET A.Ş.
CONVENIENCE TRANSLATION INTO ENGLISH OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE INTERIM PERIOD 1 JANUARY - 31 MARCH 2025
(ORIGINALLY ISSUED IN TURKISH)
| INTERIM CONSOLIDATED BALANCE SHEETS |
1-3 | |
|---|---|---|
| INTERIM CONSOLIDATED STATEMENTS OF PROFIT OR LOSS |
4 | |
| INTERIM CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME |
5 | |
| INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY |
6 | |
| INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS |
7-8 | |
| NOTES TO THE INTERIM CONDENSED | ||
| CONSOLIDATED FINANCIAL STATEMENTS | 9-43 | |
| NOTE 1 | ORGANISATION AND NATURE OF OPERATIONS | 9-10 |
| NOTE 2 | BASIS OF PRESENTATION OF CONDENSED CONSOLIDATED | |
| FINANCIAL STATEMENTS | 10-15 | |
| NOTE 3 | PROPERTY, PLANT AND EQUIPMENT | 16-17 |
| NOTE 4 | INTANGIBLE ASSETS | 18 |
| NOTE 5 | RIGHT OF USE ASSETS | 19 |
| NOTE 6 | INVENTORIES | 20 |
| NOTE 7 | BORROWINGS | 21-24 |
| NOTE 8 | PROVISIONS, COMMITMENTS, CONTINGENT ASSETS AND LIABILITIES | 24-26 |
| NOTE 9 | EMPLOYEE BENEFITS | 26-27 |
| NOTE 10 | REVENUE | 28 |
| NOTE 11 | EXPENSES BY NATURE | 28-29 |
| NOTE 12 | OTHER OPERATING INCOME AND EXPENSES | 30 |
| NOTE 13 | INCOME AND EXPENSES FROM INVESTMENT ACTIVITIES | 30 |
| NOTE 14 | FINANCIAL INCOME | 31 |
| NOTE 15 | FINANCIAL EXPENSES | 31 |
| NOTE 16 | TAX ASSET AND LIABILITIES | 31-34 |
| NOTE 17 | CAPITAL, RESERVES AND OTHER EQUITY ITEMS | 35 |
| NOTE 18 | RELATED PARTY DISCLOSURES | 36-37 |
| NOTE 19 | EARNINGS PER SHARE | 38 |
| NOTE 20 | EXCHANGE RATE RISK AND FOREIGN CURRENCY POSITION | 38-41 |
| NOTE 21 | FINANCIAL INSTRUMENTS | 41 |
| NOTE 22 | EXPLANATIONS REGARDING NET MONETARY POSITIONGAINS/(LOSSES) | 42 |
| NOTE 22 | SUBSEQUENT EVENTS | 42 |
| APPENDIX - 1 EBITDA | 43 |
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| Notes | Unaudited 31 March 2025 |
Audited 31 December 2024 |
|
|---|---|---|---|
| ASSETS | |||
| Current assets: | |||
| Cash and cash equivalents | 19,432,912 | 24,790,967 | |
| Financial investments | 21,540 | 23,690 | |
| Trade receivables | 1,686,882 | 1,538,755 | |
| -Trade receivables from related parties | 18 | 12,722 | 69,435 |
| -Trade receivables from third parties | 1,674,160 | 1,469,320 | |
| Other receivables | 1,584,892 | 1,198,628 | |
| -Other receivables from third parties | 1,584,892 | 1,198,628 | |
| Inventories | 6 | 32,188,032 | 34,286,991 |
| Prepaid expenses | 1,760,646 | 1,427,782 | |
| Current income tax assets | 340,070 | 169,289 | |
| Other current assets | 16 | 99,096 | 63,644 |
| Total current assets | 57,114,070 | 63,499,746 | |
| Non-current assets: | |||
| Financial investments | 3,694,270 | 3,744,983 | |
| Other receivables | 28,035 | 38,433 | |
| -Other receivables from third parties | 28,035 | 38,433 | |
| Property, plant and equipment | 3 | 35,760,193 | 35,575,974 |
| Right of use assets | 5 | 39,615,202 | 36,134,982 |
| Intangible assets | 24,356,098 | 24,360,182 | |
| -Goodwill | 22,087,444 | 22,087,444 | |
| -Other intangible assets | 4 | 2,268,654 | 2,272,738 |
| Prepaid expenses | 1,837,358 | 1,805,009 | |
| Total non-current assets | 105,291,156 | 101,659,563 | |
| Total assets | 162,405,226 | 165,159,309 |
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| Unaudited | Audited | ||
|---|---|---|---|
| Notes | 31 March 2025 | 31 December 2024 | |
| LIABILITIES | |||
| Current liabilities: | |||
| Short-term borrowings | 494,195 | 710,778 | |
| -Bank loans | 7 | 494,195 | 710,778 |
| Short-term portion of long-term borrowings |
4,708,503 | 4,598,056 | |
| -Bank loans | 7 | 352,726 | 383,454 |
| -Lease liabilities | 4,355,777 | 4,214,602 | |
| Trade payables | 57,251,705 | 63,515,858 | |
| -Trade payables to related parties | 18 | 2,279,390 | 2,202,377 |
| -Trade payables to third parties | 54,972,315 | 61,313,481 | |
| Payables related to employee benefits | 9 | 4,050,000 | 2,563,974 |
| Other payables | 1,286,109 | 2,828,759 | |
| -Other payables to third parties | 1,286,109 | 2,828,759 | |
| Deferred income | 2,047,335 | 1,915,024 | |
| Short-term provisions | 1,826,762 | 2,027,241 | |
| -Short-term provisions for | |||
| employee benefits | 9 | 1,460,007 | 1,489,468 |
| -Other short-term provisions |
8 | 366,755 | 537,773 |
| Total current liabilities | 71,664,609 | 78,159,690 | |
| Non-current liabilities: | |||
| Long-term borrowings | 20,153,266 | 17,909,661 | |
| -Bank loans | 7 | 224,103 | 235,737 |
| -Lease liabilities | 19,929,163 | 17,673,924 | |
| Other payables | 32,422 | 28,677 | |
| -Other payables to third parties | 32,422 | 28,677 | |
| Deferred income | 97,254 | 232,948 | |
| Long-term provisions | 1,252,296 | 1,525,224 | |
| -Long-term provisions for | |||
| employee benefits | 9 | 1,252,296 | 1,525,224 |
| Deferrex tax liabilities | 16 | 4,762,247 | 3,816,352 |
| Total non-current liabilities | 26,297,485 | 23,512,862 | |
| Total liabilities | 97,962,094 | 101,672,552 |
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| Notes | Unaudited 31 March 2025 |
Audited 31 December 2024 |
|
|---|---|---|---|
| EQUITY | |||
| Attributable to equity holders of parent | 63,982,246 | 63,076,314 | |
| Share capital | 17 | 181,054 | 181,054 |
| Share capital adjustment differences |
17 | 3,715,782 | 3,715,782 |
| Treasury shares | 17 | (948,272) | (948,272) |
| Other comprehensive income/(expense) | |||
| not to be classified to profit or loss | (572,386) | (549,892) | |
| -Defined benefit plans | |||
| re-measurement (losses) | (3,162,007) | (3,162,007) | |
| -Revaluation fund of property, plant and eqiupment | 2,589,621 | 2,612,115 | |
| Other accumulated comprehensive income | |||
| to be classified to profit or loss | 2,263,094 | 2,344,875 | |
| -Gains on financial assets measured | |||
| at fair value through other compherensive income | 2,263,094 | 2,344,875 | |
| Dividend advances paid | (568,725) | (568,725) | |
| Other reserves | 1,935,690 | 1,904,666 | |
| Retained earnings | 56,994,846 | 50,019,115 | |
| Net income for the period |
981,163 | 6,977,711 | |
| Non-controlling interests | 460,886 | 410,443 | |
| Total equity | 64,443,132 | 63,486,757 | |
| Total liabilities and equity | 162,405,226 | 165,159,309 |
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| Notes | Unaudited 1 January - 31 March 2025 |
Unaudited 1 January - 31 March 2024 |
|
|---|---|---|---|
| Revenue | 10 | 78,436,533 | 72,318,474 |
| Cost of sales (-) | 10 | (59,419,358) | (57,688,995) |
| Gross profit | 19,017,175 | 14,629,479 | |
| General administrative expenses (-) | 11 | (1,619,694) | (1,528,723) |
| Marketing expenses (-) | 11 | (16,864,055) | (14,763,807) |
| Other operating income | 12 | 678,809 | 612,903 |
| Other operating expenses (-) |
12 | (4,245,291) | (3,479,678) |
| Operating loss | (3,033,056) | (4,529,826) | |
| Income from investment activities | 13 | - | 2,577 |
| Expenses from investment activities (-) |
13 | (7,314) | (8,335) |
| Operating loss before financial expense |
(3,040,370) | (4,535,584) | |
| Financial income | 14 | 1,644,056 | 980,954 |
| Financial expense (-) |
15 | (2,445,806) | (1,886,611) |
| Monetary gains | 5,895,116 | 7,995,019 | |
| Net profit before tax from continuing operations |
2,052,996 | 2,553,778 | |
| Tax expense from continuing operations | (1,021,390) | (848,304) | |
| Income tax expense (-) | 16 | (54,513) | (66,465) |
| Deferred tax expense (-) |
16 | (966,877) | (781,839) |
| Profit from continuing activities | 1,031,606 | 1,705,474 | |
| Profit from discontinued operations | - | 42,971 | |
| Net profit for the period |
1,031,606 | 1,748,445 | |
| Net profit attributable to: |
|||
| - Non-controlling interest |
50,443 | 33,800 | |
| - Equity holders of parent |
19 | 981,163 | 1,714,645 |
| Earnings per share ("TRY") from contiuning operations Earnings per share ("TRY") from discounted operations |
19 | 5.70 - |
9.42 0.24 |
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| Unaudited 1 January - 31 March 2025 |
Unaudited 1 January - 31 March 2024 |
|
|---|---|---|
| Net profit for the period |
1,031,606 | 1,748,445 |
| Items that not to be reclassified to profit or loss |
- | - |
| -Revaluation of fund of property, plant and equipment |
- | - |
| Tax effect of items not to be reclassified to profit or loss |
6,550 | 6,842 |
| -Revaluation of fund of property, plant and equipment (tax effect) |
6,550 | 6,842 |
| Items to be reclassified to profit or loss | (96,213) | (297,903) |
| at fair value through other comprehensive income -Currency translation differences |
(96,213) - |
(78,921) (218,982) |
| Tax effect of items to be reclassified | ||
| - Tax effect other comprehensive expense on financial assets |
23,677 23,677 |
|
| Other comprehensive expense, after tax | (75,231) | (267,384) |
| Total comprehensive income | 956,375 | 1,481,061 |
| Total comprehensive income attributable to | 956,375 | 1,481,061 |
| -Non-controlling interests | 50,443 | 33,800 |
| - Other comprehensive expense on financial assets to profit or loss at fair value through other comprehensive income -Equity holders of parent |
14,432 14,432 905,932 |
1,447,261 |
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| Share capital adjustment differences |
Other comprehensive income and expenses not to be reclassified to profit or loss |
Other comprehensive income and expenses to be reclassified to profit or loss |
Retained earnings | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Share capital |
Other reserves |
Treasury shares |
Defined benefit plans revaluation and measurement losses |
Increase of revaluation fund of property plant and equipment |
Gains on financial assets at fair value through other comprehensive income |
Currency translation differences |
Dividend advances paid |
earnings | Net Retained profit for the period |
Attributable to equity holders of the parents |
Non controlling interests |
|||||||||||||
| Balances as of 1 January 2024 | 181,054 | 3,715,782 | 1,576,166 | (948,272) | (2,610,102) | 2,925,131 | 1,028,310 | 486,953 | 36,860,995 | 14,029,503 | 57,245,520 | 365,201 | 57,610,721 | |||||||||||
| Transfers | - | - | 397,869 | - | - | (28,546) | - | - | - | 13,660,180 | (14,029,503) | - | - | - | ||||||||||
| Total comprehensive income | - | - | - | - | - | 6,842 | (55,244) | (218,982) | - | - | 1,714,645 | 1,447,261 | 33,800 | 1,481,061 | ||||||||||
| Net income for the period Foreign currency translation differences Revaluation and measurement losses/(gains) Gain on revaluation and measurement |
- - - |
- - - |
- - - |
- - - |
- - - |
- - - |
- - (55,244) |
- (218,982) - |
- - - |
- - - |
1,714,645 - - |
1,714,645 (218,982) (55,244) |
33,800 - - |
1,748,445 (218,982) (55,244) |
||||||||||
| property, plant and equipment | - | - | - | - | - | 6,842 | - | - | - | - | - | 6,842 | - | 6,842 | ||||||||||
| Balances as of 31 March 2024 | 181,054 | 3,715,782 | 1,974,035 | (948,272) | (2,610,102) | 2,903,427 | 973,066 | 267,971 | - | 50,521,175 | 1,714,645 | 58,692,781 | 399,001 | 59,091,782 | ||||||||||
| Balances as of 1 January 2025 | 181,054 | 3,715,782 | 1,904,666 | (948,272) | (3,162,007) | 2,612,115 | 2,344,875 | - | (568,725) | 50,019,115 | 6,977,711 | 63,076,314 | 410,443 | 63,486,757 | ||||||||||
| Transfers | - | - | 31,024 | - | - | (29,044) | - | - | - | 6,975,731 | (6,977,711) | - | - | - | ||||||||||
| Total comprehensive income | - | - | - | - | - | 6,550 | (81,781) | - | - | - | 981,163 | 905,932 | 50,443 | 956,375 | ||||||||||
| Net income for the period Gain on revaluation and measurement Revaluation fund of |
- - |
- - |
- - |
- - |
- - |
- - |
- (81,781) |
- - |
- - |
- - |
981,163 - |
981,163 (81,781) |
50,443 - |
1,031,606 (81,781) |
||||||||||
| property, plant and equipment | - | - | - | - | - | 6,550 | - | - | - | - | - | 6,550 | - | 6,550 | ||||||||||
| Balances as of 31 March 2025 | 181,054 | 3,715,782 | 1,935,690 | (948,272) | (3,162,007) | 2,589,621 | 2,263,094 | - | (568,725) | 56,994,846 | 981,163 | 63,982,246 | 460,886 | 64,443,132 |
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| Notes | Unaudited 1 January - 31 March 2025 |
Unaudited 1 January - 31 March 2024 |
|
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net profit for the period | 1,031,606 | 1,748,445 | |
| Profit from continuing activities Profit from discontinued operations |
1,031,606 - |
1,705,474 42,971 |
|
| Adjustments related to reconciliation of | |||
| net profit for the period | 8,375,521 | 6,298,850 | |
| Adjustments for depreciation and amortisation expenses | 11 | 3,153,255 | 2,527,233 |
| Adjustments for impairment on receivables | 12 | 17,854 | 5,542 |
| Adjustments for inventory provisions | 6 | 48,338 | (20,856) |
| Adjustments for impairment on property, plant and equipment | 3,13 | 7,314 | 8,335 |
| Adjustments for provision for employee benefits | 9 | 259,329 | 203,421 |
| Adjustments for provision for litigation | 8 | 39,772 | 46,099 |
| Adjustments for other provisions | (136,310) | (71,684) | |
| Adjustments for interest income | 14 | (1,561,277) | (787,221) |
| Adjustments for interest expense | 15 | 2,362,288 | 1,770,645 |
| Adjustments for deferred financing | |||
| due to forward purchases expenses | 12 | 4,122,914 | 3,396,147 |
| Adjustments for unearned finance income | |||
| from sales | 12 | (435,852) | (561,228) |
| Adjustments for unrealized foreign exchange differences | 7 | - | 13,360 |
| Adjustments for fair value losses | |||
| arising from derivatives | 15 | - | 19,362 |
| Adjustments for income tax expense | 16 | 1,021,390 | 848,304 |
| Gains on sale of | |||
| property plant and equipment | 13 | - | (2,577) |
| Adjustments for monetary gain | (523,494) | (1,096,032) | |
| Changes in net working capital | (5,449,905) | 2,458,351 | |
| Adjustments for (decrease) in trade receivables | (121,103) | (955,334) | |
| Adjustments for decrease in inventories | 2,050,621 | 3,568,399 | |
| Adjustments for (increase) in other receivables | |||
| related with operations | (839,712) | (506,619) | |
| Adjustments for decrease in trade payables | (6,415,342) | (4,356,531) | |
| Adjustments for decrease in other payables | |||
| related with operations | (124,369) | 4,708,436 | |
| Cash flows from operating activities | 3,957,222 | 10,505,646 | |
| Employee benefits paid | 9 | (285,291) | (470,375) |
| Interest received | 410,268 | 562,107 | |
| Interest paid | (3,971,725) | (3,895,084) | |
| Taxes paid | (274,657) | (47,412) | |
| Other provisions paid | (4,960) | (80,119) | |
| Net cash provided by operating activities | (169,143) | 6,574,763 |
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| Notes | Unaudited 1 January - 31 March 2025 |
Unaudited 1 January - 31 March 2024 |
|
|---|---|---|---|
| Investing activities | |||
| Cash outflows from the purchase of | |||
| tangible and intangible assets | 3, 4 | (1,587,009) | (2,437,976) |
| Cash inflows from the sale of | |||
| tangible and intangible assets | |||
| Cash inflows from disposal of subsidiaries | - | 10,238 | |
| Obtaining control of subsidiaries | |||
| cash outflows for purchases | (45,500) | - | |
| Cash flows from investing activities | (1,632,509) | (2,427,738) | |
| Financing activities | |||
| Cash outflows from repayments of borrowings | 7 | (152,288) | (705,441) |
| Interest received | 14 | 1,561,277 | 787,221 |
| Interest paid | (1,382,538) | (1,107,031) | |
| Cash outflows from payments | |||
| of rent agreements | (1,607,916) | (1,031,593) | |
| Cash flows from financing activities | (1,581,465) | (2,056,844) | |
| Monetary loss on cash and cash equivalents | (1,980,603) | (2,263,486) | |
| Effect of foreign currency translation | |||
| differences on cash and cash equivalents | 5,665 | (82,067) | |
| Net decrease in cash and cash equivalents | (5,358,055) | (255,372) | |
| Cash and cash equivalents at the begining of the period | 24,790,967 | 19,632,844 | |
| Cash and cash equivalents at the end of the period | 19,432,912 | 19,377,472 |
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
Migros Ticaret A.Ş., (collectively referred to as "Migros" or the "Company"), was established on 19 March 2008 and is registered in Istanbul, Turkey under the Turkish Commercial Code. (Migros Türk Ticaret Anonim Şirketi, which was established in 1954, merged with its parent company Moonlight Perakendecilik ve Ticaret Anonim Şirketi ("Moonlight Perakendecilik") on 30 April 2009 and the trade name of Moonlight Retailing was changed as Migros Ticaret A.Ş.)
The Company and its subsidiaries together will be referred as "the Group".
The company is controlled by AG Anadolu Grubu Holding A.Ş., its parent company. AG Anadolu Grubu Holding A.Ş. is controlled by AG Sınai Yatırım ve Yönetim A.Ş., and AG Sınai Yatırım ve Yönetim A.Ş. is a management company that ultimately manages, with equal representation of and by way of equal management by the Süleyman Kamil Yazıcı family and the Özilhan family, the affiliates of AG Anadolu Grubu Holding A.Ş. AG Anadolu Grubu Holding A.Ş. holds a 50% indirect share.
The Group is mainly engaged in retail sales in food & beverages, consumer goods and wholesale. Other than that the Group is also engaged in online food retailing, takeout food, payment and e-money services, logistic (motorcycle courier) services, media (marketing of media assets) and shopping mall management.
As of 31 March 2025, the Group has a total sales area of 2,043,272 m2 (31 December 2024: 2,031,904 m2) with a retail store area of 2,020,699 m2 and a wholesale store area of 22,573 m2, 3,613 retail stores and 29 wholesale stores, operates in a total of 3,642 (31 December 2024: 3,621) stores. As of the end of the period as of 31 March 2025, the total number of employees of the Group is 53,748. (31 December 2024: 53,328). Retailing is the Group's core business, accounting for approximately 97% (31 December 2024: 97%) of gross sales.
The address of the registered office is as follows:
Migros Ticaret A.Ş. Atatürk Mah., Turgut Özal Blv. No: 7 Ataşehir İstanbul
These interim condensed consolidated financial statements have been approved for issue by the Board of Directors ("BOD") on 7 May 2025 and signed by Ö. Özgür Tort, General Manager, and Ferit Cem Doğan, Assistant General Manager, on behalf of the BoD. The owners of the Company and regulatories have the power to amend the consolidated financial statements after the issue in the General Assembly meeting of the Company.
The Company has the following subsidiaries (the "Subsidiaries"). The nature of the business of the Subsidiaries and for the purpose of the consolidated financial statements, their respective geographical segments are as follows:
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| Subsidiaries | incorporation | Country of Geographical segment |
Nature of business |
31 March 2025 (%) |
31 December 2024 (%) |
|---|---|---|---|---|---|
| Moneypay Finansal Teknoloji ve Yapay Zeka A.Ş. (**) |
Turkey | Turkey | Corporate payment service |
63.0 | - |
| Mimeda Medya Platform A.Ş. | Turkey | Turkey | Media | 100.0 | 100.0 |
| Moneypay Ödeme ve Elektronik Para Hizmetleri A.Ş. |
Turkey | Turkey | Services limited by e-money legislation |
80.0 | 80.0 |
| Paket Lojistik ve Teknoloji A.Ş. |
Turkey | Turkey | Logistics | 98.7 | 98.7 |
| Dijital Platform Gıda Hizmetleri A.Ş. |
Turkey | Turkey | Online food retaling |
93.0 | 93.0 |
| Migen Enerji ve Elektrikli Şarj Hizmetleri A.Ş. (*) |
Turkey | Turkey | Charging service |
100.0 | 100.0 |
| CRC Danışmanlık ve Organizasyon A.Ş. |
Turkey | Turkey | Packaged food production |
48.6 | 48.6 |
(*) Considering the concept of monetary significance, it has not been included in the scope of consolidation.
(**) In March 2025, a new subsidiary titled "Moneypay Finansal Teknoloji ve Yapay Zeka A.Ş." was established to operate in the field of corporate payment services including third party distributor payment, supplier financing, etc. Migros and Moneypay own 55% and 10% of the new subsidiary, respectively.
The companies of the Group operating in Turkey keep their accounting records and legal financial statements in accordance with the accounting and financial reporting standards ("CMB Financial Reporting Standards") accepted by the Capital Markets Board ("CMB"), Turkish Commercial Code ("TTK") and in Turkish Lira in accordance with the provisions of the Tax Legislation and the requirements of the Uniform Chart of Accounts published by the Ministry of Finance. The subsidiary operating abroad, on the other hand, prepares its accounting records and statutory financial statements in accordance with the laws and regulations of the country in which it operates.
The interim condensed consolidated financial statements are based on the statutory financial statements of the Group's subsidiaries and presented in Turkish Lira in accordance with the CMB financial reporting standards with certain adjustments and reclassifications for the purpose of fair presentation. Such adjustments are primarily related to application of consolidation accounting, accounting for deferred taxes on temporary differences, accounting for employment termination benefits on an actuarial basis and accruals for various expenses. Except for the financial assets carried from their fair values and assets and liabilities, financial statements are prepared on historical cost basis.
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
The interim condensed consolidated financial statements have been prepared in accordance with the provisions of the Capital Markets Board's Communiqué Series II, No. 14.1 "Principles of Financial Reporting in the Capital Markets" ("Communiqué") published in the Official Gazette dated 13 June 2013 and numbered 28676. Pursuant to Article 5, the Turkish Financial Reporting Standards, which were put into effect by the Public Oversight, Accounting and Auditing Standards Authority, and their annexes and comments are taken as basis.
In the scope of the CMB's "Communiqué on Financial Reporting in Capital Market" Numbered II- 14.1 (Communiqué), the Group has prepared condensed consolidated interim financial statements in accordance with TAS 34 "Interim Financial Reporting". The financial statements and explanatory notes are presented using the compulsory standard formats as published by the Communiqué. In accordance with the TAS, the entities are allowed to prepare a complete set of interim financial statements in accordance with TAS 34, "Interim Financial Reporting". In this respect the Group has preferred to prepare condensed consolidated financial statements in the interim periods and prepared the aforementioned condensed consolidated financial statements in compliance with CMB Financial Reporting Standards.
Furthermore in accordance with the Communiqué and announcements regarding the explanations of the Communiqué, guarantee pledge, mortgage table, foreign currency position table, total export and total import amounts and hedging amount of total foreign currency liabilities are presented in the interim condensed consolidated financial statements disclosures (Note 8, 20).
The consolidated financial statements of the Group are prepared comparatively with the previous period in order to enable the determination of financial position and performance trends. In order to comply with the presentation of the current period interim consolidated financial statements, comparative information is reclassified when deemed necessary and significant differences are disclosed.
In case of changes and errors in accounting policies and accounting estimates, significant changes made, and significant accounting errors identified are applied retrospectively and prior period financial statements are restated. Changes in accounting estimates are applied in the current period when the change is made if they are related to only one period, and if they are related to future periods, they are applied both in the period when the change is made and prospectively.
Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates ("the functional currency"). The consolidated financial statements are presented in TRY, which is the functional currency of Migros Ticaret A.Ş. and the reporting currency of the Group.
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:
With the announcements made by the Public Oversight Accounting and Auditing Standards Authority (POA) on 23 November 2024, 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 interim reporting period ending on or after 31 March 2025. 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 Group has therefore presented its consolidated financial statements as of 31 March 2024 and 31 December 2024, on the purchasing power basis as of 31 March 2025.
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 31 March 2025, the indices and adjustment coefficients used in the adjustment of the consolidated financial statements are as follows:
| Date | Index | Coefficient | Three year compound interest rate |
|---|---|---|---|
| 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% |
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
The main elements of the Group's adjustment process for financial reporting in hyperinflationary economies are as follows:
The outline of the TAS 29 indexing operations is as follows:
● 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.
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
These changes are not expected to have a significant impact on the financial status and performance of the Group.
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
Movement of property, plant and equipments period ended on 31 March 2025 is as follows;
| 1 January 2025 |
Additions | Disposals | Impairment loss (*) |
Transfers | 31 March 2025 |
|
|---|---|---|---|---|---|---|
| Cost | ||||||
| Land | 2,344,378 | - | - | - | - | 2,344,378 |
| Buildings | 5,101,760 | 1,874 | - | - | - | 5,103,634 |
| Leasehold improvements | 19,906,269 | 104,238 | - | (8,835) | 23,914 | 20,025,586 |
| Machinery and equipments | 26,516,544 | 342,728 | - | - | 54,643 | 26,913,915 |
| Motor vehicles | 945,286 | 9,078 | - | - | - | 954,364 |
| Furniture and fixtures | 12,516,045 | 467,201 | - | - | 701,064 | 13,684,310 |
| Construction in progress | 2,301,931 | 530,102 | - | - | (779,621) | 2,052,412 |
| 69,632,213 | 1,455,221 | - | (8,835) | - | 71,078,599 | |
| Accumulated depreciation | ||||||
| Buildings | (498,112) | (37,023) | - | - | - | (535,135) |
| Leasehold improvements | (13,318,073) | (441,746) | - | 1,521 | - | (13,758,298) |
| Machinery and equipments | (13,212,120) | (538,342) | - | - | - | (13,750,462) |
| Motor vehicles | (368,604) | (24,863) | - | - | - | (393,467) |
| Furniture and fixture | (6,659,330) | (221,714) | - | - | - | (6,881,044) |
| (34,056,239) | (1,263,688) | - | 1,521 | - | (35,318,406) | |
| Net book value | 35,575,974 | 35,760,193 |
(*) Impairment loss amounting to TRY 7,314 consists of leasehold improvements of the stores closed in 2025 (Note 13).
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
Movement of property, plant and equipments period ended on 31 March 2024 is as follows:
| Consolidation | Currency | |||||||
|---|---|---|---|---|---|---|---|---|
| 1 January | for the | Impairment | translation | 31 March | ||||
| 2024 | Additions | first time | Disposals(-) | loss(*) | Transfers | differences | 2024 | |
| Cost | ||||||||
| Lands | 3,031,638 | - | - | - | - | - | (34,903) | 2,996,735 |
| Buildings | 5,950,614 | 24,976 | - | - | - | - | (29,931) | 5,945,659 |
| Leasehold improvements | 17,736,264 | 254,150 | 1,382 | - | (15,720) | - | - | 17,976,076 |
| Machinery and equipments | 23,184,300 | 963,268 | 116,232 | - | - | - | (6,918) | 24,256,882 |
| Motor vehicles | 945,245 | 8,328 | 2,896 | - | - | - | - | 956,469 |
| Furniture and fixtures | 10,746,390 | 297,968 | 11,041 | (4,160) | - | - | (1,895) | 11,049,344 |
| Construction in progress | 1,517,530 | 719,199 | 26,723 | - | - | - | - | 2,263,452 |
| 63,111,981 | 2,267,889 | 158,274 | (4,160) | (15,720) | - | (73,647) | 65,444,617 | |
| Accumulated depreciation | ||||||||
| Buildings | (456,017) | (43,369) | - | - | - | - | (121,728) | (621,114) |
| Leasehold improvements | (11,928,511) | (348,202) | (1,189) | - | 7,385 | - | - | (12,270,517) |
| Machinery and equipments | (12,113,806) | (466,630) | (49,882) | - | - | - | 5,813 | (12,624,505) |
| Motor vehicles | (261,558) | (25,457) | (3,160) | - | - | - | - | (290,175) |
| Furniture and fixture | (6,102,443) | (191,945) | (7,032) | 2,103 | - | - | 1,844 | (6,297,473) |
| (30,862,335) | (1,075,603) | (61,263) | 2,103 | 7,385 | - | (114,071) | (32,103,784) | |
| Net book value | 32,249,646 | 33,340,833 |
(*) Impairment loss amounting to TRY 8,335 consists of leasehold improvements of the stores closed in 2024 (Note:13).
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
Movement of intangible assets period ended on 31 March 2025 and 2024 are as follows;
| 1 January 2025 |
Additions | Consolidation for the first time |
Disposals (-) | Currency translation differences |
31 March 2025 |
|
|---|---|---|---|---|---|---|
| Cost | ||||||
| Trademark Rent agreements |
11,988 168,308 |
- - |
- - |
- - |
- - |
11,988 168,308 |
| Rights Other intangible |
5,593,465 | 89,697 | - | - | - | 5,683,162 |
| assets | 2,409,646 | 42,091 | - | - | - | 2,451,737 |
| 8,183,407 | 131,788 | - | - | - | 8,315,195 | |
| Accumulated amortisation | ||||||
| Rent agreements Rights Other intangible |
(168,308) (3,826,787) |
- (131,638) |
- - |
- - |
- - |
(168,308) (3,958,425) |
| assets | (1,915,574) | (4,234) | - | - | - | (1,919,808) |
| (5,910,669) | (135,872) | - | - | - | (6,046,541) | |
| Net book value | 2,272,738 | 2,268,654 | ||||
| 1 January 2024 |
Additions | Consolidation for the first time |
Disposals (-) | Currency translation differences |
31 March 2024 |
|
| Cost | ||||||
| Trademark Rent agreements Rights Other intangible |
11,987 168,309 4,454,880 |
- - 60,528 |
- - 2,374 |
- - - |
- - - |
11,987 168,309 4,517,782 |
| assets | 2,323,766 | 109,559 | 21 | (20,314) | 9,164 | 2,422,196 |
| 6,958,942 | 170,087 | 2,395 | (20,314) | 9,164 | 7,120,274 | |
| Accumulated amortisation | ||||||
| Rent agreements Rights Other intangible |
(168,308) (3,160,270) |
- (28,375) |
- (1,663) |
- - |
- - |
(168,308) (3,190,308) |
| assets | (1,916,268) | (59,697) | (20) | 16,339 | (4,940) | (1,964,586) |
| (5,244,846) | (88,072) | (1,683) | 16,339 | (4,940) | (5,323,202) | |
| Net book value | 1,714,096 | 1,797,072 |
Amortisation expenses related to intangible assets have been accounted under marketing expenses.
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
For 31 March 2025 and 2024, movement on right of use assets is as follows;
| Cost | 1 January 2025 |
Additions | Disposals | 31 March 2025 |
|---|---|---|---|---|
| Buildings | 60,611,823 | 5,374,100 | (248,701) | 65,737,222 |
| 60,611,823 | 5,374,100 | (248,701) | 65,737,222 | |
| Accumulated amortisation | ||||
| Buildings | (24,476,841) | (1,753,695) | 108,516 | (26,122,020) |
| (24,476,841) | (1,753,695) | 108,516 | (26,122,020) | |
| Net book value | 36,134,982 | 39,615,202 | ||
| Cost | 1 January 2024 |
Additions | Disposals | 31 March 2024 |
| Buildings | 45,177,781 | 4,880,809 | (326,557) | 49,732,033 |
| 45,177,781 | 4,880,809 | (326,557) | 49,732,033 | |
| Accumulated amortisation | ||||
| Buildings | (19,393,311) | (1,369,019) | 166,744 | (20,595,586) |
| (19,393,311) | (1,369,019) | 166,744 | (20,595,586) | |
| Net book value | 25,784,470 | 29,136,447 |
Amortisation expenses related to right of use asset have been accounted under marketing expenses.
The Group earned revenue of TRY65,030 (2024: TRY48,688) from sub-leasing transactions.
| Short-term lease liabilities | |||
|---|---|---|---|
| 31 March 2025 |
31 December 2024 | ||
| Lease liabilities | 4,355,777 | 4,214,602 | |
| 4,355,777 | 4,214,602 | ||
| Long-term lease liabilities | |||
| 31 March 2025 | 31 December 2024 | ||
| Lease liabilities | 19,929,163 | 17,673,924 | |
| 19,929,163 | 17,673,924 |
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Finished goods and commodities | 31,564,993 | 33,822,723 |
| Work in progress | 685,994 | 617,799 |
| Raw materials | 467,078 | 326,530 |
| Other | 91,443 | 93,077 |
| Less: Provision for net realiazable value | (621,476) | (573,138) |
| 32,188,032 | 34,286,991 |
Movement of impairment on inventory is as follows:
| 2025 | 2024 | |
|---|---|---|
| Beginning of the period, 1 January | 573,138 | 724,444 |
| Charge for the period | 182,485 | 189,088 |
| Provisions released (-) | (134,147) | (209,944) |
| End of the period, 31 March | 621,476 | 703,588 |
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| 31 March 2025 | ||||
|---|---|---|---|---|
| Effective | In original | Total TRY | ||
| interest rate (%) |
currency | equivalent | ||
| Short-term borrowings | ||||
| Fixed interest rate - TRY |
31.77 | 494,195 | 494,195 | |
| Total short-term borrowings | 494,195 | |||
| Current portion of long-term borrowings |
||||
| Floating interest rate - TRY |
53.54 | 352,726 | 352,726 | |
| Total current portion of long-term borrowings |
352,726 | |||
| Total short-term borrowings | 846,921 | |||
| Long-term borrowings |
||||
| Floating interest rate - TRY |
53.54 | 224,103 | 224,103 | |
| Total long-term borrowings |
224,103 | |||
| Total financial liabilities | 1,071,024 |
The redemption schedule of borrowings with effective interest rate on 31 March 2025 is as follows:
| TRY Loan | Total TRY equivalent |
|
|---|---|---|
| 1 April 2025 - 31 March 2026 | 846,921 | 846,921 |
| 1 April 2026 - 14 December 2026 | 224,103 | 224,103 |
| 1,071,024 | 1,071,024 |
The fair value of borrowings on 31 March 2025 is TRY895,690.
The redemption schedule of principal amounts of borrowings on 31 March 2025 is as follows:
| TRY Loan | Total TRY equivalent |
|
|---|---|---|
| 1 April 2025 - 31 March 2026 | 671,705 | 671,705 |
| 1 April 2026 – 14 December 2026 | 235,408 | 235,408 |
| 907,113 | 907,113 |
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
The redemption schedule of contractual cash outflows, which consists of principal and interest, of borrowings on 31 March 2025 is as follows:
| Total | ||
|---|---|---|
| TRY Loan | TRY equivalent | |
| 1 April 2025 - 31 March 2026 |
1,155,235 | 1,155,235 |
| 1 April 2026 – 14 December 2026 |
362,846 | 362,846 |
| 1,518,081 | 1,518,081 |
The Group has the obligation to comply with the various credit commitments in the loan agreement in the interest of the said bank credits. The financial ratios calculated on the financial statements as of 31 March 2025 are in line with the provisions of the bank loan agreement.
The movement schedule of borrowings as of 31 March 2025 and 2024 are as follows;
| 2025 | 2024 | |
|---|---|---|
| Beginning of the period, 1 January | 1,329,969 | 3,208,623 |
| Payments (-) | (152,288) | (705,441) |
| Foreign exchange losses | - | 13,360 |
| Changes in interest accrual |
(45,320) | 66,171 |
| Monetary gain | (61,337) | (400,541) |
| End of the period, 31 March | 1,071,024 | 2,182,172 |
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| 31 December 2024 | |||
|---|---|---|---|
| Effective | In original currency |
Total TRY equivalent |
|
| interest rate (%) |
|||
| Short-term borrowings | |||
| Fixed interest rate - TRY |
27.49 | 710,778 | 710,778 |
| Total short-term borrowings | 710,778 | ||
| Current portion of long-term borrowings |
|||
| Floating interest rate - TRY |
60.07 | 383,454 | 383,454 |
| Total current portion of long-term borrowings |
383,454 | ||
| Total short-term borrowings | 1,094,232 | ||
| Long-term borrowings |
|||
| Floating interest rate - TRY |
60.07 | 235,737 | 235,737 |
| Total long-term borrowings |
235,737 | ||
| Total financial liabilities | 1,329,969 |
The redemption schedule of borrowings with effective interest rate on 31 December 2024 is as follows:
| TRY Loan | Total TRY equivalent |
|
|---|---|---|
| 1 January 2025 - 31 December 2025 |
1,094,232 | 1,094,232 |
| 1 January 2026 – 14 December 2026 |
235,737 | 235,737 |
| 1,329,969 | 1,329,969 |
The fair value of borrowings on 31 December 2024 is TRY1,099,046.
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
The redemption schedule of principal amounts of borrowings on 31 December 2024 is as follows:
| TRY Loan | Total TRY equivalent |
|
|---|---|---|
| 1 January 2025 - 31 December 2025 |
905,729 | 905,729 |
| 1 January 2026 - 14 December 2026 |
259,098 | 259,098 |
| 1,164,827 | 1,164,827 |
The redemption schedule of contractual cash outflows, which consists of principal and interest, of borrowings on 31 December 2024 is as follows:
| TRY Loan | Total TRY equivalent |
|
|---|---|---|
| 1 January 2025 - 31 December 2025 |
1,302,281 | 1,302,281 |
| 1 January 2026 - 14 December 2026 |
416,468 | 416,468 |
| 1,718,749 | 1,718,749 |
| Short-term provisions | 31 March 2025 |
31 December 2024 |
|---|---|---|
| Provision for litigation | 330,715 | 340,820 |
| Provision for customer loyalty programs | 36,040 | 14,375 |
| Provision for invoice | - | 182,578 |
| 366,755 | 537,773 |
There are various lawsuits filed against or in favour of the Group, receivables, rent, or labour disputes constitute the majority of these lawsuits. The Group management estimates the outcomes of these lawsuits and estimates their financial impact according to which the necessary provisions are accounted.
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
Movements in the provision for litigation during the period are as follows:
| 2025 | 2024 | |
|---|---|---|
| Beginning of the period, 1 January | 340,820 | 230,098 |
| Increase during period | 39,772 | 46,099 |
| Payments (-) | (24,551) | (21,032) |
| Monetary gain | (25,326) | (38,182) |
| End of the period, 31 March | 330,715 | 216,983 |
| Total | ||||
|---|---|---|---|---|
| TRY equivalent |
TRY | USD | EUR | |
| A, CPM given on behalf of the Company's legal personality B, CPM given on behalf of fully consolidated subsidiaries |
3,434,261 - |
3,411,308 - |
542 - |
60 - |
| Total collaterals, pledges and mortgages | 3,434,261 | 3,411,308 | 542 | 60 |
| 31 December 2024: | ||||
| Total | ||||
| TRY equivalent | TRY | USD | EUR | |
| A, CPM given on behalf of the Company's |
||||
| legal personality | 3,669,782 | 3,658,002 | 310 | 22 |
| B, CPM given on behalf of fully consolidated |
||||
| subsidiaries | - | - | - | - |
| Total collaterals, pledges and mortgages | 3,669,782 | 3,658,002 | 310 | 22 |
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
Guarantees given on 31 March 2025 and 31 December 2024 are as follows:
| 31 March 2025 |
31 December 2024 |
|
|---|---|---|
| Letter of guarantees given | 3,434,261 | 3,669,782 |
| 3,434,261 | 3,669,782 |
Guarantees received on 31 March 2025 and 31 December 2024 are as follows:
| 31 March 2025 |
31 December 2024 |
|
|---|---|---|
| Guarantees obtained from customers | 2,992,891 | 2,347,246 |
| Mortgages obtained from customers | 366,094 | 359,905 |
| 3,358,985 | 2,707,151 | |
| NOTE 9 - EMPLOYEE BENEFITS |
||
| 31 March | 31 December | |
| 2025 | 2024 | |
| Payables to personnel | 2,087,697 | 1,703,432 |
| Social security payables | 1,962,303 | 860,542 |
| 4,050,000 | 2,563,974 | |
| 31 March | 31 December | |
| 2025 | 2024 | |
| Provision for unused vacation | 1,460,007 | 1,489,468 |
| Provision for employment termination benefits | 1,252,296 | 1,525,224 |
| 2,712,303 | 3,014,692 |
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
Movement of provision for unused vacation for the periods ended on 31 March 2025 and 2024 is as follows:
| 2025 | 2024 1,490,156 |
|
|---|---|---|
| Beginning of the period, 1 January |
1,489,468 | |
| Increase during period | 165,788 | 106,721 |
| Used in period(-) | (56,989) | (104,931) |
| Monetary gain | (138,260) | (195,855) |
| End of the period, 31 March | 1,460,007 | 1,296,091 |
Movement of provision for employee termination benefits for the periods ended on 31 March 2025 and 2024 is as follows:
| 2025 | 2024 | |
|---|---|---|
| Beginning of the period, 1 January | 1,525,224 | 1,899,500 |
| Service cost | 34,742 | 41,333 |
| Interest cost | 58,799 | 55,367 |
| Payments (-) | (228,302) | (365,444) |
| Monetary gain | (138,167) | (232,670) |
| End of the period, 31 March | 1,252,296 | 1,398,086 |
Under the Turkish Labour Law, the Company is required to pay termination benefits to each employee who has completed one year of service and who reaches the retirement age, whose employment is terminated without due cause, is enlisted for military service, or passed away. The termination benefit to be paid is one month wage per a service year up to the maximum employment termination benefit.
In the interim condensed consolidated financial statements as of 31 March 2025 and consolidated financial statements as of 31 December 2024, the Group reflected a liability calculated using the projected unit credit method and based upon factors derived using their experience of personnel terminating their services and being eligible to receive retirement pay and discounted by using the current market yield at the balance sheet date on government bonds.
The principal assumption is that the maximum liability for each year of service will increase in line with inflation. Thus, the discount rate applied represents the expected real rate after adjusting for the anticipated effects of future inflation. As the maximum liability is revised once every six months, the maximum amount of TRY 46,655.43 effective from 1 January 2025 has been taken into consideration in calculating the reserve for employment termination benefit of the Group.
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| 1 January - 31 March 2025 |
1 January - 31 March 2024 |
|
|---|---|---|
| Domestic sales | 79,604,611 | 73,312,649 |
| Other sales | 167,324 | 129,403 |
| Gross sales | 79,771,935 | 73,442,052 |
| Discounts and returns (-) | (1,335,402) | (1,123,578) |
| Sales revenue, net | 78,436,533 | 72,318,474 |
| Cost of sales (-) |
(59,419,358) | (57,688,995) |
| Gross profit | 19,017,175 | 14,629,479 |
Details of domestic and foreign sales before other sales, discounts and returns are as follows:
| 1 January - 31 March 2025 |
1 January - 31 March 2024 |
|
|---|---|---|
| Retail sales | 77,542,240 | 70,303,665 |
| Wholesale sales | 1,752,599 | 2,677,932 |
| Rent income | 309,772 | 331,052 |
| 79,604,611 | 73,312,649 |
| 1 January - | 1 January - | |
|---|---|---|
| 31 March 2025 | 31 March 2024 | |
| Personnel expenses | 9,494,550 | 8,487,550 |
| Depreciation and amortisation expenses | 3,153,255 | 2,527,233 |
| Rent and common area expenses (*) |
2,024,360 | 1,860,024 |
| Energy expenses |
692,157 | 729,558 |
| Information technology maintenance expenses |
671,535 | 520,859 |
| Porterage and cleaning expenses | 628,723 | 560,858 |
| Advertising expenses |
610,722 | 425,387 |
| Security expenses |
223,651 | 183,320 |
| Repair and maintanence expenses |
165,415 | 150,308 |
| Taxes and other fee expenses |
73,147 | 72,743 |
| Communication expenses |
72,342 | 112,890 |
| Other | 673,892 | 661,800 |
| 18,483,749 | 16,292,530 |
(*) 1,586 million TRY of rent expenses in 2025 is related to variable leases, 175 million TRY is related to short-term leases, 173 million TRY is related to low value leases and 173 million TRY is related to common area expenses.
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| Marketing expenses | 1 January - | 1 January - |
|---|---|---|
| 31 March 2025 | 31 March 2024 | |
| Personnel expenses | 8,340,563 | 7,266,325 |
| Depreciation and amortisation expenses | 3,153,255 | 2,527,233 |
| Rent and common area expenses |
1,968,974 | 1,842,170 |
| Energy expenses |
685,609 | 720,874 |
| Advertising expenses |
610,721 | 425,387 |
| Porterage and cleaning expenses | 610,324 | 543,717 |
| Information technology maintenance expenses | 476,522 | 488,452 |
| Security expenses |
213,758 | 175,784 |
| Repair and maintenance expenses | 162,169 | 147,139 |
| Communication expenses |
67,776 | 108,990 |
| Taxes and other fee expenses |
58,302 | 61,478 |
| Other | 516,082 | 456,258 |
| 16,864,055 | 14,763,807 | |
| General administrative expenses | 1 January - | 1 January - |
| 31 March 2025 | 31 March 2024 | |
| Personnel expenses | 1,153,987 | 1,221,225 |
| Other | 465,707 | 307,498 |
| 1,619,694 | 1,528,723 |
Expenses by nature in cost of sales for the periods 1 January - 31 March 2025 and 2024 are as follows:
| 1 January - 31 March 2025 |
1 January - 31 March 2024 |
|
|---|---|---|
| Cost of goods sold | 59,013,417 | 57,408,518 |
| Cost of service rendered | 405,941 | 280,477 |
| 59,419,358 | 57,688,995 |
Cost of trade goods include discounts, incentives and volume rebates obtained from suppliers. Service costs comprise energy, advertising, cleaning, security and administrative expenses incurred in the Group's shopping malls.
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| Other operating income | 1 January - 31 March 2025 |
1 January - 31 March 2024 |
|---|---|---|
| Interest income on term sales | 435,852 | 561,228 |
| Other | 242,957 | 51,675 |
| 678,809 | 612,903 | |
| Other operating expenses | 1 January - 31 March 2025 |
1 January - 31 March 2024 |
| Interest expense on term purchases (*) | 4,122,914 | 3,396,147 |
| Litigation provision | 39,772 | 46,099 |
| Bad debt provision expense | 17,854 | 5,542 |
| Other | 64,751 | 31,890 |
| 4,245,291 | 3,479,678 |
(*) Forward purchases are discounted to the assumed cash value with relevant GDS interest rates separately for each month, and as a result, forward purchase interest expenses are calculated. Average interest rate in 2025 is 43.9% (2024 45.5%)
| Income from investing activities | 1 January - 31 March 2025 |
1 January - 31 March 2024 |
|---|---|---|
| Gain on sale of property, plant, and equipment | - | 2,577 |
| - | 2,577 | |
| Expense from investing activities | 1 January - 31 March 2025 |
1 January - 31 March 2024 |
| Losses from leasehold improvements of closed stores (Note 3) |
7,314 | 8,335 |
| 7,314 | 8,335 |
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| 1 January - 31 March 2025 |
1 January - 31 March 2024 |
|
|---|---|---|
| Interest income on bank deposits | 1,561,277 | 787,221 |
| Foreign exchange gains | 82,779 | 193,733 |
| 1,644,056 | 980,954 |
| 1 January - 31 March 2025 |
1 January - 31 March 2024 |
|
|---|---|---|
| Credit card commision expense | 1,277,784 | 960,018 |
| Interest expense on lease liabilities | 1,025,070 | 608,985 |
| Interest expense on bank borrowings | 59,434 | 201,642 |
| Interest expense on provision for | ||
| employment termination benefits | 58,799 | 55,367 |
| Foreign exchange losses | 10,371 | 24,467 |
| Financial expense on derivatives | - | 19,362 |
| Other | 14,348 | 16,770 |
| 2,445,806 | 1,886,611 |
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Corporate and income taxes payable | 264,129 | 519,066 |
| Less: Prepaid current income taxes | (604,199) | (688,355) |
| Current tax liabilities | (340,070) | (169,289) |
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| 31 March 2025 | 31 December 2024 | |
|---|---|---|
| Deferred tax assets | 1,898,547 | 2,538,055 |
| Deferred tax liabilities | (6,660,794) | (6,354,407) |
| Deferred tax liabilities, net | (4,762,247) | (3,816,352) |
The Group is subject to taxation in accordance with the tax regulations and the legislation effective in the countries in which the Group companies operate. In Turkey, the tax legislation does not permit a parent company and its subsidiaries to file a consolidated tax return. Therefore, provision for taxes, as reflected in the consolidated financial statements, has been calculated on a separate-entity basis.
In Turkey, corporate tax rate is 25% (31 December 2024: 25%).
The Group calculates deferred income tax assets and liabilities based on the temporary difference between the financial statements prepared in accordance with TFRS and the financial statements prepared in accordance with TFRS. Future periods to deferred tax assets and liabilities are calculated based on the liability method on temporary differences for the rates used as of 31 March 2025 25% (2024: 25%).
Earnings from the Group's investments subject to incentive certificates are subject to corporate tax at reduced rates from the accounting period in which the investment starts to be operated partially or completely until the investment contribution amount is reached. In this context, as of 31 March 2025, the Group has recognized deferred tax assets amounting to TRY 39,296 (31 December 2024: TRY 31,950) which will be utilized in the foreseeable future. As a result of the recognition of the tax advantage as of 31 March 2025, deferred tax income amounting to TRY 7,346 has been recognized in the statement of profit or loss for the period 1 January - 31 March 2025.
Within the scope of the incentive certificates summarized above, a reduced corporate tax advantage has not been used in the current period statutory tax provision (31 December 2024: None).
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
R&D Incentives
The Group capitalizes R&D expenditures in its statutory books within the scope of Law No. 5746. In accordance with the provisions of the same law, the Group uses R&D discount exemption for the portion of the expenditures allowed by the law by calculating the R&D expenditures made by the Group within the framework of the relevant legislation.
As of 31 March 2025, the Group has not used R&D discount exemption (31 December 2024: None) against statutory tax.
The Group capitalizes R&D expenditures in its statutory books within the scope of Law No, 5746, In accordance with the provisions of the same law, the Group uses R&D discount exemption for the portion of the expenditures allowed by the law by calculating the R&D expenditures made by the Group within the framework of the relevant legislation.
As of 31 March 2025, the Group has used the R&D discount exemption of TRY 41,698 (31 March 2024: TRY 43,897) in return for legal tax, and the tax advantage of TRY 9,599 that the Group will benefit from in the foreseeable future has been reflected in the financial statements as a deferred tax asset (31 December 2024: None).
The details of taxation on income for the periods ended 31 March 2025 and 2024 are as follows:
| 1 January - 31 March 2025 |
1 January - 31 March 2024 |
|
|---|---|---|
| Current period income tax expense (-) |
(54,513) | (66,465) |
| Deferred tax expense (-) |
(966,877) | (781,839) |
| Current period tax expense (-) |
(1,021,390) | (848,304) |
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
The composition of cumulative temporary differences and the related deferred income tax assets and liabilities in respect of items for which deferred income tax has been provided as of 31 March 2025 and 31 December 2024 using the currently enacted tax rates, is as follows:
| Cumulative temporary differences |
Deferred tax assets/liabilities |
|||
|---|---|---|---|---|
| 31 March 2025 | 31 December 2024 | 31 March 2025 | 31 December 2024 | |
| Deferred tax assets: | ||||
| Inventories | 2,875,748 | 4,693,980 | 718,937 | 1,173,495 |
| Short-term provisions | 1,822,966 | 2,048,407 | 455,740 | 512,102 |
| Provision for employee | ||||
| termination benefits | 2,295,408 | 2,569,993 | 573,852 | 642,498 |
| Finance income not accrued from | ||||
| future sales | 4,880 | 30,464 | 1,220 | 7,616 |
| Other | 595,188 | 812,679 | 148,798 | 202,344 |
| Deferred tax assets | 1,898,547 | 2,538,055 | ||
| Deferred tax liabilities: | ||||
| TFRS 16 effect | (15,451,042) | (14,471,430) | (3,862,760) | (3,617,858) |
| Property, plant and equipment | (6,909,452) | (9,510,136) | (1,727,363) | (1,623,688) |
| Finance expense not accrued from | ||||
| future sales | (2,648,119) | (2,799,308) | (662,030) | (699,827) |
| Fair value changes of | ||||
| Financial investments | (2,724,273) | (2,759,064) | (408,641) | (413,034) |
| Deferred tax liabilities | (6,660,794) | (6,354,407) | ||
| Total deferred tax liabilities, net | (4,762,247) | (3,816,352) | ||
| Movements of deferred tax assets and liabilities are as follows: | ||||
| 2025 | 2024 | |||
| Beginning of the period, 1 January | (3,816,352) | (3,295,242) | ||
| Deferred tax expense from continuing operations | (-) | (966,877) | (781,839) | |
| Recognized on other comprehensive income | 20,982 | 30,519 | ||
| Property plant and equipment revaluation increases - |
6,550 | 6,842 | ||
| Financial investment fair value difference - |
14,432 | 23,677 | ||
| End of the period, 31 March | (4,762,247) | (4,046,562) |
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
The Group applies the registered capital system granted to companies registered in the CMB and has set a ceiling for its registered capital representing registered shares with a nominal value of 1 Kr. The Group's registered capital and issued capital are as follows:
| 31 March 2025 |
31 December 2024 |
|---|---|
| ------------------ | ------------------ |
| Common shares 1 Kr par value | ||
|---|---|---|
| - Registered capital ceiling |
500,000 | 500,000 |
| - Issued capital |
181,054 | 181,054 |
The shareholders of the Company and their shareholdings stated at historical amounts at 31 March 2025 and 31 December 2024 are stated below:
| 31 March 2025 | 31 December 2024 | |||
|---|---|---|---|---|
| TRY | Share | TRY | Share | |
| MH Perakendecilik ve Ticaret A.Ş. | 89,046 | 49.18 | 89,046 | 49.18 |
| Migros Ticaret A.Ş. | 2,962 | 1.64 | 2,962 | 1.64 |
| Other | 89,046 | 49.18 | 89,046 | 49.18 |
| Nominal paid capital | 181,054 | 100,00 | 181,054 | 100,00 |
| Share capital adjustment differences (*) | 3,715,782 | 3,715,782 | ||
| Adjusted share capital | 3,896,836 | 3,896,836 | ||
| Treasury shares | (948,272) | (948,272) |
(*) Share capital adjustment differences refer to the difference between the total amounts of cash and cash equivalent additions to capital adjusted in accordance with TFRS published by the KGK and their preadjustment amounts. Capital adjustment differences have no use other than being added to capital.
As of 31 March 2025 breakdown of the equity in the financial statements prepared in accordance with the Tax Procedure Law are as follows.
| 31 March 2025 |
|||
|---|---|---|---|
| PPI Indexed Legal Records |
CPI Indexed Records |
Amounts followed in Accumulated Profit/ Loss |
|
| Share capital adjustment differences | 4,694,609 | 3,715,782 | (978,827) |
| Other reserves | 3,258,643 | 1,935,690 | (1,322,953) |
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
As of 31 March 2025, and 31 December 2024, due from and due to related parties are as follows:
| Trade receivables from related parties | 31 March 2025 |
31 December 2024 |
|---|---|---|
| Coca Cola İçecek A.Ş. | 7,695 | 41,763 |
| Anadolu Isuzu Otomotiv Sanayi ve Tic. A.Ş. | 1,752 | 6 |
| Anadolu Sağlık Merkezi İktisadi İşletmesi (ASM) | 1,253 | 181 |
| Anadolu Etap Penkon Gıda ve İçecek Ürünleri San. ve Tic. A.Ş. |
955 | 175 |
| Colendi Yapay Zeka ve Büyük Veri Teknolojileri Hizmet A.Ş | - | 22,325 |
| Other | 1,067 | 4,985 |
| 12,722 | 69,435 | |
| Trade payables to related parties | 31 March 2025 |
31 December 2024 |
| Anadolu Efes Pazarlama ve Dağıtım Ticaret A.Ş. | 1,082,003 | 1,262,737 |
| Coca Cola Satış ve Dağıtım A.Ş. | 989,325 | 849,215 |
| AEH Sigorta Acenteliği A.Ş. | 140,095 | 95 |
| Adel Kalemcilik Ticaret ve San, A.Ş. | 29,962 | 32,879 |
| AEP Anadolu Etap Penkon Gıda ve |
||
| Tarım Ürünleri San. ve Tic. A.Ş. |
- | 25,557 |
| AG Anadolu Grubu Holding A.Ş. | 2,601 | 23,225 |
| Other | 35,404 | 8,669 |
| 2,279,390 | 2,202,377 |
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
Significant transactions regarding purchases and sales with related parties for the periods ending on 31 March 2025 and 2024 are as follows:
| 1 January- | 1 January | |
|---|---|---|
| Inventory purchases | 31 March 2025 |
31 March 2024 |
| Coca Cola Satış ve Dağıtım A.Ş. | 1,021,390 | 951,987 |
| Anadolu Efes Paz, ve Dağıtım Ticaret A.Ş. |
893,733 | 818,538 |
| AEP Anadolu Etap Penkon Gıda ve |
||
| Tarım Ürünleri San. ve Tic. A.Ş. |
105,764 | 51,125 |
| Adel Kalemcilik Ticaret ve San. A.Ş. |
23,861 | 91 |
| 2,044,748 | 1,821,741 | |
| 1 January- 31 March |
1 January 31 March |
|
| Other transactions | 2025 | 2024 |
| Rent expense | (9,031) | - |
| Other income | - | (9,658) |
| Other transactions, net | (9,031) | (9,658) |
The Group has determined key management personnel as chairman, members of board of directors, general manager, and vice general managers.
Total compensation provided to key management personnel by Group for the period ended 31 March 2025 and 2024 is as follows:
| 1 January- 31 March 2025 |
1 January 31 March 2024 |
|
|---|---|---|
| Short-term benefits 150,740 |
184,735 | |
| 150,740 | 184,735 |
Key management compensation paid or payable consists of benefits, salaries, premiums, individual pension premiums, vehicle rents and SSI and employer shares.
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
Basic earnings per share is calculated by dividing net income for the period by the weighted average number of ordinary shares outstanding during the related period. The Company has no diluted instruments.
| 1 January - 31 March 2025 |
1 January - 31 March 2024 |
|
|---|---|---|
| Net profit attributable to shareholders |
981,163 | 1,714,645 |
| Weighted average number of shares with Kr1 face value each ('000) |
18,105,233 | 18,105,233 |
| Earnings per share ("TRY") |
5.42 | 9.47 |
There is no difference between basic and diluted earnings per share for any of the periods.
The Group is exposed to foreign exchange risk primarily arising from the borrowings denominated in foreign currencies. Aforementioned foreign exchange risk is monitored and limited with derivative instruments. On 31 March 2025, if Euro, US dollar had appreciated against TRY by 20% and all other variables had remained constant, the profit for the period before tax as a result of foreign exchange rate difference arising out of assets and liabilities denominated in Euro, US Dollar would have been high in the amount of TRY 141,344 (31 December 2024: TRY 139,908).
The profit before tax effect can be broken down in terms of currencies in such a way that that the change amounting to TRY 7,782 is due to the change in Euro, the change amounting to TRY 133,562 is due to US dollar. (31 December 2024: The effect of the change in the Euro isTRY 86,042 the effect of the change in the US Dollar is TRY 53,866).
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| FOREIGN CURRENCY POSITION | ||||||||
|---|---|---|---|---|---|---|---|---|
| 31 March 2025 | 31 December 2024 | |||||||
| Total TRY equivalent |
USD | EUR | Other TRY equivalent |
Total TRY equivalent |
USD | EUR | Other TRY equivalent |
|
| Monetary financial assets | 714,077 | 17,692 | 956 | 7,017 | 737,520 | 6,945 | 10,640 | 37,635 |
| Current assets | 714,077 | 17,692 | 956 | 7,017 | 737,520 | 6,945 | 10,640 | 37,635 |
| Total assets | 714,077 | 17,692 | 956 | 7,017 | 737,520 | 6,945 | 10,640 | 37,635 |
| Trade payables | 340 | 9 | - | - | 350 | 9 | - | - |
| Current liabilities | 340 | 9 | - | - | 350 | 9 | - | - |
| Non-monetary other liabilities | - | - | - | - | - | - | - | - |
| Non-current liabilities | - | - | - | - | - | - | - | - |
| Total liabilities | 340 | 9 | - | - | 350 | 9 | - | - |
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| FOREIGN CURRENCY POSITION | ||||||||
|---|---|---|---|---|---|---|---|---|
| 31 March 2025 | 31 December 2024 | |||||||
| Total TRY | Other TRY | Total TRY | Other TRY | |||||
| equivalent | USD | EUR | equivalent | equivalent | USD | EUR | equivalent | |
| Net asset/(liability) position of | ||||||||
| off-balance sheet derivatives (A-B) | - | - | - | - | - | - | - | - |
| A. Total amount of off-balance sheet |
||||||||
| derivative financial assets | - | - | - | - | - | - | - | |
| B. Total amount of off-balance sheet |
||||||||
| derivative financial liabilities | - | - | - | - | - | - | - | - |
| Net foreign currency asset/(liability) |
||||||||
| position | 713,737 | 17,683 | 956 | 7,017 | 737,170 | 6,936 | 10,640 | 37,635 |
| Net foreign currency asset/(liability) | ||||||||
| position of monetary items |
713,737 | 17,683 | 956 | 7,017 | 737,170 | 6,936 | 10,640 | 37,635 |
| Fair value hedge funds of | ||||||||
| foreign currency | - | - | - | - | - | - | - | - |
| Hedge amount of foreign currency assets | - | - | - | - | - | - | - | - |
| Hedge amount of foreign currency liabilities | ||||||||
| Import | 93,628 | 2,417 | - | - | 827,319 | 19,941 | - | - |
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
Foreign currency sensitivity analysis as of 31 March 2025 and 31 December 2024 is as follows:
| Gain/Loss | ||
|---|---|---|
| Foreign exchange appreciation |
Foreign exchange depreciation |
|
| 20% change in Euro exchange rate Euro net asset/liability |
7,782 | (7,782) |
| 20% change in USD exchange rate USD net asset/liability |
133,562 | (133,562) |
| Net effect | 141,344 | (141,344) |
| Gain/Loss | |||
|---|---|---|---|
| Foreign exchange appreciation |
Foreign exchange depreciation |
||
| 20% change in Euro exchange rate Euro net asset/liability |
86,042 | (86,042) | |
| 20% change in USD exchange rate USD net asset/liability |
53,866 | (53,866) | |
| Net effect | 139,908 | (139,908) |
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 a quoted market price, if one exists.
(Amounts expressed in thousands of TRY based on the purchasing power of Turkish Lira ("TRY") unless otherwise indicated.)
| Statement of financial position items | 3,684,738 |
|---|---|
| Inventories | 385,436 |
| Prepaid expenses | 189,288 |
| Property, plant and equipment and intangible assets |
5,505,925 |
| Right of use assets | 3,424,483 |
| Financial investments | 342,402 |
| Deferred income | 3,326 |
| Deferred tax liability | (360,648) |
| Share capital | (356,286) |
| Treasury shares | 86,699 |
| Other capital reserves | (175,528) |
| Other comprehensive income/expenses not to be classified to profit or loss | (164,114) |
| Dividend advances paid | 51,998 |
| Retained earnings | (5,238,616) |
| Non-controlling interests | (9,627) |
| Profit or loss statement items | 2,210,378 |
| Revenue | (1,863,063) |
| Cost of sales(-) | 3,580,153 |
| General administrative expenses(-) | 35,591 |
| Marketing expenses(-) | 337,078 |
| Other operating income/expenses | 91,045 |
| Income/expense from investment activities | 148 |
| Financial income/expense | 16,271 |
| Income tax expense | 13,155 |
| Net monatary position gains | 5,895,116 |
None.
The Group calculates the EBITDA by deducting general administrative expenses and selling, marketing and distribution expenses and adding depreciation expenses, unused vacation liability paid in current period, employee termination benefit provision expense, unusued vacation liability expense on gross profit amount in consolidated statements of income.
| TFRS 16 | TFRS 16 | Before | Before | ||
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 2025 | TFRS 16 2024 |
| 72,318,474 | |||||
| (59,419,358) | (57,688,995) | 426,524 | 150,124 | (59,845,882) | (57,839,119) |
| 19,017,175 | 14,629,479 | 426,524 | 150,124 | 18,590,651 | 14,479,355 |
| (1,528,723) | |||||
| (14,276,257) | |||||
| 1,158,214 | |||||
| (167,411) | |||||
| benefit and unused vacation (69,673) |
(103,615) | - | - | (69,673) | (103,615) |
| (271,026) | |||||
| 78,436,533 (1,619,694) (16,864,055) 3,153,255 3,686,681 3,617,008 |
72,318,474 (1,528,723) (14,763,807) 2,527,233 864,182 760,567 |
Effect - - (572,303) 1,753,695 1,607,916 1,607,916 |
Effect - - (487,550) 1,369,019 1,031,593 1,031,593 |
TFRS 16 78,436,533 (1,619,694) (16,291,752) 1,399,560 2,078,765 2,009,092 |
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