Interim / Quarterly Report • Aug 13, 2024
Interim / Quarterly Report
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INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD JANUARY 1 – JUNE 30, 2024
(CONVENIENCE TRANSLATION INTO ENGLISH OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH)
To the General Assembly of Penta Teknoloji Ürünleri Dağıtım Ticaret A.Ş.
We have reviewed the accompanying condensed consolidated statement of financial position of Penta Teknoloji Ürünleri Dağıtım Ticaret A.Ş. (the "Company") and its subsidiaries (collectively referred as the "Group") as at 30 June 2024 and the related condensed consolidated statements of profit or loss and other comprehensive income, changes in equity and cash flows for the six month period then ended. The management of the Group is responsible for the preparation and fair presentation of this interim condensed consolidated financial information in accordance with Turkish Accounting Standard 34 ("TAS 34") "Interim Financial Reporting". Our responsibility is to express a conclusion on this interim condensed consolidated financial information based on our review.
We conducted our review in accordance with the Standard on Review Engagements ("SRE") 2410, "Review of interim financial information performed by the independent auditor of the entity". A review of interim condensed consolidated financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and the objective of which is to express an opinion on the consolidated financial statements. Consequently, a review on the interim condensed consolidated financial information does not provide assurance that the audit firm will be aware of all significant matters which would have been identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to conclude that the accompanying interim condensed consolidated financial information is not prepared, in all material respects, in accordance with TAS 34.
PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş.
Mert Tüten, SMMM Independent Auditor
Istanbul, 13 August 2024
| CONTENTS | PAGE |
|---|---|
| INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION | 1-2 |
| INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME |
3 |
| INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | 4 |
| INTERIM CONDENSED CONSOLIDATED STATAMENT OF CASH FLOWS | 5-6 |
| NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 7-32 |
| APPENDIX I: SUPPLEMENTARY UNAUDITED INFORMATION | 33 |
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
| (Condensed | |||||
|---|---|---|---|---|---|
| Audited) | (Audited) | ||||
| (Turkish Lira) | (Turkish Lira) | (US Dollar*) | (US Dollar*) | ||
| Current Period | Prior Period | Current Period | Prior Period | ||
| 30 June | 31 December | 30 June | 31 December | ||
| Notes | 2024 | 2023 | 2024 | 2023 | |
| ASSETS | |||||
| Current Assets | 8.073.918.923 | 7.815.174.941 | 245.959.597 | 265.477.337 | |
| Cash and Cash Equivalents | 3 | 308.126.902 | 517.642.604 | 9.386.615 | 17.584.044 |
| Financial Assets (Restricted Bank Deposits) | 3 | - | 554.910 | - | 18.850 |
| Trade Receivables | 4-5 | 4.647.915.493 | 5.207.622.967 | 141.591.640 | 176.900.183 |
| - Trade receivables from related parties | 4 | 4.003.516 | 4.132.652 | 121.961 | 140.384 |
| - Trade receivables from third parties | 5 | 4.643.911.977 | 5.203.490.315 | 141.469.679 | 176.759.799 |
| Other Receivables | 8.804.578 | 9.845.929 | 268.218 | 334.461 | |
| - Other receivables from third parties | 8.804.578 | 9.845.929 | 268.218 | 334.461 | |
| Inventories | 7 | 2.926.359.910 | 2.072.517.724 | 89.147.081 | 70.402.325 |
| Prepaid Expenses | 8 | 25.586.217 | 6.117.052 | 779.445 | 207.793 |
| Other Current Assets | 157.125.823 | 873.755 | 4.786.598 | 29.681 | |
| Non-Current Assets | 338.950.934 | 247.339.286 | 10.325.622 | 8.401.984 | |
| Investment Properties | 3.883.241 | 3.482.451 | 118.297 | 118.297 | |
| Property, Plant and Equipment | 72.297.802 | 54.123.868 | 2.202.442 | 1.838.559 | |
| Right of Use Assets | 51.342.902 | 53.191.118 | 1.564.083 | 1.806.874 | |
| Intangible Assets | 71.245.164 | 64.632.981 | 2.170.375 | 2.195.548 | |
| - Goodwill | 63.538.130 | 56.980.344 | 1.935.592 | 1.935.592 | |
| - Other intangible assets | 7.707.034 | 7.652.637 | 234.783 | 259.956 | |
| Deferred Tax Assets | 140.181.825 | 71.908.868 | 4.270.425 | 2.442.706 | |
| TOTAL ASSETS | 8.412.869.857 | 8.062.514.227 | 256.285.219 | 273.879.321 |
(*) Refers to the amounts in US Dollars, which is the functional currency of the Group. Presentation currency is Turkish Lira. For the conversion of US Dollar and Turkish Lira, see Note 2.
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
| (Condensed | |||||
|---|---|---|---|---|---|
| Audited) | (Audited) | ||||
| (Turkish Lira) | (Turkish Lira) | (US Dollar*) | (US Dollar*) | ||
| Current Period | Prior Period | Current Period | Prior Period | ||
| 30 June | 31 December | 30 June | 31 December | ||
| Notes | 2024 | 2023 | 2024 | 2023 | |
| LIABILITIES | |||||
| Current Liabilities | 5.388.706.910 | 5.428.899.406 | 164.158.718 | 184.416.826 | |
| Short-Term Borrowings | 219.844.808 | 150.487.901 | 6.697.236 | 5.111.994 | |
| - Bank loans | 1 6 | 200.948.078 | 127.364.048 | 6.121.576 | 4.326.489 |
| - Lease liabilities | 18.896.730 | 23.123.853 | 575.660 | 785.505 | |
| Trade Payables | 4-5 | 4.228.932.342 | 4.070.784.703 | 128.827.959 | 138.282.392 |
| - Trade payables to related parties | 4 | 7.965.015 | 288.583 | 242.642 | 9.803 |
| - Trade payables to third parties | 5 | 4.220.967.327 | 4.070.496.120 | 128.585.317 | 138.272.589 |
| Payables Regarding Employee Benefits | 27.531.334 | 16.258.835 | 838.700 | 552.304 | |
| Other Payables | 4-6 | 763.305.725 | 748.769.331 | 23.252.942 | 25.435.296 |
| - Other payables to related parties | 4 | 763.062.876 | 748.539.065 | 23.245.544 | 25.427.474 |
| - Other payables to third parties | 6 | 242.849 | 230.266 | 7.398 | 7.822 |
| Derivative Financial Instruments | - | 4.110.397 | - | 139.628 | |
| Deferred Income | 8 | 13.788.284 | 188.914.673 | 420.039 | 6.417.331 |
| Current Tax Liabilities | 76.016.715 | 147.554.297 | 2.315.733 | 5.012.341 | |
| Current Provisions | 21.238.525 | 17.763.078 | 646.999 | 603.402 | |
| - Current provisions for employee benefits | 21.238.525 | 17.763.078 | 646.999 | 603.402 | |
| Other Current Liabilities | 38.049.177 | 84.256.191 | 1.159.110 | 2.862.138 | |
| Non-Current Liabilities | 100.128.379 | 89.486.888 | 3.050.258 | 3.039.826 | |
| Long-Term Borrowings | 25.273.285 | 25.665.224 | 769.912 | 871.834 | |
| - Lease liabilities | 25.273.285 | 25.665.224 | 769.912 | 871.834 | |
| Non-Current Provisions | 74.855.094 | 63.821.664 | 2.280.346 | 2.167.992 | |
| - Non-current provisions for employee benefits | 56.230.624 | 50.280.092 | 1.712.980 | 1.707.992 | |
| - Other non-current provisions | 18.624.470 | 13.541.572 | 567.366 | 460.000 | |
| EQUITY | 2.924.034.568 | 2.544.127.933 | 89.076.243 | 86.422.669 | |
| Equity attributable to owners of the Company | 2.924.034.568 | 2.544.127.933 | 89.076.243 | 86.422.669 | |
| Share Capital | 1 0 | 393.516.000 | 393.516.000 | 64.824.567 | 64.824.567 |
| Share Premium | 1 0 | 30.000.000 | 30.000.000 | 3.594.149 | 3.594.149 |
| Other Compherensive Expense That Will | |||||
| Not Be Reclassified To Profit / (Loss) | 2.081.466.917 | 1.785.251.353 | (1.050.580) | (1.050.580) | |
| - Accumulated losses on remeasurements of | |||||
| defined benefit plans | (15.852.471) | (15.852.471) | (1.050.580) | (1.050.580) | |
| - Currency translation differences | 1 0 | 2.097.319.388 | 1.801.103.824 | - | - |
| Restricted Reserves Appropriated from Profit | 1 0 | 13.880.245 | 13.880.245 | 3.629.318 | 3.629.318 |
| Accumulated Gains | 321.480.335 | 125.737.943 | 15.425.215 | 7.181.282 | |
| Net Profit for the Year | 83.691.071 | 195.742.392 | 2.653.574 | 8.243.933 | |
| TOTAL LIABILITIES AND EQUITY | 8.412.869.857 | 8.062.514.227 | 256.285.219 | 273.879.321 |
(*) Refers to the amounts in US Dollars, which is the functional currency of the Group. Presentation currency is Turkish Lira. For the conversion of US Dollar and Turkish Lira, see Note 2.
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
| Notes | (Condensed Audited) (Turkish Lira) Current Period 1 January - 30 June 2024 |
(Condensed Audited) (Turkish Lira) Current Period 1 April - 30 June 2024 |
(Condensed Audited) (Turkish Lira) Prior Period 1 January - 30 June 2023 |
(Condensed Audited) (Turkish Lira) Prior Period 1 April - 30 June 2023 |
(US Dollar*) Current Period 1 January - 30 June 2024 |
(US Dollar*) Prior Period 1 January - 30 June 2023 |
|
|---|---|---|---|---|---|---|---|
| Revenue Cost of Sales (-) |
1 1 1 1 |
10.808.610.937 (10.044.234.445) |
4.777.554.628 (4.448.046.403) |
7.186.013.507 (6.660.612.886) |
3.622.299.370 (3.351.627.025) |
342.706.203 (318.470.289) |
364.629.739 (337.970.077) |
| GROSS PROFIT | 764.376.492 | 329.508.225 | 525.400.621 | 270.672.345 | 24.235.914 | 26.659.662 | |
| General Administrative Expenses (-) Marketing, Sales and Distribution Expenses (-) Other Income From Operating Activities Other Expenses From Operating Activities (-) |
1 2 1 2 1 3 1 3 |
(142.130.724) (238.745.341) 8.058.844 (95.656.336) |
(79.927.449) (113.943.269) 6.758.698 (23.617.569) |
(63.604.394) (111.071.356) 16.643.586 (84.063.018) |
(33.055.404) (53.180.370) 11.519.026 (68.357.324) |
(4.506.507) (7.569.845) 255.520 (3.032.954) |
(3.227.388) (5.635.937) 844.522 (4.265.491) |
| OPERATING PROFIT | 295.902.935 | 118.778.636 | 283.305.439 | 127.598.273 | 9.382.128 | 14.375.368 | |
| Income From Investing Activities | 27.890.946 | 10.877.938 | 20.036.346 | 12.778.151 | 884.332 | 1.016.676 | |
| OPERATING PROFIT BEFORE FINANCE EXPENSE | 323.793.881 | 129.656.574 | 303.341.785 | 140.376.424 | 10.266.460 | 15.392.044 | |
| Finance Income Finance Expenses (-) |
1 5 1 5 |
88.152 (214.336.394) |
14.078 (104.363.363) |
247.292 (88.524.741) |
156.064 (47.416.673) |
2.795 (6.795.916) |
12.548 (4.491.886) |
| PROFIT BEFORE TAX FROM CONTINUING OPERATIONS | 109.545.639 | 25.307.289 | 215.064.336 | 93.115.815 | 3.473.339 | 10.912.706 | |
| Tax Expense From Continuing Operations (-) Current tax expense (-) Deferred tax income / (expense) |
(25.854.568) (83.498.998) 57.644.430 |
(4.404.921) (55.134.797) 50.729.876 |
(168.487.986) (122.711.787) (45.776.199) |
(128.848.299) (89.992.832) (38.855.467) |
(819.765) (2.647.484) 1.827.719 |
(8.549.348) (6.226.591) (2.322.757) |
|
| PROFIT FOR THE YEAR FROM CONTINUING OPERATIONS | 83.691.071 | 20.902.368 | 46.576.350 | (35.732.484) | 2.653.574 | 2.363.358 | |
| PROFIT FOR THE YEAR | 83.691.071 | 20.902.368 | 46.576.350 | (35.732.484) | 2.653.574 | 2.363.358 | |
| Attributable to: Owners of the Company/Parent |
83.691.071 83.691.071 |
20.902.368 20.902.368 |
46.576.350 46.576.350 |
(35.732.484) (35.732.484) |
2.653.574 2.653.574 |
2.363.358 2.363.358 |
|
| Earnings Per Share | 1 8 | 0,21 | 0,05 | 0,12 | (0,09) | 0,01 | 0,01 |
| OTHER COMPREHENSIVE INCOME | |||||||
| Items that will not be reclassified subsequently to profit or loss | 296.215.564 | 47.261.396 | 573.300.935 | 536.904.186 | - | - | |
| Currency translation differences | 296.215.564 | 47.261.396 | 573.300.935 | 536.904.186 | - | - | |
| OTHER COMPREHENSIVE INCOME | 296.215.564 | 47.261.396 | 573.300.935 | 536.904.186 | - | - | |
| TOTAL COMPREHENSIVE INCOME | 379.906.635 | 68.163.764 | 619.877.285 | 501.171.702 | 2.653.574 | 2.363.358 | |
| Profit attributable to: | |||||||
| Owners of the Company/Parent | 379.906.635 | 68.163.764 | 619.877.285 | 501.171.702 | 2.653.574 | 2.363.358 | |
| 379.906.635 | 68.163.764 | 619.877.285 | 501.171.702 | 2.653.574 | 2.363.358 |
(*) Refers to the amounts in US Dollars, which is the functional currency of the Group. Presentation currency is Turkish Lira. For the conversion of US Dollar and Turkish Lira, see Note 2.
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
| Balances as of 30 June 2024 (End of the Period) |
1 0 |
393.516.000 | 30.000.000 | (15.852.471) | 2.097.319.388 | 13.880.245 | 321.480.335 | 83.691.071 | 2.924.034.568 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total compherensive income |
- | - | - | 296.215.564 | - | - | 83.691.071 | 379.906.635 | ||
| Other compherensive income |
- | - | - | 296 .215.564 |
- | - | - | 296.215.564 | ||
| Net income |
- | - | - | - | - | - | 83.691 .071 |
83.691.071 | ||
| Transfers | - | - | - | - | - | 195.742.392 | (195.742.392) | - | ||
| Balances as of 1 January 2024 (Beginning of the Period) |
393.516.000 | 30.000.000 | (15.852.471) | 1.801.103.824 | 13.880.245 | 125.737.943 | 195.742.392 | 2.544.127.933 | ||
| (End Period) |
(8.249.119) | |||||||||
| Balances as of 30 June 2023 of the |
1 0 |
393.516.000 | 30.000.000 | 1.485.054.779 | 13.880.245 | 125.737.943 | 46.576.350 | 2.086.516.198 | ||
| Total compherensive income |
- | - | - | 573.300.935 | - | - | 46.576.350 | 619.877.285 | ||
| Other compherensive income |
- | - | - | 573.300.935 | - | - | - | 573.300.935 | ||
| Net income |
- | - | - | - | - | - | 46 .576 .350 |
46.576.350 | ||
| Transfers | - | - | - | - | - | 103.680.477 | (103.680.477) | - | ||
| Balances as of 1 January 2023 (Beginning of the Period) |
393.516.000 | 30.000.000 | (8.249.119) | 911.753.844 | 13.880.245 | 22.057.466 | 103.680.477 | 1.466.638.913 | ||
| Notes | Share capital |
Share premium |
benefit plans |
Differences | reserves | Losses | or Loss | equity Total |
||
| gain (loss) on remeasurement of defined |
Currency Translation |
Restricted | Profits or |
Profit Net |
||||||
| Accumulated / |
Prior Years' |
|||||||||
| expenses that will not be reclassified |
subsequently to profit or loss |
Retained | earnings | |||||||
| Accumulated other compherensive |
income or |
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
| (Condensed | (Condensed | ||
|---|---|---|---|
| Unaudited) | Unaudited) | ||
| Current Period | Prior Period | ||
| 1 January - | 1 January - | ||
| Notes | 30 June 2024 | 30 June 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| 83.691.071 | 46.576.350 | ||
| Profit for the period Adjustments for: |
|||
| Depreciation and amortisation expenses | 36.625.074 | 17.759.869 | |
| Provisions for employee termination benefits | 8.890.516 | 5.208.559 | |
| Allowance for doubtful receivables | 5 | 3.852.457 | 51.122 |
| Losses on sale of tangible assets | 3.312 | - | |
| Unused vacation provision | 5.491.823 | 2.101.609 | |
| Bonus provision | 7.539.083 | 6.283.879 | |
| Allowance for inventories | 7 | 10.159.311 | 2.220.644 |
| Income tax expense | 25.854.568 | 168.487.986 | |
| Interest income | (27.890.946) | (20.036.346) | |
| Interest and commissions expense | 15 | 198.721.655 | 79.036.489 |
| Derivative expense | (4.110.397) | (22.430.759) | |
| Net foreign exchange loss | (22.097.279) | 8.110.001 | |
| Net cash genereated before movement in working capital | 326.730.248 | 293.369.403 | |
| Changes in trade receivables | 1.097.662.603 | (98.780.353) | |
| Changes in inventories | (601.350.171) | (381.172.617) | |
| Changes in other receivables and other assets | (165.968.500) | 2.835.229 | |
| Changes in trade payables | (298.183.362) | 195.984.070 | |
| Changes in other payables | (230.454.905) | (21.438.430) | |
| Net cash generated from / (used in) operations | 128.435.913 | ( 9.202.698) | |
| Income taxes paid | (155.314.115) | (72.928.215) | |
| Collections from doubtful receivables | 5 | 2.173.794 | 112.413 |
| Employee termination and unused vacation benefits paid | (4.909.890) | (4.988.314) | |
| Bonus paid | (9.967.239) | (9.612.608) | |
| Net cash (used in) / generated from operating activities | ( 39.581.537) | ( 96.619.422) |
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
| (Condensed | (Condensed | ||
|---|---|---|---|
| Unaudited) | Unaudited) | ||
| Current Period | Prior Period | ||
| 1 January - | 1 January - | ||
| Notes | 30 June 2024 | 30 June 2023 | |
| CASH FLOWS FROM INVESTING ACTIVITIES | 10.062.674 | 33.585.684 | |
| Interest received | 27.890.946 | 20.036.346 | |
| Purchases of tangible and intangible assets | (18.422.782) | (4.774.034) | |
| Proceeds on sale of financial assets | 594.510 | 18.323.372 | |
| CASH FLOWS FROM FINANCING ACTIVITIES | (229.019.849) | (166.519.443) | |
| Interest and commissions paid | (195.862.962) | (78.846.783) | |
| Changes in other payables to related parties | (68.815.890) | (72.375.760) | |
| Proceeds from borrowings | 56.615.249 | - | |
| Payments due to lease contracts | (20.956.246) | (15.296.900) | |
| Cash flows of discontinued operation | |||
| NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS | |||
| BEFORE FOREIGN CURRENCY TRANSLATION EFFECTS | ( 258.538.712) | ( 229.553.181) | |
| THE EFFECT OF FOREIGN CURRENCY TRANSLATION DIFFERENCES IN | |||
| CASH AND CASH EQUIVALENTS | 49.023.010 | 171.741.904 | |
| NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS | (209.515.702) | (57.811.277) | |
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 3 | 517.642.604 | 637.658.607 |
| CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 3 | 308.126.902 | 579.847.330 |
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
Penta Teknoloji Ürünleri Dağıtım Ticaret A.Ş. ("Penta" or the "Company") and its subsidiaries (all together referred as the "Group"), comprise the parent Penta Teknoloji Ürünleri Dağıtım Ticaret A.Ş. and two subsidiaries in which the Company owns the 100% share of the capital or has controlling interest.
The current operations of the Company started under the roof of Penta Bilgisayar Sistemleri Ticaret Ltd. Şti. ("Penta Bilgisayar") which was established in 1990. In 2012, Penta Bilgisayar was merged with Mersa Elektronik ve Teknolojik Ürünler Ticaret A.Ş. ("Mersa"), a subsidiary of Yıldız Holding A.Ş., which was established in 2003. Although the merger was realized under Mersa, the name of the Company was changed to Penta Teknoloji Ürünleri Dağıtım Ticaret A.Ş. in the period following the merger. The Company is registered in Istanbul, Türkiye in accordance with the provisions of the Turkish Commercial Code. The Company's head office address is Organize Sanayi Bölgesi, 4. Cadde No: 1 34775 Yukarı Dudullu, Ümraniye / Istanbul.
Principal activities of the Company are distribution of computer, hardware and software goods. The Company purchases the trade goods from domestic and foreign suppliers and distributes them mostly to its domestic customers via its sales network. It executes the distributorship of the brands like Acer, Adobe, Asus, Autodesk, Brother, Canon, Corsair, Cricut, Dell, HP, Exper, Huawei, IBM, Intel, Lenovo, Lexar, Logitech, Microsoft, MSI, OKI, TP-Link, Viewsonic, Wacom, Xerox, xFusion and Zyxel.
The Company's shares are publicly traded on Borsa İstanbul ("BIST") as of 17 May 2021. The free float ratio of the shares is 38,87% as of June 30, 2024.
The Company acquired 100% shares of Comonwealth Finance Investment Ltd. ("Commonwealth") for a consideration of TL 3.277 on 1 September 2013. Commonwealth's principal activity is the sale of imported goods from the vendors to Penta.
On 3 January 2014, the Company acquired 100% shares of Ekip Elektronik Sistemler ve Malzemeleri Ticaret A.Ş. ("Ekip") and Beyaz İletişim Sistemleri Dış Ticaret ve Sanayi Ltd. Şti. ("Beyaz İletişim"). On 4 March 2014, Ekip and Beyaz İletişim have been merged under Penta.
The Company acquired 100% shares of Sayısal Grafik Sanayi ve Ticaret A.Ş. ("Sayısal") for a consideration of TL 11.892.295 on 18 June 2015. After the acquisition, on 30 July 2015 Sayısal has been merged under Penta.
The Company acquired 100% shares of Exper Bilgisayar Sistemleri Sanayi ve Ticaret A.Ş. ("Exper") for a consideration of TL 85.400.000 on 22 June 2017. After the acquisition, on 28 June 2017 Exper has been merged under Penta.
The company acquired 100% shares of Arlington Investments B.V. for 20.000 Euros which was a non-operational company as of acquisition date. The company was established in the Netherlands and the commercial title of the company changed as Penta International B.V. ("Penta BV").
Total number of the Group's employees is 358 as of June 30, 2024 (December 31, 2023: 358).
The condensed consolidated financial statements have been approved by Board of Directors and authorized on the date of August 13, 2024 for publishing. General Assembly has the authority to amend / modify condensed consolidated financial statements.
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
The Group has prepared its condensed consolidated financial statements for the interim period ending on June 30 2024, in accordance with TMS 34 "Interim Financial Reporting" standard, within the framework of the Capital Markets Board's ("CMB") Communiqué Serial: II, 14.1 and the announcements explaining this communiqué.
The accompanying financial statements have been prepared in accordance with the provisions of the CMB's Communiqué Series II, No. 14.1 on the "Principles Regarding Financial Reporting in the Capital Markets" published in the Official Gazette dated 13 June 2013 and numbered 28676. Based on the Turkish Accounting Standards / Turkish Financial Reporting Standards ("TMS/TFRS"), which were put into effect by the Public Oversight Accounting and Auditing Standards Authority ("POA"), and their annexes and comments. Interim condensed consolidated financial statements are presented in accordance with the formats specified in the "Announcement on TFRS Taxonomy" published by the POA on October 4, 2022 and the Financial Statement Examples and User Guide published by the CMB.
The Company complies with the principles and conditions issued by the CMB, the Turkish Commercial Code ("TCC"), the tax legislation and the Uniform Chart of Accounts issued by the Ministry of Finance in keeping accounting records and preparing its statutory financial statements. Subsidiaries operating in foreign countries have prepared their statutory financial statements in accordance with the laws and regulations applicable in the countries in which they operate. Condensed consolidated financial statements have been prepared on the basis of historical cost, except for derivative instruments shown at fair value. As the Group uses US Dollar as its functional currency, TMS 29 (Financial Reporting in Hyperinflationary Economies) has not been applied in the preparation of the financial statements. The General Communiqué on the Tax Procedure Law (Serial No: 555), published in the Official Gazette dated December 30, 2023, and numbered 32415 (2nd Repeal), has determined the procedures and principles for the adjustment of financial statements subject to inflation adjustment for the 2023 and subsequent accounting periods, and it has been stated that the balance sheet prepared in accordance with the Tax Procedure Law ("TPL") as of December 31, 2023, should be subject to inflation adjustment and the effects of this adjustment should be accounted for as of the same date. For the purpose of calculating deferred taxes in accordance with the TPL, deferred tax calculations have been performed based on the figures that have been adjusted for inflation accounting. Explanations regarding the functional currency are given in Note 2.2.
The condensed consolidated interim financial statements of the Group do not include all of the disclosures and footnotes required in the year-end financial statements and therefore the condensed consolidated interim financial statements of the Group should be read in conjunction with the financial statements as at December 31, 2023.
The financial statements of each enterprise of the Group are presented in the currency (functional currency) valid in the basic economic environment in which they operate. The company mainly uses USD in its operations (trading). The US dollar also reflects the economic basis of situations and events that are important to the Company. The Company's purchase and sales prices are largely based on US Dollars. The Company, by evaluating the economic environment and its activities, has determined the functional currency as USD in accordance with TAS 21 (Effects of Changes in Exchange Rates). Although the functional currency of the Group is US Dollars, the presentation currency is expressed in Turkish Lira ("TL" or "TRY").
If the legal records are kept in a currency other than the functional currency, the financial statements are first converted to the functional currency and then back to TL, which is the Group's presentation currency. For companies in Türkiye, the functional currency of the statutory records is TL. Conversion of TL into US Dollars is based on the framework described below;
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
The translation differences resulting from the above conversions are recorded in the profit or loss statement, in the foreign exchange income / expense accounts included in the financial income and expenses item.
The exchange rates and methods used in converting from functional currency to presentation currency are listed below:
Items in the condensed consolidated statement of financial position are translated into Turkish Lira with the exchange rates announced by the Central Bank of the Republic of Türkiye ( "CBRT"). Equity items are shown with their historical values. Income and expenses and cash flows are translated at the annual average exchange rate for the relavent period. Translation gain/loss arising from this conversion has been included in the "foreign currency translation differences" account under equity and accounted as a separate component of the other comprehensive income.
Average USD / TRY exchange rates for each period are as follows:
| 30 June 2024 |
31 December 2023 |
30 June 2023 |
31 December 2022 |
|
|---|---|---|---|---|
| USD / TRY – as of reporting date | 32,8262 | 29,4382 | 25,8231 | 18,6983 |
| USD / TRY – average for the period | 31,5390 | 23,7438 | 19,7077 | 16,5638 |
The USD ("USD") amounts shown in the condensed consolidated financial statements are the financial statements prepared in accordance with the functional currency of the Group and are not part of the condensed consolidated financial statements.
The condensed consolidated financial statements of the Group are prepared on a going concern basis, which presumes the realization of assets and settlement of liabilities in the normal course of operations and in the foreseeable future.
Important changes on the accounting policies are accounted retrospectively and prior period's financial statements are restated. The Group did not apply any changes in its accounting policies for current period.
The effect of a change in an accounting estimate is recognized prospectively by including it in profit or loss in the period of the change, if the change affects that period only, in the period of the change and future periods, if the change affects both. The Group does not have any important changes in the accounting estimates in the current year. Significant accounting errors are corrected retrospectively, by restating the prior period consolidated financial statements.
To enable the determination of financial status and performance trends, the Group's condensed consolidated financial statements for the current period are prepared in comparison with the previous period.
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
The details of subsidiaries are as follows:
Proportion of ownership interest and voting power held by the Group (%)
| Name of subsidiaries | Principal activity | Place of incorporation and operation |
30 June 2024 | 31 December 2023 |
|---|---|---|---|---|
| Commonwealth Finance Investment Ltd. |
International Trade of IT Products |
British Virgin Islands | 100% | 100% |
| Penta International B.V. | International Trade of IT Products |
Netherlands | 100% | 100% |
Functional currencies of these subsidiaries are US Dollar.
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company and its subsidiaries. Control is achieved when the Company:
The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.
When the Company has less than the majority of the voting rights of an investee, it has still power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company's voting rights in an investee are sufficient to give it power, including:
Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income from the date the Company gains control until the date when the Company ceases to control the subsidiary.
Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group's accounting policies.
All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.
The accounting policies adopted in preparation of the condensed consolidated financial statements as at June 30, 2024 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.
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
• 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).
• TFRS 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 TFRS 18 relate to:
• the structure of the statement of profit or loss;
• required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity's financial statements (that is, managementdefined performance measures); and
• enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general.
• it has an ultimate or intermediate parent that produces consolidated financial statements available for public use that comply with TFRS Accounting Standards.
These changes are not expected to have a significant impact on the Group's financial position and performance.
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
In the process of applying the Group's accounting policies, the Group Management has made the following judgments that have the most significant effect on the amounts recognized in the financial statements:
The Group has calculated the depreciation and amortization amounts in accordance with TFRS. The calculations are based on the Group Management's expectations regarding the useful life of the related assets.
The Group's leasing liabilities within the scope of TFRS 16 are related to vehicle and building leasing contracts. The lifetime of the leasing agreements for vehicles are determined on the basis of the relevant lease agreement. The lifetime of the lease contracts for buildings are determined based on the best estimate of the period in which the management plans to use the asset in lease contracts and auto-renewal contracts.
A credit risk provision for trade receivables is established if there is objective evidence that the Group will not be able to collect all amounts due. The amount of the provision is the difference between the carrying amount and the recoverable amount. The recoverable amount is the present value of all cash flows, including amounts recoverable from guarantees and collateral, discounted based on the original effective interest rate of the originated receivables at inception.
Under Turkish Law and union agreements, lump sum payments are made to employees retiring or involuntarily leaving the Group. Such payments are considered as being part of defined retirement benefit plan as per TAS 19 (Revised) Employee Benefits ("TAS 19"). The retirement benefit obligation recognized in the condensed consolidated statement of financial position represents the present value of the defined benefit obligation. The actuarial gains and losses are recognized in other comprehensive income.
When the net realizable value of inventories is less than their cost, the inventories are reduced to their net realizable value and are reflected to profit and loss as loss. According to the expectations of the Group, as the net realizable value of the inventories are below of their cost value, for some part of the inventories the Group has allocated provision and reduced to their net realizable value.
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
| 30 June | 31 December | |
|---|---|---|
| 2024 | 2023 | |
| Cash on banks | 306.660.063 | 498.979.021 |
| Demand deposits | 269.660.063 | 361.087.510 |
| Time deposits | 37.000.000 | 137.891.511 |
| Credit card receivables | 1.466.839 | 18.663.583 |
| 308.126.902 | 517.642.604 |
The average maturity of credit card receivables is 1 day as of June 30, 2024 (31 December 2023: 1 day).
The Group subtracts the blocked deposits held in banks (June 30, 2024: TL 0, December 31, 2023: TL 554.910) from cash and cash equivalents and presents them under Financial Assets (Restricted Bank Deposits) in the condensed consolidated statement of financial position.
| 30 June | |||
|---|---|---|---|
| Currency Type | Maturity | Interest Rate | 2024 |
| TRY | July 1, 2024 | 45%-48,75% | 37.000.000 |
| 37.000.000 | |||
| 31 December | |||
| Currency Type | Maturity | Interest Rate | 2023 |
| TRY | January 2, 2024 | 32%-42,5% | 137.891.511 |
| 137.891.511 | |||
Trade receivables from related parties arise mainly from sales transactions. Trade receivables from related companies have 2 months of maturities on average. These receivables are by nature not secured and bear no interest.
Trade payables to related parties arise mainly from purchase of goods and services. Trade payables to related companies have 2 months of maturities on average. Non-trade payables are comprised of short term financial liabilities and long-term financial debts in the scope of the parent company's (Yıldız Holding) syndication loan agreement. Interest rates within the scope of the syndication loan agreement is fixed at 6,80% for USD denominated liabilities (2023: 6,80%).
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
Details of transactions between the Group and other related parties are disclosed below.
a) The detail of trade and non-trade receivables and payables as of 30 June 2024 and 31 December 2023 is as follows:
| 30 June 2024 | ||||||
|---|---|---|---|---|---|---|
| Receivables | Payables | |||||
| Current | Current | |||||
| Balances with Related Parties | Trade | Non-Trade | Trade | Non-Trade | ||
| Yıldız Holding A.Ş. (*) | - | - | 7.526.588 | 763.062.876 | ||
| Kerevitaş Gıda San. Ve Tic. A.Ş. | 1.565.317 | - | - | - | ||
| Şok Marketler Tic. A.Ş. | 957.278 | - | - | - | ||
| Ülker Bisküvi San. A.Ş. |
699.920 | - | - | - | ||
| Bizim Toptan Satış Mağazaları A.Ş. | 40.146 | - | - | - | ||
| İzsal Gayrimenkul Geliştirme A.Ş. |
397.033 | - | 76.879 | - | ||
| Polinas Plastik San. ve Tic. A.Ş. | 87.022 | - | - | - | ||
| Other | 256.800 | - | 361.548 | - | ||
| 4.003.516 | - | 7.965.015 | 763.062.876 | |||
| 31 December 2023 | ||||||
| Receivables | Payables | |||||
| Current | Current | |||||
| Balances with Related Parties | Trade | Non-Trade | Trade | Non-Trade | ||
| Yıldız Holding A.Ş. (*) | - | - | - | 748.539.065 | ||
| Ülker Bisküvi San. A.Ş. | 1.129.632 | - | - | - | ||
| Kerevitaş Gıda San. Ve Tic. A.Ş. | 736.603 | - | - | - | ||
| Horizon Hızlı Tüketim Ürünleri Üretim Paz. Satış ve Tic. A.Ş. | 386.288 | - | - | - | ||
| Marsa Yağ San. ve Tic. A.Ş. | 313.340 | - | - | - | ||
| Önem Gıda San. ve Tic. A.Ş. | 290.702 | - | - | - | ||
| Continental Confectionery Company Gıda San. ve Tic. A.Ş. | 225.143 | - | - | - | ||
| Şok Marketler Tic. A.Ş. | 222.082 | - | - | - | ||
| Donuk Fırıncılık Ürünleri Sanayi ve Tic. A.Ş. | 163.441 | - | - | - |
(*) As of 30 June 2024 and 31 December 2023, non-trade payables to Yıldız Holding consist of financial debt.
Polinas Plastik San. ve Tic. A.Ş. 155.816 - - - Diğer 509.605 - 288.583 -
4.132.652 - 288.583 748.539.065
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
b) The details of transactions with related parties in the interim period from 1 January to 30 June 2024 and 2023 are as follows:
| 1 January - 30 June 2024 | ||||||
|---|---|---|---|---|---|---|
| Transactions with related parties | Sales | Purchases | Interest Income | Interest Expense | ||
| Yıldız Holding A.Ş. | 811.020 | 10.650.194 | 88.157 | 44.196.685 | ||
| Ülker Bisküvi San. A.Ş. |
3.835.482 | 1.629 | - | - | ||
| İzsal Gayrimenkul Geliştirme A.Ş. |
955.319 | 1.939.699 | - | - | ||
| Şok Marketler Tic. A.Ş. | 1.289.935 | 1.234.234 | - | - | ||
| Horizon Hızlı Tüketim Ürünleri Üretim Paz. Satış ve Tic. A.Ş. |
1.593.079 | - | - | - | ||
| Kerevitaş Gıda Sanayi ve Ticaret A.Ş. | 1.348.987 | - | - | - | ||
| Önem Gıda San. ve Tic. A.Ş. |
704.887 | - | - | - | ||
| Bizim Toptan Satış Mağazaları A.Ş. | 583.473 | 62.647 | - | - | ||
| Polinas Plastik San. ve Tic. A.Ş. | 247.517 | - | - | - | ||
| Sağlam İnş.Taah.Tic. A.Ş. |
179.693 | 3.199 | - | - | ||
| Azmüsebat Çelik San. ve Tic. A.Ş. | 4.635 | - | - | - | ||
| Other | 1.079.912 | 757.647 | - | - | ||
| 12.633.939 | 14.649.249 | 88.157 | 44.196.685 |
| 1 January - 30 June 2023 | ||||||
|---|---|---|---|---|---|---|
| Transactions with related parties | Sales | Purchases | Interest Income | Interest Expense | ||
| Yıldız Holding A.Ş. | 462.371 | 6.114.408 | 247.292 | 30.525.068 | ||
| Şok Marketler Tic. A.Ş. | 2.161.437 | 656.234 | - | - | ||
| İzsal Gayrimenkul Geliştirme A.Ş. |
746.846 | 1.026.914 | - | - | ||
| G2MEKSPER Satış ve Dağıtım Hizmetleri A.Ş. | 2.224.107 | - | - | - | ||
| Ülker Bisküvi San. A.Ş. |
1.134.747 | - | - | - | ||
| Bizim Toptan Satış Mağazaları A.Ş. | 1.231.379 | 3.077 | - | - | ||
| Biskot Bisküvi Gida San.Tic. A.Ş. | 894.308 | - | - | - | ||
| Ülker Çikolata Sanayi A.Ş. |
652.236 | - | - | - | ||
| Horizon Hızlı Tüketim Ürünleri Üretim Paz. Satış ve Tic. A.Ş. |
384.402 | - | - | - | ||
| Sağlam İnş.Taah.Tic. A.Ş. |
444.893 | - | - | - | ||
| Azmüsebat Çelik San. ve Tic. A.Ş. | 163.954 | - | - | - | ||
| Kerevitaş Gıda Sanayi ve Ticaret A.Ş. | 1.096.390 | - | - | - | ||
| Other | 1.751.345 | 189.501 | - | - | ||
| 13.348.415 | 7.990.134 | 247.292 | 30.525.068 |
The companies in the list consist of Yıldız Holding and its related parties. Purchases from Yıldız Holding mainly consist of service purchases. Trade receivables from other companies arise from sales of commercial goods, trade payables from other companies arise from purchases of products and services.
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
Compensation of key management personnel:
The key management personnel of the Group consists of board members, the general manager and the directors. The benefits provided to key management comprise benefits such as salary and premiums. The remuneration of top management during the period were as follows:
| 1 January - | 1 January - | |
|---|---|---|
| 30 June 2024 | 30 June 2023 | |
| Salaries and other current benefits | 22.903.290 | 16.536.497 |
| 22.903.290 | 16.536.497 |
a) Trade Receivables
The details of the Group's trade receivables are as follows:
| Short term trade receivables | 30 June 2024 |
31 December 2023 |
|---|---|---|
| Trade receivables | 4.527.653.558 | 5.032.607.834 |
| Notes receivables | 116.258.419 | 170.882.481 |
| Due from related parties (Note 4) | 4.003.516 | 4.132.652 |
| Doubtful receivables | 93.788.031 | 91.788.661 |
| Provision for doubtful receivables (-) | (93.788.031) | (91.788.661) |
| 4.647.915.493 | 5.207.622.967 |
The average maturity of trade receivables is 64 days (December 31, 2023: 62 days)
Allowances for doubtful receivables are recognized against trade receivables based on estimated irrecoverable amounts determined by reference to past default experience of the counterparty. Movements of provision for doubtful trade receivables are as follows:
| 1 January - | 1 January - | |
|---|---|---|
| Movement of provision for doubtful receivables | 30 June 2024 | 30 June 2023 |
| Balance at beginning of the year | 91.788.661 | 91.499.925 |
| Charge for the year (Note 13) | 3.852.457 | 51.122 |
| Collections (Note 13) | (2.173.794) | (112.413) |
| Translation difference | 320.707 | 51.292 |
| Closing balance | 93.788.031 | 91.489.926 |
Explanations about the nature and level of risks related to trade receivables are provided in Note 17.
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
The details of the Group's trade payables are as follows:
| 30 June | 31 December | |
|---|---|---|
| Short term trade payables | 2024 | 2023 |
| Trade payables | 3.733.253.544 | 3.606.170.256 |
| Due to related parties (Note 4) | 7.965.015 | 288.583 |
| Expense accruals (*) | 487.713.783 | 464.325.864 |
| 4.228.932.342 | 4.070.784.703 |
(*) Mainly consist of cost accruals such as price protection and marketing support to be provided to the Group's customers within the framework of the operational activities and preferences of the Group's suppliers.
The average maturity of trade payables is 71 days (December 31, 2023: 54 days).
| 30 June | 31 December | |
|---|---|---|
| Short Term Other Payables | 2024 | 2023 |
| 763.062.876 | 748.539.065 | |
| Non-trade payables to related parties (Note 4) Other payables |
242.849 | 230.266 |
| 763.305.725 | 748.769.331 |
| 30 June | 31 December | |
|---|---|---|
| 2024 | 2023 | |
| Raw materials | 85.894.840 | 52.257.162 |
| Finished goods | 25.842.426 | 9.664.885 |
| Trade goods | 2.867.140.034 | 2.045.198.367 |
| Consignment goods | 12.419.136 | 14.305.376 |
| Other inventory | 195.907 | 19.429 |
| Allowance for impairment on inventory (-) | (65.132.433) | (48.927.495) |
| 2.926.359.910 | 2.072.517.724 |
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
| 1 January - | 1 January - | |
|---|---|---|
| Movement of allowance for impairment on inventory | 30 June 2024 | 30 June 2023 |
| Opening balance | (48.927.495) | (47.369.694) |
| Charge for the year / cancel of allowance, net | (10.159.311) | (2.220.644) |
| Translation differences | (6.045.627) | (18.738.824) |
| Closing balance | (65.132.433) | (68.329.162) |
| 30 June | 31 December | |
|---|---|---|
| Short term prepaid expenses | 2024 | 2023 |
| Prepaid expenses | 22.277.533 | 5.572.121 |
| Advances paid for trade goods | 3.308.684 | 544.931 |
| 25.586.217 | 6.117.052 | |
| 30 June | 31 December | |
| Short term deferred income | 2024 | 2023 |
| Short term deferred income (*) | 992.730 | 155.516.005 |
| Provision for revenue premiums (**) Türev araçlar hariç 373 hs | 12.795.554 | 33.398.668 |
| 13.788.284 | 188.914.673 |
(*) Deferred income related to products which are not delivered yet as of the year end but invoiced in current period. All deferred income as at 31 December 2023 was recognized as revenue in 2024.
(**) Provision of revenue premiums consists of estimated after sales cost provisions that may given to the customers.
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2024
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
The Group's collaterals/pledge/mortgage position as at 30 June 2024 and 31 December 2023 is as follows;
| 30 June 2024 | TL Equivalent | USD | TL | Euro |
|---|---|---|---|---|
| A. CPM given on behalf of its own legal entity | ||||
| -Collateral | 1.317.212.666 | 39.505.443 | 11.616.993 | 250.000 |
| B. Total amounts of CPM given on behalf of subsidiaries that are included in full consolidation |
||||
| -Collateral | - | - | - | - |
| C. Total amounts of CPM given in order to guarantee third parties debts for routine trade operations |
||||
| -Collateral | - | - | - | - |
| D. Total amounts of other CPM given | ||||
| i. Total amount of CPM given on behalf of parent company |
||||
| -Collateral | - | - | - | - |
| ii. Total amount of CPM given on behalf of other group companies that are not included group B and C |
||||
| -Collateral | 869.099.628 | 17.934.326 | 280.383.856 | - |
| iii. Total amount of CPM given on behalf of | ||||
| third parties that are not included group C | ||||
| -Collateral | - | - | - | - |
| Total | 2.186.312.294 | 57.439.769 | 292.000.849 | 250.000 |
The ratio of other CPM's that is given by the Group to equity is 30% as of 30 June 2024 (31 December 2023: 55%).
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
| USD | TL | Euro | |
|---|---|---|---|
| 250.000 | |||
| - | - | - | - |
| - | |||
| - | |||
| - | |||
| - | - | - | - |
| 250.000 | |||
| TL Equivalent 1.153.570.950 - - 1.403.081.891 2.556.652.841 |
38.505.443 - - 35.329.310 73.834.753 |
11.896.543 - - 363.050.597 374.947.140 |
With the syndication loan agreement signed with various Turkish banks in 2018, Yıldız Holding A.Ş.and its group companies' short term debts are combined under the roof of Yıldız Holding A.Ş. In this context, the loans that were previously payable to banks were consolidated in the "other long term payables to Yıldız Holding A.Ş." account on 8 June 2018, in accordance with this syndication loan agreement.
As of 8 June 2018, the Company's cash loans amounting to TL 399,7 million and non-cash bank loans amounting to TL 206,4 million transferred to Yıldız Holding A.Ş. There has been no increase in the Company's total debt amount due to syndicated loan. As of the date of loan used, the Company became the guarantor of Yıldız Holding A.Ş., limited to the total bank loan risk exposure.
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
The share capital held is as follows:
| 30 June | 31 December | |||
|---|---|---|---|---|
| Shareholders | % | 2024 | % | 2023 |
| Gözde Girişim Serm.Yatırım Ort. A.Ş. | 32,21 | 126.753.831 | 32,21 | 126.753.831 |
| Mustafa Ergün | 9,76 | 38.388.956 | 9,87 | 38.823.906 |
| Bülent Koray Aksoy | 7,02 | 27.617.870 | 7,02 | 27.617.870 |
| Mürsel Özçelik | 7,02 | 27.611.870 | 7,11 | 27.960.870 |
| Sinan Güçlü | 6,94 | 27.314.492 | 7,00 | 27.529.492 |
| Other | 37,05 | 145.828.981 | 36,79 | 144.830.031 |
| Nominal Capital | 100,00 | 393.516.000 | 100,00 | 393.516.000 |
As of June 30, 2024, the nominal capital of the Company is TL 393.516.000 (31 December 2023: TL 393.516.000) with a par value of TL 1 per share (31 December 2023: TL 1). 106.418.079 of the Company's shares consist of group A shares and 287.097.921 of them are group B shares. Group A shares are privileged shares; their only privilege is the privilege of nominating candidates for members of the Board of Directors.
| 30 June 2024 |
31 December 2023 |
|
|---|---|---|
| Legal Reserves | 13.880.245 | 13.880.245 |
| 13.880.245 | 13.880.245 |
The legal reserves consist of first and second legal reserves, appropriated in accordance with the Turkish Commercial Code. The first legal reserve is 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 reserve is appropriated after the first legal reserve and dividends, at the rate of 10% per annum of all cash dividend distributions. According to the Turkish Commercial Code, if the general legal reserve not exceed half of capital or the issued capital, only the closure of loss, to ease the work of the cross in front of or unemployment to continue the business when it goes well and the results used to take suitable measures.
| 30 June | 31 December | |
|---|---|---|
| 2024 | 2023 | |
| Share Premiums | 30.000.000 | 30.000.000 |
| 30.000.000 | 30.000.000 |
The Company's shares are publicly traded on Borsa İstanbul as of 17 May 2021. The positive difference between the nominal value of the shares and the actual selling price are shown under share premiums.
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
Foreign currency translation differences are the conversion differences that arise when converting the condensed consolidated financial statements in US Dollars, which is the functional currency of the Group, to Turkish Lira, which is the reporting currency (Note 2).
Details of the Group's net profit for the perod as of the reporting date and other profits that may be subject to profit distribution are given below:
| 30 June | 31 December | |
|---|---|---|
| 2024 | 2023 | |
| Accumulated Gains | 321.480.335 | 125.737.943 |
| Net Profit for the Year | 83.691.071 | 195.742.392 |
| Total | 405.171.406 | 321.480.335 |
| 1 January - | 1 April - | 1 January - | 1 April - | |
|---|---|---|---|---|
| a) Sales | 30 June 2024 | 30 June 2024 | 30 June 2023 | 30 June 2023 |
| Domestic sales | 11.335.202.765 | 4.944.262.525 | 7.492.410.794 | 3.804.382.237 |
| Export sales | 49.884.795 | 24.356.131 | 17.415.123 | 6.521.844 |
| Sales returns (-) | (484.429.231) | (146.434.450) | (248.350.602) | (152.163.241) |
| Sales discounts (-) | (92.047.392) | (44.629.578) | (75.461.808) | (36.441.470) |
| 10.808.610.937 | 4.777.554.628 | 7.186.013.507 | 3.622.299.370 |
| Sales Channels | 1 January - 30 June 2024 |
1 April - 30 June 2024 |
1 January - 30 June 2023 |
1 April - 30 June 2023 |
|---|---|---|---|---|
| Retail | 3.623.912.849 | 1.680.183.252 | 2.207.133.255 | 1.166.631.024 |
| Value-Added Reseller | 2.757.842.132 | 1.257.654.172 | 2.050.542.079 | 985.264.101 |
| Dealer | 1.125.105.823 | 525.794.134 | 745.679.890 | 357.481.456 |
| Marketplace | 2.010.471.595 | 758.684.051 | 1.284.763.587 | 619.193.051 |
| Sub-distributor and other | 1.291.278.538 | 555.239.019 | 897.894.696 | 493.729.738 |
| 10.808.610.937 | 4.777.554.628 | 7.186.013.507 | 3.622.299.370 |
| 1 January - | 1 April - | 1 January - | 1 April - | |
|---|---|---|---|---|
| b) Cost of sales | 30 June 2024 | 30 June 2024 | 30 June 2023 | 30 June 2023 |
| Cost of goods sold (-) | (131.417.746) | (81.805.471) | (16.600.978) | (9.896.958) |
| Cost of merchandises sold (-) | (9.912.816.699) | (4.366.240.932) | (6.644.011.908) | (3.341.730.067) |
| (10.044.234.445) | (4.448.046.403) | (6.660.612.886) | (3.351.627.025) |
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
| 1 January - | 1 April - | 1 January - | 1 April - | |
|---|---|---|---|---|
| 30 June 2024 | 30 June 2024 | 30 June 2023 | 30 June 2023 | |
| General administrative expenses (-) | (142.130.724) | (79.927.449) | (63.604.394) | (33.055.404) |
| Marketing, selling and distribution expenses (-) | (238.745.341) | (113.943.269) | (111.071.356) | (53.180.370) |
| (380.876.065) | (193.870.718) | (174.675.750) | (86.235.774) | |
| 1 January - | 1 April - | 1 January - | 1 April - | |
| a) General administrative expenses details | 30 June 2024 | 30 June 2024 | 30 June 2023 | 30 June 2023 |
| Employee benefit expenses | (42.726.735) | (21.188.725) | (21.478.949) | (9.352.534) |
| Depreciation and amortization expenses | (36.625.074) | (26.336.899) | (17.759.869) | (14.778.258) |
| IT expenses | (18.268.398) | (11.785.878) | (4.991.290) | (2.546.905) |
| Consulting expenses | (13.531.524) | (6.652.185) | (6.845.765) | (4.140.497) |
| Insurance expenses | (11.205.964) | (6.622.876) | (6.040.666) | (3.335.662) |
| Meal expenses | (8.022.733) | (3.954.889) | (3.633.942) | (1.415.978) |
| Outsourcing expenses | (5.600.128) | (2.875.948) | (2.095.559) | (1.038.714) |
| Travel expenses | (587.225) | (237.690) | (283.870) | (173.676) |
| Other | (5.562.943) | (272.359) | (474.484) | 3.726.820 |
| (142.130.724) | (79.927.449) | (63.604.394) | (33.055.404) | |
| 1 April - | 1 April - | |||
| 1 January - 30 June 2024 |
30 June 2024 | 1 January - 30 June 2023 |
30 June 2023 | |
| b) Marketing, selling and distribution expenses details | ||||
| Employee benefit expenses | (165.619.205) | (77.010.081) | (74.590.610) | (30.254.282) |
| Logistics expenses | (39.367.011) | (17.928.537) | (16.579.595) | (8.262.934) |
| Travel expenses | (3.588.160) | (1.900.516) | (2.119.721) | (1.572.220) |
| Technical service expenses | (1.490.123) | (73.249) | (1.485.093) | (915.553) |
| Meal expenses | (2.873.361) | (1.280.779) | (1.273.314) | (620.709) |
| Outsourcing expenses | (1.976.045) | (853.521) | (1.058.087) | (535.924) |
| Corporate communication expenses | (2.011.463) | (917.056) | (1.174.559) | (613.031) |
| Vehicle expenses | (1.919.716) | (990.494) | (877.407) | (428.750) |
| Other | (19.900.257) | (12.989.036) | (11.912.970) | (9.976.967) |
| (238.745.341) | (113.943.269) | (111.071.356) | (53.180.370) |
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
The details of other income from operating activities are as follows:
| 1 January - | 1 April - | 1 January - | 1 April - | |
|---|---|---|---|---|
| 30 June 2024 | 30 June 2024 | 30 June 2023 | 30 June 2023 | |
| Rediscount interest income | 3.035.786 | 3.035.786 | - | - |
| Terminated provisions (Note 5) | 2.173.794 | 2.144.134 | 112.413 | 18.640 |
| Other (*) | 2.849.264 | 1.578.778 | 16.531.173 | 11.500.386 |
| 8.058.844 | 6.758.698 | 16.643.586 | 11.519.026 |
(*) Consists of refund income from customs procedures, insurance compensation income and other extraordinary income items.
The details of other expenses from operating activities are as follows:
| 1 January - | 1 April - | 1 January - | 1 April - | |
|---|---|---|---|---|
| 30 June 2024 | 30 June 2024 | 30 June 2023 | 30 June 2023 | |
| Provision for doubtful receivables (Note 5) | (3.852.457) | (2.779.532) | (51.122) | (27.594) |
| Foreign exchange loss | (87.983.907) | (19.159.687) | (83.003.604) | (68.035.846) |
| Other | (3.819.972) | (1.678.350) | (1.008.292) | (293.884) |
| (95.656.336) | (23.617.569) | (84.063.018) | (68.357.324) |
| 1 January - | 1 April - | 1 January - | 1 April - | |
|---|---|---|---|---|
| 30 June 2024 | 30 June 2024 | 30 June 2023 | 30 June 2023 | |
| Employee benefit expenses | (208.345.940) | (98.198.806) | (96.069.559) | (39.606.816) |
| Logistics expenses | (39.367.011) | (17.928.537) | (16.579.595) | (8.262.934) |
| Depreciation and amortization expenses | (36.625.074) | (26.336.899) | (17.759.869) | (14.778.258) |
| IT expenses | (18.268.398) | (11.785.878) | (4.991.290) | (2.546.905) |
| Consulting expenses | (13.531.524) | (6.652.185) | (6.845.765) | (4.140.497) |
| Insurance expenses | (11.205.964) | (6.622.876) | (6.040.666) | (3.335.662) |
| Meal expenses | (10.896.094) | (5.235.668) | (4.907.256) | (2.036.687) |
| Outsourcing expenses | (7.576.173) | (3.729.469) | (3.153.646) | (1.574.638) |
| Travel expenses | (4.175.385) | (2.138.206) | (2.403.591) | (1.745.896) |
| Corporate communication expenses | (2.011.463) | (917.056) | (1.174.559) | (613.031) |
| Vehicle expenses | (1.919.716) | (990.494) | (877.407) | (428.750) |
| Technical service expenses | (1.490.123) | (73.249) | (1.485.093) | (915.553) |
| Other | (25.463.200) | (13.261.395) | (12.387.454) | (6.250.147) |
| (380.876.065) | (193.870.718) | (174.675.750) | (86.235.774) |
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
| 1 January - | 1 April - | 1 January - | 1 April - | |
|---|---|---|---|---|
| 30 June 2024 | 30 June 2024 | 30 June 2023 | 30 June 2023 | |
| Finance income (*) | 88.152 | 14.078 | 247.292 | 156.064 |
| Total finance income | 88.152 | 14.078 | 247.292 | 156.064 |
| 1 January - | 1 April - | 1 January - | 1 April - | |
| 30 June 2024 | 30 June 2024 | 30 June 2023 | 30 June 2023 | |
| Interest expense on bank loans | (59.759.908) | (36.821.475) | - | - |
| Interest expense on payables to related parties | (38.191.616) | (20.855.863) | (20.345.835) | (10.159.589) |
| Commission expenses on credit cards | (28.855.851) | (9.785.819) | (18.530.756) | (10.387.031) |
| Total interest expenses | (126.807.375) | (67.463.157) | (38.876.591) | (20.546.620) |
| Foreign exchange loss | (15.526.587) | (3.381.140) | (9.240.960) | (7.559.525) |
| Early payment discounts | (40.682.219) | (16.214.227) | (22.772.346) | (10.956.567) |
| Letter of bank guarantee expenses | (22.506.893) | (12.615.444) | (13.665.418) | (7.166.760) |
| Other finance expenses | (8.813.320) | (4.689.395) | (3.969.426) | (1.187.201) |
| Total finance expenses | (214.336.394) | (104.363.363) | (88.524.741) | (47.416.673) |
(*) Finance income consists of interest income from the intragroup transactions.
Details of bank loans:
The details of financial liabilities shown at amortized value are as follows:
| 30 June | 31 December | |
|---|---|---|
| Financial Liabilities | 2024 | 2023 |
| Bank Loans | 200.948.078 | 127.364.048 |
| Short-term other payables to related parties (Note 4, 6) | 763.062.876 | 748.539.065 |
| 964.010.954 | 875.903.113 |
| 30 June 2024 | |||
|---|---|---|---|
| Currency | Interest Rate | Current | Non- current |
| TRY | 60% | 200.948.078 | - |
| 200.948.078 | - | ||
| 31 December 2023 | |||
| Currency | Interest Rate | Current | Non- current |
| TRY | 49,5% | 127.364.048 | - |
| 127.364.048 | - |
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
1) Capital risk management
| 30 June | 31 December | |
|---|---|---|
| 2024 | 2023 | |
| Bank loans | 200.948.078 | 127.364.048 |
| Payables to related parties | 763.062.876 | 748.539.065 |
| Lease liabilities | 44.170.015 | 48.789.077 |
| Less: Cash and cash equivalents, financial assets and receivables from related parties |
308.126.902 | 518.197.514 |
| Net financial debt | 700.054.067 | 406.494.676 |
| Equity | 2.924.034.568 | 2.544.127.933 |
| Total capital | 3.624.088.635 | 2.950.622.609 |
| Gearing ratio | 19,32% | 13,78% |
Allowances for doubtful receivables are recognized against financial assets based on estimated irrecoverable amounts determined by reference to past default experience of the counterparty.
The methodology of the Group for credit quality rating is as follows:
| Category | Description | Expected Credit Loss Calculation Method |
|---|---|---|
| None ODR | There are no overdue receivables ("ODR"). |
Credit losses are not incurred. |
| ODR < 90 | The overdue period is less than 90 days. |
Credit losses are not incurred. |
| ODR >=90 & <180 | The overdue period is over 90 days and less than 180 days. |
25% of the total credit amount is incurred as loss. |
| ODR >=180 & <270 | The overdue period is over 180 days and less than 270 days. |
50% of the total credit amount is incurred as loss. |
| ODR >=270+ | The overdue period is 270 days or more. |
100% of the total credit amount is incurred as loss. |
Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the Group. Financial instruments of the Group that will result in concentration of credit risk mainly include cash and cash equivalents and trade receivables. The Group's maximum exposure to credit risk is the same as the amounts recognized in the financial statements.
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
Explanations on the credit quality of financial assets (cont'd)
| 30 June | 31 December | |
|---|---|---|
| Aging of trade receivables | 2024 | 2023 |
| Past due 1-30 days | 721.859.890 | 345.683.568 |
| Past due 1-3 months | 106.059.286 | 5.817.871 |
| Past due 3-12 months | 9.551.669 | 11.571.126 |
| Total past due trade receivables | 837.470.845 | 363.072.565 |
| Non-overdue | 3.810.444.648 | 4.844.550.402 |
| Total trade receivables | 4.647.915.493 | 5.207.622.967 |
| The part under guarantee with collateral and insurance | 2.624.756.921 | 2.855.391.062 |
The Company has a credit insurance policy with Atradius Collections B.V. ("Atradius") for its domestic trade receivables. The details of this insurance policy are as follows:
The policy is valid between 1 January 2024 – 31 December 2024, and has been issued for 1 year.
The currency of the claims subject to the policy is determined as USD.
The collateral rate has been determined as 90% for trade receivables for which credit limit has been requested.
As of June, 2024, TL 2.549.338.619 of the total short-term receivables amounting to TL 4.647.915.493 has been covered by insurance (December 31, 2023: TL 2.732.363.411 of the total short-term receivables amounting to TL 5.207.622.967).
The Group's activities expose it primarily to the financial risks of changes in foreign currency exchange rates.
Market risk exposures are supplemented by sensitivity analysis. During the current period, any change to either exposed risks or management and measurement methods of these risks, was not happened compared to the previous year.
Transactions denominated in foreign currencies result in foreign currency risk. The Group is exposed to foreign currency risk due to the translation of its foreign currency denominated assets and liabilities into its functional currency, US Dollar. The Group primarily focus on managing this risk naturally by having balances foreign currency based assets and liabilities. The Group Management ensures to take precautions where necessary by analysing the Group's foreign currency position. The Group is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to TL and Euro.
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
The Group's foreign currency denominated monetary and non-monetary assets and monetary and non-monetary liabilities at the reporting date are as follows:
| 30 June 2024 | |||
|---|---|---|---|
| Total | |||
| TL Equivalent | TL | Euro | |
| 1. Trade receivables |
514.361.496 | 460.980.344 | 1.519.601 |
| 2.a Monetary financial assets | 98.202.331 | 96.532.397 | 47.538 |
| 2.b Non monetary financial assests | - | - | - |
| 3. Other |
42.146.287 | 8.993.754 | 943.753 |
| 4. CURRENT ASSETS |
654.710.114 | 566.506.495 | 2.510.892 |
| 5. Trade receivables |
- | - | - |
| 6.a Monetary financial assets | - | - | - |
| 6.b Non monetary financial assests | - | - | - |
| 7. Other |
- | - | - |
| 8. NON CURRENT ASSETS |
- | - | - |
| 9. TOTAL ASSETS |
654.710.114 | 566.506.495 | 2.510.892 |
| 10. Trade payables | 186.078.436 | 89.763.881 | 2.741.786 |
| 11. Financial liabilities | 200.187.622 | 200.185.620 | 57 |
| 12.a Other monetary liabilities | 27.454.909 | 20.449.884 | 199.412 |
| 12.b Other non monetary liabilities | - | - | - |
| 13. CURRENT LIABILITIES | 413.720.967 | 310.399.385 | 2.941.255 |
| 14. Trade payables | - | - | - |
| 15. Financial liabilities | - | - | - |
| 16.a Other monetary liabilities | - | - | - |
| 16.b Other non monetary liabilities | - | - | - |
| 17. NON CURRENT LIABILITIES | - | - | - |
| 18. TOTAL LIABILITIES | 413.720.967 | 310.399.385 | 2.941.255 |
| 19. Net assets / liability possition of | |||
| off-balance sheet derivatives (19a-19b) | - | - | - |
| 19.a Off-balance sheet foreign currency derivative assets | - | - | - |
| 19.b Off-balance sheet foreign currency derivative liabilities | - | - | - |
| 20. Net foreign currency asset liability position | 240.989.147 | 256.107.110 | (430.363) |
| 21. Net foreign currency asset / liability position of monetary items (1+2a+3+6a-10-11-12a-14-15-16a) |
240.989.147 | 256.107.110 | (430.363) |
| 22. Fair value of foreign currency hedged financial assets | - | - | - |
| 23. Hedged amount of the assets with foreign currency | - | - | - |
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
| 31 December 2023 | ||||
|---|---|---|---|---|
| Total | ||||
| TL Equivalent | TL | Euro | ||
| 1. Trade receivables |
556.953.656 | 488.867.853 | 2.090.195 | |
| 2.a Monetary financial assets | 251.263.805 | 236.666.300 | 448.135 | |
| 2.b Non monetary financial assests | - | - | - | |
| 3. Other |
9.895.269 | 9.796.016 | 3.047 | |
| 4. CURRENT ASSETS |
818.112.730 | 735.330.169 | 2.541.377 | |
| 5. Trade receivables |
- | - | - | |
| 6.a Monetary financial assets | - | - | - | |
| 6.b Non monetary financial assests | - | - | - | |
| 7. Other |
- | - | - | |
| 8. NON CURRENT ASSETS |
- | - | - | |
| 9. TOTAL ASSETS |
818.112.730 | 735.330.169 | 2.541.377 | |
| 10. Trade payables | 139.381.077 | 56.514.737 | 2.543.949 | |
| 11. Financial liabilities | 120.180.365 | 120.178.508 | 57 | |
| 12.a Other monetary liabilities | 250.903.254 | 250.903.254 | - | |
| 12.b Other non monetary liabilities | - | - | - | |
| 13. CURRENT LIABILITIES | 510.464.696 | 427.596.499 | 2.544.006 | |
| 14. Trade payables | - | - | - | |
| 15. Financial liabilities | - | - | - | |
| 16.a Other monetary liabilities | - | - | - | |
| 16.b Other non monetary liabilities | - | - | - | |
| 17. NON CURRENT LIABILITIES | - | - | - | |
| 18. TOTAL LIABILITIES | 510.464.696 | 427.596.499 | 2.544.006 | |
| 19. Net assets / liability possition of | ||||
| off-balance sheet derivatives (19a-19b) | (88.314.600) | (88.314.600) | - | |
| 19.a Off-balance sheet foreign currency derivative assets | (88.314.600) | (88.314.600) | - | |
| 19.b Off-balance sheet foreign currency derivative liabilities | - | - | - | |
| 20. Net foreign currency asset liability position | 219.333.433 | 219.419.070 | (2.629) | |
| 21. Net foreign currency asset / liability position of monetary items (1+2a+3+6a-10-11-12a-14-15-16a) |
307.648.034 | 307.733.670 | (2.629) | |
| 22. Fair value of foreign currency hedged financial assets | (4.110.397) | (4.110.397) | - | |
| 23. Hedged amount of the assets with foreign currency | - | - | - |
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
The Group is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to TL and Euro.
The following table details the Group's sensitivity to a 10% increase and decrease in TL and Euro against USD. 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 includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 10% change in foreign currency rates. A positive number below indicates an increase in profit or equity.
| 30 June 2024 | |||
|---|---|---|---|
| Profit / Loss | |||
| Valuation of | Devaluation of | ||
| foreign currency | foreign currency | ||
| 25.610.711 | (25.610.711) | ||
| - | - | ||
| 25.610.711 | (25.610.711) | ||
| (1.511.796) | 1.511.796 | ||
| - | - | ||
| (1.511.796) | 1.511.796 | ||
| 24.098.915 | (24.098.915) | ||
(Amounts expressed in Turkish Lira (TL))
3) Market Risk Management (cont'd)
3.1) Foreign currency risk management (cont'd)
Foreign currency sensitivity analysis (cont'd)
| 31 December 2023 | ||
|---|---|---|
| Profit / Loss | ||
| Valuation of | Devaluation of | |
| foreign currency | foreign currency | |
| 30.773.367 | (30.773.367) | |
| (8.831.460) | 8.831.460 | |
| 21.941.907 | (21.941.907) | |
| (8.564) | 8.564 | |
| - | - | |
| (8.564) | 8.564 | |
| 21.933.343 | (21.933.343) | |
| 1 January - | 1 January - | |
|---|---|---|
| 30 June 2024 | 30 June 2023 | |
| Net profit for the year from continuing operations Average number of shares outstanding during the period |
83.691.071 393.516.000 |
46.576.350 393.516.000 |
| Profit from per share from continuing operations | 0,21 | 0,12 |
Diluted earnings per share is equal to earnings per share from continuing operations.
None.
(Amounts expressed in Turkish Lira ("TRY") unless otherwise indicated)
The supporting information not required by TFRS is considered important for the Group's financial performance by the Group Management and the calculation of earnings before interest, tax, depreciation and amortization "EBITDA" is presented below. The Group calculates the "EBITDA" amount by subtracting income from investing activities and other income from operating activities from profit for the period in the condensed consolidated statements of profit and loss and adding tax expense from continuing operations, finance expenses, expenses from investing activities, other expenses from operating activities and depreciation and amortization expenses.
| (Turkish Lira) | (Turkish Lira) | (US Dollar*) | (US Dollar*) | ||
|---|---|---|---|---|---|
| 1 January - | 1 January - | 1 January - | 1 January - | ||
| Notes | 30 June 2024 | 30 June 2023 | 30 June 2024 | 30 June 2023 | |
| PROFIT FOR THE YEAR | 83.691.071 | 46.576.350 | 2.653.574 | 2.363.358 | |
| (+) Tax Expense From Continuing Operations | 25.854.568 | 168.487.986 | 819.765 | 8.549.348 | |
| (+) Finance Expenses | 1 5 | 214.336.394 | 88.524.741 | 6.795.916 | 4.491.886 |
| (-) Finance Income | 1 5 | (88.152) | (247.292) | (2.795) | (12.548) |
| (-) Income From Investing Activities | (27.890.946) | (20.036.346) | (884.332) | (1.016.676) | |
| (+) Other Expenses From Operating Activities | 1 3 | 95.656.336 | 84.063.018 | 3.032.954 | 4.265.491 |
| (-) Other Income From Operating Activities | 1 3 | (8.058.844) | (16.643.586) | (255.520) | (844.522) |
| (+) Depreciation and Amortisation Expenses | 1 4 | 36.625.074 | 17.759.869 | 1.161.263 | 901.164 |
| EBITDA | 420.125.501 | 368.484.740 | 13.320.825 | 18.697.501 |
(*) Refers to the amounts in US Dollars, which is the functional currency of the Group. Presentation currency is Turkish Lira. For the conversion of US Dollar and Turkish Lira, see Note 2.
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