Annual / Quarterly Financial Statement • Apr 3, 2024
Annual / Quarterly Financial Statement
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2023
| Audited | Audited | |
|---|---|---|
| 31 December | 31 December | |
| ASSETS | 2023 | 2022 |
| Current assets: | ||
| Cash and cash equivalents | 1.933.759 | 3.798.939 |
| Financial investments | 399.069 | 1.084.769 |
| Trade receivables | 5.987.237 | 11.804.273 |
| Trade receivables from related parties - |
1.234.299 | 2.018.264 |
| Trade receivables from third parties - |
4.752.938 | 9.786.009 |
| Other receivables | 1.293.029 | 2.435.771 |
| Other receivables from related parties - |
1.146.985 | 2.045.183 |
| Other receivables from third parties - |
146.044 | 390.588 |
| Receivables from service concession arrangements | 1.732.907 | 1.716.084 |
| Inventories | 531.364 | 1.173.957 |
| Prepaid expenses | 104.872 | 104.038 |
| -Prepaid expenses to third parties | 104.872 | 104.038 |
| Current tax assets | - | 35.108 |
| Other current assets | 854.836 | 437.764 |
| Other current assets from third parties - |
854.836 | 437.764 |
| Assets held for sale | 6.990.041 | - |
| Total current assets | 19.827.114 | 22.590.703 |
| Non-current assets: | ||
| Financial investments | 1.953 | 1.953 |
| Other financial investments - |
1.953 | 1.953 |
| Trade receivables | 373.110 | 150.967 |
| Trade receivables from third parties - |
373.110 | 150.967 |
| Other receivables | 12.355.405 | 12.270.403 |
| Other receivables from related parties - |
12.039.204 | 12.007.345 |
| Other receivables from third parties - |
316.201 | 263.058 |
| Contract assets | 300.740 | 14.057 |
| Other contract assets - |
300.740 | 14.057 |
| Receivables from service concession arrangements | 7.387.545 | 11.149.923 |
| Equity accounted investees | 4.466.538 | 2.659.471 |
| Tangible assets | 40.426.936 | 56.980.220 |
| Right of use assets | 604.240 | 610.365 |
| Intangible assets | 7.661.168 | 8.819.497 |
| Derivative financial assets | 343.657 | 756.613 |
| Prepaid expenses | 11.076 | 13.791 |
| Prepaid expenses to third parties - |
11.076 | 13.791 |
| Deferred tax assets | 4.748.396 | 1.700.569 |
| Other non-current assets | 3.095 | 25.996 |
| - Other non-current assets to third parties | 3.095 | 25.996 |
| Total non-current assets | 78.683.859 | 95.153.825 |
| Total assets | 98.510.973 | 117.744.528 |
| Audited | Audited | |
|---|---|---|
| 31 December | 31 December | |
| LIABILITIES | 2023 | 2022 |
| Current liabilities: | ||
| Short-term borrowings | 1.657.164 | 4.483.578 |
| Short-term borrowings from third parties | 1.657.164 | 4.483.578 |
| Bank borrowings - |
1.225.795 | 3.555.467 |
| Issued debt instruments - |
431.369 | 928.111 |
| Short-term portion of long-term borrowings | 15.246.576 | 14.820.293 |
| Short-term portion of long-term borrowings from third parties | 15.246.576 | 14.820.293 |
| Bank borrowings - |
11.452.400 | 12.506.423 |
| Lease liabilities - |
124.985 | 183.765 |
| Issued debt instruments - |
3.669.191 | 2.130.105 |
| Trade payables | 3.880.317 | 9.488.174 |
| Trade payables to related parties - |
234.019 | 134.829 |
| Trade payables to third parties - |
3.646.298 | 9.353.345 |
| Payables related to employee benefits | 48.931 | 36.293 |
| Other payables | 1.225.398 | 5.941.929 |
| Other payables to related parties - |
36.383 | 1.998.575 |
| Other payables to third parties - |
1.189.015 | 3.943.354 |
| Derivative financial liabilities | - | 29.503 |
| Deferred income | 1.881.730 | 2.111.924 |
| Deferred income from related parties - |
1.881.730 | 590.152 |
| Deferred income from third parties - |
- | 1.521.772 |
| Current tax liabilities | 106.181 | 221.257 |
| Short-term provisions | 73.770 | 35.444 |
| Short-term provisions for employee benefits - |
52.415 | - |
| Other short-term provisions - |
21.355 | 35.444 |
| Other current liabilities | 426.390 | 372.008 |
| Other current liabilities to third parties - |
426.390 | 372.008 |
| Liabilities related to assets held for sale | 7.012.617 | - |
| Total current liabilities | 31.559.074 | 37.540.403 |
| Long-term borrowings | 25.590.524 | 37.328.763 |
| Long-term borrowings from third parties | 25.590.524 | 37.328.763 |
| Bank borrowings - |
18.116.925 | 28.686.611 |
| Lease liabilities - |
296.680 | 328.292 |
| Issued debt instruments - |
7.176.919 | 8.313.860 |
| Other payables | 11.167 | 13.241 |
| Other payables to related parties - |
11.167 | 13.241 |
| Long-term provisions | 286.418 | 288.697 |
| Long-term provisions for employee benefits - |
286.418 | 288.697 |
| Deferred tax liabilities | 2.591.721 | 8.052.892 |
| Total non-current liabilities | 28.479.830 | 45.683.593 |
| Total liabilities | 60.038.904 | 83.223.996 |
(Amounts expressed in thousands of Turkish Lira ("TL") as adjusted for the effects of inflation in TL units current at 31 December 2023 pursuant to IAS 29.)
| Audited | Audited | |
|---|---|---|
| 31 December | 31 December | |
| 2023 | 2022 | |
| EQUITY | ||
| Equity attributable to owners of the Company | 38.401.711 | 34.594.820 |
| Paid-in capital | 5.000.000 | 2.500.000 |
| Adjustments to share capital | 15.960.260 | 15.580.732 |
| Share premium | 32.542 | 9.961 |
| Other comprehensive income not to be reclassified in | ||
| profit or loss | 5.272.975 | 17.135.530 |
| Gains on revaluation and remeasurement - |
5.272.975 | 17.135.530 |
| Increases on revaluation of property, plant and equipment | 5.530.795 | 17.276.109 |
| Actuarial losses |
(257.820) | (140.579) |
| Other comprehensive expense to be reclassified in profit | ||
| or loss | (24.673.902) | (24.922.809) |
| Currency translation adjustment - |
1.926.282 | 2.181.476 |
| Losses on hedging transactions - |
||
| Losses on cash flow hedges | (26.600.184) | (27.104.285) |
| Restricted reserves appropriated from profits | 100.624 | 100.624 |
| Legal reserves - |
100.624 | 100.624 |
| Accumulated income | 25.787.882 | 14.697.287 |
| Current period profit | 10.921.330 | 9.493.495 |
| Non-controlling interests | 70.358 | (74.288) |
| Total equity | 38.472.069 | 34.520.532 |
| Total liabilities and equity | 98.510.973 | 117.744.528 |
| Audited 1 January- |
Audited 1 January 31 December 2022 |
|
|---|---|---|
| 31 December | ||
| 2023 | ||
| PROFIT/(LOSS) | ||
| Revenue | 27.281.884 | 38.806.100 |
| Cost of sales (-) | (23.519.567) | (33.147.866) |
| GROSS PROFIT | 3.762.317 | 5.658.234 |
| General administrative expenses (-) | (1.410.190) | (1.097.809) |
| Marketing expenses (-) | (163.985) | (156.663) |
| Other income from operating activities | 2.944.187 | 1.523.279 |
| Other expenses from operating activities (-) | (1.858.793) | (961.765) |
| Profit from operating activities | 3.273.536 | 4.965.276 |
| Income from investment activities | 4.151.308 | 6.251 |
| Loss from investment activities | (2.857) | (25) |
| Share of gain on equity accounted investees | 136.234 | 153.530 |
| PROFIT BEFORE | ||
| FINANCE INCOME | 7.558.221 | 5.125.032 |
| Monetary gain | 8.807.534 | 14.765.779 |
| Finance income | 9.200.485 | 8.832.234 |
| Finance expense (-) | (20.885.480) | (18.554.881) |
| PROFIT BEFORE TAX FROM CONTINUING | ||
| OPERATIONS, | 4.680.760 | 10.168.164 |
| Tax income/ (expense) from continuing operations | 6.101.625 | (2.869.153) |
| Current period tax expense - |
(484.928) | (447.344) |
| Deferred tax income/(expense) - |
6.586.553 | (2.421.809) |
| PROFIT FROM CONTINUING | ||
| OPERATIONS | 10.782.385 | 7.299.011 |
| PROFIT FROM DISCONTINUED OPERATIONS FOR THE PERIOD | 203.591 | 2.209.725 |
| PROFIT FOR THE PERIOD | 10.985.976 | 9.508.736 |
| Profit attributable to: | ||
| Non-controlling interests | 64.646 | 15.241 |
| Equity holders of the Parent | 10.921.330 | 9.493.495 |
| Income per share (TL) | ||
| - Income per share from continuing operations | 3,23 | 2,92 |
| - Income per share from discontinued operations | 0,06 | 0,88 |
(Amounts expressed in thousands of Turkish Lira ("TL") as adjusted for the effects of inflation in TL units current at 31 December 2023 pursuant to IAS 29.)
| Audited 1 January - 31 December 2023 |
Audited 1 January - 31 December 2022 |
|
|---|---|---|
| OTHER COMPREHENSIVE INCOME/(LOSS) | ||
| CURRENT PERIOD NET PROFIT | 10.985.976 | 9.508.736 |
| Other comprehensive income/(loss) not to be | ||
| reclassified to profit or loss | (10.254.648) | 7.351.217 |
| / (Loss) on revaluation of property, -Gains |
||
| plant and equipment | (12.671.219) | 9.343.318 |
| -Actuarial losses | (156.898) | (154.296) |
| Taxes relating to components of other comprehensive income/(loss) not to be | ||
| reclassified to profit or loss | 2.573.469 | (1.837.805) |
| Taxes relating to gains/(losses) on revaluation - |
||
| of property, plant and equipment | 2.534.244 | (1.868.664) |
| Taxes relating to actuarial losses - |
39.225 | 30.859 |
| Other comprehensive loss to be | ||
| reclassified to profit or loss | 238.100 | (2.914.284) |
| - Exchange differences on translation of foreign operations , net of tax | (266.001) | (1.061.963) |
| Losses on exchange differences on translation of foreign operations net of tax , |
(266.001) | (1.061.963) |
| - Other comprehensive loss relating to cash flow hedges | 672.135 | (2.315.401) |
| Taxes relating to components of other comprehensive loss to be | ||
| reclassified to profit or loss | (168.034) | 463.080 |
| -Taxes relating to cash flow hedges | (168.034) | 463.080 |
| OTHER COMPREHENSIVE INCOME/(LOSS) | (10.016.548) | 4.436.933 |
| TOTAL COMPREHENSIVE INCOME | 969.428 | 13.945.669 |
| Non-controlling interests | 64.646 | 15.241 |
|---|---|---|
| Equity holders of the Parent | 904.782 | 13.930.428 |
| Items | Items | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| not to be | to be | |||||||||||||
| reclassified to | reclassified to | |||||||||||||
| profit or loss | profit or loss | |||||||||||||
| Prior period 1 January-31 December 2022 |
Paid-in Capital |
Adjustment to Share Capital |
Share Premium |
Revaluation of Property, Plant and Equipment |
Actuarial Losses |
Currency Translation Adjustment |
Hedge Reserves |
Legal Reserves |
Accumulated Income/(Losses) |
Effect of Business Combinations under Common Control |
Net Profit | Equity Holders of the Parent |
Non Controlling Interest |
Equity |
| Opening balances | 2.500.000 | 102.575 | 1.448 | 11.051.275 | (18.087) | 1.374.130 | (7.856.874) | 7.931 | (799.987) | (391.175) | (251.095) | 5.720.141 | (128.566) | 5.591.575 |
| Effect of corrections | - | 15.478.157 | 8.513 | (75.474) | 945 | 1.869.309 | (17.395.090) | 92.693 | 7.651.088 | 391.175 | 6.934.894 | 14.956.210 | (137.695) | 14.818.515 |
| Balances after corrections | 2.500.000 | 15.580.732 | 9.961 | 10.975.801 | (17.142) | 3.243.439 | (25.251.964) | 100.624 | 6.851.101 | - | 6.683.799 | 20.676.351 | (266.261) | 20.410.090 |
| Transactions with non | ||||||||||||||
| controlling shareholders | - | - | - | - | - | - | - | - | - | - | - | - | 164.773 | 164.773 |
| Transfers | - | - | - | (1.174.346) | - | - | - | - | 7.846.186 | - | (6.683.799) | (11.959) | 11.959 | - |
| Total comprehensive income | - | - | - | 7.474.654 | (123.437) | (1.061.963) | (1.852.321) | - | - | - | 9.493.495 | 13.930.428 | 15.241 | 13.945.669 |
| Profit of the period - |
- | - | - | - | - | - | - | - | - | - | 9.493.495 | 9.493.495 | 15.241 | 9.508.736 |
| Other comprehensive - |
||||||||||||||
| income | - | - | - | 7.474.654 | (123.437) | (1.061.963) | (1.852.321) | - | - | - | - | 4.436.933 | - | 4.436.933 |
| Ending balances | 2.500.000 | 15.580.732 | 9.961 | 17.276.109 | (140.579) | 2.181.476 | (27.104.285) | 100.624 | 14.697.287 | - | 9.493.495 | 34.594.820 | (74.288) | 34.520.532 |
| Current period | ||||||||||||||
| 1 January – 31 Deceber 2023 | ||||||||||||||
| Opening balances | 2.500.000 | 102.575 | - | 23.039.988 | (80.128) | 1.680.772 | (9.424.480) | 7.931 | 151.967 | (391.175) | 111.363 | 17.700.261 | (91.623) | 17.608.638 |
| Effect of corrections | - | 15.478.157 | 9.961 | (5.763.879) | (60.451) | 500.704 | (17.679.805) | 92.693 | 14.545.320 | 391.175 | 9.382.132 | 16.894.559 | 17.335 | 16.911.894 |
| Balances after corrections | 2.500.000 | 15.580.732 | 9.961 | 17.276.109 | (140.579) | 2.181.476 | (27.104.285) | 100.624 | 14.697.287 | - | 9.493.495 | 34.594.820 | (74.288) | 34.520.532 |
| Capital increase | 2.500.000 | 379.528 | 22.581 | - | - | - | - | - | - | - | - | 2.902.109 | - | 2.902.109 |
| Transactions with non | ||||||||||||||
| controlling shareholders | - | - | - | - | - | - | - | - | - | - | - | - | 80.000 | 80.000 |
| Transfers | - | - | - | (1.608.339) | - | - | - | - | 11.101.834 | - | (9.493.495) | - | - | - |
| Disposal of subsidiary | - | - | - | - | 432 | 10.807 | - | - | (11.239) | - | - | - | - | - |
| Total comprehensive income | - | - | - | (10.136.975) | (117.673) | (266.001) | 504.101 | - | - | - | 10.921.330 | 904.782 | 64.646 | 969.428 |
| Profit of the period - |
- | - | - | - | - | - | - | - | - | - | 10.921.330 | 10.921.330 | 64.646 | 10.985.976 |
| Other comprehensive - |
||||||||||||||
| income | - | - | - | (10.136.975) | (117.673) | (266.001) | 504.101 | - | - | - | - | (10.016.548) | - | (10.016.548) |
| Ending balances | 5.000.000 | 15.960.260 | 32.542 | 5.530.795 | (257.820) | 1.926.282 | (26.600.184) | 100.624 | 25.787.882 | - | 10.921.330 | 38.401.711 | 70.358 | 38.472.069 |
| 1 January- 1 January 31 December 2023 31 December 2022 CASH FLOWS FROM OPERATING ACTIVITIES 10.281.983 3.194.649 Profit 10.985.976 9.508.736 Profit from continuing operations 10.782.385 7.299.011 - Profit from discontinued operations 203.591 2.209.725 - Adjustments for period profit (9.865.678) (7.099.029) Adjustments for depreciation and amortisation expense 4.290.350 3.668.976 Adjustments for provisions 83.503 42.212 Adjustments for provisions relating with employee benefits 32.494 28.521 - Adjustments for (reversal of) other provisions 51.009 13.691 - Adjustments for interest (income)/expenses 4.905.494 5.305.480 - Adjustments for interest income (2.672.476) (1.508.599) Adjustments for interest expense 7.577.970 6.814.079 - Adjustments for unrealised foreign exchange losses 10.271.996 9.830.362 Adjustments for fair value losses/(gains) (1.208.950) (1.367.984) Other adjustments for fair value losses/(gains) (11.314) (1.367.984) - Adjustments for fair value gains on derivative financial instruments (1.197.636) - - Adjustments for undistributed profits of investments accounted for using equity method (136.234) (153.530) - Adjustments for undistributed profits of associates (136.234) (153.530) Adjustments for tax (income)/expenses (5.754.103) 2.955.075 Adjustments for gains/(losses) on disposal of non-current assets (6.169) (6.226) Adjustments for gains/(losses) on disposal of tangible assets (6.169) (6.226) - Other adjustments related to non-monetary items (19.488.948) (26.930.476) Adjustments for gains on disposal of subsidiaries (2.944.647) - Other adjustments to reconcile profit/(loss) 122.030 (442.918) Changes in working capital 9.524.017 1.113.693 Adjustments for decrease/(increase) in trade receivables 4.696.742 (3.874.410) - Decrease (increase) in trade receivables from related parties (1.574.866) 1.470.958 Decrease (increase) in trade receivables from third parties 3.225.784 (2.299.544) - Adjustments for decrease/(increase) in other receivables related with operations 8.603.193 2.642.168 - Decrease/(increase) in other related party receivables relating with operations 8.600.624 2.645.765 Decrease/(increase) in other third party receivables relating with operations (3.597) 2.569 - Decrease/(increase) in receivable from service concession agreements 746.788 (1.371.743) Adjustments for decrease/(increase) in inventories 331.373 (485.483) Adjustments for increase/(decrease) in trade payables (3.215.730) 3.344.908 - Increase/(decrease) in trade payables to related parties (426.388) 129.572 Increase/(decrease) in trade payables to third parties (2.789.342) 3.215.336 - Adjustments for increase/(decrease) in other payables (200.915) (963.844) - Increase/ (decrease) in other payables to third parties (200.915) (963.844) Other adjustments for other increase/(decrease) in working capital (947.074) 62.145 (1.047.706) 178.108 Decrease (increase) in other assets relating with operations - Decrease (increase) in other liabilities relating with operations 100.632 (115.963) - Adjustments for decrease/(increase) in contract assets (289.677) 38.391 Decrease (increase) in other contract assets (289.677) 38.391 - |
Audited | Audited | |
|---|---|---|---|
| Increase (decrease) in deferred income | (200.683) | 1.721.561 |
| Audited | Audited | ||
|---|---|---|---|
| 1 January- | 1 January | ||
| 31 December 2023 | 31 December 2022 | ||
| Cash flows from used in operations | 10.644.315 | 3.523.400 | |
| Payments relating with provisions for employee benefits | (46.037) | (9.019) | |
| Taxes paid | (316.295) | (319.732) | |
| CASH FLOWS FROM INVESTING | |||
| ACTIVITIES | (79.050) | (992.315) | |
| Cash inflows from losing control of subsidiaries | 2.105.061 | - | |
| Cash outflows from subsidiaries capital advance payments | (1.367.774) | - | |
| Proceeds from sales of property, plant, equipment and intangible assets | 185.050 | 24.367 | |
| Proceeds from sale of property, plant and equipment - |
185.050 | 20.714 | |
| Proceeds from sale of intangible assets - |
- | 3.653 | |
| Repayments for purchase of property, plant, equipment and intangible assets | (1.029.389) | (1.016.682) | |
| Repayments for purchase of property, plant and equipment - |
(972.554) | (970.604) | |
| Repayments for purchase of intangible assets - |
(56.835) | (46.078) | |
| Other cash inflows (outflows) | (83.119) | - | |
| Dividends received | 111.121 | - | |
| CASH FLOWS FROM FINANCING ACTIVITIES | (11.910.789) | (1.543.193) | |
| Proceeds from capital advances | - | 1.955.914 | |
| -Proceeds from capital increase | 1.335.545 | - | |
| Proceeds from borrowings | 4.550.784 | 14.343.465 | |
| - Proceeds from borrowings | 261.336 | 10.822.243 | |
| Proceeds from issuance of debt instruments - |
4.289.448 | 3.521.222 | |
| Repayments of borrowings | (12.123.501) | (11.423.031) | |
| Borrowing repayments - |
(8.977.899) | (8.650.794) | |
| Payments of issued debt instruments - |
(3.145.602) | (2.772.237) | |
| Increase in other payables to related parties | - | 14.327 | |
| Decrease in other payables to related parties | (777.152) | - | |
| Payments of lease liabilities | (148.106) | (146.076) | |
| Interest paid | (6.035.515) | (5.672.906) | |
| Interest received | 777.898 | 678.210 | |
| Cash inflows from derivative instruments | 269.274 | - | |
| Cash outflows from derivative instruments | - | (239.057) | |
| Other cash outflows increase/(decrease) | 239.984 | (1.054.039) | |
| NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS | |||
| BEFORE EFFECT OF EXCHANGE RATE CHANGES | (1.707.856) | 659.141 | |
| Effect of exchange rate changes on cash and cash equivalents | (146.598) | (85.055) | |
| Net increase/(decrease) in cash and cash equivalents | (1.854.454) | 574.086 | |
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 3.779.308 | 3.205.222 | |
| CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 1.924.854 | 3.779.308 |
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