Quarterly Report • Apr 30, 2025
Quarterly Report
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| Not Reviewed | Audited | |
|---|---|---|
| ASSETS | 31 March 2025 | 31 December 2024 |
| CURRENT ASSETS | 3.627.750.797 | 3.922.282.072 |
| Cash and cash equivalents | 1.504.542.277 | 1.545.262.206 |
| Trade receivables | ||
| - Trade receivables from third parties | 205.221.403 | 223.184.909 |
| Other receivables | ||
| - Other receivables from third parties | 5.748.553 | 3.743.390 |
| Inventories | 1.668.867.399 | 1.873.183.917 |
| Prepaid expenses | 6.324.695 | 8.563.859 |
| Current income tax assets | 48.746.173 | 31.343.426 |
| Other current assets | 188.300.297 | 237.000.365 |
| NON-CURRENT ASSETS | 20.474.421.070 | 20.388.872.521 |
| Trade receivables | ||
| - Trade receivables from third parties | 31.973.622 | 25.904.500 |
| Other receivables | ||
| - Other receivables from third parties | 3.634.226 | 5.834.092 |
| Inventories | 2.518.688.407 | 2.430.230.349 |
| Investment properties | 17.508.068.094 | 17.497.798.441 |
| Tangible assets | 15.047.137 | 15.576.232 |
| Intangible assets | ||
| - Other intangible assets | 868.432 | 1.113.951 |
| Prepaid expenses | 388.471.413 | 403.987.729 |
| Other non-current assets | 7.669.739 | 8.427.227 |
| TOTAL ASSETS | 24.102.171.867 | 24.311.154.593 |
| Not Reviewed | Audited | |
|---|---|---|
| LIABILITIES | 31 March 2025 | 31 December 2024 |
| CURRENT LIABILITIES | 497.195.724 | 1.025.250.466 |
| Short-term portion of long-term borrowings | ||
| - Short-term portion of long-term borrowings from related | 627.691 | 12.438.277 |
| parties | ||
| Trade payables | ||
| - Trade payables to related parties | 1.124.789 | 1.062.890 |
| - Trade payables to third parties | 91.292.477 | 186.698.804 |
| Payables for employee benefits | 3.718.735 | 1.854.051 |
| Other payables | ||
| - Other payables to third parties | 688.518 | 2.607.971 |
| Deferred revenue (Other than contract liabilities) | ||
| - Deferred revenue to related parties | 232.392.160 | 406.686.281 |
| - Deferred revenue to third parties | 77.041.903 | 382.619.024 |
| Current income tax liability | 74.875.548 | -- |
| Short term provisions | ||
| - Short-term provisions for employee benefits | 6.319.893 | 7.468.464 |
| Other current liabilities | 9.114.010 | 23.814.704 |
| NON-CURRENT LIABILITIES | 3.463.959.245 | 3.293.107.136 |
| Other Payables | ||
| - Other payables to third parties | 47.702.722 | 46.800.308 |
| Deferred revenue (Other than contract liabilities) | ||
| - Deferred revenue from third parties | 375.218.850 | 262.096.285 |
| Long term provisions | ||
| - Long-term provisions for employee benefits | 3.814.523 | 4.057.849 |
| - Other long-term provisions | 20.466.836 | 22.526.366 |
| Deferred tax liability | 3.016.756.314 | 2.957.626.328 |
| TOTAL LIABILITIES | 3.961.154.969 | 4.318.357.602 |
| EQUITY | 20.141.016.898 | 19.992.796.991 |
| Paid-in capital | 3.450.000.000 | 3.450.000.000 |
| Adjustment to share capital | 12.315.712.505 | 12.315.712.505 |
| Share premiums | 36.592.138 | 36.592.138 |
| Other comprehensive income not to be reclassified | ||
| to profit or loss | ||
| - (Loss) / gain on remeasurement of employee benefits | (2.893.793) | (2.989.601) |
| Restricted reserves appropriated from profit | 263.396.427 | 263.396.427 |
| Retained earnings/(losses) | 3.930.085.522 | 587.257.256 |
| Net profit for the year | 148.124.099 | 3.342.828.266 |
| TOTAL LIABILITIES AND EQUITY | 24.102.171.867 | 24.311.154.593 |
| Not Reviewed | Not Reviewed | |
|---|---|---|
| PROFIT / LOSS | 1 January - | 1 January - |
| 31 March 2025 | 31 March 2024 | |
| Revenue | 679.320.976 | 2.091.851.062 |
| Cost of sales (-) | (152.097.250) | (2.424.491.478) |
| Gross Profit | 527.223.726 | (332.640.416) |
| General administrative expenses (-) | (51.222.451) | (60.779.461) |
| Marketing expenses (-) | (9.909.717) | (18.415.470) |
| Other operating income | 13.568.667 | 670.260.819 |
| Other operating expense (-) | (77.784.489) | (166.867.367) |
| Operating Income/(Expenses) | 401.875.736 | 91.558.105 |
| Operating Profit Before Financial Income / (Expenses) | 401.875.736 | 91.558.105 |
| Financial expenses (-) | (1.272.757) | (8.311.457) |
| Financial Income / (Expenses), Net | (1.272.757) | (8.311.457) |
| Profit From Continuing Operations Before Tax | 400.602.979 | 83.246.648 |
| Monetary Gain / (Loss) | 151.894.055 | (651.536.135) |
| Tax Income / (Expense) | (404.372.935) | -- |
| - Period Tax Expense | (74.875.548) | -- |
| - Deferred Tax Income / (Expense) | (329.497.387) | -- |
| Net Profit for the Year | 148.124.099 | (568.289.487) |
| OTHER COMPREHENSIVE (LOSS)/INCOME Other comprehensive income not to be reclassified to profit or loss |
||
| - Gain or loss from the remeasurement of employee benefits | 136.868 | 5.705 |
| - Deferred Tax Income / (Expense) | (41.060) | -- |
| Total Other Comprehensive (Loss)/Income | 95.808 | 5.705 |
| Total Comprehensive Income | 148.219.907 | (568.283.782) |
| Earnings per share (in full TRY) | 0,043 | (0,193) |
| Other comprehensive income |
Retained Earnings | |||||||
|---|---|---|---|---|---|---|---|---|
| Paid in Capital |
Adjustment to share capital |
Share premium | Remeasurement of employee benefits |
Restricted Reserves |
Retained Earnings |
Net Profit for the year |
Total Equity | |
| Balances as of 1 January 2024 | 2.950.000.000 | 12.230.894.046 | 36.592.138 | (2.634.846) | 231.445.982 | (399.355.649) | 2.122.319.635 | 17.169.261.306 |
| Transfers Total comprehensive income |
-- -- |
-- -- |
-- -- |
-- 5.705 |
-- -- |
2.122.319.635 -- |
(2.122.319.635) (568.289.487) |
-- (568.283.782) |
| Balances as of 31 March 2024 | 2.950.000.000 | 12.230.894.046 | 36.592.138 | (2.629.141) | 231.445.982 | 1.722.963.986 | (568.289.487) | 16.600.977.524 |
| Balances as of 1 January 2025 | 3.450.000.000 | 12.315.712.505 | 36.592.138 | (2.989.601) | 263.396.427 | 587.257.256 | 3.342.828.266 | 19.992.796.991 |
| Transfers Total comprehensive income |
-- -- |
-- -- |
-- -- |
-- 95.808 |
-- -- |
3.342.828.266 -- |
(3.342.828.266) 148.124.099 |
-- 148.219.907 |
| Balances as of 31 March 2025 | 3.450.000.000 | 12.315.712.505 | 36.592.138 | (2.893.793) | 263.396.427 | 3.930.085.522 | 148.124.099 | 20.141.016.898 |
| Not Reviewed | Not Reviewed | |
|---|---|---|
| 1 January – | 1 January – | |
| 31 March 2025 | 31 March 2024 | |
| A. Cash flows from operating activities: | (34.009.076) | (483.158.034) |
| Profit for the year | 148.124.099 | (568.289.487) |
| Adjustments to reconcile net profit | 163.931.465 | (404.906.894) |
| Depreciation and amortization expenses | 1.065.488 | 1.596.425 |
| Adjustments related to provisions for employee benefits | 947.328 | 1.310.953 |
| Adjustments related to impairment on Loss (Reversal of Impairment | -- | (499.886.754) |
| Loss) of Inventories | ||
| Adjustments to provision for expected credit loss | 1.293.605 | 40.764 |
| Adjustment related to interest income and expenses | (161.917.710) | (94.831.585) |
| Adjustment related to the fair value gain | ||
| Adjustments related to fair value gain on investment properties | 69.043.016 | -- |
| Adjustments Related to Tax (Income) Expense | 404.372.935 | -- |
| Monetary Gain/Loss | (150.873.197) | 186.863.303 |
| Changes in net working capital | (345.832.226) | 490.422.591 |
| Adjustments related to increase/(decrease) in receivables | 10.600.779 | (17.819.635) |
| Adjustments related to (increase)/ decrease in inventories | 50.637.228 | 1.970.450.044 |
| Adjustments related to increase in prepaid expenses | 17.755.480 | 77.209.202 |
| Adjustments related to increase/decrease in trade payables | (95.344.428) | (653.976.255) |
| Adjustments related to increase in other payables from operating | (1.017.039) | 5.426.566 |
| activities | ||
| Adjustments related to deferred income | (366.748.677) | (1.042.290.964) |
| Adjustments related to increase/(decrease) in other working capital | 38.284.431 | 151.423.633 |
| Cash (used in)/provided from operations | (33.776.662) | (482.773.790) |
| Employment termination benefits paid | (232.414) | (384.244) |
| B. Cash Flows from Investing Activities | (14.382.311) | (14.935.613) |
| Cash outflow from acquisition of property, plant and equipment's | ||
| and intangible assets | ||
| Cash outflow from acquisition of property, plant and equipment's | (290.874) | (188.944) |
| Cash outflow from acquisition of intangible assets | -- | (54.909) |
| Cash inflow arising from sales of investment property | (14.091.437) | (14.691.760) |
| C. Cash flows from financing activities | 179.847.166 | 64.617.950 |
| Cash outflow from borrowings | (10.623.888) | (34.750.067) |
| Interest received | 190.765.280 | 107.622.323 |
| Interest paid | (294.226) | (8.254.306) |
| Change in cash and cash equivalents (A+B+C) | 131.455.779 | (433.475.697) |
| Inflation effect on cash and cash equivalents | (143.671.861) | (171.659.277) |
| Cash and cash equivalents at the beginning of the period | 1.488.429.710 | 1.410.069.624 |
| Cash and cash equivalents at the end of the period (A+B+C+D) | 1.476.213.628 | 804.934.650 |
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